/raid1/www/Hosts/bankrupt/TCR_Public/191016.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Wednesday, October 16, 2019, Vol. 23, No. 288
Headlines
657-665 5TH AVENUE: Seeks to Hire Nutovic & Associates as Counsel
A. MANOS SERVICES: Case Summary & 12 Unsecured Creditors
ABUNDANT LIFE OUTREACH: Seeks Authorization to Use Cash Collateral
AFFORDABLE AUTO REPAIR: Taps M. Jones and Associates as Counsel
AMERICAN WORKERS INSURANCE: Case Summary & Top Unsecured Creditors
ARABIE TRUCKING: Seeks to Extend Exclusivity Period to Dec. 10
ASCENA RETAIL: Widens Net Loss to $661.4 Million in Fiscal 2019
BELLATRIX EXPLORATION: Wins Initial CCAA Order; PwC Named Monitor
BLUEPOINT MEDICAL: Seeks Authorization to Use PMC Cash Collateral
CBCS WASHINGTON: Bankruptcy Court Confirms Reorganization Plan
CBL & ASSOCIATES: Moody's Lowers Sr. Unsec. Debt Rating to Caa1
CENTRO GROUP: Seeks to Extend Exclusive Filing Period to Nov. 11
CLOUD PEAK: Exclusivity Period Extended Until Dec. 6
COCHRAN & PEASE: Seeks to Hire Tarter Krinsky as Legal Counsel
CORNIC GROUP: Case Summary & 10 Unsecured Creditors
DAH UNIVERSITY: Unsecureds to Recover 15% Over 6 Years
DELUXE ENTERTAINMENT: Oct. 24 Disclosure Statement Hearing Set
DIJA HOLDINGS: May Use Cornerstone Bank Cash Collateral
EAST COAST INVEST: Court Directs Appointment of Ch. 11 Trustee
EQUINIX INC: Moody's Raises CFR to Ba1 & Alters Outlook to Positive
EVEN STEVENS: Needs More Time to Complete Plan Negotiations
FARADAY FUTURE: Founder Files Chapter 11 Bankruptcy Petition
FIN ASSOCIATES: Seeks to Hire Rabinowitz Lubetkin as Legal Counsel
FINANCING CORPORATION: Deadline to File Claims Set for January 2020
FIRESTAR DIAMOND: Trustee Seeks Disclosure Statement Approval
FLAMINGO/TENAYA: Trustee Withdraws Debtor's Plan Outline
FMTB BH: Given Until Oct. 23 to Exclusively File Chapter 11 Plan
FRESH FANATIC: Court Approves Disclosure Statement
FRUTTA BOWLS: Exclusivity Period Extended Until Nov. 14
FTD COMPANIES: Asks Court to Extend Exclusivity Period to Dec. 2
FUSION CONNECT: To Present Plan for Confirmation Nov. 14
FUSION CONNECT: Up to 6.9% for 2nd Lien in 2nd Amended Plan
GATE 3 LIQUIDATION: Seeks More Time to File Bankruptcy Plan
GREEN FIELDS SCHOOL: To Present Plan for Confirmation Nov. 6
GREENSBURG CONCRETE: Hiring Mahady's Robert Slone as Counsel
INPIXON: Enters Distribution Agreement for up to $6.5M Shares
KABAM ASSOCIATES: Hiring Ramesh Joshi as Accountant
LE JARDIN: Plan Payments to be Funded by Sale of Condo Units
LOVESTER'S LLC: 1Sharpe Says Plan's Sale Period Too Long
MARINE ENVIRONMENTAL: Given Until Dec. 27 to Exclusively File Plan
MAYFLOWER COMMUNITIES: Seeks to Modify Fee Structure for CRO
MERIDIAN MARINA: Allowed to Use Cash Collateral Through Dec. 17
MESOBLAST LIMITED: Sells 37.5 Million Ordinary Shares to Investors
MIAMI METALS I: Judge Signs Final Cash Collateral Order
MIDWEST-ST. LOUIS: Seeks to Continue Cash Use Through Dec. 31
MILLWASP REALTY: $1M Sale of Properties to Fund Plan
MO/JAS CONSTRUCTION: Seeks to Hire Bankruptcy Attorney
NEOVASC INC: OPKO Health Lowers Stake to 4.5% as of August 7
NEW COTAI: Exclusivity Period Extended Until Dec. 24
NEW VENTURE 777: Allowed to Use Cash Collateral on Final Basis
OLEUM OPERATING: Exclusivity Period Extended Until Dec. 21
ONETRADEX LTD: Chapter 15 Case Summary
PALMER-TECH SERVICES: Allowed to Use Cash Collateral Until Nov. 2
PANTHERA ENTERPRISES: Hiring Bernstein-Burkley as Attorneys
PROMISE HEALTHCARE: Seeks to Extend Exclusivity Period to Nov. 15
PURDUE PHARMA: Kramer Levin, et al. Represent Litigation Claimants
PURDUE PHARMA: Section 341(a) Meeting Set for Nov. 5
R & B SERVICES: Nov. 6 Disclosure Statement Hearing Set
R-DREAM FARM: Plan & Disclosure Statement Due March 9, 2020
S & G MACHINE: Unsecureds Will be Paid in 72 Monthly Installments
SADDY FAMILY: To Present Plan for Confirmation on Nov. 21, 2019
SAFEBUY LLC: Cavazos Hendricks Represents Lender Group
SCORPION FITNESS: Exclusivity Period Extended Until Nov. 20
SHANE TRACY: Seeks More Time to File Bankruptcy Plan
SHOPFACTORYDIRECT INC: Unsecureds to Recover Up to 100% in 10 Years
STARION ENERGY: Exclusivity Period Extended Until Dec. 11
STURDIVANT TAYLOR: Seeks Authorization to Use Cash Collateral
T BAR W PROPERTIES: Compass Bank Objects to Disclosure Statement
TIGER OAK MEDIA: Permitted to Use Cash Collateral on Interim Basis
TRI-CORE PARTNERS: Exclusivity Period Extended Until Dec. 24
TRULY FIT: Nov. 20 Plan Confirmation Hearing Set
VITO FASCIGLIONE: Secured Creditor Files Sale-Based Plan
WILLOUGHBY ESTATES: Seeks to Hire Nutovic & Associates as Counsel
WITTER HARVESTING: Exclusivity Period Extended Until Nov. 25
[*] Nov. 6, 2019 Bid Deadline Set for Former Tyson Meats Facility
*********
657-665 5TH AVENUE: Seeks to Hire Nutovic & Associates as Counsel
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657-665 5th Avenue LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire Nutovic &
Associates as its legal counsel.
The firm will provide services in connection with the Debtor's
Chapter 11 case, which include legal advice regarding its powers
and duties under the Bankruptcy Code and the preparation of a plan
of reorganization.
The firm's hourly rates are:
Isaac Nutovic, Esq. $560
Associates $225 - $350
Paralegals $100 - $175
Nutovic & Associates received a retainer in the amount of $25,000.
Isaac Nutovic, Esq., a principal of Nutovic & Associates, disclosed
in court filings that the firm is "disinterested" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Isaac Nutovic, Esq.
Nutovic & Associates
261 Madison Avenue, 26th Floor
New York, NY 10016
Tel: (212) 421-9100
Email: inutovic@nutovic.com
About 657-665 5th Avenue
657-665 5th Avenue LLC, a privately held company engaged in
activities related to real estate, sought protection under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-45884) on
Sept. 26, 2019. At the time of the filing, the Debtor was
estimated to have assets of between $10 million and $50 million and
liabilities of the same range. The case is assigned to Judge Carla
E. Craig. Nutovic & Associates is the Debtor's counsel.
A. MANOS SERVICES: Case Summary & 12 Unsecured Creditors
--------------------------------------------------------
Debtor: A. Manos Services, Inc.
a/k/a A. Manos Roofing
7853 Gunn Hwy., #344
Tampa, FL 33626
Business Description: A. Manos Services, Inc. --
http://amanosroofing.com/-- is a small,
family-owned and operated roofing company
founded in 2006 serving Hillsborough,
Pinellas, Pasco, and Hernando counties.
The Company specializes in roof leak repairs
and roof replacement services.
Chapter 11 Petition Date: October 14, 2019
Court: United States Bankruptcy Court
Middle District of Florida (Tampa)
Case No.: 19-09721
Debtor's Counsel: M. Vincent Pazienza, Esq.
PAZLAW
20727 Sterlington Drive
Land O Lakes, FL 34638
Tel: 813-949-9595
Fax: 727-245-6915
E-mail: vincent@pazlaw.com
Total Assets: $1,377,003
Total Liabilities: $910,210
The petition was signed by Michael A. Manos, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 12 unsecured creditors is available for free
at:
http://bankrupt.com/misc/flmb19-09721.pdf
ABUNDANT LIFE OUTREACH: Seeks Authorization to Use Cash Collateral
------------------------------------------------------------------
Abundant Life Outreach, Inc., seeks authority from the U.S.
Bankruptcy Court for the Middle District of Pennsylvania to use
cash collateral in accordance with the terms of the budget.
The Debtor has prepared a budget showing the prospective income and
expenses of the estate for the period of Oct. 1 through Oct. 31,
2019.
Community First Fund has an interest in the cash collateral. The
Debtor acknowledges that it is indebted to Community First Fund on
two loans and that Community First Fund maintains a first and
second mortgage lien position on 401 North George Street, York, PA
17401 and subordinate mortgages on 701 West King Street and 116
South West Street, York, PA 17401. In addition, Community First
Fund maintains first and second lien positions on all of the
business assets of the Debtor including accounts and accounts
receivable, equipment, inventory and other collateral which would
get readily used and replaced in Debtor's business.
The Debtor proposes to continue the aforesaid liens on the business
assets of Debtor as replacement liens on post-etition property of
the same type and nature and of the same validity in an amount and
value equal to the amount and value of any prepetition property as
existed on the date Debtor initiated its Chapter 11 case. This
property is pledged to secure a debt to Community First Fund to the
extent the property is used by the Debtor in its operations. In
addition, the Debtor will provide Community First Fund with copies
of all publicly available pleadings, papers and reports filed with
the Bankruptcy Court or submitted to the United States Trustee or
any other nonprivileged information reasonably requested by
Community First Fund.
Abundant Life Outreach, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Pa. Case No. 19-04091) on Sept.
25, 2019. In the petition signed by Anthony W. Sease, CEO, the
Debtor was estimated to have assets ranging between $500,001 and $1
million, and liabilities of the same range.
AFFORDABLE AUTO REPAIR: Taps M. Jones and Associates as Counsel
---------------------------------------------------------------
Affordable Auto Repair, Inc., seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire M.
Jones and Associates, PC as its legal counsel.
The firm will provide services in connection with the Debtor's
Chapter 11 case, which include the preparation of a plan of
reorganization, representation at all examinations, and
negotiations with its creditors.
The firm's hourly rates are:
Michael Jones, Esq. $550
Sara Tidd, Esq. $450
Laily Boutaleb, Esq. $350
Michael David, Esq. $350
Paralegal $100
Law Clerk $100
M. Jones and Associates is "disinterested" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Michael Jones, Esq.
M. Jones and Associates, PC
505 N. Tustin Ave, Suite 105
Santa Ana, CA 92705
Telephone: (714) 795-2346
Facsimile: (888) 341-5213
E-mail: mike@MJonesOC.com
About Affordable Auto Repair
Affordable Auto Repair, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-18367) on Sept.
23, 2019. At the time of the filing, the Debtor had estimated
assets of less than $50,000 and liabilities of less than $500,000.
The case is assigned to Judge Mark S. Wallace. M. Jones and
Associates, PC, is the Debtor's counsel.
AMERICAN WORKERS INSURANCE: Case Summary & Top Unsecured Creditors
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Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
American Workers Insurance Services, Inc. 19-44208
2305 Ridge Road #205
Rockwall, TX 75087
Association Health Care Management, Inc. 19-44209
d/b/a Family Care
11111 Richmond Ave., Suite 200
Houston, TX 77082
Business Description: American Workers Insurance Services, Inc.
is a health insurance agency in Rockwall,
Texas.
Association Health Care Management, Inc.,
doing business as Family Care, provides
health care services. The Company offers
assistance, nursing, patient care,
rehabilitation, and dental services.
Chapter 11 Petition Date: October 14, 2019
Court: United States Bankruptcy Court
Northern District of Texas (Ft. Worth)
Judge: Hon. Mark X. Mullin (19-44208)
Hon. Edward L. Morris (19-44209)
Debtors' Counsel: J. Robert Forshey, Esq.
FORSHEY & PROSTOK, LLP
777 Main St., Suite 1290
Ft. Worth, TX 76102
Tel: 817-877-8855
E-mail: bforshey@forsheyprostok.com
- and -
Laurie D. Rea, Esq.
FORSHEY & PROSTOK, LLP
777 Main Street, Suite 1290
Fort Worth, TX 76102
Tel: (817) 877-4224
Fax: (817) 877-4151
E-mail: lrea@forsheyprostok.com
American Workers Insurance's
Estimated Assets: $50 million to $100 million
American Workers Insurance's
Estimated Liabilities: $10 million to $50 million
Association Health's
Estimated Assets: $50 million to $100 million
Association Health's
Estimated Liabilities: $10 million to $50 million
The petitions were signed by Harold Lyndon Brock, Jr., president of
American Workers Insurance and Landon Jordan, chief executive
officer of Association Health Care.
Full-text copies of the petitions are available for free at:
http://bankrupt.com/misc/txnb19-44208.pdf
http://bankrupt.com/misc/txnb19-44209.pdf
A. American Workers Insurance's Unsecured Creditor:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Insurety Capital, LLC Secured Loan $21,761,251*
600 Brickell Ave., Suite 1900
Miami, FL 33131
Robert Gray, CEO
Tel: 305-921-2801
* The Debtor believes that Insurety Capital, LLC is fully secured.
B. List of Association Health's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Insurety Capital, LLC Secured Loan $21,761,251*
600 Brickell Ave., Suite 1900
Miami, FL 33131
Roberty Gray, CEO
Tel: 305-921-2801
2. Agentra Healthcare Solutions Benefits $2,800,000
4201 Spring Valley Rd., Suite 1500
Dallas, TX 75244
Billing Dept.
Tel: 800-656-2204
Email: billing@agentra.com
3. FCAWMA Working Capital $132,000
10878 Westheimer Rd.
Houston, TX 77042
Hany Ahmed
Tel: 832-741-3392
Email: hanyahmed@gmail.com
4. American Express Credit Card $50,000
PO Box 650448
Houston, TX 75265
Customer Service
Tel: 800-472-9297
5. Mike Rabie Consulting $45,000
1723 Parklake Village Dr.
Katy, TX 77450
Tel: 832-860-2020
Email: mrabieusa@gmail.com
6. Zenith Real Estate Rent $30,000
PO Box 42156
Houston, TX 77242-2146
Mike
Tel: 713-784-1592
Email: invoices@zenithrealestate.com
7. CyberX Group LLC - 212 Connect IT Support $30,000
1677 E. Miles Ave., Bldg. 2 Billing
Hayden, ID 83835
Troy Van Zile
Tel: 615-785-3112
Email: troy@212connect.com
8. James Wise CPA Accounting $22,000
12345 Jones Rd, Suite 185 Services
Houston, TX 77070
James Wise
Tel: 281-820-1560
Email: jawise@jameswisecpa.com
9. Level 3 Communication Telephone $20,000
PO Box 910182 Service
Denver, CO 80291-0182
Rick Brackeen
Tel: 877-453-8353
10. Assured Benefits Health $20,000
Administration Insurance
PO Box 679145
Dallas, TX 75267-9145
Derrek Breeden
Tel: 800-247-7114
Email: billing@abadmin.com
11. Capital One, N.A. Credit Card $15,000
PO Box 60024
New Orleans, LA 70160
Customer Service
Tel: 866-772-4497
12. Neopost USA, Inc. Postage Machine $4,000
Dept. 3689
PO Box 123689
Dallas, TX 75312-3689
Customer Service
Tel: 800-636-7678
13. Dell Computer Supplies $2,500
PO Box 731381
Dallas, TX 75373-1381
Customer Service
Tel: 877-663-3355
14. BlueCross BlueShield Health Insurance $2,500
of Texas
PO Box 731428
Dallas, TX 75373-1428
Customer Service
Tel: 855-346-2014
Email: group_accounts_outbound@bcbstx
15. Voicetext.com Call Center $1,500
3706 Speedway Support
Austin, TX 78705
Accounting
Tel: 800-326-3020
Email: accounting@voicetext.com
16. VeriTrust Corporation Shredding $1,500
7804 Fairview Rd., Suite 153
Charlotte, NC 28226
Customer Service
Tel: 713-263-9000
Email: support@veritrust.net
17. NxSource Call Center $1,500
3654 Dumbarton St. Support
Houston, TX 77025
Customer Service
Tel: 713-666-2005
Email: Sales@nxsource.net
18. Iron Mountain Storage and $1,500
PO Box 915004 Shredding
Dallas, TX 75391-5004
Customer Service
Tel: 888-365-4766
Email: CSATeam@ironmountain.com
19. Lone Star Coffee Office Supplies $1,000
PO Box 691634
Houston, TX 77269-1634
Customer Service
Tel: 832-912-1325
Email: sales@lonestarcoffeellc.com
20. Comcast Internet $500
PO Box 660618
Dallas, TX 75266-0618
Customer Service
Tel: 800-391-3000
* The Debtor believes that Insurety Capital, LLC is fully secured.
ARABIE TRUCKING: Seeks to Extend Exclusivity Period to Dec. 10
--------------------------------------------------------------
Arabie Trucking Services, LLC and its debtor-affiliates asked the
U.S. Bankruptcy Court for the Eastern District of Louisiana to
extend the exclusive period to file a Chapter 11 plan of
reorganization and disclosure statement through Dec. 10, and the
period to obtain acceptances for the plan through Feb. 10, 2020.
The companies are seeking an extension of the exclusive filing
period in order to preserve their exclusive right to propose a
joint plan of reorganization and to provide sufficient time to
pursue further negotiations with the prospective investor.
Currently, the companies are engaged in negotiations with a
prospective investor. The companies, at this juncture, intend on
submitting a joint plan of reorganization. Such negotiations will
significantly impact the terms of a proposed plan of
reorganization. The companies' focus in seeking the extension is to
allow the negotiating parties an opportunity to structure a
reorganization proposal that will provide a successful recovery to
all creditor constituents.
About Arabie Trucking Services
TAK Enterprises, LLC, filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code on June 4, 2019. Arabie Trucking
Services, LLC, Sugarland Express, LLC, sought Chapter 11 protection
(Bankr. E.D. La. Lead Case No. 19-11603) on June 13, 2019. The
Debtors were granted joint administration by order dated June 21,
2019 with ATS as the lead case.
In the petition signed by its CEO, Sandie J. Arabie, Arabie
Trucking Services was estimated to have assets of less than 50,000
and liabilities of less than $500,000. The Debtor tapped Douglas
S. Draper, Esq., at Heller, Draper, Patrick, Horn & Manthey, LLC,
as counsel.
ASCENA RETAIL: Widens Net Loss to $661.4 Million in Fiscal 2019
---------------------------------------------------------------
Ascena Retail Group, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$661.4 million on $5.49 billion of net sales for the fiscal year
ended Aug. 3, 2019, compared to a net loss of $39.7 million on
$5.56 billion of net sales for the fiscal year ended Aug. 4, 2018.
As of Aug. 3, 2019, Ascena had $2.69 billion in total assets, $2.54
billion in total liabilities, and $151 million in total equity.
Financial Condition and Liquidity
Net cash provided by operating activities was $21.1 million for
Fiscal 2019, compared with $273.9 million during the year-ago
period. Cash flows from operations was lower during Fiscal 2019
primarily due to higher net loss before non-cash expenses and
higher working capital outflows, primarily related to timing of
payments for inventory and other operating expenses, offset in part
by favorable timing of store rent expense payments.
Net cash provided by investing activities for Fiscal 2019 was $67.7
million, compared with cash used in investing activities of $134.2
million for the year-ago period. Net cash provided by investing
activities in Fiscal 2019 consisted primarily of net proceeds from
the sale of maurices of $203.2 million, offset in part by capital
expenditures of $136.5 million. Net cash used in investing
activities in the year-ago period was $134.2 million, consisting
primarily of capital expenditures of $186.3 million, offset in part
by $52.1 million of proceeds from the sale of assets, which
substantially reflects the redemption of the cash surrender value
on certain company-owned life insurance policies.
Net cash provided by financing activities was $0.3 million during
Fiscal 2019. Net cash used in financing activities was $226.2
million during the year-ago period, consisting primarily of
principal repayments of the Company's term loan debt.
Capital Spending
In Fiscal 2019, the Company had $136.5 million in capital
expenditures, which included spending for capital investments
primarily including initiatives identified with the Change for
Growth program as well as routine spending in connection with the
Company's digital initiatives, infrastructure, and its retail store
network.
During Fiscal 2019, the Company continued to invest in initiatives
that support its omni-channel capability as well as initiatives
aimed at improving product availability and fulfillment efficiency
to enhance its capability to analyze transaction data to support
more effective product and marketing decisions. Lastly, in
connection with the Change for Growth program, the Company spent
approximately $35 million in Fiscal 2019 on projects to improve
operational efficiency and enhance its customer-facing
capabilities.
