/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/190916.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, September 16, 2019, Vol. 23, No. 258 Headlines ADVANCE SPECIALTY: PCO Files 6th Interim Report ALMANOR LAKEFRONT: Seeks to Pay Creditor Protection from Park Rent ALTA MESA: Goes Bankrupt A Year & Half After $3.8BB Stack Merger AMERICAN RENAL: S&P Cuts ICR to B- on Lower EBITDA, Outlook Stable APELLIS PHARMACEUTICALS: Prices Convertible Senior Notes Offering ARABIE TRUCKING: Proposed Henderson Auction of Assets Approved ARCHDIOCESE OF SANTA FE: Seeks Approval to Employ Perfectly Legal ARCHDIOCESE OF SANTA FE: Seeks Court Approval to Employ Plugajawea A’GACI LLC: Court Grants DIP Loan, Cash Use on a Final Basis B&G FOODS: S&P Lowers ICR to 'B+' on Weak Credit Metrics BEST VIDEO: Case Summary & 14 Unsecured Creditors BIRCHES AT SCHOHARIE: Case Summary & 20 Top Unsecured Creditors BODY RENEW: Taps Campbell Flannery as Legal Counsel CCS MEDICAL: Court Approves Cash Motion to Pay Utilities CLOUD I Q LLC: Needs Time to Ascertain Cleanup Account Receivable COMPREHENSIVE CANCER: Court Allows Oncology Center to Pay Utilities CORNERSTONE ONDEMAND: Egan-Jones Hikes Sr. Unsec. Ratings to CCC- COUNTRYSIDE PROPERTY: Delays Plan Until Assets Sale Completed DIAMOND OFFSHORE: Egan-Jones Lowers Senior Unsecured Ratings to B- DIOCESE OF ROCHESTER: Case Summary & 20 Top Unsecured Creditors DITECH HOLDING: Resolves Consumer Creditors' Objections to Plan EDWARD ZAWILLA: $385K Sale of Hanover Park Property Approved EMERALD GRANDE: $3.6M Sale of Elkview Hotel to KM Hotels Approved EMERALD GRANDE: $4M Sale of Summersville Hotel to Om Shiv Approved FERRIS 1006 PROPERTIES: Voluntary Chapter 11 Case Summary FFBC OPERATIONS: Brewery Has Interim Nod to Use Cash Collateral FOREVER 21: To Shutter 100 Stores as Part of Bankruptcy Filing GRANDPA’S PLACE: Store/Gas Station Seeks Cash Access GTC WORKS: Seeks to Hire James A. Chaston as Accountant HAMILTONS 549 LLC: Seeks to Hire International Properties as Broker HAPPY ENDINGS: Case Summary & 2 Unsecured Creditors HCC CATERERS: Case Summary & 20 Largest Unsecured Creditors HELIOS AND MATHESON: Exploring Sale, Other Options for MoviePass HENRY ANESTHESIA: Anesthesia Provider Seeks Cash Collateral Access HILL CONCRETE: Hires Hines Hampton Pelanda as Special Counsel HOLY TRINITY CHURCH: Orthodox Church Building Sold for $2.5M HOSPITAL ACQUISITION: PCO Files 1st Interim Report IDL DEVELOPMENT: Seeks to Extend Exclusive Filing Period to Oct. 25 IFRESH INC: Shareholders OK All Resolutions at Special Meeting IONIS PHARMACEUTICALS: Egan-Jones Hikes Sr. Unsec. Ratings to B+ JACK IN THE BOX: Egan-Jones Lowers Senior Unsecured Ratings to BB JAUREGUI TRUCKING: Court Ok's Cash Use Until Oct. 1 Final Hearing JM GRAIN: Seeks Changes to Cash Orders, Submits Budget JN MEDICAL: Lender Taps Morris Anderson to Sell Assets KAISER GYPSUM: Reaches Deal With Government to Settle Claims KLINE CONSTRUCTION: Committee Hires Flaster Greenberg as Counsel KLINE CONSTRUCTION: Committee Hires Gavin/Salmonese as Advisor LECLAIRRYAN PLLC: U.S. Trustee Seeks Chapter 7 Liquidation LEGACY RESERVES: Egan-Jones Lowers Senior Unsecured Ratings to D LODAN 23 LLC: Exclusivity Period Extended Until Nov. 6 LRB REALTY: Voluntary Chapter 11 Case Summary M3LIVE BAR: Seeks to Hire Grobstein Teeple as Accountant MAD DOGG ATHLETICS: Hires KeatsGatien as Special Litigation Counsel MALLINCKRODT PLC: S&P Lowers LT ICR to 'CCC', Outlook Negative MARIA TELLEZ: $950K Sale of Long Beach Property to Harris Approved MJJW PORTFOLIO: Case Summary & 2 Unsecured Creditors MORGAN STANLEY 2006-T21: Moody's Cuts Class C Debt Rating to Caa2 MOVIEPASS INC: Shuts Down Subscription Service MYLABDFW, LLC: Seeks Expedited Motion to Use Cash Collateral NJE CORP: Taps Advantage Law Group as Legal Counsel NXT ENERGY: Focuses on Contracts in the Middle East PES HOLDINGS: Expects $50MM Advanced Insurance Payment PG&E CORP: Reaches $11 Billion Settlement With Wildlife Insurers PGHC HOLDINGS: Exclusivity Period Extended Until Oct. 3 PHI, INC: New Directors, Chief Executive Named PIXIUS COMMUNICATIONS: Case Summary & 20 Top Unsecured Creditors PRINCE FASHIONS: Taps Rosen & Associates as Legal Counsel PROGISTIC CARRIERS: Hires Omar Ochoa as Special Litigation Counsel PROGRESSIVE SOLUTIONS: City of Oakland Objects to Plan Disclosures PURDUE PHARMA: NY Atty Gen. Says Sacklers Hid $1 Billion QUALITY REIMBURSEMENT: Case Summary & 20 Top Unsecured Creditors RAIT FUNDING: Sept. 17 Meeting Set to Form Creditors' Panel RIPE INC RESTAURANT: Case Summary & 20 Largest Unsecured Creditors RMBR LIQUIDATION: $2.35M Sale of Highland Heights Property Approved ROYAL ALICE: Seeks to Hire Congeni Law Firm as Counsel SAL FRESH FOOD: Case Summary & 5 Unsecured Creditors SANCHEZ ENERGY: Hires Alvarez & Marsal as Restructuring Advisor SANCHEZ ENERGY: Hires Moelis & Company as Investment Banker SANCHEZ ENERGY: Seeks to Hire Akin Gump as Legal Counsel SANCHEZ ENERGY: Special Committee Taps Ropes & Gray as Counsel SANCHEZ ENERGY: Taps Jackson Walker as Co-Counsel SANTA FE IMPORTS: Seeks Cash Access Thru Jan. 31, 2020 SCHOHARIE SENIOR: Voluntary Chapter 11 Case Summary SINDESMOS HELLINIKES: $1.65M Sale of Deerfield Property Approved SINDESMOS HELLINIKES: $2.5M Sale of Chicago Property Approved SOAS LLC: Hires Pacific Pharmacy Consultants as Listing Agent SOAS LLC: Seeks to Hire Bellevue Medical as Billing Servicer SPORTCO HOLDINGS: Miscellaneous Assets Sale Procedures Approved SUGARFINA INC: Sept. 17 Meeting Set to Form Creditors' Panel SUGARFINA INC: Taps BMC Group as Claims Agent TENDERLEAF VILLAGE: Exclusivity Period Extended to Oct. 28 TMSC PROPERTIES: Seeks Cash Collateral Access on Interim Basis TOTAL HEALTH: Seeks to Use Cash, Escrow Professional Fees TROP INC: Unsecured Creditors to Get $2.2MM Over 37 Months TROUSDALE US AUSSIE: Case Summary & 10 Unsecured Creditors UBIOME INC: Sept. 16 Meeting Set to Form Creditors' Panel UNIQUE TOOL: Committee Taps Wernette Heilman as Counsel UNISON ENVIRONMENTAL: Sept. 30 Hearing on Disclosure Statement UNITED AIRLINES: Egan-Jones Lowers Senior Unsecured Ratings to BB VARTEK LLC: Refused Factoring, Will Collect Receivables to Operate VERITY HEALTH: Court Ok’s Use of Escrow Cash to Pay-off DIP Loan WALDEN PALMS: Wants to Move Exclusivity Period Through Nov. 19 WALNUT STREET: Case Summary & 9 Unsecured Creditors YCO FOSTER CARE: Stipulates with IRS to Use Cash, Pay Tax Debt ZUBRAS ELECTRIC: Hires Augment Advisory as Financial Advisor ZVG @ PALISADES: Voluntary Chapter 11 Case Summary [^] BOND PRICING: For the Week from September 9 to 13, 2019 ********* ADVANCE SPECIALTY: PCO Files 6th Interim Report ----------------------------------------------- Tamar Terzian, Patient Care Ombudsman, for Advance Specialty Care filed a a Sixth Interim Report for the period June 2019 to July 2019. As per compliance with the Notice of Appointment, a one-page Notice was posted at the Debtors place of business with contact information for the Ombudsman allowing for concerns and/or issues to be discussed. The PCO has provided her contact information to the family based on each site visit. The Debtor provides home health care for primarily pediatric patients. The patients are referred primarily from private pediatric doctors or Children's Hospital. The offices are located in mid-Wilshire Los Angeles, The Debtor has approximately 150 nurses with four registered nurses that are case managers who will visit on a monthly basis to check the patient's vital signs, and update medications. Each patient's medical records and information is well maintained and accessible for staff. The notes taken by each RN are sent to the Debtor's office via mail or personal delivery and maintained in the Debtor's primary office in Los Angeles. The PCO observations are the following: 1. Each Registered Nurses RN visits about 14 patients per month. The family provides a plan of care stated by the doctors depending on the situation. 2. The patients visited needed all day home care. Some patients need all day homecare meaning there is an LVN between 8:00 a.m. and 5:00 p.m. 3. Patients are primarily pediatric with severe conditions that require 24/7 monitored care. 4. Each patient file was complete with patients information and covered the plan of care, patients vitals, neurological records, respiratory care, ventilator/BIPAP, complaints of pain, cardiovascular checks, any head devises, mobility of patient, integumentary, physicians notification, intravenous if patients has an IV line, Gastrointestinal, Genito-Urinary, Discharge Planning, Intake into patients body and output. 5. Each patient chart has the LVNs daily notes that are sent to and maintained at the Debtor's main office. 6. The Registered Nurses are fully trained by the Debtor to assure the patients are safe and have the proper medication or medical equipment based on each patient's needs. The LVNs are trained for emergency issues and assist the families. There are 10 patients under the care of LVNs on a regular basis. Through the efforts of the LVNs patients remain stable and improve in their condition with the daily therapy received. The Department of Health and Human Services completed a survey on May 7, 2018. Therefore, the Debtor was in compliance with the federal and state regulations and no deficiencies were noted, and no complaints from any patient or with respect to the caregivers. The procedures and protocols of the registered nurses and LVNs are properly implemented. But still the PCO will continue to monitor and is available to respond to any concerns or questions of the Court or interested party. A full-text copy of the PCO's 6th Interim Report is available at https://is.gd/iafhxz from PacerMonitor.com at no charge. About Advance Specialty Care Based in Los Angeles, California, Advance Specialty Care, LLC, is a home-health care provider offering nursing, physical therapy, occupational therapy, speech pathology, medical social, and home health aide services. The company previously sought bankruptcy protection on March 19, 2016, (Bankr. C.D. Calif. Case No. 16-13521) and Oct. 24, 2017 (Bankr. C.D. Calif. Case No. 17-23070). Advance Specialty Care, LLC, a/k/a ASC, LLC filed a Chapter 11 petition (Bankr. C.D. Calif. Case No. 17-24737) on Nov. 30, 2017. The petition was signed by Moises L. Simbulan, chief financial officer. At the time of filing, the Debtor estimated $500,000 to $1 million in assets and $10 million to $50 million in liabilities. The case is assigned to Judge Robert N. Kwan. ALMANOR LAKEFRONT: Seeks to Pay Creditor Protection from Park Rent ------------------------------------------------------------------ Almanor Lakefront L.L.C., seeks permission from the U.S. Bankruptcy Court for the Northern District of California to use the cash collateral of Plumas Bank until November 4, 2019, pending final hearing. The Debtor intends to pay, out of the cash collateral, ordinary business expenses pursuant to a budget. The budget, for the week ending Sept. 2, 2019, provides for $9,529 in total expenses, $4,945 of which is for fees to Debtor’s professionals, and $3,594 for adequate protection, in periodic payments to Plumas Bank. Before the Petition Date, the Debtor obtained from Plumas Bank financing by issuing a note. The note is secured by an assignment to Plumas Bank of rent on the Property on which stands the Debtor's recreational park business. The Debtor plans to seek Court approval of a stipulation in regard to cash collateral with Plumas Bank before Nov. 4, 2019. About Almanor Lakefront Almanor Lakefront L.L.C. operates a recreational park, which stands on a 1.45-acre leased real property in County of Plumas, California. It, in turn, sublets divisions of the property to 19 subtenants. Almanor Lakefront sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 19-51578) on Aug. 5, 2019. At the time of the filing, the Debtor estimated assets of less than $500,000 and liabilities of less than $1 million. Macdonald Fernandez LLP is the Debtor's legal counsel. ALTA MESA: Goes Bankrupt A Year & Half After $3.8BB Stack Merger ---------------------------------------------------------------- In February 2018, Jim Hackett's Silver Run Acquisition Corp. II (NASDAQ: SRUNU), Kingfisher Midstream LLC and Alta Mesa Holdings LP, led by CEO Hal Chappelle, announced that they have closed a deal to combine Silver Run's financing, Alta Mesa's 130,000-acre Stack position, and tailor-made midstream company Kingfisher into a single, public pure-play Stack company called Alta Mesa Resources Inc. The deal includes cash and stock from Silver Run and funding from private-equity firms. Silver Run consummated an initial public offering in March 2017, generating net proceeds of $1.035 billion, most of which were contributed to the deal. Private-equity firm Riverstone Holdings LLC also agreed to contribute up to $600 million. At $10 per share, Alta Mesa Resources was expected to have a market capitalization of about $3.8 billion. Following the closing, Riverstone Holdings LLC and Alta Mesa management collectively owned a significant portion of Alta Mesa Resources, representing 33% of Alta Mesa Resources' market capitalization. In addition, the equity holders of Kingfisher collectively owned 14% of Alta Mesa Resources' market capitalization. Alta Mesa and Kingfisher entered the combination with no debt and a restated senior secured revolving credit facility of $1 billion credit facility. Just one and a half year following the business combination, Alta Mesa Resources, Inc. (NASDAQ: AMR), along with Alta Mesa Holdings, LP, Alta Mesa Holdings GP, LLC, OEM GP, LLC, Alta Mesa Finance Services Corp., Alta Mesa Services, LP and Oklahoma Energy Acquisitions, LLC, announced that they have sought Chapter 11 protection. The Companies' midstream platform, Kingfisher Midstream, LLC and its subsidiaries, are not debtors and not part of the Chapter 11 reorganization process. Since the business combination, and particularly in recent months, the Debtors have faced a number of challenges, including depressed oil prices (which adversely impact the Company's revenue and profitability), an overlevered balance sheet, and liquidity constraints. John C. Regan, the CFO, explains that the Debtors' liquidity became particularly constrained following an optional borrowing base redetermination under the AMH RBL in August 2019, whereby the lenders reduced the borrowing base, resulting in an approximately $162 million deficiency (i.e., actual borrowings exceeded the redetermined borrowing base by approximately $162 million). The AMH Debtors, which currently have $40 million in cash on hand (on a book basis), were required to pay down the excess borrowings over five consecutive monthly installments. The first deficiency payment of $32.5 million was due September 12, 2019. Following the August 2019 redetermination, the Debtors faced an imminent liquidity shortfall and no actionable path to meaningfully extend their runway without jeopardizing the value of their assets. Likewise, the Debtors had limited means to achieve a consensual deleveraging transaction absent the protections afforded by the Bankruptcy Code. The Debtors commenced the Chapter 11 cases to prevent disruption to their operations and to provide an opportunity to pursue a value-maximizing sale of all or substantially all of the Debtors' assets while also continuing to pursue a comprehensive restructuring alongside certain of their non-debtor affiliates. The Debtors' Business The Company is an independent energy company focused on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the eastern portion of the Anadarko Basin in Oklahoma. The Company has two primary business segments: (1) An upstream oil and gas exploration and production business operated by Debtor Alta Mesa Holdings, LP ("AMH") and its subsidiaries. The Company's upstream business activities are primarily focused on horizontal development of oil and gas properties in an area of the Anadarko Basin commonly referred to as the Sooner Trend Anadarko Basin Canadian and Kingfisher County ("STACK"). (2) A midstream oil and gas services business operated by non-Debtor Kingfisher Midstream, LLC. KFM, which operates the midstream business, has natural gas gathering and processing, crude oil gathering and storage, and produced water gathering and disposal assets located in the Anadarko Basin that generate revenue primarily through long-term, fee based contracts (including certain gathering agreements with Debtor Oklahoma Energy Acquisitions, LP). Each of the Debtors and non-Debtors and its primary business purpose are: 1. Alta Mesa Resources, Inc. (Debtor): Corporate parent 2. SRII Opco GP, LLC (Non-debtor): General partner of SRII Opco 3. SRII Opco, LP (Non-debtor): Owner of midstream and upstream operating units 4. Alta Mesa Holdings GP, LLC (Debtor): General partner of AMH 5. Alta Mesa Holdings, LP (Debtor): Owner of subsidiaries that conduct the AMH Debtors' upstream drilling and extraction activities; borrower under AMH RBL and co-issuer of Unsecured Notes 6. OEM GP, LLC (Debtor): General partner of Alta Mesa Services and Oklahoma Energy 7. Alta Mesa Services, LP (Debtor): Provides AMH with general and administrative services and employs all employees of the Company (including employees who provide services to KFM pursuant to the MSA) 8. Oklahoma Energy Acquisitions, LP (Debtor): Conducts upstream activities and has a Joint Development Agreement with non-Debtor BCE-STACK Development LLC 9. Alta Mesa Finance Services Corp (Debtor): Finance corporation and co-issuer of Unsecured Notes 10. Kingfisher Midstream, LLC (Non-debtor): Conducts midstream business and borrower under KFM RCF 11. Kingfisher STACK Oil Pipeline, LLC (Non-debtor): Owner of 50% interest in Cimarron Express Pipeline, LLC 12. Oklahoma Produced Water Solutions, LLC (Non-debtor): Conducts water gathering and disposal business 13. Cimarron Express Pipeline, LLC (Non-debtor): Joint venture in crude oil pipeline $1.08 Billion of Funded Debt As of the Petition Date, AMR and its subsidiaries have approximately $1.08 billion in funded debt outstanding, of which approximately $846 million is attributable to the Debtors. The AMH Debtors' material long term debt obligations consist of a secured reserve based credit facility with an outstanding principal amount of approximately $346 million (the "AMH RBL") and a series of senior unsecured notes with an outstanding principal amount of approximately $500 million. Wells Fargo is the administrative agent under the AMH RBL. The AMH Debtors also have approximately $500 million in outstanding principal amount of 7.875% senior unsecured notes issued by AMH and Alta Mesa under an indenture, dated as of Dec. 8, 2016, with U.S. Bank, N.A., as Trustee Non-debtor affiliate KFM's material long term debt obligations consist of a secured revolving credit facility (the "KFM RCF"), which has approximately $224 million outstanding. Wells Fargo is the administrative agent under the KFM RCF. Delisting, SEC Probe, Lawsuits Debtor AMR issued 40 million shares of Class A Common Stock and warrants to purchase 13,333,333 shares of Class A shares in connection with the 2017 initial public offering. AMR's Class A Common Stock is traded and quoted on the NASDAQ Capital Market, which is operated by NASDAQ Stock Market LLC ("NASDAQ"), under the symbol AMR. Debtor AMR also has issued shares of Series A Preferred Stock, Series B Preferred Stock, and Class C Common Stock. On April 3, 2019, NASDAQ notified AMR that it is not in compliance with the minimum bid price requirement set forth in the NASDAQ Listing Rules, which requires listed securities to maintain a minimum bid price of $1.00 per share and that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of thirty consecutive business days. To regain compliance, AMR's Class A Common Stock must have a closing bid price of at least $1.00 for a minimum of ten consecutive business days. AMR has until Sept. 30, 2019, to regain compliance. If AMR has not regained compliance by that date, then it may face delisting. The Securities and Exchange Commission is conducting a formal investigation into, among other things, the Company's reserve estimates and asset impairments. The Debtors are cooperating with the investigation. If the SEC determines that violations of federal securities laws have occurred, the agency has a broad range of civil penalties and other remedies available, some of which, if imposed, could be material to the Company’s business, financial condition, or results of operations. Shortly before the Petition Date, the Debtors informed the SEC of their impending chapter 11 filing. AMR, certain of its current and former officers and Directors, Riverstone Investment Group LLC, and Riverstone Holdings LLC were named as defendants in a putative securities class action filed in the United States District Court for the Southern District of New York and/or putative securities class actions in the United States District Court for the Southern District of Texas. The plaintiffs in the Actions generally allege that the defendants disseminated proxy materials containing materially false or misleading statements in connection with the Business Combination and following the Business Combination, and therefore violated securities laws. The plaintiffs are seeking compensatory and/or rescissory damages against the defendants. The SDNY Action was transferred to the U.S. District Court for the Southern District of Texas, and, in the Texas Actions, plaintiffs have filed motions to consolidate and for appointment as lead plaintiff. While AMR believes that the claims asserted in the Actions are meritless, the outcome of the Actions is uncertain at this time. About Alta Mesa Resources Alta Mesa Resources, Inc., is an independent energy company focused on the development and acquisition of unconventional oil and natural gas reserves in the Anadarko Basin in Oklahoma, and through Kingfisher Midstream, LLC, provides best-in-class midstream energy services, including crude oil and gas gathering, processing and marketing and produced water disposal to producers in the STACK play. Alta Mesa reported $1.4 billion in assets and $864 million in liabilities as of Dec. 31, 2018. Alta Mesa Resources, Inc., and six affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 19-35133) on Sept. 11, 2019. The Hon. Marvin Isgur is the case judge. The Debtors tapped Porter Hedges LLP and LATHAM & WATKINS LLP as attorneys; and PERELLA WEINBERG PARTNERS LP and its affiliate TUDOR PICKERING HOLT & CO ADVISORS LP as investment bankers. PRIME CLERK LLC is the claims agent. AMERICAN RENAL: S&P Cuts ICR to B- on Lower EBITDA, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings lowered the issuer credit rating on American Renal Associates Holdings Inc. to 'B-' from 'B', reflecting its view of a weaker EBITDA and cash flow profile. The outlook is stable. S&P also lowered the issue-level rating on the senior credit facility to 'B-' from 'B'. The '3' recovery rating is unchanged, indicating S&P's expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The key driver for the downgrade is S&P's expectation that American Renal will have a weaker EBITDA and cash flows, given a greater expected portion of in-network claims, which while more predictable than out-of-network business, in-network claims typically generate lower revenue and margin. S&P now expects a free cash flow deficit for 2019 after distribution to NCI but before growth capex, primarily driven by lower EBITDA, higher professional fees, and higher interest expense. The rating agency sees 2020 as a year of transition for American Renal, which continues to cut general and administrative costs and reduce maintenance and growth capex. The stable outlook reflects the company's ample liquidity, healthy underlying demand for dialysis treatments, and S&P's expectation for positive cash flow after distribution to NCI but before growth capex. "We would consider a lower rating if adjusted EBITDA less NCIs cannot increase in 2020 and beyond, worsening leverage and sustaining negative free cash flow after distribution to NCIs but before growth capex. This may lead us to view the capital structure as unsustainable," S&P said. One path to this scenario could be further deterioration in payor mix (e.g., another material increase in in-network commercial mix) in 2020, according to the rating agency. "We could consider a higher rating if American Renal sustainably generates over $20 million free cash flow after distribution to NCI but before growth capex. Because the company will significantly reduce capex in 2020, we think 2021 or 2022 would be a realistic time to consider a higher rating when we can observe the cash flow profile on a more normalized basis," S&P said. APELLIS PHARMACEUTICALS: Prices Convertible Senior Notes Offering ----------------------------------------------------------------- Apellis Pharmaceuticals, Inc., announced the pricing of its offering of $220.0 million aggregate principal amount of 3.500% convertible senior notes due 2026. The notes will be sold in a private offering to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended. Apellis also granted to the initial purchasers of the notes a 13-day option to purchase up to an additional $33.0 million aggregate principal amount of the notes, solely to cover over-allotments, if any. The offering is expected to close on Sept. 16, 2019, subject to satisfaction of customary closing conditions. The notes will be unsecured, senior obligations of Apellis, and will bear interest at a rate of 3.500% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2020. The notes will mature on Sept. 15, 2026, unless earlier repurchased, redeemed or converted in accordance with their terms. Subject to certain conditions, on or after Sept. 20, 2023, Apellis may redeem for cash all or a portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if the last reported sale price of Apellis common stock has been at least 130% of the conversion price then in effect for a specified period of time ending on the trading day immediately before the date the notice of redemption is sent. Holders of notes may require Apellis to repurchase their notes upon the occurrence of certain events that constitute a fundamental change under the indenture governing the notes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the date of repurchase. In connection with certain corporate events or if Apellis calls any note for redemption, it will, under certain circumstances, be required to increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or notice of redemption. The notes will be convertible into cash, shares of Apellis common stock, or a combination of cash and shares of Apellis common stock, at Apellis' election. Prior to March 15, 2026, the notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the second scheduled trading day immediately preceding the maturity date. The conversion rate for the notes will initially be 25.3405 shares of Apellis common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $39.46 per share. This represents a premium of approximately 25.0% over the last reported sale price of $31.57 per share of Apellis common stock on The Nasdaq Global Select Market on Sept. 11, 2019. The conversion rate will be subject to adjustment upon the occurrence of certain events. Apellis estimates that the net proceeds from the sale of the notes will be approximately $212.9 million (or approximately $244.9 million if the initial purchasers exercise in full their option to purchase additional notes), after deducting the initial purchasers' discounts and commissions and estimated offering expenses payable by Apellis. Apellis intends to use approximately $28.4 million of the net proceeds from the offering of the notes to pay the cost of the capped call transactions. If the initial purchasers exercise their option to purchase additional notes, Apellis intends to use a portion of the net proceeds from the sale of the additional notes to pay the cost of additional capped call transactions. Apellis intends to use the remainder of the net proceeds from the sale of the notes to fund clinical development of APL-2, including preparation of a New Drug Application submission, to support the potential commercialization of APL-2, including the build-out of a commercial infrastructure and sales force, conduct research activities, repay in full the amount owed under a promissory note and for working capital and other general corporate purposes. In connection with the pricing of the notes, Apellis has entered into capped call transactions with certain of the initial purchasers of the notes and/or their respective affiliates and other financial institutions. The capped call transactions are expected generally to reduce the potential dilutive effect on Apellis common stock upon any conversion of notes and/or offset any cash payments Apellis is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. The cap price of the capped call transaction is initially $63.14 per share of Apellis common stock, representing a premium of 100% above the last reported sale price of $31.57 per share of Apellis common stock on The Nasdaq Global Select Market on Sept. 11, 2019, and is subject to certain adjustments under the terms of the capped call transactions. If the initial purchasers exercise their option to purchase additional notes, Apellis expects to enter into additional capped call transactions with the option counterparties. In connection with establishing their initial hedge of the capped call transactions, the option counterparties have advised Apellis that they and/or their respective affiliates expect to purchase shares of Apellis common stock and/or enter into various derivative transactions with respect to Apellis common stock concurrently with or shortly after the pricing of the notes, and, if applicable, the exercise by the initial purchasers of their option to purchase additional notes. This activity could increase (or reduce the size of any decrease in) the market price of Apellis common stock or the notes at that time. In addition, the option counterparties have advised Apellis that they and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Apellis common stock and/or purchasing or selling Apellis common stock or other securities of Apellis in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during any observation period related to a conversion of notes or following any purchase of notes by Apellis upon any fundamental change purchase date or otherwise). This activity could also cause or avoid an increase or a decrease in the market price of Apellis common stock or the notes, which could affect noteholders' ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of such notes. The notes are being offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and the shares of common stock issuable upon conversion of the notes, if any, have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction, and the notes and any such shares may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. The offering of the notes is being made only by means of a private offering memorandum. About Apellis Headquartered in Crestwood, Kentucky, Apellis Pharmaceuticals, Inc., is a clinical-stage biopharmaceutical company focused on the development of novel therapeutic compounds for the treatment of a broad range of life-threatening or debilitating autoimmune diseases based upon complement immunotherapy through the inhibition of the complement system at the level of C3. Apellis is the first company to advance chronic therapy with a C3 inhibitor into clinical trials. Apellis incurred net losses of $127.5 million in 2018, $51 million in 2017, and $27.12 million in 2016. As of June 30, 2019, the Company had $316.70 million in total assets, $157.6 million in total liabilities, and $159.08 million in total stockholders' equity. The report of Ernst & Young, LLP, on the Company's financial statements as of and for the fiscal year ended Dec. 31, 2018, includes an explanatory paragraph stating that the Company has recurring losses from operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. ARABIE TRUCKING: Proposed Henderson Auction of Assets Approved -------------------------------------------------------------- Judge Jerry A. Brown of the U.S. Bankruptcy Court for the Eastern District of Louisiana authorized the on-site auction by Arabie Trucking Services, LLC, Sugarland Express, LLC and TAK Enterprises, LLC of their items of property described in the Auction Agreement. The auction will be conducted by Henderson Auctions. The Debtors are authorized to sell at auction free and clear of liens and claims these Subject Assets for an amount not less than the reserve amounts set forth: a. Arabie Trucking Assets - 1992 RSTB Alum. 35' Dump Trailer VIN # 1R9D34204NOOI1874 (Lienholder is Swanson Construction) b. Sugarland Express Assets - (i) Truck # 140 - 2013 MACK 1M1AX07Y6DM017119 (Bank of Commerce Lienholder Reserve - $32,667); and (ii) Truck # 154 - 2014 MACK 1M1AX07Y6EM019390 (Bank of Commerce Lienholder - $39,333) c. TAK Assets - (i) 2013 John Deere 544K Frontend Loader - 4588 Hours VIN: 1DW544KZHCE649771 (PUEFC Lienholder Reserve $55,000); (ii) Truck # 137 - 2013 MACK 1M1AN07Y2DM013929 (Onshore Materials Lienholder); (iii) Truck # 136 - 2013 MACK 1M1AN07Y0DM013928 (Onshore Materials Lienholder); and (iv) Truck # 145 - 2014 MACK 1M1AN07Y3EM016243 (PUEFC Lienholder Reserve $36,500) PUEFC and BOC are authorized to credit bid at the auction. At the conclusion of the Auction, and to the extent that any of the Subject Assets subject to the first priority liens and security interests of PUEFC and/or BOC are sold, Henderson Auctions will directly remit to either PUEFC or BOC, as applicable, the net proceeds generated from the sale of relevant Subject Assets subject to such entity's lien. No certificate of title to the sold relevant Subject Assets will be delivered to Henderson Auctions until receipt and clearing of the net proceeds of the sale of the relevant Subject Assets by either PUECF or BOC, as applicable. The net proceeds from the sales of the equipment not subject to the first priority liens and security interests of PUEFC or BOC will be paid to the Debtors. The funds paid to the Debtors will be placed in a segregated account and the lien of the creditors will transfer to the proceeds of the sale in the same rank and amount as existed as of the filing of the case. The Debtors are authorized to enter into contracts with Henderson Auctions to sell the Subject Assets for an amount not less than the applicable Reserve Amounts free and clear of liens and claims on the property set forth in the Order. The Movant will serve the Order on the required parties who will not receive notice through the ECF system pursuant to the FRBP and the LBR's and file a certificate of service to that effect within three days. Arabie Trucking Services, LLC sought Chapter 11 protection (Bankr. E.D. La. Case No. 19-11603) on June 13, 2019. The Debtor tapped Douglas S. Draper, Esq., at Heller, Draper, Patrick, Horn & Manthey, LLC, as counsel. ARCHDIOCESE OF SANTA FE: Seeks Approval to Employ Perfectly Legal ----------------------------------------------------------------- The Roman Catholic Church of the Archdiocese of Santa Fe seeks authority from the U.S. Bankruptcy Court for the District of New Mexico to hire Perfectly Legal, Inc. The firm will provide document redaction services in matters involving the Debtor. Specifically, the firm will identify privileged and confidential information from those documents provided to it by the Debtor's bankruptcy counsel. The Debtor proposes to pay Perfectly Legal $55 per hour, plus applicable gross receipts tax and other costs. Perfectly Legal is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Cynthia Gilbert Perfectly Legal