/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/190823.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, August 23, 2019, Vol. 23, No. 234 Headlines 108 WALLABOUT: Case Summary & 5 Unsecured Creditors 10827 STUDEBAKER: Case Summary & 20 Largest Unsecured Creditors 1800 16TH STREET: Voluntary Chapter 11 Case Summary 293 FRANKLIN: Case Summary & 4 Unsecured Creditors 4EDM Realty: Seeks to Hire Miuccio Real Estate as Listing Agent 510 R.O.K. REALTY: Seeks to Hire Warren Hirsch as Accountant AB KITCHEN CABINETS: Hires NM Financial & Family Law as Counsel AMERICAN TIMBER: Case Summary & 20 Largest Unsecured Creditors AMYRIS INC: Obtains $10.4 Million Secured Loan from Naxyris ANEW HEALTH: Court OKs Disclosure Statement, Sept. 23 Plan Hearing ANKA BEHAVIORAL: U.S. Trustee, Bank of Guam Objects to Disclosures ARCIMOTO INC: Incurs $3.9 Million Net Loss in Second Quarter ASSERTIO THERAPEUTICS: S&P Affirms 'B' LT ICR on Notes Exchange BARKATH PROPERTIES: Case Summary & 11 Unsecured Creditors BESTWALL LLC: Asbestos Committee Again Seeks Dismissal of Case BRISTOW GROUP: Backstop Parties, Noteholders Support Plan Outline BRISTOW GROUP: Unsecured Creditors to Recoup 11.3%-26.6% BROOKC LLC: Disclosures Conditionally OK'd, Sept. 24 Plan Hearing BROOKLYN BUILDINGS: Amends Plan to Add NYC Secured Claims CABLE ONE: S&P Cuts Debt Rating to BB+; Ratings Off CreditWatch CACH LLC: Court Junks Bid to Dismiss V. Barnett Suit as Premature CADIZ INC: Forms Joint Venture Partnership with Glass House CADIZ INC: Incurs $7.47 Million Net Loss in Second Quarter CAPITAL RIVER: Disclosure Statement Hearing Moved to Oct. 17 CAROLINA CARBONIC: Bankruptcy Administrator to Form Committee CEDAR HAVEN: U.S. Trustee Forms 5-Member Committee CENTERSTONE LINEN: Plan Confirmation Hearing Set for Sept. 19 CENTRO GROUP: Seeks to Extend Exclusivity Period to Sept. 25 COLUMBUS PARTNERS: Directed to File Plan by Oct. 3 COMER ENTERPRISES: Seeks to Hire Smith Kane as Legal Counsel CONSIS INTERNATIONAL: Discloses Update on Dispute With Bolivians COPPER STAR: Seeks to Hire Goodman & Goodman as Legal Counsel CORNERSTONE VALVE: Unsecureds to Get 20% in 20 Quarters CWGS ENTERPRISES: Moody's Lowers CFR to B2, Outlook Negative DIFFUSION PHARMACEUTICALS: Incurs $2.5 Million Net Loss in Q2 DIFFUSION PHARMACEUTICALS: May Issue 135K Added Shares Under Plan DURR MECHANICAL: Seeks to Extend Exclusivity Period to Sept. 13 EAT HERE BRANDS: U.S. Trustee Forms 4-Member Committee ELBAMED INTERNATIONAL: Case Summary & Unsecured Creditor ELEFTHERIA LLC: Case Summary & 4 Unsecured Creditors EMPIRE FARMSTEAD: Case Summary & 20 Largest Unsecured Creditors EMPIRE FARMSTEAD: Files for Chapter 11 to Sell Brewery ENTERPRISE COMMUNITY: Case Summary & 5 Unsecured Creditors ENTERPRISE INSURANCE: Court OKs Disclosures, Sept. 26 Plan Hearing EP ENERGY: S&P Downgrades ICR to 'CC' on Deferred Interest Payment FALCON V: Sept. 30 Plan Confirmation Hearing FIRST BAPTIST CHURCH: Skyline Proposes 25% Recovery to Unsecureds FIRST BAPTIST HOUSING: Skyline Proposes 10% Recovery to Unsecureds FLO-TECH INC: U.S. Trustee Unable to Appoint Committee FLORIDA CLEANEX: Exclusivity Period Extended to Sept. 4 FRANCIS ROZELLE: Court Upholds Ruling in Favor Branscomb PC GEDEX SYSTEM: Creditors Files CCAA Case; Zeifman Is Monitor GIGA-TRONICS INC: Posts $15,000 Net Income in First Quarter 2020 GLOBAL HOUGHTON: S&P Withdraws 'B' Issuer Credit Rating GOLDEN-GLO CARPET: Withdraws Plan of Reorganization GREENWOOD FOREST: Voluntary Chapter 11 Case Summary HAWKEYE ENTERTAINMENT: Case Summary & 5 Unsecured Creditors INPIXON: Closes Acquisition of Indoor Mapping Company Jibestream INTERNAP CORP: S&P Cuts ICR to CCC+ on Weak Operating Performance JOSEPH'S TRANSPORTATION: Seeks More Time to File Exit Plan KPH CONSTRUCTION: Needs More Time to Negotiate Plan With Creditors LIFSCHULTZ ESTATE: L. Lifschultz Appeal Statutorily Moot, Ct. Says LIT'L PATCH OF HEAVEN: U.S. Trustee Unable to Appoint Committee MAGNUM CONSTRUCTION: Files Corrected Notice of Voting Deadline MLW LLC: Seeks to Extend Exclusive Filing Period to Nov. 12 NAVAHO TOUR: Case Summary & 7 Unsecured Creditors NEW GOLD: Moody's Affirms B3 CFR, Outlook Negative OZARKS RIDGERUNNER: Case Summary & Unsecured Creditor PALM DRIVE HEALTH CARE: S&P Withdraws 'CCC+' Debt Ratings PES HOLDINGS: Idled Refinery Laying Off Most Workers PG&E CORP: Inspected Power Line That Sparked Fire Weeks Earlier PGH GROCERS: Seeks to Hire VIP Payroll as Accountant PLAYA HERMOSA: Case Summary & 2 Unsecured Creditors PREGIS TOPCO: Moody's Assigns B3 Corp. Family Rating RIOT BLOCKCHAIN: Lowers Net Loss to $1.3 Million in 2nd Quarter RIOT BLOCKCHAIN: Terminates Chief Financial Officer SPRINGFIELD HOSPITAL: Refund Checks on Hold Amid Bankruptcy SUNGLO HOME: Court Confirms 2nd Amended Plan T.I. CONSTRUCTION: Court Confirms 2nd Amended Plan TENDERLEAF VILLAGE: Unsecureds to Get 24 Monthly Installments TIME DEFINITE: U.S. Trustee Unable to Appoint Committee TMS CONTRACTORS: U.S. Trustee Unable to Appoint Committee TULARE LOCAL: Hospital District's Chapter 9 Plan Approved WEST VIRGINIA RESORTS: U.S. Trustee Unable to Appoint Committee WESTINGHOUSE ELECTRIC: AZZ Suit vs SNOC, et al., Moved to Georgia WILLOW WINDS: S&P Cuts Bond Rating to B on Sharp Coverage Decline [^] BOOK REVIEW: THE SUCCESSFUL PRACTICE OF LAW ********* 108 WALLABOUT: Case Summary & 5 Unsecured Creditors --------------------------------------------------- Debtor: 108 Wallabout 5A Corp. 266 Broadway, Suite 501 Brooklyn, NY 11211 Business Description: 108 Wallabout 5A Corp. classifies its business as Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: August 21, 2019 Court: United States Bankruptcy Court Eastern District of New York (Brooklyn) Case No.: 19-45037 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Thomas A. Draghi, Esq. WESTERMAN BALL EDERER MILLER ZUCKER & SHARFSTEIN, LLP 1201 RXR Plaza Uniondale, NY 11556 Tel: (516) 622-9200 Fax: (516) 622-9212 E-mail: tdraghi@westermanllp.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mike Kohn, sole member. A copy of the Debtor's list of five unsecured creditors is available for free at: http://bankrupt.com/misc/nyeb19-45037_creditors.pdf A full-text copy of the petition is available for free at: http://bankrupt.com/misc/nyeb19-45037.pdf 10827 STUDEBAKER: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: 10827 Studebaker LLC a California limited liability company 30012 Ivy Glenn Drive, Suite 200 Laguna Niguel, CA 92677 Business Description: 10827 Studebaker LLC is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: August 21, 2019 Court: United States Bankruptcy Court Central District of California (Santa Ana) Case No.: 19-13242 Judge: Hon. Erithe A. Smith Debtor's Counsel: Steven F. Werth, Esq. SULMEYERKUPETZ, A PROFESSIONAL CORPORATION 333 South Grand Avenue, Suite 3400 Los Angeles, CA 90071 Tel: 213-626-2311 E-mail: swerth@sulmeyerlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Robert Clippinger, authorized representative. 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/cacb19-13242.pdf 1800 16TH STREET: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: 1800 16th Street, LLC 1910 Spring Garden Street, Suite #1 Philadelphia, PA 19130 Business Description: 1800 16th Street, LLC is a privately held company in the residential building construction business. Chapter 11 Petition Date: August 21, 2019 Court: United States Bankruptcy Court Eastern District of Pennsylvania (Philadelphia) Case No.: 19-15229 Judge: Hon. Jean K. FitzSimon Debtor's Counsel: Thomas Daniel Bielli, Esq. BIELLI & KLAUDER, LLC 1500 Walnut Street, Suite 900 Philadelphia, PA 19102 Tel: 215-642-8271 Fax: 215-754-4177 E-mail: tbielli@bk-legal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Herbert F. Reid, Jr., managing member. 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/paeb19-15229.pdf 293 FRANKLIN: Case Summary & 4 Unsecured Creditors -------------------------------------------------- Debtor: 293 Franklin, LLC 266 Broadway, Suite 501 Brooklyn, NY 11211 Business Description: 293 Franklin, LLC classifies its business as Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: August 21, 2019 Court: United States Bankruptcy Court Eastern District of New York (Brooklyn) Case No.: 19-45035 Judge: Hon. Carla E. Craig Debtor's Counsel: Thomas A. Draghi, Esq. WESTERMAN BALL EDERER MILLER ZUCKER & SHARFSTEIN, LLP 1201 RXR Plaza Uniondale, NY 11556 Tel: (516) 622-9200 Fax: (516) 622-9212 E-mail: tdraghi@westermanllp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mike Kohn, sole member. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at: http://bankrupt.com/misc/nyeb19-45035.pdf 4EDM Realty: Seeks to Hire Miuccio Real Estate as Listing Agent --------------------------------------------------------------- 4EDM Realty LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire a listing agent. In an application filed in court, the Debtor proposes to employ Miuccio Real Estate Group to list the property located at 914 Delamont Ave., Schenectady, N.Y., for sale. Miuccio will get a commission of 6 percent of the sales price. Nate Monson, the real estate agent employed with Miuccio who will be providing the services, disclosed in court filings that the firm has no connection with the Office of the U.S. Trustee or any person employed by the agency. The firm can be reached through: Nate Monson Miuccio Real Estate Group 1414 Western Ave. Albany NY 12203 Phone: (518) 438-9302 Email: hello@miucciogroup.com About 4EDM Realty LLC 4EDM Realty LLC filed a Chapter 11 bankruptcy petition (Bankr. N.D.N.Y. Case No. 19-11258) on July 3, 2019, disclosing under $1 million in both assets and liabilities. The case is assigned to Judge Robert E. Littlefield Jr. The Debtor is represented by Opal Fayne Hinds, Esq., at the Law Office of Opal Hinds. 510 R.O.K. REALTY: Seeks to Hire Warren Hirsch as Accountant ------------------------------------------------------------ 510 R.O.K. Realty, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Warren Hirsch, CPA as its accountant. WHCPA will prepare monthly operating statements, prepare and file all documents regarding pre and post-petition taxes, and keeping the books and records of the Debtor. WHCPA's hourly rates are: Warren Hirsch $300 Paraprofessional $200 Warren Hirsch, a certified public accountant, assures the court the he does not hold or represent an interest adverse to the Debtor or to the estate and is disinterested as that term is defined in 11 U.S.C. Section 101(14). The firm can be reached at: Warren Hirsch, CPA 273 Merrick Road Lynbrook, NY 11563 Tel: 516-791-5280 Fax: 516-791-5283 Email: whirsch28@gmail.com About 510 R.O.K. Realty 510 R.O.K. Realty, LLC, a company that owns and operates fitness and entertainment facilities, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. N.Y. Case No. 19-75344) on July 30, 2019. At the time of the filing, the Debtor disclosed $542,670 in assets and $1,188,490 in liabilities. The case is assigned to Judge Louis A. Scarcella. AB KITCHEN CABINETS: Hires NM Financial & Family Law as Counsel --------------------------------------------------------------- AB Kitchen Cabinets, Inc., A New Mexico Corporation, seeks authority from the US Bankruptcy Court for the District of New Mexico (Albuquerque) to hire NM Financial & Family Law to represent the Debtor in all matters and proceedings in the bankruptcy case. AB Kitchen requires NM Financial to: a. represent and to render legal advice to Debtor regarding all aspects of this bankruptcy case, including, without limitation, claims objections, adversary proceedings, plan confirmation and all hearings before the court; b. prepare on behalf of the Debtor necessary petitions, answers, motions, applications, orders, reports and other legal papers, including Debtor's plan of reorganization and disclosure statement; c. assist the Debtor in taking actions required to effect reorganization under Chapter 11 of the Bankruptcy Code; d. perform all legal services necessary or appropriate for the Debtor's general promotion of reorganization; e. assist, where appropriate and in accordance with other orders of this Court and non-bankruptcy tribunals, the Debtor in non-bankruptcy litigation, and f. perform any other legal services for the Debtor as deemed appropriate. NM Financial's hourly rates are: Don Harris $295.00 Dennis A. Banning $225.00 Paralegal/Law Clerk $150.00 Legal Assistant $100.00 NM Financial has received a retainer of $15,000.00, from the Debtor. Of that retainer $5,365.08 remains in trust. Dennis A. Banning at NM Financial & Family Law, P.C. attests that neither NM Financial & Family Law nor any shareholders, employees, of counsel attorneys, and its associate and contract attorneys, hold any interest adverse to the Debtor or the Debtor's estate. The firm can be reached through: Don F. Harris, Esq. Dennis A. Banning, Esq. NM Financial & Family Law, P.C. 320 Gold Avenue SW, Suite 1401 Albuquerque, NM 87102 Phone: 505-503-1637 Email: dfh@nmfinanciallaw.com dab@nmfinanciallaw.com About AB Kitchen Cabinets Based in Hobbs, New Mexico, AB Kitchen Cabinets, Inc., a New Mexico Corporation, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.M. Case No. 19-11890) on August 16, 2019. Dennis A Banning at New Mexico Financial Law represents the Debtor as counsel. AMERICAN TIMBER: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: American Timber Marketing Group, LLC dba Wilderness Wood Company PO Box 34 Fayetteville, WV 25840 Business Description: American Timber Marketing Group, LLC -- https://www.wildernesswood.net -- is a family-owned company in the custom wood business. The Company manufactures log homes and siding profiles, custom railing, interior paneling, live edge siding, and live edge custom products such as bar tops, table tops, and mantels. It also creates various styles of exterior siding, timbers, beams, and logs. Chapter 11 Petition Date: August 21, 2019 Court: United States Bankruptcy Court Southern District of West Virginia (Charleston) Case No.: 19-20359 Judge: Hon. Frank W. Volk Debtor's Counsel: Paul W. Roop, II, Esq. P.O. Box 1145 Beckley, WV 25802 Tel: (304) 255-7667 Fax: (304) 256-2295 E-mail: bankruptcy@rooplawoffice.com Total Assets: $857,087 Total Liabilities: $1,269,479 The petition was signed by David Alan Rice, owner. 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/wvsb19-20359.pdf AMYRIS INC: Obtains $10.4 Million Secured Loan from Naxyris ----------------------------------------------------------- Amyris, Inc., certain of the Company's subsidiaries (the "Subsidiary Guarantors") and, as lender, Naxyris S.A., an existing stockholder of the Company and an investment vehicle owned by Naxos Capital Partners SCA Sicar, which is affiliated with NAXOS S.A.R.L. (Switzerland), for which director Carole Piwnica serves as director, entered into a Loan and Security Agreement on Aug. 14, 2019, to make available to the Company a secured term loan facility in an aggregate principal amount of up to $10,435,000, which the Company borrowed in full on Aug. 14, 2019. Loans under the Naxyris Loan Facility have a maturity date of July 1, 2022 and will accrue interest at a rate per annum equal to the greater of (i) 12% or (ii) the rate of interest payable with respect to any indebtedness of the Company plus 25 basis points, which interest will be payable monthly in arrears, provided that all interest accruing from and after Aug. 14, 2019 through Dec. 1, 2019 will be due and payable on Dec. 15, 2019. The obligations of the Company under the Naxyris Loan Facility are (i) guaranteed by the Subsidiary Guarantors and (ii) secured by a perfected security interest in substantially all of the assets of the Company and the Subsidiary Guarantors, junior in payment priority to Foris Ventures, LLC subject to certain limitations and exceptions, as well as the terms of the Intercreditor Agreement. Mandatory prepayments of the outstanding amounts under the Naxyris Loan Facility will be required upon the occurrence of certain events, including asset sales, a change in control, and the incurrence of additional indebtedness, subject to certain exceptions and reinvestment rights. Outstanding amounts under the Naxyris Loan Facility must also be prepaid to the extent that the Borrowing Base (as defined in the Naxyris Loan Agreement) exceeds the outstanding principal amount of the loans under the Naxyris Loan Facility. In addition, the Company may at its option prepay the outstanding principal amount of the loans under the Naxyris Loan Facility in full before the Maturity Date. Any prepayment of the loans under the Naxyris Loan Facility prior to the Maturity Date, whether pursuant to a mandatory or optional prepayment, is subject to a prepayment charge equal to one year's interest at the then-current interest rate for the Naxyris Loan Facility. Upon the repayment of the loans under the Naxyris loan facility, whether on the Maturity Date or earlier pursuant to an optional or mandatory prepayment, the Company will pay Naxyris an end of term fee. In addition, (i) the Company will be required to pay a fee equal to 6% of any amount the Company fails to pay within three business days of its due date and (ii) any interest that is not paid when due will be added to principal and will bear compound interest at the applicable rate. The representations, covenants, and events of default in the Naxyris Loan Agreement are customary for financing transactions of this nature. Upon the occurrence of an event of default, interest on the outstanding loans under the Naxyris Loan Facility will accrue at the standard rate plus 6%, and Naxyris may terminate the loan commitments, accelerate all outstanding loans and exercise any of its rights under the Naxyris Loan Agreement and the ancillary loan documents as a secured party, including with respect to the Collateral. The affirmative and negative covenants in the Naxyris Loan Agreement relate to, among other items: (i) payment of taxes; (ii) financial reporting; (iii) maintenance of insurance; and (iv) limitations on indebtedness, liens, mergers, consolidations and acquisitions, transfers of assets, dividends and other distributions in respect of capital stock, investments, loans and advances, and corporate changes. The Naxyris Loan Agreement also contains financial covenants, including covenants related to minimum revenue, liquidity, and asset coverage. In connection with the entry into the Naxyris Loan Agreement, on Aug. 14, 2019 the Company issued to Naxyris a warrant to purchase up to 2,000,000 shares of the Company's common stock, par value $0.0001 per share at an exercise price of $2.87 per share, with an exercise term of two years from issuance. Foris Loan and Security Agreement Amendment and Waiver As previously reported, the Company and the Subsidiary Guarantors are party to a Loan and Security Agreement, dated June 29, 2018, as subsequently amended on Aug. 24, 2018, Nov. 14, 2018, Dec. 14, 2018 and April 4, 2019, by and among the Company, the Subsidiary Guarantors and Foris, an entity affiliated with director John Doerr of Kleiner Perkins Caufield & Byers, a current stockholder, and an owner of greater than five percent of the Company's outstanding common stock, as successor-in-interest to GACP Finance Co., LLC, as administrative agent and lender. On Aug. 14, 2019, the Company, the Subsidiary Guarantors and Foris entered into an Amendment No 5 and Waiver to the LSA, pursuant to which (i) the maturity date of the loans under the LSA was extended from July 1, 2021 to July 1, 2022, (ii) the interest rate for the loans under the LSA was modified from the sum of (A) the greater of (x) the prime rate as reported in the Wall Street Journal or (y) 4.75% plus (B) 9% to the greater of (A) 12% or (B) the rate of interest payable with respect to any indebtedness of the Company, (iii) the amortization of the loans under the LSA was delayed until Dec. 16, 2019, (iv) certain accrued and future interest and agency fee payments under the LSA were delayed until Dec. 16, 2019, (v) certain covenants under the LSA, including related definitions, were amended to provide the Company with greater operational and financial flexibility, including, without limitation, to permit the incurrence of the indebtedness under the Naxyris Loan Facility and the granting of liens with respect thereto, subject to the terms of an intercreditor agreement between Foris and Naxyris governing the respective rights of the parties with respect to, among other things, the assets securing the Naxyris Loan Agreement and the LSA, (vi) certain outstanding unsecured promissory notes issued by the Company to Foris on April 8, 2019, June 11, 2019, July 10, 2019 and July 26, 2019, in an aggregate principal amount of $32.5 million, as well as the Company's contractual obligation to repay Foris $2.5 million of the purchase price paid by Foris to GACP in connection with Foris's purchase of the outstanding loans under the LSA and all documents and assets related thereto, were added to the loans under the LSA, made subject to the LSA and secured by the security interest in the collateral granted to Foris under the LSA, and such promissory notes and contractual obligation were cancelled in connection therewith, and (vii) Foris agreed to waive certain existing defaults under the LSA. After giving effect to the LSA Amendment and Waiver, there is $71.0 million aggregate principal amount of loans outstanding under the LSA. In connection with the entry into the LSA Amendment and Waiver, on Aug. 14, 2019 the Company issued to Foris a warrant to purchase up to 1,438,829 shares of Common Stock at an exercise price of $2.87 per share, with an exercise term of two years from issuance. Pursuant to the terms of the Foris Warrant, Foris may not exercise the Foris Warrant to the extent that, after giving effect to such exercise, Foris, together with its affiliates, would beneficially own in excess of 19.99% of the number of shares of Common Stock outstanding after giving effect to such exercise, unless the Company has obtained stockholder approval to exceed such limit. About Amyris Amyris, Inc., based in Emeryville, California, is an industrial biotechnology company that applies its technology platform to engineer, manufacture and sell natural, sustainably sourced products into the health & wellness, clean skincare, and flavors & fragrances markets. The Company's proven technology platform enables it to rapidly engineer microbes and use them as catalysts to metabolize renewable, plant-sourced sugars into large volume, high-value ingredients. The Company's biotechnology platform and industrial fermentation process replace existing complex and expensive manufacturing processes. The Company has successfully used its technology to develop and produce five distinct molecules at commercial volumes. The report from the Company's independent accounting firm KPMG LLP, the Company's auditor since 2017, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the Company has suffered recurring losses from operations and has current debt service requirements that raise substantial doubt about its ability to continue as a going concern. Amyris reported net losses attributable to the company of $72.32 million in 2017, $97.33 million in 2016, and $217.95 million in 2016. As of Sept. 30, 2018, Amyris had $122.7 million in total assets, $323.3 million in total liabilities, $5 million in contingently redeemable common stock, and a total stockholders' deficit of $205.6 million. ANEW HEALTH: Court OKs Disclosure Statement, Sept. 23 Plan Hearing ------------------------------------------------------------------- The Disclosure Statement explaining Anew Health Care, Inc.'s Chapter 11 Plan is approved. A hearing to consider confirmation of the Plan will be held on September 23, 2019, at 10:00 A.M. o'clock a.m. at the U.S Bankruptcy Court, Courtroom No. 3, 5th Floor, Old Post Office Building, 615 East Houston Street, San Antonio, Texas. Any objection to confirmation of the Plan must be filed and served on or before September 13, 2019. About Anew Health Care Anew Health Care, Inc., filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 18-52711), on Nov. 14, 2018. In the petition signed by James P. Holton, II, president, the Debtor estimated both assets and liabilities at $100,000 to $500,000 each. The Debtor is represented by David T. Cain, Esq. of the Law Office of David T. Cain. ANKA BEHAVIORAL: U.S. Trustee, Bank of Guam Objects to Disclosures ------------------------------------------------------------------ Tracy Hope Davis, United States Trustee for Region 17, and Bank of Guam, Secured Creditor, filed separate objections to the adequacy of the Disclosure Statement explaining the joint Chapter 11 Plan of Liquidation filed by Anka Behavioral Health, Inc., and the Official Committee of Unsecured Creditors. The U.S. Trustee asserted that the Disclosure Statement filed by the Plan Proponents is objectionable on several grounds, and should not be approved because it does not contain information sufficient to allow creditors to make an informed decision on whether to accept or rejected the proposed Liquidating Plan, as required by Section 1125 of the Bankruptcy Code. Specifically, the U.S. Trustee pointed out, the Disclosure Statement: (1) fails to accurately reflect the current operations of the Debtor; (2) is misleading with respect to the anticipated recovery to unsecured creditors; (3) lacks information regarding the Proposed Liquidation Trustee; (4) contains an overly broad Exculpation Clause; (5) fails to contain a liquidation analysis; and (6) lacks information regarding the estimated professional fees and expenses incurred in this case to date. This information, the U.S. Trustee said, should be provided prior to the approval of the Disclosure Statement so that creditors and parties-in-interest may understand and comprehend what they are being faced with and being asked to approve or not approve. Bank of Guam complains that the Disclosure Statement does not comment on issues between the Debtor and Bank of Guam with respect to unauthorized use of cash collateral and the consequences to unsecured creditors, most notably the existence of unpaid expenses of administration. According to Bank of Guam, there is no indication that the Debtor will stipulate to convert the case to chapter 7. In a separate filing, the U.S. Trustee asked the Court to dismiss the Chapter 11 case or convert it to one under Chapter 7. In response, the Committee argued that the "unusual circumstances" justifying the U.S. Trustee's request no longer exists as the Debtor and the Committee have worked together to produce an amended disclosure statement and plan that, among other things, involves its implementation by a liquidating trustee, who would undertake that role on the compensation arrangement that would obtain if the case were administered by a Chapter 7 trustee. The liquidating trustee under the Amended Plan would not have a retainer, from estate funds or otherwise, and would not rely on the use of Bank of Guam's cash collateral. The Amended Plan would therefore incur compensation for the liquidating trustee only to the extent that the trustee