For Fiscal 2020, the Company expects a significant reduction in the
level of capital spending reflecting the end of the Change for
Growth program and fewer new store openings. As a result of those
changes, the Company expects that total capital spending in Fiscal
2020 will be in the range of $80-$100 million. The Company's
capital requirements are expected to be funded primarily with
available cash and cash equivalents, operating cash flows and, to
the extent necessary, borrowings under the Company's Amended
Revolving Credit Agreement.
Liquidity
The Company's primary sources of liquidity are the cash flows
generated from its operations, remaining availability under its
Amended Revolving Credit Agreement after taking into account
outstanding borrowings, letters of credit (inclusive of the
collateral limitation), proceeds from the sale of assets, such as
the disposition of maurices, and available cash and cash
equivalents. As of Aug. 3, 2019, the Company had $396.5 million of
availability under the Amended Revolving Credit Agreement.
These sources of liquidity are used to fund the Company's ongoing
cash requirements, such as inventory purchases and other changes in
working capital requirements, retail store expansion, construction
and renovation of stores, investment in technological and supply
chain infrastructure, acquisitions, debt service, stock
repurchases, contingent liabilities (including uncertain tax
positions) and other corporate activities.
In addition to the ongoing cash requirements, those sources of
liquidity will also be used to fund the announced wind down of the
Company's Dressbarn operations which is expected to result in the
payment of severance related benefits, as well as other closing
costs, primarily related to the closing of the Company's retail
stores. Such payments could be significant and have a material
effect on the Company's cash flows from operations. Further, as
the Company identifies additional cost reduction opportunities,
costs associated with those actions may have a material impact on
its cash flows from operations. Lastly, it will also fund the
payments to former members of management under the Company's
deferred compensation program, as well as severance payments to
employees impacted by the job eliminations in the fourth quarter of
Fiscal 2019. Management believes that cash flows from operations
at anticipated levels and its existing sources of liquidity will be
sufficient to support its operating needs, costs associated with
its transformation initiatives, capital requirements and its debt
service requirements for at least the next twelve months.
As of Aug. 3, 2019, the Company had cash and cash equivalents of
$328.0 million, approximately $33 million, or 10%, which was held
overseas by its foreign subsidiaries. The Company continues to
evaluate various alternatives for its remaining foreign held cash
balances and will repatriate any excess cash balances as
necessary.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/U2XG8r
About Ascena
Headquartered in Mahwah, New Jersey, Ascena Retail Group, Inc. --
http://www.ascenaretail.com/-- is a national specialty retailer of
apparel for women and tween girls. The Company's operations
consist of its direct channel operations and approximately 3,400
stores in the United States, Canada, and Puerto Rico as of Aug. 3,
2019.
On July 29, 2019, Ascena received a notification letter from the
Listings Qualifications department staff of The Nasdaq Stock Market
LLC notifying the Company that it has failed to maintain a minimum
closing bid price of $1.00 per share for its shares of its common
stock for a period of 30 consecutive business days as required by
Nasdaq Listing Rule 5450(a)(1) for continued listing on The Nasdaq
Global Select Market. The notification does not affect the listing
of the Company's common stock at this time, and the Company's
shares will continue to trade on The Nasdaq Global Select Market
under the symbol "ASNA". The letter provides that Ascena has 180
calendar days, or until Jan. 27, 2020, to regain compliance with
the Bid Price Rule by maintaining a closing bid price of $1.00 per
share for a minimum of ten consecutive business days. If at any
time during such 180-day period the bid price of Ascena's common
stock closes at $1.00 per share or more for a minimum of ten
consecutive business days, Nasdaq will notify Ascena that it has
achieved compliance with the Bid Price Rule.
* * *
As reported by the TCR on Oct. 14, 2019, Moody's Investors Service
downgraded Ascena Retail Group, Inc.'s corporate family rating to
Caa2 from B3, probability of default rating to Caa2-PD from B3-PD
and senior secured term loan rating to Caa2 from B3. The
speculative grade liquidity rating remains SGL-2 and the outlook
remains negative. The downgrades reflect Moody's view that
Ascena's capital structure is likely unsustainable as a result of
its weak operating performance, high leverage, and negative free
cash flow, creating an elevated risk of a debt restructuring
including a material debt repurchase at a significant discount.
BELLATRIX EXPLORATION: Wins Initial CCAA Order; PwC Named Monitor
-----------------------------------------------------------------
Bellatrix Exploration Ltd. applied for and received an order
("Initial Order") for protection pursuant to the Companies'
Creditors Arrangement Act, as amended, from the Court of Queen's
Bench of Alberta. The Initial Order includes among other things, a
stay of proceedings against the Company, and the appointment of
PricewaterhouseCoopers Inc., LIT as monitor of the Company.
According to court documents, Bellatrix has been significantly
impacted by the various industry challenges facing the Western
Canadian oil and natural gas markets, including depressed oil and
natural gas pricing, together with recent sharp declines. Such
industry and commodity price conditions have led Bellatrix to
experience declining revenues and increasing liquidity challenges.
For an extended period of time, in light of the various challenges
facing the Applicant as a result of a low commodity price
environment and overall challenging market conditions, Bellatrix
has continued to review and consider various potential options and
alternatives to improve its capital structure, reduce its debt
levels, improve liquidity and strengthen its financial position in
order to be able to achieve its business objectives and maximize
value for stakeholders.
In recent months the Company has continued to be negatively
impacted by, among other things, continued and further reductions
in oil and natural gas pricing, significant decreases in the
realized price for natural gas liquids and reduced revenues as a
result of capital conservation and liquidity preservation efforts.
In particular, the decrease in natural gas prices and natural gas
liquid prices realized over the last 6 months has had a material
negative effect on Bellatrix and its overall liquidity.
Despite Bellatrix's efforts to navigate prolonged difficult
industry conditions and improve its capital structure, Bellatrix
believes that its current capital structure remains significantly
overleveraged in the context of reduced operating revenues in the
current depressed market environment.
In the current circumstances, Bellatrix is facing a near term
liquidity crisis and requires additional funding to satisfy its
outstanding obligations and fund its working capital requirements
in the near term.
Bellatrix is insolvent and has obligations exceeding $5 million.
Bellatrix requires interim financing to fund its operational needs
while it pursues such Strategic Process and restructuring efforts.
Certain funds advised by FS/EIG Advisor, LLC and FS/KKR Advisor,
LLC, have agreed to provide interim financing of up to an aggregate
amount of US$15 million to fund Bellatrix's operations and expenses
during the CCAA proceedings, subject to the terms and conditions
set forth in the financing term sheet dated Oct. 1, 2019
For copies of the Initial Order, Monitor's Reports and relevant
materials, is available at https://www.pwc.com/ca/bellatrix
The monitor ca be reached at:
PricewaterhouseCoopers Inc., LIT
111 5 Avenue SW, Suite 3100
Calgary, Alberta T2P 5L3
Tel: +1 403 509 7452
Fax: +1 403 781 1825
The Company retained as counsel:
Goodmans LLP
Bay Adelaide Centre
333 Bay Street, Suite 3400
Toronto, ON M5H 2S7
Attn: Robert J. Chadwick
Caroline Descours
Tel: 416-597-4285
416-597-6275
Fax: 416-979-1234
Email: rchadwick@goodmans.ca
cdescours@goodmans.ca
Bellatrix Exploration Ltd. is a publicly traded Western Canadian
based oil and natural gas company engaged in the exploration for,
and the acquisition, development and production of, oil and natural
gas reserves, with operations concentrated in west central Alberta.
BLUEPOINT MEDICAL: Seeks Authorization to Use PMC Cash Collateral
-----------------------------------------------------------------
Bluepoint Medical Associates, LLC, requests the U.S. Bankruptcy
Court for the Eastern District of Virginia to authorize it to use
its cash, bank deposits, and prepetition accounts receivable, which
constitute the cash collateral of Phillips Medical Capital, LLC, in
the ordinary course of its business.
Sometime on September 2019, PMC, by counsel, levied on Bluepoint's
bank account with Atlantic Union Bank based on a state court
judgment. Bluepoint cannot wait for the collection of its
Postpetition Receivables in order to fund its ongoing business
operations. In the interim, the Bluepoint requires the use of its
current operating funds, including cash, bank deposits, accounts
receivable, and proceeds from the sale of current inventory, to pay
its employees' wages, rent, utilities, and other routine business
expenses and otherwise operate in the ordinary course of its
business.
In order to adequately protect the value of PMC's security interest
in its prepetition cash collateral, Bluepoint proposes: (a) that it
will use such cash collateral solely in the ordinary course of its
business for such purposes as payroll, rent, and such other
expenses as is set forth on the budget on an interim basis until a
final hearing can be scheduled; (b) that PMC be granted a
replacement lien on Bluepoint's postpetition bank deposits and
Post-petition Receivables to the same extent, validity and priority
as existed prepetition -- Bluepoint represents that it will have
adequate Postpetition Receivables in amount and quality to protect
the value of the PMC's security interest in prepetition cash
collateral; and (c) that Bluepoint account to PMC for its
expenditures in the ordinary course of its business during the
case.
Bluepoint Medical Associates LLC specializes in weight loss
management and sleep, serving the residents of Northern Virginia,
Maryland, Washington, D.C., and the surrounding area.
Bluepoint Medical Associates sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Va. Case No. 19-13121) on Sept.
19, 2019. At the time of the filing, the Debtor was estimated to
have assets under $50,000 and liabilities under $10 million. The
petition was signed by LaTaunya Johnson-Weaver, managing member.
The Hon. Klinette H. Kindred is the case judge.
CBCS WASHINGTON: Bankruptcy Court Confirms Reorganization Plan
--------------------------------------------------------------
DPW Holdings, Inc., a diversified holding company, on Oct. 11, 2019
disclosed that the Plan of Reorganization submitted by CBCS
Washington Street LP ("CBCS") with its Chapter 11 bankruptcy filing
in the U.S. Bankruptcy Court of the Southern District of New York
was confirmed by the court. The Plan of Reorganization includes a
$135 million construction loan commitment from Hana Financial
Investment of Hana Financial Group, one of the largest bank holding
companies in South Korea with over $350 billion in assets under
management.
The Construction Loan for the construction of the 94,000
square-foot luxury hotel in Tribeca (the "Hotel") was arranged by
Terence Park of VI Development Group and carries an interest rate
of LIBOR plus 8 percent over a term of three years.
Westchester-based Caspi Development entities will lead the hotel
construction project and make all management decisions including
decisions relating to the Construction Loan.
As announced on May 25, 2018, DPW holds a minority position in
CBCS. Over the course of the bankruptcy proceedings, CBCS's equity
ownership was restructured such that, as of September 6, 2019,
London-based Mactaggart Family & Partners, LP, is no longer an
investor and 50% of CBCS is owned, directly and indirectly, by
James R. Parks, an investor in Los Angeles. Mr. Parks has agreed
to contribute $19 million as additional capital for the hotel
construction project.
The Hotel is currently slated to open in April 2022 under the
operation of the premier hospitality group, Groupe Lucien Barriere,
of Hôtel Barriere Le Fouquet's Paris.
"We are excited to move forward with this landmark US flagship
property in the premier Tribeca area and thrilled to be a long-term
partner in the hotel," said Milton "Todd" Ault, III, DPW's CEO and
Chairman. On June 8, 2018, the Company became a limited partner by
entering into a limited partnership agreement in a partnership
responsible for the construction and related activities of the
Hotel. DPW, as a limited partner, has agreed to finance a portion
of the capital required by the partnership.
The Company recommends that stockholders, investors and any other
interested parties read the Company's public filings and press
releases available on its website at www.DPWHoldings.com under the
Investor Relations section or available at www.sec.gov.
About DPW Holdings Inc.
DPW Holdings, Inc. -- http://www.DPWHoldings.com/-- is a
diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact. Through its wholly owned subsidiaries and strategic
investments, the Company provides mission-critical products that
support a diverse range of industries, including defense/aerospace,
industrial, telecommunications, medical, crypto-mining, and
textiles. In addition, the Company owns a select portfolio of
commercial hospitality properties and extends credit to select
entrepreneurial businesses through a licensed lending subsidiary.
DPW's headquarters are located at 201 Shipyard Way, Suite E,
Newport Beach, CA 92663; www.DPWHoldings.com.
About CBCS Washington Street
CBCS Washington Street LP is a partnership and a lessee under an
Agreement of Lease dated June 19, 2013 with 445 Washington LLC for
the parcels of real property located in New York. The Debtor is
currently developing the premises into a 96-room luxury hotel under
the "Hotel Barriere Le Fouquet" brand.
Based in White Plains, N.Y., CBCS Washington Street filed a Chapter
11 petition (Bankr. S.D.N.Y. Case No. 19-22607) on March 12, 2019.
In its petition, the Debtor disclosed $40,500,496 in assets and
$17,201,731 in liabilities. The petition was signed by Ivaylo V.
Ninov, authorized representative of Washington Street Hotel GP LLC,
GP. The Hon. Robert D. Drain oversees the case. Fred B. Ringel,
Esq., at Robinson Brog Leinwand Greene Genovese & Gluck P.C., is
the Debtor's bankruptcy counsel.
The U.S. Trustee for Region 2 on May 1, 2019, appointed three
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case of CBCS Washington Street LP.
CBL & ASSOCIATES: Moody's Lowers Sr. Unsec. Debt Rating to Caa1
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of CBL &
Associates Limited Partnership, including the senior unsecured debt
rating to Caa1 from B1 and the corporate family rating to B2 from
Ba3. The speculative grade liquidity rating remains at SGL-3. The
rating outlook was revised to negative from stable.
The following ratings were downgraded:
Issuer: CBL & Associates Limited Partnership:
-- Senior unsecured debt rating to Caa1 from B1
-- Corporate family rating to B2 from Ba3
The following rating remains unchanged:
Issuer: CBL & Associates Limited Partnership
-- Speculative grade liquidity rating remains at SGL-3
Outlook Action:
Issuer: CBL & Associates Limited Partnership
-- Rating outlook changed to negative from stable
RATINGS RATIONALE
The rating downgrade reflects Moody's expectation that CBL's
consolidated income available for debt service will decline in the
next four quarters, which will substantially reduce CBL's covenant
compliance cushion. The rating downgrade also considered the REIT's
limited financial flexibility and its substantial near-term capital
needs to redevelop the growing vacated space in its malls,
including the potential nineteen Forever 21 stores that were
announced in the third quarter 2019.
Forever 21 is one of CBL's top tenants with nineteen stores and
1.1% of total rent revenue for Q2 2019. Most of these stores are in
properties already contending with vacant anchor stores such as
Sears and Bon-Ton and/or other inline store closures. Any rent
concession and/or allowance given to Forever 21 to maintain
occupancy on the remaining stores will place an additional strain
CBL's financial performance.
In addition, CBL has reported negative net operating income growth
in the last ten quarters. Changing demographic trends could
continue to affect the demand for the weak malls. Its same-center
mall occupancy rate has declined to 88.1% at June 30, 2019 from
94.1% at the end of 2016 and its blended releasing spreads have
been as depressed during the same period. The weakening operating
performance has a pronounced impact on the CBL's net debt to EBITDA
despite the gradual reduction in the total debt balance due for
repayment and quarterly amortization. Net debt to EBITDA increased
to 9.0x (Q2 2019 YTD annualized) from 8.0x for year-end 2018.
CBL's new $1.2 billion senior secured credit facility, maturing in
July 2023, included a fully-funded $500 million term loan and a
$685 million revolving line of credit has removed CBL's near-term
financing risk and provides CBL with a runway to execute its
business plan of redeveloping former department stores and
transforming its properties into more vibrant and active retail
assets. However, CBL's cushion on its bond covenant compliance is
modest, particularly the debt service test, which requires
consolidated income to debt service to annual debt service charge
to be greater than 1.50x. The ratio has declined from 2.46x at
year-end 2018 to 2.27x at Q1 2019, and 2.25x at Q2 2019 due
principally to declining operating income during these periods.
CBL's same-center NOI growth was -5.3% for Q2 2019 YTD and CBL
projected same-center NOI growth to be between -7.75% and -6.25%
for 2019, which means that the debt service test will likely weaken
further.
Positively, CBL's dividend reduction to conserve liquidity
beginning in early 2018 reflected a prudent financial policy. The
REIT's management quality is supported by its stable management
team and its robust public financial disclosures.
The negative rating outlook captures the potential for further
deterioration in CBL's operating performance and financial metrics,
which could challenge its ability to remain in compliance with the
covenants under its bond and secured credit facility.
The SGL-3 speculative grade liquidity rating incorporates the
REIT's weak liquidity profile, which is constrained by the small
size and the low availability under its secured revolving credit
facility at June 30, 2019 of approximately $301.9 million.
Additionally, CBL maintains only a modest cushion for the ratios
required for debt yield and debt service ratio. Furthermore, a
majority of CBL's higher quality assets, including its Tier 1 and
Tier 2 malls, are encumbered and/or pledged as collateral to the
facility.
CBL's senior unsecured notes at Caa1 are rated two notches below
the corporate family rating reflecting Moody's expectation that the
unencumbered assets quality will deteriorate more rapidly in the
next four quarters relative to the higher quality assets that are
mortgaged or pledged to the senior secured credit facility. For the
six months ended June 30, 2019, the consolidated unencumbered
properties generated approximately 26.8% of total consolidated NOI,
compared with 60.0% for the same period in the prior year.
An upgrade is very unlikely in the near to medium term given the
negative outlook and would require positive trends in CBL's fixed
charge coverage, same-store NOI growth, rent growth and occupancy
rate. Upward rating movement will also require the sustained
improvements in CBL's net debt to EBITDA to the level that is
commensurate with higher rated retail peers.
Ratings could be downgraded if credit metrics were to weaken such
that the REIT's adequate liquidity profile were to erode.
The principal methodology used in these ratings was REITs and Other
Commercial Real Estate published in September 2018.
CBL & Associates Limited Partnership is the operating partnership
of CBL & Associates Properties, Inc. [NYSE: CBL], which is a retail
REIT headquartered in Chattanooga, Tennessee. CBL's portfolio is
comprised of 101 properties, including 64 malls, 30 associated and
community centers. The properties are located in 26 states as of
June 30, 2019.
CENTRO GROUP: Seeks to Extend Exclusive Filing Period to Nov. 11
----------------------------------------------------------------
Centro Group, LLC and ProHCM Holdings, Inc. ask the U.S. Bankruptcy
Court for the Southern District of Florida to extend the exclusive
periods during which they can file a Chapter 11 plan and solicit
acceptances from creditors for a period of 45 days to through and
including Nov. 11 and Dec. 11, respectively.
The Debtors have reached an agreement in principle with the
creditors' committee that provides for a global settlement in both
of the Debtors' cases. Recently, the Debtors filed the Joint Motion
for approval of Settlement Agreement and Compromise of Controversy
among (i) ProHCM Holdings, Inc., (ii) Centro Group, LLC, and (iii)
the Official Committee of Unsecured Creditors of Centro Group.
However, the 9019 Motion has not been noticed for hearing.
The Debtors argue that Bankruptcy Court approval of the 9019 Motion
is critical to the drafting of a consensual plan. The Debtor has
also reached an agreement in principle with its largest litigation
target and is in the process of memorializing the settlement
agreement.
About Centro Group
Centro Group, LLC is a full-service, wholesale group benefits,
human capital, and technology service consulting firm committed to
positioning their clients for future growth. It is headquartered in
Miami, Fla., with additional offices in the Boston and St. Louis
areas.
Centro Group and ProHCM Holdings, Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case Nos.
18-23155 and 18-23156) on Oct. 23, 2018. In the petitions signed by
CEO Joseph Markland, Centro Group estimated assets of less than
$50,000 and liabilities of $1 million to $10 million. ProHCM
disclosed $4,284,714 in assets and $4,238,898 in liabilities. Judge
Jay A. Cristol oversees the cases.
The Debtors tapped Shraiberg, Landau & Page, P.A., as their legal
counsel; James F. Martin of ACM Capital Partners, as their chief
restructuring officer; and Rice Pugatch Robinson Storfer & Cohen,
PLLC, as special counsel.
On Nov. 9, 2018, the U.S. Trustee for Region 21 appointed an
official committee of unsecured creditors in Centro Group's case.
The committee tapped Kozyak, Tropin & Throckmorton, LLP as its
legal counsel.
CLOUD PEAK: Exclusivity Period Extended Until Dec. 6
----------------------------------------------------
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware extended the period during which only Cloud Peak Energy
Inc., and its affiliates can file a Chapter 11 plan to Dec. 6.
The companies can solicit acceptances for the plan until Feb. 4,
2020.
About Cloud Peak Energy
Cloud Peak Energy Inc. (OTC: CLDPQ) --
http://www.cloudpeakenergy.com/-- is a coal producer headquartered
in Gillette, Wyo. It mines low sulfur, subbituminous coal and
provides logistics supply services. Cloud Peak owns and operates
three surface coal mines and owns rights to undeveloped coal and
complementary surface assets in the Powder River Basin. It is a
sustainable fuel supplier for approximately two percent of the
nation's electricity.
Cloud Peak Energy and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
19-11047) on May 10, 2019. The Debtors disclosed $928,656,000 in
assets and $634,982,000 in liabilities as of the bankruptcy
filing.
The cases are assigned to Judge Kevin Gross.
The Debtors tapped Vinson & Elkins LLP as lead counsel; Richards,
Layton & Finger, P.A., as local counsel; Centerview Partners LLC as
investment banker; FTI Consulting Inc. as operational advisor; and
Prime Clerk LLC as claims and noticing agent.