Inc. PO Box 92314 Albuquerque, NM 87199 Phone: 505 345-8211 Email: graphics@perfectlylegal.com About the Archdiocese of Santa Fe The Roman Catholic Church of the Archdiocese of Santa Fe -- https://www.archdiosf.org/ -- is an ecclesiastical territory or diocese of the southwestern region of the United States in the state of New Mexico. At present the Archdiocese of Santa Fe covers an area of 61,142 square miles. There are 93 parish seats and 226 active missions throughout this area. The Roman Catholic Church of the Archdiocese of Santa Fe sought Chapter 11 protection (Bankr. D. N.M. Case No. 18-13027) on Dec. 3, 2018, to deal with child abuse claims. The Archdiocese reported total assets of $49,184,579 and total liabilities of $3,700,000 as of the bankruptcy filing. The Hon. David T. Thuma is the case judge. The Archdiocese tapped Elsaesser Anderson, Chtd. and Walker & Associates, P.C., as bankruptcy counsel; Stelzner, Winter, Warburton, Flores, Sanchez & Dawes, P.A as special counsel; and King Industries Corporation as accountant. ARCHDIOCESE OF SANTA FE: Seeks Court Approval to Employ Plugajawea ------------------------------------------------------------------ The Roman Catholic Church of the Archdiocese of Santa Fe seeks authority from the U.S. Bankruptcy Court for the District of New Mexico to hire Plugajawea Productions, LLC. The Debtor is committed to moving forward with transparency in all matters, including sexual abuse claims. In order to make public certain documents related to the sexual abuse claims while still maintaining the desired confidentiality of the sexual abuse victims, the Debtor needs the services of Plugajawea to redact confidential information. Plugajawea will be paid $55 per hour, plus applicable gross receipts tax. The firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jesse Hall Plugajawea Productions LLC 3503 Berkeley Pl NE Albuquerque, NM, 87106-1349 Phone: (505) 515-1835 About the Archdiocese of Santa Fe The Roman Catholic Church of the Archdiocese of Santa Fe -- https://www.archdiosf.org/ -- is an ecclesiastical territory or diocese of the southwestern region of the United States in the state of New Mexico. At present the Archdiocese of Santa Fe covers an area of 61,142 square miles. There are 93 parish seats and 226 active missions throughout this area. The Roman Catholic Church of the Archdiocese of Santa Fe sought Chapter 11 protection (Bankr. D. N.M. Case No. 18-13027) on Dec. 3, 2018, to deal with child abuse claims. The Archdiocese reported total assets of $49,184,579 and total liabilities of $3,700,000 as of the bankruptcy filing. The Hon. David T. Thuma is the case judge. The Archdiocese tapped Elsaesser Anderson, Chtd. and Walker & Associates, P.C., as bankruptcy counsel; Stelzner, Winter, Warburton, Flores, Sanchez & Dawes, P.A as special counsel; and King Industries Corporation as accountant. A’GACI LLC: Court Grants DIP Loan, Cash Use on a Final Basis -------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Texas authorizes A'GACI, L.L.C., to obtain financing from the DIP lenders and Second Avenue Capital Partners, LLC, as administrative and collateral agent for the DIP lenders, on a final basis, pursuant to a DIP Credit Agreement. The Court also authorizes the Debtor to use cash collateral on a final basis, subject to the terms of the DIP Loan Documents and the DIP Orders. -- DIP Agent and DIP Lenders Final Funding Obligations The DIP Agent and the DIP Lenders will make advances under the DIP Facility, or will permit the Debtor to use Cash Collateral from the proceeds of inventory sale, to satisfy: * Store Payroll and Corporate and DC Payroll for the weeks ended Aug. 30, 2019 and Sept. 6, 2019 in the amount of $1,070,000; * Store Occupancy for $910,000; * Property Tax for $747,833.88; the amount will be funded into a segregated account to be established by the Debtor; and * Professional Fees for the week ended Aug. 30, 2019 for $160,000. The DIP Liens will be junior only to the "carve out", and the "prepetition permitted liens" and will not attach to the GUC Trust (general unsecured creditors trust) account. The DIP superpriority claim will be subordinate only to the DIP liens, the carve out and prepetition permitted liens, and will have priority over all administrative expenses. All prepetition obligations outstanding as of the date of entry of this Final Order will be converted and "rolled-up" into DIP Roll-Up Loans to constitute as DIP Obligations. -- Prepetition Loan Indemnity Account The Debtor will deposit $500,000 into an indemnity account for the benefit of the DIP Lenders, and the prepetition agent, on behalf of the prepetition secured creditors, upon the earliest of (i) entry of the Final DIP Order and full payment of the prepetition debt; (ii) full payment in cash of the DIP obligations, or (iii) the conclusion of the Remedies Notice Period. -- Unused Closing Fee The $200,000 Closing fee to the DIP Agent will be reduced by $180,000 and the unused amount allocated as follows: * $105,000 to be returned to the Debtor for the benefit of its estate, which funds will be used pursuant to the Approved Budget; and * $75,000 to be held into a separate account held by the Debtor for the benefit of general unsecured creditors (the GUC Trust), subject to the rights of the United States Trustee, the Debtor, the Committee, and all parties in interest whose claims are senior in priority to claims of general unsecured creditors. -- Cash Collateral and Related Liens The Debtor may use cash collateral until the "termination date". The Debtor may use Cash Collateral pursuant to the approved budget solely to meet payroll obligations, make remittances of trust fund taxes, and pay other expenses necessary to preserve the Debtor and its estate, as agreed by the DIP Agent in its sole discretion. The prepetition agent and the other prepetition secured creditors will receive adequate protection in the form of the adequate protection payments. -- Out of Pocket Expenses The Debtor will pay out-of-pocket expenses of the DIP Agent and the DIP Lenders, and out-of-pocket expenses of the prepetition agent, for relevant fees -- legal, accounting, collateral examination, monitoring and appraisal, and fees for financial advisory services, among others. -- Local Texas Tax Authorities Claim As adequate protection for the claims of the Local Texas Tax Authorities, the DIP Agent and the DIP Lenders will make advances under the DIP Facility, or will permit the Debtor to use Cash Collateral of at least $747,834 from the proceeds of the sale of inventory, to be deposited into a segregated account. The liens asserted by the Local Texas Tax Authorities will attach to the Local Texas Tax Account. The Local Texas Tax Account will be maintained solely to provide adequate protection for the Local Texas Tax Authorities prior to the distribution of any proceeds to any other creditor. A copy of the Final Order, and the Budget as contained therein, can be accessed free of charge at http://bankrupt.com/misc/AGACI_144_Cash_Ord.pdf About A'GACI, L.L.C. Headquartered in San Antonio, Texas, A'GACI is a fast-fashion retailer of women's apparel and accessories. A'GACI operates specialty apparel and footwear stores under the A'GACI banner as well as a direct-to-consumer business comprised of its e-commerce website http://www.agacistore.com/Stores feature an assortment of tops, dresses, bottoms, jewelry, and accessories sold primarily under the Debtor's exclusive A'GACI label. In addition, the Debtor sells shoes under its sister brand labels of O'Shoes and Boutique Five. A'GACI previously sought bankruptcy protection (Bankr. W.D. Tex. Case No. 18-50049) on Jan. 9, 2018, and exited bankruptcy in July 2018 after reducing the number of stores from 75 to 55. A'GACI, L.L.C., again sought Chapter 11 protection (Bankr. W.D. Tex. Case No. 19-51919) on Aug. 7, 2019, disclosing plans to close all store locations. The Hon. Ronald B. King is the case judge. ERIC TERRY LAW, PLLC is serving as counsel to the Debtor. SIERRA CONSTELLATION PARTNERS is the financial advisor. PRIME CLERK LLC is the claims agent. B&G FOODS: S&P Lowers ICR to 'B+' on Weak Credit Metrics -------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Parsippany, N.J.-based food brands company B&G Foods Inc. to 'B+' from 'BB-' given the expectation for weaker credit metrics. Additionally, S&P lowered its issue-level rating on the company's $700 million revolving credit facility due 2022 to 'BB' from 'BB+' with a '1' recovery rating (90%-100%, 95% rounded estimate) and its issue-level rating on the company's $900 million 5.25% notes to 'B+' from 'BB-' with a '4' recovery rating (30%-50%, 30% rounded estimate). S&P also is assigning a 'BB' issue-level rating and '1' recovery rating to the company's proposed $450 million term loan B facility due in 2026 and 'B+' issue-level rating and '4' recovery rating to the proposed $450 million senior unsecured notes issuance. Proceeds from the proposed debt issuance will be used to repay a portion of existing revolver borrowings and the $700 million 4.625% notes. S&P will withdraw these ratings once the debt is repaid in full. More aggressive financial policies have led to weaker credit metrics. B&G has a long-standing history of making acquisitions to grow its scale and product offerings. It typically acquires center-of-the-store orphan brands. The company had a track-record of making debt-funded acquisitions and increasing leverage above 5.5x and bringing it back below 5x before making another deal. This was evidenced by its largest deal to date, the 2015 $765 million Green Giant acquisition, when it levered to 6x and used equity to reduce leverage below 5x within a year. However, this dynamic has changed over the last year or so as the company has made consecutive deals without leverage falling below 5x. The company used the Pirate Brands asset sale proceeds of $420 million along with discretionary cash flow to repay about $600 million of debt in 2018 leading to leverage just above 5x on a pro forma basis. Then, in 2019, the company made another acquisition of Clabber Girl funded by an $80 million revolver draw. In addition, it had to pay taxes on its gain from the sale of Pirate Brands resulting in another $70 million revolver draw. These factors have led to gross leverage of 6x for the 12 months ended June 30, 2019. S&P believes the company will continue to make acquisitions to grow revenues and offset softness in its legacy businesses resulting in leverage staying above 5x. The stable outlook reflects S&P's expectation for the company to continue to pursue its acquisitive growth strategy and that leverage will remain in the 5x-6x range. The stable outlook also incorporates the rating agency's expectation for the company to generate at least $150 million in annual free operating cash flow. "We could lower the ratings if we expect leverage to stay above 6x, which could occur if the company increases debt to fund shareholder-friendly activities such as acquisitions, dividends, or share repurchases, or if profitability weakens due to a material topline miss, higher freight, or marketing costs," S&P said, adding that it could lower the ratings if demand for the company's products, primarily Green Giant, declines leading to a declining topline and loss of market share. "We would raise the ratings if the company adopts less aggressive financial policies and we expect it to manage leverage in the 4x-5x range. Specifically, the company could slow the pace of its acquisitions and apply a larger portion of discretionary cash flow to debt repayment," S&P said. "We would not expect the company to raise leverage for acquisitions or share repurchases. Additionally, if the company increases its scale or expands into faster-growing categories or we expect EBITDA margins to stay over 20%, we could change our view of the business," the rating agency said. BEST VIDEO: Case Summary & 14 Unsecured Creditors ------------------------------------------------- Debtor: Best Video Studio, LLC dba IGOTOFFER 3362 Mountain View Dr. Tannersville, PA 18372 Business Description: Best Video Studio, LLC -- https://igotoffer.com/ -- owns an online business providing the service for consumers to exchage their used Apple products, such as iPhone, iPad, MacPro, etc. for cash, through the company's virtual platform. Chapter 11 Petition Date: September 13, 2019 Court: United States Bankruptcy Court Eastern District of New York (Brooklyn) Case No.: 19-45523 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 3099 Coney Island Avenue, 3rd Floor Brooklyn, NY 11235 Tel: (718) 513-3145 Fax: (347) 342-3156 E-mail: alla@kachanlaw.com Total Assets: $200,510 Total Liabilities: $1,143,830 The petition was signed by Svetlana Ustinova, president. A full-text copy of the petition containing, among other items, a list of the Debtor's 14 largest unsecured creditors is available for free at: http://bankrupt.com/misc/nyeb19-45523.pdf BIRCHES AT SCHOHARIE: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Birches at Schoharie, L.P. 104 Smith Avenue Kingston, NY 12401 Case No.: 19-36465 Business Description: Birches at Schoharie L.P. has an equitable interest in a senior housing project located at 192 Main Street, Schoharie, New York. Chapter 11 Petition Date: September 12, 2019 Court: United States Bankruptcy Court Southern District of New York (Poughkeepsie) Judge: Hon. Cecelia G. Morris Debtor's Counsel: Michelle L. Trier, Esq. GENOVA & MALIN Hampton Business Center 1136 Route 9 Wappingers Falls, NY 12590 Tel: 845-298-1600 Fax: 845-298-1265 E-mail: michelle_genmal@optonline.net Total Assets: $0 Total Liabilities: $18,782,954 The petition was signed by Stephen Fell, authorized representative of the Debtor. 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/nysb19-36465.pdf BODY RENEW: Taps Campbell Flannery as Legal Counsel --------------------------------------------------- Body Renew Winchester II, LLC, and Body Renew Winchester, LLC, received approval from the U.S. Bankruptcy Court for the Western District of Virginia to hire Campbell Flannery, P.C., as their legal counsel. The firm will provide services in connection with the Debtors' Chapter 11 cases, which include legal advice regarding their duties and responsibilities under the Bankruptcy Code and the preparation of a plan of reorganization. The firm's hourly rates are: James Campbell $500 Matthew Clark $350 Paralegal $175 Campbell Flannery received an initial retainer of $12,500. The firm is "disinterested" within the meaning of Section 327 of the Bankruptcy Code, according to court filings. Campbell Flannery can be reached through: James P. Campbell, Esq. Campbell Flannery, P.C. 1602 Village Market Boulevard #225 Leesburg, VA 20175 Phone: (703) 771-8344 Fax: (703) 777-1485 Email: jcampbell@campbellflannery.com About Body Renew Winchester Body Renew Winchester II, LLC, and Body Renew Winchester, LLC, are privately held companies in the health and fitness clubs and gyms business. Body Renew Winchester II and Body Renew Winchester filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No. 19-50547 and 19-50548) on June 27, 2019. The petitions were signed by Jeremy W. Wright, manager. The Debtors each estimated $50,000 in assets and $1 million to $10 million in liabilities. James P. Campbell, Esq. at Campbell Flannery, P.C., is the Debtors' counsel. A committee of unsecured creditors was appointed on July 22, 2019. The committee is represented by Hirschler Fleischer, P.C. CCS MEDICAL: Court Approves Cash Motion to Pay Utilities -------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of New York approves the motion filed by CCS Medical, PLLC, to use cash collateral to pay certain utilities expenses: * $567.89 to Spectrum, for internet services; * $1,871.10 to National Grid for utility service; * $15.90 to Modern Disposal Service, for trash collection services; and * $203.04 to Hover Networks for telephone service. The Court rules that: (a) Bank of America, N.A., the United States and all creditors holding liens on or claims against the cash collateral, will be granted roll-over or replacement liens or rights of set-offs as security to the same extent, in the same priority and with respect to the same assets, as served as collateral for said creditors' prepetition debt, to the extent of cash collateral actually used during the pendency of this Chapter 11 case. The replacement liens will attach pro rata to the extent that cash collateral used was subject to each party's respective first priority lien, without the need of any further public filing to perfect the roll-over replacement liens or security interests; (b) to the extent that replacement liens fail to compensate the secured creditors for any Court-approved cash collateral use, the secured creditors will have an administrative claim under Section 507(b) of the Bankruptcy Code. The Court will convene another interim hearing on the motion on Sept. 18, 2019 at 10 a.m. About CCS Medical PLLC CCS Medical PLLC is a provider of primary care and specialty medicine services currently operating at Orchard Park, Delaware Avenue, and Youngs. CCS Medical PLLC is an affiliate of Comprehensive Cancer Services Oncology, P.C., doing business as CCS Oncology, doing business as CCS Healthcare, which, along with its affiliates, sought Chapter 11 protection (Bankr. W.D.N.Y. Lead Case No. 18-10598) on April 2, 2018. The Debtors are headquartered in Orchard Park, New York. Judge Michael J. Kaplan is the case judge. Arthur G. Baumeister, Jr., Esq., of Baumeister Denz LLP, serves as the Debtors' counsel. Mark Schlant has been named the Chapter 11 trustee. Joseph J. Tomaino of Grassi Healthcare Advisors LLC has been appointed patient care ombudsman. CLOUD I Q LLC: Needs Time to Ascertain Cleanup Account Receivable ----------------------------------------------------------------- Cloud I Q, LLC requested the U.S. Bankruptcy Court for the Eastern District of Wisconsin to extend the exclusive periods in which it may file a Chapter 11 plan of reorganization and solicit acceptances of such plan through Feb. 13, 2020 and April 13, 2020, respectively. The Debtor's Chapter 11 case was filed in order to rehabilitate and reorganize itself by facilitating the collection of an Account Receivable due as a result of the cleanup performed by the Debtor and its subcontractors in the Commonwealth of Puerto Rico as more fully set forth in the Adversary Complaint filed in Case No. 19-2110 pending before the Court. The Complaint has been served but Answers have not yet been filed by all of the Defendants. The Debtor claims that the litigation is complex and deals with governmental units of both the Commonwealth of Puerto Rico and the United States government and individuals and companies who and which the Debtor worked with on the debris cleanup from Hurricane Maria. It is anticipated that the litigation will continue for a significant period of time. While discovery will commence shortly, given the number of parties involved, the uncertainty as to the payment by the Federal Emergency Management Agency to the Commonwealth of Puerto Rico or certain municipalities for which the Debtor performed work needs to be ascertained as to amount and entity or individual paid. Further, there is a large Note due the Debtor for funds advanced which is sought to be collected in the pending Adversary Proceeding. Each aspect of the Adversary Proceeding requires a determination of the facts and circumstances surrounding that aspect of the proceeding, all of which will be time consuming. The Debtor estimates that litigation will take between nine months and one year and it will be difficult to propose a Plan of Reorganization without knowing how much will be likely collected from the Defendants in the Adversary Proceeding. Hence, the Debtor asserts that an extension of the exclusivity period is necessary. About Cloud I Q LLC Cloud I Q LLC, a Wisconsin-based IT solution provider, filed a Chapter 11 petition (Bankr. E.D. Wis. Case No. 19-23680) on April 19, 2019. In the petition signed by Jason Neilitz, member, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The Hon. Michael G. Halfenger oversees the case. Paul G. Swanson, Esq., at Steinhilber Swanson LLP, serves as bankruptcy counsel. COMPREHENSIVE CANCER: Court Allows Oncology Center to Pay Utilities ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of New York approves the motion filed by Comprehensive Cancer Services Oncology, P.C., to use cash collateral to pay certain utilities expenses as follows: (i) $567.89 to Spectrum, for internet services; (ii) $1,871.10 to National Grid for utility service; (iii) $15.90 to Modern Disposal Service, for trash collection services; and (iv) $203.04 to Hover Networks for telephone service. The Court rules that the Bank of America, N.A., the United States and all creditors holding liens on or claims against the cash collateral, will be granted roll-over or replacement liens or rights of set-offs as security to the same extent, in the same priority and with respect to the same assets, as served as collateral for said creditors’ pre-petition debt, to the extent of cash collateral actually used during the pendency of this Chapter 11 case, with such replacement liens to attach pro rata to the extent that cash collateral used was subject to each party’s respective first priority lien, without the need of any further public filing or other recordation to perfect such roll-over replacement liens or security interests; To the extent that replacement liens fail to compensate the secured creditors for any Court-approved cash collateral use, the secured creditors will have an administrative claim under Section 507(b) with priority over the expenses of administration under Section 507(a)(2) except as provided in Section 506(c) of the Bankruptcy Code. Interim hearing on the motion will continue to September 18, 2019 at 10 a.m. About CCS Oncology Comprehensive Cancer Services Oncology, P.C., doing business as CCS Oncology, doing business as CCS Healthcare, along with its affiliates, sought Chapter 11 protection (Bankr. W.D.N.Y. Lead Case No. 18-10598) on April 2, 2018. In the petitions signed by Won Sam Yi, president/CEO, CCS estimated at least $50,000 in assets and $10 million to $50 million in liabilities. CCS Oncology is a professional corporation operating a practice of medical and radiological oncology treatment, with offices in Orchard Park, Frankhauser, Niagra Falls, Kenmore, and Lockport. CSS Medical PLLC is a provider of primary care and specialty medicine services currently operating at Orchard Park, Delaware Avenue, and Youngs. CCS Oncology is the sole member of CCS Medical. CCS Equipment is the owner of certain medical equipment used in the medical practices and CCS Oncology is its sole member. CCS Billing was intended to be developed into a separate billing entity for the medical practices, but was never funded or operational. CCS Billing has no assets and has had no activity other than showing a couple of minimal historical accounting entries. WSEJ is the owner of certain real property used by the medical practices. The Debtors are headquartered in Orchard Park, New York. Judge Michael J. Kaplan is the case judge. Arthur G. Baumeister, Jr., Esq., of Baumeister Denz LLP, serves as the Debtors' counsel. Mark Schlant has been named the Chapter 11 trustee. Joseph J. Tomaino of Grassi Healthcare Advisors LLC has been appointed patient care ombudsman. CORNERSTONE ONDEMAND: Egan-Jones Hikes Sr. Unsec. Ratings to CCC- ----------------------------------------------------------------- Egan-Jones Ratings Company, on September 5, 2019, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Cornerstone OnDemand Incorporated to CCC- from CC. EJR also upgraded the rating on commercial paper issued by the Company to C from D. Headquartered in Santa Monica, California, Cornerstone OnDemand, Inc. is a cloud-based learning and talent management software provider headquartered in Santa Monica, California. The company is publicly traded on the NASDAQ stock exchange under the ticker symbol CSOD. COUNTRYSIDE PROPERTY: Delays Plan Until Assets Sale Completed ------------------------------------------------------------- Countryside Property Maintenance, LLC requests the U.S. Bankruptcy Court for the Southern District of Florida to extend the Exclusive Filing and Solicitation Periods by sixty days. The Debtor submits that cause exists to extend the Exclusive Periods. The Debtor is actively negotiating an asset purchase agreement for the sale of substantially all of its property -- which will dictate the substance of its eventual chapter 11 plan About Countryside Property Maintenance Countryside Property Maintenance, LLC is a commercial property maintenance company in Florida. The Company provides parking lot sweeping, pressure cleaning, and porter services. Countryside Property Maintenance, based in Miami, Fla., filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 19-15633) on April 29, 2019. In the petition signed by Larry Healy, manager, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Hon. Robert A. Mark oversees the case. Bradley S. Shraiberg, Esq., at Shraiberg Landau & Page, P.A., serves as bankruptcy counsel. The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Countryside Property Maintenance, LLC, according to court dockets. DIAMOND OFFSHORE: Egan-Jones Lowers Senior Unsecured Ratings to B- ------------------------------------------------------------------ Egan-Jones Ratings Company, on September 3, 2019, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Diamond Offshore Drilling Incorporated to B- from B. Diamond Offshore Drilling, Inc. is an offshore drilling contractor. The company is headquartered in Houston, Texas, United States, and has major offices in Australia, Brazil, Mexico, Scotland, Singapore, and Norway. The company operates 17 drilling rigs including 13 semi-submersible platforms and 4 drillships. DIOCESE OF ROCHESTER: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: The Diocese of Rochester a/k/a The Roman Catholic Diocese of Rochester 1150 Buffalo Road Rochester, NY 14624 Case No.: 19-20905 Business Description: The Roman Catholic Diocese of Rochester -- www.dor.org -- is a diocese of the Catholic Church in the Greater Rochester region of New York State in the United States. The Diocese is a not-for-profit religious corporation under New York State law. The Debtor currently provides medical and dental benefits to retired priests and former priests. Chapter 11 Petition Date: September 12, 2019 Court: United States Bankruptcy Court Western District of New York (Rochester) Judge: Hon. Warren, U.S.B.J. Debtor's Counsel: Stephen A. Donato, Esq. Charles J. Sullivan, Esq. Ingrid Palermo, Esq. BOND, SCHOENECK & KING, PLLC One Lincoln Center Syracuse, NY 13202-1355 - and - 350 Linden Oaks, Third Floor Rochester, NY 14625 Tel: (315) 218-8000 (585) 362-4700 E-mail: sdonato@bsk.com csullivan@bsk.com ipalermo@bsk.com Debtors' Claims & Noticing Agent: STRETTO https://case.stretto.com/rochesterdiocese Estimated Assets: $50 million to $100 million Estimated Liabilities: $100 million to $500 million The petition was signed by Lisa M. Passero, chief financial officer. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/nywb19-20905.pdf List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. M&T Bank Contingent $844,000 255 East Avenue standby letter Rochester, NY 14624 of credit for P.O. Box 844 workers compensation Buffalo, NY 14240-0844 liability Hodgson Russ LLP Attn: Garry M. Graber, Esq. 140 Pearl Street, Suite 100 Buffalo, NY 14202 Tel: (716) 848-1273 Email: ggraber@hodgsonruss.com 2. Redacted CVA Lawsuit $100,000 Maura G. McGuire, Esq. Morgenstern DeVoesick PLLC 1080 Pittsford Victor Rd. Pittsford, NY 14534 Tel: (585) 672-5500 Email: mmcguire@morgdevo.com 3. AB 100 Doe CVA Lawsuit $100,000 Jeffrey R. Anderson, Esq. Jeff Anderson & Associates, P.A. 52 Duane Street, 7th Floor New York, NY 10007 Tel: (888) 920-9258 4. AB 102 Doe CVA Lawsuit $100,000 Jeffrey R. Anderson, Esq. Jeff Anderson & Associates, P.A. 52 Duane Street, 7th Floor New York, NY 10007 Tel: (888) 920-9258 5. AB 103 Doe CVA Lawsuit $100,000 Jeffrey R. Anderson, Esq. Jeff Anderson & Associates, P.A. 52 Duane Street, 7th Floor New York, NY 10007 Tel: (888) 920-9258 6. Redacted CVA Lawsuit $100,000 Michael Reck, Esq. Jeff Anderson & Associates P.A. 57 West 57th Street, 4th Floor New York, NY 10019 Tel: (646) 759-2551 7. Redacted CVA Lawsuit $100,000 Michael Reck, Esq. Jeff Anderson & Associates P.A. 57 West 57th Street, 4th Floor New York, NY 10019 Tel: (646) 759-2551 8. Redacted CVA Lawsuit $100,000 Michael Reck, Esq. Jeff Anderson & Associates P.A. 57 West 57th Street, 4th Floor New York, NY 10019 Tel: (646) 759-2551 9. Redacted CVA Lawsuit $100,000 Law Offices of Mitchell Garabedian 100 State Street, 6th Floor Boston, MA 02109 Tel: (800) 895-1774 10. Redacted CVA Lawsuit $100,000 Law Offices of Mitchell Garabedian 100 State Street, 6th Floor Boston, MA 02109 Tel: (800) 895-1774 11. Redacted CVA Lawsuit $100,000 Law Offices of Mitchell Garabedian 100 State Street, 6th Floor Boston, MA 02109 Tel: (800) 895-1774 12. Redacted CVA Lawsuit $100,000 Law Offices of Mitchell Garabedian 100 State Street, 6th Floor Boston, MA 02109 Tel: (800) 895-1774 13. Redacted CVA Lawsuit $100,000 Law Offices of Mitchell Garabedian 100 State Street, 6th Floor Boston, MA 02109 Tel: (800) 895-1774 14. Redacted CVA Lawsuit $100,000 Law Offices of Mitchell Garabedian 100 State Street, 6th Floor Boston, MA 02109 Tel: (800) 895-1774 15. Redacted CVA Lawsuit $100,000 Leadner L. James, Esq. James Vernon & Weeks, P.A. 20 Vesey Street, New York, NY 10007 Tel: (347) 852-8061 16. Redacted CVA Lawsuit $100,000 Leadner L. James, Esq. James Vernon & Weeks, P.A. 20 Vesey Street, New York, NY 10007 Tel: (347) 852-8061 17. Redacted CVA Lawsuit $100,000 Leadner L. James, Esq. James Vernon & Weeks, P.A. 20 Vesey Street, New York, NY 10007 Tel: (347) 852-8061 18. Redacted CVA Lawsuit $100,000 Leadner L. James, Esq. James Vernon & Weeks, P.A. 20 Vesey Street, New York, NY 10007 Tel: (347) 852-8061 19. Redacted CVA Lawsuit $100,000 Leadner L. James, Esq. James Vernon & Weeks, P.A. 20 Vesey Street, New York, NY 10007 Tel: (347) 852-8061 20. Leadner L. James, Esq. CVA Lawsuit $100,000 James Vernon & Weeks, P.A. 20 Vesey Street, New York, NY 10007 Tel: (347) 852-8061 For each CVA lawsuit, the claim amount has been estimated solely for purposes of identifying a list of the top 20 unsecured creditors. DITECH HOLDING: Resolves Consumer Creditors' Objections to Plan --------------------------------------------------------------- Ditech Holding Corporation (OTC Pink: DHCPQ) announced Sept. 10, 2019, that it has reached a consensual resolution with the Consumer Creditors' Committee regarding its objections to the Company's Amended Joint Plan of Reorganization. Ditech Holding will modify the Plan to address issues raised by the Court regarding the handling of certain consumer claims and satisfy a number of legal and evidentiary requirements. The Company intends to seek Court approval of the Plan, including its previously announced asset purchase agreement with New Residential Investment Corp. and stock and asset purchase agreement with Mortgage Assets Management, LLC and its affiliate, at a hearing currently scheduled for Sept. 25, 2019. "We are pleased to have reached this consensual resolution with the Consumer Creditors Committee, which addresses the issues raised by the Court and represents an important step toward completing the court-supervised sale process," said Thomas F. Marano, Chairman of the Board and Chief Executive Officer of Ditech Holding. "We continue to believe these value-maximizing transactions are in the best interest of all our stakeholders, including homeowners, and we look forward to submitting our amended Plan to the Court. I would like to thank all of our employees for their continued hard work and commitment to supporting our customers throughout this process." Until the transactions close, Ditech Financial LLC and Reverse Mortgage Solutions, Inc. ("RMS") will continue to operate as part of Ditech Holding and will continue serving customers as normal. Denial of Previous Iteration Bloomberg reports that the deal paves the way for the bankrupt mortgage servicer to seek confirmation of its Chapter 11 plan and sell its businesses for $1.8 billion. Ditech has signed deals to sell its mortgage servicing rights to New Residential Investment Corp. -- which is managed by Fortress Investment Group LLC -- for about $1 billion and to sell its reverse mortgage business to Mortgage Assets Management LLC, which is affiliated with Waterfall Asset Management LLC. Bloomberg recounts that a group of consumer creditors as well as attorneys general from about a dozen states objected to a previous plan to offload the assets in "free and clear" transactions. Those arrangements would have stripped homeowners of rights, including those that could help them save their homes from wrongful foreclosures, the New York attorney general's office wrote in its objection to the sales. To resolve the objections, Ditech agreed to preserve some homeowner claims like the right to fix mistakes on their loans. According to Reverse Mortgage Daily, this follows a continually unfolding odyssey of legal and financial issues that have afflicted Ditech, and by extension, RMS. Most recently, Ditech objected to paying borrower damages in the interim prior to the bankruptcy court's decision. Reverse Mortgage Daily also says New Residential has indicated that Ditech's legal complications had the possibility of delaying the timetable of the purchase of its forward business, though New Residential's CEO related confidence that the sale would go through as planned. About Ditech Holding Corporation Ditech Holding Corporation and its subsidiaries -- http://www.ditechholding.com/-- are independent servicer and originator of mortgage loans. Based in Fort Washington, Pennsylvania, the Debtors have approximately 3,300 employees and service a diverse loan portfolio. Ditech Holding and certain of its subsidiaries, including Ditech Financial LLC and Reverse Mortgage Solutions, Inc., filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 19-10412) on Feb. 11, 2019, after reaching terms with lenders of a Chapter 11 plan that will reduce debt by $800 million. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel, Houlihan Lokey as investment banker and AlixPartners LLP as financial advisor. Epiq Bankruptcy Solutions LLC is the claims and noticing agent. Kirkland & Ellis LLP and FTI Consulting Inc. serve as the consenting term lenders' legal counsel and financial advisor, respectively. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Debtors' cases on Feb. 27, 2019. The creditors' committee tapped Pachulski Stang Ziehl & Jones LLP as its legal counsel and Goldin Associates, LLC, as its financial advisor. On May 2, 2019, the U.S. trustee appointed an official committee of consumer creditors. The consumers committee tapped Quinn Emanuel Urquhart & Sullivan, LLP, as counsel and TRS Advisors LLC, as financial advisor. EDWARD ZAWILLA: $385K Sale of Hanover Park Property Approved ------------------------------------------------------------ Judge Deborah L. Thorne of the U.S. Bankruptcy Court for the Northern District of Illinois authorized Edward J. Zawilla's sale of the real property commonly known as 1 Wise Road, Hanover Park, Illinois to Me Vickers Development, LLC for $385,000, cash. The sale is on "as-is, where-is" basis, and free and clear of all liens, claims, and encumbrances with valid liens attaching to the net sale proceeds only in the order of priority, as follows: DCR Mortgage 7 Sub 2, LLC. Edward J. Zawilla sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 18-17408) on June 19, 2018. The Debtor tapped Richard G. Larsen, Esq., at Springer Brown, LLC, as counsel. EMERALD GRANDE: $3.6M Sale of Elkview Hotel to KM Hotels Approved ----------------------------------------------------------------- Judge Patrick M. Flatley of the U.S. Bankruptcy Court for the Northern District of West Virginia authorized Emerald Grande, LLC's sale of assets related to its La Quintana Hotel - Elkview, West Virginia to KM Hotels, LLC, for $3.6 million, subject to adjustments. The sale is free and clear of all liens, claims, and interests. The PSA and all other ancillary documents, and all of the terms and conditions thereof, are approved as set forth in the Order. Any amounts payable by the Debtor under the PSA or any of the documents delivered by the Debtor in connection with the PSA, will be paid in the manner provided in the PSA without further order of the Bankruptcy Court. Without limiting the generality of the foregoing, the payment to Carter Bank of the Lien Release Price is expressly authorized, and the Debtor is directed to remit, or cause to be remitted, the same, without further order of the Bankruptcy Court. Upon the Closing of the Sale Transaction, the Debtor is authorized and directed to assume and assign the Operating Agreements to the Purchaser under Section 2.1.7 of the PSA, along with any and all other applicable Executory Contracts and Unexpired Leases, free and clear of all Adverse Interests. To the extent that the Debtor is considered the real party in interest or otherwise has any interest in the Franchise Agreement, the Debtor's Franchise Agreement with La Quinta is rejected, without the need for further court order, effective as of closing of the Sale Transaction. In the event the Purchaser does not make arrangements with La Quinta for a new franchise agreement, or otherwise reach an agreement with respect to continued operation of the Hotel as a La Quinta property, the Debtor and/or the Purchaser shall, at their sole cost and expense, satisfy any non-monetary post-termination obligations to La Quinta pursuant to the terms set forth in the Franchise Agreement including, but not limited to, the de-identification of the Facility from its appearance as a "La Quinta"® guest-lodging facility. In the event that the post-termination non-monetary obligations to La Quinta are not performed as set forth in the Franchise Agreement, La Quinta reserves all rights to compel the appropriate parties to perform said obligations in the Court. Notwithstanding anything else to the contrary in the Order, the Carter Bank Settlement and the Tara Settlement are authorized and approved in all respects under Rule 9019, and the Debtor, Tara Retail Group, LLC, and Carter Bank are authorized to enter into and consummate the Carter Bank Settlement and Tara Settlement. Additionally, the Debtor is authorized and directed to, within 30 days following Closing and consummation of the Sale Transaction, or the sale of the Elkview Hotel, whichever is later, file a chapter 11 plan and disclosure statement that (i) provides for the Carter Bank Release and (ii) classifies Carter Bank's remaining deficiency claim -- i.e., the difference between the amount owed by the Debtor to Carter Bank under the Security Instruments and the ultimate Lien Release Price -- as a general unsecured claim. Notwithstanding the possible applicability of Bankruptcy Rules 6004, 6006, 7062, 9014 or otherwise, the terms and conditions of the Order will be immediately effective and enforceable. All time periods set forth in the Order will be calculated in accordance with Bankruptcy Rule 9006(a). A copy of the PS attached to the Order is available for free at: http://bankrupt.com/misc/Emerald_Grande_712_Order.pdf About Emerald Grande Emerald Grande, LLC, owns and operates two hotel properties, the La Quinta Inn and Suites adjacent to the Elkview Crossings Shopping Mall, in Elkview, West Virginia; and the La Quinta Inn and Suites adjacent to the Merchants Walk Shopping Mall, in Summersville, West Virginia. It also owns a real estate development in Charleston (Kanawha City), West Virginia. Emerald Grande filed a Chapter 11 petition (Bankr. N.D. W.Va. Case No. 17-00021) on Jan. 11, 2017. In the petition signed by William A. Abruzzino, managing member, the Debtor estimated assets and liabilities at $10 million to $50 million at the time of the filing. The case is assigned to Judge Patrick M. Flatley. Steven L. Thomas, Esq., at Kay, Casto & Chaney PLLC, is the Debtor's counsel. The Debtor employs Woomer, Nistendirk & Associates PLLC as accountant; and Realcorp, LLC, as broker, with Jon Cavendish serving as the listing agent, to market and sell its property in Kanawha County, West Virginia. No official committee of unsecured creditors has been appointed in the case. EMERALD GRANDE: $4M Sale of Summersville Hotel to Om Shiv Approved ------------------------------------------------------------------ Judge Patrick M. Flatley of the U.S. Bankruptcy Court for the Northern District of West Virginia authorized Emerald Grande, LLC's sale of assets related to its La Quintana Hotel - Summersville to Om Shiv Hospitality, Inc. for $4 million, subject to adjustments. The PSA and all other ancillary documents, and all of the terms and conditions thereof, are approved as set forth in the Order. Any amounts payable by the Debtor under the PSA or any of the documents delivered by the Debtor in connection with the PSA, will be paid in the manner provided in the PSA without further order of the Bankruptcy Court. Without limiting the generality of the foregoing, the payment to Carter Bank of the Lien Release Price is expressly authorized, and the Debtor is directed to remit, or cause to be remitted, the same, without further order of the Bankruptcy Court. Upon the Closing of the Sale Transaction, the Debtor is authorized and directed to assume and assign the Operating Agreements to the Purchaser under Section 2.1.7 of the PSA, along with any and all other applicable Executory Contracts and Unexpired Leases, free and clear of all Adverse Interests. To the extent that the Debtor is considered the real party in interest or otherwise has any interest in the Franchise Agreement, the Debtor's Franchise Agreement with La Quinta is rejected, without the need for further court order, effective as of closing of the Sale Transaction. In the event the Purchaser does not make arrangements with La Quinta for a new franchise agreement, or otherwise reach an agreement with respect to continued operation of the Hotel as a La Quinta property, the Debtor and/or the Purchaser shall, at their sole cost and expense, satisfy any non-monetary post-termination obligations to La Quinta pursuant to the terms set forth in the Franchise Agreement including, but not limited to, the de-identification of the Facility from its appearance as a "La Quinta"® guest-lodging facility. In the event that the post-termination non-monetary obligations to La Quinta are not performed as set forth in the Franchise Agreement, La Quinta reserves all rights to compel the appropriate parties to perform said obligations in the Court. Notwithstanding anything else to the contrary in the Order, the Carter Bank Settlement and the Tara Settlement are authorized and approved in all respects under Rule 9019, and the Debtor, Tara Retail Group, LLC, and Carter Bank are authorized to enter into and consummate the Carter Bank Settlement and Tara Settlement. Additionally, the Debtor is authorized and directed to, within 30 days following Closing and consummation of the Sale Transaction, or the sale of the Elkview Hotel, whichever is later, file a chapter 11 plan and disclosure statement that (i) provides for the Carter Bank Release and (ii) classifies Carter Bank's remaining deficiency claim -- i.e., the difference between the amount owed by the Debtor to Carter Bank under the Security Instruments and the ultimate Lien Release Price -- as a general unsecured claim. Notwithstanding the possible applicability of Bankruptcy Rules 6004, 6006, 7062, 9014 or otherwise, the terms and conditions of the Order will be immediately effective and enforceable. All time periods set forth in the Order will be calculated in accordance with Bankruptcy Rule 9006(a). A copy of the PS attached to the Order is available for free at: http://bankrupt.com/misc/Emerald_Grande_711_Order.pdf About Emerald Grande Emerald Grande, LLC, owns and operates two hotel properties, the La Quinta Inn and Suites adjacent to the Elkview Crossings Shopping Mall, in Elkview, West Virginia; and the La Quinta Inn and Suites adjacent to the Merchants Walk Shopping Mall, in Summersville, West Virginia. It also owns a real estate development in Charleston (Kanawha City), West Virginia. Emerald Grande filed a Chapter 11 bankruptcy petition (Bankr. N.D. W.Va. Case No. 17-00021) on Jan. 11, 2017. In the petition signed by William A. Abruzzino, managing member, the Debtor estimated assets and liabilities at $10 million to $50 million at the time of the filing. The case is assigned to Judge Patrick M. Flatley. Steven L. Thomas, Esq., at Kay, Casto & Chaney PLLC, is serving as the Debtor's counsel. The Debtor also employs Woomer, Nistendirk & Associates PLLC as accountant; and Realcorp, LLC, as broker, with Jon Cavendish serving as the listing agent, to market and sell its property in Kanawha County, West Virginia. No official committee of unsecured creditors has been appointed. FERRIS 1006 PROPERTIES: Voluntary Chapter 11 Case Summary --------------------------------------------------------- Debtor: Ferris 1006 Properties Inc. 1006 160th Street Whitestone, NY 11357 Case No.: 19-45512 Business Description: Ferris 1006 Properties Inc. is a privately held company in the residential building construction industry. Chapter 11 Petition Date: September 12, 2019 Court: United States Bankruptcy Court Eastern District of New York (Brooklyn) Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Francis E. Hemmings, Esq. HEMMINGS & SNELL LLP 30 Wall Street, 8th Floor New York, NY 10005 Tel: (212) 747-9560 Fax: (212) 747-9564 E-mail: general@hemmingssnell.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Laura Ferris, president. The Debtor stated it has no unsecured creditors. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/nyeb19-45512.pdf FFBC OPERATIONS: Brewery Has Interim Nod to Use Cash Collateral --------------------------------------------------------------- Judge Christopher Mott of the U.S. Bankruptcy Court for the Western District of Texas grants, on a final basis, the request of FFBC Operations, LLC, doing business as Celis Brewery, and debtor affiliate FFBC Real Estate, LLC, to use cash collateral to pay operating expenses for the period ending on November 11, 2019. Judge Mott rules that: (a) the Debtors and their Lenders -- Amplify Credit Union, f/k/a Amplify Federal Credit Union; the U.S. Small Business Administration; and Celis Phoenix, LLC -- may extend the budget period without further Court order provided that a stipulation extending cash collateral order is signed by each of the parties' counsel and a copy of a budget are served on (i) the Committee of Unsecured Creditors, if any,(ii) the Debtors’ 20 largest unsecured creditors, and (iii) the Office of the U.S. Trustee; (b) the Debtors will be authorized to make expenditures during the Budget Period which are not contained in the Budget or which exceed the figures in the Budget without further notice to creditors or order of this Court provided that the Debtors first obtain Lenders’ prior written consent to the making of any such expenditures. Notice of expenditures will be provided to the Notice Parties, with an opportunity to object, if the expenditures are over $50,000; (c) Lenders will have valid and perfected additional and first-priority replacement security interests in and liens upon all of the Debtors' right, title and interest in all of the postpetition collateral to the extent of any diminution of value, and in the order of their existing lien priorities; (d) Lenders will have an allowed super priority administrative expense claim to the extent the adequate protection liens are insufficient to protect Lenders against any diminution of value; (e) WestRock, CP, LLC, has the right to file an adversary to contest the validity or priority of the claim and liens of Amplify Credit Union by no later than Sept. 30, 2019. A copy of the Final Order is available for free at: http://bankrupt.com/misc/FFBC_Operations_89_Cash_AgrdORD.pdf About FFBC Operations and FFBC Real Estate FFBC Operations, LLC, owns Celis Brewery, a craft brewery focusing on Belgian-style beers. FFBC Real Estate classifies its business as single asset real estate (as defined in 11 U.S.C. Section 101(51B)). FFBC Operations LLC and FFBC Real Estate, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Lead Case No. 19-10869) on July 1, 2019. At the time of the filing, FFBC Operations estimated assets between $1 million and $10 million and liabilities of the same range. FFBC Real Estate estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. The cases are assigned to Judge Tony M. Davis. Lansden Dortch & Davis, LLP, is the Debtors' legal counsel. FOREVER 21: To Shutter 100 Stores as Part of Bankruptcy Filing -------------------------------------------------------------- Forever 21 Inc., the fast fashion retailer known for trendy offerings and low pricing, is preparing to close at least 100 stores as part of a restructuring that calls for the trendy retailer to file for Chapter 11 bankruptcy as early as this month, Bloomberg News reported, citing people with knowledge of the preparations. Forever 21 is arranging a financial package that would provide about $75 million to finance the Chapter 11 case, according to Bloomberg, citing the people, who asked not to be named discussing private negotiations. The bargain apparel firm's plan envisions a Chapter 11 filing, which would allow the company to keep operating while it works out a way to pay its creditors and turn the business around. Even as these plans firm up, advisers could still strike an agreement that buys the retailer more time before resorting to bankruptcy, the people said. Bankruptcy protection would help the retailer shed unprofitable stores after expanding too far and too fast in recent years, the people said, according to Bloomberg. The Wall Street Journal earlier reported that the retailer was planning to file for bankruptcy as early as Sunday (Sept. 15). "Forever 21 is not planning to file for bankruptcy on Sunday," the retailer said in a statement in response to the WSJ report. "Our stores are open and it is our intention to continue to operate the vast majority of U.S. stores, as well as a smaller amount of international stores, providing customers with great service and the curated assortment of merchandise that they love and expect from Forever 21." The timing of a filing could change, and it's possible, though unlikely, that the company could be rescued at the last minute, the New York Times notes. According to The New York Times, the details that would emerge in a bankruptcy would puncture the sphere of secrecy that the family-owned retailer has fervently maintained since its founding in the 1980s. The Times also notes that a Chapter 11 filing would also deal a blow to the chain's American dream success story, which had already been tarnished over many years by a string of accusations around copyright and trademark infringement, including a recent lawsuit from the singer Ariana Grande. Business Insider notes that back in the day, Forever 21 embodied the American dream: In 1981, Jin Sook and Do Won "Don" Chang moved to Los Angeles from South Korea with no money, no college degrees, and speaking little English. To make ends meet, Jin Sook worked as a hairdresser while Don worked as a janitor, pumped gas, and served coffee. Until he noticed that "the people who drove the nicest cars were all in the garment business." So three years later, with $11,000 in savings, the Changs opened a 900-square-foot clothing store called Fashion 21. Forever 21 presently has more than 800 stores in the U.S., Europe, Asia and Latin America. About Forever 21 Forever 21, Inc., headquartered in Los Angeles, California -- http://www.forever21.com/-- is a fashion retailer of women's, men's and kids clothing and accessories and is known for offering the hottest, most current fashion trends at a great value to consumers. This model operates by keeping the store exciting with new merchandise brought in daily. Founded in 1984, Forever 21 operates more than 815 stores in 57 countries with retailers in the United States, Australia, Brazil, Canada, China, France, Germany, Hong Kong, India, Israel, Japan, Korea, Latin America, Mexico, Philippines and United Kingdom. Privately held Forever 21 is owned by its founders, Do Won and Jin Sook Chang. A husband and wife team, the Changs immigrated from South Korea in 1981 and started the chain three years later with a single 900 square-foot store in Los Angeles and only $11,000 in savings. Forever 21 has annual sales of $3.4 billion and 30,000 employees. GRANDPA’S PLACE: Store/Gas Station Seeks Cash Access ------------------------------------------------------ Grandpa's Place, Inc., asks the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral in order to pay certain ongoing expenses, pursuant to a budget. The Budget for the month of September 2019 provides for gas expense at $44,370; lottery paper at $25,166; and tobacco and miscellaneous vendor expenses at $20,800. A copy of the Budget is available for free at http://bankrupt.com/misc/Grandpas_Place_10_Cash_MO.pdf As adequate protection to Hingham Institution for Savings and Faneuil Investments, the Debtor proposes: (1) To make regular monthly adequate protection payments of: * $4,300 plus or minus, which is the regular payment of principal, interest, taxes and insurance payable to Hingham; * $1,000 plus or minus, which is the regular payment of principal and interest payable to Faneuil Investments; (2) The Debtor will grant continuing replacement liens and security interests to Hingham and Faneuil Investments in the Debtor's postpetition income and receivables, to the extent of their existing liens. The Debtor owes Hingham approximately $395,000 secured by a senior lien on all of the business assets of the Debtor, and Faneuil Investments approximately $60,000 secured by a second voluntary lien, as of the Petition Date. The application of the adequate protection payments to the principal or interest will be reserved until further Court Order. About Grandpa's Place Grandpa's Place, Inc., is a Massachusetts corporation that operates as a convenience store/gas station at its location at 9 South Main Street, Assonet, MA. The company was formed in 2007 by Thomas A. Broges, who owns 100% of the corporation. Grandpa's Place, Inc., sought Chapter 11 protection (Bankr. D. Mass. Case No. 19-13025) on Sept. 4, 2019. Brian R. Lewis, Esq., at the Law Office of Brian R. Lewis is the Debtor's bankruptcy counsel. GTC WORKS: Seeks to Hire James A. Chaston as Accountant ------------------------------------------------------- GTC Works LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire James A. Chaston CPA PLC as accountant. James A. Chaston will charge a fixed fee of $900 to prepare the 2018 partnership tax return. James A. Chaston disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The accountant can reached at: James A Chaston, CPA James A Chaston CPA, PLC 21300 N John Wayne Pkwy #110 Maricopa, AZ 85139 Phone: +1 520-568-3303 About GTC Works LLC GTC Works LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 19-04090) on April 8, 2019. At the time of the filing, the Debtor estimated assets and liabilities of less than $1 million. The case is assigned to Judge Paul Sala. Kelly G. Black, PLC, is the Debtor's counsel. HAMILTONS 549 LLC: Seeks to Hire International Properties as Broker ------------------------------------------------------------------- Hamiltons 549 LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of New York to employ International Properties Group as the Debtor's exclusive real estate broker. Hamiltons requires the broker to: a. evaluate the value of the property; b. review all pertinent documents in connection with marketing the properties; c. create a marketing program for the properties and prepare and disseminate all marketing materials; d. communicate with parties who have expressed an interest in the properties and endeavor to locate additional parties who may have similar interests; e. respond and provide information to, negotiate with, and solicit offers from prospective purchasers and make recommendations to the Debtor to the advisability of accepting particular offers; f. arrange for physical inspection of the properties by prospective purchasers; g. meet with the Debtor and its attorneys as necessary; and h. appear, if requested, before the Bankruptcy Court during the term of its retention, to testify or to consult with the Debtor in connection with the marketing or disposition of the properties. IPG's commission will be 5% of the total sale price, which is inclusive of any co-broker or buyer's commission. Keith Radhuber, managing director of International Properties Group, attests that IPG is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The broker can be reached through: Keith Radhuber International Properties Group 369 Lexington Avenue, 12th Floor - P & Z New York, NY 10017 Phone: 347-573-8354 About Hamiltons 549 LLC Hamiltons 549 LLC classifies its business as Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). It owns in fee simple a property located at 549 West 152nd Street New York, New York 10031 having an appraised value of $3 million. Hamiltons 549 LLC, based in New York, NY, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 19-11995) on June 17, 2019. The Hon. Shelley C. Chapman presides over the case. Joel M. Shafferman, Esq., at Shafferman & Feldman LLP, serves as bankruptcy counsel. In its petition, the Debtor estimated $3,000,000 in assets and $1,525,055 in liabilities. The petition was signed by Hermia Nelson, member. HAPPY ENDINGS: Case Summary & 2 Unsecured Creditors --------------------------------------------------- Debtor: Happy Endings Holdings, LLC 2632 North Rt 72 Jonestown, PA 17036 Case No.: 19-03916 Business Description: Happy Endings Holdings, LLC is a privately held company in Jonestown, Pennsylvania. Chapter 11 Petition Date: September 13, 2019 Court: United States Bankruptcy Court Middle District of Pennsylvania (Harrisburg) Judge: Hon. Henry W. Van Eck Debtor's Counsel: Robert E. Chernicoff, Esq. CUNNINGHAM, CHERNICOFF & WARSHAWSKY, P.C. 2320 North Second Street Harrisburg, PA 17110 Tel: 717 238-6570 Fax: 717 238-4809 E-mail: rec@cclawpc.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Corey Wolff, director. A copy of the Debtor's list of two unsecured creditors is available for free at: http://bankrupt.com/misc/pamb19-03916.pdf A full-text copy of the petition is available for free at: http://bankrupt.com/misc/pamb19-03916_creditors.pdf HCC CATERERS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: HCC Caterers Inc. 71 Water Grant Street Yonkers, NY 10701 Case No.: 19-23634 Business Description: HCC Caterers Inc. offers catering for events, in home functions, or just about any occasion. Chapter 11 Petition Date: September 12, 2019 Court: United States Bankruptcy Court Southern District of New York (White Plains) Judge: Hon. Robert D. Drain Debtor's Counsel: Scott B. Ugell, Esq. UGELL LAW FIRM, P.C. 151 North Main Street, Suite 202 New City, NY 10956 Tel: (845) 639-7011 Fax: (845) 639-7004 E-mail: Scott@UgellLaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Peter X. Kelly, authorized representative of the Debtor. 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/nysb19-23634.pdf HELIOS AND MATHESON: Exploring Sale, Other Options for MoviePass ---------------------------------------------------------------- Helios and Matheson Analytics Inc. on Sept. 13, 2019, said its board of directors has formed a strategic review committee, composed entirely of the Company's independent directors, to identify, review and explore all strategic and financial alternatives for the Company, including a sale of the Company in its entirety, a sale of substantially all of the Company's assets including MoviePass(TM), Moviefone(TM) and MoviePass Films(TM), a business reorganization or one or more other extraordinary corporate transactions, together with the assumption or settlement of the Company's liabilities in connection with any of these alternatives. The Company requests that all bona fide transaction proposals and expressions of interest be directed to the Committee at SRC@hmny.com. There can be no assurance that the Committee's review process will result in any transaction. In addition, on Sept. 13, 2019, MoviePass(TM) notified its subscribers that it would be interrupting the MoviePass service for all its subscribers effective Sept. 14, 2019, because its efforts to recapitalize MoviePass have not been successful to date. The Company is unable to predict if or when the MoviePass service will continue. The Company is continuing its efforts to seek financing to fund its operations. There can be no assurance that any such financing will be obtained or available on terms acceptable to the Committee. About Helios and Matheson Helios and Matheson Analytics Inc. (OTC:HMNY) -- http://www.hmny.com/-- is a provider of information technology services and solutions, offering a range of technology platforms focusing on big data, business intelligence, and consumer-centric technology. HMNY is headquartered in New York, NY. Helios and Matheson currently owns 92% of the outstanding shares (excluding options and warrants) of MoviePass Inc., a premier movie-theater subscription service, 100% of the outstanding membership interests in MoviePass Ventures LLC and 51% of the outstanding membership interests in MoviePass Films LLC. Aside from MoviePass, HMNY's holdings also include Zone Technologies, Inc., creator of RedZone Map(TM), a safety and navigation app for iOS and Android users, and a community-based ecosystem that features a socially empowered safety map app that enhances mobile GPS navigation using advanced proprietary technology. Helios and Matheson reported a net loss of $150.8 million for the year ended Dec. 31, 2017, compared to a net loss of $7.38 million for the year ended Dec. 31, 2016. The Company reported a net loss of $256.4 million on $198.3 million of revenue in the nine months ended Sept. 30, 2018, compared with a net loss of $55.18 million on $3.67 million of revenue in the same period in 2017. The Company's amended balance sheet at Sept. 30, 2018, showed $134.30 million in total assets, $68.86 million in total liabilities, and $65.44 million in total stockholders' equity. The report from the Company's independent accounting firm Rosenberg Rich Baker Berman, P.A., in Somerset, New Jersey, 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 negative cash flows from operating activities. This raises substantial doubt about the Company's ability to continue as a going concern. The Company has not filed with the Securities and Exchange Commission its annual report for 2018, and its quarterly reports for 2019. HENRY ANESTHESIA: Anesthesia Provider Seeks Cash Collateral Access ------------------------------------------------------------------ Henry Anesthesia Associates, LLC, asks the U.S. Bankruptcy Court for the Northern District of Georgia to use cash collateral to pay operating expenses of its business, pursuant to a budget. The monthly budget provides for $703,724 in total expenses, $495,794 of which is for payroll; $78,789 for federal holdings; and $26,656 for medical insurance, among others. A copy of the Budget can be accessed for free at: http://bankrupt.com/misc/Henry_Aesthesia_8_Cash_M.pdf The Debtor proposes to grant a security interest in and lien on all of the postpetition cash to the same extent, validity, amount, and priority as the secured creditors' prepetition interests and lien on the cash collateral for any diminution in value of any prepetition cash collateral. The Debtor's secured creditors include: (a) Bank of America, N.A., which is owed approximately $1,744,806; (b) Georgia Department of Labor, with claims of $4,485 each, as recorded in three separate lien books at the Superior Court of Henry County, Georgia (c) Georgia Department of Revenue for $176,450; and (d) the Internal Revenue Service for $779,906. About Henry Anesthesia Associates Henry Anesthesia Associates LLC is a medical practice in Stockbridge, Georgia specializing in anesthesiology. Henry Anesthesia filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 19-64159) on Sept. 6, 2019. In the petition signed by Keith R. Carringer, M.D., manager, the Debtor estimated assets of at least $50,000, and liabilities between $1 million and $10 million. JONES & WALDEN, LLC, represents the Debtor. HILL CONCRETE: Hires Hines Hampton Pelanda as Special Counsel ------------------------------------------------------------- Hill Concrete Structures seeks authority from U.S. Bankruptcy Court for the Central District of California to hire Hines Hampton Pelanda as special counsel to assist the Debtor and general bankruptcy counsel with special legal matters that may arise during the pendency of the case. Hines Hampton Pelanda's hourly rates are: Marc S. Hines Managing Partner $325.00 Nicole Hampton Partner $325.00 Elan Dunaev Associate $325.00 Anna Cooley Paralegal $125.00 Marc S. Hines, managing partner of Hines Hampton Pelanda, attests that his firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached at: Marc S. Hines, Esq. Hines Hampton Pelanda 34 Executive Park, Suite 260 Irvine, CA 92614 Phone: 714-513-1122 Fax: 714-242-9529 Email: mhines@lawhhp.com About Hill Concrete Structures Hill Concrete Structures is a privately held company in La Verne, CA, that offers concrete and cinder building products. Hill Concrete Structures sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 19-10212) on Jan. 21, 2019. The case is assigned to Mark S. Wallace. In the petition signed by James A. Hill, president, the Debtor disclosed total assets at $997,122 and $1,964,669 in debt. The Debtor tapped Michael Jones, Esq., at M Jones & Associates, PC, as counsel. HOLY TRINITY CHURCH: Orthodox Church Building Sold for $2.5M ------------------------------------------------------------ A bankruptcy judge approved the sale of building hosting the Holy Trinity Hellenic Orthodox Church in Chicago's northwest side for $2.5 million. Under the terms of the sale approved Sept. 10, 2019, non-denominational religious organization Universal Life Church will become the new owner of the property, and take over the school lease. People in charge of the Holy Trinity Church will have 75 days to give up the building. The judge's decision came as some parishioners claimed they witnessed an icon of the Virgin Mary "weeping" at the church. On Sept. 8, 2019, the icon of the Virgin Mary holding an infant Jesus was discovered, by an employee of the parish, to appear to be weeping. According to WGN TV Chicago, parishioners held out hope that the church would be saved from foreclosure after what they say is a miracle. "Earlier today, the U.S. Bankruptcy Court approved the Parish's motions to approve the sale of the Chicago property and the Deerfield property. The decision comes after a faith-based community stepped forward to acquire the Chicago property, and a developer stepped forward to acquire the Deerfield property, allowing Holy Trinity to reach an understanding with its lender to avoid an auction of the properties. An earlier effort by the Parish to sell the Chicago property to a foundation under a contract dated December 11, 2018 failed because the foreclosing lender did not approve the 75% financing condition of the offer," the Greek Orthodox Metropolis of Chicago said in a statement. "While the Parish's ongoing foreclosure and bankruptcy has been difficult for parishioners and the Metropolis as a whole, the Holy Trinity Greek Orthodox Church is not closing. The Parish is selling real estate assets to settle debts with a lender." The Church sought bankruptcy protection to delay foreclosure by lender MB Financial Bank. According to Romfea News, church officials said that the bank rejected a loan request after the church was not able to secure $1.6 million in pledges in an effort to save it. About the Holy Trinity Church For more than 100 years, Sindesmos Hellinikes-Kinotitos of Chicago, also known as Holy Trinity Hellenic Orthodox Church or Holy Trinity Orthodox Church of Chicago, is the second oldest Greek Orthodox Church in the United States and the oldest in the Midwestern United States. The Holy Trinity Church has operated a Greek Orthodox Church located at 6041 W. Diversey Avenue in Chicago, Illinois (the Chicago Property"). In addition to conducting religious services and parish activities at the property, Holy Trinity also historically operated a school, known as the Socrates Greek-American Elementary School since 1908. In 2004, Holy Trinity purchased property at 1085 N. Lake Cook Rd., Deerfield, Illinois (the "Deerfield Property") as part of a broader plan that began with relocating the Socrates School to the Deerfield Property. This broader plan also contemplated relocating the Church and religious services to the Deerfield property in the future. Holy Trinity filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ill. Case No. 18-34548) on Dec. 14, 2018. In the petition signed by Stanley Andreakis, authorized representative, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Hon. Timothy A Barnes oversees the case. David R. Herzog, Esq., at Herzog & Schwartz, P.C., serves as bankruptcy counsel to the Debtor. HOSPITAL ACQUISITION: PCO Files 1st Interim Report -------------------------------------------------- Jerry Seelig, Patient Care Ombudsman, patient care ombudsman for Hospital Acquisition LLC, filed his first interim report. The Pittsburgh Hospital was closed when the PCO arrived on June 10, 2019 that the Pittsburgh "Main Campus" Hospital would be closing; its patients discharged; and its staff being dismissed or relocated. The Staff appeared committed to providing appropriate services to the remaining patients. The Hospitals both maintained medical records as required by their respective policies on a timely basis; and that the Debtors are meeting the requirements for providing information/documents needed for patient continuity of care. The Debtor's current leadership has been in place for less than two years prior to the filing of the bankruptcy. The PCO implemented a cost-effective plan to visit and monitor the Debtors' patient care at the Debtors' disperse facilities. Among other things: 1. The PCO conducted an interview to the Debtors' administrators and the key professionals involved in care and compliance. 2. The PCO critically examined both the specific-facility and system-wide efforts regarding peer review and performance improvement programs. 3. The PCO reviewed liability-risk, staffing, and compliance documents at the facility and corporate level. 