obtained realizations on avoiding actions and/or insurance recoveries. A very experienced trustee -- E. Lynn Schoenman -- has been identified and nominated who would be willing to undertake this role on this contingent compensation basis, the Committee said. Attorneys for Bank of Guam: Iain A. Macdonald, Esq. Reno F.R. Fernandez, III, Esq. Matthew J. Olson, Esq. Daniel E. Vaknin, Esq. MACDONALD FERNANDEZ LLP 221 Sansome Street, Third Floor San Francisco, CA 94104-2323 Telephone: (415) 362-0449 Facsimile: (415) 394-5544 About Anka Behavioral Health In operation since 1973, Anka Behavioral Health, Inc. -- https://www.ankabhi.org/ -- is a 501(c)3 non-profit behavioral healthcare corporation. It offers crisis residential treatment, transitional residential treatment, and long-term residential treatment for children and adults experiencing a psychiatric emergency or behavioral crisis. Anka's residential-based facilities are located in Contra Costa, Alameda, Solano, Sonoma, Santa Clara, Fresno, San Luis Obispo, Santa Barbara, Ventura, Los Angeles, and Riverside Counties in California, and Tuscola County in Michigan. ANKA Behavioral Health sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 19-41025) on April 30, 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 William J. Lafferty. The Debtor tapped Trodella & Lapping, LLP and Wendel, Rosen, Black & Dean, LLP as legal counsel; BPM LLP as financial advisor; and Donlin Recano & Company, Inc. as claims and noticing agent. The U.S. Trustee for Region 17 appointed a committee of unsecured creditors on May 8, 2019. The committee is represented by Fox Rothschild LLP. ARCIMOTO INC: Incurs $3.9 Million Net Loss in Second Quarter ------------------------------------------------------------ Arcimoto, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $3.92 million on $8,514 of total revenues for the three months ended June 30, 2019, compared to a net loss of $2.17 million on $85,332 of total revenues for the three months ended June 30, 2018. For the six months ended June 30, 2019, the Company reported a net loss of $6.99 million on $11,159 of total revenues compared to a net loss of $4.21 million on $85,989 of total revenues for the same period during the prior year. As of June 30, 2019, the Company had $12.25 million in total assets, $6.87 million in total liabilities, and $5.37 million in total stockholders' equity. As of June 30, 2019, the Company had approximately $1,250,000 in cash and cash equivalents representing a decrease in cash and cash equivalents of approximately $3,653,000 from Dec. 31, 2018. Sources of cash were predominantly from the sale of equity. The Company anticipates that its current sources of liquidity, including cash and cash equivalents, together with its current projections of cash flow from operating activities, will provide the Company with liquidity into the third quarter of 2019. Arcimoto said, "We need to successfully raise funds in the short-term, however, this is subject to market conditions and recognizing that we cannot be certain that additional funds would be available to us on favorable terms or at all. The amount and timing of funds that we may raise is undetermined and could vary based on a number of factors, including our ongoing liquidity needs, our current capitalization, as well as access to current and future sources of liquidity. "We have invested approximately $6,435,000 into leasehold improvements, tooling and manufacturing capital expenditures for our current FUV production facility. At this time, we believe minimal further investment into tooling and manufacturing is required until we need to expand production capacity beyond a rate of 10,000 vehicles per year. As we ramp up production, we may identify opportunities for reducing cost of goods sold that may require additional capital expenditures." Recent Highlights: * Successfully proved out assembly line pre-production process builds in anticipation of production of first retail FUV Evergreen Editions. * FUV pre-orders increased to 4,128 units as of June 30, 2019, as compared to 3,217 units as of Dec. 31, 2018, and 2,800 units as of June 30, 2018 * Teamed with GoCar Tours to develop a next-gen fleet of FUVs for GPS-guided tours in San Francisco * Announced collaboration with Sol Mar Vida to deploy first international rental fleet of 100 FUVs to Costa Rica for beachside tourist rentals * The FUV was showcased at several industry and investor events, including participation at the Wall Street Journal "Future of Everything" Festival in New York City and the 9th Annual LD Micro Invitational Investor Conference in Los Angeles * Management provided keynote speeches at the Singularity University's Exponential Manufacturing Summit in Thailand, as well as the Canaccord Genuity Future of Transport Conference. Management Commentary "The second quarter of 2019 was marked by continued pre-production testing and fine tuning in advance of retail-series production of our Evergreen Edition Fun Utility Vehicle," said Mark Frohnmayer, founder and president of Arcimoto. "We continue to build key offtake partnerships, such as with GoCar Tours and Sol Mar Vida, to further grow demand for the FUV worldwide. We believe this strategy will efficiently build market awareness and address high-value commercial FUV applications, ranging from tourism leisure rentals to urban delivery." "Our 4,128 pre-orders and continued net pre-order growth stand as testaments to the strong market demand potential for the FUV, which we believe will help catalyze a fundamental shift in perception towards the rightsizing of the footprint of global mobility. We are ready to execute on the next leg of our growth, and are planning for the successful near-term launch of the FUV. We look forward to delivering upon a vision more than a decade in the making," concluded Frohnmayer. A full-text copy of the Form 10-Q is available for free at: https://is.gd/VARgsZ Arcimoto, Inc. Headquartered in Eugene, Oregon, Arcimoto, Inc. (NASDAQ: FUV) -- http://www.arcimoto.com-- is devising new technologies and patterns of mobility that together raise the bar for environmental efficiency, footprint and affordability. Available for pre-order today, Arcimoto's Fun Utility Vehicle, Rapid Responder, and Deliverator are some of the lightest, most affordable, and most appropriate electric vehicles suitable for everyday transport. Arcimoto reported a net loss of $11.05 million for the year ended Dec. 31, 2018, compared to a net loss of $3.31 million for the year ended Dec. 31, 2017. As of March 31, 2019, the Company had $15.32 million in total assets, $6.21 million in total liabilities, and $9.10 million in total stockholders' equity. In its report dated March 29, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, dbbmckennon, in Newport Beach, California, the Company's auditor since 2016, expressed substantial doubt about the Company's ability to continue as a going concern. The auditor noted that Arcimoto has not achieved positive earnings and operating cash flows from its intended operations, which raise substantial doubt about its ability to continue as a going concern. ASSERTIO THERAPEUTICS: S&P Affirms 'B' LT ICR on Notes Exchange --------------------------------------------------------------- S&P Global Ratings affirmed its 'B' long-term issuer credit rating on Lake Forest, Illinois-based specialty pharmaceutical company Assertio Therapeutics Inc. The rating affirmation came after the company exchanged $200 million of its $345 million 2.5% convertible notes due 2021 for $120 million 5% convertible notes due 2024, $30 million in cash, and equity. The exchange resulted in slightly lower leverage (expected to be about 3x in 2019 compared to S&P's previous expectation of 4x). The rating agency believes the company will continue to generate sufficient cash flow to cover its obligations over the next 18 months, including debt amortization and interest payments. The affirmation reflects S&P's view that its improved expectation for adjusted leverage of 3x does not offset the company's remaining primary risk factors, including: -- Uncertainty from opioid litigation; -- Heavy amortization requirements on the senior secured notes; -- Maturities in 2021 that exceed expected cash availability; and -- High profit concentration in a few maturing products. S&P believes Assertio's standing in the credit markets is currently impaired by the company's involvement in multi-district opioid litigation, and, even though it is a less prominent defendant, the rating agency believe Assertio will have difficulty refinancing its debt at a lower rate until there is more certainty of the size of a potential litigation liability. S&P believes the outcome of Johnson & Johnson's case in Oklahoma and the multi-district litigation in Ohio are critical hurdles affecting the rating agency's view of the company's ability to refinance its 2021 maturities. S&P believes Assertio currently has limited liquidity options because it does not have a traditional banking relationship and has limited standing in the credit markets, due to the pending litigation. Although the recently announced debt exchange extends the company's debt maturity profile, S&P believes the remaining $145 million maturity in 2021 still presents substantial refinancing risk. S&P does believe the company has sufficient near-term liquidity from cash on hand (about $75 million) and free cash flow (estimated about $90 million for 2019) to meet its heavy secured notes amortization (about $80 million over the next 12 months). The negative outlook reflects the company's tight liquidity position given the heavy amortization requirement on its secured loans and the risk to S&P's base case that the company will be able to refinance its debt successfully in the first half of 2020. S&P expects adjusted leverage of about 3x at the end of 2019, remaining in the 3x-4x range over the next five years. "We could lower the rating if Assertio cannot address its 2021 maturities in the first half of 2020. In this scenario, the company's 2021 maturities would be due in about 15 months," S&P said. S&P said it could also lower the rating if an operational disruption -- for example, a product supply issue -- materially lowers its expectation for cash on hand to the $40 million area. The rating agency believes a substantial judgment against opioid manufacturing including in Oklahoma or Ohio could be a trigger for a downgrade because it would demonstrate an increased probability of litigation liability. "We could revise the outlook to stable if Assertio successfully refinances its loans, resulting in a more comfortable liquidity position and providing capital to invest in future growth products," S&P said. BARKATH PROPERTIES: Case Summary & 11 Unsecured Creditors --------------------------------------------------------- Debtor: Barkath Properties, LLC 333 Peterson Road Libertyville, IL 60048 Business Description: Barkath Properties is a privately held company engaged in activities related to real estate. The Company owns in fee simple a shopping mall unit in Libertyville, Illinois valued at $1.80 million and a commercial building in Waukegan, Illinois valued at $150,000. Chapter 11 Petition Date: August 21, 2019 Court: United States Bankruptcy Court Northern District of Illinois (Eastern Division) Case No.: 19-23544 Judge: Hon. Benjamin A. Goldgar Debtor's Counsel: Allan O. Fridman, Esq. LAW OFFICE OF O. ALLAN FRIDMAN 555 Skokie Blvd, Suite 500 Northbrook, IL 60062 Tel: 847-412-0788 Fax: 847-412-0898 E-mail: allanfridman@gmail.com allan@fridlg.com Total Assets: $2,097,271 Total Liabilities: $5,177,277 The petition was signed by Shoukath Ahmed, manager. A full-text copy of the petition containing, among other items, a list of the Debtor's 11 largest unsecured creditors is available for free at: http://bankrupt.com/misc/ilnb19-23544.pdf BESTWALL LLC: Asbestos Committee Again Seeks Dismissal of Case -------------------------------------------------------------- The committee representing personal injury claimants injured by Bestwall LLC's asbestos products is seeking dismissal of the Debtor's Chapter 11 bankruptcy case, arguing that the Debtor is using the bankruptcy process to artificially reduce its liabilities and delay recovery to claimants. Bestwell sought Chapter 11 protection in November 2017 to resolve the asbestos liability of the Debtor; "New" Georgia-Pacific ("New GP"), its non-debtor, fully solvent, sister corporation; its direct parent, Georgia-Pacific Holdings, LLC ("GP Holdings"); and Koch Industries ("KI"), the ultimate parent and its owners. Bestwall LLC was created in an internal corporate restructuring and now holds asbestos liabilities. Bestwall's asbestos liabilities relate primarily to joint systems products manufactured by Bestwall Gypsum Company, a company acquired by Georgia-Pacific in 1965. At a hearing in January 2019, Bankruptcy Judge Laura T. Beyer had denied a motion to dismiss filed by the Asbestos Claimants Committee and granted Bestwall's request for an order preliminary enjoining certain actions against non-debtors. Then on June 19, 2019, Bestwall filed a motion seeking an estimation of current and future mesothelioma claims. Bestwall argues that many claimants identified or exaggerated their alleged exposures to the Debtor's joint compound products after a "bankruptcy wave" by asbestos insulation defendants left fewer solvent companies available for litigation. Bestwall further argues that claimants downplayed or denied their exposures to the more potent amphibole asbestos insulation products. The Asbestos Claimants Committee on Aug. 16, 2019, filed a new motion seeking to dismiss the Chapter 11 case, to set a deadline for the debtor to confirm a bankruptcy plan, or to lift the preliminary injunction protecting New Georgia Pacific (New GP). "The Chapter 11 case has been languishing in chapter 11 for over 1.5 years. Despite the Debtor's repeated statements that under the Funding Agreement with New GP it has sufficient funds to pay its ongoing business expenses, the administrative costs of chapter 11, and all of its asbestos liabilities, we are no closer to resolving this case than when it was filed in November 2017. The exclusivity periods for the Debtor to propose, solicit, and confirm a plan have now expired and all the Debtor has produced is a shell plan that is unconfirmable on its face. No settlement discussions have occurred since January 2019 and no agreement has been reached by the parties regarding the scope, value, or path forward related to the Debtor's vast asbestos liabilities," Glenn C. Thompson of Hamilton Stephens Steele + Martin, PLLC, counsel to the ACC, explained in court filings. "Every single day that this Chapter 11 Case remains in bankruptcy is another day that personal injury claimants injured by exposure to the Debtor's asbestos products are unable to pursue recovery against a defendant that asserts that it is fully able to pay its liability. While the claimants are held hostage, New GP is unencumbered by this bankruptcy case. Its operations are unencumbered and it saves money by paying only the administrative costs of this case. New GP has the current use of funds it would otherwise have paid its victims already, which alone will substantially reduce their ultimate costs. In sum, the playing field is not level; New GP and Bestwall -- through the structure that they contrived -- hold all of the cards." The Asbestos Claimants Committee complains that a trial seeking the estimation of joint compound that the Debtor is now proposing is a litigation tactic that will serve only to delay recovery to claimants and prolong a resolution of this case. "The recently filed Motion of the Debtor for Estimation of Current and Future Mesothelioma Claims makes plain that the reason that this case has not settled -- and may never settle -- is that the Debtor is seeking an alternative to the tort system to value its claims: it seeks a "bankruptcy discount" despite its professed ability to pay the asbestos liabilities in full. It seeks to accomplish this by making disparaging allegations against its victims and their tort counsel -- similar to those made in Garlock -- designed not to achieve a fair settlement, but to instead intimidate the plaintiffs' representatives and to use this case to improperly provide it with leverage that does not exist outside of bankruptcy. The Debtor has already begun its assault on the plaintiffs, stating "large numbers of claimants began identifying and/or exaggerating their alleged exposures to Bestwall's joint compound products" [following what it terms as the "bankruptcy wave"], and "many claimants began obscuring their exposures to the ubiquitous friable amphibole asbestos insulation products of the primary defendants by downplaying, and in some instances denying, their exposures to these products"," Mr. Thompson added. "In short, the Debtor is not seeking to use the estimation process properly to value its liability -- it is seeking to use it to try to artificially reduce its liability. This is not a proper purpose for estimation and the Court should not permit the Debtor to proceed with its attempted misuse of this Chapter 11 Case." Counsel to the Official Committee of Asbestos Claimants of Bestwall LLC: Glenn C. Thompson, Esq. HAMILTON STEPHENS STEELE + MARTIN, PLLC 525 North Tryon Street, Suite 1400 Charlotte, NC 28202 Telephone: (704) 344-1117 Facsimile: (704) 344-1483 E-mail: gthompson@lawhssm.com - and – Natalie D. Ramsey, Esq. Davis Lee Wright, Esq. Laurie Krepto, Esq. ROBINSON & COLE LLP 1000 N. West Street, Suite 1200 Wilmington, DE 19801 Telephone: (302) 295-4800 Facsimile: (302) 351-8618 E-mail: nramsey@rc.com dwright@rc.com lkrepto@rc.com - and – Judy D. Thompson, Esq. Linda W. Simpson, Esq. JD THOMPSON LAW Post Office Box 33127 Charlotte, NC 28233 Telephone: (828) 489-6578 E-mail: jdt@jdthompsonlaw.com lws@jdthompsonlaw.com About Bestwall LLC Bestwall LLC -- http://www.Bestwall.com/-- was created in an internal corporate restructuring and now holds asbestos liabilities. Bestwall's asbestos liabilities relate primarily to joint systems products manufactured by Bestwall Gypsum Company, a company acquired by Georgia-Pacific in 1965. The former Bestwall Gypsum entity manufactured joint compounds containing small amounts of chrysotile asbestos; the manufacture of these asbestos-containing products ceased in 1977. Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC ("PlasterCo"), develops, manufactures, sells and distributes gypsum plaster products, including gypsum floor underlayment, industrial plaster, metal casting plaster, industrial tooling plaster, dental plaster, medical plaster, arts and crafts plaster, pottery plaster and general purpose plaster. Bestwall LLC sought Chapter 11 protection (Bankr. W.D.N.C. Case No. 17-31795) on Nov. 2, 2017, in an effort to equitably and permanently resolve all its current and future asbestos claims. The Debtor estimated assets and debt of $500 million to $1 billion. It has no funded indebtedness. The Hon. Laura T. Beyer is the case judge. The Debtor tapped Jones Day as general bankruptcy counsel; Robinson, Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as special litigation counsel for medicine science issues; King & Spalding as special counsel for asbestos matters; and Bates White, LLC, as asbestos consultants. Donlin Recano LLC is the claims and noticing agent. On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an official committee of asbestos claimants in the Debtor's case. The Committee retained Montgomery McCracken Walker & Rhoads LLP as its legal counsel, Hamilton Stephens Steele + Martin, PLLC and JD Thompson Law as local counsel, FTI Consulting, Inc., as financial advisor. On Feb. 22, 2018, the court approved the appointment of Sander L. Esserman as the future claimants' representative in its case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP as his legal counsel. BRISTOW GROUP: Backstop Parties, Noteholders Support Plan Outline ----------------------------------------------------------------- Empyrean Capital Partners, LP, Solus Alternative Asset Management LP, and South Dakota Investment Council, who are members of the ad hoc group of certain unaffiliated holders of approximately 73.6% of Bristow Group Inc., et al.'s Unsecured Notes, and the ad hoc group of unaffiliated lenders and holders of approximately 99.3% of the Debtors' secured term loan and Secured Notes filed an omnibus statement in support of the conditional approval of the disclosure statement explaining the Debtor's Plan. Meanwhile, Wilmington Trust, National Association, solely in its capacity as indenture trustee for over $400 million of the 6.25% Senior Notes due 2022 issued under that certain indenture dated as of June 17, 2008, reserved its rights in connection with the Debtors' Disclosure Statement and Plan. The Trustee has expressed its concern that the Disclosure Statement filed on Aug. 1 contain adequate information on, among other things (i) the Plan's treatment of holders of the Senior Unsecured Notes, including the estimated distribution percentage that holders of Senior Unsecured Notes will receive under the Plan on account of their claims, (ii) the process, timing and details of the Debtors' proposed rights offering to enable holders of the Senior Unsecured Notes to understand how and when they can participate in the rights offering and (iii) Plan distribution mechanics as they relate to distributions to holders of the Senior Unsecured Notes that are consistent with the provisions of the Indenture. Counsel to the Required Unsecured Backstop Parties: Brian E. Schartz, P.C., Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 609 Main Street Houston, Texas 77002 Telephone: (713) 836-3600 Facsimile: (713) 836-3601 Email: brian.schartz@kirkland.com -- and -- Joshua A. Sussberg, P.C., Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: joshua.sussberg@kirkland.com -- and -- KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP Gregory F. Pesce, Esq. 300 North LaSalle Chicago, Illinois 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 Email: gregory.pesce@kirkland.com Counsel to the Secured Notes Ad Hoc Group: Charles Beckham, Jr., Esq. Kelli Norfleet, Esq. Martha Wyrick, Esq. HAYNES AND BOONE, LLP 1221 McKinney Street, Suite 2100 Houston, TX 77010 Telephone: (713) 547-2000 Facsimile: (713) 547-2600 Email: charles.beckham@haynesboone.com kelli.norfleet@haynesboone.com martha.wyrick@haynesboone.com -- and -- Damian S. Schaible, Esq. Natasha Tsiouris, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Telephone: (212) 450-4000 Facsimile: (212) 701-5800 Email: damian.schaible@davispolk.com natasha.tsiouris@davispolk.com Attorneys for Wilmington Trust: John P. Melko, Esq. Sharon Beausoleil FOLEY GARDERE Foley & Lardner LLP 1000 Louisiana Street, Suite 2000 Houston, TX 77002 Telephone: 713.276.5500 Email: jmelko@foley.com sbeausoleil@foley.com -- and -- Harold Kaplan, Esq. FOLEY GARDERE Foley & Lardner LLP 321 North Clark Street Chicago, Illinois 60654-5313 E-mail: hkaplan@foley.com Telephone: (312) 832-4500 Facsimile: (312) 832-4700 -- and -- Doug Spelfogel, Esq. Leah Eisenberg, Esq. FOLEY GARDERE Foley & Lardner LLP 90 Park Avenue New York, New York 10016-1314 Telephone: (212) 682-7474 Facsimile: (212) 687-2329 Email: dspelfogel@foley.com leisenberg@foley.com About Bristow Group Bristow Group Inc. (OTC: BRSWQ) -- http://www.bristowgroup.com/-- provides industrial aviation and charter services to offshore energy companies in Europe, Africa, the Americas, and the Asian Pacific. It also provides search and rescue services for governmental agencies and the oil and gas industry. Headquartered in Houston, Bristow Group employs 3,000 individuals around the world. Bristow Group and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 19-32713) on May 11, 2019. As of Sept. 30, 2018, the Debtors had $2.861 billion in assets and $1.886 billion in liabilities. The cases are assigned to Judge David R. Jones. The Debtors tapped Baker Botts LLP as bankruptcy counsel; Wachtell, Lipton, Rosen & Katz as co-counsel with Baker Botts; Alvarez & Marsal and Houlihan Lokey Capital, Inc., as financial advisors; and Prime Clerk LLC as claims, noticing and solicitation agent. Henry Hobbs Jr., the acting U.S. trustee for Region 7, appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Bristow Group Inc. and its affiliates. The Committee selected Kramer Levin Naftalis & Frankel LLP as its legal counsel. Porter Hedges LLP is the Committee's local and conflicts counsel. Imperial Capital, LLC, is the Committee's financial advisor, and Perella Weinberg Partners LP is the investment banker. BRISTOW GROUP: Unsecured Creditors to Recoup 11.3%-26.6% -------------------------------------------------------- Bristow Group Inc., and its debtor affiliates filed an amended disclosure statement explaining their amended Chapter 11 plan of reorganization to disclose the following modifications: * Holders of Unsecured Notes Claims or General Unsecured Claims shall receive their pro rata share of (i) 11% of the equity in Reorganized Bristow Parent (subject to dilution by the Management Incentive Plan) and (ii) the right to participate in their Pro Rata share (without oversubscription rights) of up to $347.5 million of the Rights Offering,; provided that Holders of Unsecured Notes Claims that are not accredited Investors and Holders of General Unsecured Claims shall also have the option to receive their Pro Rata Share of the GUC Cash Distribution Amount; provided, further that Holders of Unsecured Notes Claims or General Unsecured Claims, in feither case, that are not accredited investors will have the option to receive either (a) their Pro Rata share of (x) 11% of the equity in Reorganized Bristow Parent (subject to dilution by the Management Incentive Plan), (y) the Unsecured 1145 Subscription Rights, and (z) the Unsecured 4(a)(2) Cash Distribution Amount, or (b) their Pro Rata share of the GUC Cash Distribution Amount. The projected recovery of holders of Unsecured Notes Claims range from 25.7% * Trade Claims shall be paid in full on the Effective Date or otherwise in the ordinary course of business. * Claims based on the Debtors' guarantees of obligations of their non-Debtor subsidiaries' customer contracts, including their contract for search and rescue services for the United Kingdom's Maritime & Coastguard Agent and Claims associated with the Debtors' credit facility with Lombard and Bristow Parent's guarantees of the Lombard credit facility and UK ABL Credit Facility of its non-Debtor subsidiary Bristow Helicopters Limited will be reinstated without impairment, ensuring minimal disruption to the Debtors' business as a result of the Chapter 11 Cases. * The Debtors' credit facility with Macquarie will be reinstated without impairment. * The Debtors, Milestone Aviation Group Limited and PK Air Finance are finalizing the terms of a settlement, which will provide for, among other things, the resolution of the Cape Town Enforcement Action, the assumption pursuant to section 365 of the Bankruptcy Code of the MAG Lease Documents, amendment and reinstatement