COCHRAN & PEASE: Seeks to Hire Tarter Krinsky as Legal Counsel
--------------------------------------------------------------
Cochran & Pease, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to hire Tarter Krinsky &
Drogin LLP 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, negotiations with creditors,
and the preparation of a plan of reorganization.
The firm's hourly rates are:
Partners $510 - $700
Counsel $470 - $640
Associates $310 - $510
Paralegals $260 - $310
The initial retainer fee is $15,000.
Scott Markowitz, Esq., a partner at Tarter Krinsky, disclosed in
court filings that the firm is "disinterested" within the meaning
of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Scott S. Markowitz, Esq.
Tarter Krinsky & Drogin LLP
1350 Broadway, 11th Floor
New York, N.Y. 10018
Phone: (212) 216-8000
Email: smarkowitz@tarterkrinsky.com
About Cochran & Pease
Cochran & Pease, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-10903) on March 27,
2019. In the petition signed by its president, Michael Pease, the
Debtor was estimated to have assets of less than $500,000 and debt
of less than $1 million. The case is assigned to Judge James L.
Garrity Jr. Tarter Krinsky & Drogin LLP is the Debtor's counsel.
CORNIC GROUP: Case Summary & 10 Unsecured Creditors
---------------------------------------------------
Debtor: Cornic Group, Inc.
9727 Culver Blvd.
Culver City, CA 90232-2739
Business Description: Cornic Group Inc. --
http://meetrestaurantla.com/-- is a
restaurant operator with locations in Culver
City and Brentwood, California, serving
classic French comfort food and a selection
of mussel dishes.
Chapter 11 Petition Date: October 11, 2019
Court: United States Bankruptcy Court
Central District of California (Los Angeles)
Case No.: 19-22078
Judge: Hon. Barry Russell
Debtor's Counsel: Daniel J. Weintraub, Esq.
WEINTRAUB & SELTH, APC
11766 Wilshire Blvd Ste 1170
Los Angeles, CA 90025-6553
Tel: 310-207-1494
Fax: 310-442-0660
E-mail: dan@wsrlaw.net
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Sebastien Cornic, chief executive
officer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at:
http://bankrupt.com/misc/cacb19-22078.pdf
DAH UNIVERSITY: Unsecureds to Recover 15% Over 6 Years
------------------------------------------------------
DAH University Hospitality, LLC, d/b/a Fuzzy's Taco Shop, filed
with the U.S. Bankruptcy Court for the Middle District of Florida,
Tampa Division, a Chapter 11 plan and disclosure statement.
The Debtor will provide to each unsecured creditor, with allowed
claims, a promissory note that shall have a term of 72 months, with
payments commencing 12 months from the effective date of the Plan.
The amount to be paid under the Notes will be the amount of 15% of
the allowed claim of the creditor.
The equity member consists of the holder of equity Interest in the
Debtor, which is held by David A. Hunt. As new value to the
Debtor, in order to retain the ownership and be an equity member,
David A. Hunt will waive any claims he may have against the Debtor
and shall continue to operate the company and be employed by the
Debtor.
Mr. Hunt, as equity member, has contributed and will continue to
contribute substantial new value to the Debtor by assisting the
Debtor in the financing of the Chapter 11 Plan through:
* Agreeing to minimal increases in compensation during the term
of the Plan.
* Agreeing to defer any distribution of profits until the Plan
is fully funded and completed.
* Agreeing to waive his rights to file a claim against the
Debtor for deferred compensation or loans to the Debtor prior to
the bankruptcy filing.
The Plan shall be funded from the future income of the Debtor.
A full-text copy of the Disclosure Statement dated Oct. 8, 2019, is
available at https://tinyurl.com/y5r9abcr from PacerMonitor.com at
no charge.
About DAH University Hospitality
DAH University Hospitality, LLC's business, which opened in 2015,
is a Fuzzy's Taco Shop franchise restaurant and bar located at 2515
University Park Way, Sarasota, FL 34232.
DAH University Hospitality sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-05845) on June
20, 2019. At the time of the filing, the Debtor was estimated to
have assets of less than $50,000 and liabilities of less than $1
million. The Debtor is represented by Timothy W. Gensmer, PA.
DELUXE ENTERTAINMENT: Oct. 24 Disclosure Statement Hearing Set
--------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York will hold a hearing on Oct. 24, 2019,
at 10:00 p.m. (Prevailing Eastern Time) at 300 Quarropas Street,
White Plains, New York 10601, to consider the adequacy of the
disclosure statement explaining a joint Chapter 11 prepackaged plan
of reorganization of Deluxe Entertainment Services Group Inc. and
its debtor-affiliates.
Objections to the Debtors' disclosure statement or plan, if any,
must be filed no later than 5:00 p.m. (Prevailing Eastern Time) on
Oct. 21, 2019.
As reported in the TCR, Deluxe Entertainment Services Group and its
affiliates filed with the Bankruptcy Court a joint prepackaged of
reorganization that contemplates the exchange of all of the
Company's existing term loan debt and priming term loan debt for,
in the aggregate, 100% of the reorganized company's common stock.
Under the Plan, holders of Existing Term Loan Claims will receive
65% of the equity in Restructured DESG (plan recovery estimated at
27%). Holders of Priming Term Loan Claims will receive 35% of the
equity interests plus new second lien term loans or cash (plan
recovery at 100%). General unsecured claims are unimpaired as they
will be reinstated (100%). Holders of existing equity in the
Debtors won't receive anything on account of those interests (0%).
A full-text copy of the Disclosure Statement dated Oct. 3, 2019, is
available at https://tinyurl.com/y2sjn7ca from PacerMonitor.com at
no charge.
About Deluxe Entertainment
Deluxe Entertainment Services Group is the world's leading video
creation-to-distribution company offering global, end-to-end
services and technology. Through unmatched scale, technology and
capabilities, Deluxe enables the worldwide market for premium
content. The world's leading content creators, broadcasters, OTTs
and distributors rely on Deluxe's experience and expertise. With
headquarters in Los Angeles and New York and operations in 38 key
media markets worldwide, the Company relies on the talents of more
than 7,500 of the industry's premier artists, experts, engineers
and innovators.
On Oct. 3, 2019, Deluxe Entertainment Services Group Inc. and 26
affiliates each filed a voluntary petition for relief under Chapter
11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 19-23774).
Kirkland & Ellis, LLP is acting as legal counsel for the Company,
and PJT Partners is acting as its financial advisor. Prime Clerk
LLC is the claims agent.
FTI Consulting, Inc. is acting as financial advisor for a majority
group of its senior lenders, and Stroock & Stroock & Lavan LLP is
acting as the group's legal counsel.
DIJA HOLDINGS: May Use Cornerstone Bank Cash Collateral
-------------------------------------------------------
Judge Shon Hastings of the U.S. Bankruptcy Court for the District
of North Dakota authorized Dija Holdings, LLC to use cash
collateral under the terms and conditions outlined in its
Stipulation with Cornerstone Bank.
Dija Holdings owns and operates real property and a commercial shop
in Watford City, McKenzie County, North Dakota, which is leased to
Westex Oilfield Services for a term of one year. The rental income
constitutes cash collateral within the meaning of 11 U.S.C. Section
363.
Dija Holdings alleges that the property is worth $500,000. The
equity in the collateral provides sufficient adequate protection to
Cornerstone Bank.
Dija Holdings and Cornerstone Bank reached a resolution of their
dispute regarding use of cash collateral and filed a stipulation to
that effect. The proposed adequate protection is sufficient and
will adequately protect Cornerstone Bank while the Dija's
Bankruptcy Case is pending.
About Dija Holdings
Dija Holdings, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.D. Case No. 19-30408) on July 18, 2019.
In the petition signed by Jason Gillen, managing member, Dija
Holdings was estimated to have assets of less than $500,000 and
liabilities of less than $1 million. The case has been assigned to
Judge Shon Hastings. Dija Holdings is represented by Patten,
Peterman, Bekkedahl & Green PLLC.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.
EAST COAST INVEST: Court Directs Appointment of Ch. 11 Trustee
--------------------------------------------------------------
The Bankruptcy Court ordered that the Motion to Appoint a Chapter
11 Trustee for East Coast Invest LLC is granted and the United
States Trustee is directed to appoint a Chapter 11 Trustee
immediately.
The Motion to Recognize Receiver as DIP or to Excuse Turnover is
denied, but Barry Mukamal, the court-appointed receiver for the
Debtor is permitted to remain in possession of the Debtor's assets
pending the appointment of a Chapter 11 Trustee in this case.
All other pending motions are continued to October 23, 2019 at 1:30
pm at the U.S. Courthouse, Courtroom 301, 299 E. Broward Blvd., Ft.
Lauderdale, Florida 33301.
The Chapter 11 Trustee is directed to appear for a status
conference hearing that the Court will hold in this case on October
23, 2019 at 1:30 p.m. at the U.S. Courthouse, Courtroom 301, 299 E.
Broward Blvd., Ft. Lauderdale, Florida 33301.
About East Coast Invest
East Coast Invest LLC is a privately held company whose principal
assets are located at 3195 W. hallandale Beach Blvd., Hollywood,
Fla.
East Coast Invest sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-20513) on Aug. 6,
2019.
At the time of the filing, East Coast Invest had estimated assets
of between $1 million and $10 million and liabilities of between
$10 million and $50 million.
The case has been assigned to Judge John K. Olson.
East Coast Invest tapped Markowitz, Ringel, Trusty & Hartog, P.A.
as its legal counsel, and Barry Makumal as its accountant and
financial advisor.
EQUINIX INC: Moody's Raises CFR to Ba1 & Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Investors Service upgraded Equinix, Inc.'s corporate family
rating to Ba1 from Ba2 and changed its ratings outlook to positive
from stable based on the company's global competitive position,
scale, solid and increasing asset coverage and a more consistent
financial policy which balances debt and equity issuances to fund
annual cash flow deficits. Moody's also upgraded Equinix's
probability of default rating to Ba1-PD from Ba2-PD and senior
unsecured debt rating to Ba1 from Ba2. Equinix's speculative grade
liquidity rating is maintained at SGL-2.
The upgrade reflects Moody's projections of strong financial
performance supported by continued solid retail colocation and
interconnection growth, with revenue at both segments growing in
excess of 10% in the second quarter of 2019 compared to the same
period in the prior year. The upgrade also reflects a disciplined,
more balanced debt and equity funding strategy to support business
growth and fund annual cash deficits due to high capital spending
and steadily rising dividend payments.
Upgrades:
Issuer: Equinix, Inc.
Corporate Family Rating, Upgraded to Ba1 from Ba2
Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD
Senior Unsecured Notes, Upgraded to Ba1 (LGD4) from Ba2 (LGD4)
Senior Unsecured Shelf, Upgraded to (P)Ba1 from (P)Ba2
Outlook Actions:
Issuer: Equinix, Inc.
Outlook, Changed To Positive From Stable
RATINGS RATIONALE
Equinix's Ba1 CFR reflects its position as the leading global
independent data center operator offering carrier-neutral data
center and interconnection services to large enterprises, content
distributors and global internet companies. The rating also
incorporates still favorable near-term growth trends for data
center services across the world, the company's stable base of
contracted recurring revenue, scale and strategic real estate
holdings in key communications hubs, solid and increasing asset
coverage and a more consistent financial policy which balances debt
and equity issuances to fund annual cash flow deficits. Equinix's
qualitative strengths are supportive of higher leverage tolerance
for its rating. Equinix's recent formation of a joint venture with
a sovereign wealth fund to develop and operate data centers
supporting the needs of large hyperscale companies, as well as its
plans to pursue additional and similar joint ventures with other
investors, will support balance sheet improvement and further
strengthen the company's growth and cash flow generation. These
positive factors are offset by significant industry risks as data
center business models continue to evolve, intense competition from
strategic and financial operators, relatively high capital
intensity and a history of opportunistic M&A which could delay
deleveraging if primarily debt funded. Equinix's recently announced
purchase of three data centers in Mexico affords the company access
to a new growth market and will be funded with balance sheet cash.
The rating also reflects the company's negative free cash flow due
to the high dividend associated with its real estate investment
trust (REIT) tax status. Equinix's commitment to an even funding
distribution between equity and debt, as evidenced by its recent
equity raise and its ongoing ATM equity issuance program,
establishes a more conservative and consistent capital sourcing
policy going forward which will contribute to steadier reductions
in debt leverage.
The ratings for debt instruments reflect both the probability of
default of Equinix, reflected in the Ba1-PD probability of default
rating, and individual loss given default (LGD) assessments based
on the priority of claims of the debt instruments in the capital
structure. The senior unsecured notes are rated Ba1 (LGD4), in line
with the Ba1 CFR. The company's bank facilities (unrated) are
unsecured obligations ranked pari passu with the unsecured notes.
Moody's maintains an SGL-2 speculative grade liquidity rating on
Equinix, indicating good liquidity for the next 12-18 months. As of
June 30, 2019, the company had $1.6 billion of cash on hand and
approximately $1.9 billion available under its $2 billion revolver.
Moody's estimates that Equinix will pay around $800 million in cash
dividends in 2019, growing in future periods. Moody's estimates
that dividends will exceed internally generated cash and capital
spending for at least the next two years, and that the company will
rely upon a mix of debt and equity capital to finance these annual
deficits. Equinix also has the option of sale leasebacks of its
facilities to generate additional liquidity.
The positive outlook reflects Moody's belief that the company will
steadily drive leverage lower and through 4.75x (Moody's adjusted)
on a sustained basis by year-end 2020. Moody's expects Equinix will
continue to fund growth with a prudent and balanced mix of debt and
equity capital.
Moody's could upgrade Equinix's ratings if leverage is expected to
be sustained below 4.75x (Moody's adjusted) and the company
continues to use a meaningful amount of equity to fund its annual
cash deficits. The ratings could be downgraded if leverage is
sustained above 5.25x (Moody's adjusted) for an extended time frame
or if liquidity deteriorates.
The principal methodology used in these ratings was Communications
Infrastructure Industry published in September 2017.
Headquartered in Redwood City, CA, Equinix, Inc. is the largest
publicly traded carrier-neutral data center hosting provider in the
world with operations in 52 markets across the Americas, EMEA and
Asia-Pacific.
EVEN STEVENS: Needs More Time to Complete Plan Negotiations
-----------------------------------------------------------
Even Stevens Arizona, LLC and its debtor-affiliates asked the U.S.
Bankruptcy Court for the District of Arizona for a 90-day extension
of the exclusive period for filing their Chapter 11 plan and the
exclusive period for confirming their Chapter 11 plan.
The Debtors are actively working toward preparing a confirmable
plan of reorganization. Although the Debtors intend to work closely
with the Committee as they craft their plan of reorganization, they
have not yet had the opportunity to engage the Committee regarding
their proposed plan. The Committee was appointed less than 60 days
ago, and counsel for the Committee approved less than 30 days ago.
Thus, the extension sought is necessary to allow enough time for
the Debtors to complete their negotiations with the Committee and
other creditors and craft their plan of reorganization based on
these negotiations.
The Debtors' counsel, M. Preston Gardner, Esq. at Davis Miles
Mcguire Gardner, PLLC, argues that "Confirmable plans need support
and the Debtors hope that their negotiations with the Committee
will avoid the time and expense of a contested confirmation battle.
If the Debtors are able to reach an agreement with even one
constituency, the confirmation process can be streamlined and will
be far less expensive. The Debtors intend to move forward
diligently, but to reach their goal of confirming a plan of
reorganization that will keep a business intact additional time is
needed."
About Even Stevens Arizona
Even Stevens -- https://evenstevens.com/ -- is a craft-casual
restaurant chain that specializes in sandwiches and salads.
Even Stevens Arizona LLC and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Lead Case No.
19-03235) on March 21, 2019.
At the time of the filing, the Debtors estimated assets and
liabilities as follows:
Estimated Assets Estimated Debt
---------------- --------------
Even Stevens Arizona $0 to $50,000 $10-mil. to $50-mil.
Even Stevens Sandwiches $1-mil. to $10-mil. $1-mil. to $10-mil.
Even Stevens Utah $0 to $50,000 $1-mil. to $10-mil.
Even Stevens Idaho $0 to $50,000 $500,000 to $1-mil.
The cases are assigned to Judge Daniel P. Collins.
Davis Miles McGuire Gardner, PLLC is the Debtors' legal counsel.
The Debtors tapped ESBE Stategic Partners, Inc. as management and
financial consultant
The Office of the U.S. Trustee on May 17 appointed three creditors
to serve on the official committee of unsecured creditors in the
Chapter 11 cases of Even Stevens Arizona LLC and its affiliates.
FARADAY FUTURE: Founder Files Chapter 11 Bankruptcy Petition
------------------------------------------------------------
The Founder and CPUO of Faraday Future, Yueting Jia(YT), has filed
for bankruptcy and restructuring under Chapter 11 in the United
States, this was done to address his personal debts in China. In
connection with the filing, a "creditor trust" for the benefit of
YT's creditors is planned to be established, which will be jointly
managed by a committee of creditors and the trustee. YT plans to
transfer all his existing equity interest in Smart King Limited,
the global holding company for Faraday Future, to the creditor
trust to better protect his creditors and repay his debt.
This matter will not affect any of FF's normal business operations.
The Plan will in fact have multiple benefits for FF in the
following ways:
1. This Plan provides YT an opportunity to address his personal
debts, help facilitate FF's equity financing efforts and prepare
for an IPO, and further advance the implementation of FF's US-China
dual home market strategy.
2. YT will continue to be involved with the FF team to complete its
strategic goals in the capacity of FF's founder and Chief Product &
User Officer (CPUO) and to maximize the value of FF and the assets
in the creditor trust. The Plan benefits all stakeholders.
3. This filing for restructuring will not affect the ownership of
employee stock options or shares in FF acquired upon exercise of
employee stock options. Employee stock options will remain an
effective tool to help FF continuously assist in the recruitment of
future talent.
Faraday Future (FF) -- https://www.ff.com/ -- is a California-based
global shared intelligent mobility ecosystem company focusing on
building the next generation of intelligent mobility ecosystems.
Established in May 2014, the company is headquartered in Los
Angeles with R&D Center and Futurist Testing Lab, and offices in
Silicon Valley, Beijing, Shanghai, and Chengdu. FF is poised to
break the boundaries between the Internet, IT, creative, and auto
industries with product and service offerings that integrate new
energy, AI, Internet, and sharing models, that aim to continuously
transform the mobility of mankind.
FIN ASSOCIATES: Seeks to Hire Rabinowitz Lubetkin as Legal Counsel
------------------------------------------------------------------
Fin Associates Limited Partnership seeks approval from the U.S.
Bankruptcy Court for the District of New Jersey to hire Rabinowitz,
Lubetkin & Tully, LLC, as its legal counsel.
The firm will provide services in connection with the Debtor's
Chapter 11 case, which include legal advice regarding its powers
and duties under the Bankruptcy Code, research, preparation of
pleadings and other legal documents, and representation in
negotiations.
The firm's hourly rates are:
Partners $250 - $575
Paralegal $150
Rabinowitz will be paid an initial $30,000 retainer to be paid on
Nov. 10, and an additional $30,000 to be paid on Dec. 10. The firm
received the sum of $1,717 for the filing fee.
Jay Lubetkin, Esq., at Rabinowitz, disclosed in court filings that
the firm and its attorneys and employees are "disinterested" within
the meaning of Section 101(14) of the Bankruptcy Code.
Rabinowitz can be reached through:
Jay L. Lubetkin, Esq.
Rabinowitz, Lubetkin & Tully, LLC
293 Eisenhower Parkway, Suite 100
Livingston, NJ 07039
Tel: 973-597-9100
Fax: 973-597-9119
E-mail: jlubetkin@rltlawfirm.com
About Fin Associates LP
Fin Associates Limited Partnership sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 19-28386) on
Sept. 27, 2019. At the time of the filing, the Debtor was
estimated to have assets of between $10 million and $50 million and
liabilities of the same range. The case is assigned to Judge
Vincent F. Papalia. Rabinowitz, Lubetkin & Tully, LLC, is the
Debtor's legal counsel.
FINANCING CORPORATION: Deadline to File Claims Set for January 2020
-------------------------------------------------------------------
The Financing Corporation, formed pursuant to the Federal Saving
and Loan Insurance Corporation Recapitalization Act of 1987 to
provide financing for the resolution of failed saving and loan
associations, has commenced the process of dissolution as of Oct.
2, 2019, in accordance with the terms of a plan of dissolution
approved by the Director of the Federal Housing Finance Agency on
Nov. 30, 2018.
Any claims against the Financing Corporation must be submitted in
writing and must include the amount, the basis, the origination
date and all relevant documentation supporting the claim, at:
Financing Corporation
Attn: FICO Claims
1818 Library St., Suite 420
Reston, VA 20190
The deadline for submitting claims is Jan. 7, 2020. Claims should
be filed by the claim deadline in order to be considered for
payment prior to the dissolution of the Company.
FIRESTAR DIAMOND: Trustee Seeks Disclosure Statement Approval
-------------------------------------------------------------
Richard Levin, the Chapter 11 Trustee of the Debtors Firestar
Diamond, Inc., Fantasy, Inc. and Old AJ, Inc., files an amended
motion for an order approving the Disclosure Statement for the
First Amended Joint Chapter 11 Plan of Trustee and establishing
confirmation procedures.
The Trustee believes that the Disclosure Statement provides holders
of impaired claims that are entitled to accept or reject the Plan
with adequate information to make an informed judgment about the
Plan. The Disclosure Statement does not include information that
would not be relevant to the Debtors' chapter 11 cases. The
Disclosure Statement fulfills the requirements of Bankruptcy Code
section 1125(a) by providing the type of information a reasonable
creditor would require to make an informed judgment about the Plan.