4. The PCO conducted a comprehensive examination of reported state and federal quality measures, including each facility's Joint Commission Surveys and any federal or state agency Statements of Deficiencies and Plans of Corrections for the past two-years. In this regard, the PCO took extensive notes documenting interviews and in-depth review of relevant documents, prepared and analyzed facility-specific reports, and distilled all that into the PCO's reports to the Court. The PCO with the assistance of the professionals, the combination of which have had extensive experience as administrators, monitors, and care providers, the PCO was able to assess all components of the Debtors' patient care and safety efforts. The PCO has interviewed the following: (i) The Debtors' CEO; (ii) The corporate Chief Nursing Officer ("CNO"); (iii) The Director of Nursing ("DON") at each facility; (iv) Key corporate managers, including the COO for all facilities, the system-wide Quality Assurance Director, and one of the two regional managers nursing managers; (v) Physicians; (vi) the Quality Assurance-Performance Improvement Director at each facility visited by the PCO; (vii) the key administrator and senior managers at each facility all hospitals, nursing homes, and certain other health care providers that receive funds from Centers for Medicare and Medicaid Services ("CMS") are surveyed and the deficiencies and then the corrections are reported using Form 2567. The JOINT COMMISSION conducts "surprise survey visits" no less than every three years to investigate all aspects of patient care and safety. At the conclusion of the survey, the JOINT COMMISSION provides the Hospital with a detailed report on deficiencies and demand for correction for each deficiency found. The Debtors' hospitals and the manner and amount of reimbursement are factors contributing to the bankruptcy. The average reimbursement rates for site neutral patients are approximately 57% of 2016 cases. The Debtors operate fifteen LTCH facilities in Florida, North Carolina, Ohio, Pennsylvania, Texas, Colorado, and Nevada, along with one Behavioral Health Hospital ("BHH") in Pennsylvania (collectively, the "Facilities" of "Hospitals" and individually a "Facility" or 8 "Under the LTCH PPS, Medicare pays for the operating and capital costs associated with hospital inpatient stays in LTCHs. Medicare sets per discharge payment rates for different case-mix groups called Medicare severity long-term care diagnosis related groups (MS-LTC-DRGs) based on the expected relative costliness of treatment for patients in the group. Patients are assigned to these groups based on their principal diagnosis, secondary diagnoses, procedures performed, age, sex, and discharge status. All the Facilities are supported by corporate management and clinical directors and regional directors who provide support services and, in some instances, "fill-in" at specific facilities or group facilities as on-site senior managers. In addition, the Debtors' constant compliance efforts within and across the Hospitals offers the PCO a road map of the quality of patient care and safety. Thereby through interviews, observation, and review of documentation the PCO accurately assess the quality of patient care and safety and any decline or compromise in that care. The Debtors' LTCH Hospital specialize in the treatment of medically complex patients who require extended hospitalization with clinical care and psyche-social services not available in hospitals, skilled nursing, or at home. The average length of stay for patients is 30-days. Although length of stay can often exceed a month, the clinical and social support staff's primary goal is to return the11 patients to their home or a lower level of care in a skilled nursing or assisted living facility. The key treatment programs based on at-admission Diagnosis Related Groups (DRG) are as follows: a. Respiratory system diagnosis demanding ventilator support of less than 96 hours b. Complex post-surgical or trauma Wound Care c. Pulmonary edema (a condition where fluid collects in the lungs and respiratory failure) d. Osteomyelitis (a bone infection, often caused by bacteria) with major complication or comorbidity (MCC) e. Tracheostomy procedure (creation of opening into the trachea through the neck with insertion of an indwelling tube to facilitate the passage of air or the evacuation of secretions) At each facility visited, the PCO observed the flash meetings, as well one instance of a weekly clinical care meeting. The meetings were well-run with all departments participating. The meetings allowed the PCO to identify patients or events that merited further attention. A full-text copy of the PCO's 1st Interim Report is available at https://is.gd/P4CfsF from PrimeClerk.com at no charge. About Hospital Acquisition Headquartered in Plano, Texas, and founded in 1992, Hospital Acquisition LLC and its subsidiaries are operators of long-term acute care hospitals. Through their operating subsidiaries, the Debtors provide a full range of clinical services to patients with serious and complicated illnesses or injuries requiring extended hospitalization. They operate a 49-bed behavioral health hospital in Pittsburgh, Pennsylvania as well as three out-patient wound care centers located within its Plano, Texas, Fort Worth, Texas and Dallas, Texas hospitals. As of the petition dte, the Debtors operate 17 facilities in nine states. Hospital Acquisition LLC and its subsidiaries, including LifeCare Holdings, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-10998) on May 6, 2019. Hospital Acquisition estimated assets of $100 million to $500 million and liabilities of $100 million to $500 million. The Debtors tapped Akin Gump Strauss Hauer & Feld LLP and Young Conaway Stargatt & Taylor, LLP as counsel; Houlihan Lokey, Inc., as financial advisor; BRG Capital Advisors LLC as investment banker; and Prime Clerk LLC as claims and noticing agent. The Office of the U.S. Trustee appointed a committee of unsecured creditors on May 17, 2019. Greenberg Traurig, LLP is the committee's legal counsel. Jerry Seelig of Seelig + Cussigh HCO LLC was appointed as the patient care ombudsman in the Debtors' cases. Perkins Coie LLP and Morris James LLP represent the PCO as legal counsel. IDL DEVELOPMENT: Seeks to Extend Exclusive Filing Period to Oct. 25 ------------------------------------------------------------------- IDL Development, Inc. asks the U.S. Bankruptcy Court for the District of Massachusetts to extend the period during which it has the exclusive right to file a plan for a period of 59 days through and including Oct. 25, and the period during which it has the exclusive right to solicit acceptances of its plan for a period of 60 days through and including Dec. 27. In September 2015, Continuum Energy Technologies, LCC and with John Preston sued Dr. Christopher Nagel and IDL in Middlesex County Superior Court, Civ. Action No. 15-CV-572, asserting vaguely that IDL was using CET's intellectual property. Consequently, IDL has been required to expend significant resources in successfully defending against Continuum Energy Technologies, LCC's various claims and has to date focused its efforts on effectuating the sale of its assets to the Buyer. Notwithstanding the terms of the Sale Order, the Buyer informed IDL that it was unwilling to close the sale without certain additional protections based upon CET's prior conduct and statements. Accordingly, the Buyer and IDL have agreed, among other things, to establish an escrow fund paid from sale proceeds to pay the costs of defending against certain claims and increased the consideration to creditors upon commercialization of the Purchased Assets -- Deferred Royalties -- which is equal to 50% of the allowed claims against the company's bankruptcy estate. IDL intends to close on the sale following the expiration of the stay on Aug. 22. Following the closing of the sale, the company intends to file a liquidating plan which, among other things, will provide a mechanism to appropriately administer the Deferred Royalties and for the distribution its remaining assets, including the proceeds of the sale, in accordance with the priorities established under the Bankruptcy Code. In the meantime, IDL requires time to comply with various auditing procedures to ensure the Buyer's compliance with the provisions of the Sale Agreement. About IDL Development IDL Development, Inc. is engaged in research in the field of "electromagnetic chemistry," which is the use of electromagnetic fields to manipulate, generate and change the properties of matter. Organized in 2014, IDL Development conducts research activities from a leased facility in Taunton, Massachusetts, and is funded through private equity investment. IDL Development sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 18-14808) on Dec. 29, 2018. At the time of the filing, the Debtor estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million. The case is assigned to Judge Joan N. Feeney. Murphy & King, Professional Corp. is the Debtor's counsel. IFRESH INC: Shareholders OK All Resolutions at Special Meeting -------------------------------------------------------------- iFresh, Inc., announced its shareholders have approved all resolutions at its special meeting of stockholders which was held at iFresh office, 2-39 54th Avenue, Long Island City, New York, NY 11101 on Sept. 5, 2019, including the approval of all matters relating to its proposed acquisition transaction with Xiaotai International Investment Inc. The matters approved at the meeting include the following: 1. The adoption of the Share Exchange Agreement and approval of the Acquisition of Xiaotai contemplated by such agreement; 2. The adoption of the Share Purchase Agreement and approval of the Spin-off of Company's existing business and operations to GO Fresh 365, Inc. contemplated by such agreement; 3. The approval and adoption of an amendment to the Company's Certificate of Incorporation to affect the Reverse Split of the Company's issued and outstanding Common Stock by a ratio of not less than one-for-two and not more than one-for- ten at any time prior to Dec. 31, 2019, with the exact ratio to be set at a whole number within this range, as determined by the Board in its sole discretion; 4. The approval and adoption of an amendment to the Company's Certificate of Incorporation to increase the number of shares of common stock that the Company has authority to issue from 100,000,000 to 1,000,000,000 and the number of shares of Preferred Stock that the Company has authority to issue from 1,000,000 to 10,000,000; and consequently, the increase of the total number of shares of all classes of capital stock that the Company has authority to issue from 101,000,000 to 1,010,000,000; 5. The approval of the Charter Amendment to change the Company's corporate name to "Terran Financial Services Group"; 6. The election of five Director Nominees to serve on the Company's Board until the next annual shareholders meeting or until their successors are duly elected and qualified; and 7. The adjournment of the special meeting by the chairman thereof to a later date, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the special meeting, there are not sufficient votes to approve the Acquisition Proposal and Spin-off Proposal. Each of Baofeng Pan, Haotian Wu, Xianhai Huang, Xing Xie, and Weixiang Jiang was elected as a director for one-year term expiring on the next annual meeting of stockholders. About iFresh, Inc. iFresh Inc., headquartered in Long Island City, New York -- http://www.ifreshmarket.com-- is an Asian American grocery supermarket chain and online grocer. With nine retail supermarkets along the US eastern seaboard (with additional stores in Glen Cove, Miami and Connecticut opening soon), and two in-house wholesale businesses strategically located in cities with a highly concentrated Asian population, iFresh aims to satisfy the increasing demands of Asian Americans (whose purchasing power has been growing rapidly) for fresh and culturally unique produce, seafood and other groceries that are not found in mainstream supermarkets. iFresh Inc. reported a net loss of $12 million for the year ended March 31, 2019, compared to a net loss of $791,293 for the year ended March 31, 2018. As of June 30, 2019, the Company had $109.55 million in total assets, $110.91 million in total liabilities, and a total shareholders' deficiency of $1.35 million. Friedman LLP, in New York, the Company's auditor since 2016, issued a "going concern" qualification in its report dated June 28, 2019, citing that the Company incurred operating losses and did not meet the financial covenant required in its credit agreement. These conditions raise substantial doubt about the Company's ability to continue as a going concern. IONIS PHARMACEUTICALS: Egan-Jones Hikes Sr. Unsec. Ratings to B+ ---------------------------------------------------------------- Egan-Jones Ratings Company, on September 5, 2019, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Ionis Pharmaceuticals Incorporated to B+ from B. Headquartered in Carlsbad, California, Ionis Pharmaceuticals is a publicly-traded pharmaceutical company based in Carlsbad, California, United States. The company was founded in 1989 by Stanley Crooke, a former GlaxoSmithKline head of research, with a goal to commercialize antisense therapy. JACK IN THE BOX: Egan-Jones Lowers Senior Unsecured Ratings to BB ----------------------------------------------------------------- Egan-Jones Ratings Company, on September 5, 2019, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Jack in the Box Incorporated to BB from BB+. Jack in the Box is an American fast-food restaurant chain founded February 21, 1951, by Robert O. Peterson in San Diego, California, where it is headquartered. The chain has 2,200 locations, primarily serving the West Coast of the United States. JAUREGUI TRUCKING: Court Ok's Cash Use Until Oct. 1 Final Hearing ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California approves the motion filed by Jauregui Trucking, Inc., to use cash collateral through Oct. 1, 2019, an interim basis, pursuant to a budget. The Court rules that: (a) payment to Crossroads Leasing will be reduced from $32,000 to $16,000; (b) the payment to Wells Fargo will be reduced from $31,000 to $l5,500; (c) payments to insiders will only be made according to the United States Trustee's requirements for such payments; and (d) the Budget will include monthly payments of $40,000 to Pacific Premier Bank as interim adequate protection. Pacific Premier will be granted, as partial additional adequate protection, a valid, perfected and enforceable replacement lien on all of the Debtor’s post-petition assets in the same priority as Pacific Premier's prepetition liens on the Debtor’s assets. Final Hearing on the motion is scheduled for Oct. 1, 2019 at 2:00 p.m. The Debtor will file the supplemental budget and supplemental pleadings by Sept. 17. Objections to the Motion must be filed by Sept. 24. The Debtor must file a reply by Sept. 27. About Jauregui Trucking Jauregui Trucking, Inc., is a trucking company in Ontario, California. It operates 44 trucks and at least 200 dry van trailers, and employs 75 drivers and other employees. Jauregui Trucking sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 19-17537) on Aug. 27, 2019. In the petition signed by Frank Jauregui, president, the Debtor disclosed total assets of $3,004,195 and total liabilities of $6,469,273. Judge Mark D. Houle is the case judge. The Debtor's counsel is The Bisom Law Group. JM GRAIN: Seeks Changes to Cash Orders, Submits Budget ------------------------------------------------------ JM Grain, Inc., asks the U.S. Bankruptcy Court for the District of North Dakota to effect certain amendments to the Second Cash Collateral Order and the Third Cash Collateral Order. (a) The Debtor seeks to include this provision in the Second Cash Collateral: "Subject to the terms and conditions of this Final Order, and in accordance with the Budget, a copy of which was filed as Second Amended Exhibit C to the Motion [Doc. 60], Debtor is authorized to use Cash Collateral for the period from July 17, 2019 through Sept. 30, 2019 not to exceed $2,115,000. All Cash Collateral use must be strictly in accordance with the terms of the Budget, and attorney's fees set forth in the Budget are subject to Court approval of fee applications filed by Debtor's counsel. The Debtor's use of Cash Collateral by category will not be limited to the particular month or months for the expenditures in that category detailed in the Budget. The Debtor will be permitted to exceed the expense total listed for a particular category of no more than 120%. Any overage in one or more expense categories will reduce the amount available to fund expenses in other categories." (b) With respect to the Third Cash Collateral Order, the Debtor seeks the following, or a substantially similar language, to be included: "Subject to the terms and conditions of this Final Order, and in accordance with the Budget, a copy of which was filed as Exhibit 2 to the Declaration of Justin Flaten [Doc. XX], Debtor is authorized to use Cash Collateral for the period from October 1, 2019 through December 31, 2019 not to exceed $1,825,000. All Cash Collateral use must be strictly in accordance with the terms of the Budget, and attorney's fees set forth in the Budget are subject to Court approval of fee applications filed by Debtor's counsel. The Debtor's use of Cash Collateral by category will not be limited to the particular month or months for the expenditures in that category detailed in the Budget. The Debtor will be permitted to exceed the expense total listed for a particular category of no more than 120%. Any overage in one or more expense categories will reduce the amount available to fund expenses in other categories." The Debtor further seeks that the Court retain, in the Third Cash Collateral Order, the same or substantially identical language concerning adequate protection and replacement liens granted to FBN CM, LLC; First Western Bank & Trust; Ray-Mont Logistics America, Inc.; and the Receiptholders. The Debtor also seeks Court approval of a cash collateral budget for the period from Oct. 1, 2019 through Dec. 31, 2019. The budget for October 2019 provides for $173,635 in cost of goods sold and $123,523 in total operating expenses. Of the total operating expenses, $46,000 is for payroll, $8,252 is for insurance and $8,252 is for lease expense. A copy of the budget, as contained in the Motion, is available for free at: http://bankrupt.com/misc/JMGrain_98_Cash_MO_Amend.pdf A hearing on the extension motion is set for Sept. 27, 2019 at 11 a.m. The Court, however, may grant the extension motion without a hearing in the event that no objections are timely served and filed. About JM Grain JM Grain Inc. buys and sells pulse crops. JM Grain sources its pulses from over 700 independent farmer-producers growing crops in the fertile fields of Montana and North Dakota. On the web: https://www.jmgrain.com/ JM Grain, Inc., based in Garrison, ND, filed a Chapter 11 petition (Bankr. D.N.D. Case No. 19-30359) on June 25, 2019. In the petition signed by Justin E. Flaten, president, the Debtor estimated up to $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The Hon. Shon Hastings oversees the case. Caren Stanley, partner of Vogel Law Firm, serves as bankruptcy counsel to the Debtor. JN MEDICAL: Lender Taps Morris Anderson to Sell Assets ------------------------------------------------------ Auro Vaccines LLC has retained Morris Anderson & Associates LLC to act as its investment banker in connection with the sale of certain assets securing its loan to JN Medical Corporation, in accordance with Article 9 of the Uniform Commercial Code. The collateral for sale includes (i) the Meningitis Vaccines; (ii) the equipment; and (iii) the miscellaneous research, if any. Interested parties may be offered the opportunity to schedule on-site visits through Morris Anderson to inspect the collateral located at JN Medical's former facilities at 2720-2721 North 84 Street, Omaha, Nebraska 68134. Binding written bids will be due on Oct. 21, 2019. The lender is requiring interested parties to perform all required due diligence prior to submitting their bid. The information memorandum can be obtained by contacting: Colin McClary Morris Anderson & Associates LLC 55 West Monroe Street, Suite 2350 Chicago, IL 60603 Tel: 630-300-4887 E-mail: CMcClary@morrisanderson.com KAISER GYPSUM: Reaches Deal With Government to Settle Claims ------------------------------------------------------------ Lehigh Hanson, the indirect parent company of Hanson Permanente Cement, Inc. and Kaiser Gypsum Company, Inc., the future representative of the claimants and the Asbestos Personal Injury Committee filed with the U.S. Bankruptcy Court for the Western District of Northern Carolina, Charlotte Division, a third amended plan of reorganization and accompanying disclosure statement. Each allowed claim holder in Class 1 will receive an equal amount of cash to such allowed claim unless the holder accords to less favorable treatment. Three shall receive an equal amount of cash to such allowed claim which includes any post-petition interest as the bankruptcy court orders unless the claim order accords to less favorable treatment. The asbestos trust to be made under the plan will be financed with a $49 million cash payment by Lehigh Hanson and the Debtors as well as the assignment of the rights of debtors under insurance policies that covers the Asbestos Personal Injury Claims. The Debtors have reached an agreement in principle with the United States, on behalf of the EPA and the United States Department of Interior, acting through the U.S. Fish and Wildlife Service (the "DOI"), and the United States Department of Commerce, acting through the National Oceanic and Atmospheric Administration (the "NOAA"), to liquidate and pay in full the following general unsecured claims: (a) Proof of Claim No. 10, EPA in the amount of $1,300,000 against Kaiser Gypsum; (b) Proof of Claim No. 11, EPA in the amount of $1,300,000 against HPCI; (c) Proof of Claim No. 9, NOAA in the amount of $200,000 against Kaiser Gypsum; (d) Proof of Claim No. 6, NOAA in the amount of $200,000 against HPCI; (e) Proof of Claim No. 7, DOI in the amount of $200,000 against Kaiser Gypsum; and (f) Proof of Claim No. 8, DOI in the amount of $200,000 against HPCI. The Debtors' agreement with the United States also resolved the following claims filed by the Ash Grove Cement Co. on behalf of the United States: (a) Proof of Claim No. 648, EPA in the amount of $325,000 against Kaiser Gypsum; (b) Proof of Claim No. 653, EPA in the amount of $325,000 against HPCI; (c) Proof of Claim No. 651, NOAA in the amount of $50,000 against Kaiser Gypsum; (d) Proof of Claim No. 650, NOAA in the amount of $50,000 against HPCI; (e) Proof of Claim No. 649, DOI in the amount of $50,000 against Kaiser Gypsum; and (f) Proof of Claim No. 652, DOI in the amount of $50,000 against HPCI. Truck believes that the Debtors have violated their Asbestos Insurer Cooperation Obligations and intends to vigorously contest the finding sought pursuant to Section VIII.A.3.u of the Plan. In this regard, Truck commenced the Truck Adversary. If such litigation is not resolved quickly, then the Debtors may be unable to timely satisfy their obligations under the DEQ Settlement, which would threaten the Debtors' ability to consummate the Plan. The Debtors also will be unable to consummate the Plan if a court determines that the Debtors have violated their Asbestos Insurer Cooperation Obligations. The Debtors, the Asbestos Personal Injury Committee, the Future Claimants' Representative and Lehigh Hanson submit that Truck's position is without merit and that the Bankruptcy Court and/or District Court, as applicable, will rule in the Debtors' favor and confirm the Plan. In consideration of the undertakings of the Settled Environmental Insurers, and other consideration, and pursuant to their respective settlements with the Debtors and to preserve and promote further the agreements between and among the Debtors and any Settled Environmental Insurers, and pursuant to section 105 of the Bankruptcy Code: 1. any and all Environmental Claims shall be treated, administered, determined and resolved under the procedures and protocols under the Plan as the sole and exclusive remedy with respect to Environmental Claims; and 2. all Entities are hereby permanently stayed, enjoined, barred and restrained from doing any of the following against the Settled Environmental Insurers: a. commencing or continuing in any manner any action or other proceeding of any kind with respect to any Environmental Claim against any of the Settled Environmental Insurers or against the property of any of Settled Environmental Insurers; b. commencing or continuing in any manner any contribution, indemnity or other equitable action or other similar proceeding relating to the environmental settlements made in this bankruptcy case against any of the Settled Environmental Insurers or against the property of any of Settled Environmental Insurers; c. enforcing, attaching, collecting or recovering, by any manner or means, from any of the Settled Environmental Insurers, or the property of any of the Settled Environmental Insurers, any judgment, award, decree, payment or order relating to any Environmental Claim against any of the Settled Environmental Insurers; and d. creating, perfecting or enforcing any lien of any kind relating to any Environmental Claim against any of the Settled Environmental Insurers, or the property of the Settled Environmental Insurers. The injunction set forth set forth in Section IX.B.3 of the Plan (the "Environmental Injunction") is an integral part of the Plan and is essential to the Plan's consummation and implementation. The Environmental Injunction shall inure to the benefit of the Settled Environmental Insurers, but shall not apply to any Debtor or Reorganized Debtor. For the avoidance of doubt, the Environmental Injunction shall not apply to Asbestos Personal Injury Claims or to Asbestos Insurance Policy Claims. A full-text copy of the Third Amended Disclosure Statement is available at https://is.gd/J514i8 from PacerMonitor.com at no charge. The Debtors are represented by Edwin Harron and Sharon Zieg of Young Conaway Stargatt & Taylor, LLP and Felton Parish of Hull & Chandler. About Kaiser Gypsum Kaiser Gypsum Company, Inc., and affiliate Hanson Permanente Cement, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case Nos. 16-31602 and 16-10414) on Sept. 30, 2016. The petitions were signed by Charles E. McChesney, II, vice-president and secretary. The companies are represented by Rayburn Cooper & Durham P.A. and Jones Day. Cook Law Firm, P.C. and K&L Gates LLP serve as special insurance counsel; NERA Economic Consulting as consultant; Miller Nash Graham & Dunn LLP as special environmental and insurance counsel; and PricewaterhouseCoopers LLP as financial advisors. At the time of the bankruptcy filing, Kaiser and Hanson estimated their assets and liabilities at $100 million to $500 million. Kaiser's principal business consisted of manufacturing and marketing gypsum plaster, gypsum lath and gypsum wallboard. The company has no current business operations other than managing its legacy asbestos-related and environmental liabilities. The company has no material tangible assets. HPCI's primary business was the manufacture and sale of Portland cement products. It is a wholly-owned, indirect subsidiary of non-debtor Lehigh Hanson, Inc. HPCI is the direct parent of Kaiser Gypsum as well as non-debtor Hanson Micronesia Cement, Inc. and non-debtor Hanson Permanente Cement of Guam, Inc., the operating subsidiaries. Non-debtor Permanente Cement Company, which has no assets or operations, is also a wholly-owned subsidiary of HPCI. The Office of the U.S. Trustee appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Kaiser Gypsum Company, Inc. The Creditors Committee hired Blank Rome LLP as counsel, and Moon Wright & Houston, PLLC. An Official Committee of Asbestos Personal Injury Claimants retained Caplin & Drysdale, Chartered, as its counsel. Lawrence Fitzpatrick, the Future Claimants' Representative, tapped Ankura Consulting Group, LLC as his claims evaluation consultant; Young Conaway Stargatt & Taylor, LLP as attorney; and Hull & Chandler, P.A. as local counsel. KLINE CONSTRUCTION: Committee Hires Flaster Greenberg as Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Kline Construction Co., Inc. seeks authority from the U.S. Bankruptcy Court for the District of New Jersey (Camden) to hire Flaster Greenberg, P.C. as its legal counsel. The firm will advise the committee of its power and duties under the Bankruptcy Code and will provide other legal services in connection with the Debtor's Chapter 11 case. Flaster Greenberg will be paid at these hourly rates: William J. Burnett $535 Douglas S. Stanger $535 Shareholders $315 to $650 Paralegals $145 to $305 Flaster Greenberg will also be reimbursed for work-related expenses incurred. Douglas Stanger, Esq., a member of Flaster Greenberg, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Flaster Greenberg can be reached at: E. Richard Dressel, Esq. Flaster Greenberg P.C. 646 Ocean Heights Avenue, Suite 103 Linwood, NJ 08221 Tel: 609-645-1881 Fax: 609-645-9932 About Kline Construction Founded in 1945, Kline Construction Co. -- http://www.klineconstruction.net-- is a utility support contractor in New Jersey with six locations throughout the United States. Kline Construction filed a chapter 11 petition (Bankr. D. N.J. Case No. 19-25757) on August 14, 2019. The petition was signed by Ronald Samarro, chief restructuring officer. Hon. Jerrold N. Poslusny Jr. presides over the case. The Debtor disclosed $500,000 to $1 million in assets and $10 million to $50 million in liabilities. The Debtor tapped Fox Rothschild LLP as counsel. KLINE CONSTRUCTION: Committee Hires Gavin/Salmonese as Advisor -------------------------------------------------------------- The Official Committee of Unsecured Creditors of Kline Construction Co., Inc. seeks authority from the United States Bankruptcy Court for the District of New Jersey (Camden) to hire Gavin/Salmonese LLC as the Committee's financial advisor. Gavin/Salmonese will provide the Committee financial advice with respect to its power and duties as Committee and provide any and all other financial services for the Committee which may be necessary or desireable in connection with this case. Stan Mastil's hourly rate is $500. The rates for other professionals of the firm range from $250 to $700, and the rate for paraprofessionals if $200. Stan Mastil, CPA, CFF, of Gavin/Salmonese, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. The firm can be reached through: Stan Mastil, CPA, CFF Gavin/Solmonese LLC 919 N. Market Street, Suite 600 Wilmington, DE 19801 Phone: 302-655-8997 Fax: 302-655-6063 About Kline Construction Founded in 1945, Kline Construction Co. -- http://www.klineconstruction.net-- is a utility support contractor in New Jersey with six locations throughout the United States. Kline Construction filed a chapter 11 petition (Bankr. D. N.J. Case No. 19-25757) on August 14, 2019. The petition was signed by Ronald Samarro, chief restructuring officer. Hon. Jerrold N. Poslusny Jr. presides over the case. The Debtor disclosed $500,000 to $1 million in assets and $10 million to $50 million in liabilities. The Debtor tapped Fox Rothschild LLP as counsel. LECLAIRRYAN PLLC: U.S. Trustee Seeks Chapter 7 Liquidation ---------------------------------------------------------- A federal trustee wants to have a court-appointed liquidator to oversee the LeClairRyan law firm's bankruptcy case due diminishing cash flow and rising expenses. The Acting United States Trustee for Region Four on Sept. 12, 2019, filed a motion asking the Court to enter an order converting LeClairRyan PLLC's bankruptcy case to a Chapter 7 liquidation. LeClairRyan PLLC, the battered Richmond, Va. law firm that has faced mass defections in recent weeks, filed for Chapter 11 bankruptcy in early September 2019 to wind down operations. While no schedules are yet on file, the First Day Declaration discloses that the Debtor's assets consist principally of cash, accounts receivable, and work-in-progress. The Debtors also may have potential claims and causes of action against various parties, including Chapter 5 causes of action. As of the Petition Date, the Debtors' unsecured liabilities consist primarily of obligations to landlords, vendors, employees and other creditors. As for its secured creditors, the Debtor is indebted to ABL Alliance LLP and to ULXP. As part of the First Day Motions, the Debtor sought approval of, among other things, settlement procedures concerning the potential discount and settlement of accounts receivable. An interim order approving the sealed settlement procedures was entered on Sept. 4, 2019. "There is no hiding that this case consists of a wind-down. And there is no hiding that it is the Debtor and the lender's intent that the case will eventually convert to Chapter 7. The only question is when that will be. The Debtor has ceased operation and the "Dissolution Committee" -- now consisting of only two ex-members of the firm, are orchestrating the wind-down with the help of about eight other employees. Against this backdrop, the Debtor is attempting to collect the remaining accounts receivables. According to the approved interim Budget, the Debtors were to collect a total of $4,425,000 in cash receipts during the first four weeks of the case, with $1,306,000.00 collected the week ending September 6, 2019. Pursuant to the Interim Budget, the payroll, taxes and benefits amounted to $421,000 as of the end of the fourth week. Moreover, the projections reflected that as of the fourth week of the case, the available cash would amount to $452,000 – a substantial decrease from the initial cash available during the first week of the case of $932,000. Upon information received, the report for the first week shows that the projected collections are significantly lower than what had been projected by over 40%. While the fee collections have not been coming in at the rate originally expected, the operating expenses continue at the tune of approximately $228,000.00 a week (or $910,000 during the first four weeks), with the largest expense being paid to ULXP," John P. Fitzgerald, III, Acting United States Trustee for Region Four, said. "Not only is the cash flow diminishing, but the expenses are only going to increase if the case continues in Chapter 11. The UST may have to appoint a creditors' committee in the near future and the Debtor is seeking to assume executory contracts at the hearing on September 26, 2019. Clearly, the Chapter 5 actions are the crux of this case, and, as previously stated, all parties are in agreement that the case should be converted to Chapter 7 in the near future. The case should be converted that a Chapter 7 Trustee can be put in place in an attempt to stop the hemorrhaging, make decisions about what contracts to assume or reject, and start paving the road to recoveries from avoidance actions. Delaying conversion would only saddle the estate with additional administrative expenses and render the transition to a Chapter 7 harder as the few employees left will continue to leave leaving the trustee with little to no historical knowledge or support." About LeClairRyan Founded in 1988, LeClairRyan PLLC is a national law firm with 385 attorneys, including 160 shareholders, at its peak. The firm represented thousands of clients, including individuals and local, regional and global businesses. Following massive defections by its attorneys LeClairRyan, members of the firm in July 2019 voted to effect a wind-down of the Debtor's operations. LeClairRyan PLLC sought Chapter 11 protection (Bankr. E.D. Va. Case No. 19-bk-34574) on Sept. 3, 2019, to effect the wind down of its affairs. In its Chapter 11 petition, the firm listed a range of 200-999 creditors owed between $10 million and $50 million. The firm claims assets of $10 million to $50 million. The Hon. Kevin R Huennekens is the case judge. Richmond attorneys Tyler Brown and Jason Harbour of Hunton Andrews Kurth are representing LeClairRyan in the case. Protiviti is its financial adviser for the liquidation. LEGACY RESERVES: Egan-Jones Lowers Senior Unsecured Ratings to D ---------------------------------------------------------------- Egan-Jones Ratings Company, on September 4, 2019, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Legacy Reserves LP to D from CCC. EJR also downgraded the rating on commercial paper issued by the Company to D from C. Headquartered in Midland, Texas, Legacy Reserves LP, an independent oil and natural gas limited partnership, engages in the acquisition and development of oil and natural gas properties primarily located in the Permian Basin, Mid-Continent, and Rocky Mountain regions of the United States. LODAN 23 LLC: Exclusivity Period Extended Until Nov. 6 ------------------------------------------------------ Judge A. Jay Cristol of the U.S. Bankruptcy Court for the Southern District of Florida extended the exclusive period for Lodan 23 LLC to file a plan through Nov. 6 and the period for solicitation of plan acceptances through Jan. 6, 2020. About Lodan 23 LLC Lodan 23 LLC filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 19-10167), on Jan. 6, 2019. The petition was signed by Laurent Benzaquen, manager of JJLB Property Management LLC. At the time of filing, the Debtor had estimated assets of less than $1 million and liabilities of less than $1 million. The case has been assigned to Judge A Jay Cristol. The Debtor is represented by Joel M. Aresty, P.A. The Office of the U.S. Trustee on July 27 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Debtor's case. LRB REALTY: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: LRB Realty, LLC 4600 Military Trail, Suite 110 Jupiter, FL 33458 Business Description: LRB Realty LLC is a privately held company in Jupiter, Florida. Chapter 11 Petition Date: September 13, 2019 Court: United States Bankruptcy Court Southern District of Florida (West Palm Beach) Case No.: 19-22206 Judge: Hon. Erik P. Kimball Debtor's Counsel: Brian K. McMahon, Esq. BRIAN K. MCMAHON 1401 Forum Way, 6th Floor West Palm Beach, FL 33401 Tel: 561-478-2500 Fax: 561-478-3111 E-mail: briankmcmahon@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Lori Bedoya, managing member. The Debtor stated it has no unsecured creditors. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/flsb19-22206.pdf The Company previously sought bankruptcy protection on Feb. 6, 2012 (S.D. Fla. Case No. 12-13754). M3LIVE BAR: Seeks to Hire Grobstein Teeple as Accountant -------------------------------------------------------- M3Live Bar & Grill, Inc. seeks authority from the United States Bankruptcy Court for the Central District of California (Santa Ana) to hire Grobstein Teeple LLP as its accountant and financial advisor. M3Live Bar requires the firm to: a. work with management and counsel to ensure proper compliance and reporting to the Bankruptcy Court and the Office of the United States Trustee; b. provide day-to-day bookkeeping and accounting services; c. perform other accounting and financial consulting services as required by the Debtor including, but not limited to: i. preparation of bankruptcy schedules; ii. preparation of Monthly Operating Reports; iii. preparation of budgets and cash projections; iv. analysis of financial transactions; and d. address all tax issues related to the Debtor and Estate; and e. provide litigation consulting as necessary. The firm has accepted a $20,000 retainer: $8,000 via Cashier's Check funded by M3Live Bar and Grill and $12,000 via El Crillon NB Lounge & Nightclub. Howard Grobstein, partner at Grobstein Teeple, disclosed in court filings that his firm neither holds nor represents any interest materially adverse to the interest of the estate. The firm can be reached at: Howard B. Grobstein Grobstein Teeple LLP 6300 Canoga Avenue, Suite 1500W Woodland Hills, CA 91367 Tel: (818) 532-1020 Fax: (818) 532-1120 About M3Live Bar & Grill, Inc. M3Live Bar & Grill, Inc. operates a performance & event center in Anaheim, California. Its grand ballroom has a capacity of 100 to 700 guests. Visit http://www.m3live.netfor more information. M3Live Bar & Grill, Inc. filed a voluntary petition under Chapter 11 of Title 11 of the United States Code (Bankr. C.D. Cal. Case No. 19-10814) on March 7, 2019. The petition was signed by Musa Madain, president. The case is assigned to Judge Theodor Albert. At the time of filing, the Debtor etimated $1 million to $10 million in both assets and liabilities. Robert P. Goe, Esq. at GOE & FORSYTHE, LLP serves as the Debtor's counsel. MAD DOGG ATHLETICS: Hires KeatsGatien as Special Litigation Counsel ------------------------------------------------------------------- Mad Dogg Athletics, Inc. seeks authority from the U.S. Bankruptcy Court for the Central District of California to hire KeatsGatien LLP as its special litigation counsel. The Debtor has engaged KeatsGatien with respect to non-ordinary course, intellectual property, non-administrative litigation and other matters, including but not limited to the state court proceeding entitled Hymanson, Inc. v. Mad Dogg Athletics, Inc., Los Angeles Superior Court Case No. BS167515, which as of the Petition Date, is on appeal in the state court proceeding entitled Mad Dogg Athletics, Inc. v. Hymanson, Inc., Second Appellate District Court of Appeal Case No. BC296770. Mad Dogg requires the firm to: (a) prosecute of the appeal of the Hymanson Litigation, including preparation of an opening brief and any and all other briefs, motions and/or documents in support of and/or related thereto; (b) prepare and present oral arguments, as scheduled and/or requested and granted, including any motions and/or documents related thereto; (c) represent the Debtor with respect to any further appellate proceeding(s) and/or trial court proceedings, relative to obtaining a final judgment in the Hymanson Litigation; and (d) in general, provide counsel to and represent the Debtor in any and all matters which may arise in the course of the Hymanson Litigation, including but not limited to analysis of the Debtors' rights, interests, claims, and/or defenses in its proceedings. The firm's standard attorney billing rates are: Tony Keats $585 per hour Konrad Gatien $525 per hour Matt Graham $295 per hour KeatsGatien will seek reimbursement of out-of-pocket expenses incurred in this engagement in the course of its special litigation counsel representation of the Debtor. KeatsGatien requires a post-petition retainer amount of $25,000 from the Debtor, which is the firm's standard litigation retainer amount. Konrad Gatien, Esq., a partner at KeatsGatien, disclosed in court filings that his firm does not have an interest materially adverse to the interest of the estate. The firm can be reached at: Konrad K. Gatien, Esq. KeatsGatien LLP 120 S. El Camino Drive, Suite 207 Beverly Hills, CA 90212 Phone: (424) 302-0692 Email: Email: kg@keatsgatien.com About Mad Dogg Athletics, Inc. Mad Dogg Athletics, Inc. -- https://www.maddogg.com -- offers a comprehensive portfolio of fitness equipment, programming, and education. The company manufactures home Spinner bikes, Pilates and functional training equipment, and a complete line of Spinning-branded apparel and accessories. With its business founded in 1994 in Los Angeles, California, the Debtor operates from its corporate headquarters in Venice, California. Mad Dogg Athletics, Inc. filed a petition under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-18730) on July 26, 2019. In the petition signed by John R. Baudhuin, chief executive officer, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The case is assigned to Judge Julia W. Brand. David S. Kupetz, Esq. at SULMEYER KUPETZ, A PROFESSIONAL CORPORATION serves as the Debtor's counsel. MALLINCKRODT PLC: S&P Lowers LT ICR to 'CCC', Outlook Negative -------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer rating on Mallinckrodt PLC to 'CCC' from 'B+' due to its view of heightened risk of a distressed exchange over the next year, prior to any large settlement of opioid claims. S&P said, "The downgrade reflects our belief that incentives are aligned for a distressed debt exchange over the next 12 months. It also reflects our view that risks exist to the company's stated plan to use free cash flow to repay its April 2020 maturities, especially if the company incurs further litigation settlements or is required to make a large repayment to Medicare for past Acthar sales (this is not currently in our base case). Given uncertainty around the amount and timing of opioid related liabilities, we believe the company will have difficulty accessing debt markets at acceptable rates until opioid litigation is resolved. "Our negative outlook reflects our belief that Mallinckrodt could engage in an exchange with debtholders that we would view as a default because of trading levels. "We could lower the rating on Mallinckrodt if we believe the company is at risk of a distressed exchange or restructuring within the next six months, or if it announces its intention to exchange some or all of its debt for a value less than par. "In a less likely scenario in the next year, we could lower the rating if it becomes likely that it cannot meet its obligations over the next six months. This could happen if the company faces large cash outflows related to either opioid or CMS-related litigation. "We could revise the outlook to stable or consider an upgrade if we no longer believe there are incentives for a distressed exchange in the next 12 months. In this scenario, we would believe that the company is more likely to be able to access capital markets, likely because of increased certainty around opioid and Acthar-related liabilities. Under this scenario, an upgrade could be multiple notches." MARIA TELLEZ: $950K Sale of Long Beach Property to Harris Approved ------------------------------------------------------------------ Judge Vincent P. Zurzolo of the U.S. Bankruptcy Court for the Central District of California authorized Maria Elena Tellez's sale of the real property located at 435 Daisy Avenue, Long Beach, California, to John Williston Harris $950,000. The sale is free and clear of all liens, claims, encumbrances and other interests of any nature whatsoever, whether known or unknown. The Debtor is authorized and instructed to pay the following: a. the allowed claim of the Los Angeles County Tax Collector which are secured by the Daisy Real Property in the amount of $4,750 plus such amounts as may accrue thereon after July 1, 2019, less any estimated amount of that claim which accrues after the closing of the sale transaction. b. the allowed secured claim of U.S. Bank National Association, as Trustee for Home Equity Asset Trust 2008-5 Home Equity Pass Through Certificates, Series 2008-5, as serviced by Ocwen Loan Servicing in the amount of $642,700, plus interest which accrues after July 27, 2019, or such amount as may be agreed by the Debtor and Ocwen. c. from escrow at closing a real estate brokerage commission to Harris' broker, Lighthouse Realty, in the amount of $19,000. The Debtor is not authorized to pay the secured claim of Jerry Jarrell, doing business as Vantage Mortgage, in the amount of $191,425, plus interest which accrues after July 22, 2019. The Debtor is not authorized to pay the real estate brokerage commission of Endeavor Real Estate and Aaron Berryman until further order of the Court. At closing, the sum of $19,000 will be transferred by escrow to the Debtor's cash collateral account. The Debtor may pay that commission to Endeavor Real Estate and/or Berryman if and when their employment by the estate is approved by order entered by the Court. The Order is self-executing and will be effective immediately. The stays provided by Rules 6004(h) and 6006(d) of the Federal Rules of Bankruptcy Procedure are waived and do not apply to the Order. Maria Elena Tellez sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 19-18507) on July 22, 2019. The Debtor tapped Richard T. Baum, Esq., at Law offices of Richard T. Baum, as counsel. MJJW PORTFOLIO: Case Summary & 2 Unsecured Creditors ---------------------------------------------------- Debtor: MJJW Portfolio, Inc. 1907 Abbey Ridge Dr. Dover, FL 33527 Case No.: 19-08680 Business Description: MJJW Portfolio Inc. owns in fee simple a night club known as Club 1828 located at N. 40th Street, Tampa, FL 33610 having an appraised value of $730,000. The Company also owns in fee simple a 6-unit strip mall located at 2131 W. Main Street, Tampa, FL 33607 having an appraised value of $540,000. Chapter 11 Petition Date: September 13, 2019 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Debtor's Counsel: Buddy D. Ford, Esq. BUDDY D. FORD, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: 813-877-4669 Fax: 813-877-5543 E-mail: Buddy@TampaEsq.com All@tampaesq.com - and - Jonathan A. Semach, Esq. BUDDY D. FORD, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: 813-877-4669 Fax: 813-877-5543 E-mail: jonathan@tampaesq.com Total Assets: $1,270,420 Total Liabilities: $384,207 The petition was signed by Marlon Wright, president. A full-text copy of the petition containing, among other items, a list of the Debtor's two unsecured creditors is available for free at: http://bankrupt.com/misc/flmb19-08680.pdf MORGAN STANLEY 2006-T21: Moody's Cuts Class C Debt Rating to Caa2 ----------------------------------------------------------------- Moody's Investors Service affirmed the ratings on three classes and downgraded the rating on one class in Morgan Stanley Capital I Trust 2006-TOP21, Commercial Pass-Through Certificates, Series 2006-TOP21 Cl. B, Affirmed Ba1 (sf); previously on Jun 21, 2018 Downgraded to Ba1 (sf) Cl. C, Downgraded to Caa2 (sf); previously on Jun 21, 2018 Downgraded to B3 (sf) Cl. D, Affirmed C (sf); previously on Jun 21, 2018 Downgraded to C (sf) Cl. X*, Affirmed C (sf); previously on Jun 21, 2018 Downgraded to C (sf) * Reflects Interest Only Classes RATINGS RATIONALE The rating on Cl. B was affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio and Moody's stressed debt service coverage ratio (DSCR) are within acceptable ranges. The rating on the Cl. D was affirmed because the ratings are consistent with Moody's expected loss plus realized losses. Cl. D has already experienced an 85% realized loss as a result of previously liquidated loans. The rating on Cl. C was downgraded due to a decline in credit support as a result of realized losses from previously liquidated loans, as well as the remaining collateral's exposure to single tenant properties. Two loans, representing 90% of the pool, are secured by suburban office and R&D properties that are each fully leased to a single tenant. The rating on the IO class was affirmed based on the credit quality of the referenced classes. Moody's rating action reflects a base expected loss of 9.9% of the current pooled balance, compared to 44.0% at Moody's last review. Moody's base expected loss plus realized losses is now 7.3% of the original pooled balance, compared to 7.1% at the last review. FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS: The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected. Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance. Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls. METHODOLOGY UNDERLYING THE RATING ACTION The principal methodology used in rating all classes except interest-only classes was "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in July 2017. The methodologies used in rating interest-only classes were "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in July 2017 and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in February 2019. DEAL PERFORMANCE As of the August 12, 2019 distribution date, the transaction's aggregate certificate balance has decreased by 96.9% to $42.2 million from $1.4 billion at securitization. The certificates are collateralized by 8 mortgage loans, with the top three loans (excluding defeasance) constituting 93.8% of the pool. One loan, constituting 1.1% of the pool, has defeased and is secured by US government securities. No loans are on the master servicer's watchlist. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody's ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance. Thirteen loans have been liquidated from the pool, contributing to an aggregate realized loss of $96.6 million (for an average loss severity of 74%). No loans are currently in special servicing. Moody's received full year 2018 operating results for 100% of the pool (excluding specially serviced and defeased loans). Moody's weighted average conduit LTV is 81%. Moody's conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 33% to the most recently available net operating income (NOI). Moody's value reflects a weighted average capitalization rate of 9.5%. Moody's actual and stressed conduit DSCRs are 1.54X and 1.63X, respectively. Moody's actual DSCR is based on Moody's NCF and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stress rate the agency applied to the loan balance. The top three performing loans represent 93.8% of the pool balance. The largest loan is the Anthem Health Loan ($20.7 million -- 49.1% of the pool), which is secured by a 234,000 square foot (SF) office building built in 2005 and located in Louisville, Kentucky. The loan had an anticipated repayment date (ARD) in August 2015. The property is 100% leased to Anthem Health. Moody's incorporated a Lit/Dark analysis to account for the single-tenant exposure. The loan has amortized 22% since securitization and Moody's LTV and stressed DSCR are 110% and 0.95X, respectively, compared to 125% and 0.80X at the last review. The second largest loan is the Huntsman R&D Facility Loan ($17.4 million -- 41.2% of the pool), which is secured by a 176,000 SF research & development facility. The facility consists of four buildings and is located on a 17-acre campus approximately 35 miles north of Houston, Texas. The property is 100% occupied by Huntsman International LLC through August 2022. Moody's incorporated a Lit/Dark analysis to account for the single-tenant exposure. The loan has amortized 34% since securitization and Moody's LTV and stressed DSCR are 57% and 1.79X, respectively, compared to 61% and 1.69X at the last review. The third largest loan is the Amberwood Garden Apartments Loan ($1.5 million -- 3.5% of the pool), which is secured by a 72-unit multifamily property located in Hayward, California, approximately 15 miles south of the Oakland CBD. The loan is fully amortizing and has paid down 53% since securitization. The property was 96% occupied as of December 2018. Moody's LTV and stressed DSCR are 21% and greater than 4.00X, respectively, compared to 24% and 3.77X at the last review. MOVIEPASS INC: Shuts Down Subscription Service ---------------------------------------------- MoviePass, the service that let subscribers watch unlimited movies at theaters for only $9.95 per month, has shut down. MoviePass Inc. CEO Mitch Lowe said in a letter to subscribers that the service will cease to exist effective Sept. 14, 2019. Starting in 2017, MoviePass offered unlimited movie tickets at just $9.95 a month. Allowing customers to watch up to a movie a day in theaters for less than $10 a month, the business exploded in the movie-going scene and gained 3 million subscribers. The business model, however, was unsustainable. MoviePass was burning cash given that the average ticket price was at roughly $9 per movie while studios and theater owners refused to grant concessions to MoviePass. This led to service outages, blacked out films, unavailable show-times, and a pricing plan policy that changed too frequently, angering and confusing subscribers. The Wall Street Journal recounts that, in the summer of 2018, hemorrhaging cash at $45 million a month, MoviePass increased its pricing to $14.95 a month, and borrowed money at steep interest rates. Then MoviePass cut the number of films subscribers could see to just three a month -- a 90% reduction from a max of 30 or 31 every month. Eventually the service allowed members to see only a limited number of titles at any given time. The Company also faced a number of hurdles in the past year, including a recent shutdown due to "maintenance" and issues relating to exposed customers' credit card information. MoviePass's parent, Helios & Matheson Analytics Inc. (HMNY), said Sept. 13, 2019, that it was exploring all options, including a sale of the entire company. Helios said it is "unable to predict if or when" MoviePass might return, saying efforts to recapitalize the company have been unsuccessful to date. "Over the past several months, MoviePass(TM) worked hard to relaunch its groundbreaking subscription service and recapitalize the company. While we were able to relaunch the service for some of our subscribers with an improved technology platform, our efforts to recapitalize the company have not been successful to date. As a result, it pains us to inform you that effective at 8 a.m. E.T. on Sept. 14, 2019, we must interrupt service for all current MoviePass(TM) subscribers," MoviePass CEO Mitch Lowe wrote in a letter to subscribers. "MoviePass(TM) will be providing subscribers with appropriate refunds for their period of service already paid for. Subscribers will not need to request a refund or contact MoviePass(TM) customer service to receive a refund. Subscribers will not be charged during the service interruption. At this point, we are unable to predict if or when the MoviePass(TM) service will continue." While MoviePass has shut down, the concept it popularized remains alive. Movie-theater chain AMC Entertainment Holdings Inc., among others, has launched its own subscription service. AMC's offering is offering three movies a month at $19.99 but only at its own theaters. "We still deeply believe in the need for the MoviePass(TM) service in the marketplace, to maintain affordable access to theaters and provide movie lovers with choices of where to go to the movies. In August 2017, MoviePass(TM) began a transformation of the moviegoing industry by introducing its low monthly price subscription service. Since then, others in the industry have followed our lead. Now, as a result of this transformation, movie lovers throughout the United States have the ability to see movies in theaters using subscription services at prices they can actually afford, albeit with limited choices of theaters using those services. In the course of this industry transformation, MoviePass(TM) has experienced setbacks and challenges that are well known. Nevertheless, MoviePass(TM) remained committed to leading and competing in an industry that is resistant to outside competition and change. We believe that fostering competition and change in the moviegoing industry is critical to the satisfaction of the moviegoing public and filmmakers alike," Mr. Lowe said. MYLABDFW, LLC: Seeks Expedited Motion to Use Cash Collateral ------------------------------------------------------------ MyLabDFW, LLC, asks the U.S. Bankruptcy Court for the Northern District of Texas to approve an expedited motion to use cash collateral on an interim basis to use proceeds of assets, pursuant to a budget. The budget provides for $103,115 in total expenses for the month of August 2019 of which amount $19,873 each is provided for management salaries and operations salaries; $10,900 for rent; and $15,547 for HealthFusion billing software. A copy of the Budget is available for free at: http://bankrupt.com/misc/MyLabDFW_23_Cash_M.pdf The Debtor also seeks: (a) to provide Origin Bank postpetition security interests on the Debtor's personal property and cash collateral; and (b) to provide adequate protection with respect to any diminution in the value of Origin Bank's interest in the prepetition collateral. Origin Bank is the Debtor's secured lender and asserts a first priority lien on and security interest in substantially all of the Debtor's assets. The Debtor and debtor affiliate Integrated Lab Solutions are no longer operating and filed these Chapter 11 cases in order to facilitate a liquidation of certain assets for operating capital to facilitate a restructuring. The Debtor seeks a final hearing on the motion. About MyLabDFW and Integrated Lab Solutions MyLabDFW, LLC, owner of medical laboratory testing facilities, and its affiliate Integrated Lab Solutions, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 19-42920) on July 18, 2019. At the time of the filing, MyLabDFW reported zero assets and liabilities of $2,240,548. Integrated Lab Solutions estimated assets of less than $50,000 and liabilities of less than $100,000. DeMarco Mitchell, PLLC, is the Debtors' counsel. NJE CORP: Taps Advantage Law Group as Legal Counsel --------------------------------------------------- NJE Corp. received approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Advantage Law Group, P.A., as its legal counsel. The firm will provide services in connection with the Debtor's Chapter 11 case, which include legal advice regarding its powers and duties under the Bankruptcy Code and negotiation with its creditors in the preparation of a bankruptcy plan. Stan Riskin, Esq., at Advantage Law Group, disclosed in court filings that he and his firm do not represent any interest adverse to the Debtor and its bankruptcy estate. Advantage Law Group can be reached through: Stan L. Riskin, Esq. Advantage Law Group, P.A. 20801 Biscayne Blvd., Suite 506 Aventura, FL 33180-1400 Phone: (305) 936-8844 E-mail: stan.riskin@gmail.com About NJE Corp. NJE Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-20756) on Aug. 12, 2019. At the time of the filing, the Debtor disclosed assets of between $500,001 and $1 million and liabilities of the same range. The case is assigned to Judge Raymond B. Ray. NXT ENERGY: Focuses on Contracts in the Middle East --------------------------------------------------- NXT Energy Solutions Inc. has expanded its focus in the Middle East and North Africa by advancing $250,000 to Alberta Green Ventures Limited Partnership to pursue contracts in the Middle East. In addition, NXT has granted AGV an extension of the Aug. 31, 2019 requirement under the Co-operation Agreement to complete at least one of three SFD survey to Dec. 31, 2019, subject to an additional non-refundable deposit of USD$50,000 by no later than Oct. 31, 2019. It was not possible for AGV to complete the first survey as the aircraft dedicated to SFD surveys was fully utilized in the performance of the NXT contract in Nigeria, was offline for one month to equip it with the legislatively required transponder technology known as Automatic Dependent Surveillance - Broadcast (ADS-B), and required usage-mandated routine maintenance. AGV and its affiliates are promoting the use of SFD in upcoming bids on-shore and off-shore regions in the Middle-East for oil and gas reserves. If successful, AGV will engage NXT to perform a SFD survey for the project. To assist with this effort NXT has advanced US$250,000 to AGV on a secured basis. The interest rate on the Loan is the greater of 2% and the rate prescribed under the Income Tax Act (Canada) from time to time, payable monthly in arrears. The Loan is to be repaid by Dec. 15, 2019. The current arrangements with AGV effectively balance the interests of NXT and AGV and build upon the announced recent success of NXT in Nigeria. About NXT Energy NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD survey system enables the Company's clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration. NXT Energy reported a net loss and comprehensive loss of C$6.96 million for the year ended Dec. 31, 2018, compared to a net loss and comprehensive loss of C$8.97 million for the year ended Dec. 31, 2017. At March 31, 2019, the Company had total assets of C$27.39 million in total assets, total liabilities of C$4.93 million, and C$22.45 million in total shareholders' equity. The Company's independent accounting firm KPMG LLP, in Calgary, Canada, issued a "going concern" qualification in its report dated April 1, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company's current and forecasted cash position is not expected to be sufficient to meet its obligations for the 12 months period beyong the date that these financial statements have been issued. These conditions, along with other matters, indicate the existence of a material uncertainty that casts substantial doubt about the Company's ability to continue as a going concern. PES HOLDINGS: Expects $50MM Advanced Insurance Payment ------------------------------------------------------ Reuters, citing court documents, reported that insurers of PES Holdings LLC's fire-damaged Philadelphia refinery have indicated they would make a $50 million initial advance payment in connection with a June blaze that led to the plant's closure. Reuters notes that the infusion of funds would buy cash-strapped Philadelphia Energy Solutions more time to navigate a Chapter 11 bankruptcy, which it filed for in late July, before being forced to liquidate. PES, Reuters recounts, entered bankruptcy exactly a month after a June 21 fire and series of blasts destroyed an alkylation unit at its massive refinery complex. Shortly after the blaze, the company requested an advance payment on $1.25 billion in property damage and business interruption insurance coverage, but it was denied. In a court filing Sept. 12, attorneys for the company and its lenders said certain insurers "have expressed willingness to make an initial advance payment of $50 million" against property damage insurance proceeds connected to the fire. According to the report, a hearing on the matter is scheduled for Sept. 19 in bankruptcy court. About PES Holdings 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 Jan. 21, 2018, the Debtors filed petitions for relief under the Bankruptcy Code, and emerged from bankruptcy in August the same year. 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. Following the incident, the refinery has not been operational and will require an extensive rebuild. As a result of the explosion, PES Holdings, LLC, along with seven subsidiaries, including PES Energy, returned to Chapter 11 bankruptcy (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. The Official Committee of Unsecured Creditors formed in the case has retained Conway MacKenzie, Inc., as financial advisor, Elliott Greenleaf, P.C., as Delaware counsel, and Brown Rudnick LLP as bankruptcy counsel. PG&E CORP: Reaches $11 Billion Settlement With Wildlife Insurers ---------------------------------------------------------------- Pacific Gas & Electric and a group of insurers said Sept. 13, 2019, they reached an $11 billion settlement to cover most of the claims from wildfires in California in 2017 and 2018. PG&E Corporation and Pacific Gas and Electric Company said in a statement that they have agreed in principle with entities representing approximately 85% of insurance subrogation claims to an $11 billion settlement to resolve all such claims arising from the 2017 Northern California wildfires and 2018 Camp Fire. These claims are based on payments made by insurance companies to individuals and businesses with insurance coverage for wildfire damages. The settlement is subject to definitive documentation and approval of the Bankruptcy Court overseeing PG&E's Chapter 11 case. The settlement is to be implemented pursuant to PG&E's Chapter 11 Plan of Reorganization (the "Plan"), and subject to confirmation of the Plan by the Bankruptcy Court. "Today's settlement is another step in doing what's right for the communities, businesses, and individuals affected by the devastating wildfires," said Bill Johnson, CEO and President of PG&E Corporation, in a Sept. 13, 2019 statement. "As we work to resolve the remaining claims of those who've suffered, we are also focused on safely and reliably delivering energy to our customers, improving our systems and infrastructure, and continuing to support California's clean energy goals. We are committed to becoming the utility our customers deserve." This is PG&E's second major settlement of wildfire claims. On June 19, 2019, PG&E and 18 local public entities (cities, counties, districts and public agencies) announced that they had reached agreements to settle their claims relating to the 2015, 2017, and 2018 wildfires for a total of $1 billion to be implemented as part of the Plan. Proceedings regarding the third and final major group of wildfire claims are currently pending in both Federal District Court and State Court. PG&E remains committed to working with the individual plaintiffs to fairly and reasonably resolve their claims and will continue to work to do so. In connection with the new settlement, PG&E amended the previously announced equity financing commitment agreements to accommodate the total amount of subrogation claims contemplated by the settlement and reaffirmed the total $14 billion equity financing commitment target for the Plan. PG&E has received renewed commitments of $1.5 billion under the revised equity financing commitments and intends to seek remaining equity financing commitments over the next several weeks. PG&E expects that the equity financing commitment will be part of a more comprehensive financing package to emerge from Chapter 11. PG&E also expects to amend the Plan to incorporate the terms of the settlement of the subrogation claims after completion of the definitive documentation for the settlement. 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. PGHC HOLDINGS: Exclusivity Period Extended Until Oct. 3 ------------------------------------------------------- Judge Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware extended the period during which only PGHC Liquidating, Inc. and its affiliates can file a Chapter 11 plan to Oct. 3. The companies can solicit acceptances for the plan until Dec. 4, according to the bankruptcy judge's order. About PGHC Holdings PGHC Holdings, Inc., now known as PGHC Liquidating, Inc., and its subsidiaries are owner-operators of quick-service restaurants in New England under the Papa Gino's and D'Angelo Grilled Sandwiches brands. Founded in 1961, Papa Gino's is a local quick-service restaurant pizza chain serving handmade artisan pizzas. D'Angelo Grilled Sandwiches offers made-to-order grilled and deli sandwiches, wraps and other freshly-prepared dishes. PGHC Holdings, Inc., et al., sought bankruptcy protection (Bankr. D. Del. Lead Case No. Case No. 18-12537) on Nov. 5, 2018. The jointly administered cases are pending before Judge Hon. Mary F. Walrath. In the petition signed by CFO Corey D. Wendland, the Debtor estimated total assets of up to $50,000 and liabilities of $50 million to $100 million. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as general counsel; North Point Advisors LLC as investment banker; CR3 Partners, LLC, as financial & restructuring advisor; Hilco Real Estate LLC, as real estate and lease consulting advisor; and Epiq Corporate Restructuring LLC as claims and notice agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Nov. 15, 2018. The committee retained Kelley Drye & Warren LLP, as lead counsel; Bayard, P.A., as co-counsel; and Province, Inc., as its financial advisor. PHI, INC: New Directors, Chief Executive Named ---------------------------------------------- PHI, Inc. (OTC: PHIIQ; PHIKQ) emerged from Chapter 11 bankruptcy after confirming a bankruptcy-exit plan that reduced its debt by $500 million and gave most of the common stock in the reorganized company to unsecured creditors. Pursuant to the Plan, as of the Effective Date, the following directors resigned from the board of directors of Old PHI: Al A. Gonsoulin, Alan W. Brass, C. Russell Luigs, Richard H. Matzke and Thomas H. Murphy. On the Effective Date, in accordance with the Plan, Al A. Gonsoulin retired from his positions as Chief Executive Officer and Chairman of the Board of Old PHI. Pursuant to the Plan, these persons were appointed to the board of directors of PHI Group as of the Effective Date: * Gene Davis, * Allen Li, * Scott McCarty, and * Robert P. Tamburrino. In addition, Lance F. Bospflug, the Company's new Chief Executive Officer, will continue to serve as a director. As provided in the Plan, two additional directors are expected to be appointed to the new board of directors (the "New Board") but neither has been selected as of the Effective Date. The Initial Directors currently plan to appoint such additional directors as soon as possible in accordance with the provisions of the Plan. Bospflug as Chief Executive Officer On the Effective Date, in accordance with the Plan, Lance F. Bospflug, age 64, was appointed as the Chief Executive Officer of the Company. Mr. Bospflug previously served as the President, Chief Operating Officer and a director of the Company. Mr. Bospflug will continue in the position of President and will perform his prior functions of Chief Operating Officer of the Company. Mr. Bospflug first joined the Company in October 2000 as President and was appointed Chief Executive Officer and director in August 2001. In 2004, Mr. Bospflug resigned as President and Chief Executive Officer of the Company, although he continued to serve as a director. Following his 2004 resignation, he was self-employed until 2008, when the Company hired him to work on certain special projects, reporting directly to Mr. Gonsoulin. In 2009, Mr. Bospflug rejoined the Company's executive team as its Chief Operating Officer, and was appointed President in 2010. Before joining the Company, he served as Chief Financial Officer, and from 1999 to 2000 as Chief Executive Officer, of T.L. James & Company, Inc. With Mr. Gonsoulin's retirement under the Plan, three of the four named executive officers of Old PHI will continue to be employed by the Company following the Effective Date—Mr. Bospflug, Trudy P. McConnaughhay, and James Hinch (the "Continuing NEOs"). As of the Effective Date, each of the Continuing NEOs will continue to receive the same compensation as in effective prior to the Effective Date, as the New Board has not yet had an opportunity to review those arrangements. However, the Plan provides that, within 60 days after the Effective Date, the New Board will negotiate an employment agreement with each individual who participates in the Company's key employee incentive plan (the "KEIP" and each such individual, a "KEIP Participant"), which includes each of the Continuing NEOs. If, at the end of the 60-day period, the New Board and a KEIP Participant have not mutually agreed upon the terms of his or her employment agreement, either the KEIP Participant or the New Board may terminate the KEIP Participant's employment and the KEIP Participant will be entitled to receive severance equal to 100% of his or her annual base salary (the "Severance Payment"). In addition, a KEIP Participant would also be entitled to the Severance Payment if the New Board terminates him or her without cause during the 60-day period or before reaching agreement on an employment agreement. About PHI Inc. PHI, Inc. -- http://www.phihelico.com/-- is a provider of helicopter transportation services in the oil and gas industry, primarily transporting crews and materials, and in the healthcare and emergency medical services industry, primarily transporting patients. It is a publicly held company and provides services in the United States and abroad. As of the petition date, PHI owns or operates 238 aircraft worldwide, of which 17 are leased while eight are owned by the customer and operated by the company. The remaining 213 are owned by PHI. The company employs 2,218 people, including pilots, mechanics, medical and administrative staff. PHI and its affiliates sought protection under Chapter 11 of the Bankruptcy Code Bankr. N.D. Tex. Lead Case No. 19-30923) on March 14, 2019. At the time of the filing, PHI estimated assets of $1 billion to $10 billion and liabilities of $500 million to $1 billion. The cases are assigned to Judge Harlin DeWayne Hale. The companies tapped DLA Piper LLP (US) as their bankruptcy counsel; Jones Walker LLP as regular outside counsel; Houlihan Lokey Capital Inc. and FTI Consulting Inc. as financial advisors; and Prime Clerk LLC as claims, noticing and solicitation agent. The Office of the U.S. Trustee on March 25, 2019, appointed five creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases. Haynes and Boone, LLP and Milbank, LLP, are attorneys to the Creditors' Committee. PJT Partners LP, is investment banker to the Creditors' Committee. The Office of the U.S. Trustee on April 25, 2019, appointed an official committee of equity security holders in the Chapter 11 cases of PHI, Inc. and its affiliates. David B. Golubchik, Esq., Eve H. Karasik, Esq., and Gary E. Klausner, Esq., at Levene, Neale, Bender, Yoo & Brill L.L.P., in Los Angeles, California; and Jason S. Brookner, Esq., Lydia R. Webb, Esq., and Amber M. Carson, Esq., at Gray Reed & McGraw LLP, in Dallas, Texas, represent the Equity Committee. PIXIUS COMMUNICATIONS: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: Pixius Communications LLC 301 N Saint Francis St Wichita, KS 67202 Case No.: 19-11749 Business Description: Pixius Communications LLC -- https://www.pixius.com/ -- is an internet service provider in Wichita, Kansas. The Company offers comprehensive solutions to its customers to meet their internet and technology needs, where traditional services fail or do not reach. Chapter 11 Petition Date: September 13, 2019 Court: United States Bankruptcy Court District of Kansas (Wichita) Judge: Hon. Robert E. Nugent Debtor's Counsel: Eric W. Lomas, Esq. KLENDA AUSTERMAN LLC 1600 Epic Center 301 North Main Street Wichita, KS 67202-4816 Tel: 316-267-0331 Fax: 316-267-0333 E-mail: elomas@klendalaw.com - and - J. Michael Morris, Esq. KLENDA AUSTERMAN LLC 301 N Main, Suite 1600 Wichita, KS 67202 Tel: (316) 267-0331 E-mail: jmmorris@klendalaw.com elomas@KlendaLaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Michael Langer, manager. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/ksb19-11749.pdf PRINCE FASHIONS: Taps Rosen & Associates as Legal Counsel --------------------------------------------------------- Prince Fashions, Inc., received approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Rosen & Associates, P.C., as its legal counsel. The firm will provide services in connection with the Debtor's Chapter 11 case, which include legal advice regarding its powers and duties under the Bankruptcy Code and the preparation of a plan of reorganization. The firm's hourly rates range from $350 to $775. The Debtor has agreed to pay Rosen & Associates a $50,000 retainer in installments. As of Aug. 1, 2019, Rosen & Associates has received payments totaling $37,500 on account of the retainer. Sanford Rosen, Esq., the principal shareholder of Rosen & Associates, disclosed in court filings that the firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. Rosen & Associates can be reached through: Sanford P. Rosen, Esq. Paris Gyparakis, Esq. Rosen & Associates, P.C. 747 Third Avenue New York, NY 10017-2803 Phone: (212) 223-1100 Fax: (212) 223-1102 E-mail: srosen@rosenpc.com pgyparakis@rosenpc.com About Prince Fashions Prince Fashions, Inc. is a corporation established in 1974 under the laws of New York. The company, as tenant, manages a parcel of commercial real estate located at 542 Broadway, N.Y., pursuant to a 99-year lease with landlord 542 Holding Corp. Prince Fashions sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-23079) on May 29, 2019. At the time of the filing, the Debtor estimated assets of between $10,000,001 and $50 million and liabilities of between $500,001 and $1 million. The case is assigned to Judge Robert D Drain. Rosen & Associates, P.C., is the Debtor's counsel. PROGISTIC CARRIERS: Hires Omar Ochoa as Special Litigation Counsel ------------------------------------------------------------------ Progistic Carriers, L.L.C. seeks authority from the United States Bankruptcy Court for the Southern District of Texas (McAllen) to hire Omar Ochoa Law Firm as special litigation counsel. The firm will represent the Debtor in a case styled Isabel Huerta v. Progistic Carriers, LLC (Cause CL-18-1025-A) in County Court No. 1 for Hidalgo County, Texas. The firm will bill its standard billing charges of $200.00 per hour for attorney Omar Ochoa's time and $100.00 per hour for the litigation legal assistants. Omar Ochoa, principal of Omar Ochoa Law Firm, disclosed in the court filing that his firm is a "disinterested person" within the definition of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Omar Ohoa, Esq. OMAR OCHOA LAW FIRM 121 North 10th Street McAllen, TX 78501 Office: (956) 630-3266 Fax: (956) 630-0383 About Progistic Carriers Progistic Carriers is a privately held company in the general freight trucking business. Progistic Carriers filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code (Bankr. S.D. Tex. Case No. 19-70327) on August 16, 2019. In the petition signed by Benjamin Cavazos, member, the Debtor estimated $3,322,681 in assets and $7,302,264 in liabilities. The case is assigned to Judge Eduardo V Rodriguez. Jana Smith Whitworth, Esq. at JS Whitworth Law Firm, PLLC, is the Debtor's counsel. PROGRESSIVE SOLUTIONS: City of Oakland Objects to Plan Disclosures ------------------------------------------------------------------ The City of Oakland objects to the proposed amended Chapter 11 plan filed by Progressive Solutions Inc. The City complains that amended plan of the Debtor cannot be confirmed as it is not equitable and fair, violates the absolute priority rule, unfairly discriminates the City, and fails to meet the best interests of the test of creditors under section 1129(a)(7) of the Bankruptcy Code. The City further complains amended plan suggests paying Berkley Research Group and the City of Oakland, two unsecured creditors, with $1,175,639.78 in total claims, just half the amount of their claims and just pursuant to a payment plan which does not include interest payments. The proposed Chapter 11 plan seems to unfairly treat the City through making it the only creditor to obtain an annual claim of 5.5%, while all other similarly situated creditors immediately obtain their claims' full amount or 50% within a year, the City asserts. The City of Oakland is represented by: Christopher D. Hughes, Esq. NOSSAMAN LLP 621 Capitol Mall, Suite 2500 Sacramento, CA 95814 Tel: (916)442-8888 Fax: (916)442-0382 Email: chughes@nossaman.com About Progressive Solutions Founded in 1979, Progressive Solutions, Inc. -- http://www.progressivesolutions.com/-- is a provider of software and support services to governmental entities. The Company is headquartered in Brea, California. Progressive Solutions commenced a Chapter 11 case (Bankr. C.D. Cal. Case No. 18-14277) on Nov. 21, 2018. In the petition signed by Glenn Vodhanel, president, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Lewis R. Landau, Attorney-at-Law, represents the Debtor. PURDUE PHARMA: NY Atty Gen. Says Sacklers Hid $1 Billion -------------------------------------------------------- The New York attorney general's office announced Sept. 13, 2019, that it uncovered about $1 billion in wire transfers between the Sackler family, which owns pharmaceutical giant, and international financial institutions. According to CNN, the discovery of the wire transfers comes as amid growing allegations by New York and other states that the Sackler family is moving billions of dollars offshore to protect their wealth The wire transfers were released as part of a court filing by Attorney General Letitia James in an ongoing lawsuit in New York, according to the Associated Press. The Washington Post recounts that the New York attorney general's office last month issued subpoenas to nearly three dozen banks and advisers of the Sackler family and Purdue Pharma in an attempt to determine the full scope of their fortune. On Sept. 11, the Sackler family and Purdue Pharma reached a tentative settlement with 23 states and thousands of local governments that sued the company over its role in the opioid crisis. The negotiated terms required the Sacklers to relinquish control of Purdue Pharma but admit to no wrongdoing. "While our country continues to recover from the carnage left by the Sacklers' greed, this family is now attempting to evade responsibility and lowball the millions of victims of the opioid crisis. A deal that doesn't account for the depth of pain and destruction caused by Purdue and the Sacklers is an insult, plain and simple. As attorney general, I will continue to seek justice for victims and fight to hold bad actors accountable, no matter how powerful they may be," the New York Attorney General Letitia James released a statement Sept. 11, 2019. In a statement to CNN, Mortimer D.A. Sackler said "there is nothing newsworthy about these decade-old transfers, which were perfectly legal and appropriate in every respect." "This is a cynical attempt by a hostile AG's office to generate defamatory headlines to try to torpedo a mutually beneficial settlement that is supported by so many other states and would result in billions of dollars going to communities and individuals across the country that need help," Sackler said. About Purdue Pharma L.P. Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. In early September 2019, The New York Post reported that Purdue Pharma is expected to file for bankruptcy protection now that settlement talks over its role in the nation's opioid crisis have hit a brick wall. The Tennessee and North Carolina Attorneys General said Purdue and its owners, the Sackler family, have offered to settle some 2,000 lawsuits against the company for a reported $10 billion to $12 billion but discussions have stalled, with the Sacklers rejecting two proposals and refusing to offer any additional solutions. QUALITY REIMBURSEMENT: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: Quality Reimbursement Services, Inc. 150 N. Santa Anita Avenue, Suite 570A Arcadia, CA 91006 Business Description: Quality Reimbursement Services, Inc. -- http://www.qualityreimbursement.com/-- has been reviewing Medicare and Medicaid cost reports for more than twelve years. The Company's corporate office is located in Arcadia (CA). The Company also has offices located in Birmingham (AL), Scottsdale (AZ), Los Angeles (CA), Colorado Springs (CO), Jacksonville (FL), Chicago (IL), Detroit and Shelby Township (MI), Guttenberg (NJ), Dallas/Fort Worth (TX), and Spokane (WA). Chapter 11 Petition Date: September 13, 2019 Court: United States Bankruptcy Court Central District of California (Los Angeles) Case No.: 19-20918 Judge: Hon. Julia W. Brand Debtor's Counsel: Garrick A. Hollander, Esq. WINTHROP COUCHOT GOLUBOW HOLLANDER, LLP 1301 Dove Street, Suite 500 Newport Beach, CA 92660 Tel: 949-720-4150 949-720-4100 Fax: 949-720-4111 E-mail: ghollander@wcghlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by James C. Ravindran, president/CEO. 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/cacb19-20918.pdf RAIT FUNDING: Sept. 17 Meeting Set to Form Creditors' Panel ----------------------------------------------------------- Andy Vara, Acting United States Trustee, for Region 3, will hold an organizational meeting on September 17, 2019, at 11:30 a.m. in the bankruptcy cases of RAIT Funding LLC, et al. The meeting will be held at: Office of the US Trustee J Caleb Boggs Federal Building 844 King Street, Room 3209 Wilmington, DE 19801 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. About RAIT Funding RAIT Funding, LLC and its affiliates, including RAIT Financial Trust, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11915) on Aug. 30, 2019. RAIT -- https://www.rait.com/ -- is an internally-managed real estate investment trust focused on managing a portfolio of commercial real estate loans and properties. At the time of the filing, the Debtors disclosed assets of between $100 million and $500 million and liabilities of the same range. The cases are assigned to Judge Brendan Linehan Shannon. The Debtors tapped Drinker Biddle & Reath LLP as bankruptcy counsel; UBS Securities LLC as investment banker; M-III Partners L.P. as restructuring and financial advisor; Ledgewood PC as tax counsel; and Epiq Corporate Restructuring, LLC as claims and noticing agent. RIPE INC RESTAURANT: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Ripe Inc Restaurant X & Bully Boy Bar 117 North Route 303 Congers, NY 10920 Case No.: 19-23635 Business Description: Ripe Inc Restaurant X & Bully Boy Bar is a privately held company that operates in the restaurant industry. Chapter 11 Petition Date: September 12, 2019 Court: United States Bankruptcy Court Southern District of New York (White Plains) Judge: Hon. Robert D. Drain Debtor's Counsel: Scott B. Ugell, Esq. UGELL LAW FIRM, P.C. 151 North Main Street, Suite 202 New City, NY 10956 Tel: (845) 639-7011 Fax: (845) 639-7004 E-mail: Scott@UgellLaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Peter Kelly, president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/nysb19-23635.pdf RMBR LIQUIDATION: $2.35M Sale of Highland Heights Property Approved ------------------------------------------------------------------- Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware authorized RMBR Liquidation, Inc., formerly known as Things Remembered, Inc., and its Debtor affiliates, to sell the real property located at 5500 Avion Park Drive, Highland Heights, Ohio, Permanent Parcel Nos. 821-18-011 and 821-18-014, their former corporate headquarters, to Lawrence E. Noble for $2.35 million. The sale is free and clear of all liens, claims and encumbrances. Any such interests will be transferred and attached to the proceeds of the sale. Hanna will be compensated for its services and the Brokerage Commission may be paid pursuant to the Broker Agreement. For the avoidance of doubt, Hanna will not be subject to any compensation procedures established for professionals in these chapter 11 cases. Hanna is authorized to receive compensation and expenses in accordance with the terms of the Broker Agreement when the compensation and expenses are earned or come due and without the necessity of filing a monthly, interim or final application for compensation with the Court and without further order of the Court. A copy of the Agreement attached to the Order is available for free at: http://bankrupt.com/misc/RMBR_Liquidation_622_Order.pdf About Things Remembered Things Remembered, Inc., along with affiliates, are multi-channel personalized apparel and accessory retailers. Their retail approach focuses on customized gifts for milestone occasions such as weddings, birthdays, holidays, and graduations. The Company offers their merchandise through their catalog, e-commerce website, and approximately 400 stores in shopping malls throughout the United States and Canada. They are headquartered in Highland Heights, Ohio. Things Remembered, along with two affiliates filed for Chapter 11 bankruptcy (Bankr. D. Del. Case No. 19-10234) on Feb. 6, 2019. In the petitions signed by CRO Robert J. Duffy, the Debtors estimated $50 million to $100 million in assets and $100 million to $500 million in liabilities. Judge Kevin Gross oversees the Debtors' cases. Landis Rath & Cobb LLP serves as the Debtors' local bankruptcy counsel and Kirkland & Ellis LLP serves as general bankruptcy counsel. Berkeley Research Group, LLC serves as restructuring advisor to the Debtors; Stifel, Nicolaus & Co., Inc. and Miller Buckfire & Co., Inc. as financial advisor and investment banker; and Prime Clerk, LLC as notice and claims agent. Davies Ward Phillips & Vineberg LLP serves as acting Canadian counsel. The Debtors had a stalking horse bid from Enesco LLC, an international giftware business that is a portfolio company of Balmoral Funds LLC. The stalking horse bid is for $17.5 million in cash, subject to post-closing adjustments, and includes a $3 million earnest money deposit. Following the sale of the Debtors' assets, the Debtors changed its name to Things Remembered, Inc. to RMBR Liquidation, Inc.; TRM Holdco Corp. to RMBR Liquidation Holdco Corp.; and TRM Holdings Corporation to RMBR Liquidation Holdings Corporation. ROYAL ALICE: Seeks to Hire Congeni Law Firm as Counsel ------------------------------------------------------ Royal Alice Properties, LLC seeks authority from the United States Bankruptcy Court for the Eastern District of Louisiana (New Orleans) to hire Congeni Law Firm, LLC, as counsel to the Debtor. Royal Alice requires Congeni Law Firm to: a. advise and consult with the Debtor concerning question arising in the conduct of the administration of the estate, concerning the Debtor's rights and remedies with regard to the estate's assets and the claims of secured, priority and unsecured creditors and other parties in interest; b. appear for, prosecute, defend and represent the Debtor's interests in suits arising in or related to the case; c. investigate and prosecute preference and other actions arising under the Debtor in Possession's avoiding powers; d. assist in the preparation of such pleadings, motions, notices and orders as are required for the orderly administration of the case; and e. consult with and advise the Debtor in connection with the operation of its business. Congeni Law Firm will be paid at these hourly rates: Attorneys $285 Paralegals $85 Congeni Law Firm will be paid a retainer in the amount of $10,000. Congeni Law Firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Leo D. Congeni, a partner at Congeni Law Firm, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Congeni Law can be reached at: Leo D. Congeni, Esq. CONGENI LAW FIRM, LLC 424 Gravier Street New Orleans, LA 70130 Tel: (504) 522-4848 Fax: (504) 581-4962 E-mail: leo@congenilawfirm.com About Royal Alice Properties, LLC Royal Alice Properties, LLC's principal assets are condominium units located at 906, 910-12 Royal St. New Orleans, LA 70116. Royal Alice Properties sought protection under Chapter 11 of the US Bankruptcy Code (Bankr. E.D. La. Case No.: 19-12337) on August 29, 2019. In the petition signed by Susan Hoffman, member/manager, the Debtor estimated $1 million to $10 million in both assets and liabilities. The case is assigned to Judge Elizabeth W. Magner. Leo D. Congeni, Esq. at CONGENI LAW FIRM, LLC represents the Debtor as counsel. SAL FRESH FOOD: Case Summary & 5 Unsecured Creditors ---------------------------------------------------- Debtor: SAL Fresh Food Supermarkets (Shammah) LLC d/b/a Suncoast Foods Marketplace 309 Windward Loop Auburndale, FL 33823 Case No.: 19-08634 Business Description: SAL Fresh Food Supermarkets (Shammah) LLC d/b/a Suncoast Foods Marketplace is a family owned grocery store in Homosassa, Florida. Chapter 11 Petition Date: September 12, 2019 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Debtor's Counsel: Buddy D. Ford, Esq. BUDDY D. FORD, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: 813-877-4669 Fax: 813-877-5543 E-mail: Buddy@TampaEsq.com All@tampaesq.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Roy Seepersaud, manager. A full-text copy of the petition containing, among other items, a list of the Debtor's five unsecured creditors is available for free at: http://bankrupt.com/misc/flmb19-08634.pdf SANCHEZ ENERGY: Hires Alvarez & Marsal as Restructuring Advisor --------------------------------------------------------------- Sanchez Energy Corporation and its debtor affiliates seek authority from the U.S. Bankruptcy Court for the Southern District of Texas to hire Alvarez & Marsal North America, LLC, as their restructuring advisors. Sanchez Energy requires A&M to: (a) assist the Debtors in the preparation of financial-related disclosures required by the Court, including the Debtors' Schedules of Assets and Liabilities, Statements of Financial Affairs and Monthly Operating Reports; (b) assist the Debtors with information and analyses required pursuant to the Debtors' debtor-in-possession financing; (c) assist with the identification and implementation of short-term cash management procedures; (d) assist with general accounting support; (e) assist with the identification of executory contracts and leases and performance of cost/benefit evaluations with respect to the affirmation or rejection of each; (f) assist the Debtors' management team and counsel focused on the coordination of resources related to the ongoing reorganization effort; (g) assist in the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursement analysis, analysis of various asset and liability accounts, and analysis of proposed transactions for which Court approval is sought; (h) attend meetings and assist in discussions with potential investors, banks, and other secured lenders, any official committee(s) appointed in these chapter 11 cases, the United States Trustee, other partiesin-interest and professionals hired by same, as requested; (i) analyse creditor claims by type, entity, and individual claim, including assist with development of databases, as necessary, to track such claims; (j) assist in the preparation of information and analysis necessary for the confirmation of a plan of reorganization in these chapter 11 cases, including information contained in the disclosure statement; (k) assist in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; (l) provide advisory assistance in connection with the development and review of key employee incentive compensation and other critical employee benefit programs to the extent applicable; (m) assist in the analysis / preparation of information necessary to assess the tax attributes related to the confirmation of a plan of reorganization in these Chapter 11 Cases, including the development of the related tax consequences contained in the disclosure statement; (n) provide litigation advisory services with respect to accounting and tax matters, along with expert witness testimony on case related issues as required by the Debtors; and (o) render such other general business consulting or such other assist as Debtors' management or counsel may deem necessary consistent with the role of a restructuring advisor to the extent that it would not be duplicative of services provided by other professionals in this proceeding. A&M's customary hourly billing rates are: Restructuring: Managing Directors $875 – 1,100 Directors $675 – 850 Analysts / Associates $400 – 650 Case Management Services: Managing Directors $825 – 950 Directors $650 – 800 Analysts / Associates $400 – 600 A&M received $250,000 as a retainer in connection with preparing for and conducting the filing of these chapter 11 cases. Jonathan Hickman, A&M managing director, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Alvarez & Marsal can be reached at: Jonathan Hickman ALVAREZ & MARSAL NORTH AMERICA, LLC 600 Madison Avenue, 8th Floor New York, NY 10022 Tel: (212) 759-4433 Fax: (212) 759-5532 About Sanchez Energy Corp. Sanchez Energy Corporation and its affiliates -- https://sanchezenergycorp.com/ -- are independent exploration and production companies focused on the acquisition and development of U.S. onshore oil and natural gas resources. Sanchez Energy is currently focused on the development of significant resource potential from the Eagle Ford Shale in South Texas, and holds other producing properties and undeveloped acreage, including in the Tuscaloosa Marine Shale (TMS) in Mississippi and Louisiana. As of Dec. 31, 2018, the companies had approximately 325,000 net acres of oil and natural gas properties with proved reserves of approximately 380 million barrels of oil equivalent and interests in approximately 2,400 gross producing wells. Sanchez Energy and 10 affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 19-34508) on Aug. 11, 2019. As of June 30, 2019, the companies disclosed $2,159,915,332 in assets and $2,854,673,930 in liabilities. The cases have been assigned to Judge Marvin Isgur. The companies tapped Akin Gump Strauss Hauer & Feld LLP and Jackson Walker L.L.P. as bankruptcy counsel; Moelis & Company LLC as financial advisor; Alvarez & Marsal North America LLC as restructuring advisor; and Prime Clerk LLC as notice and claims agent. SANCHEZ ENERGY: Hires Moelis & Company as Investment Banker ----------------------------------------------------------- Sanchez Energy Corporation and its debtor affiliates seek authority from the U.S. Bankruptcy Court for the Southern District of Texas to hire Moelis & Company LLC as their financial advisor and investment banker. The Debtors require Moelis to: (a) assist the Debtors in reviewing and analyzing the Debtors' results of operations, financial condition, and business plans; (b) assist the Debtors in reviewing and analyzing any potential Restructuring or Capital Transaction; (c) assist the Debtors in negotiating any Restructuring or Capital Transaction; (d) provide testimony and other support, as necessary and appropriate, relating to any Restructuring or Capital Transaction; (e) advise the Debtors on the terms of securities they offer in any potential Capital Transaction; (f) advise the Debtors on their preparation of information memoranda for a potential Capital Transaction; (g) assist the Debtors in contacting potential acquirers or purchasers of a Capital Transaction and/or existing creditors in connection with a Restructuring that Moelis and the Debtors agree are appropriate, and meet with and provide them with the Information Memo and such additional information about the Debtors' assets, properties, or businesses that is acceptable to the Debtors, subject to customary business confidentiality agreements; and (h) provide such other financial advisory and investment banking services in connection with a Restructuring or Capital Transaction as Moelis and the Debtors may mutually agree upon. Moelis will be paid the following: (a) Monthly Fee. During the term of the Moelis Engagement Letter, a fee of $150,000 per month (the "Monthly Fee"), payable in advance of each month. The Debtors paid the first Monthly Fee immediately upon the execution of the Moelis Engagement Letter, and all subsequent monthly fees are payable prior to each monthly anniversary of the effective date of the Moelis Engaement Letter. Whether or not a Restructuring or Capital Transaction occurs, Moelis shall earn and be paid the Monthly Fee every month during the term of the Moelis Engagement Letter. Fifty percent (50%) of the Monthly Fees that are paid to Moelis commencing with the fourth payment of the Monthly Fee shall be offset against the Restructuring Fee, to the extent paid. (b) Restructuring Fee. At the closing of a Restructuring, a fee of $10,000,000 (provided that no more than one such Restructuring Fee shall be payable under the Moelis Engagement Letter). (c) Capital Transaction Fee. At the closing of a Capital Transaction, a nonrefundable cash fee (the "Capital Transaction Fee") of: (i) 4.0% of the aggregate gross amount or face value of capital Raised5 in the Capital Transaction as equity, equity-linked interests, options, warrants, or other rights to acquire equity interests; plus (ii) 2.0% of the aggregate gross amount of junior secured or unsecured debt obligations and other interests Raised in the Capital Transaction; plus (iii) 1.0% of the aggregate gross amount of first lien secured debt obligations and other interests Raised in the Capital Transaction. The Capital Transaction Fee shall be reduced by 50% with respect to any capital raised from existing creditors, equity stakeholders, or insiders. The Debtors will pay a separate Capital Transaction Fee in respect of each Capital Transaction in the event that more than one Capital Transaction occurs. Bassam Latif, managing director of Moelis & Company, disclosed in court filings that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bassam J. Latif Moelis & Company LLC 1200 Smith Street, 19th Floor Houston, TX 77002 Tel: 713 343 6420 Fax: 713 343 6421 About Sanchez Energy Corp. Sanchez Energy Corporation and its affiliates -- https://sanchezenergycorp.com/ -- are independent exploration and production companies focused on the acquisition and development of U.S. onshore oil and natural gas resources. Sanchez Energy is currently focused on the development of significant resource potential from the Eagle Ford Shale in South Texas, and holds other producing properties and undeveloped acreage, including in the Tuscaloosa Marine Shale (TMS) in Mississippi and Louisiana. As of Dec. 31, 2018, the companies had approximately 325,000 net acres of oil and natural gas properties with proved reserves of approximately 380 million barrels of oil equivalent and interests in approximately 2,400 gross producing wells. Sanchez Energy and 10 affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 19-34508) on Aug. 11, 2019. As of June 30, 2019, the companies disclosed $2,159,915,332 in assets and $2,854,673,930 in liabilities. The cases have been assigned to Judge Marvin Isgur. The companies tapped Akin Gump Strauss Hauer & Feld LLP and Jackson Walker L.L.P. as bankruptcy counsel; Moelis & Company LLC as financial advisor; Alvarez & Marsal North America LLC as restructuring advisor; and Prime Clerk LLC as notice and claims agent. SANCHEZ ENERGY: Seeks to Hire Akin Gump as Legal Counsel -------------------------------------------------------- Sanchez Energy Corporation and its debtor affiliates seek authority from the U.S. Bankruptcy Court for the Southern District of Texas to hire Akin Gump Strauss Hauer & Feld LLP as their legal counsel. The Debtors require Akin Gump to: (a) advise the Debtors with respect to their rights, powers, and duties as debtors in possession in the continued operation of their business and the management of their properties; (b) advise the Debtors with respect to the conduct of these chapter 11 cases, including all of the legal and administrative requirements in chapter 11; (c) advise the Debtors and take all necessary or appropriate actions at the Debtors' direction with respect to protecting and preserving the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; (d) prepare pleadings in connection with these chapter 11 cases, including motions, applications, answers, orders, reports, and other papers necessary or otherwise beneficial to the administration of the Debtors' estates; (e) assist the Debtors in obtaining the Court's approval of any postpetition debtor in possession financing facility; (f) advise the Debtors in connection with any potential sale of assets; (g) appear before the Court and any other courts to represent the interests of the Debtors' estates before such courts; (h) advise the Debtors regarding certain tax matters; (i) attend meetings and represent the Debtors in negotiations with representatives of creditors and other parties in interest; (j) negotiate, prepare, and obtain approval of the Debtors' chapter 11 plan and documents related thereto; and (k) perform and advise the Debtors (as applicable) as to all other necessary legal services in connection with the chapter 11 cases, including, without limitation, (i) analyzing the Debtors' leases and contracts and assumptions and assignments or rejections thereof, (ii) analyzing the validity of liens against the Debtors, and (iii) advising the Debtors on corporate and litigation matters. Akin Gump's current hourly rates are: Partners $925 – $1,755 Counsel $710 – $1,420 Associates $510 – $975 Paraprofessionals $100 – $435 Ira S. Dizengoff (Partner) $1,550 James Savin (Partner) $1,475 Marty L. Brimmage, Jr. (Partner) $1,425 Ira Dizengoff, Esq., a partner at Akin Gump, disclosed in a court filing that her firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Ms. Dizengoff disclosed that her firm has not agreed to a variation of its standard or customary billing arrangements for its employment with the Debtors, and that no Akin Gump professional has varied his rate based on the geographic location of the Debtors' cases. Ms. Dizengoff