of the PK Air Loan Documents, the allowance of secured and unsecured claims against Bristow Equipment Leasing Ltd., BriLog Leasing Ltd Bristow U.S. Leasing LLC, Bristow Parent Debtor arising from or based upon the PK Air Loan Documents or the MAG Lease Documents, and the reimbursement of certain professional fees, all as to be set forth in the motion to be filed pursuant to Bankruptcy Rule 9019 seeking approval of such settlement. * Full equitization of the Debtors' proposed $150 million DIP Facility. Holders of general unsecured claims are also projected to recover 11.3% to 26.6%. The Debtors also filed a revised proposed order conditionally approving the amended to modify the schedule governing confirmation. The Debtors now propose the following schedule: Commencement of Solicitation of the Rights Offering Sept. 10, 2019 Plan Supplement Date Sept. 16, 2019 Cure Objection Deadline Sept. 23, 2019 Plan and Disclosure Statement Objection Deadline Sept. 23, 2019 Deadline to File Voting Report Sept. 30, 2019 Deadline to File Confirmation Brief and/or Omnibus Reply to Any Plan or Disclosure Statement Objection Sept. 30, 2019 Combined Hearing on Disclosure Statement and Plan Oct. 3, 2019 Deadline to Return Subscription for the Rights Offering Oct. 10, 2019 A blacklined version of the Amended Plan dated Aug. 20, 2019, is available at https://tinyurl.com/y6a999ga from PacerMonitor.com at no charge. A blacklined version of the Amended Disclosure Statement dated Aug. 20, 2019, is available at https://tinyurl.com/yxj5lref from PacerMonitor.com at no charge. About Bristow Group Bristow Group Inc. (OTC: BRSWQ) -- http://www.bristowgroup.com/-- provides industrial aviation and charter services to offshore energy companies in Europe, Africa, the Americas, and the Asian Pacific. It also provides search and rescue services for governmental agencies and the oil and gas industry. Headquartered in Houston, Bristow Group employs 3,000 individuals around the world. Bristow Group and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 19-32713) on May 11, 2019. As of Sept. 30, 2018, the Debtors had $2.861 billion in assets and $1.886 billion in liabilities. The cases are assigned to Judge David R. Jones. The Debtors tapped Baker Botts LLP as bankruptcy counsel; Wachtell, Lipton, Rosen & Katz as co-counsel with Baker Botts; Alvarez & Marsal and Houlihan Lokey Capital, Inc., as financial advisors; and Prime Clerk LLC as claims, noticing and solicitation agent. Henry Hobbs Jr., the acting U.S. trustee for Region 7, appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Bristow Group Inc. and its affiliates. The Committee selected Kramer Levin Naftalis & Frankel LLP as its legal counsel. Porter Hedges LLP is the Committee's local and conflicts counsel. Imperial Capital, LLC, is the Committee's financial advisor, and Perella Weinberg Partners LP is the investment banker. BROOKC LLC: Disclosures Conditionally OK'd, Sept. 24 Plan Hearing ----------------------------------------------------------------- The second amended Disclosure Statement explaining BROOKC, LLC's first amended Chapter 11 plan of reorganization is conditionally approved. The hearing on confirmation of the Plan and approval of the Disclosure Statement will be held at 9:00 a.m. on September 24, 2019, at the U.S. Bankruptcy Court for the Middle District of Tennessee, Courtroom Three, Second Floor, Customs House, 701 Broadway, Nashville, Tennessee 37203. September 16, 2019, is fixed as: -- the last day for filing and serving written objections to the Disclosure Statement, -- the last day for filing and serving written objections to confirmation of the Plan, and -- the last day for filing written acceptances or rejections of the Plan. Under the Second Amended Disclosure Statement, Class 4 General unsecured claims are impaired. Monthly Payment of $620.00. Payments start on 1st day of the month following Effective Date. Payment Ends in 5 years from Effective Date. Class 3-A are impaired. Monthly payment of $816.87. Payments start on 1st day of the month following Effective Date. Payment Ends in 5 years from Effective Date. The Plan will be funded by the following: Income from the continued operation of the restoration business. A full-text copy of the First Amended Plan dated August 14, 2019, is available at https://tinyurl.com/y62khf7m from PacerMonitor.com at no charge. A full-text copy of the Second Amended Disclosure Statement dated August 14, 2019, is available at https://tinyurl.com/y62khf7m from PacerMonitor.com at no charge. Attorney for the Debtor: Steven L. Lefkovitz, Esq. 618 Church Street, Suite 410 Nashville, Tennessee 37219 Phone: (615)256-8300 Fax: (615) 255-4516 Email: slefkovitz@lefkovitz.com About BROOKC LLC Clarksville, Tennessee-based BROOKC LLC filed for Chapter 11 bankruptcy protection (Bankr. M.D. Tenn. Case No. 18-00586) on Jan. 31, 2018, estimating its assets and liabilities at between $100,001 and $500,000 each. Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz serves as the Debtor's bankruptcy counsel. The Office of the U.S. Trustee on March 13 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of BROOKC LLC. BROOKLYN BUILDINGS: Amends Plan to Add NYC Secured Claims --------------------------------------------------------- Brooklyn Buildings, LLC, filed a First Amended Chapter 11 Plan and accompanying First Amended Disclosure Statement to among other things, add a class of Other Allowed Secured Claims of New York City to the Plan. This class, classified in Class 3, are impaired. The Allowed Class 3 Claims will be paid in full together with applicable statutory interest, upon the sale of the particular Property to which the respective Allowed Class 3 Claim relates. The Debtor estimates that the Class 3 Claims total approximately $1,050,000. Class 5 - Allowed General Unsecured Creditors are impaired. Allowed Class 5 Claims shall be paid up to 100% of their Allowed Claim from the proceeds from the sale of the Properties upon the payment in full of all Allowed Class 1, 2, 3 and 4 creditors. The Debtor estimates that Class 5 Allowed Unsecured Claims total approximately $200,000. Class 1 - Allowed Secured Claim of HPD are impaired. The HPD Subsidy will be paid in full at the sale closing. The Class 1 Claim shall be deemed paid in full when each HPD Subsidy is either paid in full on Market Rate Properties or assumed by the buyers of the non "market rate" Properties. Class 2 - Allowed Secured Claim of Frimhar Associates LLC are impaired. Class 2 Claim shall be paid in full, by the Debtor, at the contract rate of interest, in installments as each Property is sold. Class 4 - Allowed Secured Claim of Judgment Creditors are impaired. The Allowed Class 4 Claims shall be paid in full inclusive of statutory interest from the proceeds of sale of the Properties after the payment of Class 1, 2 and 3 Claims in full. Class 6 - Equity Interest Holders. The holders of Allowed Interests shall retain all of their Interests in the Debtor and shall be entitled to receive the proceeds of sale, in accordance with the terms of the Debtor’s Operating Agreement, upon payment in full of all senior Classes of Creditors. The Plan will be funded with a combination of the Equity Contribution, the Exit Loan and net proceeds from the sale of the Properties which shall be effectuated in accordance with the HPD Project Worksheet and the GCRE Projection and Analysis. The Debtor will have sufficient funds from the Project Funding and sale of Properties to completely fund its Plan (inclusive of the completion of the construction costs necessary for the Project), pay all creditors in full as well as a distribution to Interest holders. A full-text copy of the First Amended Plan dated August 14, 2019, is available at https://tinyurl.com/y2wyhrd9 from PacerMonitor.com at no charge. A full-text copy of the First Amended Disclosure Statement dated August 14, 2019, is available at https://tinyurl.com/yysbc7ux from PacerMonitor.com at no charge. Attorneys for the Debtor: Erica R. Aisner, Esq. KIRBY AISNER & CURLEY LLP 700 Post Road, Suite 237 Scarsdale, New York 10583 (914) 401-9500 About Brooklyn Buildings Brooklyn Buildings LLC is a privately held real estate company. Its principal place of business is located at 1600 Bergen Street Brooklyn, New York. Brooklyn Buildings filed for bankruptcy protection (Bankr. E.D.N.Y., Case No. 18-43971) on July 11, 2018. In the petition signed by Yehoshua Allswang, managing member, the Debtor estimated assets of $10 million to $50 million and estimated liabilities of $1 million to $10 million. Judge Carla Craig oversees the case. Kirby Aisner & Curley LLP represents the Debtor. CABLE ONE: S&P Cuts Debt Rating to BB+; Ratings Off CreditWatch --------------------------------------------------------------- S&P Global Ratings lowered its issue-level ratings on Phoenix-based cable TV and internet provider Cable One Inc.'s $500 million term loan B due 2024, $325 million term loan B-3 due 2026, and $250 million term loan B-2 due 2026 to 'BB+' from 'BBB-' and removed it from CreditWatch, where the rating agency placed it with negative implications on April 19, 2019. In addition, S&P is revising its recovery rating on this debt to '2' from '1', reflecting the incremental secured debt that was executed in June 2019 to redeem the 5.75% senior unsecured notes due in 2022. The '2' recovery rating indicates S&P's expectation of substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. CACH LLC: Court Junks Bid to Dismiss V. Barnett Suit as Premature ----------------------------------------------------------------- District Judge Tanya Walton Pratt denied Defendant Cach of Colorado, LLC's motion to dismiss the case captioned VETORIA M. BARNETT, Plaintiff, v. CACH OF COLORADO, LLC, LLOYD & McDANIEL, P.L.C., TAYLOR LAW, PLLC, GREGORY L. TAYLOR, Defendants. Robert E. Duff, Interested Party, Case No. 1:15-cv-01759-TWP-DLP (S. D. Ind.) as premature. On Nov. 8, 2015, Plaintiff Vetoria M. Barnett filed a Complaint alleging breach of contract against CACH and Defendant Lloyd & McDaniel, P.L.C. alleging violations of the Fair Debt Collections Practices Act against CACH, Defendants Taylor Law, PLLC and Gregory R. Taylor. On March 23, 2017, CACH filed a Notice of Filing Suggestion of Bankruptcy, providing notice that CACH filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, Case No. 17-10659. The Notice included a demand "pursuant to 11 U.S.C. section 362, inter alia, the commencement or continuation of a judicial, administrative or other action or proceeding against Defendant that was or could have been commenced before the Petition Date, including this action, is stayed as of the Petition Date." In response to the Court's July 2, 2018 Order directing the parties to file a status report, CACH reported "on June 9, 2017, an order was entered in the Bankruptcy Court confirming the bankruptcy plan which released and discharged the claims in this lawsuit. Exhibit A was a 154-page document and no page(s) were designated for the Courts review. That same date, Barnett filed a status report stating that her claim was "non-dischargeable," alleging bankruptcy fraud and criminal conduct by defendants. Neither Barnett nor CACH moved to lift the stay; instead, on August 22, 2018, CACH filed a Motion to Dismiss Barnett's Complaint, arguing an order from the Bankruptcy Court confirms that their Chapter 11 plan precludes liability. CACH's Motion to Dismiss is denied because the motion is premature, as the stay has not been lifted. And, even if stay had been lifted and the Court were to consider the merits of the Motion to Dismiss, CACH would not be successful. A copy of the Court's Decision dated March 25, 2019 is available at https://bit.ly/2Mwt1nB from Leagle.com. VETORIA M. BARNETT, Plaintiff, pro se. CACH OF COLORADO, LLC, LLOYD & MCDANIEL, P.L.C., TAYLOR LAW, PLLC & GREGORY L. TAYLOR, Defendants, represented by Nicole Marie Strickler , MESSER STRICKLER, LTD. & Stephanie A. Strickler , MESSER STRICKLER, LTD. Robert E. Duff, Interested Party, pro se. CACH, LLC, d/b/a Fresh View Funding, LLC, a debt buyer and collection agency based in Denver, Colorado, filed a Chapter 11 petition on March 19, 2017. CADIZ INC: Forms Joint Venture Partnership with Glass House ----------------------------------------------------------- Cadiz Inc. has entered into a joint venture partnership with Glass House Farms, a division of California Cannabis Enterprises, one of the largest, California State licensed, vertically-integrated cannabis and hemp companies in the U.S. The JV is a 50-50 shared venture of Cadiz and Glass House Farms, which will operate under the name SoCal Hemp Co. The JV will work to sustainably cultivate organic, sun-grown, industrial hemp on up to 9,600 acres at the Cadiz Ranch in San Bernardino County, California. Hemp is now legal to grow and market in all 50 States, following the passage of the 2018 U.S. Farm Bill. The JV intends to bring to market hemp and hemp-derived products and solutions at a commercial scale to meet growing business and consumer market demands. The formation of SoCal Hemp Co. has the potential to create the largest, vertically integrated, commercial hemp operation based in the world's fastest-growing hemp market - California. According to New Frontier Data, a data and intelligence firm focused on the cannabis and hemp industries, the total U.S. sales for hemp-derived products were approximately $1.1 billion in 2018, and are projected to more than double by 2022. Another recent report by Brightfield Farms, a market and consumer intelligence firm, uncovered numerous shifts across the U.S. CBD industry, signaling a seven-fold increase in the market. With hemp-derived CBD gaining in popularity - in line with health, wellness, and anti-pharma trends - and product availability and variety increasing, the market is on track to grow to $23.7 billion through 2023. "In the early 1900s, hemp was an approved crop on original deeds for the Cadiz area properties," said Cadiz CEO Scott Slater. "And today, this relationship makes perfect business sense for us and our holistic land management plans given the well-documented low water demand of the crop. We see tremendous revenue potential for hemp, with the exploding market demand and our competitive advantage of being in California, where we can cost effectively and legally grow hemp outdoors in the sun without the traditional risks of farming in concentrated agricultural environments." Slater continued: "We are grateful to be executing on this vision with trusted partners Glass House Farms and CCE's family of companies. We look forward to fully maximizing SoCal Hemp Co.'s potential to deliver value to our company, shareholders, partners, community and consumers." "With the emergence of large retailers like CVS, Walgreens and Kroger entering the CBD market, the consumer demand for trusted hemp-derived products and innovative business solutions is booming," said Chairman of CCE and Glass House Farms Kyle Kazan. "Between our expertise across the hemp sector's entire supply chain, a deep understanding of the political, cultural, business and consumer landscapes and Cadiz's natural resource leadership, we look forward to bringing new products to market and driving growth for our investors, partners and clients." "The sun-drenched, isolated natural environment at the Cadiz Ranch is ideal for the commercial production of organically sun-grown hemp and natural hemp-derived products, including CBD, which are presently driving market growth," said Glass House Farms president Graham Farrar. "With plants already in the ground at the largest agricultural operation in San Bernardino County, we are working closely with the team at Cadiz to leverage our collective strengths. We look forward to bringing our full operation online and being a long-term, trusted partner and resource to the local community, our customers and clients." In June, Cadiz and Glass House Farms led an experimental commercial hemp program to research the potential for large-scale commercial production of hemp on five acres at the Cadiz Ranch, which has already buoyed confidence in the viability of growing hemp on site. In compliance with all state, federal and local regulatory requirements, the JV will now work to expand its operation to 60 acres next month, 1,280 acres in 2020 and approximately 9,600 acres over the next three years. The joint venture will work openly and transparently with the County of San Bernardino and law enforcement in ensuring that it maintains a first class, safe and secure farming operation. The cooperation has been acknowledged by San Bernardino County Sheriff John McMahon who stated: "We appreciate the open and transparent manner with which Cadiz's new venture into agricultural hemp production is progressing, as well as the efforts the company has made to work with our office to ensure their operations are safe and conform with all applicable laws." The Cadiz Ranch is located in close proximity to major rail, highway and distribution hubs and includes sizeable acreage and groundwater resources to efficiently support a successful commercial hemp operation. As a low water using crop, hemp cultivation is particularly compatible with the desert environment. Cadiz intends for revenues derived from hemp-based cultivation and processing to meet the Company's objective of cash-flow positive business operations inclusive of water project objectives. Cadiz expects the production of hemp to be fully compatible with the Cadiz Water Project. Overlying farming demands will be coordinated with project operations and existing Court-validated permits. Cadiz will also continue to support the further scientific review of area mountain springs and water dependent ecosystems as called for in recently adopted legislation, and nothing in this venture diminishes that commitment. About Cadiz Founded in 1983 and headquartered in Los Angeles, California, Cadiz Inc. -- http://www.cadizinc.com/-- is a publicly held natural resources company that owns 70 square miles of property with significant water resources in Southern California. The Company is the largest agricultural operation in San Bernardino, California, where it has sustainably farmed since the 1980s, and is partnering with public water agencies to implement the Cadiz Water Project, which over two phases will create a new water supply for approximately 400,000 people and make available up to 1 million acre-feet of new groundwater storage capacity for the region. Cadiz abides by a holistic land management plan focused on environmental conservation and sustainable practices to manage its land, water and agricultural resources. 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 June 30, 2019, the Company had $77.52 million in total assets, $157.29 million in total liabilities, and a total stockholders' deficit of $79.76 million. CADIZ INC: Incurs $7.47 Million Net Loss in Second Quarter ---------------------------------------------------------- Cadiz Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss and comprehensive loss applicable to common stock of $7.47 million on $111,000 of total revenues for the three months ended June 30, 2019, compared to a net loss and comprehensive loss applicable to common stock of $6.03 million on $109,000 of total revenues for the three months ended June 30, 2018. For the six months ended June 30, 2019, the Company reported a net loss and comprehensive loss applicable to common stock of $14.73 million on $220,000 of total revenues compared to a net loss and comprehensive loss applicable to common stock of $12 million on $217,000 of total revenues for the same period during the prior year. As of June 30, 2019, the Company had $77.52 million in total assets, $157.29 million in total liabilities, and a total stockholders' deficit of $79.76 million. The Company had working capital of $16.7 million at June 30, 2019. Cash used in operating activities totaled $6.9 million and $6.4 million for the six months ended June 30, 2019 and 2018, respectively. The cash was primarily used to fund general and administration expenses related to the Company's water development efforts. Cash used in investing activities totaled $818,000 for the six months ended June 30, 2019, and $927,000 for the six months ended June 30, 2018. The costs primarily consisted of engineering and design related to the development of the Water Project. Cash provided by financing activities totaled $14.6 million for each of the six months ended June 30, 2019, and June 30, 2018. Proceeds from financing activities for both periods reported are related to the issuance of shares under at-the-market offerings. A full-text copy of the Form 10-Q is available for free at: https://is.gd/8b2e9F About Cadiz Founded in 1983 and headquartered in Los Angeles, California, Cadiz Inc. -- http://www.cadizinc.com/-- is a publicly held natural resources company that owns 70 square miles of property with significant water resources in Southern California. The Company is the largest agricultural operation in San Bernardino, California, where it has sustainably farmed since the 1980s, and is partnering with public water agencies to implement the Cadiz Water Project, which over two phases will create a new water supply for approximately 400,000 people and make available up to 1 million acre-feet of new groundwater storage capacity for the region. Cadiz abides by a holistic land management plan focused on environmental conservation and sustainable practices to manage its land, water and agricultural resources. 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. CAPITAL RIVER: Disclosure Statement Hearing Moved to Oct. 17 ------------------------------------------------------------ The Aug. 22 disclosure statement hearing was not held, according to the docket of Capital River, LLC's Chapter 11 case, and the hearing to consider approval of the Disclosure Statement is scheduled for Oct. 17, 2019 at 02:00 PM. The Bankruptcy Court, however, held a hearing on LACDEV, L.L.C.'s motion to dismiss the Chapter 11 case but the Court denied this request, without prejudice. LACDEV, a creditor, also objected to the Debtor's Amended Disclosure Statement complaining that it has little or inadequate information regarding the Debtor's defaults, balances owed, and arrears to the various creditors, including LACDEV and Orange County. LACDEV points out that the Disclosure Statement fails to treat post-petition payments made or owed and the source of funds for such, including payments to the Office of the U.S. Trustee and Attorney for the Debtor. According to LACDEV, the Disclosure Statement fails to address the feasibility of the plan and confirmation issues that have already been raised in pending motions before this Court. LACDEV complains that the Disclosure Statement offers no analysis of the nature of unsecured or priority claims or their approximate value. LACDEV asserts that the Disclosure Statement fails to provide any meaningful projections of future operations. LACDEV points out that the Disclosure Statement contains no detail regarding priority claims. LACDEV further points out that the Debtor has not been paying its real estate taxes, and there is no provision or information to assure that the Debtor will or even has the ability to pay these taxes other than with the proposed sale. Prior to the Disclosure Statement hearing, the Debtor filed a liquidation analysis, a full-text copy of which is available at https://tinyurl.com/yypc4mra from PacerMonitor.com at no charge. Counsel for LACDEV, L.L.C.: Robert B. Easterling, Esq. 2217 Princess Anne Street, Suite 100-2 Fredericksburg, VA 22401-3359 Tel: 540-373-5030 Fax: 540-373-5234 Email: eastlaw@easterlinglaw.com About Capital River Based in Huntersville, North Carolina, Capital River, LLC, a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)), whose principal assets are located at Lot 1-15, Bella Vista Estates Orange, VA 22960, filed a voluntary Chapter 11 petition (Bankr. W.D. Va. Case No. 19-60555) on March 14, 2019, and is represented Andrew S. Goldstein, Esq., at Magee Goldstein Lasky & Sayers, P.C., in Roanoke, Virginia. The case is assigned to Hon. Rebecca B. Connelly. At the time of filing, the Debtor had estimated assets and liabilities of $1 million to $10 million. The petition was signed by Bradley J. Church as member of BJC Holdings, LLC and Charles B. Payne as member of CBP Holdings, LLC. CAROLINA CARBONIC: Bankruptcy Administrator to Form Committee ------------------------------------------------------------- William Miller, U.S. bankruptcy administrator, on Aug. 21 filed with the U.S. Bankruptcy Court for the Middle District of North Carolina a notice of opportunity to serve on the official committee of unsecured creditors in Carolina Carbonic and Hydrotesting, Inc.'s bankruptcy case. Unsecured creditors willing to serve on the committee are required to file a response within 10 days from Aug. 21. An organizational meeting will be scheduled after the committee is appointed, according to the filing. Mr. Miller can be reached through: Susan O. Gattis 101 S. Edgeworth Street Greensboro, NC 27401 Fax: 336-291-9913 Email: susan_gattis@ncmba.uscourts.gov About Carolina Carbonic and Hydrotesting Carolina Carbonic and Hydrotesting, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. N.C. Case No. 19-10899) on Aug. 20, 2019. At the time of the filing, the Debtor had estimated assets of less than $1 million and liabilities of less than $100,000. The Debtor is represented by the Law Firm of Ivey, McClellan, Gatton & Siegmund. CEDAR HAVEN: U.S. Trustee Forms 5-Member Committee -------------------------------------------------- Andrew Vara, acting U.S. trustee for Region 3, on Aug. 20 appointed five creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Cedar Haven Acquisition, LLC and its affiliates. The committee members are: (1) Select Rehabilitation Attn: Joe Levy 2600 Compass Glenview, IL 60026 Phone: 847441-5593 Fax: 847-881-9690 (2) Culinary Services Group LLC Attn: Richard Valway II 1135 Business Parkway, S, Suite 10 Westminster, MD 21157 Phone: 443-293-7434 Fax: 443-293-7436 (3) Maxim Healthcare Services Attn: Yonathan Hailemichael 7227 Lee DeForest Drive Columbia, MD 21046 Phone: 410-910-1500 (4) Healthcare Services Group, Inc. Attn: Patrick Orr or Ray Terwilliger 3220 Tillman Drive, Suite 300 Bensalem, PA 19020 Phone: 267-542-6504 (5) Medline Industries Inc. Attn: Scott Smith or Shane Reed Three Lakes Drive Northfield, IL 60093 Phone: 847-643-4232 Proposed counsel to Committee: Christopher M. Samis, Esq. L. Katherine Good, Esq. Aaron H. Stulman, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, DE 19801-3700 Tel: (302) 984-6000 Fax: (302) 658-1192 Email: csamis@potteranderson.com kgood@potteranderson.com astulman@potteranderson.com 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 Cedar Haven Cedar Haven Acquisition, LLC -- https://cedarhaven.healthcare -- is a licensed skilled nursing facility located in Lebanon, Pa., that offers professionally supervised nursing care and related medical and health services to persons whose needs are such that they can only be met in a