The Trustee requests that the Court set Nov. 18, 2019, at 11:00
a.m., as the date and time for a hearing on confirmation of the
Plan, subject to the Court's availability. The proposed timing of
the Confirmation Hearing is in compliance with the Bankruptcy Code,
the Bankruptcy Rules, and the Local Rules, and will enable the
Trustee to pursue confirmation of the Plan in a timely fashion.
As reported in the TCR, Richard Levin, the chapter 11 trustee of
debtors Firestar Diamond, Inc., Fantasy, Inc. and Old AJ, Inc.,
submitted a First Amended Joint Chapter 11 Plan and Disclosure
Statement. The Plan establishes a Liquidating Trust for each
Estate, which will, among other things, complete the liquidation of
the Debtors and their Estates, administer Distributions in
accordance with the Plan and the Liquidating Trust Agreement, and
prosecute or otherwise resolve the retained causes of action.
Holders of unsecured claims against FD will have a recovery of 45%
to 100%. Holders of unsecured claims against AJ will have a
recovery of 65% to 100%. Holders of unsecured claims against FA
will have a recovery of 90% to 100%. Holders of unsecured claims
not exceeding $1,000 or who agree to reduce their claims to $1,000
will each receive full payment in
cash on the Effective Date. A full-text copy of the Disclosure
Statement dated October 3, 2019,
is available at https://tinyurl.com/y5rj2qe8 from PacerMonitor.com
at no charge.
About Firestar Diamond
Firestar Diamond Inc. procures, designs, manufactures and
distributes diamond-studded jewelry. Firestar Diamond's operations
span the USA, Europe, the Middle East, the Far East, and India, and
has offices in Mumbai, Surat, New York, Chicago, Johannesburg,
Antwerp, Yerevan, Dubai, and Hong Kong. It employs over 1,200
people. A. Jaffe, Inc., a subsidiary of Firestar Diamond, designs
and manufactures wedding rings and wedding bands.
Firestar Diamond, A. Jaffe, and Fantasy, Inc. sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-10509) on Feb. 26,
2018. Firestar Diamond estimated assets and debt of $50 million to
$100 million.
The Hon. Sean H. Lane is the case judge.
The Debtors tapped Ian R. Winters, Esq., at Klestadt Winters
Jureller Southard & Stevens, LLP as their bankruptcy counsel;
Forchelli Deegan Terrana LLP as conflicts counsel; Lackenbach
Siegel, LLP as special counsel; Getzler Henrich & Associates LLC
and its managing director Mark Samson as chief restructuring
officer; and Rust Consulting/Omni Bankruptcy as claims and noticing
agent.
Richard Levin, Esq., has been appointed as Chapter 11 trustee for
Firestar Diamond. The trustee tapped Jenner & Block, LLP as his
legal counsel; Alvarez & Marsal Disputes and Investigations, LLC as
his financial advisor; and Gem Certification & Assurance Lab, Inc.
as his appraiser.
John J. Carney, Esq., has been appointed as examiner in the
Debtors' cases. Alvarez & Marsal Disputes and Investigations, LLC
serves as his financial advisor.
FLAMINGO/TENAYA: Trustee Withdraws Debtor's Plan Outline
--------------------------------------------------------
Chapter 11 Trustee Brian D. Shapiro has withdrawn the
previously-filed disclosure statement of debtor Flamingo/Tenaya,
LLC, without prejudice. Accordingly, the hearing on this item,
currently set for Oct. 23, 2019, at 10:00 a.m., is requested to be
vacated.
Flamingo/Tenaya, LLC, had filed a proposed plan of reorganization
and disclosure statement.
The Plan was to be funded by the Debtor's income from the ongoing
operation of its business.
But the U.S. Trustee sought the appointment of a Chapter 11 trustee
to take over management of the Debtor's estate. 7360 Flamingo Las
Vegas, LLC, LLC, a Nevada limited liability company, also filed a
motion for appointment of Chapter 11 trustee, asserting, among
others, that the Debtor stalled payment of its prepetition debts,
but then inexplicably paid all of its unsecured creditors days
after the Petition Date, as evidenced by the testimony of the
unsecured creditors and Debtor's bank statements and cancelled
checks.
On Oct. 2, 2019, Brian Shapiro was appointed as Chapter 11 Trustee
for the estate of the Debtor.
Brian D. Shapiro is represented by:
ROBERT E. ATKINSON, ESQ.
ATKINSON LAW ASSOCIATES LTD.
376 E Warm Springs Rd, Suite 130
Las Vegas, NV 89119
Telephone: (702) 614-0600
Facsimile: (702) 614-0647
E-mail: robert@nv-lawfirm.com
About Flamingo/Tenaya LLC
Based in Las Vegas, Nevada, Flamingo/Tenaya, LLC is engaged in
activities related to real estate. It filed as a domestic limited
liability company in Nevada on March 5, 2003.
Flamingo/Tenaya sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 17-16614) on Dec. 12,
2017. At the time of the filing, the Debtor estimated assets of $1
million to $10 million and liabilities of $1 million to $10
million. The case has been assigned to Judge Laurel E. Davis.
FMTB BH: Given Until Oct. 23 to Exclusively File Chapter 11 Plan
----------------------------------------------------------------
Judge Carla Craig of the U.S. Bankruptcy Court for the Eastern
District of New York extended the period during which only FMTB BH
LLC can file a Chapter 11 plan to Oct. 23, and the period during
which the company can solicit acceptances for the plan to Dec. 23.
The extension will provide FMTB sufficient time to continue its
litigation against 1988 Morris Avenue LLC and four other companies,
and prepare a plan of reorganization. FMTB is currently under
contract to purchase five separate real properties from the
companies. As of Aug. 16, the sellers have filed their motion for
summary judgment, which FMTB has responded to. Should the motion
for summary judgment be denied, then the adversary proceeding will
move to trial.
FMTB said that until the adversary proceeding is resolved either by
settlement or through litigation, it won't be able to negotiate
with its creditors or formulate a plan of reorganization as the
contracts (and the properties should FMTB close on the contracts)
are currently its principal assets.
About FMTB BH LLC
FMTB BH LLC is a company currently under contract to purchase five
separate real properties located at 1821 Topping Avenue, Bronx New
York, which is owned by 1821 Topping Avenue LLC; 1974 Morris
Avenue, Bronx, New York, which is owned by 1974 Morris Avenue LLC;
1988 Morris Avenue, Bronx, New York, which is owned by 1988 Morris
Avenue LLC; 770 Beck Street, Bronx, New York, which is owned by 700
Beck Street LLC; and 1143 Forest Avenue, Bronx, New York, which is
owned by 1143 Forest Avenue LLC. The five properties have a
combined purchase price of $3.10 million.
The Debtor's filing was precipitated by its need to close on the
contracts of sale for the properties or risk losing its $845,000
deposit, in addition to paying back its creditors, which it cannot
do without closing on the properties.
FMTB BH sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. E.D.N.Y. Case No. 18-42228) on April 23, 2018. In the
petition signed by Martin Ehrenfeld, managing member, the Debtor
disclosed $3.94 million in assets and $1.23 million in
liabilities.
Judge Carla E. Craig presides over the case. The Debtor tapped
Robinson Brog Leinwand Greene Genovese & Gluck P.C. as its legal
counsel.
FRESH FANATIC: Court Approves Disclosure Statement
--------------------------------------------------
Fresh Fanatic, Inc., has won approval of the disclosure statement
in support of its Plan of Liquidation.
That the hearing to consider confirmation of the Plan will be held
before The Honorable Elizabeth S. Stong, United States Bankruptcy
Judge, at the United States Bankruptcy Court for the Eastern
District of New York, Conrad B. Duberstein Courthouse, 271-A Cadman
Plaza East, Brooklyn, New York 11201, on Nov. 15, 2019 at 9:30 a.m.
(Prevailing Eastern Time).
That objections or proposed modifications, if any, to the Plan must
be filed and served no later than 4:00 p.m. (Prevailing Eastern
Time) on Nov. 5, 2019.
As reported in the TCR, Fresh Fanatic, Inc., submitted a proposed
plan of liquidation and disclosure Statement dated Oct. 1, 2019.
Under the Plan, each holder of an allowed general unsecured claim
will receive one or more distributions equal to its pro rata share
of all "remaining assets" after payment of Administrative Expense
Claims, Professional Fee Claims and Priority Tax Claims and
establishing the Post-Confirmation Reserve and Disputed Claims
Reserve. The Debtor estimates that holders of Allowed General
Unsecured Claims will receive a distribution of 25% on account of
those claims. The unsecured claims scheduled and filed by the
Debtor total $471,633.
A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/yywrwmc7 from PacerMonitor.com at no charge.
About Fresh Fanatic Inc.
Fresh Fanatic Inc. -- http://www.freshfanatic.com/-- owns an
organic market in Brooklyn, New York. The Company offers organic,
all natural and local groceries and produce, fresh meat and fish,
international cheeses and top notch deli meats. It also features
gluten-free, non-dairy, vegan, and sugar- free specialties. The
Company obtains local produce straight from the farm, including
local farms in upstate New York like Hepworth Farms and Lucky Dog
Farm. Fresh Fanatic has an organic juice and smoothies bar, an
all-natural gourmet hot food bar, fresh made soups, prepared foods,
guacamole and hummus, and fresh-baked goods as well as custom
desserts by 5-star baker Michael Allen.
Fresh Fanatic, Inc., sought Chapter 11 protection (Bankr. E.D.N.Y.
Case No. 17-44263) on Aug. 17, 2017. In the petition signed by CEO
Andrew Goldin, the Debtor was estimated to have $100,000 to
$500,000 in assets and $1 million to $10 million in liabilities.
The Hon. Elizabeth S. Stong oversees the case.
Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard &
Stevens, LLP, serves as the Debtor's bankruptcy counsel. Yeskoo
Hogan & Tamlyn LLP, serves as special litigation counsel.
The major factor leading to the Debtor's bankruptcy was the alleged
conduct of the Debtor's landlord, 275 Park Associates, LLC,
inhibiting the Debtor's business growth, refusing to allow the
Debtor to make improvements to its supermarket, and frustrating its
ability to operate its supermarket.
FRUTTA BOWLS: Exclusivity Period Extended Until Nov. 14
-------------------------------------------------------
Judge Michael Kaplan of the U.S. Bankruptcy Court for the District
of New Jersey extended the period during which only Frutta Bowls
Franchising, LLC can file a Chapter 11 plan to Nov. 14.
Frutta Bowls and the unsecured creditors' committee have been
working collaboratively to move the company's Chapter 11 case
forward efficiently and expeditiously. The company has just served
assumption notices to move the case and its business relationships
toward conditions ripe for implementing a bankruptcy exit strategy.
The assumption or rejection of franchise agreements is a critical
component to Frutta Bowls' overall strategy in the case, and the
notices begin the process of the company shedding burdensome
contracts while assuming profitable contracts.
The company and the committee have been negotiating a plan
structure, which has included privileged discussions regarding
distributions to creditors, and both are confident that it is more
likely than not that the company will confirm a plan of
reorganization within a reasonable amount of time. They have also
met with a consultant and they believe that a joint plan and
disclosure statement can be formulated and proposed in the next six
weeks.
About Frutta Bowls Franchising
Frutta Bowls Franchising is a fast-casual franchise committed to
becoming an active lifestyle brand within every local community.
Frutta Bowls filed a voluntary Chapter 11 petition (Bankr. D.N.J.
Case No. 19-13230) on Feb. 15, 2019, listing under $1 million in
both assets and liabilities. The case is assigned to Judge Michael
B. Kaplan. Spadea Lignana is the Debtor's counsel.
A committee of unsecured creditors was appointed in the Debtor's
case. Porzio, Bromberg & Newman, P.C., is the committee's counsel.
FTD COMPANIES: Asks Court to Extend Exclusivity Period to Dec. 2
----------------------------------------------------------------
GUE Liquidation Companies, Inc. formerly known as FTD Companies,
Inc., and its affiliates asked the U.S. Bankruptcy Court for the
District of Delaware to extend the period during which they have
the exclusive right to file a Chapter 11 plan through Dec. 2.
The companies also asked the court to extend the period during
which they have the exclusive right to solicit acceptances for the
plan through Jan. 31, 2020, or approximately 60 days after the
expiration of the exclusive filing period, as extended.
In the four months since the commencement of their Chapter 11
cases, the companies have, among other things: (a) secured
debtor-in-possession financing to ensure access to liquidity
necessary to administer these cases; (b) obtained court approval
of, and consummated, three separate sale processes resulting in the
sale of substantially all of their assets; and (c) filed a plan of
liquidation to wind down their bankruptcy cases. Each step of the
way, the companies consistently have engaged in discussions and
negotiations with their key constituencies.
The companies filed the plan within the exclusive filing period and
further anticipate that, if their current projected confirmation
schedule holds, the confirmation hearing on the plan will occur on
Dec. 18. If confirmation of the plan is successful, this would
allow the companies to exit Chapter 11 by the end of the year.
The companies are seeking an extension of the exclusive periods to
preserve the progress embodied in their filed plan, including
continued negotiations regarding the settlement involving their
lenders and the unsecured creditors' committee.
About FTD Companies
FTD Companies, Inc. -- http://www.ftdcompanies.com/-- is a premier
floral and gifting company. Through its diversified family of
brands, it provides floral, specialty foods, gifts, and related
products to consumers primarily in North America. It also provides
floral products and services to retail florists and other retail
locations throughout these same geographies.
FTD has been delivering flowers since 1910, and the
highly-recognized FTD brand is supported by the iconic Mercury Man
logo, which is displayed in over 30,000 floral shops in more than
125 countries. In addition to FTD, its diversified portfolio of
brands includes these trademarks: ProFlowers, Shari's Berries,
Personal Creations, Gifts.com, and ProPlants. FTD Companies is
headquartered in Downers Grove, Ill.
On June 3, 2019, FTD Companies and 14 domestic subsidiaries sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-11240). The
Debtors disclosed $312.7 million in assets and $374.9 million in
liabilities.
Judge Laurie Selber Silverstein oversees the cases.
The Debtors tapped Jones Day and Richards, Layton & Finger, P.A. as
legal counsel; Moelis & Company LLC as financial advisor; and Piper
Jaffray & Co. as investment banker. AP Services, LLC, an affiliate
of AlixPartners, provides restructuring services. Omni Management
Group is the claims agent and has put up the site
http://www.FTDrestructuring.com/
FUSION CONNECT: To Present Plan for Confirmation Nov. 14
--------------------------------------------------------
Fusion Connect, Inc. and its debtor subsidiaries have won approval
of the disclosure statement explaining their Chapter 11 plan.
On Oct. 8, 2019, Judge Stuart M. Bernstein approved the Disclosure
Statement and ordered that:
* Nov. 14, 2019, at 10:00 a.m., is fixed for the hearing on
confirmation of the Plan to take place in Room 723 of the United
States Bankruptcy Court for the Southern District of New York.
* All votes to accept or reject the Plan must be actually
received by Prime Clerk, by no later than Nov. 4, 2019, at 4:00
p.m.
* Responses and objections to confirmation of the Plan must be
filed by Nov. 4, 2019, at 4:00 p.m.
A full-text copy of the Disclosure Statement Order dated Oct. 8,
2019, is available at https://tinyurl.com/y4aovv3u from
PacerMonitor.com at no charge.
A full-text copy of the Disclosure Statement dated July 2, 2019, is
available at https://tinyurl.com/y2rqqvgp from PacerMonitor.com at
no charge.
About Fusion Connect
Fusion Connect (OTC-MKTS: FSNNQ) -- http://www.fusionconnect.com/
-- provides integrated cloud solutions to small, medium and large
businesses, is the industry's Single Source for the Cloud. Fusion's
advanced, proprietary cloud services platform enables the
integration of leading edge solutions in the cloud, including cloud
communications, contact center, cloud connectivity, and cloud
computing. Fusion's innovative, yet proven cloud solutions lower
customers' cost of ownership, and deliver new levels of security,
flexibility, scalability, and speed of deployment.
On June 3, 2019, Fusion Connect and each of its U.S. subsidiaries
sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case
No.19-11811). Fusion's two Canadian subsidiaries are not included
in the filing.
Fusion disclosed $570,432,338 in assets and $760,720,713 in
liabilities as of April 30, 2019.
Fusion is advised by FTI Consulting and PJT Partners, Inc., as
financial advisors, and Weil, Gotshal & Manges LLP as legal
counsel. Prime Clerk LLC is the claims agent.
The First Lien Ad Hoc Group is advised by Greenhill & Co, LLC, as
financial advisor, and Davis Polk & Wardwell LLP, as legal
counsel.
The U.S. Trustee for Region 2 formed a committee of unsecured
creditors in the Debtors' cases on June 18, 2019. The committee is
represented by Cooley LLP.
FUSION CONNECT: Up to 6.9% for 2nd Lien in 2nd Amended Plan
-----------------------------------------------------------
Fusion Connect, Inc. and its U.S. subsidiary debtors submit this
Disclosure Statement pursuant to Section 1125 of the Bankruptcy
Code in connection with the solicitation of votes with respect to
the Second Amended Plan.
According to the Disclosure Statement, claims will be treated as
follows:
* Class 3 - First Lien Claims. IMPAIRED. Approximate recovery
in reorganization 60.0% to 76.1%. Each such holder thereof shall
receive on the Effective Date such holder’s Pro Rata share of (a)
the First Lien Lender Equity Distribution; provided, that
notwithstanding anything in the Second Amended Plan to the
contrary, the distribution of the First Lien Lender Equity
Distribution shall be made pursuant to, and subject to the terms
and conditions of, the Equity Allocation Mechanism; (b) the loans
under the New First Lien Credit Facility; and (c) cash or other
proceeds, if any, from the sale of the Debtors’ Canadian business
unless otherwise agreed to by the Requisite First Lien Lenders.
* Class 4 - Second Lien Claims. IMPAIRED. Approximate recovery
in reorganization 4.0% to 6.9%. Each such holder thereof shall
receive on the Effective Date such holder’s Pro Rata share of the
Second Lien Lender Special Warrant Distribution.
* Class 5 - General Unsecured claims. IMPAIRED. Each such
holder thereof shall receive such holder's Pro Rata share of the
Litigation Trust Interests on the Effective Date.
* Class 8 - Parent Equity Interests. IMPAIRED. On the Effective
Date, all Parent Equity Interests shall be deemed cancelled without
further action by or order of the Bankruptcy Court, and shall be of
no further force and effect, whether surrendered for cancellation
or otherwise.
* Class 9 - Subordinated Securities Claims. IMPAIRED. On the
Effective Date, all Subordinated Securities Claims shall be deemed
cancelled without further action by or order of the Bankruptcy
Court.
The Debtors will fund distributions and satisfy applicable Allowed
Claims and Allowed Interests under the Second Amended Plan with
Cash on hand, the proceeds of the New Exit Facility, loans under
the New First Lien Credit Facility, the New Equity Interests, and
the Special Warrants, and through the issuance and distribution of
the Litigation Trust Interests.
A full-text copy of the Disclosure Statement dated October 7, 2019,
is available at https://tinyurl.com/y249u36f from PacerMonitor.com
at no charge.
About Fusion Connect
Fusion Connect (OTC-MKTS: FSNNQ) -- http://www.fusionconnect.com/
-- provides integrated cloud solutions to small, medium and large
businesses, is the industry's Single Source for the Cloud.
Fusion's advanced, proprietary cloud services platform enables the
integration of leading edge solutions in the cloud, including cloud
communications, contact center, cloud connectivity, and cloud
computing. Fusion's innovative, yet proven cloud solutions lower
customers' cost of ownership, and deliver new levels of security,
flexibility, scalability, and speed of deployment.
On June 3, 2019, Fusion Connect and each of its U.S. subsidiaries
sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No.
19-11811). Fusion's two Canadian subsidiaries are not included in
the filing.
Fusion disclosed $570,432,338 in assets and $760,720,713 in
liabilities as of April 30, 2019.
Fusion is advised by FTI Consulting and PJT Partners, Inc., as
financial advisors, and Weil, Gotshal & Manges LLP as legal
counsel. Prime Clerk LLC is the claims agent.
The First Lien Ad Hoc Group is advised by Greenhill & Co, LLC, as
financial advisor, and Davis Polk & Wardwell LLP, as legal
counsel.
The U.S. Trustee for Region 2 formed a committee of unsecured
creditors in the Debtors' cases on June 18, 2019. The committee is
represented by Cooley LLP.
GATE 3 LIQUIDATION: Seeks More Time to File Bankruptcy Plan
-----------------------------------------------------------
Gate 3 Liquidation, Inc. asked the U.S. Bankruptcy Court for the
District of Arizona to extend by 90 days the period during which
the company has the exclusive right to file a Chapter 11 plan and
solicit acceptances for the plan.
Control of the company recently changed and the company's former
chief restructuring officer and bankruptcy counsel have not
transferred any of the records of its Chapter 11 case yet.
Currently, Gate 3 Liquidation wants to determine if it would
propose a plan and assess how to best proceed with the case.
Accordingly, extending the exclusivity periods will allow the
company to obtain possession of all of its books and records and
move the case forward toward a fair and equitable resolution for
all creditors and parties in interest.
About Gate 3 Liquidation
Gate 3 Liquidation, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 18-12041) on Oct 2, 2018.