also disclosed that Akin Gump has represented the Debtors on various matters since 2011. During that period, Akin Gump charged the Debtors its standard rates in effect at that time. Except for its standard annual adjustments to billing rates in January of each year, Akin Gump's billing rates did not otherwise change or increase during Akin Gump's engagement. Akin Gump expects to develop a prospective budget and staffing plan, according to the attorney. Akin Gump can be reached through: Ira Dizengoff, Esq. Meredith A. Lahaie, Esq. Kevin Zuzolo, Esq. Akin Gump Strauss Hauer & Feld LLP One Bryant Park New York, NY 10036 Tel: (212) 872-1000 Fax: (212) 872-1002 Email: idizengoff@akingump.com mlahaie@akingump.com kzuzolo@akingump.com About Sanchez Energy Corp. Sanchez Energy Corporation and its affiliates -- https://sanchezenergycorp.com/ -- are independent exploration and production companies focused on the acquisition and development of U.S. onshore oil and natural gas resources. Sanchez Energy is currently focused on the development of significant resource potential from the Eagle Ford Shale in South Texas, and holds other producing properties and undeveloped acreage, including in the Tuscaloosa Marine Shale (TMS) in Mississippi and Louisiana. As of Dec. 31, 2018, the companies had approximately 325,000 net acres of oil and natural gas properties with proved reserves of approximately 380 million barrels of oil equivalent and interests in approximately 2,400 gross producing wells. Sanchez Energy and 10 affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 19-34508) on Aug. 11, 2019. As of June 30, 2019, the companies disclosed $2,159,915,332 in assets and $2,854,673,930 in liabilities. The cases have been assigned to Judge Marvin Isgur. The companies tapped Akin Gump Strauss Hauer & Feld LLP and Jackson Walker L.L.P. as bankruptcy counsel; Moelis & Company LLC as financial advisor; Alvarez & Marsal North America LLC as restructuring advisor; and Prime Clerk LLC as notice and claims agent. SANCHEZ ENERGY: Special Committee Taps Ropes & Gray as Counsel -------------------------------------------------------------- Sanchez Energy Corporation and its debtor affiliates seek authority from the U.S. Bankruptcy Court for the Southern District of Texas to hire Ropes & Gray LLP. The firm will serve as special counsel to the special committee of Sanchez Energy's board of directors. The special committee was formed to conduct an investigation into, and pursue, settle or otherwise resolve actual or potential claims and causes of action Sanchez Energy has or may have related to Sanchez Oil and Gas Corporation, Sanchez Midstream Partners LP and their affiliates. Ropes & Gray will be paid at these hourly rates: Partners $1,120 – $1,760 Counsels $640 – $1,645 Associates $570 – $1,050 Paralegals $205 – $480 Mark R. Somerstein (Partner) $1,520 Andrew G. Devore (Partner) $1,150 Matthew L. McGinnis (Partner) $1,120 In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Somerstein disclosed that the firm has not agreed to a variation of its standard or customary billing arrangements for its employment with the Debtors, and that no professional at the firm has varied his rate based on the geographic location of the Debtors' bankruptcy cases. The attorney also disclosed that Ropes & Gray represented the special committee since March 2019 with respect to the investigation. During that period, the firm charged the special committee its standard rates in effect at that time. Ropes & Grays billing rates have not changed or increased from March to Sept. 6. Mr. Somerstein also disclosed that Ropes & Gray will develop a budget and staffing plan for a period to be determined by the special committee. Mark Somerstein, Esq., partner of Ropes & Gray, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Ropes & Gray can be reached through: Mark R. Somerstein, Esq. Ropes & Gray LLP 1211 6th Ave. New York, NY 10036 Tel: +1 212 841 8814 Email: Mark.Somerstein@ropesgray.com About Sanchez Energy Corp. Sanchez Energy Corporation and its affiliates -- https://sanchezenergycorp.com/ -- are independent exploration and production companies focused on the acquisition and development of U.S. onshore oil and natural gas resources. Sanchez Energy is currently focused on the development of significant resource potential from the Eagle Ford Shale in South Texas, and holds other producing properties and undeveloped acreage, including in the Tuscaloosa Marine Shale (TMS) in Mississippi and Louisiana. As of Dec. 31, 2018, the companies had approximately 325,000 net acres of oil and natural gas properties with proved reserves of approximately 380 million barrels of oil equivalent and interests in approximately 2,400 gross producing wells. Sanchez Energy and 10 affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 19-34508) on Aug. 11, 2019. As of June 30, 2019, the companies disclosed $2,159,915,332 in assets and $2,854,673,930 in liabilities. The cases have been assigned to Judge Marvin Isgur. The companies tapped Akin Gump Strauss Hauer & Feld LLP and Jackson Walker L.L.P. as bankruptcy counsel; Moelis & Company LLC as financial advisor; Alvarez & Marsal North America LLC as restructuring advisor; and Prime Clerk LLC as notice and claims agent. SANCHEZ ENERGY: Taps Jackson Walker as Co-Counsel ------------------------------------------------- Sanchez Energy Corporation and its debtor affiliates seek authority from the U.S. Bankruptcy Court for the Southern District of Texas to hire Jackson Walker LLP. Jackson Walker will serve as co-counsel with Akin Gump Strauss Hauer & Feld LLP, the other firm tapped by the Debtors to represent them in their Chapter 11 cases. The Debtors require the firm to: a. provide legal advice and services regarding local rules, practices, and procedures, including Fifth Circuit law; b. provide certain services in connection with administration of the chapter 11 cases, including, without limitation, preparing agendas, hearing notices, witness and exhibit lists, and hearing binders of documents and pleadings; c. review and comment on proposed drafts of pleadings to be filed with the Court; d. at the request of the Debtors, appear in Court and at any meeting with the United States Trustee, and any meeting of creditors at any given time on behalf of the Debtors as their local and conflicts bankruptcy co-counsel; e. perform all other services assigned by the Debtors to the firm as local and conflicts bankruptcy co-counsel; f. provide independent counsel to SN and its debtor affiliates; and g. provide legal advice and services on any matter on which Akin Gump may have a conflict or as needed based on specialization. The firm's hourly rates are: Elizabeth C. Freeman $715 Matthew Cavenaugh $675 Jennifer Wertz $565 Kristhy Pequero $485 Vienna Anaya $420 Other Attorneys $385 to $795 Paralegals $185 to $295 Jackson Walker is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Matthew D. Cavenaugh disclosed that: -- The firm and the Debtors have not agreed to any variations from, or alternatives to, the firm's standard billing arrangements for this engagement. -- The hourly rates used by the firm in representing the Debtors are consistent with the rates that the firm charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. -- The firm represented the Debtors during the week immediately before the petition date, using these hourly rates: Matthew Cavenaugh $675 Elizabeth Freeman $715 Jennifer Wertz $565 Other Attorneys $385 - $795 Legal Assistants $185 -- The firm has not prepared a budget. The firm can be reached through: Elizabeth C. Freeman, Esq. Matthew D. Cavenaugh, Esq. Jennifer F. Wertz, Esq. Jackson Walker L.L.P. 1401 McKinney Street, Suite 1900 Houston, TX 77010 Tel: (713) 752-4200 Fax: (713) 752-4221 Email: mcavenaugh@jw.com jwertz@jw.com About Sanchez Energy Corp. Sanchez Energy Corporation and its affiliates -- https://sanchezenergycorp.com/ -- are independent exploration and production companies focused on the acquisition and development of U.S. onshore oil and natural gas resources. Sanchez Energy is currently focused on the development of significant resource potential from the Eagle Ford Shale in South Texas, and holds other producing properties and undeveloped acreage, including in the Tuscaloosa Marine Shale (TMS) in Mississippi and Louisiana. As of Dec. 31, 2018, the companies had approximately 325,000 net acres of oil and natural gas properties with proved reserves of approximately 380 million barrels of oil equivalent and interests in approximately 2,400 gross producing wells. Sanchez Energy and 10 affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 19-34508) on Aug. 11, 2019. As of June 30, 2019, the companies disclosed $2,159,915,332 in assets and $2,854,673,930 in liabilities. The cases have been assigned to Judge Marvin Isgur. The companies tapped Akin Gump Strauss Hauer & Feld LLP and Jackson Walker L.L.P. as bankruptcy counsel; Moelis & Company LLC as financial advisor; Alvarez & Marsal North America LLC as restructuring advisor; and Prime Clerk LLC as notice and claims agent. SANTA FE IMPORTS: Seeks Cash Access Thru Jan. 31, 2020 ------------------------------------------------------ Santa Fe Imports Inc., in an amended first motion filed with the U.S. Bankruptcy Court for the District of New Mexico, seeks to use cash collateral for the period from Aug. 29, 2019 through Jan. 31, 2020 to pay necessary expenses in the ordinary course of the business. The Debtor's secured creditors having claims to the cash collateral are Bank of America, N.A., and State of New Mexico Taxation and Revenue Department. As adequate protection, the Debtor: (a) proposes to grant the Secured Creditors a continuing security interest in all of the prepetition collateral; (b) proposes to grant replacement liens on the post-petition collateral to the same extent, type, and validity as the prepetition collateral to the extent of the decrease in value of the cash collateral; (c) will ensure that the balance of its bank accounts as of the end of each calendar month during the cash collateral period will be no less than the bank account balance as of the Petition Date, at approximately $100,000; (d) the Debtor will remit to BofA the amount financed pursuant to the Loan Agreement betweem the Debtor and BofA; (e) will timely pay all postpetition payroll taxes, unemployment taxes, and New Mexico CRS axes incurred postpetition. A copy of the Court Order can be accessed for free at: http://bankrupt.com/misc/Santa_Fe_23_Cash_AmendedMO.pdf About Santa Fe Imports Santa Fe Imports Inc., d/b/a Santa Fe Mazda Volvo, is an automobile dealer in Santa Fe, New Mexico. The Company offers new and used cars, vans, trucks, sport utility vehicles, parts, and accessories. Santa Fe Imports sought Chapter 11 protection (Bankr. D.N.M. Case No. 19-11985) on Aug. 29, 2019 in Albuquerque, New Mexico. In the petition signed by Tersila Sanchez-Careswell, general manager, the Debtor estimated both assets and liabilities at $1 million to $10 million. The Hon. David T. Thuma oversees the Debtor's case. ASKEW & MAZEL, LLC, is the Debtor's bankruptcy counsel. SCHOHARIE SENIOR: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Schoharie Senior Housing Development Fund Corporation 104 Smith Avenue Kingston, NY 12401 Case No.: 19-36466 Business Description: Schoharie Senior Housing Development Fund Corporation is a tax-exempt entity that owns an equitable interest in a senior housing project located at 192 Main Street, Schoharie, New York. Chapter 11 Petition Date: September 12, 2019 Court: United States Bankruptcy Court Southern District of New York (Poughkeepsie) Judge: Hon. Cecelia G. Morris Debtor's Counsel: Michelle L. Trier, Esq. GENOVA & MALIN Hampton Business Center 1136 Route 9 Wappingers Falls, NY 12590 Tel: 845-298-1600 Fax: 845-298-1265 E-mail: michelle_genmal@optonline.net Estimated Assets: $0 Estimated Liabilities: $11,810,775 The petition was signed by Joshua Aaron, director. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/nysb19-38466.pdf SINDESMOS HELLINIKES: $1.65M Sale of Deerfield Property Approved ---------------------------------------------------------------- Judge Timothy A. Barnes of the U.S. Bankruptcy Court for the Northern District of Illinois authorized Sindesmos Hellinikes-Kinotitos of Chicago, also known as Holy Trinity Hellenic Orthodox Church and Trinity Orthodox Church of Chicago, to sell the real property located at 1085 Lake Cook Road, Deerfield, Illinois to Olympia Acquisitions LLC or its nominee for $1.65 million. The sale is free and clear of all liens, claims, liabilities, and encumbrances, with such interests attaching to the proceeds of the sale. At the closing of the sale of the Property, the Debtor is authorized to make these disbursements from the sale proceeds: (a) Payment of all necessary and customary closing costs, including but not limited to all customary pro-rations; (b) Payment of any broker's fee allowed by the Court; (c) Funding of any indemnity escrow required by the title company for the mechanics lien claim of MKM Builders, LLC; (d) The remaining balance of the proceeds will be payable to Fifth Third Bank, successor in interest to MB Financial, NA, in partial satisfaction of the indebtedness secured by its mortgage lien on the Property. The stay provided for in Fed. Bankr. R. 6004(h) is not applicable and the Debtor is authorized to immediately implement the Order granting the relief. The notice requirement provided for in Rule 2002(a)(2) is shortened to 13 days. About Holy Trinity Sindesmos Hellinikes-Kinotitos of Chicago, a/k/a Holy Trinity Helennic Orthodox Church, a/k/a Holy Trinity Orthodox Church of Chicago, is an Illinois religious corporation which for more than 100 years has operated a Greek Orthodox Church currently located at 6041 W. Diversey Avenue, Chicago, Illinois 60639, where it conducts its religious services and provides parish activities. The instant case bankruptcy case was filed because of a pending state foreclosure proceeding filed by MB Financial Bank, NA, against the Debtor with respect to the Chicago Property. Holy Trinity is an Illinois religious corporation which for more than 100 years has operated a Greek Orthodox Church currently located at 6041 W. Diversey Ave., Chicago, Illinois, where it conducts its religious services and provides parish activities. In 2004, Holy Trinity purchased property at 1085 N. Lake Cook Road, Deerfield, Illinois, for the purpose of relocating its parochial school known as the Socrates Greek-American Elementary School, which was founded in 1908, to the Deerfield Property. Holy Trinity sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 15-22446) on June 29, 2015. Judge Timothy A. Barnes is assigned to the case. The Debtor estimated assets in the range of $0 to $50,000 and $100,001 to $500,000 in debt. David R Herzog, Esq., at Herzog & Schwartz, P.C. serves as the Debtor's counsel. The Debtor tapped Richard Kahan and his real estate firm, KB Real Estate, to market for sale the Deerfield Property. SINDESMOS HELLINIKES: $2.5M Sale of Chicago Property Approved ------------------------------------------------------------- Judge Timothy A. Barnes of the U.S. Bankruptcy Court for the Northern District of Illinois authorized Sindesmos Hellinikes-Kinotitos of Chicago, also known as Holy Trinity Hellenic Orthodox Church and Trinity Orthodox Church of Chicago, to sell the real property located at 6041 West Diversey Ave., 2737 N Meade Ave., 2753 N. Meade Ave., and 2757 N. Meade Ave., Chicago, Illinois to The Universal Church, Inc., or its nominee for $2.5 million. The sale is free and clear of all liens, claims, liabilities, and encumbrances, with such interests attaching to the proceeds of the sale. At the closing of the sale of the Property, the Debtor is authorized to make these disbursements from the sale proceeds: (a) Payment of all necessary and customary closing costs, including but not limited to all customary pro-rations; (b) Payment of any broker's fee allowed by the Court; (c) 11.67% of the net sale proceeds payable to the Debtor; (d) The remaining balance of the proceeds will be payable to Fifth Third Bank, successor in interest to MB Financial, NA, in partial satisfaction of the indebtedness secured by its mortgage lien on the Property. Pursuant to 11 U.S.C. 365(a) and (0(2) and Fed. Bankr. R. 6006, the Debtor is authorized to assume that certain Lease Agreement For Space at Socrates Greek-American School Between Holy Trinity Greek Orthodox Church and Socrates Greek-American School and the Board of Education of the City of Chicago, as amended ("CPS Lease") and further authorized to assign the CPS Lease to The Universal Church, Inc. at closing. The stay provided for in Fed. Bankr. R. 6004(h) is not applicable and the Debtor is authorized to immediately implement the Order granting the relief. The notice requirement provided for in Rule 2002(a)(2) is shortened to 7 days. About Holy Trinity Sindesmos Hellinikes-Kinotitos of Chicago, a/k/a Holy Trinity Helennic Orthodox Church, a/k/a Holy Trinity Orthodox Church of Chicago, is an Illinois religious corporation which for more than 100 years has operated a Greek Orthodox Church currently located at 6041 W. Diversey Avenue, Chicago, Illinois 60639, where it conducts its religious services and provides parish activities. The instant case bankruptcy case was filed because of a pending state foreclosure proceeding filed by MB Financial Bank, NA, against the Debtor with respect to the Chicago Property. Holy Trinity is an Illinois religious corporation which for more than 100 years has operated a Greek Orthodox Church currently located at 6041 W. Diversey Ave., Chicago, Illinois, where it conducts its religious services and provides parish activities. In 2004, Holy Trinity purchased property at 1085 N. Lake Cook Road, Deerfield, Illinois, for the purpose of relocating its parochial school known as the Socrates Greek-American Elementary School, which was founded in 1908, to the Deerfield Property. Holy Trinity sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 15-22446) on June 29, 2015. Judge Timothy A. Barnes is assigned to the case. The Debtor estimated assets in the range of $0 to $50,000 and $100,001 to $500,000 in debt. David R Herzog, Esq., at Herzog & Schwartz, P.C. serves as the Debtor's counsel. The Debtor tapped Richard Kahan and his real estate firm, KB Real Estate, to market for sale the Deerfield Property. SOAS LLC: Hires Pacific Pharmacy Consultants as Listing Agent ------------------------------------------------------------- Soas, LLC seeks authority from the U.S. Bankruptcy Court for the Western District of Washington to hire Pacific Pharmacy Consultants as the listing agent with sole and exclusive right to sell its businesses. Dale Malee, president of Pacific Pharmacy, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Pacific can be reached at: Dale J. Malee Pacific Pharmacy Consultants 141 Anavista Road Anaconda, MT 59711 About Soas LLC Soas, LLC, which conducts business under the name Island Drug, is a long-term care pharmacy in Oak Harbor, Wash. It dispenses medicinal preparations delivered to patients residing within an intermediate or skilled nursing facility, including intermediate care facilities for mentally retarded, hospice, assisted living facilities, group homes, and other forms of congregate living arrangements. Soas LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 19-10928) on March 18, 2019. At the time of the filing, the Debtor estimated assets and liabilities of between $1 million and $10 million. The case is assigned to Judge Marc Barreca. The Tracy Law Group PLLC is the Debtor's legal counsel. No official committee of unsecured creditors has been appointed in the case. SOAS LLC: Seeks to Hire Bellevue Medical as Billing Servicer ------------------------------------------------------------ Soas, LLC seeks authority from the U.S. Bankruptcy Court for the Western District of Washington to hire a billing servicer. In an application filed in court, the Debtor proposes to employ Bellevue Medical, LLC to assist in submitting certain claims to Medicare, Medicaid, HMO's, PPO's, various Blue Cross Shield insurance plans, and private insurance carriers. Bell MedEx will receive a monthly minimum of $495 or 4.95 percent of the total amount collected per month. Bell MedEx neither represents nor holds an interest adverse to the interests of the Debtor's bankruptcy estate, according to court filings. The firm can be reached through: Crystal Rainbow Bellevue Medical, LLC P.O. Box 88942 Seattle, WA 98138 Phone 888-987-6250 About Soas LLC Soas, LLC, which conducts business under the name Island Drug, is a long-term care pharmacy in Oak Harbor, Wash. It dispenses medicinal preparations delivered to patients residing within an intermediate or skilled nursing facility, including intermediate care facilities for mentally retarded, hospice, assisted living facilities, group homes, and other forms of congregate living arrangements. Soas LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 19-10928) on March 18, 2019. At the time of the filing, the Debtor estimated assets and liabilities of between $1 million and $10 million. The case is assigned to Judge Marc Barreca. The Tracy Law Group PLLC is the Debtor's legal counsel. No official committee of unsecured creditors has been appointed in the Debtor's case. SPORTCO HOLDINGS: Miscellaneous Assets Sale Procedures Approved --------------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware authorized the sales procedures of Sportco Holdings, Inc. and its debtor-affiliates in connection with the sale of assets, including, but not limited to, equipment, furniture, supplies, fixtures, other miscellaneous personal property, and certain de minimis intellectual property, outside the ordinary course of business. The Debtors are authorized to sell the Miscellaneous Assets in accordance with these procedures: a. If the sale consideration from a purchaser of Miscellaneous Assets (other than a purchaser that is party is an "affiliate" or “insider” as those terms are defined under section 101 of the Bankruptcy Code) does not exceed $75,000 on a per transaction basis, the Debtors may sell such assets upon providing written notice to the Notice Parties, which will have three business days (unless extended by agreement from the Debtors) from the date of such notice to inform the Debtors in writing that they object to the proposed sale described. b. If the sale consideration from a purchaser for the Miscellaneous Assets (other than a purchaser that is party is an "affiliate" or “insider” as those terms are defined under section 101 of the Bankruptcy Code), on a per-transaction basis, exceeds $75,000 but is less than $150,000, the Debtors will file with the Court a Bulk Sale Notice and serve such Bulk Sale Notice to the Bulk Sale Notice Parties. c. The Bulk Sale Notice, to the extent that the Debtors have such information, will include: (i) a description of the Miscellaneous Assets that are the subject of the Proposed Miscellaneous Asset Sale; (ii) the location of the Miscellaneous Assets; (iii) the economic terms of sale; (iv) the identity of any non-Debtor party to the Proposed Miscellaneous Asset Sale; and (v) the identity of the party, if any, holding liens, claims, encumbrances or other interests in the Miscellaneous Assets. d. The Bulk Sale Notice Parties will have five business days (unless extended by agreement from the Debtors) after the Bulk Sale Notice is filed and served to advise counsel to the Debtors in writing with specific and particular bases that they object to the Proposed Miscellaneous Asset Sale described in such Bulk Sale Notice. If no written objection is received by the Objection Deadline, the Debtors may consummate the Proposed Miscellaneous Asset Sale, without further notice to any other party and without the need for a hearing, upon entry of an order of the Court submitted under certification of counsel in accordance with these procedures, and upon entry of such order, such Proposed Miscellaneous Asset Sale will be deemed fully authorized by the Court. e. If a written objection to a Proposed Miscellaneous Asset Sale is timely received by the Objection Deadline, the Debtors will not proceed with the Proposed Miscellaneous Asset Sale unless: (i) the objection is withdrawn or otherwise resolved; or (ii) the Court approves the Proposed Miscellaneous Asset Sale at the next regularly scheduled omnibus hearing in these Chapter 11 Cases that is at least five business days after receipt by the Debtors of the objection, or at the next omnibus hearing in these Chapter 11 Cases that is agreed to by the objecting party and the Debtors. f. All buyers will acquire the Miscellaneous Assets sold by the Debtors pursuant to these Miscellaneous Asset Sale Procedures on an "as is-where is" basis without any representations or warranties from the Debtors as to the quality or fitness of such assets for either their intended or any other purposes. g. Good faith purchasers of the Miscellaneous Assets will be entitled to the protections of section 363(m) of the Bankruptcy Code. h. The absence of a timely objection to the sale of the Miscellaneous Assets in accordance with the Miscellaneous Asset Sale Procedures will be "consent" to such sale within the meaning of section 363(f)(2) of the Bankruptcy Code. Notice of any sale of the Miscellaneous Assets in accordance with the Miscellaneous Asset Sale Procedures will be sufficient notice of the sale of such assets. The form of Bulk Sale Notice is approved. Nothing in the Motion or the Order will prohibit the Debtors from filing one or more motions to approve a sale of assets. The provision in Bankruptcy Rule 6004(h) staying an order authorizing the use, sale, or lease of property until the expiration of 14 days after entry of the order is waived with respect to this Order and in respect of the sale of any Miscellaneous Assets made in accordance with the Order. About Sportco Holdings United Sporting Companies, Inc., was founded in 1933 under the name Ellett Brothers, Inc. before merging with Jerry's Sports, Inc., in 2009 and formally changing its name to United Sporting Companies, Inc. on July 16, 2010. Headquartered in Chapin, S.C., the companies are marketers and distributors of a broad line of products and accessories for hunting and shooting sports, marine, camping, archery, and other outdoor activities. The companies' product line of over 55,000 SKUs includes firearms, reloading, marine electronics, trolling motors, optics, cutlery, archery equipment, ammunition, leather goods, camping equipment, sportsman gifts, and a variety of other outdoor sporting goods products. The companies carry the major brands in the outdoor sports industry, including Remington, Ruger, Browning, Winchester, Smith & Wesson, Glock, Bushnell, Sig Sauer, Springfield Armory, Hornaday, Henry, Magpul, Armscor, MotorGuide, Minn Kota, Lowrance, Federal, CCI, Taurus, and Leupold. The companies employ 321 people. SportCo, a Delaware corporation, is a holding company with no business operations. SportCo Holdings, Inc. and its affiliates, including United Sporting Companies, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11299) on June 10, 2019. At the time of the filing, SportCo had estimated assets of less than $50,000 and liabilities of between $100 million and $500 million. The cases are assigned to Judge Laurie Selber Silverstein. The Debtors tapped McDermott Will & Emery LLP as their bankruptcy counsel; Polsinelli PC as local Delaware counsel; Winter Harbor LLC as restructuring advisor; and BMC Group, Inc. as notice and claims agent. Andrew Vara, acting U.S. trustee for Region 3, on June 17, 2019, appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 case. The Committee retained Lowenstein Sandler LLP, as counsel, and Morris James LLP, as co-counsel. SUGARFINA INC: Sept. 17 Meeting Set to Form Creditors' Panel ------------------------------------------------------------ Andy Vara, Acting United States Trustee, for Region 3, will hold an organizational meeting on September 17, 2019, at 10:00 a.m. in the bankruptcy cases of Sugarfina Inc., et al. The meeting will be held at: Delaware State Bar Association 405 King Street, 2nd Floor Wilmington, DE 19801 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. About Sugarfina, Inc. Sugarfina Inc. -- https://www.sugarfina.com/ -- operates an "omnichannel" business, involving design, assembly, marketing, and sale of confectionary items through a retail fleet of 44 "Candy Boutiques", including 11 "shop in shops" within Nordstrom's department stores, a wholesale channel, e-commerce, international franchise, and a corporate/custom channel. Its offerings are sourced from the finest candy makers in the world and include such iconic varieties as Champagne Bears, Peach Bellini, Sugar Lips, Green Juice Bears, and Cold Brew Bears. The Debtors employ 335 people, including 71 individuals at the Company's headquarters in El Segundo, California. Sugarfina, Inc., and two affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No.19-11973) on Sept. 6, 2019. Sugarfina estimated $10 million to $50 million in assets and liabilities. The Hon. Mary F. Walrath is the case judge. The Debtors tapped Morris James LLP as counsel; and Force Ten Partners, LLC as financial advisor. BMC Group Inc. is the claims agent. SUGARFINA INC: Taps BMC Group as Claims Agent --------------------------------------------- Sugarfina, Inc. and its debtor-affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to hire BMC Group, Inc. as the official claims and noticing agent. The firm will oversee the distribution of notices and the maintenance, processing and docketing of proofs of claim filed in the Debtors' Chapter 11 cases. The firm will be paid at these hourly rates: Principal No charge Project Manager $125 - $150 Consultant/Senior Consultant $100 - $125 Noticing Manager $85 - $100 Technology Data Consultant $85 - $100 Case Support Associate $45 - $85 Analyst $25 - $45 BMC is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Tinamarie Feil BMC Group, Inc. 600 1st Avenue, Suite 203 Seattle, WA 98104 Phone: 206-516-3300 About Sugarfina, Inc. Sugarfina, Inc. operates candy stores in the United States. It also serves customers online. The company was founded in 2012 and is based in Inglewood, Calif. Sugarfina and its affiliates filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11973) on September 6, 2019. Brya Michele Keilson at Morris James LLP serves as the Debtors' counsel. TENDERLEAF VILLAGE: Exclusivity Period Extended to Oct. 28 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas extended the period during which only Tenderleaf Village, Inc. can file a Chapter 11 plan to Oct. 28. About Tenderleaf Village Inc. 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 February 28, 2019. In the petition signed by James Tran, director, the Debtor estimated $2,833,076 in assets and $1,923,273 in liabilities. The case has been assigned to the Hon. Jeffrey P. Norman. Julie Mitchell Koenig, Esq., at Cooper & Scully, PC, represents the Debtor as legal counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case. TMSC PROPERTIES: Seeks Cash Collateral Access on Interim Basis -------------------------------------------------------------- TMSC Properties, LLC, seeks permission from the U.S. Bankruptcy Court for the Southern District of Texas to use $7,848 in cash collateral to pay these expenses, on an interim basis: * Property Loan -- Texas Citizens Bank, $4,882.66 * Insurance -- AFCO, $1,203.51 * Property Tax -- Galveston County, $587.42 * Landscaping -- Javier's Lawn Service * Water -- Texas City, $96 * Power -- TXU Energy, $182.23 * Maintenance, $500 The Debtor proposes to grant a replacement lien to Texas Citizens Bank in the real estate and cash collateral to the extent of the value of Texas Citizens Bank's interest in said collateral on the Petition Date. About TMSC Properties TMSC Properties, LLC, operates 6 unit Warehouse/Office Complex in Harris County, Texas. It filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 19-33556) on June 27, 2019. Don Wyatt, Esq., at Donald Wyatt, PC, in The Woodlands, Texas, serves as counsel to the Debtor. TOTAL HEALTH: Seeks to Use Cash, Escrow Professional Fees --------------------------------------------------------- Total Health Systems, Inc., seeks permission from the U.S. Bankruptcy Court for the Eastern District of Michigan to use cash collateral in order to continue its business. The Debtor also seeks authority to escrow, on a monthly basis, a total of $7,500 into the client trust account of its proposed counsel to pay for professional fees in its bankruptcy case proceedings. As adequate protection, the Debtor proposes to offer Center Line Chiropractic and Michigan Business Connection, LC, replacement liens in its personal property to the extent of any diminution in the value of the prepetition cash collateral. A copy of the Motion is available for free at: http://bankrupt.com/misc/Total_Health_11_Cash_MO.pdf About Total Health Systems Total Health Systems, Inc. -- https://www.totalhealthsystems.com/ -- is a full-service wellness center that provides traditional medical services, chiropractic, physical therapy, massage therapy, one-on-one personal training, physician supervised weight loss, nutrition, and wellness services. Total Health Systems filed a petition (Bankr. E.D. Mich. Case No. 19-52723) under Chapter 11 of the Bankruptcy Code on Sept. 5, 2019, in Detroit, Michigan. In the petition signed by CFO Terrence Gallagher, the Debtor estimated assets of no more than $50,000 and liabilities between $1 million and $10 million. Judge Hon. Phillip J. Shefferly oversees the case. STEVENSON & BULLOCK, P.L.C., is the Debtor’s bankruptcy counsel. TROP INC: Unsecured Creditors to Get $2.2MM Over 37 Months ---------------------------------------------------------- Trop, Inc., filed a Chapter 11 Plan and accompanying disclosure statement. Class 7: General Unsecured Claims are impaired. These Claims shall receive the payment equivalent to their pro rata share of Pool 2 after payment in full of Classes 1, 3, 4 and 8 and after the resolution of claim objections. Funding for for Pool 2 will come from: $400,000.00 contributed by Ms. Galardi, and then $1,800,000.00 payable over 37 months, with payments of $25,000 per month ($20,000 by Debtor and $5,000 by Ms. Galardi) for 36 months and the remaining $900,000.00 due on the 37th month. Class 1: Secured Claims of Judgment Creditors are impaired. Debtor shall pay the Holder of an Allowed Class 1 Claim in full with interest at the rate of two percent (2%) per annum commencing on the Petition Date with such payment being no later than the forty-fifth (45th) day following Effective Date of the Plan (the "Initial Distribution Date"), unless extended by agreement of the applicable Holder of the Class 1 Claim. Class 2: Secured Claim of Ally Financial are impaired. Reorganized Debtor shall pay Ally, the Holder of the Allowed Class 2 claim, pursuant to the financing contract in place and continue the monthly payments of $687.37, with the final payment due in January 2020. A failure by Reorganized Debtor to make a payment under Class 2 pursuant to the terms of the Plan shall be an event of default as to Ally. Class 3: Priority Claims of FLSA Claimants are impaired. Debtor shall pay the Holder of an Allowed Class 3 Priority Claim in full and no later than the forty-fifth (45th) day following Effective Date of the Plan, unless extended by agreement of the applicable Holder of the Class 3 Claim. Class 4: Priority Tax Claims of Internal Revenue Service are impaired. Debtor shows that the Internal Revenue Service filed an amended proof of claim number 2-3 for $3,413.00 in principal, with $247.57 interest up to the Petition Date as an Unsecured Priority Tax Claim. The Claim for taxes will be paid in full, with the interest claimed, but no amount for penalties will be paid unless and until all other Allowed Unsecured Claims are paid in full. Class 5: Priority Tax Claims of City of Brookhaven are impaired. Reorganized Debtor shall pay Brookhaven’s Allowed Class 5 Claim as described herein, unless extended by agreement of Brookhaven. Reorganized Debtor shall pay the Class 5 Claim in full without interest by paying $30,237.72 on the Initial Distribution Date, and then commencing on the fifth (5th) day of the next full month that follows and for the next four (4) consecutive month thereafter with equal monthly payments of $10,000.00 until the balance is paid in full. Class 6: Claim of Business First Bank are impaired. Debtor shall pay this claim by entering into a lease with the landlord, the TGG Trust, and upon confirmation of the Plan pay the Note directly to Business First. The Business First Note matures September 23, 2013 with currently monthly payments of $11,574.60, and the interest rate is 6.5% per annum, with an outstanding balance of $945,657. Class 8: Unsecured Convenience Claims are impaired. Holders of Class 8 Claims shall receive the equivalent of fifty percent (50%) of each entity's Allowed Claim in a one-time lump sum distribution. Payments shall be made on the Initial Distribution Date. Class 9 Equity Security Interest Claims are impaired. The Equity Security Interest shall be cancelled, and the Trust's interest shall be extinguished. The source of funds for the payments pursuant to the Plan are for Pool 1: $200,000.00 by Debtor and $300,000.00 contributed by Ms. Galardi; for Pool 2: $400,000.00 contributed by Ms. Galardi, and then $1,800,000.00 payable over thirty-seven (37) months, with payments of $25,000.00 per month ($20,000.00 by Debtor and $5,000.00 by Ms. Galardi) for thirty-six (36) months and the remaining $900,000.00 due on the thirty-seventh (37th) month. A full-text copy of the Disclosure Statement dated September 6, 2019, is available at https://tinyurl.com/y6qh9sb4 from PacerMonitor.com at no charge. Attorneys for Debtor: Louis G. McBryan, Esq. McBRYAN, LLC 6849 Peachtree Dunwoody Rd Building B-3, Suite 100 Atlanta GA 30328 Tel: (678) 733-9322 About Trop Inc. Trop, Inc., is a privately held company that owns the Pink Pony, a night club in Atlanta, Georgia. Trop, Inc., filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 18-65726) on Sept. 19, 2018. In the petition signed by Teri Galardi, chief executive officer, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Louis G. McBryan, Esq., at McBryan, LLC, is the Debtor's bankruptcy counsel. Schulten Ward Turner & Weiss, LLP, and the Law Offices of Aubrey T. Villines, Jr., serve as special counsel. TROUSDALE US AUSSIE: Case Summary & 10 Unsecured Creditors ---------------------------------------------------------- Debtor: Trousdale US Aussie, LLC 460 Trousdale Place Beverly Hills, CA 90210 Case No.: 19-20822 Business Description: Trousdale US Aussie LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: September 12, 2019 Court: United States Bankruptcy Court Central District of California (Los Angeles) Judge: Hon. Julia W. Brand Debtor's Counsel: John N. Tedford, Esq. DANNING, GILL, DIAMOND & KOLLITZ, LLP 1900 Avenue of the Stars 11th Floor Los Angeles, CA 90067 Tel: 310-277-0077 Fax: 310-277-5735 E-mail: jtedford@dgdk.com jnt@dgdk.