nursing facility on an inpatient basis because of age, illness, disease, injury, convalescence or physical or mental infirmity. It was formed in 2014 through the sale of Cedar Haven Healthcare Center by the Lebanon County Commissioners to Cedar Haven. Cedar Haven Acquisition and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 19-11736) on August 2, 2019. At the time of the filing, Cedar Haven Acquisition had estimated assets of between $1,000,001 and $10 million and liabilities of between $10,000,001 and $50 million. The cases are assigned to Judge Christopher S. Sontchi. William E. Chipman Jr., Esq., at Chipman Brown Cicero & Cole, LLP, represents the Debtors as counsel. CENTERSTONE LINEN: Plan Confirmation Hearing Set for Sept. 19 ------------------------------------------------------------- The Bankruptcy Court has approved the amended disclosure statement explaining the amended plan of reorganization of Centerstone Linen Services, LLC. The hearing on confirmation of the Plan is set for Sept. 19, 2019, at 11:00 a.m. Sept. 10 is fixed as the last day for filing written acceptances or rejections of the Plan. Written objections to confirmation of the Plan must be filed no later than seven days prior to the hearing on confirmation. A full-text of the Amended Disclosed Statement dated Aug. 20, 2019, is available at https://tinyurl.com/y6tk2cjd from PacerMonitor.com at no charge. About Centerstone Linen Services Atlas Health Care Linen Services Co., LLC, Alliance Laundry & Textile Service, LLC and two other entities, all doing business as Clarus Linen Systems -- http://www.claruslinens.com/-- provide linen rental and commercial laundry services to the healthcare industry, primarily supplying scrubs, sheets, towels, blankets, patient apparel and other linen products to hospitals and healthcare clinics via long-term contacts. Atlas and Alliance currently operate five production facilities in three states (Atlas operates two facilities in New York and Alliance operates two facilities in Georgia and one in South Carolina) that provide daily pick-ups and deliveries to their customers. Centerstone Linen Services, LLC, is the corporate parent of four subsidiary corporations and provides back-office and administrative support to them. Centerstone Linen Services and its four subsidiaries (Bankr. N.D.N.Y. Lead Case No. 18-31754) in Syracuse, New York on Dec. 19, 2018. Atlas Health estimated $10 million to $50 million in assets and liabilities of the same range as of the bankruptcy filing. Centerstone Linen estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. BOND, SCHOENECK & KING, PLLC, is the Debtors' counsel. The U.S. Trustee for Region 2 on Jan. 10, 2019, appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases. The Committee retained Montgomery McCracken Walker & Rhoads LLP, as counsel. CENTRO GROUP: Seeks to Extend Exclusivity Period to Sept. 25 ------------------------------------------------------------ Centro Group, LLC and ProHCM Holdings, Inc. asked the U.S. Bankruptcy Court for the Southern District of Florida to extend the exclusive periods during which they can file a Chapter 11 plan and solicit acceptances from creditors to Sept. 25 and Oct. 25, respectively. The companies require additional time to focus on memorializing the terms of a settlement agreement with the unsecured creditors' committee. Recently, the companies have reached an agreement in principle with the creditors' committee that provides for a global settlement in their bankruptcy cases. About Centro Group Centro Group, LLC is a full-service, wholesale group benefits, human capital, and technology service consulting firm committed to positioning their clients for future growth. It is headquartered in Miami, Fla., with additional offices in the Boston and St. Louis areas. Centro Group and ProHCM Holdings, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case Nos. 18-23155 and 18-23156) on Oct. 23, 2018. In the petitions signed by CEO Joseph Markland, Centro Group estimated assets of less than $50,000 and liabilities of $1 million to $10 million. ProHCM disclosed $4,284,714 in assets and $4,238,898 in liabilities. Judge Jay A. Cristol oversees the cases. The Debtors tapped Shraiberg, Landau & Page, P.A., as their legal counsel; James F. Martin of ACM Capital Partners, as their chief restructuring officer; and Rice Pugatch Robinson Storfer & Cohen, PLLC, as special counsel. On Nov. 9, 2018, the U.S. Trustee for Region 21 appointed an official committee of unsecured creditors in Centro Group's case. The committee tapped Kozyak, Tropin & Throckmorton, LLP as its legal counsel. COLUMBUS PARTNERS: Directed to File Plan by Oct. 3 -------------------------------------------------- Columbus Partners Community Trust's Chapter 11 case on for status conference pursuant to Bankruptcy Code Section 105(d) on Aug. 19, 2019. At the Status Conference, the Bankruptcy Court reviewed the nature and size of the Debtor's business, the overall status of the case and considered the positions of the parties represented at the Status Conference. Based on that review, the Court has determined that it is appropriate in this case to implement the procedures described in this order governing the filing of a plan of reorganization and disclosure statement to ensure that this case is handled expeditiously and economically. Accordingly, the Bankruptcy Court directed the Debtor to file a Plan and Disclosure Statement on or before Oct. 31, 2019. About Columbus Partners Based in Riverview, Florida, Columbus Partners Community Trust is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)) owning in a fee simple the Fort Benning Estates Mobile Home Park. Columbus Partners Community Trust filed a voluntary Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-06985) on July 25, 2019. In the petition signed by Caleb Walsh, trustee, the Debtor had total assets of $3,129,065 and total liabilities of $959,626. The Debtor's counsel is Samantha L. Dammer, Esq., at Tampa Law Advocates, P.A., in Tampa, Florida. COMER ENTERPRISES: Seeks to Hire Smith Kane as Legal Counsel ------------------------------------------------------------ Comer Enterprises Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Smith Kane Holman, 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 rights and duties under the Bankruptcy Code and the preparation of a bankruptcy plan. The firm's hourly rates are: Partners $350 - $425 Associates $225 - $325 Paralegals $75 - $100 Smith Kane is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: David B. Smith, Esq. Smith Kane Holman, LLC 112 Moores Road, Suite 300 Malvern, PA 19355 Tel: (610) 407-7217 (610) 407-7215 Fax: (610) 407-7218 Email: dsmith@skhlaw.com About Comer Enterprises Inc. Comer Enterprises Inc. provides staffing services and specializes in identifying the right fit for a company through technology-centric and aptitude-encompassing hiring algorithms. It conducts business under the name CE Solutions. Comer Enterprises sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 19-15182) on August 18, 2019. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. The case is assigned to Judge Magdeline D. Coleman. CONSIS INTERNATIONAL: Discloses Update on Dispute With Bolivians ---------------------------------------------------------------- Consis International LLC filed a first amended Chapter 11 plan of reorganization and accompanying first amended disclosure statement disclosing that status with respect to the actions filed by Bolivian creditors. The Debtor said its management suffered administrative and financial burden of the Bolivian creditor's various motions in opposition to the reorganization, including its May 13, 2019 emergency motion to dismiss or appoint a fiduciary on the eve of the original disclosure statement hearing of May 15, 2019. Prior to the Petition Date, the Debtor received an unfavorable and wildly disproportionate arbitration decision abroad. The dispute, subsequent foreign arbitration decision and appeal were all politically influenced, the Debtor said. Despite efforts to resolve issues through specialized counsel, a petition to recognize a Bolivian arbitration award was filed in the Southern District of Florida (the "Bolivians"). The Bolivians have filed notices of 2004 examinations seeking to review documents and obtain testimony on behalf of the Debtor about its financial affairs and foreign service providers. A redlined version of the First Amended Disclosure Statement dated Aug. 20, 2019, is available at https://tinyurl.com/y32r69bb from PacerMonitor.com at no charge. About Consis International Consis International LLC -- https://www.consisint.com/ -- provides computer systems design and related services. It was founded in August 1987 in Caracas, Venezuela. Consis International sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-22233) on Oct. 2, 2018. In the petition signed by Oscar Carrera, manager, the Debtor estimated assets of less than $1 million and liabilities of $1 million to $10 million. Judge John K. Olson oversees the case. Weiss Serota Helfman Cole & Bierman, P.L., is the Debtor's legal counsel. COPPER STAR: Seeks to Hire Goodman & Goodman as Legal Counsel ------------------------------------------------------------- Copper Star Transportation, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Goodman & Goodman, PLC as its legal counsel. The firm will provide services in connection with the Debtor's Chapter 11 case, which include the preparation of a plan of reorganization and negotiations with its creditors. The firm received a retainer in the amount of $13,000, which was used to pay pre-bankruptcy fees and the filing fee. Goodman does not hold any interest adverse to the Debtor, according to court filings. The firm can be reached through: Bryan W. Goodman, Esq. Goodman & Goodman, PLC 7473 E. Tanque Verde Road Tucson, AZ 85715 Telephone: 520-886-5631 Email: bwg@goodmanadvisor.com About Copper Star Transportation Copper Star Transportation, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 19-10308) on Aug. 16, 2019. At the time of the filing, the Debtor estimated assets of less than $500,000 and liabilities of less than $1 million. Goodman & Goodman, PLC, is the Debtor's counsel. CORNERSTONE VALVE: Unsecureds to Get 20% in 20 Quarters ------------------------------------------------------- Cornerstone Valve, LLC and Well Head Component, Inc., filed an amended disclosure statement proposing that allowed Claims of general unsecured creditors will be paid 20% of their allowed claim in 20 quarterly installments, due on the first day of each quarter starting the first new calendar quarter after the Effective Date. The Debtors believe the total Allowed Claims in Class 4 will be approximately $2,600,000 for Cornerstone Valve, LLC and $777,000 for Well Head Component, Inc. Class 1: Secured Claim of BancorpSouth Bank are impaired. The note to Bancorp is two months past due in the total amount of $76,737.02. This past due amount will be paid within twelve months of the Effective Date from Well Head Component, Inc. in equal monthly installments. The Debtors have both collateralized their assets to Bancorp to secure Bancorp's loan. The current outstanding debt amount to Bancorp is approximately $5,186,631.24. Gupta Management, LLC, will continue to make timely monthly payments to Bancorp in the amount of $38,368.51, the Debtors will not make any other payments to the Bancorp apart from curing the arrears. It is anticipated that Bancorp, shall be repaid from affiliate and co-borrower Gupta Management, LLC. Class 2: Secured Claim of CNA Metals Limited & Hari Agrawal are impaired. CNA is a wholly unsecured creditor thus the claim will be treated as a general unsecured claim and paid pro rate pursuant to the terms of Class 3. Debtors anticipate CNA's Claim to be allowed approximately in the amount of $438,598.17. Class 4: Intercompany Claims are impaired. All intercompany claims shall be extinguished and cancelled on the Effective Date. Cornerstone Valve, LLC has a scheduled claim to Well Head Component, Inc. in the amount of $3,966,155.76. Class 5: Nitesh Gupta's Equity Interest are impaired. Mr. Gupta shall contribute new value in exchange for 100% of the outstanding interests in the Well Head Component, Inc and 75% of the outstanding interest in Cornerstone Valve, LLC. Such new value shall be provided in the form of equity interest secured by a deed of trust in 13124 Trinity Drive, Stafford, TX 77477, in the amount of $300,000 to Well Head Component, Inc. and $600,000 to Cornerstone Valve, LLC. The Plan will be funded from continued and increased operations. Additionally, Debtors anticipate receiving loan repayment from Gupta Management, LLC, of approximately $290,519.38 to Cornerstone Valve, LLC and $152,542.01 to Well Head Component, Inc. once Gupta Management, LLC sells the building that it owns. A full-text copy of the Amended Combined Plan and Disclosure Statement dated August 15, 2019, is available at https://tinyurl.com/y3dd4t9u from PacerMonitor.com at no charge. Counsel for Debtors: Sartaj Bal, Esq. SARTAJ BAL, P.C. 5315 Cypress Creek Parkway, #B295 Houston, Texas 77069 Tel: (713) 885-6395 Fax: (281) 715-3231 Email: ssb@880mail.com About Cornerstone Valve and Well Head Component Cornerstone Valve LLC -- http://www.cornerstonevalue.com/-- is a manufacturer of fabricated metal products. Well Head Component, Inc., which conducts business under the name Avsco, provides supply chain and project management services. It offers engineering, designing, and manufacturing services, as well as modification and logistics services. Well Head is an international OEM representative and distributor of industrial products for the most requested brands used by energy markets. Headquartered in Houston, Texas, Well Head has an in-country presence in Nigeria, Libya, UAE and most recently in Brazil and Italy. Cornerstone Valve and Well Head sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case Nos. 19-30869 and 19-30870) on Feb. 15, 2019. At the time of the filing, Cornerstone Valve estimated assets and liabilities of between $1 million and $10 million. Well Head estimated assets of between $1 million and $10 million and liabilities of less than $1 million. The cases are assigned to Judge Marvin Isgur. Sartaj Bal, PC, is the Debtors' bankruptcy counsel. The Office of the U.S. Trustee on April 16 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Cornerstone Valve LLC and Well Head Component, Inc. CWGS ENTERPRISES: Moody's Lowers CFR to B2, Outlook Negative ------------------------------------------------------------ Moody's Investors Service downgraded ratings of CWGS Enterprises, LLC, including the Corporate Family rating, which was downgraded to B2. The outlook is negative. "T[he] rating action reflects the reduced prospects for meaningful debt reduction during 2019, which was a key factor for maintaining the B1 rating," stated Moody's Vice President Charlie O'Shea. "While Q2 operating performance generally met its expectations, Camping World's downward revision of its 2H 2019 guidance indicates that improvements in operating performance will not occur sufficient to meaningfully improve leverage and interest coverage metrics." Downgrades: Issuer: CWGS Enterprises, LLC Probability of Default Rating, Downgraded to B2-PD from B1-PD Corporate Family Rating, Downgraded to B2 from B1 Senior Secured Bank Credit Facility, Downgraded to B2 (LGD4) from B1 (LGD4) Outlook Actions: Issuer: CWGS Enterprises, LLC Outlook, Remains Negative RATINGS RATIONALE Camping World's B2 rating considers its weak quantitative credit profile due to soft industry fundamentals that will likely persist throughout 2019 and the negative impact of the costs involved in the acquisition and integration of Gander Mountain locations, which were purchased out of bankruptcy, as well as late-2018 softening in the RV market. This combination of events has resulted in leverage of around 6 times and EBITA/interest of less than 2 times at the June 2019 LTM. Camping World's credit profile is supported by its leading market position within the recreational vehicle segment, with a business model that provides multiple sources of revenue, with retail sales, membership sales, and parts and accessories through its dealership and retail networks, as well as the risks inherent with its acquisition-based growth strategy. A key rating constraint remains the highly-discretionary nature of recreational vehicles, which represent a significant portion of the company's revenue and profit mix. On the liquidity front, floorplan availability remains ample, the cash balance at June 30, 2019 is around $100 million, and meaningful maturities are long-dated, however Moody's notes that revolving credit availability is relatively weak and free cash flow generation is variable. The negative outlook reflects Moody's concerns that the downturn in RV sales could be more protracted given potential macroeconomic uncertainty, which could further weaken the quantitative profile. Ratings could be downgraded if, due to either weakness in operating performance or financial policy decisions such as any but de minimus share repurchases, debt/EBITDA remains above 6.5 times or EBITA/interest is sustained below 2 times, or if liquidity were to weaken. Ratings could be upgraded if operating performance reversed its present negative trends such that debt/EBITDA returned to around 4.5 times and EBIT/interest was sustained above 2.5 times, and good liquidity was maintained. The principal methodology used in these ratings was Retail Industry published in May 2018. CWGS Enterprises, LLC operates businesses predominantly involved in the recreational vehicle industry including: (1) FreedomRoads RV dealerships, which sells new and used RVs, parts, and services under the Camping World brand name (2) Membership Services, including Good Sam, which sells club membership, products, services and publications to RV owners, and (3) Retail, which includes Camping World retail stores that provide merchandise and services to RV users, as well as Gander Mountain stores. Fiscal year-end 2018 revenues were around $4.8 billion. DIFFUSION PHARMACEUTICALS: Incurs $2.5 Million Net Loss in Q2 ------------------------------------------------------------- iffusion Pharmaceuticals Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $2.49 million for the three months ended June 30, 2019, compared to a net loss of $2.76 million for the three months ended June 30, 2018. For the six months ended June 30, 2019, the Company reported a net loss of $5.24 million compared to a net loss of $6.07 million for the same period a year ago. As of June 30, 2019, the Company had $18.92 million in total assets, $2.75 million in total liabilities, and $16.17 million in total stockholders' equity. Diffusion said, "The Company has not generated any revenues from product sales and has funded operations primarily from the proceeds of public offerings of common stock and warrants, and private placements of convertible debt and convertible preferred stock. Substantial additional financing will be required by the Company to continue to fund its research and development activities. No assurance can be given that any such financing will be available when needed or that the Company's research and development efforts will be successful. "The Company regularly explores alternative means of financing its operations and seeks funding through various sources, including public and private securities offerings, collaborative arrangements with third parties and other strategic alliances and business transactions. In May 2019, the Company completed a public offering of 1,317,060 shares of its common stock, par value $0.001 per share and a private placement of warrants to purchase 1,317,060 shares of Common Stock. The shares of Common Stock and warrants were sold for a combined purchase price of $4.895 per unit for total net proceeds of $5.6 million. The warrants are exercisable beginning on the date of their issuance until Nov. 29, 2024 at an initial exercise price equal to $5.00. "The Company currently does not have any credit facilities or other commitments to which it could utilize for future funding and may be unable to obtain sufficient funding in the future on acceptable terms, if at all. If the Company cannot obtain the necessary funding, it will need to delay, scale back or eliminate some or all of its research and development programs or enter into collaborations with third parties to commercialize potential products or technologies that it might otherwise seek to develop or commercialize independently; consider other various strategic alternatives, including a merger or sale of the Company; or cease operations. If the Company engages in collaborations, it may receive lower consideration upon commercialization of such products than if it had not entered into such arrangements or if it entered into such arrangements at later stages in the product development process." A full-text copy of the Form 10-Q is available for free at: https://is.gd/XETpRW About Diffusion Pharmaceuticals Based in Charlottesville, Virginia, Diffusion Pharmaceuticals Inc. -- http://www.diffusionpharma.com/-- is biotechnology company developing new treatments that improve the body's ability to bring oxygen to the areas where it is needed most, offering new hope for the treatment of life-threatening medical conditions. Diffusion's lead drug TSC was originally developed in conjunction with the Office of Naval Research, which was seeking a way to treat hemorrhagic shock caused by massive blood loss on the battlefield. Diffusion reported a net loss attributable to common stockholders of $26.62 million for the year ended Dec. 31, 2018, compared to a net loss attributable to common stockholders of $2.61 million for the year ended Dec. 31, 2017. As of March 31, 2019, Diffusion had $15.98 million in total assets, $3.03 million in total liabilities, and $12.95 million in total stockholders' equity. KPMG LLP, in McLean, Virginia, the Company's auditor since 2015, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has suffered recurring losses from operations, has limited resources available to fund current research and development activities, and will require substantial additional financing to continue to fund its research and development activities that raise substantial doubt about its ability to continue as a going concern. DIFFUSION PHARMACEUTICALS: May Issue 135K Added Shares Under Plan ----------------------------------------------------------------- Diffusion Pharmaceuticals Inc. filed a Form S-8 registration statement with the Securities and Exchange Commission to register 135,049 additional shares of common stock under the Company's 2015 Equity Incentive Plan, as amended, all of which are related to an automatic increase in the number of shares reserved for issuance under the Plan on Jan. 1, 2019. A full-text copy of the prospectus is available for free at https://is.gd/LrCyxw About Diffusion Pharmaceuticals Based in Charlottesville, Virginia, Diffusion Pharmaceuticals Inc. -- http://www.diffusionpharma.com/-- is biotechnology company developing new treatments that improve the body's ability to bring oxygen to the areas where it is needed most, offering new hope for the treatment of life-threatening medical conditions. Diffusion's lead drug TSC was originally developed in conjunction with the Office of Naval Research, which was seeking a way to treat hemorrhagic shock caused by massive blood loss on the battlefield. Diffusion reported a net loss attributable to common stockholders of $26.62 million for the year ended Dec. 31, 2018, compared to a net loss attributable to common stockholders of $2.61 million for the year ended Dec. 31, 2017. As of June 30, 2019, the Company had $18.92 million in total assets, $2.75 million in total liabilities, and $16.17 million in total stockholders' equity. KPMG LLP, in McLean, Virginia, the Company's auditor since 2015, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has suffered recurring losses from operations, has limited resources available to fund current research and development activities, and will require substantial additional financing to continue to fund its research and development activities that raise substantial doubt about its ability to continue as a going concern. DURR MECHANICAL: Seeks to Extend Exclusivity Period to Sept. 13 --------------------------------------------------------------- Durr Mechanical Construction, Inc. asked the U.S. Bankruptcy Court for the Southern District of New York to extend the period during which only the company can file a Chapter 11 plan to Sept. 13 and the period to solicit acceptances for the plan to Nov. 11. The company is presently providing services on one remaining on-going construction project in New York. It is also in a wind down mode which began before its bankruptcy filing and continues to date. Soon after the petition date, Durr Mechanical spent much of the early administration of the case stabilizing its operations and addressing critical bankruptcy case needs. To this end, the company, through its counsel, negotiated for the use of cash collateral and obtained debtor-in-possession financing from its surety, Zurich American Insurance Company. Currently, Durr Mechanical has been and is exploring additional financing from its other surety (Chubb) and other sources, with a goal of providing the company with appropriate capital to complete its last construction job and litigation claim support to obtain maximum recoveries relating to certain claims. With respect to these claims, the arbitration case against Enexio US, LLC concluded, and an award in favor of Durr Mechanical was issued in the total amount of $9,590,433.15, plus certain applicable interest and costs. The receipt of the arbitration award will provide the company with much needed additional financial support and allow for payment of certain secured claims and other debts. To this end, Durr Mechanical and its secured creditors are in active discussions and negotiations concerning the company's continued use of cash collateral, which includes these funds, and the treatment and distribution of these funds in the case. The company and the secured parties require additional short extension of the exclusivity periods to allow such discussions to further develop. These discussions are presently ongoing and the parties are making progress. With respect to the litigation against PSEG Fossil, LLC, the case is presently in active mediation. Additional mediation sessions were recently held, with continued sessions anticipated to be scheduled for the third or fourth week in September 2019. In addition, the final phase of the company's project with the New York City Department of Environmental Protection is anticipated to be performed by the company next month. Rule 2004 discovery with the City is also underway and ongoing. About Durr Mechanical Durr Mechanical Construction, Inc. -- http://www.durrmech.com/-- is a mechanical contracting company headquartered in New York. It offers commercial HVAC, scheduling and cost control, BIM drafting, erecting and setting equipment, process piping, power piping, and emergency services. Durr Mechanical Construction filed a voluntary petition for reorganization under Chapter 11 of Title 11 of the United States Code (Bankr. S.D.N.Y. Case No. 18-13968) on Dec. 7, 2018. In the petition signed by Kenneth A. Durr, president, the Debtor estimated $100 million to $500 million in assets and $50 million to $100 million in liabilities. LaMonica Herbst & Maniscalco, LLP, led by Michael Thomas Rozea, and Adam P. Wofse, serves as counsel to the Debtor. EAT HERE BRANDS: U.S. Trustee Forms 4-Member Committee ------------------------------------------------------ The U.S. Trustee for Region 21 on Aug. 21 appointed four creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Eat Here Brands, LLC and its affiliates. The committee members are: (1) Gerald J. Diaz, Jr. 208 Waterford Sq., Suite 300 Madison, MS 39110 (601) 607-3456 joey@diazlawfirm.com (2) Edward Don & Company 9801 Adam Don Parkway Woodridge, IL 60517 (708) 883-8362 johnfahey@don.com (3) Irby Investments, LLC 4017 Hillsboro Road, Suite 402 Nashville, TN 37215 (615) 873-2838 richard@irbyinvestments.com (4) Andrew M. Sampson 1502 Kensington Avenue Ocean Springs, MS (601)954-8338 andsamp@gmail.com 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 Eat Here Brands Eat Here Brands, LLC, a Delaware limited liability company that was formed on or about May 23, 2012, owns the trademarks and other intellectual property rights of the Babalu restaurant concept. The Babalu concept was named after the signature song of the television character Ricky Ricardo, who was played by Desi Arnaz in the television comedy series I Love Lucy. The Babalu concept features upscale Latin-inspired cuisine born out of the love and respect for food and for music genres such as the guaracha, cha-cha, and Latin jazz, which is a major component of the Babalu concept (the restaurants commonly plays Cuban, Spanish, and Latin music of all genres). Eat Here Brands owns 100 percent of the membership interests of its affiliated debtors and certain non-debtor entities. Eat Here Brands and its affiliated debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 19-61688) on July 30, 2019. At the time of the filing, Eat Here Brands disclosed assets of between $1 million and $10 million and liabilities of the same range. The cases have been assigned to Judge Wendy L. Hagenau. The Debtors tapped Arnall Golden Gregory LLP as bankruptcy counsel; GGG Partners, LLC as financial advisor; and Omni Management Group, Inc. as claims and noticing agent. ELBAMED INTERNATIONAL: Case Summary & Unsecured Creditor -------------------------------------------------------- Debtor: Elbamed International, Inc. 11431 NW 68th Terr Doral, FL 33178 Business Description: Elbamed International, Inc. classifies its business as Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: August 21, 2019 Court: United States Bankruptcy Court Southern District of Florida (Miami) Case No.: 19-21149 Judge: Hon. Jay A. Cristol Debtor's Counsel: Leoncio E. de la Pena, Esq. DE LA PENA GROUP, P.A. 600 Brickell Ave # 1750 Miami, FL 33131 Tel: 305-377-0909 E-mail: leo@dlp-law.