At the time of the filing, the Debtor disclosed assets of between
$1,000,001 and $10 million and liabilities of the same range. The
case has been assigned to Judge Brenda K. Martin. The Debtor is
represented by D. Lamar Hawkins, PLLC.
GREEN FIELDS SCHOOL: To Present Plan for Confirmation Nov. 6
------------------------------------------------------------
Green Fields School has won conditional approval of the Disclosure
Statement in support of its Chapter 11 Plan.
The Court will consider whether to confirm the Plan and grant final
approval of the Disclosure Statement at a hearing on Nov. 6, 2019,
at 11:00 a.m. The Confirmation Hearing will be held in Courtroom
446, at the U.S. Bankruptcy Court, 38 S. Scott Ave., Tucson, AZ
85701. Parties may also appear by video from Courtroom 301, U.S.
Bankruptcy Court, 230 N. First Ave., Phoenix, AZ 85003.
Any party desiring to object to the sufficiency of the Disclosure
Statement or confirmation of the Plan must be filed and served by
5:00 p.m. (Arizona time) on Nov. 4, 2019.
As reported in the TCR, Green Fields School has a Chapter 11 Pkan
that proposes to make payments to
prepetition claims based on the value received from the Debtor's
assets:
* Secured creditors with claims against the Debtor's real
property will be paid the prepetition principal balance at closing.
The secured creditors will be paid their prepetition and
postpetition interest claims as soon as practicable after the sale
once Debtor has an opportunity to review the computation of
interest asserted.
* The Disbursing Agent will make distributions from the
Liquidation Fund to claimants holding unpaid allowed administrative
claims, secured claims of holders with interests in personal
property, Priority Claims, and unsecured Claims shortly after the
Effective Date.
The first phase will consist of the sale of the Real Property
Assets and the personal property assets, with the exception of the
assets containing personally identifying information ("PII") for
the purchase price of $2,300,000. The proceeds from the sale will
be paid at closing to the secured creditors holding liens against
Debtor's real property.
The second phase of the sale will consist of the sale of the
Debtor, which includes the company and any PII deemed appropriate
to sell by the Consumer Privacy Ombudsman, for the purchase price
of $250,000. The proceeds from this sale will be transferred to
the Liquidating Trust and managed by the Disbursing Agent.
A full-text copy of the Chapter 11 First Amended Disclosure
Statement dated October 4, 2019, is available at
https://tinyurl.com/y4bojyfr from PacerMonitor.com at no charge.
About Green Fields School
Green Fields School -- https://www.greenfields.org/ -- was an
independent, non-profit, coeducational school in Tucson, Arizona,
United States. It provided educational services for elementary,
middle and high school students. The school was closed on July 9,
2019.
Green Fields School sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 19-08642) on July 14,
2019. At the time of the filing, the Debtor disclosed $3,116,402
in assets and $2,267,418 in liabilities.
The case is assigned to Judge Brenda Moody Whinery. DeConcini
McDonald Yetwin & Lacy, P.C. is the Debtor's legal counsel.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Aug. 9, 2019. The committee is represented by Rusing
Lopez & Lizardi, P.L.L.C.
GREENSBURG CONCRETE: Hiring Mahady's Robert Slone as Counsel
------------------------------------------------------------
Greensburg Concrete Block Company seeks permission from the U.S.
Bankruptcy Court of the Western District of Pennsylvania to employ
Robert H. Slone, Esq., at Mahady & Mahady as counsel in its
bankruptcy case.
Slone is an experienced lawyer in bankruptcy law matters. He
charges $325 per hour. All fees are subject to approval by the
Court.
Mahady and Mahady and Slone have a retainer letter for the Debtor
to pay $10,000 plus the $1,717 filing fee.
Slone has signed a Verified Statement confirming the terms of his
representation and attesting to his disinterestedness as defined in
the Bankruptcy Code.
The firm can be reached at:
Robert H. Slone, Esquire
PA I.D. 19963
MAHADY & MAHADY
223 South Maple Avenue
Greensburg, PA 15601
Phone: (724) 834-2990
Email: robertslone223@gmail.com
About Greensburg Concrete Block Co.
Greensburg Concrete Block Company, a ready mixed concrete supplier
in Greensburg, Pa., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Pa. Case No. 19-23527) on Sept. 6,
2019. At the time of the filing, the Debtor was estimated to have
assets of less than $50,000 and liabilities of $1 million and $10
million. The case is assigned to Judge Thomas P. Agresti. The
Debtor is represented by Mahady & Mahady.
The Office of the U.S. Trustee on Oct. 2, 2019, disclosed in a
court filing that no official committee of unsecured creditors has
been appointed in the Chapter 11 case of Greensburg Concrete
Block.
INPIXON: Enters Distribution Agreement for up to $6.5M Shares
-------------------------------------------------------------
Inpixon entered into an equity distribution agreement with Maxim
Group LLC on Oct. 10, 2019, under which the Company may offer and
sell shares of its common stock having an aggregate offering price
of up to $6.5 million from time to time through Maxim, acting
exclusively as its sales agent. The Company intends to use the net
proceeds of the Offering primarily for working capital and general
corporate purposes. The Company may also use a portion of the net
proceeds to invest in or acquire businesses or technologies that it
believes are complementary to its own, although the Company has no
current plans, commitments or agreements with respect to any
acquisitions as of the date of this report. Any Shares offered and
sold in the Offering will be issued pursuant to the Company's
Registration Statement on Form S-3 (File No. 333-223960) filed with
the Securities and Exchange Commission on March 27, 2018, as
amended on May 15, 2018 and declared effective on June 5, 2018, the
base prospectus dated June 5, 2018 included in the Form S-3 and the
prospectus supplement relating to the Offering filed with the SEC
on Oct. 10, 2019.
Sales of the Shares through Maxim, if any, will be made by any
method that is deemed an "at the market" offering as defined in
Rule 415 under the Securities Act of 1933, as amended, including
sales made directly on the Nasdaq Capital Market, or any other
existing trading market for the Company's common stock or to or
through a market marker. Maxim may also sell the Shares by any
other method permitted by law, including in privately negotiated
transactions. Maxim will also have the right, in its sole
discretion, to purchase Shares from the Company as principal for
its own account at a price and subject to the other terms and
conditions agreed upon at the time of sale. Maxim will use its
commercially reasonable efforts, consistent with its sales and
trading practices, to solicit offers to purchase the Shares under
the terms and subject to the condition set forth in the Sales
Agreement. The Company will pay Maxim commissions, in cash, for
its services in acting as agent in the sale of the Shares. Maxim
will be entitled to compensation at a fixed commission rate of 4.5%
of the gross sales price per Share sold. In addition, the Company
has agreed to reimburse Maxim for its costs and out-of-pocket
expenses incurred in connection with its services, including the
fees and out-of-pocket expenses of its legal counsel.
The Company is not obligated to make any sales of the Shares under
the Sales Agreement and no assurance can be given that it will sell
any Shares under the Sales Agreement, or if it does, as to the
price or amount of Shares that it will sell, or the dates on which
any such sales will take place. The Sales Agreement will continue
until the earlier of (i) the sale of Shares having an aggregate
offering price of $6.5 million, (ii) the termination by either the
Agent or the Company upon the provision of 15 days written notice
or otherwise pursuant to the terms of the Sales Agreement.
About Inpixon
Headquartered in Palo Alto, California, Inpixon is a technology
company that helps to secure, digitize and optimize any premises
with Indoor Positioning Analytics (IPA) for businesses and
governments in the connected world. Inpixon Indoor Positioning
Analytics is based on new sensor technology that finds all
accessible cellular, Wi-Fi, Bluetooth and RFID signals anonymously.
Paired with a high-performance, data analytics platform, this
technology delivers visibility, security and business intelligence
on any commercial or government premises worldwide. Inpixon's
products, infrastructure solutions and professional services group
help customers take advantage of mobile, big data, analytics and
the Internet of Things (IoT).
Inpixon reported a net loss of $24.56 million for the year ended
Dec. 31, 2018, compared to a net loss of $35.03 million for the
year ended Dec. 31, 2017. As of June 30, 2019, the Company had
$23.88 million in total assets, $12.14 million in total
liabilities, and $11.74 million in total stockholders' equity.
Marcum LLP, in New York, the Company's auditor since 2012, issued a
"going concern" qualification in its report dated March 28, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, citing that the Company has a significant
working capital deficiency, has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
KABAM ASSOCIATES: Hiring Ramesh Joshi as Accountant
---------------------------------------------------
KABAM Associates LLC requests authorization from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Ramesh Joshi to provide accounting and financial services to the
Debtor. Joshi is a certified public accountant and licensed to
practice in Virginia.
The Debtor selected Joshi because of his reputation and experience
in the areas for accounting services. The Debtor also selected him
due to his long-standing relationship and familiarity with the
accounting and operations of the Debtor.
For services rendered, the Debtor has agreed to compensate Joshi on
an hourly fee basis at $150 an hour. His associates charge $75 per
hour.
Joshi has and continues to represent creditors with connections to
the Debtor and to represent members of the Debtor. However, the
representation is limited to tax and payroll matters for the
creditors.
He has agreed to waive fees for prepetition services as owed by the
Debtor.
Joshi attests that he is not associated or represents any interest
adverse to the Debtor's estate in the matter on which the
Accountant is to be engaged by the Debtor. Joshi says he is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
About KABAM Associates
KABAM Associates, LLC, a privately held company in Houston, Texas,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Texas Case No. 19-34407) on Aug. 6, 2019. At the time of the
filing, the Debtor was estimated to have assets of between $10
million and $50 million and liabilities of between $1 million and
$10 million. The case is assigned to Judge David R. Jones. Baker
& Associates LLP is the Debtor's counsel.
The Office of the U.S. Trustee on Oct. 3, 2019, disclosed in a
court filing that no official committee of unsecured creditors has
been appointed in the Chapter 11 case.
LE JARDIN: Plan Payments to be Funded by Sale of Condo Units
------------------------------------------------------------
Le Jardin House, LLC filed with the U.S. Bankruptcy Court for the
Southern District of Florida, Miami Division, a plan of
reorganization and disclosure statement, saying that the Debtor
intends to sell its condominium units in order to fund the Plan.
Each holder of an allowed general unsecured claim will, in full and
complete settlement, receive: (i) on the effective date, their pro
rata share of the cash available after payment and reservation for
senior claimants; (ii) subsequent to the effective date, within 21
days of the closing of each sale of unit of real property of the
Debtor, an amount equal to its pro rata share of the available net
proceeds from such sale.
Each holder of an equity interest will retain such equity interest
and shall retain, unaltered, the legal, equitable, and contractual
rights to which such equity interest entitles such holder on the
effective date.
The Debtor will fund payments to be made under the Plan through the
following: (1) cash on hand on the effective date; and/or (2) sales
of the real property of the Debtor in the ordinary course of
business on and after the effective date until all Allowed Claims
are paid in full.
A full-text copy of the Disclosure Statement dated October 8, 2019,
is available at https://tinyurl.com/yydrvso9 from PacerMonitor.com
at no charge.
About Le Jardin House
Le Jardin House, LLC, is the owner and developer of a 30-unit
condominium project located at 1150 102nd Street, Bay Harbour
Islands, FL 33152., which is comprised of 30 separate units.
Le Jardin House sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-19182) on July 11,
2019. At the time of the filing, the Debtor disclosed $27,490,523
in assets and $7,167,406 in liabilities. The case is assigned to
Judge Robert A. Mark. Edelboim Lieberman Revah Oshinsky PLLC is the
Debtor's bankruptcy counsel.
LOVESTER'S LLC: 1Sharpe Says Plan's Sale Period Too Long
--------------------------------------------------------
1Sharpe Opportunity Intermediate Trust, a secured creditor, submits
its opposition to the motion of debtor Lovester's, LLC for an order
approving disclosure statement and conditionally approving the
Chapter 11 plan of reorganization of the Debtor, dated Sept. 10,
2019.
1Sharpe notes that the Debtor's Plan provides that Debtor has until
May 31, 2020, to sell the Property. Given that Creditor's Loan is
accruing over $32,000 in interest each month, Creditor's Loan
balance will exceed $2,916,503 if the Debtor is given an additional
seven months to sell the Property and repay Creditor in full.
According to 1Sharpe, tThere is no reason to allow Debtor to drag
out the repayment process through next June 2020. The longer
Debtor takes to complete its Plan, the larger Creditor's lien on
the Property will be, all to the detriment of Creditor as there is
no guarantee the Property will be sold for an amount sufficient to
pay off the default property taxes (a priority lien) and Creditor's
lien in full.
1Sharpe requests the Court deny Debtor's Motion and requests that
Debtor be ordered to submit an amended plan and disclosure
statement reducing the time allotted for Debtor to sell the
Property.
1Sharpe Opportunity is represented by Amy E. Martinez and Alexa P.
Stephenson of Geraci Law Firm.
About Lovester's LLC
Lovester's LLC is a single asset real estate debtor (as defined in
11 U.S.C. Section 101(51B)). It owns a property in Los Angeles,
having a liquidation value of $2.42 million.
Lovester's sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Cal. Case No. 19-02257) on April 19, 2019. At the
time of the filing, the Debtor disclosed $2,717,000 in assets and
$3,133,313 in liabilities. The case is assigned to Judge
Christopher B. Latham. Speckman Law Firm is the Debtor's counsel.
MARINE ENVIRONMENTAL: Given Until Dec. 27 to Exclusively File Plan
------------------------------------------------------------------
Judge Vincent Papalia of the U.S. Bankruptcy Court for the District
New Jersey extended the period during which only Marine
Environmental Remediation Group, LLC and MER Group Puerto Rico LLC
can file a Chapter 11 plan to Dec. 27.
The companies can solicit acceptances for the plan until Feb. 25,
2020.
About Marine Environmental
MER Group -- http://www.mergroupllc.com-- provides ship recycling
services at facilities in the United States and Europe. MER claims
to have pioneered an environmentally-sensitive process of
dismantling obsolete vessels that meets or exceeds all U.S. EPA,
OSHA, state and Commonwealth regulations.
Marine Environmental Remediation Group LLC and affiliate MER Group
Puerto Rico LLC filed voluntary petitions seeking relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No.
19-18994) on May 1, 2019. In the petitions signed by Martin Vulaj,
CEO, the Debtors' estimated $1 million to $10 million in both
assets and liabilities. The case is assigned to Judge Vincent F.
Papalia. Jeffrey D. Vanacore, Esq., at Perkin Coie LLP, represents
the Debtors.
MAYFLOWER COMMUNITIES: Seeks to Modify Fee Structure for CRO
------------------------------------------------------------
Mayflower Communities Inc. filed an amended application with the
U.S. Bankruptcy Court for the Northern District of Texas to modify
the compensation structure for the services rendered by its chief
restructuring officer, Louis Robichaux IV, nunc pro tunc to July 1.
In its amended application, the company proposed to pay Mr.
Robichaux, Ankura Consulting Group, LLC's senior managing director,
based upon the actual hours expended by the CRO at his standard
hourly rate of $995.
The company had previously agreed to pay an allocable share of a
total monthly CRO fee of $90,000. Mayflower Communities was solely
responsible for paying the allocated CRO fee applicable to the
company.
About Mayflower Communities
Mayflower Communities, Inc. --
https://www.thebarringtonofcarmel.com/ -- operates The Barrington
of Carmel a senior living retirement community in Carmel, Indiana.
It provides nursing care, memory support, rehabilitation,
retirement home, assisted living, and independent living.
Mayflower Communities filed for Chapter 11 protection (Bankr N.D.
Tex. Case No. 19-30283) on Jan. 30, 2019, estimating $50 million to
$100 million in assets and $100 million to $500 million in
liabilities.
The Hon. Harlin DeWayne Hale oversees the case.
The Debtor tapped DLA Piper LLP (US) as legal counsel; Ankura
Consulting Group, LLC as restructuring advisor; Larx Advisors, Inc.
as financial advisor; Cushman & Wakefield U.S., Inc. as investment
banker; and Donlin Recano & Company, Inc. as claims agent.
MERIDIAN MARINA: Allowed to Use Cash Collateral Through Dec. 17
---------------------------------------------------------------
Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern
District of Florida authorized Meridian Marina & Yacht Club of Palm
City, LLC to use cash collateral in the regular course of its
business through Dec. 17, 2019 as set forth in the Third Interim
Order.
The Court will conduct a continued hearing on Debtor's use of cash
collateral on Dec. 17, 2019 at 1:30 p.m.
The Debtor's use of cash collateral subject to a variance not to
exceed 10% of any particular line item expense on the budgets. The
Debtor agrees that no compensation will be paid to Tim Mullen
without further Order of the Court.
The Court finds that pursuant to a Promissory Note and Security
agreement between Martin County Holdings LLC and the Debtor, Marine
Holdings has a security interest in all instruments, documents,
chattel papers and general intangibles relating to or arising from
the foregoing collateral, and all cash and non-cash proceeds and
products of the Debtor.
Accordingly, Marine Holdings is granted, as of the Petition Date, a
replacement lien, to the same extent as any prepetition lien, on
and in all property set forth in the respective security agreement
and related lien documents of Marine Holdings on the specific
collateral listed in the security documents, including proceeds
derived from Marine Holdings' collateral generated post-petition by
the Debtor. In addition, Marine Holdings will have a replacement
lien on funds held in trust until an order approving compensation
is entered by the Court.
The post-petition lien granted in the Third Interim Order will at
all times be subject and junior to the fees of the Office of the
U.S. Trustee, Court costs and any administrative fees and costs
awarded by the Court in the Debtor's Chapter 11 proceeding.
The Debtor is directed to maintain insurance coverage for its
property in accordance with the obligations under the loan and
security documents, with appropriate endorsements, naming Marine
Holdings as loss payee as required by the terms thereof. The Debtor
will also allow Marine Holdings with reasonable and prompt access
to all collateral securing its claims so as to allow Marine
Holdings' appraisers to evaluate the collateral.
A copy of the Third Interim Order is available for free at
http://bankrupt.com/misc/flsb19-18585-42.pdf
About Meridian Marina & Yacht Club
Meridian Marina & Yacht Club of Palm City, LLC, based in Palm City,
FL, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No.
19-18585) on June 27, 2019. In the petition signed by Timothy
Mullen, member/manager, the Debtor disclosed $8,528,155 in assets
and $5,790,533 in liabilities. The Hon. Erik P. Kimball oversees
the case. Craig I. Kelley, Esq. at Kelley Fulton & Kaplan, P.L.,
serves as bankruptcy counsel.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.
MESOBLAST LIMITED: Sells 37.5 Million Ordinary Shares to Investors
------------------------------------------------------------------
Charlie Harrison, Mesoblast Limited secretary, delivered a notice
to the Australian Securities Exchange disclosing that the Company
issued 37,500,000 fully paid ordinary shares on Oct. 8, 2019 at an
issue price of A$2.00 per Share to sophisticated and professional
investors under the institutional placement announced on Oct. 3,
2019.
Mesoblast advises that:
1. the Shares were issued without disclosure to investors
under Part 6D.2 of the Corporations Act;
2. this notice is being given under section 708A(5)(e) of the
Corporations Act;
3. as at the date of this notice, Mesoblast has complied with:
(a) the provisions of Chapter 2M of the Corporations Act, as
they apply to Mesoblast; and
(b) section 674 of the Corporations Act; and
4. as at Oct. 8, 2019, there is no information that is
"excluded information" within the meaning of sections
708A(7) and 708A(8) of the Corporations Act.
About Mesoblast
Headquartered in Melbourne, Australia, Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) -- http://www.mesoblast.com/-- is a global developer
of innovative cell-based medicines. The Company has leveraged its
proprietary technology platform to establish a broad portfolio of
late-stage product candidates with three product candidates in
Phase 3 trials - acute graft versus host disease, chronic heart
failure and chronic low back pain due to degenerative disc disease.
Through a proprietary process, Mesoblast selects rare mesenchymal
lineage precursor and stem cells from the bone marrow of healthy
adults and creates master cell banks, which can be industrially
expanded to produce thousands of doses from each donor that meet
stringent release criteria, have lot to lot consistency, and can be
used off-the-shelf without the need for tissue matching. Mesoblast
has facilities in Melbourne, New York, Singapore and Texas and is
listed on the Australian Securities Exchange (MSB) and on the
Nasdaq (MESO).
Mesoblast reported a net loss attributable to owners of the Company
of US$89.79 million for the year ended June 30, 2019, a net loss
attributable to owners of the Company of US$35.29 million for the
year ended June 30, 2018, and a net loss attributable to owners of
the Company of US$76.81 million for the year ended June 30, 2017.
As of June 30, 2019, Mesoblast had US$652.11 million in total
assets, US$171.06 million in total liabilities, and $481.05 million
in total equity.
PricewaterhouseCoopers, in Melbourne, Australia, the Company's
auditor since 2008, issued a "going concern" opinion in its report
on the Company's consolidated financial statements for the year
ended June 30, 2019. The auditors noted that the Company has
suffered recurring losses and net cash outflows from operations and
other matters that raise substantial doubt about its ability to
continue as a going concern.
MIAMI METALS I: Judge Signs Final Cash Collateral Order
-------------------------------------------------------
Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York authorized Miami Metals I, Inc. and its
debtor-affiliates to use cash collateral during the period from the
Petition Date through and including the Termination Date pursuant
to the terms and conditions provided in the Final Order.
The Debtors may only use cash collateral in the manner set forth in
the budget approved by the Secured Parties. The Budget extends no
further than Dec. 28, 2019.