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Trevor Groeneveld, authorized agent. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/cacb19-20822.pdf List of Debtor's 10 Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Ranking Tree Service Landscape $500 Attn: Ruben Rodriquez Maintenance 1380 E. 50th Los Angeles, CA 90011 2. City of Beverly Hills Utility Service $487 Utility Billing Bill PO Box 845806 Los Angeles, CA 90084 3. Andy Gump Portable $238 Temporary Site Services Restroom Service 26954 Ruether Ave Santa Clarita, CA 91351 4. David O'Toole Unknown 16810 Glynn Drive Pacific Palisades, CA 90272 5. Franchise Tax Board Taxes and Unknown Bankruptcy Section, Certain Other MS: A-340 Debts P.O. Box 2952 Sacramento, CA 95812-2952 6. GHGS LLC Unknown 9211 Alden Drive Beverly Hills, CA 90210 7. Internal Revenue Service Taxes and Unknown PO Box 7346 Certain Other Philadelphia, PA Debts 19101-7346 8. Kent Beyer Unknown Beyer & Associates 12401 Wilshire Blvd, Suite 200 Los Angeles, CA 90025 9. TGJG Pty Ltd. Unknown 5 Walter Road Ingleside, NSW 2101 Australia 10. Trousdale Development LLC Unknown PO Box 69465 West Hollywood, CA 90069 UBIOME INC: Sept. 16 Meeting Set to Form Creditors' Panel --------------------------------------------------------- Andy Vara, Acting United States Trustee, for Region 3, will hold an organizational meeting on September 16, 2019, at 11:00 a.m. in the bankruptcy cases of uBiome, Inc., et al. The meeting will be held at: Office of the US Trustee 844 King Street, Room 3209 Wilmington, DE 19801 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. uBiome, Inc uBiome, Inc. -- https://ubiome.com/ -- is a microbial genomics company founded in 2012. uBiome combines its patented proprietary precision sequencing with machine learning and artificial intelligence to develop wellness products, clinical tests, and therapeutic targets. uBiome has filed for over 250 patents on its technology, which includes sample preparation, computational analysis, molecular techniques, as well as diagnostic and therapeutic applications. uBiome and its non-debtor foreign affiliates currently employ approximately 100 individuals, of which 35 are located in the United States, 37 in Chile, and 28 in Argentina. On Sept. 4, 2019, uBiome, Inc., sought Chapter 11 protection (Bankr. D. Del. Case No. 19-11938). The Debtor estimated assets of $50 million to $100 million and liabilities of $10 million to $50 million. The Hon. Laurie Selber Silverstein is the case judge. The Debtor tapped Young, Conaway, Stargat & Taylor, LLP as counsel; Goldin Associates, LLC, as restructuring advisor; GLC Advisors & Co., LLC and GCLA Securities LLC as investment banker. Donlin Recano & Company, Inc., is the claims agent. UNIQUE TOOL: Committee Taps Wernette Heilman as Counsel ------------------------------------------------------- The committee of unsecured creditors of Unique Tool & Manufacturing Co. seeks authority from the U.S. Bankruptcy Court for the Northern District of Ohio to retain Wernette Heilman PLLC as its legal counsel. The committee requires Wernette Heilman to: a. advise the committee with respect to its powers and duties under the Bankruptcy Code; b. monitor the Debtor's case and oversee its affairs; c. prepare necessary applications, motions, memoranda, orders, reports and other legal papers; d. appear in court and at meetings to represent the interests of the committee; e. negotiate with the debtor, secured creditors and other parties in interest; and f. perform all other legal services for the committee in connection with the Debtor's case. Michael Wernette, Esq., and Ryan Heilman, Esq., the firm's attorneys who will be handling the case, charge $320 per hour and $335 per hour, respectively. Legal assistants and paralegals charge an hourly fee of $125. Ryan Heilman, Esq., at Wernette Heilman, disclosed in court filings that he and his firm are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan D. Heilman, Esq. Wernette Heilman PLLC 40900 Woodward Ave., Suite 111 Bloomfield Hills, MI 48304 Tel.: (248) 835-4745 Email: ryan@wernetteheilman.com About Unique Tool Unique Tool & Manufacturing Co. -- http://www.uniquetool.com/-- is a custom metal stamping company formed in 1963, which supplies stampings to the satellite, communications, electrical, appliance, refrigeration and automotive industries throughout the United States, Canada and Mexico. It specializes in tool and die manufacturing, brazing, welding, plating and more. Unique Tool & Manufacturing sought Chapter 11 protection (Bankr. N.D. Ohio Case No. 19-32356) on July 26, 2019, . At the time of the filing, the Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. The Hon. Mary Ann Whipple is the case judge. Diller and Rice, LLC is the Debtor's legal counsel. The U.S. Trustee for Region 9 appointed a committee of unsecured creditors on Sept. 5, 2019. UNISON ENVIRONMENTAL: Sept. 30 Hearing on Disclosure Statement -------------------------------------------------------------- The hearing to consider approval of the amended disclosure statement of Unison Environmental Services, LLC, will be held in Historic U.S. Courthouse 31 East 11th Street Chattanooga, TN 37402, Bankruptcy Courtroom 3-A, at September 30, 2019 10:00 A.M. The Plan provides for one class of Secured Claims; two classes of Unsecured Claims; and one class of Equity Interests. General Unsecured Creditors holding Allowed Claims will receive distributions over the course of five (5) years, which the Debtor has valued at 40 cents on the dollar. The Plan also provides for the payment of Administrative and Priority Claims in full, provided, however if payment in full is not made on the Effective Date of this Plan, to the extent permitted by the Bankruptcy Code and/or Claimant's agreement, such Claims will be paid in regular payments. The funds necessary to ensure continuing performance under the Plan after the Effective Date will be (or may be) obtained from: (a) any and all remaining Cash retained by Reorganized Debtor after the Effective Date; (b) cash generated from the post-Effective Date operations of Reorganized Debtor; and (c) any other contributions or financing (if any) which Reorganized Debtor may obtain on or after the Effective Date. A full-text copy of the Fourth Amended Disclosure Statement is available at https://tinyurl.com/y55vgtuh from PacerMonitor.com at no charge. Attorney for Debtor: David J. Fulton, Esq. Scarborough & Fulton 620 Lindsay Street Suite 240 Chattanooga, TN 37403 About Unison Environmental Services Unison Environmental Services, LLC, provides waste treatment and disposal services. The company's principal assets are located at 6315 12th Ave East Tuscaloosa, AL 35405. Unison Environmental Services filed a Chapter 11 (Bankr. E.D. Tenn. Case No. 18-10113) on Jan. 11, 2018. In the petition signed by Jefferson Knox Horner, chief manager, the Debtor estimated $1 million to $10 million in total assets and liabilities. Judge Shelley D. Rucker presides over the case. David J. Fulton, Esq., at Scarborough & Fulton, is the Debtor's counsel. The Richardson Law Firm, is the special counsel. UNITED AIRLINES: Egan-Jones Lowers Senior Unsecured Ratings to BB ----------------------------------------------------------------- Egan-Jones Ratings Company, on September 3, 2019, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by United Airlines Incorporated to BB from BBB. United Airlines, Inc. is a major American airline headquartered at Willis Tower in Chicago, Illinois. United operates a large domestic and international route network, with an extensive presence in the Asia-Pacific region. VARTEK LLC: Refused Factoring, Will Collect Receivables to Operate ------------------------------------------------------------------ Vartek LLC asks the U.S. Bankruptcy Court for the Middle District of Florida to authorize use of cash collateral on an interim and final basis in order to pay operating expenses and costs of administering its Chapter 11 case, pending a sale. The Debtor intends to: (a) collect the proceeds from post-petition accounts receivable, and (b) after Seacoast's prepetition claim has been paid in full, collect the proceeds from prepetition accounts receivable. The pending cash collateral order only authorizes the Debtor to collect and utilize the proceeds of two prepetition invoices for July 2019 and August 2019 in the aggregate amount of $165,519, due from American Vinyl. Seacost, who has provided cash to the Debtor through the factoring of receivables, has decided to no longer factor the Debtor's postpetition accounts. In exchange for the Debtor's ability to use cash collateral in the operation of its business, the Debtor proposes to: (a) allow the proceeds of prepetition accounts receivable to be utilized first to pay Seacoast's prepetition claim, and (b) grant to Seacoast, as adequate protection, replacement liens to the same extent, validity, and priority as existed on the Petition Date. The Court declined on an interim basis to grant Seacoast a superpriority administrative expense claim on the factored accounts. This issue was deferred to a hearing on October 10, 2019, at 2:00 p.m. About Vartek L.L.C. Vartek, L.L.C. -- https://vartekllc.com/ -- is a privately owned manufacturer of flexible PVC hose and tubing. The Company manufactures reinforced hose and non-reinforced tubing products. It serves the construction, industrial, irrigation, landscape, marine, medical, pool, spa, & waterscape markets. Vartek manufactures and maintains a warehouse in Tampa, Florida and a warehouse in San Diego, California. Vartek sought Chapter 11 protection (Bankr. M.D. Fla. Case No. 19-08083) on Aug. 26, 2019. In the petition signed by CRO William A. Long, Jr., the Debtor estimated assets at $1 million to $10 million and estimated liabilities of $10 million to $50 million. Judge Catherine Peek McEwen oversees the Debtor's case. STICHTER, RIEDEL, BLAIN & POSTLER, P.A., represents the Debtor. VERITY HEALTH: Court Ok’s Use of Escrow Cash to Pay-off DIP Loan ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California entered a supplemental cash collateral order, approving on a final basis, the use by Verity Health System of California, Inc., and debtor affiliates of escrowed cash collateral in order to pay-off their DIP obligations to Ally Bank, DIP Agent and Lender under a DIP Revolving Credit Agreement. Judge Ernest M. Robles rules that: (1) Ally Bank, as DIP Agent will provide the Debtors and the Prepetition Secured Creditors with a payoff letter showing the outstanding balance on the DIP Loan on the date one business day after entry of the Supplemental Cash Collateral Order, releasing the Debtors from all obligations under the DIP Credit Agreement. The Debtors are authorized to pay the DIP Agent and the DIP Lender the Payoff Amount from the OCH Escrow Deposit Account in full and final satisfaction of all amounts due under the DIP Financing Agreements. (2) As additional adequate protection, each of the Prepetition Secured Creditors will be granted a fully perfected, first priority lien and security interest in all property and assets of the Debtors. The supplemental cash collateral lien will be subject to the Secured Creditors' Prepetition Lien, and the Carve-out. The Debtors' prepetition secured lenders include (i) UMB Bank, N.A.; (ii) U.S. Bank; (iii) Verity MOB Financing, LLC, and Verity MOB Financing II, LLC (the Verity MOB Lenders). Before the Petition Date, the Debtors granted each of the Prepetition Secured Lenders pre petition liens in substantially all of the Debtors' assets, excluding cash and assets of a Philanthropic Foundation. The use of Escrowed Cash Collateral will be subject to the Cash Collateral Budget. The Final DIP Order is modified to include provisions with respect to the Carve-Out Expense Cap -- $3,000,000 for the Debtors' professionals and $300,000 for professionals retained by the Official Committee of Unsecured Creditors. The Debtors' authority to use the Escrowed Cash Collateral will cease on the earliest to occur of: (i) Dec. 31, 2019; (ii) the date of any stay, revocation, reversal, amendment or other modification, in whole or in part, of the Final DIP Order or this Supplemental Cash Collateral Order; (iii) the occurrence of an event of default; (iv) the substantial consummation of a confirmed Plan of Reorganization filed in these cases; (v) the conversion of the Chapter 11 Cases to a Chapter 7 liquidation, or the dismissal of the Chapter 11 Cases, or the appointment of a trustee or examiner with expanded power in the Chapter 11 Cases. The Debtors intend to continue operations until the sale and transfer of the remainder of their facilities to an acquirer, and to distribute the assets of their estate to its creditors. A full-text copy of the Final Order is available for free at: http://bankrupt.com/misc/Verity_Health_3022_Cash_FinalOrd.pdf About Verity Health System Verity Health System -- https://www.verity.org/ -- operates as a non-profit health care system in the state of California, with approximately 1,680 inpatient beds, six active emergency rooms, a trauma center, and a host of medical specialties, including tertiary and quaternary care. Verity's two Southern California hospitals are St. Francis Medical Center in Lynwood and St. Vincent Medical Center in Los Angeles. In Northern California, O'Connor Hospital in San Jose, St. Louise Regional Hospital in Gilroy, Seton Medical Center in Daly City and Seton Coastside in Moss Beach are part of Verity Health. Verity Health also includes Verity Medical Foundation. With more than 100 primary care and specialty physicians, VMF offers medical, surgical and related healthcare services for people of all ages at community-based, multi-specialty clinics conveniently located in areas served by the Verity hospitals. Verity Health System was created in a transaction approved by California Attorney General Kamala Harris and completed in December 2015. Verity Health System of California, Inc., and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 18-20151) on Aug. 31, 2018. In the petition signed by CEO Richard Adcock, Verity Health estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Ernest M. Robles oversees the cases. The Debtors tapped Dentons US LLP as their bankruptcy counsel; Berkeley Research Group, LLC, as financial advisor; Cain Brothers as investment banker; and Kurtzman Carson Consultants as claims agent. The official committee of unsecured creditors formed in the case retained Milbank, Tweed, Hadley & McCloy LLP as counsel. WALDEN PALMS: Wants to Move Exclusivity Period Through Nov. 19 -------------------------------------------------------------- Walden Palms Condominium Association, Inc. asked the U.S. Bankruptcy Court for the Middle District of Florida for another 90-day extension of: (a) the deadline for Debtor to file a Plan and Disclosure Statement through and including Nov. 19; (b) the exclusivity period to file a Chapter 11 plan of reorganization through and including Nov. 19; and (c) the exclusivity period to obtain acceptances of its plan through Jan. 18, 2020. The Debtor anticipated that additional time will be needed to address the secured claims of its largest creditor -- the City of Orlando -- which arose from building code violations. The Debtor is working with the City to determine what repairs are needed to fully address such code violations, with the goal of resolving the City's secured claims in full. Post-petition, the Debtor has been able to address all "life-safety" issues that required immediate attention while also replacing a number of damaged roofs in the complex. The Debtor also recently received bids for the first stage of general building repairs and the estate is working with its project manager to determine the cost for the total project, which will likely have 4-5 stages and extend over the next several years. Once the project's total cost has been estimated (anticipated to be within the next 45-60 days), the Debtor should be in a position to determine the total length of its plan, how the plan will be funded, and what distributions can be made to the creditor body over the life of the plan. About Walden Palms Condominium Association Walden Palms Condominium Association, Inc., is a nonprofit property management company in Orlando, Florida. Walden Palms Condominium Association sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 18-07945) on Dec. 24, 2018. At the time of the filing, the Debtor estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million. The case is assigned to Judge Cynthia C. Jackson. The Debtor tapped Shapiro, Blasi, Wasserman & Hermann, P.A., as its bankruptcy counsel; Arias Bosinger PLLC as general association counsel; JD Law Firm; as collections & foreclosure counsel; and Winderweedle, Haines, Ward & Woodman, P.A. as land use counsel. WALNUT STREET: Case Summary & 9 Unsecured Creditors --------------------------------------------------- Debtor: Walnut Street Partners, LLC 19605 SW East US Highway 40 Blue Springs, MO 64015 Business Description: Walnut Street Partners LLC owns a building located at 101. 103. 105 SE Magellan Drive, Blue Springs, MO 64014 having an appraised value of $3.6 million. Chapter 11 Petition Date: September 13, 2019 Court: United States Bankruptcy Court Western District of Missouri (Kansas City) Case No.: 19-42377 Judge: Hon. Brian T. Fenimore Debtor's Counsel: Joanne B. Stutz, Esq. EVANS & MULLINIX, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Tel: 913-962-8700 Fax: 913-962-8701 Email: jstutz@emlawkc.com Total Assets: $4,210,397 Total Liabilities: $3,548,548 The petition was signed by Karl Sigler, managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's nine unsecured creditors is available for free at: http://bankrupt.com/misc/mowb19-42377.pdf YCO FOSTER CARE: Stipulates with IRS to Use Cash, Pay Tax Debt -------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Oklahoma approves the agreement between YCO Foster Care, Inc., and the Internal Revenue Service with respect to the Debtor's continued use of cash collateral. Pursuant to the Agreed Order: (1) The Debtor will make a minimum monthly payment on the IRS' secured prepetition tax debt of $1,574, which amount is the required payment necessary to satisfy IRS secured claims of $113,148 at 5% for 72 months. This super priority claim will be subject and subordinate only to the carve out in an amount not to exceed $20,000. Payments will be made on the 1st day of each month, with the first payment due on Oct. 1, 2019, to continue each month thereafter until confirmation. (2) The IRS will be granted a replacement lien on post-petition cash and accounts receivable of the Debtor, in addition to the liens that IRS had in the assets and property of the Debtor as of the Petition Date; (3) The postpetition lien granted to the IRS will be shared with other secured creditors as they are identified. The federal tax liens continue to attach to the newly-arising assets and protect IRS' claims secured by its properly filed prepetition notices of federal tax lien; (4) the Debtor will maintain accounts receivable at a minimum of $25,000, or a combination of cash and accounts receivable totaling a minimum of $25,000. (5) the Debtor will file all past due tax returns, including, income, excise, employment and unemployment returns within 30 days of the execution of this agreement. Specifically, the Debtor will file: * Forms 941, Employer's quarterly federal tax return, for the periods ending March 30, 2019 and June 30, 2019; and * Form 1120, U.S. Corporation Income Tax Return, for 2018; and will provide copies of the return(s) to the IRS Insolvency Group, Attn: Dorcas Basaldua, 1919 Smith St., Mail Stop: 5024-HOU, Houston, TX 77002; (6) the Debtor will pay each federal tax deposit as it accrues, when payroll is made, through a federal depository and will submit proof of deposit to the IRS Insolvency Group within 3 working days of the deposit; (7) the Debtor will file all tax returns for periods ending after the Petition Date on or before the due date and will pay any balance due upon filing the return. (8) the debtor will provide IRS with any factoring agreement regarding its accounts receivable within 3 days of execution of the agreement. The agreement will be provided to the Service's Insolvency Group. (9) the Debtor will provide IRS with monthly reports on the Debtor's accounts receivable, specifying the amounts by age, as well as reports stating collections of accounts receivable made during the prior month, payments received from any factor pursuant to any factoring agreement of the accounts receivable, and payments remitted to the factor. The financial information will be provided to the Service's Insolvency Group by the 15th day of the following month; A copy of the Order is available at http://bankrupt.com/misc/Yco_Foster_25_Cash_AgreedORd.pdf About YCO Foster Care YCO Foster Care Inc. is a provider of therapeutic foster care services. The Company is the fee simple owner of a property located at 3304 E. 3rd Street Tulsa, Oklahoma valued at $140,000. YCO Foster Care filed a Chapter 11 bankruptcy petition (Bankr. W.D. Okla. Case No. 19-13511) on Aug. 27, 2019 in Oklahoma City. In the petition signed by Robert Lobato, owner, the Debtor disclosed total assets amounting to $190,550 and total liabilities amounting to $1,226,344. Judge Janice D. Loyd is assigned the Debtor's case. Debtor's counsel is MITCHELL & HAMMOND. ZUBRAS ELECTRIC: Hires Augment Advisory as Financial Advisor ------------------------------------------------------------ Zubras Electric, Inc. seeks authority from the U.S. Bankruptcy Court for the Northern District of Texas to hire Augment Advisory and Capital as its financial advisor. The services Augment Advisory will render are: (a) assist in the identification and implementation of cost reductions; (b) assist with the overall financial reporting in managing the administrative requirements of the Bankruptcy Code, including post-petition reporting requirements and claim reconciliation efforts; (c) provide testimony before the court; (d) provide services necessary to the Debtor's restructuring efforts and in the ongoing operation and management of its businesses while subject to Chapter 11 of the Bankruptcy Code. Brian Breithaupt, the firm's consultant who will be providing the services, will be paid an hourly fee of $150. His firm will receive reimbursement for work-related expenses incurred. Mr. Breithaupt disclosed in court filings that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brian Breithaupt Augment Advisory and Capital 4809 Cole Avenue, Suite 335 Dallas, TX 75205 Phone: 469-363-5813 Email: brian@augmentadvisory.net About Zubras Electric Zubras Electric, Inc. -- http://www.zubraselectric.com/-- has been in the electrical contracting business since 1995. It provides all aspects of electrical repairs for both residential and commercial clients within the Dallas and Ft. Worth Metroplex areas. Zubras Electric sought Chapter 11 protection (Bankr. N.D. Texas Case No. 19-32690) on August 13, 2019, in Dallas. The case is jointly administered with the Chapter 11 case (Bankr. N.D. Texas Case No. 19-32753) filed by Zubras Electric President Simon Esthel Zubras and Phyllis Marie Zubras. The company disclosed $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Judge Stacey G. Jernigan presides over the case. Zubras Electric tapped Melissa S. Hayward, Esq., at Hayward & Associates PLLC, as its legal counsel. ZVG @ PALISADES: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: ZVG @ Palisades LLC 2571 East 17th Street Brooklyn, NY 11235 Case No.: 19-45511 Business Description: ZVG @ Palisades LLC, as assignee, is the would-be purchaser of certain real property located in Orangetown, NY pursuant to contract of sale, dated April 4, 2019, as amended. More particulary, the property in question is located at 234 Route 9W, Orangetown, New York, and is improved by a hotel and conference center. The current owner of the Property is HNA Training Center NY, LLC. Chapter 11 Petition Date: September 12, 2019 Court: United States Bankruptcy Court Eastern District of New York (Brooklyn) Judge: Hon. Carla E. Craig Debtor's Counsel: J. Ted Donovan, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 1501 Broadway, 22nd Floor New York, NY 10036 Tel: (212)-301-6943 Fax: (212)-422-6836 E-mail: Tdonovan@gwfglaw.com - and - Kevin J. Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 1501 Broadway 22nd Floor New York, NY 10036 Tel: (212) 221-5700 E-mail: knash@gwfglaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Yechiel Meyer Frenkel, 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/nyeb19-45511.pdf [^] BOND PRICING: For the Week from September 9 to 13, 2019 ----------------------------------------------------------- Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- 99 Cents Only Stores LLC NDN 11.000 91.411 12/15/2019 Acosta Inc ACOSTA 7.750 9.437 10/1/2022 Acosta Inc ACOSTA 7.750 10.284 10/1/2022 Alta Mesa Holdings LP / Alta Mesa Finance Services Corp ALTMES 7.875 15.500 12/15/2024 Approach Resources Inc AREX 7.000 27.017 6/15/2021 BPZ Resources Inc BPZR 6.500 3.017 3/1/2049 Bon-Ton Department Stores Inc/The BONT 8.000 10.375 6/15/2021 Bristow Group Inc BRS 6.250 19.500 10/15/2022 Bristow Group Inc BRS 4.500 19.500 6/1/2023 California Resources Corp CRC 5.500 56.410 9/15/2021 Cenveo Corp CVO 8.500 1.346 9/15/2022 Cenveo Corp CVO 8.500 1.346 9/15/2022 Cenveo Corp CVO 6.000 0.894 5/15/2024 Chaparral Energy Inc CHAP 8.750 40.764 7/15/2023 Chaparral Energy Inc CHAP 8.750 40.748 7/15/2023 Chukchansi Economic Development Authority CHUKCH 9.750 60.000 5/30/2020 Chukchansi Economic Development Authority CHUKCH 10.250 60.000 5/30/2020 Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp CLD 12.000 27.600 11/1/2021 Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp CLD 6.375 1.100 3/15/2024 DFC Finance Corp DLLR 10.500 67.125 6/15/2020 DFC Finance Corp DLLR 10.500 67.125 6/15/2020 Denbury Resources Inc DNR 5.500 47.820 5/1/2022 Ditech Holding Corp DHCP 9.000 0.320 12/31/2024 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 8.000 3.516 2/15/2025 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 9.375 3.955 5/1/2024 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 6.375 0.245 6/15/2023 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 7.750 0.221 9/1/2022 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 9.375 3.984 5/1/2024 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 8.000 3.589 2/15/2025 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 7.750 0.253 9/1/2022 Energy Conversion Devices Inc ENER 3.000 7.875 6/15/2013 Federal Farm Credit Banks FFCB 2.550 99.658 9/19/2019 Federal Farm Credit Banks FFCB 1.330 99.790 9/18/2019 Federal Farm Credit Banks FFCB 1.250 99.770 9/15/2019 Federal Home Loan Mortgage Corp FHLMC 2.430 99.793 6/17/2021 Ferrellgas Partners LP / Ferrellgas Partners Finance Corp FGP 8.625 73.431 6/15/2020 Ferrellgas Partners LP / Ferrellgas Partners Finance Corp FGP 8.625 74.923 6/15/2020 Fleetwood Enterprises Inc FLTW 14.000 3.557 12/15/2011 Ford Motor Credit Co LLC F 5.000 99.593 9/20/2025 Foresight Energy LLC / Foresight Energy Finance Corp FELP 11.500 24.164 4/1/2023 Foresight Energy LLC / Foresight Energy Finance Corp FELP 11.500 24.163 4/1/2023 Frontier Communications Corp FTR 8.500 72.641 4/15/2020 Frontier Communications Corp FTR 6.250 54.919 9/15/2021 Frontier Communications Corp FTR 8.750 53.458 4/15/2022 Frontier Communications Corp FTR 9.250 55.914 7/1/2021 Frontier Communications Corp FTR 8.875 60.271 9/15/2020 Goodman Networks Inc GOODNT 8.000 50.500 5/11/2022 Grizzly Energy LLC VNR 9.000 6.000 2/15/2024 Grizzly Energy LLC VNR 9.000 6.000 2/15/2024 Halcon Resources Corp HKUS 6.750 9.375 2/15/2025 Halcon Resources Corp HKUS 6.750 9.750 2/15/2025 Halcon Resources Corp HKUS 6.750 9.723 2/15/2025 Halcon Resources Corp HKUS 6.750 11.500 2/15/2025 Halcon Resources Corp HKUS 6.750 9.750 2/15/2025 High Ridge Brands Co HIRIDG 8.875 7.100 3/15/2025 High Ridge Brands Co HIRIDG 8.875 7.100 3/15/2025 Hornbeck Offshore Services Inc HOS 5.000 48.472 3/1/2021 Hornbeck Offshore Services Inc HOS 5.875 58.918 4/1/2020 Jack Cooper Holdings Corp JKCOOP 9.250 45.230 6/1/2020 K Hovnanian Enterprises Inc HOV 8.000 94.963 11/1/2019 Legacy Reserves LP / Legacy Reserves Finance Corp LGCY 8.000 6.096 12/1/2020 Legacy Reserves LP / Legacy Reserves Finance Corp LGCY 6.625 3.984 12/1/2021 Legacy Reserves LP / Legacy Reserves Finance Corp LGCY 8.000 4.162 9/20/2023 Lehman Brothers Inc LEH 7.500 1.847 8/1/2026 MAI Holdings Inc MAIHLD 9.500 45.400 6/1/2023 MAI Holdings Inc MAIHLD 9.500 45.000 6/1/2023 MAI Holdings Inc MAIHLD 9.500 44.445 6/1/2023 MF Global Holdings Ltd MF 9.000 14.750 6/20/2038 MF Global Holdings Ltd MF 6.750 14.750 8/8/2016 MModal Inc MODL 10.750 6.125 8/15/2020 Mashantucket Western Pequot Tribe MASHTU 7.350 16.250 7/1/2026 Murray Energy Corp MURREN 11.250 7.423 4/15/2021 Murray Energy Corp MURREN 9.500 7.179 12/5/2020 Murray Energy Corp MURREN 11.250 7.590 4/15/2021 Murray Energy Corp MURREN 9.500 7.179 12/5/2020 NWH Escrow Corp HARDWD 7.500 60.000 8/1/2021 NWH Escrow Corp HARDWD 7.500 58.411 8/1/2021 Neiman Marcus Group LTD LLC / Neiman Marcus Group LLC / Mariposa Borrower / NMG NMG 8.000 32.704 10/25/2024 Neiman Marcus Group LTD LLC / Neiman Marcus Group LLC / Mariposa Borrower / NMG NMG 8.750 33.213 10/25/2024 Neiman Marcus Group LTD LLC / Neiman Marcus Group LLC / Mariposa Borrower / NMG NMG 8.750 33.626 10/25/2024 Neiman Marcus Group LTD LLC / Neiman Marcus Group LLC / Mariposa Borrower / NMG NMG 8.000 33.707 10/25/2024 New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 4.000 5/15/2019 Northwest Hardwoods Inc HARDWD 7.500 58.484 8/1/2021 Northwest Hardwoods Inc HARDWD 7.500 58.484 8/1/2021 PHH Corp PHH 6.375 59.500 8/15/2021 Pernix Therapeutics Holdings Inc PTX 4.250 2.250 4/1/2021 Pernix Therapeutics Holdings Inc PTX 4.250 2.250 4/1/2021 Pioneer Energy Services Corp PESX 6.125 37.301 3/15/2022 Powerwave Technologies Inc PWAV 1.875 0.021 11/15/2024 Renco Metals Inc RENCO 11.500 24.875 7/1/2003 Rolta LLC RLTAIN 10.750 8.457 5/16/2018 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.125 14.500 11/1/2020 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.375 7.500 11/1/2021 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.125 15.053 11/1/2020 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.375 14.261 11/1/2021 Sanchez Energy Corp SNEC 6.125 4.950 1/15/2023 Sanchez Energy Corp SNEC 7.750 4.950 6/15/2021 SandRidge Energy Inc SD 7.500 0.500 2/15/2023 Sears Holdings Corp SHLD 6.625 7.000 10/15/2018 Sears Holdings Corp SHLD 6.625 6.921 10/15/2018 Sears Roebuck Acceptance Corp SHLD 7.500 1.001 10/15/2027 Sears Roebuck Acceptance Corp SHLD 7.000 1.001 6/1/2032 Sears Roebuck Acceptance Corp SHLD 6.500 1.000 12/1/2028 Sears Roebuck Acceptance Corp SHLD 6.750 1.000 1/15/2028 Sempra Texas Holdings Corp TXU 5.550 13.500 11/15/2014 Sempra Texas Holdings Corp TXU 9.750 93.750 10/15/2019 Stearns Holdings LLC STELND 9.375 49.918 8/15/2020 Stearns Holdings LLC STELND 9.375 49.918 8/15/2020 TD Ameritrade Holding Corp AMTD 5.600 100.519 12/1/2019 Tapstone Energy LLC / Tapstone Energy Finance Corp TAPENE 9.750 25.000 6/1/2022 Tapstone Energy LLC / Tapstone Energy Finance Corp TAPENE 9.750 25.000 6/1/2022 TerraVia Holdings Inc TVIA 6.000 4.644 2/1/2018 Toys R Us - Delaware Inc TOY 8.750 0.324 9/1/2021 Transworld Systems Inc TSIACQ 9.500 26.000 8/15/2021 Transworld Systems Inc TSIACQ 9.500 26.000 8/15/2021 UCI International LLC UCII 8.625 4.780 2/15/2019 Ultra Resources Inc UPL 6.875 8.000 4/15/2022 Ultra Resources Inc UPL 7.125 6.000 4/15/2025 Ultra Resources Inc UPL 6.875 9.975 4/15/2022 Ultra Resources Inc UPL 7.125 7.992 4/15/2025 VIVUS Inc VVUS 4.500 76.237 5/1/2020 Windstream Services LLC / Windstream Finance Corp WIN 7.500 22.000 6/1/2022 Windstream Services LLC / Windstream Finance Corp WIN 6.375 20.454 8/1/2023 Windstream Services LLC / Windstream Finance Corp WIN 6.375 20.454 8/1/2023 Windstream Services LLC / Windstream Finance Corp WIN 8.750 22.000 12/15/2024 Windstream Services LLC / Windstream Finance Corp WIN 8.750 21.574 12/15/2024 Windstream Services LLC / Windstream Finance Corp WIN 7.750 21.488 10/15/2020 Windstream Services LLC / Windstream Finance Corp WIN 7.750 21.516 10/1/2021 rue21 inc RUE 9.000 1.428 10/15/2021 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2019. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***