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Walter Alexander Gonzalez, president. The Debtor lists Jose Guevara as its sole unsecured creditor holding a claim of $3,300,000. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/flsb19-21149.pdf ELEFTHERIA LLC: Case Summary & 4 Unsecured Creditors ---------------------------------------------------- Debtor: Eleftheria, LLC 2884 Walnut Grove Memphis, TN 38111 Business Description: Eleftheria, LLC is the fee simple owner of two real estate properties in Memphis, Tennessee having a total current value of $1,153,000. Chapter 11 Petition Date: August 20, 2019 Court: United States Bankruptcy Court Western District of Tennessee (Memphis) Case No.: 19-26603 Judge: Hon. Jennie D. Latta Debtor's Counsel: Eugene G. Douglass, Esq. DOUGLASS & RUNGER 2820 Summer Oaks Drive Bartlett, TN 38134 Tel: (901) 388-5804 Fax: (901) 372-8264 E-mail: gene@douglassrunger.com bk@douglassrunger.com Total Assets: $1,153,000 Total Liabilities: $2,292,812 The petition was signed by James Skefos, chief manager. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at: http://bankrupt.com/misc/tnwb19-26603.pdf EMPIRE FARMSTEAD: 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. ------ -------- Empire Farmstead Brewery, Inc. 19-61188 33 Rippleton Rd Cazenovia, NY 13035 Empire Brewing Properties, LLC 19-61189 33 Rippleton Rd Cazenovia, NY 13035 Business Description: Opened in 2016, Empire Farmstead Brewery's objective is to expand the existing facility and agricultural component of Empire Brewing Co. to a stand-alone manufacturing and agritourism facility in Cazenovia, NY. Empire Brewing Co is a Syracuse, New York- based microbrewery and restaurant founded by owner, David Katleski, in 1994. Visit https://empirebrew.com/empire-farm-brewery for more information. Chapter 11 Petition Date: August 20, 2019 Court: United States Bankruptcy Court Northern District of New York (Utica) Judge: Hon. Diane Davis Debtors' Counsel: Lee E. Woodard, Esq. HARRIS BEACH, PLLC 333 West Washington Street, Suite 200 Syracuse, NY 13202 Tel: (315) 423-7100 (315) 214-2010 Fax: (315) 422-9331 E-mail: bkemail@harrisbeach.com lwoodard@harrisbeach.com Empire Farmstead's Total Assets: $434,071 Empire Farmstead's Total Liabilities: $10,994,407 Empire Brewing's Total Assets: $3,000,416 Empire Brewing's Total Liabilities: $9,254,384 The petitions were signed by David Katleski, president. A full-text copy of Empire Farmstead's petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/nynb19-61188.pdf Empire Brewing lists Community Bank, N.A. as its sole unsecured creditor holding a claim of $6,253,967. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/nynb19-61189.pdf EMPIRE FARMSTEAD: Files for Chapter 11 to Sell Brewery ------------------------------------------------------ Empire Farmstead Brewery, Inc., which operates the Empire Farm Brewery in Cazenovia, New York, has sought Chapter 11 protection after finding a buyer for most of its property. Empire Farmstead Brewery, which has 97 employees, was opened in June 2016 and is the largest farm brewery in New York State with a facility totaling more than 42,000 square feet on 22 acres. The brewery consists of a tasting room/restaurant with 200 seats inside and an additional 200 seats on the outdoor patio. The brewery has 60 barrels of capacity at any point in time. The Brewery generated approximately $2.71 million in revenue in 2017 and approximately $2.85 million in revenue for 2018. Affiliate Empire Brewing Properties, LLC holds the title to the property, which is 22 acres and receives $19,000 per month in rent payments from the Brewery. The overwhelming majority of the Debtors' prepetition indebtedness lies with secured creditor Community Bank, N.A. CBS holds a claim against the Debtors in the principal amount of $8,266,785, together with interest of $822,359 as of July 9, 2019 with a per diem of $1,348 thereafter and attorneys' fees and disbursements of $ 165,241 as of May 1, 2019. Road to Chapter 11 EFB opened its doors in 2016. David Katleski, president and 100% owner of the Debtors, explains that in the months leading up to the actual opening, EFB suffered a number of time delays and cost overruns in the building of the Brewery. The delays caused financial shortfalls from lack of revenue, and the cost overruns increased the secured debt substantially beyond original projections. Despite these setbacks, EFB was able to cover its secured debt obligations and its operational expenses. During the fourth quarter of 2016 through the second quarter of 2017, EFB suffered a wild yeast infection that caused the beer that was bottled to have a second fermentation. The second fermentation ultimately caused the beer to go sour. It took a substantial period of time to locate the source of the wild yeast infection and to stop it from reoccurring. During the months of correction caused by the wild yeast infection, all bottled beer had to be pulled back from distribution. The wild yeast infection, and its aftermath: (a) added to the construction delays; (b) increased secured debt; and (c) caused financial dilemmas which have plagued the Debtors ever since. In 2017 the Debtors began working with and negotiating with its secured lender, CBS, to keep the business alive, while the Debtors continually looked to actively sell or refinance the debt. The Debtors have continued in operation since that time. The Debtors, at CBS' suggestion, retained an investment banker, Glendale Capital Partners, which specialize in the marketing and sales of breweries. Sale Efforts Over the period of time consisting of eight months between November 2017 and June 2018, and after having disbursed thousands of solicitations, the investment bankers were not able to procure one written purchase offer that was acceptable to the Debtors as well CBS. Thereafter, another local brewery expressed interest and negotiated with the Debtors and CBS, but was unable to produce a written purchase offer that was acceptable to the Debtors and CBS. Thereafter, a neighbor of the Debtors who had been utilizing the spent agricultural byproducts of the beer to feed a herd of cattle, expressed an interest in purchasing the Debtors' assets. That interest grew into negotiations over a long number of months, which have finally resulted in a purchase offer that was acceptable to the Debtors and CBS from Burnett Dairy Cooperative. On July 2, 2019, the Debtor and Burnett Dairy Cooperative entered into an Asset Purchase Agreement, pursuant to which Burnett proposes to purchase substantially all assets comprising of the Brewery, including the tasting room, for $3.25 million. The Debtors intend to file a motion pursuant to section 363 of the Bankruptcy Code seeking, among other things, approval of bidding procedures, the appointment of Burnett Dairy Cooperative as the stalking horse bidder for the assets, the date of an auction sale (if necessary), and, ultimately, approval of the successful bidder for the assets. The purpose of the bankruptcy filing is to ensure the ongoing operations of the Debtors' business so that they may be sold as going concerns, market the Debtors' assets for sale as going concerns through a competitive bidding process, and address the Debtors' financial difficulties for the benefit of their respective creditors. About Empire Farmstead Brewery Opened in 2016, Empire Farmstead Brewery's objective is to expand the existing facility and agricultural component of Empire Brewing Co. to a stand-alone manufacturing and agritourism facility in Cazenovia, NY. Empire Brewing Co is a Syracuse, New York-based microbrewery and restaurant founded by owner, David Katleski, in 1994. Empire Brewing Properties, LLC, holds a title to the EFB property. Empire Farmstead Brewery and Empire Brewing Properties sought Chapter 11 protection (Bankr. N.D.N.Y. Case Nos. 19-61188 and 19-61189) on Aug. 20, 2019. Empire Farmstead disclosed $434,071 in assets and $10,994,407 in liabilities; Empire Brewing disclosed $3,000,416 in assets and $9,254,384 in liabilities. The Hon. Diane Davis is the case judge. HARRIS BEACH, PLLC, is the Debtors' counsel. ENTERPRISE COMMUNITY: Case Summary & 5 Unsecured Creditors ---------------------------------------------------------- Debtor: Enterprise Community Funding, LLC 266 Broadway, Suite 501 Brooklyn, NY 11211 Business Description: Enterprise Community Funding, LLC is a privately held company whose principal assets are located at 28 Lynch Street, Unit 34, Brooklyn, NY and 23 Walton Street, Unit 15C, Brooklyn, NY. Chapter 11 Petition Date: August 21, 2019 Court: United States Bankruptcy Court Eastern District of New York (Brooklyn) Case No.: 19-45036 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Thomas A. Draghi, Esq. WESTERMAN BALL EDERER MILLER ZUCKER & SHARFSTEIN, LLP 1201 RXR Plaza Uniondale, NY 11556 Tel: (516) 622-9200 Fax: (516) 622-9212 E-mail: tdraghi@westermanllp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mike Kohn, sole member. A copy of the Debtor's list of five unsecured creditors is available for free at: http://bankrupt.com/misc/nyeb19-45036_creditors.pdf A full-text copy of the petition is available for free at: http://bankrupt.com/misc/nyeb19-45036.pdf ENTERPRISE INSURANCE: Court OKs Disclosures, Sept. 26 Plan Hearing ------------------------------------------------------------------ The Disclosure Statement explaining the Chapter 11 Plan of Enterprise Insurance Agency, Inc., is conditionally approved. An evidentiary hearing will be held on September 26, 2019, at 02:45 PM in Courtroom 6D, 6th Floor, George C. Young Courthouse, 400 West Washington Street, Orlando, FL 32801 to consider and rule on the disclosure statement and any objections or modifications. Any party desiring to object to the disclosure statement or to confirmation must filed and served its objection no later than seven days before the date of the Confirmation Hearing. The debtor must file a ballot tabulation no later than four days before the date of the Confirmation Hearing. A full-text copy of the Disclosure Statement dated August 5, 2019, is available at https://tinyurl.com/y3dg75gt from PacerMonitor.com at no charge. About Enterprise Insurance Agency Inc. Enterprise Insurance Agency, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-00811) on February 6, 2019. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of less than $500,000. The case has been assigned to Judge Cynthia C. Jackson. The Debtor tapped the Law Offices of L. William Porter III, P.A. as its legal counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case of Enterprise Insurance Agency, Inc. as of March 18, according to a court docket. EP ENERGY: S&P Downgrades ICR to 'CC' on Deferred Interest Payment ------------------------------------------------------------------ S&P Global Ratings lowered its long-term issuer credit rating on U.S.-based exploration and production company EP Energy LLC to 'CC' from 'CCC-'. In addition, S&P lowered its issue-level ratings on the company's 1.125- and 1.25-lien senior secured debt to 'CCC' from 'CCC+', and affirmed its 'C' issue-level rating on the 1.5- and second-lien senior secured debt and the unsecured notes. The downgrade follows EP Energy's announcement that it has decided to defer the coupon payment on its 8% 1.5-lien senior secured notes maturing 2025 ($1 billion outstanding as of June 30, 2019). The payment due date was Aug. 15, 2019, and EP Energy is using the 30-day grace period provided in the notes' indenture because it is in the process of evaluating certain alternatives; including structured financings, restructurings, exchanges, and chapter 11 filings. The negative outlook reflects the likelihood that S&P will lower the issuer credit rating on EP Energy to 'D' if the company does not pay the coupon within the 30-day grace period or files for chapter 11 bankruptcy or 'SD' (selective default) if the company engages in a restructuring of its debt. FALCON V: Sept. 30 Plan Confirmation Hearing -------------------------------------------- The Bankruptcy Court has issued an order approving the first amended disclosure statement explaining FALCON V, L.L.C., et al.'s first amended Chapter 11 plan and scheduled the hearing on confirmation of Plan for Sept. 30, 2019 at 10:00 AM. The last day to object to confirmation is Sept. 24. At the Aug. 14 hearing, for reasons orally assigned, the court granted on a final basis, the Chapter 11 First Day Emergency Motion For Entry of Interim and Final Orders (I) Authorizing The Debtors to (A) Obtain Post-Petition Senior Secured Super priority Financing Pursuant and (B) Use Cash Collateral, (II) Granting Adequate Protection Pursuant to Pre-petition Secured Parties, (III) Modifying the Automatic Stay, (IV) Scheduling a Final Hearing, and (V) Granting Related Relief. The Motion to Strike or in the alternative, Reply to the Objection to Disclosure Statement is granted. Counsel announced an agreement rendering the Motion to Reconsider moot. The Motion for 2004 Examination as to the debtor is denied, the court makes no ruling with ARNA's ability to pursue discovery of 405 Baxterville, LLC. By agreement of the parties, the court continued the hearing on the Disclosure Statement to Aug. 19. All additions to the Disclosure Statement are to be sent to the debtor and incorporated into the document, no later than Sept. 16. A redline version of the Amended Disclosure Statement is to be available to the court. It is the court's intention to approve the Disclosure Statement, assuming everything has been resolved, and set a confirmation hearing. Class 3 General Unsecured Claims are impaired. Pro Rata Share (determined exclusive of Prepetition Lender Deficiency Claims but inclusive of the Class 4 Claims and in each case without interest) of (i) the beneficial interests in the Falcon Creditors' Trust and (ii) the Class 3 Warrant Share. Class 1 Prepetition Lender Secured Claims are impaired. Pro Rata share of: (A) the New Second Lien Facility; and (B) 100% of the New Equity Interests (subject to dilution by the Management Incentive Plan and the DIP Claims to the extent the Plan Sponsor elects to convert the DIP Claims into New Equity Interests). Class 2 Trade Claims are impaired. Pro Rata Share (determined exclusive of Prepetition Lender Deficiency Claims, the Prepetition Lender Adequate Protection Claim, Class 3 Claims and Class 4 Claims and in each case without interest) of the Class 2 Cash Distribution Amount ($500,000), on the Effective Date. Class 4 Angelo Gordon Claim are impaired. Claims of Holders in Class 4 shall be subordinate to and for the benefit of the Prepetition Lender Deficiency Claims pursuant to the Subordination Agreement, and shall receive its Pro Rata share (determined inclusive of the Class 3 Claims and in each case without interest) of (i) the beneficial interests in the Falcon Creditors Trust and (ii) the Warrants. Class 5 Intercompany Claims are impaired. Discharged and extinguished as of the effective Date. Class 6 Equity Interests are impaired. Cancelled, extinguished; discharged. The Reorganized Debtors shall fund the Class 2 Cash Distribution Account, and any other Cash Plan Distributions with Cash on hand, including Cash from operations and borrowing under the DIP Credit Agreement, and, as necessary under the Exit Facility. A full-text copy of the First Amended Plan dated August 14, 2019, is available at https://tinyurl.com/y3vz6gut from PacerMonitor.com at no charge. A full-text copy of the First Amended Disclosure Statement dated August 14, 2019, is available at https://tinyurl.com/y2h2t7wx from PacerMonitor.com at no charge. A blacklined version of the First Amended Disclosure Statement filed on August 16, 2019, is available at https://tinyurl.com/yxkxfvnc from PacerMonitor.com at no charge. A full-text copy of the First Amended Disclosure Statement dated August 19, 2019, is available at https://tinyurl.com/y6cy4zj9 from PacerMonitor.com at no charge. Counsel for the Debtors: Louis M. Phillips, Esq. Patrick "Rick" M. Shelby, Esq. Amelia L. Bueche, Esq. KELLY HART PITRE One American Place 301 Main Street, Suite 1600 Baton Rouge, LA 70801-1916 Telephone: (225) 381-9643 About Falcon V Falcon V and ORX Resources are engaged in the oil and gas extraction business. Falcon V and ORX Resources have filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. La. Case No. 19-10547 and 19-10548) on April 10, 2019. The petitions were signed by James E. Orth, president and chief executive officer. At the time of filing, Falcon V estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities and ORX Resources estimated $100,000 to $500,000 in assets and $10 million to $50 million in liabilities. Louis M. Phillips, Esq., at Kelly Hart & Pitre, represents the Debtor as counsel. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on May 21, 2019. FIRST BAPTIST CHURCH: Skyline Proposes 25% Recovery to Unsecureds ----------------------------------------------------------------- Creditor Skyline Restoration, Inc., filed a plan of reorganization and accompanying disclosure statement for First Baptist Church. Skyline performed works to mitigate flood damage to the Debtor's buildings. The Debtor has projected that, in the event of a Chapter 7 liquidation, there would be only $85,624.46 available to pay all General Unsecured Creditors. Thus, while the Debtor's currently over-secured creditor Lumbee Guaranty Bank would realize a full recovery, the Debtor's other creditors, notably Skyline, would have little left to split among themselves. Indeed, the Debtor has anticipated that it would need to sell excess property if more than $9,000 needs to be paid to Skyline or to the General Unsecured Creditors. Skyline proposes an orderly sale process. Allowed unsecured creditor Claims would be paid 25% within a twelve-month period and would be entitled to certain additional sale proceeds on a pro-rata basis, according to Skyline's plan. A full-text copy of the Disclosure Statement dated Aug. 16, 2019, is available at https://tinyurl.com/y55rydms from PacerMonitor.com at no charge. The hearing to consider approval of the Disclosure Statement is scheduled for Tuesday, September 10, 2019, at 10:00 AM. September 4, 2019 is fixed as the last day for filing and serving written objections to the Disclosure Statement, in accordance with Rule 3017(a), Federal Rules of Bankruptcy Procedure. Attorneys for Skyline: Joseph H. Langerak IV, Esq. Stoll Keenon Ogden PLLC One Main Street, Suite 201 Evansville, Indiana 47708 Telephone: (812) 425-1591 Email: joe.langerak@skofirm.com -- and -- Gregory P. Chocklett, Esq. Law Offices of Gregory Chocklett 711 Harvey Street Raleigh, NC 27608 Telephone: (919) 856-0100 Facsimile: (919) 856-0799 -- and -- Byron L. Saintsing, Esq. Smith Debnam Narron Drake Saintsing & Myers, LLP 4601 Six Forks Road, Suite 400 Raleigh, NC 27609 Telephone: (919) 250-2000 Facsimile: (919) 250-2211 Email: bsaintsing@smithdebnamlaw.com About First Baptist Church Based in Lumberton, North Carolina, First Baptist Church, a nonprofit religious organization, filed a voluntary Chapter 11 petition (Bankr. E.D.N.C. Case No. 18-04313) on Aug. 30, 2018. In the petition signed by Wixie D. Stephens, chair of the Board of trustees, the Debtor disclosed total assets of $1,627,736 and total liabilities of $1,112,761. The case is assigned to the Hon. David M. Warren. The Debtor is represented by Trawick H. Stubbs, Jr., Esq., at Stubbs & Perdue, P.A., in New Bern, North Carolina. FIRST BAPTIST HOUSING: Skyline Proposes 10% Recovery to Unsecureds ------------------------------------------------------------------ Creditor Skyline Restoration, Inc., filed a plan of reorganization and accompanying disclosure statement for First Baptist Housing Development Corporation and First Baptist Housing Development Corporation II. Skyline provided works to mitigate flood damage to the Debtor's buildings. Skyline proposes that the Debtor make payments under the Plan from income earned through its business operations, cash on hand, and if necessary, sale of excess property. Additionally, the Debtor will immediately disburse and turnover to Skyline all funds in its Reserve Accounts upon the Effective Date. As noted in the Debtor's most recent operating report, the Debtor has operated with a surplus. At the end of June 2019, the Debtor's three "operating" accounts contained a total of $39.346.66. A fourth "operating" account holds tenants' deposits in trusts and had $9,994.25 as of the end of June 2019. Thus, Debtor's continued operation at a surplus, its cash on hand, and its ability to draw upon other sources of revenue provide the means for implementing and executing this plan. Under Skyline's Plan, the holders of allowed undisputed, general unsecured claims would receive a total of 10% of their allowed claim within 60 days of the Effective Date. A full-text copy of the Disclosure Statement dated Aug. 16, 2019, is available at https://tinyurl.com/y5uo4o68 from PacerMonitor.com at no charge. The hearing on the Disclosure Statement will be held on Sept. 10, 2019 at 10:00 AM. Last day to oppose disclosure statement is Sept. 4. Attorneys for Skyline: Joseph H. Langerak IV, Esq. Stoll Keenon Ogden PLLC One Main Street, Suite 201 Evansville, Indiana 47708 Telephone: (812) 425-1591 Email: joe.langerak@skofirm.com -- and -- Gregory P. Chocklett, Esq. Law Offices of Gregory Chocklett 711 Harvey Street Raleigh, NC 27608 Telephone: (919) 856-0100 Facsimile: (919) 856-0799 -- and -- Byron L. Saintsing, Esq. Smith Debnam Narron Drake Saintsing & Myers, LLP 4601 Six Forks Road, Suite 400 Raleigh, NC 27609 Telephone: (919) 250-2000 Facsimile: (919) 250-2211 Email: bsaintsing@smithdebnamlaw.com About First Baptist Housing First Baptist Housing Development Corporation and First Baptist Housing Development Corporation II filed voluntary Chapter 11 petitions (Bankr. E.D.N.C. Case Nos. 18-05719 and 18-05720) on November 28, 2018. The Debtors are lessors of real estate headquartered in Lumberton, North Carolina. First Baptist Housing Development Corporation is the fee simple owner of a property located at 40 Marion Road Lumberton, NC, having a current value of $746,200. First Baptist Housing Development Corporation II is the fee simple owner of a property located at 40 Marion Road Lumberton, NC, with a tax records valuation of $1.12 million. The cases are assigned to Hon. David M. Warren. The Debtors' counsel is William H. Kroll, Esq., at Stubbs & Perdue, P.A., in Raleigh, North Carolina, and Trawick H. Stubbs, Jr., Esq., at at Stubbs & Perdue, P.A., in New Bern, North Carolina. FLO-TECH INC: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ No official committee of unsecured creditors has been appointed in the Chapter 11 case of Flo-Tech Inc. as of Aug. 21, according to a court docket. About Flo-Tech, Inc. Formed in December 1994, Flo-Tech, Inc., is in the business of providing concrete floor repair, restoration and refinishing services. Flo-Tech has its principal place of business located in Phoenix, Maricopa County, Arizona. Thomas Tedford is the president, director and majority shareholder of Flo-Tech -- he owns 100% of the outstanding shares in Flo-Tech. Flo-Tech, Inc., filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 19-00460) on Jan. 15, 2019. The Debtor engaged Keery McCue, PLLC, as counsel. FLORIDA CLEANEX: Exclusivity Period Extended to Sept. 4 ------------------------------------------------------- Bankruptcy Judge Raymond Ray extended the period during Florida Cleanex Inc. has the exclusive right to file a plan of reorganization through Sept. 4. If the company files a plan of reorganization on or before Sept. 4, it will also continue to have the exclusive right to obtain acceptances for the filed plan through Nov. 3. About Florida Cleanex Florida Cleanex, Inc. is a privately held company that offers maintenance and complete janitorial services. Florida Cleanex sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-13101) on March 8, 2019. The petition was signed by