The Debtors are borrowers, lessees, obligors, or guarantors under
those certain credit agreements, master netting agreements, and
lease agreements by and among certain Debtors and Coöperatieve
Rabobank U.A., New York Branch, Brown Brothers Harriman & Co., Bank
Hapoalim B.M., Mitsubishi International Corporation, ICBC Standard
Bank Plc, Techemet Metal Trading LLC, Merced Partners Limited
Partnership and Athilon Capital Corp. LLC (as successors in
interest to Woodforest National Bank) and Hain Capital Investors
Master Fund, Ltd. (as successor in interest to Bank Leumi USA),
respectively. The obligations under the Credit and Lease Agreements
are secured by substantially all assets of the Debtors other than
Republic Metals Trading (Shanghai) Co., Ltd. and Republic Trans
Mexico Metals, S.R.L.
As adequate protection, the Secured Parties are granted the
following:
(A) As security for and solely to the extent of any
Diminution in Value, the Secured Parties are granted additional and
replacement valid, binding, enforceable non-avoidable, and
automatically perfected postpetition security interests in and
liens, without the necessity of the execution by the Debtors (or
recordation or other filing) of security agreements, control
agreements, pledge agreements, financing statements, mortgages, or
other similar documents, on all property (including any previously
unencumbered property), whether now owned or hereafter acquired or
existing and wherever located, of each Debtor and each Debtor's
estate (as created pursuant to section 541(a) of the Bankruptcy
Code), of any kind or nature whatsoever, real or personal, tangible
or intangible, and now existing or hereafter acquired or created,
all of the issued and outstanding capital stock of each Debtor,
other equity or ownership interests, causes of action, including
causes of action arising under section 549 of the Bankruptcy Code
(but excluding any causes of action under sections 544, 545, 547,
548 and 550 of the Bankruptcy Code, any other avoidance actions
under the Bankruptcy Code or state law equivalents or the proceeds
thereof), and all products, proceeds and supporting obligations of
the foregoing, whether in existence on the Petition Date or
thereafter created, acquired, or arising and wherever located.
(B) To the extent of any Diminution in Value, as further
adequate protection, and to the extent provided by Sections 503(b),
507(a)(2) and 507(b) of the Bankruptcy Code, the Secured Parties
are granted an allowed superpriority administrative expense claim
against each Debtor (jointly and severally) ahead of and senior to
any and all other administrative expense claims and all other
claims asserted against such Debtors other than the CarveOut.
(C) The Debtors are authorized and directed to pay within
five business days of presentment of an invoice to the Debtors
describing in customary detail (redacted for privilege and work
product), the reasonable and documented fees and expenses of the
Secured Parties (and for each Secured Party), including attorneys
and financial consultants retained by the Secured Parties (and for
each Secured Party), including, without limitation, Luskin, Stern &
Eisler LLP, Greenberg Traurig LLP, Haynes and Boone, LLP, RMI
Consulting, LLC, and RPA Advisors, LLC, whether incurred before or
after the Petition Date, in each case without further order of, or
application to, the Court or notice to any party; provided that the
Secured Parties will concurrently provide such invoice by email to
the U.S. Trustee and counsel to the Creditors' Committee.
(D) The Debtors will also pay, in each case at the place and
in the currency in which it is expressed to be payable pursuant to
the applicable Secured Credit/Lease Documents, interest on the
outstanding Secured Obligations to the Secured Parties at a rate
per annum equal to 4.50%, compounded daily, which will be payable
in arrears on the first business day of each calendar week;
provided that interest at an additional 1.00% and, to the extent
set forth in the applicable Secured Credit/Lease Documents,
interest at the default rate in excess of 5.50% will accrue from
the Petition Date through the Termination Date. This interest paid
will not be subject to challenge from the Debtors, the Creditors'
Committee or any other party in interest.
(E) The Debtors are authorized and directed to pay to the
Secured Parties $25,000,000 from Cash Collateral within three
business days of the entry of the Final Order which will be applied
in partial satisfaction of the principal amount of the Secured
Obligations.
(F) At all times the Debtors will maintain appropriate
casualty and loss insurance coverage for the Prepetition Collateral
and Adequate Protection Collateral.
About Miami Metals I
Founded in 1980, Republic Metals Refining Corporation and its
affiliates are refiner of precious metals with a primary focus on
gold and silver. They have the capacity to produce approximately
80 million ounces of silver and 350 tons of gold, along with over
55 million pieces of minted products per annum. Suppliers ship
unrefined gold and silver to Republic for refining from all over
the United States and the Western Hemisphere. They provide their
products and services to a diverse base of global mining
corporations, financial institutions and jewelry manufacturers.
Republic Metals Refining, Republic Metals Corporation and Republic
Carbon Company, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 18-13359 to 18-13361) on
Nov. 2, 2018. Republic Metals Refining Corporation is now known as
Miami Metals I, Inc.; Republic Metals Corporation as Miami Metals
II, Inc.; and Republic Carbon Company as Miami Metals III LLC.
In the petition signed by CRO Scott Avila, Republic Metals Refining
estimated assets of $1 million to $10 million and liabilities of
$100 million to $500 million.
The Debtors tapped Akerman LLP as their legal counsel; Paladin
Management Group, LLC, as financial advisor; and Donlin, Recano &
Company, Inc., as claims and noticing agent.
MIDWEST-ST. LOUIS: Seeks to Continue Cash Use Through Dec. 31
-------------------------------------------------------------
Midwest-St. Louis, LLC, asks the U.S. Bankruptcy Court for the
Eastern District of Missouri to extend their authorization to use
cash collateral from Sept. 12 through Dec. 31, 2019.
The Debtor requires the use of cash collateral to continue its
business operations and to pay its regular daily expenses,
including employees' wages, utilities, and other costs of doing
business.
The Debtor has previously obtained the Court's approval for the use
of cash collateral on an interim and final basis. The Cash
Collateral Order provides for certain adequate protection
obligations to Debtor's four lenders, namely: (a) Dieterich Bank;
(b) Midland States Bank; (c) Providence Bank; and (d) Triad Bank.
The Adequate Protection Obligations include, among other items,
post-petition payments to the Secured Lenders and certain reporting
requirements.
The Debtor is current on all of said Adequate Protection
Obligations.
A copy of the Motion is available for free at
http://bankrupt.com/misc/moeb19-42279-59.pdf
About Midwest-St. Louis, L.L.C.
Midwest-St. Louis, LLC, owner of a gas station and convenience
store in St. Louis, filed a voluntary Chapter 11 petition (Bankr.
E.D. Mo. Case No. 19-42279) on April 12, 2019. In the petition
signed by Munji Abdeljabber, member, the Debtor was estimated to
have $50,000 in assets and $1 million to $10 million in
liabilities. The case is assigned to Judge Kathy A.
Surratt-States. Spencer P. Desai, Esq., at Carmody MacDonald P.C.,
represents the Debtor as counsel.
MILLWASP REALTY: $1M Sale of Properties to Fund Plan
----------------------------------------------------
Millwasp Realty, LLC, has filed a Plan of Reorganization and
Disclosure Statement, saying that the sale of its properties will
be able to fund the Plan in full.
Pursuant to an auction dated Sept. 24, 2019, Uzi Shavut has agreed
to purchase the real property located at 222 Bay Street, Staten
Island, New YOrk 10301 and 224 Bay Street, Staten Island, New YOrk
10301 for the sum of $1 million. Assuming this matter closes,
these funds will be used to implement the Plan.
According to the Disclosure Statement, the Plan proposes to treat
claims as follows:
* Class 1 - SEcured Claims. The Class 1 claims of NYCTL 1998-2
Trust, the Bank of New YOrk Mellon, and NYCTL 2016-A Trust are
unimpaired.
* Class 2 — The mortgage of Antonio and Kim Attanasio in the
sum of $300,000 is impaired. The Attanasios are aware that if this
Plan were not to be confirmed and the sale were not to go forward
it is likely that NYCTL would sell the Properties at a tax lien
sale and the Attanasios will receive nothing. As a result of they
have tentatively agreed to reduce their claim to permit the NYCTL
taxes to be paid in full, administrative expenses to be paid and
closing costs to be paid. They will receive the entire balance. No
funds will be returned to any members of the LLC.
* Class 3 — There are two unsecured claims: one of which is
filed by the IRS and other is filed by Consolidated Edison Company.
The Debtor has no knowledge in regard to these claims and will try
to work them out informally. If not a claims objection may be
filed. The class is unimpaired.
A full-text copy of the Disclosure Statement dated October 7, 2019,
is available at https://tinyurl.com/y5w76yrn from PacerMonitor.com
at no charge.
About Millwasp Realty
Millwasp Realty LLC owns in fee simple mixed use buildings located
at 222 Bay Street Staten Island, NY 10301 and 224 Bay Street Staten
Island, NY 10301 having an aggregate current value of $2 million.
Millwasp Realty sought bankruptcy protection (Bankr. E.D.N.Y. Case
No. 18-44034) on July 12, 2018 to avoid a tax lien sale by NYCTL.
In the petition signed by Jill Sorrentino, managing member, the
Debtor disclosed $2 million in assets and $996,807 in liabilities.
The case is assigned to Judge Nancy Hershey Lord. Mark R.
Bernstein, Esq., at the Law Office of Gregory Messer, PLLC, is the
Debtor's counsel.
MO/JAS CONSTRUCTION: Seeks to Hire Bankruptcy Attorney
------------------------------------------------------
MO/JAS Construction Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to hire an attorney in
connection with its Chapter 11 case.
In an application filed in court, the Debtor proposes to employ T.
Mark O'Toole, Esq., an attorney based in Stockton, Calif., to give
legal advice regarding the administration of its bankruptcy estate,
represent the Debtor in suits related to its bankruptcy case,
assist in the investigation and collection of accounts receivable,
and provide other services in connection with the case.
The bankruptcy attorney will charge an hourly fee of $200.
Mr. O'Toole neither holds nor represents any interest adverse to
the interest of the Debtor and its bankruptcy estate, according to
court filings.
Mr. O'Toole maintains an office at:
T. Mark O'Toole, Esq.
11 S. San Joaquin St #501
Stockton, CA 95202
Tel: 209-462-4983
Email: Mrk.Otoole@live.com
About MO/JAS Construction
MO/JAS Construction Inc., a general contractor in Stockton, Calif.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Cal. Case No. 19-25173) on Aug. 16, 2019. At the time of the
filing, the Debtor was estimated to have assets of between $100,000
and $500,000 and liabilities of between $100 million and $500
million. The case is assigned to Judge Fredrick E. Clement. T.
Mark O'Toole, Esq., is the Debtor's counsel.
NEOVASC INC: OPKO Health Lowers Stake to 4.5% as of August 7
------------------------------------------------------------
OPKO Health, Inc. disclosed in a Schedule 13D/A filed with the
Securities and Exchange Commission that as of Aug. 7, 2019, it
beneficially owns 338,575 common shares of Neovasc, Inc., which
constitutes 4.5 percent based on 7,481,157 Common Shares
outstanding as of Aug. 7, 2019, as reported by the Issuer in its
Management's Discussion and Analysis furnished to the SEC on Form
6-K on Aug. 7, 2019. The amendment was filed solely as a result of
a change in the Issuer's issued and outstanding Common Shares to
reflect that OPKO ceased to be the beneficial owner of more than 5%
of the Issuer's issued and outstanding Common Shares, and amends
and supplements the statement on Schedule 13D filed by OPKO,
Phillip Frost, M.D., and Frost Gamma Investments Trust with the SEC
on June 12, 2019, as amended. A full-text copy of the regulatory
filing is available for free at https://is.gd/lRUcgb.
About Neovasc Inc.
Based in Richmond, British Columbia, Neovasc Inc. --
http://www.neovasc.com/-- is a specialty medical device company
that develops, manufactures and markets products for the rapidly
growing cardiovascular marketplace. Its products include the
Neovasc Reducer, for the treatment of refractory angina, which is
not currently available in the United States and has been available
in Europe since 2015, and the Tiara, for the transcatheter
treatment of mitral valve disease, which is currently under
clinical investigation in the United States, Canada and Europe.
Neovasc reported a net loss of US$108.04 for the year ended Dec.
31, 2018, compared to a net loss of US$22.90 million for the year
ended Dec. 31, 2017. As of March 31, 2019, Neovasc had US$16.09
million in total assets, US$18.89 million in total liabilities, and
a total deficit of US$2.80 million.
Grant Thornton LLP, in Vancouver, BC, the Company's auditor since
2002, issued a "going concern" opinion in its report on the
Company's consolidated financial statements for the year ended Dec.
31, 2018, stating that the Company incurred a net loss of US$108.04
million during the year ended Dec. 31, 2018, and as of that date,
the Company's liabilities exceeded its assets by US$9.67 million.
These conditions, along other matters, raise substantial doubt
about the Company's ability to continue as a going concern.
NEW COTAI: Exclusivity Period Extended Until Dec. 24
----------------------------------------------------
Judge Robert Drain the U.S. Bankruptcy Court for the Southern
District of New York extended the period during which New Cotai
Holdings, LLC and its affiliates have the exclusive right to file a
Chapter 11 plan and solicit votes through Dec. 24.
The bankruptcy judge also required the companies to promptly inform
the ad hoc group of noteholders' legal counsel of any proposal or
suggestion regarding any further equity raise concerning Studio
City International or any sale of Studio City stock that may be
designed to facilitate a "squeeze out" merger under Cayman law.
About New Cotai Holdings
New Cotai Holdings, LLC, and certain of its affiliates were formed
for the purpose of investing in what is now Studio City
International Holdings Limited. Studio City International,
together with its subsidiaries, owns the Studio City project, an
integrated resort comprising entertainment, retail, hotel and
gaming facilities located in the Macau Special Administrative
Region of the People's Republic of China. Affiliates of investment
funds managed by Silver Point Capital, L.P. own a direct or
indirect controlling interest in each of the Debtors. The Debtors
have no employees.
New Cotai Holdings and four affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-22911) on May 1, 2019. The petitions were signed by David
Reganato, authorized signatory. The cases are assigned to Judge
Robert D. Drain. At the time of filing, New Cotai estimated $100
million to $500 million in assets and $500 million to $1 billion in
liabilities.
The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP, as
counsel; Houlihan Lokey Capital, Inc., as financial advisor; and
Prime Clerk LLC, as noticing, claims and balloting agent.
NEW VENTURE 777: Allowed to Use Cash Collateral on Final Basis
--------------------------------------------------------------
Judge John K. Olson of the U.S. Bankruptcy Court for the Southern
District of Florida authorized New Venture 777 LLC to use cash
collateral on final basis for the period covering Oct. 1, 2019
through the completion of the case. The Debtor may use up to
$86,245 in cash collateral on a monthly basis to pay expenses set
forth in the Budget, and may further use up to 15% of cash
collateral for such unforeseen costs that may arise from time to
time, and that are required for ordinary maintenance and continued
operation of the business.
A copy of the Order is available for free at
http://bankrupt.com/misc/flsb19-19719-41.pdf
About New Venture 777
New Venture 777 LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-19719) on July 22,
2019. At the time of the filing, the Debtor was estimated to have
assets of less than $500,000 and liabilities of less than $1
million. The case has been assigned to Judge John K. Olson. The
Debtor is represented by Moffa & Breuer, PLLC.
OLEUM OPERATING: Exclusivity Period Extended Until Dec. 21
----------------------------------------------------------
Judge Bill Parker of the U.S. Bankruptcy Court for the Eastern
District of Texas extended Oleum Operating Co., L.C.'s exclusivity
period to file its disclosure statement and Chapter 11 plan of
reorganization to Dec. 21 and the period to solicit acceptances for
the plan to March 31, 2020.
Oleum sought the extension because one of the largest potential
claims against the company is currently contingent and
unliquidated. The hearing to determine liability and amount of
damages is currently set for Dec. 4 in Louisiana State Court. The
amount of liability assessed against Oleum on that date will be an
integral component in the structure of the company's proposed plan
of reorganization, according to court filings.
Moreover, Oleum continues to work through additional issues as they
arise to promote its reorganization efforts. The company intends to
file a viable plan of reorganization and continues to take
necessary steps to progress towards reorganization. In addition,
the company, through its legal counsel, has been negotiating with
creditors to satisfy debts.
About Oleum Operating Co.
Oleum Operating Co., L.C. provides oil and gas exploration and
production services.
Oleum Operating Co., L.C. filed a voluntary petition for bankruptcy
relief under chapter 11 of title 11, United States Code (Bankr.
E.D. Tex. Case No. 19-60341) on May 15, 2019. In the petition
signed by Micheal W. Snell, managing member, the Debtor estimated
$1 million to $10 million in both assets and liabilities. Callan
Clark Searcy, Esq. at Searcy & Searcy, P.C. is the Debtor's
counsel.
ONETRADEX LTD: Chapter 15 Case Summary
--------------------------------------
Chapter 15 Debtor: OneTRADEx Ltd.
5th Floor, Anderson Square
PO Box 2168
Grand Cayman KY1-1105
Cayman Islands
Chapter 15 Case No.: 19-13257
Business Description: OneTRADEx Ltd., based in Cayman
Islands, is a fully-licensed broker
dealer that offers online discount
trading services to individual
investors, traders, hedge fund
managers, and family offices.
Foreign Proceeding: FSD Cause: 166 of 2019, Financial
Svcs. Div., Grand Court of Cayman Is.
Chapter 15
Petition Date: October 15, 2019
Court: United States Bankruptcy Court
Southern District of New York
(Manhattan)
Judge: Hon. Martin Glenn
Foreign
Representatives: Kenneth Krys & Angela Barkhouse of
KRyS Global
Governors Square, Bldg. 6,
2nd Floor
23 Lime Tree Bay Avenue
PO Box 31237
Grand Cayman KY1-1205
Cayman Islands
Foreign
Representative's
Counsel: Katherine R. Catanese, Esq.
Leah Eisenberg, Esq.
Alissa Nann, Esq.
FOLEY & LARDNER, LLP
90 Park Ave, 29th Floor
New York, NY 10016
Tel: (212) 338-3496
(212) 682-7474
Fax: (212) 687-2329
E-mail: kcatanese@foley.com
leisenberg@foley.com
anann@foley.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the petition is available for free at:
http://bankrupt.com/misc/nysb19-13257.pdf
PALMER-TECH SERVICES: Allowed to Use Cash Collateral Until Nov. 2
-----------------------------------------------------------------
Judge Jack B. Schmetterer of the U.S. Bankruptcy Court for the
Northern District of Illinois inked his approval to an Agreed
Second Order extending Palmer-Tech Services Inc.'s authority to use
cash collateral under the Interim Order through Nov. 2, 2019
pursuant to the budget.
A further hearing on the Debtor's use of cash collateral is
scheduled to take place on Oct. 31, 2019 at 10:30 a.m.
The Debtor is directed to provide PNC Bank N.A., by Oct. 23, 2019,
the following documents: (a) current A/R aging report; (b)
year-to-date profit and loss statement; (c) profit and loss
statement for the period from Sept. 16 to the date of the
statement; (d) balance sheet; (e) list of works in process; and (f)
an analysis of the proposed budget showing the actual amounts
expended and received by the Debtor compared to those amounts
budgeted.
As a condition for Debtor's further use of cash collateral, the
adequate protection payment due to PNC under the Order entered as
ECF No. 19 must be paid by the close of business on Oct. 11. The
Debtor may also file any objection to PNC's proof of claim by Nov.
7, 2019.
A copy of the Agreed Second Order is available for free at
http://bankrupt.com/misc/ilnb19-26085-26.pdf
About Palmer-Tech Services
Palmer-Tech Services Inc. -- https://www.palmercanning.com/ --
located in Chicago, Illinois, assembles, fabricates, and installs
canning machinery for the canned beverage industry.
Palmer-Tech Services filed a Chapter 11 bankruptcy petition (Bankr.
N.D. Ill. Case No. 19-26085) on Sept. 16, 2019 in Chicago,
Illinois. In the petition signed by Michael Palmer, president, the
Debtor was estimated to have both assets and liabilities ranging
from $1 million to $10 million. The Hon. Jack B. Schmetterer is
the case judge. FACTORLAW is the Debtor's counsel.
PANTHERA ENTERPRISES: Hiring Bernstein-Burkley as Attorneys
-----------------------------------------------------------
Panthera Enterprises, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of West Virginia to employ
Bernstein-Burkley, P.C. as its Chapter 11 counsel.
Panthera has selected Bernstein-Burkley, P.C. because the firm's
professionals have had considerable experience in matters of this
character, and Panthera believes that Bernstein-Burkley, P.C. is
well qualified to represent it as a Debtor-in-Possession in this
proceeding.
The professional services that Bernstein-Burkley, P.C. are to
render include:
a. Providing Panthera legal advice with respect to its powers
and duties as Debtor-in-Possession in the continued operation of
its business and management of its property;
b. Preparing on behalf of Panthera, as Debtor-in-Possession,
necessary applications, Answers, Orders, reports and other legal
papers;
c. Performing all other legal services for Panthera as
Debtor-in-Possession which may be necessary.
Certain attorneys and other personnel within the firm will
undertake this representation at their standard hourly rates.
The firm's Robert S. Bernstein, Esq., attests that his firm has no
connection with any creditors, or any other party-in-interest, or
their respective attorneys.
About Panthera Enterprises
Based in Old Fields, West Virginia, Panthera Enterprises, LLC,
f/k/a TENX Group LLC, provides electrical work and services. The
Company filed for Chapter 11 bankruptcy protection (Bankr. N.D.