Luis Loaiza, president. At the time of the filing, the Debtor disclosed $174,078 in assets and $1,175,100 in liabilities. The case is assigned to Judge Raymond B. Ray. Kelley, Fulton & Kaplan, PL, is the Debtor's counsel. The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Florida Cleanex, Inc., according to court dockets. FRANCIS ROZELLE: Court Upholds Ruling in Favor Branscomb PC ----------------------------------------------------------- In the appeals case captioned IN RE FRANCIS McQUEEN ROZELLE, JR. AND CLARITA SOMMERS JOHNSON Debtors/Appellants, v. PATRICK H. AUTRY, Appellee, Cause No. SA 17-CV-01237-RCL (W.D. Tex.), Debtors Francis McQueen Rozelle, Jr. and Clarita Sommers Johnson appeal the bankruptcy court's order allowing the third interim application of Branscomb PC for professional fees and expenses for the period of Nov. 1, 2016 through April 26, 2017. Upon review, District Judge Royce C. Lamberth affirmed the bankruptcy court's judgment and dismissed the Debtors' appeal. On appeal, this Court reviews the bankruptcy court's award of fees for abuse of discretion. Here, appellees' third interim fee application presented the requisite lodestar and Johnson factor analyses to support their fee determinations. The bankruptcy court concluded that they were reasonable and necessary, and approved the application. While debtors allege that appellee Branscomb PC should not have received any fee award given that the sale of the real property was procured by fraud, this Court finds no evidence of this alleged fraud. Also, appellants fail to provide the Court with any non-conclusory evidence that the bankruptcy court relied on erroneous findings of fact or law in awarding attorneys' fees and expenses to appellee Branscomb PC. Thus, the Court finds that the bankruptcy court did not abuse its discretion in awarding attorneys' fees and expenses to appellee Branscomb PC. The bankruptcy court relied on the lodestar method to determine Branscomb PC's fee award and there is no evidence that it relied on erroneous findings of fact or law in reviewing this method. Accordingly, the judgment of the bankruptcy court is affirmed. Further, the Court finds that appellants' appeal is frivolous. Appellants have made this same argument on numerous occasions. Appellants' argument has repeatedly been composed of conclusory and unsupported allegations, and this Court has made clear that appellants' allegations are not credible and have not provided a basis for overturning any order issued by the bankruptcy court. The Court will therefore entertain a motion for sanctions from the appellee under Federal Rule of Bankruptcy Procedure 8020 for filing a frivolous appeal. A copy of the Court's Memorandum Opinion dated March 25, 2019 is available at https://bit.ly/2P74kAo from Leagle.com. In Re Francis McQueen Rozelle, Jr., Debtor, pro se. In Re Clarita Sommers Johnson, Debtor, pro se. Francis McQueen Rozelle, Jr., Appellant, pro se. Clarita Sommers Johnson, Appellant, pro se. Patrick H. Autry, Appellee, pro se. GEDEX SYSTEM: Creditors Files CCAA Case; Zeifman Is Monitor ----------------------------------------------------------- Zeifman Partners Inc. understands that FCMI Parent Co., in its capacity as secured creditor of Gedex System Inc., Gedex Aviation Inc., Black Bay Minerals Corporation, Gedex Exploration Inc. and Gedex Earth Inc. ("Companies"), and as agent for certain lenders has brought an application before the Ontario Superior Court of Justice (Commercial List) seeking an initial order, among other things, granting protection to Companies under the Companies' Creditors Arrangements Act, as amended, and appointing Zeifman as monitor over all of the assets, undertakings and properties of each of the Companies and an order approving a sales and investor solicitation process. According to court documents, as of Dec. 31, 2018, the Companies had incurred a loss of over $5.2 million, and operating deficit in excess of $91.8 million, and a working capital deficiency of over $9.5 million. The Companies have been having significant difficulties and as a result, the monitor understands they recently laid off all of their remaining employees. The monitor understands that all outstanding wages and vacation pay were paid to the employees and that source deduction were remitted. The Companies are indebted to FCMI in an amount of $10.2 million. The monitor understands that this indebtedness is secured by a loan and security agreement between Gedex, Technologies, Aviation and Black Ray, which was amended multiple times including, without limitation, to include exploration and earth as debtor parties and to extend the maturity date to no later than April 1, 2019. In support of the secured debt, each of the other Companies provided FCMI with guarantees and general security agreements. Due to the Companies' failure to repay the secured debt, on Aug. 6, 2019 FCMI demanded repayment of the loans and issued notices of intention to enforce security addressed to the Companies pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada). Lawyers for the Companies: DLA PIPER (Canada) LLP 6000-1 First Canadian Place 100 King St. W PO Box 367 Toronto, ON M5X lE2 Edmond Lamek Tel: 416-365-3444 Fax: 416-369-7944 Email: edmond.lamek@dlapiper.com Court-appointed Monitor: ZEIFMAN PARTNERS INC. 201 Bridgeland Avenue Toronto, ON M6A 1Y7 Allan Rutman Tel: 416-256-4005 Email: aar@zeifmans.ca Lawyers for Zeifman Partners MILLER THOMSON LLP Scotia Plaza 40 King Street West, Suite 5800 Toronto, ON Canada M5H 381 Kyla Mahar Tel: 416-597-4303 Fax: 416-595-8695 Email: kmahar@millerthomson.com Asim Iqbal Tel: 416-597-6008 Fax: 416-595-8695 Email: aiqbal@millerthomson.com Lawyers for FCMI Parent Co.: DENTONS CANADA LLP 77 King Street West, Suite 400 Toronto-Dominion Centre Toronto, ON M5K OA1 Kenneth Kraft Tel: 416-863-4374 Email: kenneth.kraft@dentons.com Mark Freake Tel: 416-863-4456 Fax: 416-863-4592 Email: mark.freake@dentons.com A copy of the Initial Order and other materials related to these proceedings is available on the Monitor's web-site: https://www.zeifmans.ca/current-insolvency-files/ Based in Mississauga, Ontario, Gedex Inc. -- https://www.gedex.com/ -- develops sub-surface imaging technology with its new high definition airborne gravity gradiometer. GIGA-TRONICS INC: Posts $15,000 Net Income in First Quarter 2020 ---------------------------------------------------------------- Giga-Tronics Incorporated filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting net income of $15,000 on $3.49 million of total revenue for the three months ended June 29, 2019, compared to a net loss of $287,000 on $3.05 million of total revenue for the three months ended June 30, 2018. The decrease in net loss was primarily due to the increased revenues. The revenue increase in the first fiscal quarter of 2020 was primarily attributable to a $1.8 million increase in sales related to the Company's RADAR/EW (Electronic Warfare) Testing Solution in its Giga-tronics Division. Sales in the Company's Microsource Division decreased $1.3 million due to typical quarter to quarter fluctuation given the timing of large, multi-year RADAR filter production orders. In recent years Microsource sales have consistently totaled between $7 million and $9 million annually. Furthermore, sales in the Microsource Division were impacted by the adoption of ASC 606 on April 1, 2018, which changed the way the Company recognizes revenue for certain contracts. As of June 29, 2019, the Company had $7.89 million in total assets, $5.97 million in total liabilities, and $1.92 million in total shareholders' equity. The Company's operating income for the first quarter of fiscal 2020 was $128,000 compared to an operating loss of $70,000 for the first quarter of fiscal 2019 and first quarter EBITDA increased to $304,000 in fiscal 2020 compared to $133,000 for same quarter in fiscal 2019. The improvement was primarily due to the shipment of the second of two RADAR/EW test systems to the U.S. Navy in April of 2019 which were ordered in February 2019. Operating expenses remained relatively even in the first quarters of fiscal 2020 and fiscal 2019. Effective March 31, 2019, the Company adopted the required ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet. The adoption of the new leases standard resulted in a right of use asset impact of $1.4 million and lease liability impact of $1.8 million adjustments to the consolidated balance sheet as of March 31, 2019. John Regazzi, CEO of the Company said, "Giga-tronics is focused on developing unique new solutions for the EW segment of the defense market based upon our ASGA platform that are intended to create opportunities for us to earn additional business from our existing customers and compel new RADAR & EW programs to adopt our ASGA platform. We believe our disruptive solution provides us the ability to drive continued high margin revenue growth and gain increasing market share." Lutz Henckels, executive vice president and chief financial officer stated, "This is the second consecutive quarter where we have achieved profitability. The combined EBITDA for the last two quarters was approximately $700,000 which was driven by a revenue growth of 30%." Mr. Henckels continued, "The Company has a solid sole source RADAR filter business, which achieves between $7 million to $9 million in revenue per year. The RADAR/EW test business is the expected growth engine for our business and with it we anticipate a profitable fiscal year 2020." A full-text copy of the Form 10-Q is available for free at: https://is.gd/tqqHve About Giga-Tronics Headquartered in Dublin, California, Giga-Tronics Incorporated is a publicly held company, traded on the OTCQB Capital Market under the symbol "GIGA". Giga-tronics produces RADAR filters and Microwave Integrated Components for use in military defense applications as well as sophisticated RADAR and Electronic Warfare (RADAR/EW) test products primarily used in electronic warfare test & emulation applications. Giga-Tronics reported a net loss of $1.04 million for the year ended March 30, 2019, a net loss of $3.10 million for the year ended March 31, 2018, and a net loss of $1.54 million for the year ended March 25, 2017. As of March 30, 2019, Giga-Tronics had $6.27 million in total assets, $4.46 million in total liabilities, and $1.81 million in total shareholders' equity. GLOBAL HOUGHTON: S&P Withdraws 'B' Issuer Credit Rating ------------------------------------------------------- S&P Global Ratings withdrew all ratings on Philadelphia, Pa.-based Global Houghton Ltd., including the 'B' issuer credit rating on Global Houghton Ltd., the 'B' issue-level rating on the company's secured first-lien debt, and the 'CCC+' issue-level rating on the company's secured second-lien debt. At the time of withdrawal, the issuer credit rating had a developing outlook. The withdrawal follows the close of Houghton's combination with Quaker Chemical Corp. and the corresponding full repayment of Houghton's debt, which occurred on Aug. 1, 2019. GOLDEN-GLO CARPET: Withdraws Plan of Reorganization --------------------------------------------------- Golden-Glo Carpet Cleaners, Inc., withdrew, without prejudice, the first amended Chapter 11 plan of reorganization scheduled for a confirmation hearing scheduled for October 28, 2019. The Debtor ask that the Confirmation Hearing be cancelled in light of its withdrawal of the Plan. About Golden-Glo Carpet Cleaners Golden-Glo Carpet Cleaners, Inc., a commercial and residential floor cleaning andmaintenance business serving the Philadelphia metropolitan area, was founded by Scott Goldenin 1981 and has operated continuously in the area ever since that time. Scott Golden has alwaysbeen President and sole owner of the business. Although the business names suggests that its focus is on carpet cleaning, in reality Golden-Glo offers the broadest possible range of janitorial services to commercial and institutional customers. In its heyday, Golden-Glo dominated the Philadelphia area movie theater cleaning market, cleaning as many as 35 theaters per night, primarily members of the Regal United Artists chain but also some AMC venues. Golden-Glo Carpet Cleaners, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Pa. Case No. 18-17002) on Oct. 22, 2018, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Joseph R. Viola, Esq., at Joseph R. Viola, P.C. GREENWOOD FOREST: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Greenwood Forest Apartments, LLC f/k/a Greenwood Enterprises LLC 5173 Baker Blvd #D Baker, LA 70714 Business Description: Greenwood Forest Apartments, LLC is primarily engaged in renting and leasing real estate properties. The Company previously sought bankruptcy protection on Aug. 7, 2018 (Bankr. M.D. La. Case No. 18-10877). Chapter 11 Petition Date: August 20, 2019 Court: United States Bankruptcy Court Middle District of Louisiana (Baton Rouge) Case No.: 19-10956 Judge: Hon. Douglas D. Dodd Debtor's Counsel: Pamela G. Magee, Esq. ATTORNEY PAMELA MAGEE LLC P.O. Box 59 Baton Rouge, LA 70821 Tel: 225-367-4662 E-mail: pam@attorneypammagee.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dionna Richardson, officer and manager. 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/lamb19-10956.pdf HAWKEYE ENTERTAINMENT: Case Summary & 5 Unsecured Creditors ----------------------------------------------------------- Debtor: Hawkeye Entertainment, LLC 14242 Ventura Boulevard # 300 Sherman Oaks, CA 91423 Business Description: Hawkeye Entertainment, LLC's most valuable asset is a written lease agreement, along with its First Amendment, for the first four floors and basement of the real property commonly known as the Pacific Stock Exchange Building located at 618 S. Spring Street, in Los Angeles, California. Hawkeye is a holding company for the Lease, which is sublet to a related entity. The business of the related sublessee operates an event venue in downtown Los Angeles for private parties, corporate events, live entertainment, fashion shows and more. Hawkeye previously filed a Chapter 11 petition on Sept. 30, 2013 (Bankr. C.D. Calif. Case No. 13-16307) due to disputes with its landlord. Chapter 11 Petition Date: August 21, 2019 Court: United States Bankruptcy Court Central District of California (San Fernando Valley) Case No.: 19-12102 Judge: Hon. Victoria S. Kaufman Debtor's Counsel: Sandford L. Frey, Esq. LEECH TISHMAN FUSCALDO & LAMPL, INC. 200 South Los Robles Avenue, Suite 210 Pasadena, CA 91101 Tel: 626-796-4000 Fax: 626-795-6321 E-mail: sfrey@leechtishman.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Adi McAbian, president of Saybian Gourmet, Inc., member of Hawkeye Ent. 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/cacb19-12102.pdf INPIXON: Closes Acquisition of Indoor Mapping Company Jibestream ---------------------------------------------------------------- Inpixon has completed the acquisition of Jibestream Inc., a provider of indoor mapping and location technology. Jibestream has been a pioneer in experiential wayfinding software and mapping technologies since their founding ten years ago. The Jibestream solution, a full-featured geospatial platform that integrates business data with high-fidelity indoor maps to create smart indoor spaces, is deployed in hundreds of buildings globally including numerous marque venues such as Mall of America, The Pentagon, Westfield World Trade Center, San Francisco International Airport, several Veteran Affairs hospitals and Mall of the Emirates. Jibestream was selected as a "Cool Vendor" by global research firm Gartner in the 2018 Cool Vendors in Location Services for Wayfinding report, and was named as a Top Geospatial Company in 2019 by Geoawesomeness. "Inpixon can now offer all four of the essential building blocks needed to make indoor spaces information-rich and helpful: mapping, positioning, analytics and development tools," noted Nadir Ali, Inpixon CEO. "We believe we are one of very few companies that can offer this end-to-end solution, and that our new, expanded solution portfolio -- available today -- positions us well to secure a leadership position in what Marketsandmarkets forecasts will grow 42% CAGR to USD 40.99 billion by 2022. Further, we plan to integrate the solutions into an Indoor Location Data Platform which can ingest all of a customer's indoor data and present a unified, map-based user interface, to give each user and department a tailored, personal view of the information they need to be successful. This is in direct alignment with, and helps us to fulfill, our mission to, 'Do Good With Indoor Data.'" "We are all very excited to have joined the Inpixon family," said Chris Wiegand, Jibestream co-founder and Inpixon VP of Maps. "Combined, we have a unique and powerful portfolio -- from mapping, sensors, and positioning algorithms to video sensor fusion and even GPS technologies. I'm eager to take Indoor Positioning Analytics (IPA) to our customers and partners. Our expanded capabilities will enable us to further deliver on our commitment to make the indoor world digitally addressable to enhance the way people live, work and play indoors." In accordance with the terms of a Securities Purchase Agreement, dated July 9, 2019, Inpixon, through its wholly owned subsidiary Inpixon Canada, Inc., as purchaser, acquired 100% of the outstanding shares of Jibestream in exchange for consideration consisting of a combination of cash and shares of Inpixon's common stock. About Inpixon Headquartered in Palo Alto, California, Inpixon is a technology company that helps to secure, digitize and optimize any premises with Indoor Positioning Analytics (IPA) for businesses and governments in the connected world. Inpixon Indoor Positioning Analytics is based on new sensor technology that finds all accessible cellular, Wi-Fi, Bluetooth and RFID signals anonymously. Paired with a high-performance, data analytics platform, this technology delivers visibility, security and business intelligence on any commercial or government premises worldwide. Inpixon's products, infrastructure solutions and professional services group help customers take advantage of mobile, big data, analytics and the Internet of Things (IoT). Inpixon reported a net loss of $24.56 million for the year ended Dec. 31, 2018, compared to a net loss of $35.03 million for the year ended Dec. 31, 2017. As of June 30, 2019, the Company had $23.88 million in total assets, $12.14 million in total liabilities, and $11.74 million in total stockholders' equity. Marcum LLP, in New York, the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 28, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. INTERNAP CORP: S&P Cuts ICR to CCC+ on Weak Operating Performance ----------------------------------------------------------------- S&P Global Ratings lowered all ratings on U.S. data center operator Internap Corp. by one notch, including its issuer credit rating, to 'CCC+' from 'B-', as it believes the capital structure may be unsustainable longer term. The downgrade reflects S&P's view that the capital structure may be unsustainable longer-term given declining earnings, limited cash generation and declining investment in the business to preserve liquidity. Even with lower capital spending, S&P forecasts limited free cash flow generation over the next several years. "We also believe reducing capex may not be sustainable considering its participation in the growing data center industry. Therefore, we believe it will be difficult for the company to deleverage organically with its current capital structure absent an improvement in utilization rates and lower customer churn," S&P said, adding that these factors could result in a debt restructuring to right-size the capital structure, which it would view as equivalent to default if lenders are offered less than the original promise. The negative outlook reflects the potential for a lower rating if the company cannot bolster its liquidity position and financial profile through earnings growth from improved operational performance. "We could lower the rating if we believe the company will face a near-term liquidity shortfall or engage in a distressed exchange within the next 12 months. We could also lower the rating if it becomes more likely it will violate its total net leverage or consolidated interest coverage covenant that cannot be cured," S&P said. This could occur if earnings volatility increases, given customer churn can fluctuate on a quarterly basis because of customer consolidation in the acquisition-heavy software/internet industry, according to the rating agency. "Although unlikely over the next year, we could raise our rating on Internap if top-line declines stabilize, while EBITDA grows modestly such that leverage approaches 6.5x with prospects for further improvement. This would most likely be driven by improved data center utilization rates and the successful implementation of the company's portfolio resizing plan," S&P said. "Furthermore, to upgrade the company, we would need to believe the company will not pursue a distressed exchange, which we would view as tantamount to a default." JOSEPH'S TRANSPORTATION: Seeks More Time to File Exit Plan ---------------------------------------------------------- Joseph's Transportation, Inc. asked the U.S. Bankruptcy Court for the Eastern District of Massachusetts to extend the exclusivity period to file a plan of reorganization to Sept. 20. As part of the resolution of the motion filed by U.S. trustee to convert or dismiss Joseph's Transportation's Chapter 11 case, the company has agreed to file a plan of reorganization and disclosure statement by Sept. 20. About Joseph's Transportation Joseph's Transportation, Inc. is a family-owned and operated full transportation company that has been serving the New England area for more than 40 years. Joseph's Transportation filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 18-14282) on Nov. 11, 2018. In the petition signed by Joseph Albano III, president, theDebtor estimated assets of $500,001 to $1 million and liabilities of the same range. The Law Office of Gary W. Cruickshank serves as counsel to the Debtor; and Rucci Bardaro & Falzone as its accountant. KPH CONSTRUCTION: Needs More Time to Negotiate Plan With Creditors ------------------------------------------------------------------ KPH Construction, Corp. has filed a motion with the U.S. Bankruptcy Court for the Eastern District of Wisconsin to extend the exclusive periods to file a Chapter 11 plan to Oct. 18, and to obtain acceptances for the plan to Dec. 18. The motion, if granted by the court, would give KPH Construction and its affiliates more time to negotiate with their creditors. The companies are facing litigations involving multiple parties. Before their Chapter 11 cases were filed, the companies were contesting the sale of Hotel Northland to Octagon Finance, the claim of Liberty Mutual resulting from its payment on performance bonds related to the hotel, and Liberty Mutual's lawsuit seeking to perfect its liens against the companies, according to court filings. About KPH Construction Corp. Founded in 1999, KPH Construction, KPH Environmental and KHP Services are providers of commercial construction services. Triple H is a holding company. Keith P. Harenda is the sole member and manager of Triple H, and the sole shareholder and president of KPH Construction and KPH Environmental. Harenda is the manager of KPH Services. The companies collectively employ approximately 30 people in the operations of their construction business at projects throughout Wisconsin. KPH Construction Corp., based in Milwaukee, WI, filed a Chapter 11 petition (Bankr. E.D. Wis. Lead Case No. 19-20939) on Feb. 6, 2019. In the petition signed by Keith P. Harenda, president, debtor KPH Construction Corp. estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Hon. Beth E. Hanan oversees the case. Evan P. Schmit, Esq. at Kerkman & Dunn, serves as bankruptcy counsel. LIFSCHULTZ ESTATE: L. Lifschultz Appeal Statutorily Moot, Ct. Says ------------------------------------------------------------------ In the appeals case captioned LAWRENCE LIFSCHULTZ, Appellant, v. LIFSCHULTZ ESTATE MANAGEMENT LLC and LSF9 MASTER PARTICIPATION TRUST, Appellees, No. 18 CV 1962 (VB) (S.D.N.Y.), Lawrence Lifschultz, secured creditor of debtor Lifschultz Estate Management LLC, appeals pro se from the U.S. Bankruptcy Court for the Southern District of New York's Feb. 5, 2018, "Order (1) Confirming Results of Auction Sale of the Debtor's Real Property, (2) Authorizing Sale of the Real Property Pursuant to Bankruptcy Code Sections 363(b), (f), and (m), and Debtor's Confirmed Chapter 11 Plan, and (3) Granting Related Relief." Appellee LSF9 Master Participation Trust's filed a motion to dismiss the appeal as statutorily moot. Upon review, District Judge Vincent L. Briccetti granted the motion to dismiss except to the extent appellant argues LSF9 was not a good faith purchaser, as to which the Bankruptcy Court's decision is affirmed. Appellant presents no evidence of fraud, collusion, or an attempt to take grossly unfair advantage of other bidders--in other words, no evidence of bad faith. Indeed, appellant fails to cite any portion of the record supporting his assertion that LSF9 was not a good faith purchaser. Appellant challenges only LSF9's status as a secured creditor. Judge Drain rejected this argument at the Feb. 2, 2018, sale hearing as barred by principles of res judicata and the Rooker-Feldman doctrine because the issue had already been decided in confirming the Plan and in a 2016 state court foreclosure action. Appellant does not provide any reason to disturb Judge Drain's finding that res judicata and the Rooker-Feldman doctrine bar appellant's argument. Moreover, even if appellant had addressed Judge Drain's holdings, appellant's argument is plainly insufficient to show LSF9 was not a good faith purchaser, as it has no bearing on whether LSF9 fraudulently or through collusive actions intended to affect the sale price or control the outcome of the sale. Accordingly, the appeal is statutorily moot except to the extent appellant argues LSF9 was not a good faith purchaser, and in that respect, the Court affirms Judge Drain's finding of good faith. A copy of the Court's Opinion and Order dated March 25, 2019 is available at https://bit.ly/2ZkyW17 from Leagle.com. Lifschultz Estate Management LLC, Debtor, represented by Jonathan S. Pasternak , DelBello Donnellan Weingarten Wise & Wiederkehr, L.L.P. Lawrence Lifschultz, Appellant, pro se. Lifschultz Estate Management LLC, Appellee, represented by Jonathan S. Pasternak , DelBello Donnellan Weingarten Wise & Wiederkehr, L.L.P. & Julie Anna Cvek , Delbello, Donnellan, Weingarten, Wise & Wiederkehr, LLP. LSF9 Master Participation Trust, Appellee, represented by Nicole Erica Schiavo, Hogan Lovells US LLP, Chava Brandriss, Hogan Lovells US LLP & Robin Lacey Muir, Hogan Lovells US LLP. About Lifschultz Estate Lifschultz Estate Management LLC is a member managed limited liability company organized under New York law. The two members of Lifschultz are Bruce Abbott and his uncle, David Lifschultz. Lifschultz is the deed holder of a four acre parcel of real property located at 220 Hommocks Road, Larchmont, New York 10538. Lifschultz sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. N.Y. Case No. 16-23144) on Aug. 23, 2016. Bruce S. Abbott, managing member, signed the petition. The case is assigned to Judge Robert D. Drain. At the time of the filing, the Debtor estimated its assets and liabilities at $10 million to $50 million. Jonathan S. Pasternak, Esq., at Delbello Donnellan Weingarten Wise & Wiederkehr, LLP, serves as the Debtor's bankruptcy counsel. On June 5, 2017, the Court confirmed the Debtor's Second Amended Liquidating Plan. LIT'L PATCH OF HEAVEN: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of Lit'l Patch of Heaven Inc. as of Aug. 21, according to a court docket. About Lit'l Patch of Heaven Inc. Lit'l Patch of Heaven Inc., based in Thornton, CO, filed a Chapter 11 petition (Bankr. Colo. Case No. 19-16119) on July 17, 2019. In the petition signed by Jeff Kraft, CEO, the Debtor estimated $1 million to $10 million in assets and $500,000 to $1 million in liabilities. The Hon. Michael E. Romero presides over the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., serves as bankruptcy counsel. MAGNUM CONSTRUCTION: Files Corrected Notice of Voting Deadline -------------------------------------------------------------- Magnum Construction Management, LLC, filed a corrected Exhibit D to its motion seeking approval of the disclosure statement explaining its first amended Chapter 11 plan of reorganization. Exhibit D is Notice of (A) Deadline for Casting Votes to Accept or Reject Plan of Reorganization, (B) Hearing to Consider Confirmation of Plan of Reorganization, and (C) Related Matters. A full-text copy of the Corrected Exhibit D is available at https://tinyurl.com/y28a7v83 from KCCLLC.net 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. It 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 CFO Gilberto Ruizcalderon, 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. The U.S. Trustee for Region 21 on March 14, 2019, appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Magnum Construction Management, LLC. The Committee tapped Wargo & French, LLP as its legal counsel. MLW LLC: Seeks to Extend Exclusive Filing Period to Nov. 12 ----------------------------------------------------------- MLW, LLC asked the U.S. Bankruptcy Court for the Southern District of Florida to extend the period during which the company has the exclusive right to file a plan of reorganization and to solicit acceptances of a plan through Nov. 12 and Jan. 10, 2020, respectively. The company also proposed to move the deadline for filing its plan and disclosure statement to Nov. 12. MLW is in the process of negotiating the sale of the principal asset, which will have a material impact on any proposed plan. In addition, the company is still addressing the validity of liens on the property and other potential claims. The company expects the plan to be a plan of liquidation, whereby the real property will be sold, and all proceeds will be distributed according to the priority scheme of the Bankruptcy Code. About MLW LLC MLW, LLC, is a lessor of real estate in Boynton Beach, Florida. It is the fee simple owner of a real property located at 10207 100th Street, South Boynton Beach, Florida, valued by the company at $1 million. MLW, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-14567) on April 18, 2018. In the petition signed by Mark L. Woolfson, managing member, the Debtor disclosed $1.06 million in assets and $1.22 million in liabilities. Judge Erik P. Kimball presides over the case. Alan R. Crane, Esq., at Furr & Cohen, P.A., serves as the Debtor's bankruptcy counsel; and Nason, Yeager, Gerson, White & Lioce, PA, as special counsel. The Debtor employs Pavlik Realty LLC and the firm's principal Mitchell Pavlik to either sell or secure a tenant for its real property located at 10207 100th Street South, Boynton Beach, Fla. NAVAHO TOUR: Case Summary & 7 Unsecured Creditors ------------------------------------------------- Debtor: Navaho Tour Inc. 691 S Irolo Street #411 Los Angeles, CA 90005 Business Description: Navaho Tour Inc. is engaged in the business of arranging and assembling tours for sale through travel agents. Chapter 11 Petition Date: August 21, 2019 Court: United States Bankruptcy Court Central District of California (Los Angeles) Case No.: 19-19798 Judge: Hon. Sandra R. Klein Debtor's Counsel: Marc A. Goldbach, Esq. GOLDBACH LAW GROUP 111 West Ocean Boulevard, Suite 400 Long Beach, CA 90802 Tel: 562-696-0582 Fax: 888-771-5425 E-mail: marc.goldbach@goldbachlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Young Jin Shin, president. A full-text copy of the petition containing, among other items, a list of the Debtor's seven unsecured creditors is available for free at: http://bankrupt.com/misc/cacb19-19798.pdf NEW GOLD: Moody's Affirms B3 CFR, Outlook Negative -------------------------------------------------- Moody's Investors Service upgraded its Speculative Grade Liquidity Rating for New Gold Inc. to SGL-3 from SGL-4. At the same time Moody's affirmed New Gold's Corporate Family rating at B3, Probability of Default Rating at B3-PD and senior unsecured notes rating at Caa1. The outlook remains negative. The upgrade of the SGL rating reflects its expectation that the company has improved cushion to its covenants, and has sufficient internal liquidity sources to fund its substantial capital spend program through the remainder of 2019 and into 2020. Upgrades: Issuer: New Gold Inc. Speculative Grade Liquidity Rating, Upgraded to SGL-3 from SGL-4 Outlook Actions: Issuer: New Gold Inc. Outlook, Remains Negative Affirmations: Issuer: New Gold Inc. Probability of Default Rating, Affirmed B3-PD Corporate Family Rating, Affirmed B3 Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD4) RATINGS RATIONALE New Gold's B3 rating is constrained by 1) small scale (480 thousand gold-equivalent ounces (GEOs) per year), 2) negative free cash flow through 2019, driven by material capital expenditures at its Rainy River mine, 3) mine concentration (just two mines), and 4) sensitivity to gold and copper price volatility. The ramp up of Rainy River has underperformed company expectations, with milling rates below nameplate capacity, lower grades and costs coming in above original expectations. The rating incorporates execution risk to the company's Rainy River plan of achieving ore processing throughput of 24,000 tonnes/day (21,117 tonnes/day in Q2/19) and gold production above 300 koz/year (250-275 koz/year expected in 2019). The company benefits from 1) operations being located in a favorable mining jurisdiction (Canada); 2) long mine lives of over 10 years at both operating mines; and 3) adequate liquidity. New Gold does not have ESG risks particular to the company that affect the rating, but is exposed to those typical for a company in the mining industry. This includes, but is not limited to wastewater discharges, site remediation and mine closure, waste rock and tailings management, air emissions, and social. The company is subject to environmental laws and regulations in the areas in which it operates. The mining sector overall is viewed as a very high-risk sector for soil/water pollution and land use restrictions and a high-risk sector for water shortages and natural and man-made hazards. New Gold has adequate liquidity (SGL-3), with sources of about $510 million against expected negative free cash flow of around $200 million expected for the next 12 months, and no debt maturities. Sources consist of 1) cash of $220 million (June19, pro forma for a C$150 million equity issue in Aug19) and 2) $285 million of revolver availability at Q2/19. The next debt maturity is the revolver, due in August, 2021. Moody's doesn't expect New Gold to breach any of its credit facility covenants over the next 12 months. The negative outlook reflects its expectation that New Gold will continue to be cash consumptive through the remainder of the year, and faces execution risk in ramping up production at Rainy River above 300,000 ounces per year. The rating could be upgraded if New Gold is able to increase production at Rainy River above 300,000 oz/year, is able to generate positive free cash flow, and adjusted debt to EBITDA is maintained below 3.5x (3.1x at Q2/19). An upgrade would also require that refinancing risk around the Aug 2021 maturity of its credit facility is addressed. The rating would be downgraded if New Gold's liquidity position worsens, most likely caused by lower production and higher costs or New Gold is unable to maintain operations at Rainy River whereby the mine is cash flow generative. The principal methodology used in these ratings was Mining published in September 2018. New Gold Inc. is a gold producer headquartered in Toronto, Ontario, with two operating mines; New Afton, a copper/gold mine in British Columbia, Canada, and Rainy River, a gold mine in Ontario, Canada. Revenue for the twelve months ended December 31, 2018 was $605 million with 315 thousand ounces of gold and 85 million pounds of copper produced. OZARKS RIDGERUNNER: Case Summary & Unsecured Creditor ----------------------------------------------------- Debtor: Ozarks Ridgerunner I, LLC aka Ozarks Ridgerunner, LLC 1317 S. Maryland Springfield, MO 65807 Business Description: Ozarks Ridgerunner I LLC is a real estate lessor in Springfield, Missouri. The Company owns parcels of land in Lawrence and Dallas counties having an aggregate market value of $3.47 million. Chapter 11 Petition Date: August 21, 2019 Court: United States Bankruptcy Court Western District of Missouri (Springfield) Case No.: 19-61005 Judge: Hon. Cynthia A. Norton Debtor's Counsel: David E. Schroeder, Esq. DAVID SCHROEDER LAW OFFICES, P.C. 1524 East Primrose St., Suite A Springfield, MO 65804-7915 Tel: 417-890-1000 Fax: 417-886-8563 Email: bk1@dschroederlaw.com Total Assets: $3,474,660 Total Liabilities: $3,546,970 The petition was signed by Chris R. Thompson, managing member. The Debtor lists Mid-Missouri Bank as its sole unsecured creditor holding an unknown amount of claim. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/mowb19-61005.pdf PALM DRIVE HEALTH CARE: S&P Withdraws 'CCC+' Debt Ratings --------------------------------------------------------- S&P Global Ratings withdrew its 'CCC+' long-term rating and underlying rating (SPUR) on Palm Drive Health Care District, Calif.'s series 2000 general obligation bonds, series 2005 parcel tax revenue bonds, and series 2010 parcel tax certificates of participation. These ratings have been withdrawn at the issuer's request. PES HOLDINGS: Idled Refinery Laying Off Most Workers ---------------------------------------------------- As widely reported, bankrupt company Philadelphia Energy Solutions is terminating most of the workers left at its shuttered refinery. PES shuttered the refinery following a massive explosion in June 21, 2019, and has yet to find a buyer for the property. After delaying scheduled layoffs for six weeks in July, the company notified the union on Aug. 20, that most of the workforce will be terminated immediately. Ryan O'Callaghan, president of United Steelworkers Local 10-1, said the refinery had planned to lay off all union workers by Aug. 25. But the layoffs have already kicked in. On Aug. 15, the Company let go of 80 USW workers. Then on Aug. 20, roughly 280 more steelworkers were dismissed, said Mr. O'Callaghan, who works as an operator at the plant, according to Reuters. The Philadelphia Inquirer reports that Mr. O'Callaghan said only a few operators of the refinery's boiler house, which produces steam for the plant, and the site's wastewater treatment plant will remain at work. Before the June 21 fire, PES employed at least 1,000 people, with at least 600 belonging to the steelworkers union. About PES Energy Headquartered in Philadelphia, Pennsylvania, PES Holdings LLC and its subsidiaries are owners and operators of oil refining complex and have been continuously operating in some form for over 150 years. PES Energy Inc. is the indirect parent company of Philadelphia Energy Solutions Refining and Marketing LLC (PESRM). PESRM owns and operates the Point Breeze and Girard Point oil refineries located on an integrated, 1,300-acre refining complex in Philadelphia. On June 21, 2019, the Debtors suffered a historic, large-scale, catastrophic incident involving an explosion at the alkylation unit at their Girard Point refining facility. PES Holdings, LLC, and seven subsidiaries, including PES Energy, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-11626) on July 21, 2019. PSE Holdings estimated $1 billion to $10 billion in assets and the same range of liabilities as of the bankruptcy filing. The Debtors tapped Kirkland & Ellis LLP as general bankruptcy counsel; Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel; PJT Partners LP as financial advisor; and Alvarez & Marsal North America, LLC, as restructuring advisor. Omni Management Group, Inc., is the notice and claims agent. The Company's proposed DIP financing lenders are represented by Davis Polk & Wardwell LLP and Houlihan Lokey Capital, Inc. PG&E CORP: Inspected Power Line That Sparked Fire Weeks Earlier --------------------------------------------------------------- Russell Gold, writing for The Wall Street Journal, reported that a recent filing with a district court revealed that PG&E Corp. inspected its towers weeks before the Nov. 8 Camp Fire. However, PG&E spokeswoman Lynsey Paulo said the inspections didn't include the steel transmission tower where a line fell from a hook and sparked the Camp Fire. The closest tower inspected was more than 50 towers away, a distance of roughly 7 miles, she said, the Journal related. According to the Journal, it its disclosure, PG&E said the inspections occurred between September and November last year and involved climbing the transmission towers. Before the Camp Fire, which spurred the company to conduct more exhaustive reviews of its power grid, it was unusual for PG&E to climb its transmission towers to inspect their condition, as well as the condition of bolts, hooks and other hardware, the Journal pointed out. The company, which was recently given continued control of its bankruptcy case, said that before the Camp Fire it conducted climbing inspections of its transmission towers "in response to specific 'triggering' events," such as defects identified by inspection and component failure, the Journal said, citing court papers. The Journal also noted that in 2010, a consultant hired by PG&E suggested that because of the number of older towers, the company should consider climbing them once every three to five years. PG&E didn't follow up on the suggestion, the news agency pointed out. About PG&E Corp PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. PG&E Corp. and Pacific Gas employ approximately 24,000 regular employees, approximately 20 of whom are employed by PG&E Corp. Of Pacific Gas' regular employees, approximately 15,000 are covered by collective bargaining agreements with local chapters of three labor unions: (i) the International Brotherhood of Electrical Workers; (ii) the Engineers and Scientists of California; and (iii) the Service Employees International Union. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, said they are facing extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility said it faces an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are serving as PG&E's legal counsel, Lazard is serving as its investment banker and AlixPartners, LLP is serving as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. In order to help support the Company through the reorganization process, PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and their colleagues at AlixPartners will continue to assist PG&E with the reorganization process and related activities. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Feb. 12, 2019. The creditors' committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. PGH GROCERS: Seeks to Hire VIP Payroll as Accountant ---------------------------------------------------- PGH Grocers LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire an accountant. In an application filed in court, the Debtor proposes to employ VIP Payroll and Tax Services to prepare tax filings; represent the Debtor at tax audits; and prepare any tax and payroll documents necessary for the Debtor to operate. The firm will be paid an hourly fee of $65 and will receive reimbursement for work-related costs and expenses. VIP Payroll neither holds nor represents any interest adverse to the Debtor and its bankruptcy estate, according to court filings. The firm can be reached through: Barb Mulkins VIP Payroll and Tax Services 1 North Main Street Bainbridge, NY 13733 Phone: +1 607-967-5627 About PGH Grocers PGH Grocers, LLC, a company based in Bainbridge, N.Y., filed a Chapter 11 petition (Bankr. N.D.N.Y. Case No. 19-60425) on March 29, 2019, listing under $1 million in both assets and liabilities. Mark Charles Gugino, Esq., at the Gugino Law Office, represents the Debtor. PLAYA HERMOSA: Case Summary & 2 Unsecured Creditors --------------------------------------------------- Debtor: Playa Hermosa Development Corp. Ave Jesus T. Pinero 293 San Juan, PR 00927 Business Description: Playa Hermosa Development Corp. is a privately held company engaged in activities related to real estate. Chapter 11 Petition Date: August 21, 2019 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Case No.: 19-04756 Judge: Hon. Enrique S. Lamoutte Inclan Debtor's Counsel: Melvin Rosario-Rodriguez, Esq. LAW OFFICE OF MELVIN ROSARIO PO Box 9022987 San Juan, PR 00902-2987 Tel: 787-587-3780 787-723-3355 E-mail: codigoe@gmail.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Nicolas Rivera Colon, president. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/prb19-04756.pdf List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. GLM Engineering COOP Professional $400,000 742 Calle Prolongacion Paz Services Fees San Juan, PR 00907 Greg Morris Tel: (787) 723-8005 Email: gmorris@glmengineers.com 2. Fugleberg Koch Professional $225,000 2555 Temple Trail Services Fees Winter Park, FL 32789 Robert Koch Tel: (407) 629-0595 PREGIS TOPCO: Moody's Assigns B3 Corp. Family Rating ---------------------------------------------------- Moody's Investors Service assigned a B3 corporate family rating to Pregis TopCo Corporation and the probability of default to B3-PD. Moody's has also withdrawn all ratings at Pregis Holding I Corporation. All other ratings remain for Topco. Assignments: Issuer: Pregis TopCo Corporation Probability of Default Rating, Assigned B3-PD Corporate Family Rating, Assigned B3 Withdrawals: Issuer: Pregis Holding I Corporation Corporate Family Rating, Withdrawn , previously rated B3 Probability of Default Rating, Withdrawn , previously rated B3-PD Senior Secured 1st lien Term Loan B, Withdrawn , previously rated B2 (LGD3) Senior Secured 1st lien Revolving Credit Facility, Withdrawn , previously rated B2 (LGD3) Outlook Actions: Issuer: Pregis TopCo Corporation Outlook, Remains Stable Issuer: Pregis Holding I Corporation Outlook, Changed To Rating Withdrawn From Stable RATINGS RATIONALE The assignment of the CFR and PDR to Topco reflects the new corporate structure following the recent LBO. This action effectively moves the CFR and PDR to Pregis TopCo Corporation from Pregis Holding I Corporation. Pregis TopCo Corporation's credit profile is constrained by high leverage, modest scale and significant exposure to the cyclical protective packaging market. Additionally, the company lacks long-term contracts with cost pass-through mechanisms and has a limited geographic exposure. Protective packaging materials, such as sheet foam and bubble wrap, account for 70% of the company's revenue. Many of its protective packaging products are commoditized with significant price competition. The company does not have long-term contracts with most customers and therefore does not have the protection of raw material cost pass-through provisions. Pregis's sales are concentrated in the relatively stable, mature but competitive North American market. Pregis' credit profile benefits from an installed base of packaging equipment that utilizes the company's packaging materials and some exposure to certain faster growing segments. The company provides the equipment for free and sells the packaging material for use in the equipment. This "razor/razor blade" model for the packaging systems business generates recurring revenues and cash flows. Packaging material consumables associated with the installed base of packaging equipment account for approximately 37% of sales and have a better growth profile than the packaging materials segment due to growth in e-commerce. Pregis also benefits from some customer diversity (the top 10 customers account for approximately 20% of sales) and significant market positions in many of its products. Moody's could upgrade the rating if the company is able to sustainably improve credit metrics within the context of a stable operating and competitive environment and maintain good liquidity. Specifically, ratings could be upgraded if debt to EBITDA is below 6.75 times, funds from operations to debt is above 6.5% and EBITDA to interest expense coverage is over 2.0 times. Moody's could downgrade the company's rating if credit metrics weaken, liquidity deteriorates and/or the operating and competitive environment worsens. Acquisitions entailing significant financial or integration risk could also jeopardize the rating. Specifically, the ratings or outlook could be downgraded if funds from operations to debt is below 4.5%, debt to EBITDA is above 7.25 times, and/or EBITDA to interest expense falls below 1.5 times. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass, and Plastic Containers published in May 2018. Pregis TopCo Corporation is a manufacturer of protective packaging materials and equipment through its main operating subsidiary Pregis LLC. Based in Deerfield, Illinois, the company produces sheet foam, bubble wrap, engineered foam, adhesive films for automotive, consumer products, electronics, furniture, housing/construction industries in its manufactured product segment. Pregis also provides packaging equipment that uses its packaging materials. The company has 14 manufacturing plants in North America (including one in Mexico) and primarily focuses on the North American market. The primary raw material used is polyethylene resin and approximately 5% of sales paper products. Pregis generated sales of approximately $672 million for the 12 months ended March 31, 2019 (the majority of sales are made through distributors). The company does not publicly disclose financial information. The new sponsor is Warburg Pincus. RIOT BLOCKCHAIN: Lowers Net Loss to $1.3 Million in 2nd Quarter --------------------------------------------------------------- Riot Blockchain, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $1.27 million on $2.46 million of total revenue for the three months ended June 30, 2019, compared to a net loss of $24.43 million on $2.79 million of total revenue for the same period during the prior year. For the six months ended June 30, 2019, the Company reported a net loss of $15.02 million on $3.89 million of total revenue compared to a net loss of $40.99 million on $3.71 million of total revenue for the six months ended June 30, 2018. As of June 30, 2019, the Company had $30.96 million in total assets, $4.82 million in total liabilities, and $26.13 million in total stockholders' equity. The Company has experienced recurring losses and negative cash flows from operations. At June 30, 2019, the Company had approximate balances of cash and cash equivalents of $16.1 million, digital currencies of $1.9 million, working capital of $14.6 million, total stockholders' equity of $26.1 million and an accumulated deficit of $212.0 million. To date, the Company has, in large part, relied on equity and debt financing to fund its operations. The Company expects to continue to incur losses from operations for the near-term and these losses could be significant as the Company incurs costs and expenses associated with recent and potential future acquisitions, and development of the RiotX exchange platform, as well as public company, legal and administrative related expenses being incurred. During the six months ended June 30, 2019, the Company issued a series of Senior Secured Convertible Promissory Notes to investors for an aggregate principal amount of $3,358,333 and an equal value of warrants for the purchase of shares of the Company's common stock in exchange for a total investment of $3,000,000. During the three months ended June 30, 2019, all of the Notes were converted into common stock and have been satisfied in full. The Company is closely monitoring its cash balances, cash needs and expense levels. During the six months ended June 30, 2019, the Company entered into a Sales Agreement with H.C. Wainwright & Co., LLC dated May 24, 2019, pursuant to which the Company may, from time to time, sell up to $100.0 million in shares of the Company's common stock through H.C. Wainwright, acting as the Company's sales agent and/or principal, in an at-the-market offering. All sales of the shares in connection with the ATM Offering have been made pursuant to an effective shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission. The Company pays H.C. Wainwright a commission of approximately 3.0% of the aggregate gross proceeds the Company received from all sales of the Company's common stock under the Sales Agreement. The Company received net proceeds on sales under the Sales Agreement of approximately $18.9 million at a weighted average price of $3.26 (net of commissions) during the six months ended June 30, 2019. A full-text copy of the Form 10-Q is available for free at: https://is.gd/l7NOIm About Riot Blockchain Headquartered in , Castle Rock, Colorado, Riot Blockchain -- http://www.RiotBlockchain.com/-- is focused on building, operating, and supporting blockchain technologies. Its primary operations consist of cryptocurrency mining, targeted development of a cryptocurrency exchange, and the identification and support of innovations within the sector. Riot Blockchain reported a net loss of $60.21 million in 2018 following a net loss of $19.97 million in 2017. As of March 31, 2019, Riot Blockchain had $15.44 million in total assets, $24.21 million in total liabilities, and a total stockholders' deficit of $8.76 million. Marcum LLP, in New York, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 2, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has a significant working capital deficiency, has incurred significant losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. RIOT BLOCKCHAIN: Terminates Chief Financial Officer --------------------------------------------------- Riot Blockchain, Inc., terminated its executive employment agreement with Robby Chang, the Company's chief financial officer effective Aug. 15, 2019. Mr. Chang's termination was without cause as provided