W.Va. Case No. 19-00787) on September 13, 2019, listing between $10
million and $50 million in assets and liabilities. The petition
was signed by James Punelli, its managing member.
The Debtor is represented by:
Robert S. Bernstein, Esq.
BERNSTEIN-BURKLEY, P.C.
707 Grant Street, 2200 Gulf Tower
Pittsburgh, PA 15219
Tel: (412) 456-8101
Fax: (412) 456-8135
Email: rbernstein@bernsteinlaw.com
PROMISE HEALTHCARE: Seeks to Extend Exclusivity Period to Nov. 15
-----------------------------------------------------------------
Promise Healthcare Group, LLC and its affiliated debtors asked the
U.S. Bankruptcy Court for the District of Delaware to extend the
period during which only the companies can file a Chapter 11 plan
to Nov. 15, and the period to solicit acceptances for the plan to
Jan. 14, 2020.
An extension of the exclusivity period will provide the companies
sufficient time to engage in further productive discussions with
the unsecured creditors' committee and other stakeholders
concerning the plan, according to court filings.
About Promise Healthcare
Established in 2003, Promise Healthcare is a specialty post-acute
care health company headquartered in Boca Raton, Florida.
Promise Healthcare Group, LLC, and its affiliates sought bankruptcy
protection on Nov. 4, 2018 (Bankr. D. Del. Lead Case No. 18-12491).
In the petition signed by Andrew Hinkelman, CRO, the Debtors
estimated assets of up to $50,000 and liabilities of $50 million to
$100 million.
The Debtors tapped DLA Piper LLP and Waller Lansden Dortch & Davis,
LLP, as general counsel; FTI Consulting, as financial and
restructuring advisor; Houlihan Lokey and MTS Health Partners,
L.P., as investment bankers; and Prime Clerk LLC as claims agent.
PURDUE PHARMA: Kramer Levin, et al. Represent Litigation Claimants
------------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Kramer Levin Naftalis & Frankel LLP, Brown Rudnick
LLP, Gilbert LLP and Otterbourg P.C. provided notice that they are
representing the Ad Hoc Committee Counsel in the Chapter 11 cases
of Purdue Pharma, L.P., et al.
The ad hoc committee of governmental and other contingent
litigation claimants was initially formed on September 15, 2019,
and retained Ad Hoc Committee Counsel to represent the Ad Hoc
Committee in connection with the Bankruptcy Cases. The Ad Hoc
Committee currently consists of the parties-in-interest set forth
on Exhibit A. As disclosed on Exhibit A, each Ad Hoc Committee
Member, a party-in-interest, holds claims and interests against the
Debtors that may include, but are not necessarily limited to,
unsecured claims, and administrative claims in unliquidated
amounts. Members of the Ad Hoc Committee have filed complaints
against the Debtors collectively asserting billions of dollars in
damages. The members of the Ad Hoc Committee negotiated and support
a settlement structure with the Debtors and their equity
shareholders, on behalf of a larger group of supporting
governmental and other contingent litigation claimants.
Collectively, this larger group of creditors comprise over half the
population of the country, holding substantial claims against the
Debtors' estates.
As of Oct. 10, 2019, members of the Ad Hoc Committee and their
disclosable economic interests are:
(1) The State of Florida
Attn: Ashley Moody, Attorney General
PL-01 The Capitol
Tallahassee, FL 32399
* Unliquidated Claims
(2) The State of Georgia
Attn: Chris Carr, Attorney General
40 Capitol Square, SW
Atlanta, GA 30334
* Unliquidated Claims
(3) The State of Louisiana
Attn: Jeff Landry, Attorney General
1885 North Third Street
Baton Rouge, LA 70802
* Unliquidated Claims
(4) The State of Michigan
Dana Nessel, Attorney General
525 W. Ottawa St.
Lansing, MI 48909
* Unliquidated Claims
(5) The State of Mississippi
Attn: Jim Hood, Attorney General
Walter Stillers Building
550 High Street, Suite 1200
Jackson, MS 39201
* Unliquidated Claims
(6) The State of New Mexico
Attn: Hector Balderas, Attorney General
Villagra Building
408 Galisteo Street
Santa Fe, NM 87501
* Unliquidated Claims
(7) The State of Ohio
Attn: Dave Yost, Attorney General
James A. Rhodes State Office Tower
30 East Broad Street, 14th Floor
Columbus, OH 43215
* Unliquidated Claims
(8) The State of Tennessee
Attn: Herbert H. Slatery III, Attorney General
War Memorial Building
301 6th Avenue North
Nashville, TN 37243
* Unliquidated Claims
(9) The State of Texas
Attn: Ken Paxton, Attorney General
209 West 14th Street
Austin, TX 78701
* Unliquidated Claims
(10) The State of Utah
Attn: Sean Reyes, Attorney General
Utah State Capitol Complex
350 North State Street, Suite 230
Salt Lake City, UT 84114
(11) Court appointed Co-Lead Counsel: Paul J. Hanly, Jr.,
Joseph F. Rice, and Paul T. Farrell, Jr., on behalf of the
Court appointed Plaintiffs' Executive Committee in In re
National Prescription Opiate Litigation, Case No. 17-md-
02804, MDL No.2804
Attn: Joseph Rice
MOTLEY RICE LLC
28 Bridgeside Blvd.
Mt. Pleasant, SC 29464
Attn: Paul Hanly
SIMMONS HANLY CONROY LLC
112 Madison Avenue
New York, NY 10016
* See Plaintiffs' Renewed Motion to Approve Co- Leads,
Co-Liaison, and Executive Committee, In re: National
Prescription Opiate Litigation, Case No. 17-md-02804,
MDL No. 2804, Jan. 4, 2018 (N.D. Ohio) (Dkt. No. 34);
see also Margin Order Granting Dkt. No. 34 (Dkt. No. 37)
(12) Broward County
Attn: Danielle French and Andrew J. Meyers
115 South Andrews Avenue, #423
Fort Lauderdale, FL 33301
* Unliquidated Claims
(13) City of Chicago
Attn: Mark A. Flessner
121 N. LaSalle Street, Suite 600
Chicago, IL 60602
* Unliquidated Claims
(14) Huntington/Cabell County
Attn: Mike Woelfel
801 8th Street
Huntington, WV 25701
* Unliquidated Claims
(15) King County
Attn: Devon Shannon
516 3rd Ave
Seattle, WA 98104
* Unliquidated Claims
(16) Muscogee (Creek) Nation
Kevin W. Dellinger and Kyle B. Haskins
1008 East Eufaula
P.O. Box 580
Okmjulgee, OK 74447
* Unliquidated Claims
(17) City of Philadelphia
Pamela Elchert Thurmond
1401 John F. Kennedy Blvd., 5th Floor
Philadelphia, PA 19102-1595
Benjamin Field
1515 Arch Street, 15th Floor
Philadelphia, PA 19102
* Unliquidated Claims
(18) Santa Clara County
Office of the County Counsel
County of Santa Clara
Attn: Douglas Press
70 West Hedding Street
East Wing, 9th Floor
San José, CA 95110
* Unliquidated Claims
Counsel for the Ad Hoc Committee can be reached at:
KRAMER LEVIN NAFTALIS & FRANKEL LLP
Kenneth H. Eckstein, Esq.
Rachael Ringer, Esq.
1177 Avenue of the Americas
New York, NY 10036
Telephone: 212-715-9100
Facsimile: 212-715-8000
Email: keckstein@kramerlevin.com
rringer@kramerlevin.com
BROWN RUDNICK LLP
David J. Molton, Esq.
Steven D. Pohl, Esq.
7 Times Square
New York, NY 10036
Telephone: (212) 209-4800
E-mail: dmolton@brownrudnick.com
spohl@brownrudnick.com
GILBERT LLP
Scott D. Gilbert, Esq.
Craig Litherland, Esq.
Kami E. Quinn, Esq.
1100 New York Ave, NW, Suite 700
Washington, DC 20005
Telephone: (202) 772-2200
E-mail: gilberts@gilbertlegal.com
litherlandc@gilbertlegal.com
quinnk@gilbertlegal.com
- and -
OTTERBOURG P.C.
Melanie L. Cyganowski, Esq.
Jennifer S. Feeney, Esq.
230 Park Avenue
New York, NY 10169
Telephone: (212) 661-9100
Facsimile: (212) 682-6104
E-mail: mcyganowski@otterbourg.com
jfeeney@otterbourg.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/p8TbVl
About Purdue Pharma
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.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation facing the Company.
The Company's consolidated balance sheet at Aug. 31, 2019, showed
$1.972 billion in assets and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain, in White Plains, New York, has
been assigned to oversee Purdue's Chapter 11 case.
The Debtors tapped Davis Polk & Wardwell LLP and Dechert LLP as
legal counsel; PJT Partners as investment banker; AlixPartners as
financial advisor; and Prime Clerk LLC as claims agent.
Ira Dizengoff, Esq., Arik Preis, Esq., and Mitchell Hurley, Esq.,
at Akin Gump Strauss Hauer & Feld LLP serve as counsel to the
Official Committee of Unsecured Creditors.
Pillsbury Winthrop Shaw Pittman LLP, led by Andrew M. Troop,
represents the Non-Consenting States.
Bracewell LLP, led by Daniel S. Connolly and Robert G. Burns; and
Milbank LLP, led by Gerard Uzzi and Eric K. Stodola, represent the
Raymond Sackler family, comprised of Dr. Richard Sackler, Jonathan
Sackler, David Sackler, and Beverly Sackler.
Scott+Scott Attorneys at Law LLP, led by Beth A. Kaswan, is counsel
to the Municipality Consortium. Caplin & Drysdale, Chartered, led
by Kevin C. Maclay, James P. Wehner, Jeffrey A. Liesemer, and Todd
E. Phillips, is counsel to the Multi-State Governmental Entities
Group.
PURDUE PHARMA: Section 341(a) Meeting Set for Nov. 5
----------------------------------------------------
The U.S. Trustee for Region 2 will convene a meeting of creditors
of Purdue Pharma LP and its debtor-affiliates on Nov. 5, 2019, at
2:30 p.m., (ET), at the U.S. Bankruptcy Court for the Southern
District of New York, One Bowling Green, 5th Floor, New York, New
York 1004-1408.
The meeting will be held pursuant to Sec. 341(a) of the Bankruptcy
Code. A representative of the Debtors is required to attend the
meeting to be questioned under oath. The meeting may be continued
or adjourned to a later date. Creditors may attend, but are not
required to do so.
About Purdue Pharma
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.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation facing the Company.
The Company's consolidated balance sheet at Aug. 31, 2019, showed
$1.972 billion in assets and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain, in White Plains, New York, has
been assigned to oversee Purdue's Chapter 11 case.
Davis Polk & Wardwell LLP and Dechert LLP are serving as legal
counsel to Purdue. PJT Partners is serving as investment banker,
and AlixPartners is serving as financial advisor. Prime Clerk LLC
is the claims agent.
R & B SERVICES: Nov. 6 Disclosure Statement Hearing Set
-------------------------------------------------------
Debtor R & B Services, Inc., will move before Judge Carla E. Craig
of the U.S. Bankruptcy Court for the Eastern District of New York
on Nov. 6, 2019, at 2:00 p.m. for entry of an order, approving the
Disclosure Statement of the Debtor dated Oct. 7, 2019; and
scheduling a Hearing on Confirmation of the Debtor's Plan of
Reorganization.
As reported in the TCR, R & B Services, Inc., filed a Chapter 11
plan and accompanying disclosure statement proposing that General
Unsecured Claims, which are impaired, will be paid in cash, an
amount equal to 5% of the allowed amount of the creditors' claim
payable in three annual installments of one-third of the 5% payment
owed commencing 30 days after the Effective Date of the Plan. Each
of the three (3) payments shall be approximately $14,095.41.
A full-text copy of the Disclosure Statement dated July 22, 2019,
is available at https://tinyurl.com/y42ubkou from PacerMonitor.com
at no charge.
About R & B Services
R & B Services Inc. is a construction company based in New York.
Its services include general contracting, demolition excavation
utility and site work.
R & B Services sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 18-43646) on June 24, 2018. In the
petition signed by Reginald Bridgewater, president, the Debtor was
estimated to have assets of $1 million to $10 million and
liabilities of $1 million to $10 million. Judge Carla E. Craig
oversees the case. The Debtor tapped Sichenzia Ross Ference Kesner
LLP as its legal counsel, and Mohen Cooper LLC as its special
counsel.
R-DREAM FARM: Plan & Disclosure Statement Due March 9, 2020
-----------------------------------------------------------
Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the
Western District of Pennsylvania issued an order requiring -Dream,
LLC, to file a Plan of Reorganization/Liquidation and Disclosure
Statement by March 9, 2020.
About R-Dream Farm
R-Dream Farm, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Pa. Case No. 19-10920) on Sept. 11,
2019. At the time of the filing, the Debtor was estimated to have
assets of between $500,001 and $1 million and liabilities of
between $100,001 and $500,000. The Debtor is represented by Steidl
& Steinberg.
S & G MACHINE: Unsecureds Will be Paid in 72 Monthly Installments
-----------------------------------------------------------------
S & G Machine, L.L.C, submitted a plan of reorganization and
disclosure statement.
Under the PLan, Manufacturers Capital, a Division of Commercial
Credit Group has asserted a secured claim against the Debtor in the
amount of $247,257. The Debtor will pay this obligation in full in
equal monthly installments of $3,000.00 each until the obligation
is paid in full, with the first of said installments being due on
the Effective Date of this Plan.
The claims of holders of general unsecured claims shall be paid in
full with interest at 4% per annum in 72 monthly installments with
the first of said monthly installments being due and payable on the
Effective Date of the Plan. General unsecured claims in the amount
of $200 or less will be paid in full in cash on the Effective
Date.
The equity security holder will retain his equity security interest
but shall receive nothing on account of his equity security
interest until all higher priority classes have been satisfied.
A full-text copy of the Disclosure Statement dated Oct. 7, 2019, is
available at https://tinyurl.com/y5euwpqy from PacerMonitor.com at
no charge.
About S & G Machine LLC
S & G Machine, L.L.C., is a limited liability company operating a
machine shop in Hokes Bluff, Etowah County, Alabama. It owns the
real property and building from which it conducts its operations.
The company was formed in 2001 to take over a machine shop
operation formerly operated individually by John Scott Young. John
Scott Young currently is the sole member, and the managing member,
of S & G. The Company does machining for several customers
including but not limited to The Goodyear Tire & Rubber Company in
Gadsden, Alabama; certain parts manufacturers in the automobile
industry; and the general public.
S & G Machine, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ala. Case No. 19-40526) on March 29,
2019. At the time of the filing, the Debtor was estimated to have
assets and liabilities of less than $500,000. Judge James J.
Robinson oversees the case. Robert D. McWhorter, Jr., Esq., at
Inzer, McWhorter, Haney & Skelton, LLC, represents the Debtor.
SADDY FAMILY: To Present Plan for Confirmation on Nov. 21, 2019
---------------------------------------------------------------
Saddy Family, LLC, has won conditional approval to the disclosure
statement in support of its Chapter 11 Plan.
A hearing will be held on Nov. 21, 2019 at 2:00 p.m. (a date within
45 days of the filing of the Plan) for final approval of the
Disclosure Statement and for confirmation of the Plan before the
Honorable Kathryn C. Ferguson, United States Bankruptcy Court,
District of New Jersey, 402 East State Street, Trenton, NJ 08608 in
Courtroom 2.
Nov. 14, 2019 is fixed as the last day for filing and serving
written objections to the Disclosure Statement and confirmation of
the Plan.
As reported in the TCR, the Debtor has filed a Liquidating Plan,
which provides that with respect to general unsecured claims
totaling $534,581, payment to the general unsecured creditors will
in the form of a pro rata distribution from the proceeds the assets
of the Debtor and the Associated
Debtors, SJV, Inc. and LASV, Inc, which will take place within six
months subsequent to the Effective Date. If the assets are not
sold within the six-month period, an auctioneer will be retained by
the Debtor and the assets sold at auction sale.
A copy of the Disclosure Statement filed Sept. 29, 2019, from
PacerMonitor.com, is available at
https://is.gd/gngyXO
About Saddy Family
Saddy Family, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 19-14223) on Feb. 28, 2019.
At the time of the filing, the Debtor estimated assets of less
than $50,000 and liabilities of $1 million to $10 million. The
case is assigned to Judge Christine M. Gravelle. The Law Office of
Eugene D. Roth is the Debtor's counsel.
The Debtor is related to, and associated with, debtors LASV Inc
under Case No. 19-14218 and SJV, Inc. under Case No. 19-14220-KCF.
In 1995, SJV, Inc. was formed for the purposes of operating Karma,
a nightclub in Seaside Heights, NJ. In 1997, LASV, Inc. was formed
for the purposes of operating, Bamboo, another associated nightclub
in Seaside Heights, NJ. Saddy Family, LLC was formed as a real
estate holding company for the properties used by SJV and LASV.
SAFEBUY LLC: Cavazos Hendricks Represents Lender Group
------------------------------------------------------
In the Chapter 11 cases of Safebuy, LLC, et al, the law firm of
Cavazos Hendricks Poirot, P.C. submitted a verified statement of
the Lenders under Rule 2019 of the Federal Rules of Bankruptcy
Procedure.
Names of Creditors Represented in the Jointly Administered Cases
are:
(1) Allison & Brendan McLean
* Loan: $50,000
(2) Cindie & Steve Miller
* Loan: $200,000
(3) Jamie & Jim Huddleston
* Loan: $200,000
(4) Karen & Gary Meyers
* Loan: $300,000
(5) Tim & Elise Turner
* Loan: $500,000
(6) Greg Smith
* Loan: $234,000
(7) Monserrat Smith
* Loan: $67,000
(8) Olga Bederman
* Loan: $50,000
(9) Jim Bright
* Loan: $300,000
(10) The Thor Johnston Family Trust c/o Jason Johnston
* Loan: $1,000,000
(11) Larry Starks
* Loan: $100,000
(12) Stephen Mobley
* Loan: $200,000
(13) Chad Bradshaw
* Loan: $100,000
(14) Michael Rutkoski
* Loan: $600,000
(15) David Wayne
* Loan: $150,000
(16) Chupacabra Ltd.
* Loan: $138,000
(17) Corinth Protected Cell
* Loan: $1,200,000
(18) Debrah Klein
* Loan: $96,000
(19) Sharon Sefton
* Loan: $12,500
(20) Mark Baker
* Loan: $50,000
(21) Janet Bright
* Loan: $300,000
The lenders listed above have agreed to act collectively in
pursuing the collection of their debts and sharing the costs of
legal fees and expenses. The Lenders have engaged the firm in order
to represent them in the above- referenced case. The Lenders do not
constitute a committee and have no document that formalizes their
relationship. The addresses of each Lender have not been disclosed
for privacy reasons but are available from CHP upon request.
None of the Lenders acquired its debt in anticipation of or after
the filing of this case. One Lender made its initial loan to the
Debtor within 12 months of the commencement of the case.
CHP has advised each of the parties that it represents the others,
and all parties have consented to this arrangement.
CHP does not hold any claim or interest in relation to the jointly
administered Debtors.
Counsel to the Lender Group can be reached at:
CAVAZOS HENDRICKS POIROT, P.C.
Arnaldo "Arnie" N. Cavazos, Esq.
Christopher J. Volkmer, Esq.
"George" Yu-Fu King, Esq.
Suite 570, Founders Square
900 Jackson Street
Dallas, TX 75202
Tel: (214) 573-7322
Fax: (214) 573-7399
Email: cvolkmer@chfirm.com
A copy of the Rule 2019 filing is available for free at
https://tinyurl.com/y6t39x2k from PacerMonitor.com at no charge.
About SafeBuy
SafeBuy LLC is part of a business enterprise that operates used car
lots and sells vehicles on a "buy here / pay here" basis, thereby
generating promissory notes executed by buyers. This business
was conducted by SafeBuy LLC through affiliates SafeBuy Properties,
LLC, SafeBuy Acceptance Corporation and SafeBuy Financial Services,
Inc.
According to a group of lenders, the business of the SafeBuy
Enterprise became over time what amounts to a Ponzi scheme,
soliciting further loans and the using the proceeds to pay the
interest owed to prior lenders. Beginning in late 2018, SafeBuy
LLC began to miss interest payments owed to some of the lenders.
Chapter 11 cases were initiated on September 13, 2019 by the filing
of an involuntary petition by Greg Smith (through his personal
IRA), Jason Johnson (on behalf of a family trust), and Tim Turner
against Safebuy LLC and its affiliates (Bankr. N.D. Tex. Lead Case
No. Case No. 19-33084-sgj11).
CAVAZOS HENDRICKS POIROT, P.C., is counsel to the Lender Group.
SCORPION FITNESS: Exclusivity Period Extended Until Nov. 20
-----------------------------------------------------------
Judge Michael Wiles of the U.S. Bankruptcy Court for the Southern
District of New York extended the period during which only Scorpion
Fitness, Inc. and Scorpion Club Ventures LLC can file a Chapter 11
plan through Nov. 20, and the period to solicit acceptances for the
plan through Jan. 16, 2020.
About Scorpion Fitness
Scorpion Fitness Inc., filed a Chapter 11 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 19-11231) on April 22, 2019, disclosing
under $1 million in both assets and liabilities. The Debtor hired
Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP, as
counsel.