under the Employment Agreement. Immediately following Mr. Chang's termination, the Company appointed Mr. Jeffrey G. McGonegal, Riot's chief executive officer, to the role of chief financial officer on an interim basis while the Company conducts a search for a permanent successor CFO. Mr. Chang joined Riot in February 2018 as its chief financial officer. The Board wishes to thank Mr. Chang for his past efforts and wishes him well in his future endeavors. The Company will be immediately conducting an extensive search to identify and appoint a permanent successor chief financial officer. Mr. McGonegal had previously served as Riot's chief financial officer and he will continue to serve as Riot's chief executive officer following his appointment as chief financial officer on an interim basis. About Riot Blockchain Headquartered in , Castle Rock, Colorado, Riot Blockchain -- http://www.RiotBlockchain.com/-- is focused on building, operating, and supporting blockchain technologies. Its primary operations consist of cryptocurrency mining, targeted development of a cryptocurrency exchange, and the identification and support of innovations within the sector. Riot Blockchain reported a net loss of $60.21 million in 2018 following a net loss of $19.97 million in 2017. As of June 30, 2019, the Company had $30.96 million in total assets, $4.82 million in total liabilities, and $26.13 million in total stockholders' equity. Marcum LLP, in New York, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 2, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has a significant working capital deficiency, has incurred significant losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SPRINGFIELD HOSPITAL: Refund Checks on Hold Amid Bankruptcy ----------------------------------------------------------- Springfield Medical Care Systems and Springfield Hospital said Aug. 17, 2019, that some local banks have put patients' refund checks on hold if they were issued but not cashed before June 26. SMCS and Springfield Hospital filed for chapter 11 reorganization on June 26, 2019. As part of that reorganization process, the Bankruptcy Code mandates a hold on any checks issued prior to June 26, but not cashed prior to that date. These transactions are included as part of the bankruptcy proceedings governed by the Bankruptcy Court. SMCS and Springfield Hospital said they regret any hardships this has caused their patients. SMCS and Springfield Hospital are working with counsel and doing everything else possible, within the restrictions imposed by the Bankruptcy Code, to manage the situation. The health system has said it expects its bankruptcy reorganization process to last about 12 months. About Springfield Medical 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 Hospital -- http://www.springfieldhospital.org/-- is a not-for-profit, critical access hospital located in Springfield, Vermont. As part of Springfield Medical Care Systems' integrated system of care, including a network of ten federally qualified community health center sites, Springfield Hospital serves communities in southeastern Vermont and southwestern New Hampshire. Springfield Hospital, Inc. and Springfield Medical Care Systems, Inc. sought Chapter 11 protection (Bankr. D. Vermont Case No. 19-10283 and 19-10285) on June 26, 2019. Springfield Hospital estimated $10 million to $50 million in assets and liabilities. Springfield Medical estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million. The Hon. Colleen A. Brown is the case judge. MURRAY, PLUMB & MURRAY is Springfield Hospital's counsel. BERNSTEIN, SHUR, SAWYER & NELSON, P.A., is representing Springfield Medical. SUNGLO HOME: Court Confirms 2nd Amended Plan -------------------------------------------- Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas issued an order confirming the second amended Chapter 11 plan of reorganization of Sunglo Home Health Services, Inc. The administrative expense claims of the Texas Workforce Commission for post-petition employment tax, interest and penalties in the estimated total amount of $4,514.99, which consists of [Claim 36] in the amount of $4,514.99 for post-petition employment tax, interest and penalties (plus any accrued interest since the date Claim 36 was filed) plus any additional tax, penalty and interest that may accrue prior to the Effective Date of the Plan (collectively, the "State Employment Tax") will be amended and supplemented, and paid by the Debtor as follows: "The State Employment Tax owed to the Texas Workforce Commission, including penalty and interest on such taxes, will be paid in two (2) monthly payments, beginning the month of the Effective Date of the Plan, and shall be paid in full on or by sixty (60) days from the date of entry of this Order. If the taxes have accrued, but are not due under state law before the confirmed plan becomes effective, the taxes will be paid by the state-law due date. Notwithstanding anything in Debtor's confirmed plan to the contrary, the Texas Workforce Commission shall not be required to file a proof of claim or a request for payment in Debtor's Chapter 11 case as a condition of payment for any liability under 11 U.S.C. Sections 503(b)(1)(B) and (C). The Plan shall not release or discharge any entity, other than the Debtor, from any tax liability owed to the Texas Workforce Commission and the Texas Comptroller of Public Accounts, including interest and penalties on such tax. This is not an admission by any party that such liability exists. The Plan shall not limit the (i) Texas Workforce Commission's setoff rights under 11 U.S.C. Section 553, or (ii) the Texas Comptroller of Public Accounts' setoff rights under 11 U.S.C. Section 553. This is not an admission by any party that such setoff rights exist." About Sunglo Home Health Services Sunglo Home Health Services, Inc. -- http://www.sunglohhs.com/-- is a home health care services provider that offers a variety of programs to assist the aging and disabled in sustaining an improved quality of life. With more than 27 years of experience, Sunglo offers adult daycare, nurses, nursing aides, therapies, domestic help and spiritual support. Based in Harlingen, Texas, Sunglo Home Health Services, Inc., which conducts business under the names Sunglo Adult Day Care VIII, Sunglo Adult Day Care II and Brighten Academy, filed a voluntary Chapter 11 petition (Bankr. S.D. Tex. Case No. 19-10061) on Feb. 14, 2019, and disclosed $476,699 in assets and $1,540,810 in liabilities. The petition was signed by Linda Salazar, vice president. Judge Marvin Isgur oversees the case. The Debtor is represented by Jana Smith Whitworth, Esq., at JS Whitworth Law Firm, PLLC. T.I. CONSTRUCTION: Court Confirms 2nd Amended Plan -------------------------------------------------- Judge Scott H. Yun of the U.S. Bankruptcy Court for the Central District of California - Riverside Division has issued an order confirming T.I. Construction, Inc.'s second amended plan of reorganization. With respect to Ally Bank, JPMorgan Chase Bank, and TD Auto Finance, the Debtor reached stipulations with each of them prior to confirmation of the Plan. The court approved each of the Stipulations pre-confirmation. FPL filed proof of claim number 1 asserting that it was a lessor. In its Disclosure Statement and Plan, the Debtor provides sufficient evidence demonstrating that FPL did not lease, but instead sold personal property to the Debtor. Therefore, the Debtor's treatment of FPL and its claim in the Plan as a secured creditor, and not as a lessor, is fair and appropriate. FPL voted to accept the Plan and the proposed treatment. The County of San Bernardino filed a claim (Claim No. 6) in the amount of $491.24 as a priority claim. The Plan does not provide for payment of this claim. This omission was noted by the Debtor in its Plan Motion. The plan projections provide sufficient funds to pay this claim on the Effective Date and such treatment of this claim is fair and reasonable. The Plan provides for Classes 8 through 10. Each class consists of one member -- each an insider holding an unsecured claim against the estate. As noted by the Debtor in the Plan Motion, the three claims asserted in Classes 8, 9 and 10 are substantially similar. For the reasons stated by the Debtor in the Plan Motion and at the Confirmation Hearing, the classification is improper. The claims in Classes 8 through 10 are therefore reclassified as one Class 8. The members of Classes 9 and 10 also cast accepting ballots shortly after the voting deadline. The reasons offered for the lateness of the ballots are reasonable under the circumstances and no prejudice will result to any other creditor by the court permitting the late filed ballots for Classes 9 and 10 to be counted. About T.I. Construction T.I. Construction, Inc., operates a general construction company in California. T.I. Construction sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-17850) on Sept. 17, 2018. In the petition signed by Theodore Imsen, president, the Debtor estimated assets of less than $500,000 and liabilities of less than $1 million. Judge Scott H. Yun oversees the case. TENDERLEAF VILLAGE: Unsecureds to Get 24 Monthly Installments ------------------------------------------------------------- Tenderleaf Village, Inc., filed a small business disclosure statement proposing the sale of its business and Property utilizing the profits to fund the plan. The Debtor shall have three years from the effective date of the Plan to sell the business and Property. There is one unsecured claim under $100, filed by Angelina Supplies in the amount of $89.69. This claim will be paid in full on the first full month of the first fill quarter following the effective date of the Plan. Unsecured claims over $100 total approximately $23,355.26. These claims shall be paid in pro-rata monthly installments over 24 months, beginning on the first day of the first full month after the effective date of the plan until paid in full. The Debtor reserves the right to pre-pay these claims if the business and real property sell prior to the expiration of 24 months. The estimated payment to this class is $973.14 per month. A full-text copy of the Disclosure Statement dated Aug. 20, 2019, is available at https://tinyurl.com/yx8v35xm from PacerMonitor.com at no charge. About Tenderleaf Village Tenderleaf Village owns two business properties in Lufkin, Texas, with a total current value of $2.7 million. The company is a tax-exempt entity (as described in 26 U.S.C. Section 501). Tenderleaf Village filed a voluntary Chapter 11 petition (Bankr. S.D. Tex. Case No. 19-31061) on Feb. 28, 2019. In the petition signed by James Tran, director, the Debtor disclosed $2,833,076 in assets and $1,923,273 in liabilities. The case is assigned to the Hon. Jeffrey P. Norman. Julie Mitchell Koenig, Esq., at Cooper & Scully, PC, is the Debtor's legal counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case. TIME DEFINITE: 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 Time Definite Services, Inc., according to court dockets. About Time Definite Services Time Definite Services, Inc., is a provider of refrigerated trucking and individualized logistics. Its affiliate Time Definite Leasing LLC provides truck renting and leasing services. Time Definite Services and Time Definite Leasing filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 19-06564) on July 12, 2019. In the petition signed by Michael Suarez, president, Time Definite Services disclosed $21,898,781 in assets and $22,555,177 in liabilities. Buddy D. Ford, P.A. is the Debtors' counsel. TMS CONTRACTORS: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The Office of the U.S. Trustee on Aug. 20 disclosed in court filings that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of TMS Contractors, LLC, and TMSC Properties, LLC. About TMS Contractors and TMSC Properties TMS Contractors, LLC -- https://www.tmsbuilds.com -- is a general contractor specializing in residential, commercial, and industrial buildings. It can supply pre-engineered, conventional or a hybrid steel solutions for all building needs from complete design, engineered and fabricated building systems to conventional steel for building structure. TMSC Properties, an affiliate of TMS Contractors, is primarily engaged in leasing real estate properties. TMS Contractors and TMSC Properties sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case Nos. 19-33555 and 19-33556) on June 27, 2019. At the time of the filing, TMS Contractors disclosed $6,031,517 in assets and $2,958,214 in liabilities. TMSC Properties disclosed $5,559,541 in assets and $1,783,866 in liabilities. The case has been assigned to Judge David R. Jones. Attorney Donald Wyatt, PC is the Debtor's bankruptcy counsel. TULARE LOCAL: Hospital District's Chapter 9 Plan Approved --------------------------------------------------------- The Tulare Local Health Care District, owner of the Tulare Regional Medical Center, won approval from the United States Bankruptcy Court in Fresno, California, of its plan of adjustment under Chapter 9 of the Bankruptcy Code on Aug. 16, 2019, the Visalia Times Delta reported. "We very much appreciate the support we have received from the community," said Board President Kevin Northcraft. "This has been a long and difficult road for us. But with this court approval, we are confident that the district will now be able to continue to provide healthcare services to our community." Day-to-day operations and finances of the District were previously under the control of Healthcare Conglomerate Associates, LLC (May 2014 to Nov. 22, 2017). But there were serious, major disputes between the Debtor and HCCA. In September 2018, the District announced a deal for Adventist Health to manage the hospital facility. Founded on Seventh-day Adventist heritage and values, Adventist Health is a faith-based, nonprofit integrated health system serving more than 80 communities on the West Coast and Hawaii. Adventist Health agreed to an annual $2.335 million lease of the hospital and other buildings on the campus at 869 N. Cherry St. in Tulare, California. In addition, Adventist Health has agreed to release the collateral securing its $10 million loan, enabling the District to use those assets to secure other favorable loans it will need to continue resolving issues related to the poor decisions of the prior board and management. The Chapter 9 Plan provides for the distribution of a stream of payments totaling $5 million ("plan fund") to general unsecured creditors over 5 years beginning in year 6 of the Plan. General unsecured claimants owed $16.5 million to $26 million are expected to have a 19.2% to 30.3% recovery. A copy of the disclosure statement explaining the terms of the Plan is available at https://is.gd/IOeNmM About Tulare Local Health Care District The Tulare Local Health Care District owns a 112-bed general acute hospital facility known as the Tulare Regional Medical Center in Tulare, California. The facility includes a fitness center known as Evolutions and an incomplete, unoccupied tower. The District also owns several nearby buildings that are or will be rented to lessees and three vacant lots. On Sept. 30, 2017, Tulare Local Health Care District filed a petition to commence proceedings as a debtor under Chapter 9 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 17-13797). The Nov. 1, 2017 notice to bondholders indicated that the district has announced a temporary suspension of its business as part of ongoing efforts by the District to separate from its existing management services provider. Walter Wilhelm Law Group is general insolvency counsel to the Debtor. Counsel can be reached at: Riley C. Walter, Esq. Michael L. Wilhelm, Esq. Kathleen D. DeVaney, Esq. WALTER WILHELM LAW GROUP 205 East River Park Circle, Suite 410 Fresno, CA 93720 Tel: (559) 435-9800 Fax: (559) 435-9868 E-mail: riley@w2lg.com WEST VIRGINIA RESORTS: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------------- No official committee of unsecured creditors has been appointed in the Chapter 11 case of West Virginia Resorts, LLC as of Aug. 21, according to a court docket. About West Virginia Resorts West Virginia Resorts LLC, a privately held company in Charleston, W. Va., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. W. Va. Case No. 19-00587) on July 18, 2019. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. The case has been assigned to Judge Patrick M. Flatley. The Debtor is represented by Caldwell & Riffee. WESTINGHOUSE ELECTRIC: AZZ Suit vs SNOC, et al., Moved to Georgia ----------------------------------------------------------------- District Judge Vernon S. Broderick granted the Defendant's motion to withdraw the reference and transfer the adversary proceeding captioned AZZ, INC. and THE CALVERT COMPANY, INC., Plaintiffs, v. SOUTHERN NUCLEAR OPERATING COMPANY, INC., GEORGIA POWER COMPANY, OGLETHORPE POWER CORPORATION, MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA, THE CITY OF DALTON, GEORGIA, and WECTEC GLOBAL PROJECT SERVICES, INC. n/k/a STONE & WEBSTER, INC., Defendants, District Court No. 18-CV-3942 (VSB) (S.D.N.Y.) to the Southern District of Georgia. Plaintiffs AZZ, Inc. and The Calvert Company, Inc. filed the adversary proceeding in the United States Bankruptcy Court for the Southern District of New York against Defendants Southern Nuclear Operating Company, Inc.; Georgia Power Company, for itself and as agent for Oglethorpe Power Corporation, Municipal Electric Authority of Georgia, and the City of Dalton, Georgia; and WECTEC Global Project Services, Inc. n/k/a Stone & Webster, Inc. Plaintiffs' Complaint alleges, in pertinent part, that Defendants failed to pay Plaintiffs for certain services performed by Plaintiffs at the Alvin W. Vogtle Electric Generating Plant in Waynesboro, Georgia. The Defendants' filed motions to withdraw the bankruptcy reference for certain claims and counterclaims in the adversary proceeding, and to transfer those claims to the United States District Court for the Southern District of Georgia. Because the claims and counterclaims for which Defendants seek to withdraw the reference are not core bankruptcy claims--or, to the extent they could be viewed as core claims, will not affect WECTEC's bankruptcy--Defendants' unopposed motion to withdraw the reference is granted. With regard to the motion to transfer, because the Court finds that Georgia is a more appropriate venue than New York in which to adjudicate the withdrawn claims, Defendants' motion to transfer the action to the Southern District of Georgia is also granted. A copy of the Court's Opinion and Order dated March 25, 2019 is available at https://bit.ly/2L0dTM9 from Leagle.com. AZZ, Inc., a Mississippi corporation & The Calvert Company, Inc., a Mississippi corporation, Plaintiffs, represented by Scott Michael Kessler, Akerman LLP & Susan Florence Balaschak, Akerman LLP. Southern Nuclear Operating Company, Inc., Georgia Power Company, Oglethorpe Power Corporation, Municipal Electric Authority of Georgia & the City of Dalton, Georgia, Defendants, represented by Anna Kordas, Duane Morris, LLP, Brooke Walker Gram, Balch & Bingham, LLP & T. Joshua Archer, Balch & Bingham, LLP. Wectel Global Project Services, Inc., now known as Stone & Webster, Inc., Defendant, represented by John Thaddeus Dorsey, Young Conaway Stargatt & Taylor LLP. About Westinghouse Electric Westinghouse Electric Company LLC -- http://www.westinghousenuclear.com/-- is a U.S.-based nuclear power company founded in 1999 that provides design work and start-up help for new nuclear power plants and makes many of the components. Westinghouse manufactures and supplies the commercial fuel products needed to run the plants, and it offers training, engineering, maintenance, and quality management services. Almost 50% of nuclear power plants around the world and about 60% of U.S. plants are based on Westinghouse's technology. Westinghouse's world headquarters are located in the Pittsburgh suburb of Cranberry Township, Pennsylvania. On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion to a group comprising of Toshiba (77% share), partners The Shaw Group (20% share), and Ishikawajima-Harima Heavy Industries Co. Ltd. (3% share). After purchasing part of Shaw's stake in 2013, Japan-based conglomerate Toshiba obtained ownership of 87% of Westinghouse. Amid cost overruns at U.S. nuclear reactors it was building, Westinghouse Electric Company LLC, along with 29 affiliates, filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-10751) on March 29, 2017. The petitions were signed by AlixPartners' Lisa J. Donahue, the Debtors' chief transition and development officer. The Debtors disclosed total assets of $4.32 billion and total liabilities of $9.39 billion as of Feb. 28, 2017. The Hon. Michael E. Wiles presides over the cases. Weil, Gotshal & Manges LLP serves as counsel to the Debtors. The Debtors hired AlixPartners LLP as financial advisor; PJT Partners Inc. as investment banker; Kurtzman Carson Consultants LLC as claims and noticing agent; K&L Gates as special counsel; and KPMG LLP as tax consultant and accounting and financial reporting advisor. The Debtors retained PricewaterhouseCoopers LLP as independent auditor and tax services provider to perform audit services in connection with Toshiba Nuclear Energy Holdings (US) Inc. and Toshiba Nuclear Energy Holdings (UK) Ltd. Toshiba Nuclear Energy Holdings (UK) Ltd. is represented by Albert Togut, Esq., Brian F. Moore, Esq., and Kyle J. Ortiz, Esq., at Togut, Segal & Segal LLP. The Board of Directors of Westinghouse appointed a special panel called the U.S. AP1000 Committee to oversee the company's activities related to certain AP1000 nuclear plants located in Georgia and South Carolina. On April 7, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. Proskauer Rose LLP is the committee's bankruptcy counsel, and Houlihan Lokey Capital, Inc., serves as its investment banker. WILLOW WINDS: S&P Cuts Bond Rating to B on Sharp Coverage Decline ----------------------------------------------------------------- S&P Global Ratings lowered its long-term rating to 'B' from 'A-' on Harris County Cultural Education Facilities Finance Corp., Texas' series 2013A and 2013B senior living housing revenue bonds (The Terrace at Spring Shadows Place apartments project), issued for Willow Winds Inc. At the same time, S&P Global Ratings placed the ratings on CreditWatch with negative implications. "The downgrade and CreditWatch action follow a material deterioration in the project's financial performance in fiscal 2018, as reported in the in April 2019 audit, which caused a sharp decline in maximum annual debt service coverage below 1x," said S&P Global Ratings credit analyst Daniel Pulter. Together, with loss coverage that has weakened to levels S&P considers highly vulnerable, the rating is capped at 'B+' under the rating agency's criteria. Furthermore, while the project has utilized cash advances by the owner to help cover operating expenses in recent years, occupancy challenges have continued to strain project cash flow and liquidity. Lastly, S&P has revised its assessment of strategy and management based on the owner's track record, strategic planning process, and operational effectiveness, and characterize owner The Emmaus Calling Inc. (TEC) as adequate. [^] BOOK REVIEW: THE SUCCESSFUL PRACTICE OF LAW ----------------------------------------------- Author: John E. Tracy Publisher: Beard Books Soft cover: 470 pages List Price: $34.95 Order a copy today at https://is.gd/fSX7YQ Originally published in 1947, The Successful Practice of Law still ably serves as a point of reference for today's independent lawyer. Its contents are based on a series of non-credit lectures given at the University of Michigan Law School, where the author began teaching after 26 years of law practice. His wisdom and experience are manifest on every page, and will undoubtedly provide guidance for today's hard-pressed attorney. The Successful Practice of Law provides timeless fundamental guidelines for a successful practice. It is intended neither as a comprehensive reference work, nor as a digest of law. Rather, it is a down-to-earth guide designed to help lawyers solve everyday problems--a ready-to-tap source of tested proven methods of building and maintaining a sound practice. Mr. Tracy talks at length about developing a client base. He contends that a firemen's ball can prove just as useful as an exclusive party at the country club in making contacts with future clients. He suggests seeking work from established firms as a way to get started before seeking collections work out of desperation. In his chapter on keeping clients, Mr. Tracy gives valuable lessons in people skills: "(I)f a client tells you he cannot sleep nights because of worry about his case, you will ease his mind very much by saying, 'Now go home and sleep. I am the one to do the worrying from now on.'" Rather than point out to a client that his legal predicament is partly his fault, "concentrate on trying to work out a program that will overcome his mistakes." He cautions against speculating aloud to clients on what they could have done differently to avoid current legal problems, lest they change their stories and suddenly claim, falsely, that they indeed had done that very thing. He also advises against deciding too quickly that a client has no case: "After you have been in practice for a few years you will be surprised to find how many seemingly desperate cases can be won." Mr. Tracy advises studying as the best use of downtime. He quotes Mr. Chauncey M. Depew: "The valedictorian of the college, the brilliant victors of the moot courts who failed to fulfill the promise of their youth have neglected to continue to study and have lost the enthusiasm to which they owed their triumphs on mimic battle fields." Mr. Tracy advises against playing golf with one's client every time he asks: "My advice would be to accept his invitation the first time, but not the second, possibly the third time but not the fourth." Other topics discussed by Mr. Tracy, with the same practical, sound advice, include fixing fees, drafting legal instruments, examining an abstract of title, keeping an office running smoothly, preparing a case for trial, and trying a jury case. But some of best counsel he offers is the following: You cannot afford to overlook the fact that you are in the practice of law for your lifetime; you owe a duty to your client to look after his interests as if they were your own and your professional future depends on your rendering honest, substantial services to your clients. Every sound lawyer will tell you that straightforward conduct is, in the end, the best policy. That kind of advice never ages. John E. Tracy was Professor Emeritus and Member of University of Michigan Law School Faculty from 1930 to 1969. Professor Tracy practiced law for more than a quarter century in Michigan, New York City, and Chicago before joining the Law School faculty in 1930. He retired in 1950. He was born in 1880. He died in December 1969. ********* 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 ***