SHANE TRACY: Seeks More Time to File Bankruptcy Plan
----------------------------------------------------
Shane Tracy Enterprises, LLC asked the U.S. Bankruptcy Court for
the Western District of Pennsylvania to extend by 30 days the
period during which the company has the exclusive right to file a
Chapter 11 plan and solicit acceptances for the plan.
Shane seeks an extension to supply its creditors with adequate
information and to increase the likelihood of proposing a single,
confirmable chapter 11 plan. As of the petition date, the company's
only income producing activity had been rental of various parcels
of real property. Shane believes that it will file a feasible and
confirmable plan of reorganization under chapter 11, however the
company's counsel requires further documents and information and
must conduct a proper analysis of those documents and information
before the company can propose its plan of reorganization.
Shane's negotiations with its creditors will largely be dependent
upon the revenue it is able to generate from its operations.
Accordingly, unless the company is able to express the terms of its
leases with certainty, it will not be able to supply adequate
information to its creditors to enable them to evaluate any plan it
would propose. Without disclosure of its future income, Shane's
will be unable to determine with any confidence whether the
company's proposed plan is feasible.
About Shane Tracy Enterprises
Shane Tracy Enterprises, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Pa. Case No. 19-22235) on June 2,
2019. At the time of the filing, the Debtor had estimated assets
of less than $500,000 and liabilities of $100,000. The case is
assigned to Judge Carlota M. Bohm. The Debtor is represented by
Robleto Law, PLLC.
No official committee of unsecured creditors has been appointed in
the Debtor's Chapter 11 case.
SHOPFACTORYDIRECT INC: Unsecureds to Recover Up to 100% in 10 Years
-------------------------------------------------------------------
ShopFactoryDirect, Inc., has filed a Plan of Reorganization and
Disclosure Statement
has prepared and is disseminating the Disclosure Statement that say
that cash flow from the continued operation of its business will be
sufficient to meet required plan payments.
The Plan proposes to pay off claims as follows:
* Class 1 - CIT. IMPAIRED. This Claim is for goods provided to
the Debtor that were received within 20 days prior to the
commencement of this Chapter 11 Case, the value of which was
$11,499.50. In full and final satisfaction of CIT's Allowed
Priority Non-Tax Claim, CIT shall receive monthly payments of
principal and interest, amortized over a period of 36 months at a
five percent (5.00%) fixed rate of interest. The monthly payments
of principal and interest to CIT will be in the amount of $344.65.
* Class 2 – ART. IMPAIRED. This Claim is for goods provided
to the Debtor that were received within 20 days prior to the
commencement of this Chapter 11 Case, the value of which was
$8,036.60. In full and final satisfaction of ART’s Allowed
Priority Non-Tax Claim, ART shall receive monthly payments of
principal and interest, amortized over a period of 36 months at a
five percent (5.00%) fixed rate of interest. The monthly payments
of principal and interest to ART will be in the amount of $240.86.
* Class 3 – On Deck. IMPAIRED. On Deck filed Claim Number 1,
alleging a secured claim in the amount of $156,500.00. In full
satisfaction of On Deck’s Allowed Secured Claim, On Deck shall be
secured by a lien on the On Deck Collateral to the same validity
and priority as existed as of the Petition Date and shall be paid
through monthly payments of principal and interest, amortized over
a period of 120 months at a five percent (5.00%) fixed rate of
interest. The first payment will be due on the thirtieth day after
the Effective Date and shall continue on the same day of each month
thereafter. The monthly payments of principal and interest to On
Deck will be in the amount of $1,498.57.
* Class 4 - Celtic. IMPAIRED. Celtic filed Claim Number 12,
alleging a secured claim in the amount of $92,353.15. In full
satisfaction of Celtic’s Allowed Secured Claim, Celtic shall be
secured by a lien on the Celtic Collateral to the same validity and
priority as existed as of the Petition Date and shall be paid
through monthly payments of principal and interest, amortized over
a period of 120 months at a five percent (5.00%) fixed rate of
interest. The first payment will be due on the thirtieth day after
the Effective Date and shall continue on the same day of each month
thereafter. The monthly payments of principal and interest to
Celtic will be in the amount of $979.55.
* Class 5 – General Unsecured Claims. IMPAIRED. The Debtor
will pay the holders of Class 5 Claims in full, except that the
maximum sum to be paid shall not be greater than an aggregate sum
of $420,377.59 (the "Unsecured Pot") which the Debtor believes is
the maximum amount of legitimate Allowed Class 5 Claims. Each
holder of an Allowed Unsecured Claim will be paid a Pro Rata share
of the Unsecured Pot if not paid in full. Payments will be made
over 120 months and shall commence on the thirtieth day after a
final order determining all remaining Disputed Claims. Payments
shall continue until the Unsecured Pot or 100% of all Class 5
Claims are paid in full.
* Class 6 – Equity Interests. IMPAIRED. On the Effective Date,
the Debtor will cancel all existing stock held by any and all
shareholders, and issue 50% of the new stock to William A. Bayse
and the remaining 50% of the new stock to Stephanie Bayse. The
holders of any Equity Interests shall receive no Distribution under
the Plan on account of such Equity Interests.
A full-text copy of the Disclosure Statement dated October 7, 2019,
is available at https://tinyurl.com/y67rnyfm from PacerMonitor.com
at no charge.
About ShopFactoryDirect
ShopFactoryDirect Inc. operates an e-commerce site
https://shopfactorydirect.com/ that sells home furniture, including
bedroom, living room, dining room, office, bar and bar stools,
entertainment, bathroom, outdoor and patio, pool and spa, decor and
accessories, wall art and mirrors, and area rugs. All of its
products are delivered direct from the manufacturer. The Company
offers free delivery on all its merchandise within the 48
contiguous United States.
ShopFactoryDirect Inc., based in Winter Park, FL, filed a Chapter
11 petition (Bankr. M.D. Fla. Case No. 19-02257) on April 8, 2019.
In the petition signed by William A. Bayse, president, the Debtor
was estimated to have $0 to $50,000 in assets and $1 million to $10
million in liabilities. Aldo G. Bartolone, Jr., Esq., at Bartolone
Law, PLLC, serves as bankruptcy counsel.
STARION ENERGY: Exclusivity Period Extended Until Dec. 11
---------------------------------------------------------
Judge Mary Walrath of the U.S. Bankruptcy Court for the District of
Delaware extended the period during which only Starion Energy, Inc.
and its affiliates can file a Chapter 11 plan to Dec. 11.
The companies can solicit acceptances for the plan until Feb. 12,
2020.
About Starion Energy
Founded in 2009, Starion Energy -- https://www.starionenergy.com/
-- is a competitive electric supplier that markets and sells
electricity to retail customers. Starion participates in certain
"deregulated" markets -- markets in which the state has allowed
third-party energy providers to market and sell electricity supply
as an alternative to the electric supply procured and provided by
the customers' utility. It has operations in Connecticut,
Delaware, District of Columbia, Illinois, Massachusetts, Maryland,
New Jersey, New York, Ohio, and Pennsylvania. Based in Middlebury,
Connecticut, Starion Energy is a member of the Retail Energy Supply
Association (RESA).
Starion Energy and its affiliates, Starion Energy PA, Inc., and
Starion Energy NY, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 18-12608) on Nov. 14,
2018. At the time of the filing, Starion Energy disclosed
$26,888,675 in assets and $6,956,141 in liabilities.
The Hon. Mary F. Walrath is the case judge.
Gellert Scali Busenkell & Brown, LLC, is the Debtors' legal
counsel. Donlin Recano is the claims agent.
STURDIVANT TAYLOR: Seeks Authorization to Use Cash Collateral
-------------------------------------------------------------
Sturdivant Taylor, LLC, seeks authority from the U.S. Bankruptcy
for the Southern District of Mississippi to use all cash
collateral.
Sturdivant Taylor proposes to use cash collateral in which the
secured creditor has or asserts an interest so that it may pay all
necessary operating expenses of its business including payments to
BankPlus and BankFirst.
BankFirst is a secured creditor holding liens on Debtor's real
property, rents and leases. According to its last appraisal, the
property had an "as is" value at that time of $870,000. The total
amount owed to BankFirst is the approximate amount of $555,000.
Sturdivant Taylor, LLC is in the business of owning and leasing
real property located at 243 Yandell Road,Canton, Mississippi, with
a building located thereon leased to Building Blocks of Madison
Crossing Daycare and Learning Center, Inc. -- a Chapter 11 debtor
in case number 19- 03562, where it operates a daycare.
Sturdivant Taylor sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Miss. Case No. 19-03561) on Oct. 7,
2019. At the time of the filing, the Debtor disclosed assets
under $50,000 and liabilities under $1 million. The petition was
signed by Kristy Sturdivant, manager/member. Hood & Bolen, PLLC,
serves as the Debtor's counsel.
T BAR W PROPERTIES: Compass Bank Objects to Disclosure Statement
----------------------------------------------------------------
Compass Bank, a secured creditor of debtor T Bar W Properties,
Inc., objects to the disclosure statement filed by the Debtor.
On August 22, 2019, Debtor filed both its Plan of Reorganization
proposed by T Bar W Properties, Inc. and its Disclosure Statement.
Compass Bank asserts that the Disclosure Statement should not be
approved because it fails to provide Compass with adequate
information as required by 11 USCSec. §1125 (b).
Compass is the Debtor's largest secured creditor and holds a first
lien deed of trust on covering certain real property in Wood
County, Texas.
According to Compass Bank:
* The Debtor proposes three methods for raising funds to repay
the bank loans, none of which are feasible and the Disclosure
Statement fails to show the feasibility of any of those three
fundraising proposals.
* The Disclosure Statement fails to adequately describe the
employees who will be necessary to run all three operations. The
Debtor appears to be woefully and inadequately staffed to handle
three brand-new ventures on the property.
Compass Bank is represented by:
Jack M. Kuykendall
Law Offices of Jack M. Kuykendall
15601 Dallas Parkway, Suite 900
Addison, Texas 75001
972-383-1540
About T Bar W Properties
T Bar W Properties, Inc., is a privately held company in Tyler,
Texas, in the cattle ranching and farming business. T Bar W
Properties, based in Tyler, TX, filed a Chapter 11 petition
(Bankr.D. Tex. Case No. 18-60770) on Dec. 3, 2018. In the petition
signed by John H. Wampler, president, the Debtor was estimated to
have $1 million to $10 million in assets and liabilities. Michael
E. Gazette, Esq., at the Law Offices of Michael E. Gazette, serves
as bankruptcy counsel.
TIGER OAK MEDIA: Permitted to Use Cash Collateral on Interim Basis
------------------------------------------------------------------
Judge Michael E. Ridgway of the U.S. Bankruptcy Court for the
District of Minnesota authorized Tiger Oak Media Incorporated to
use cash collateral on an interim basis as set forth on the
budget.
Choice Financial Group is granted a replacement lien on all assets
of the Debtor to the extent of use of cash collateral. Such
replacement lien will have the same priority, dignity and effect as
the pre-petition lien held by CFG. Assets excluded from the
replacement lien are the Debtor's bankruptcy causes of action.
A hearing will be held on Nov. 13, 2019 at 10:00 a.m., during which
time the Court will consider the motion for an order authorizing
the use of cash collateral on a final basis.
A copy of the Order is available for free at
http://bankrupt.com/misc/mnb19-43029-13.pdf
About Tiger Oak Media Incorporated
Tiger Oak Media, Incorporated is a regional and national publisher
of books, magazines, media and events that appeal to targeted
audiences.
Tiger Oak Media, Incorporated sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Minn. Case No. 19-43029) on Oct. 7,
2019. In the petition signed by its chief executive officer, Craig
Bednar, the Debtor disclosed assets under $50,000 and liabilities
under $10 million. The Hon. Michael E. Ridgway is the case judge.
The Debtor is represented by Steven B. Nosek, P.A.
TRI-CORE PARTNERS: Exclusivity Period Extended Until Dec. 24
------------------------------------------------------------
Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern
District of Florida extended the period during which only Tri-Core
Partners USA LLC can file a plan of reorganization through Dec. 24.
If Tri-Core files a plan of reorganization on or before Dec. 24,
then it will have until Feb. 21 to solicit acceptances for the
plan.
About Tri-core Partners USA
Tri-Core Partners USA LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-16931) on May 24,
2019. At the time of the filing, the Debtor was estimated to have
assets between $100,001 and $500,000 and liabilities of the same
range. The petition was signed by the Debtor's manager, Darrian
Kelly. The case is assigned to Judge Mindy A. Mora. Kelley,
Fulton & Kaplan, P.L., is the Debtor's legal counsel. The U.S.
Trustee did not appoint an official committee of unsecured
creditors in the Debtor's bankruptcy case.
TRULY FIT: Nov. 20 Plan Confirmation Hearing Set
------------------------------------------------
Truly Fit Studio, Inc., has won conditional approval of its
Disclosure Statement and is now slated to seek confirmation of its
Chapter 11 Plan in November 2019.
The Court will conduct a hearing on confirmation of the Plan,
including timely filed objections to confirmation, objections to
the Disclosure Statement, motions for cramdown, applications for
compensation, and motions for allowance of administrative claims on
Nov. 20, 2019 at 10:00 am in Tampa, FL − Courtroom 8A, Sam M.
Gibbons United States Courthouse, 801 N. Florida Avenue.
Objections to confirmation shall be filed with the Court and served
no later than seven days before the date of the Confirmation
Hearing.
Parties in interest shall submit to the Clerk's office their
written ballot accepting or rejecting the Plan no later than eight
days before the date of the Confirmation Hearing.
As reported in the TCR, the Debtor has filed a plan of
reorganization that says that each holder of an allowed unsecured
claim will receive, on account of such allowed claim, a pro rata
distribution of cash from the plan trust. The Debtor will fund
$25,000 to a plan pool. Creditors in the class will receive a pro
rata distribution of their claim, without interest, in 20 equal
quarterly distributions of $1,250, with payments commencing on the
start of the calendar quarter immediately following the Effective
Date of the Plan and continuing for a total of 20 consecutive
quarters. Equity security holders will retain their ownership
interest in the Debtor.
A full-text copy of the Disclosure Statement dated Oct. 3, 2019, is
available at https://tinyurl.com/yxcn8l9s from PacerMonitor.com at
no charge.
About Truly Fit Studio Inc.
Truly Fit Studio Inc., a privately held company in Tampa, Fla.,
filed a voluntary petition under Chapter 11 of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 19-05436) on June 7, 2019, listing under
$1 million in both assets and liabilities. Buddy D. Ford, P.A., is
the Debtor's legal counsel.
VITO FASCIGLIONE: Secured Creditor Files Sale-Based Plan
--------------------------------------------------------
Parker Hart Limited Partnership, a secured creditor of debtor Vito
Fasciglione Holdings 24, Inc., filed with the U.S. Bankruptcy Court
for the Southern District of New York a proposed plan of
reorganization and disclosure statement for the Debtor.
Under Parker Hart's Plan, distributions to holders of Allowed
Unsecured General Claims shall be made no later than 60 days after
the closing of the last of the four properties to be sold. In the
event there are no surplus funds available, Parker and Velocity
will each fund up to $2,500.00 for the distribution to this class.
Kimberly Fasciglione is the sole equity security holder of the
Debtor and holds a 100% equity interest in the Debtor. The
shareholder will not retain her interests in the Debtor and shall
receive no distribution unless all other classes are paid in full
with interest.
The Debtor shall be required to sell the Properties at an auction
sale to be held at the U.S. Bankruptcy Court for the Southern
District of New York pursuant to 11 U.S.C. Sec. 1123(a)(5)(B) and
(D). In the event that the Plan Proponent and/or Velocity are the
Successful Bidders having prevailed with their credit bids, then
Parker and Velocity will pay up to $5,000 each for Administrative,
Priority and Allowed Secured Claims and $2,500 each for General
Unsecured Claims as set forth herein.
A full-text copy of Parker Hart's Disclosure Statement dated Oct.
8, 2019, is available at https://tinyurl.com/y3x6l8he from
PacerMonitor.com at no charge.
Parker Hart Limited is represented by:
Avrum J. Rosen, Esq.
Alex E. Tsionis, Esq.
Rosen & Kantrow, PLLC
38 New Street
Huntington, New York 11743
Tel: (631) 423-8527
E-mail: arosen@rkdlawfirm.com
atsionis@rkdlawfirm.com
About Vito Fasciglione
Based in New York, Vito Fasciglione Holdings 24, Inc., is a
privately held company engaged in the business of renting and
leasing real estate properties, filed a voluntary Chapter 11
bankruptcy petition (Bankr. S.D.N.Y. Case No. 19-22768) on April 9,
2019. At the time of filing, the Debtor was estimated to have
assets and debts of $1 million to $10 million. The case is
assigned to Hon. Robert D. Drain.
WILLOUGHBY ESTATES: Seeks to Hire Nutovic & Associates as Counsel
-----------------------------------------------------------------
Willoughby Estates LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire Nutovic &
Associates as its legal counsel.
The firm will provide services in connection with the Debtor's
Chapter 11 case, which include legal advice regarding its powers
and duties under the Bankruptcy Code and the preparation of a plan
of reorganization.
The firm's hourly rates are:
Isaac Nutovic, Esq. $560
Associates $225 to $350
Paralegals $100 to $175
Nutovic & Associates received a retainer in the amount of $20,000.
Isaac Nutovic, Esq., a principal of Nutovic & Associates, disclosed
in court filings that the firm is "disinterested" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Isaac Nutovic, Esq.
Nutovic & Associates
261 Madison Avenue, 26th Floor
New York, NY 10016
Tel: (212) 421-9100
Email: inutovic@nutovic.com
About Willoughby Estates
Willoughby Estates LLC, a privately held company engaged in
activities related to real estate, sought protection under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-45886) on
Sept. 26, 2019. At the time of the filing, the Debtor was
estimated to have assets of between $1 million and $10 million and
liabilities of the same range. The case is assigned to Judge Carla
E. Craig. Nutovic & Associates is the Debtor's counsel.
WITTER HARVESTING: Exclusivity Period Extended Until Nov. 25
------------------------------------------------------------
Judge Mindy Mora of the U.S. Bankruptcy Court for the Southern
District of Florida extended the period during which only Witter
Harvesting Inc. can file a Chapter 11 plan of reorganization to
Nov. 25.
If the company files a plan of reorganization on or before Nov. 25,
then it will have until Jan. 23 to solicit acceptances for the
plan.
About Witter Harvesting
Witter Harvesting Inc. provides agricultural and crop harvesting
services in Okeechobee, Fla.
Witter Harvesting sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-14063) on March 29,
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 Mindy A. Mora.
The Debtor tapped Kelley & Fulton, PL, as its bankruptcy counsel;
and CPA Tax Solutions, LLC as accountant
No committee of unsecured creditors has been appointed in the
Debtor's bankruptcy case.
[*] Nov. 6, 2019 Bid Deadline Set for Former Tyson Meats Facility
-----------------------------------------------------------------
Hilco Real Estate, LLC on Oct. 9, 2019, announced Thursday,
November 6, 2019 as the bid deadline for the court-ordered
bankruptcy sale of a 228,000±-square-foot former Tyson Meats food
processing facility in Norfolk, Nebraska, the state that calls
itself the "breadbasket of the world." The property is being
offered subject to a minimum qualified bid of $2,500,000, less than
$11 per square foot.
The facility, which housed 1,700 employees at its peak, features
50,000 square feet of freezer storage potential, 25-foot clear
heights, a 100,000-gallon hot water storage tank, a 150,000-gallon
wastewater storage tank and 23 knockout dock doors. Additional
highlights of the facility include pre-cast construction,
reinforced concrete floors and more than 700 parking spots.
Due to the property's location in a qualified opportunity zone,
potential buyers may be able to take advantage of significant tax
incentives. There is also tax increment financing (TIF) available
from the local municipality. The property has proximity to some of
the largest feed lots in the country, offering an exciting
opportunity for food processors and cold storage users.
Norfolk has a population of approximately 25,000 and is the
economic center for an area encompassing six counties. Basic
economic activities of Norfolk are manufacturing, farming (both
livestock and grain), education, retailing and wholesaling.
Manufacturing employs more than 4,000 people in the area, according
the Norfolk city website. In addition to food processing, there is
strong industrial diversification in the area that the Norfolk
Economic Development Council credits as steel production and
fabrication, injection molded plastics, industrial hose production
and agriculture. Nebraska's own manufacturing advisory council
also acknowledges the state's history of manufacturing food and
beverages, farm equipment, beef and plastics.
The demand for cold storage within the U.S. is rising every year
and is projected to continue to rise through 2025 with Grand View
Research connecting this to the increased popularity of online
grocery delivery, as well as technological advancements in
packaging, processing and storing of perishable food products and
temperature-sensitive items. According to several cold storage
industry expert reports, the rise in online grocery purchasing
alone will result in an increased need for cold storage space by up
to 100± million square feet over the next five years.
Jeff Azuse, Senior Vice President of Hilco Real Estate, stated,
"With such high demand for cold storage in this region, this
property offers an exciting opportunity for food processing buyers
to purchase a facility with all the necessary infrastructure in
place. Due to the nature of a court-ordered bankruptcy sale, we
feel confident the winning bidder will achieve maximum value for a
great price."
For further information or to participate in the online auction,
please contact Kiefer Price at (847) 504-3221 or
kprice@hilcoglobal.com.
For further information on the property, an explanation of the sale
process, sale terms or to obtain access to property due diligence
documents, please visit HilcoRealEstate.com or call (855)
755-2300.
For more information about this or other properties available for
sale, please visit HilcoRealEstate.com.
About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company
(HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA).
HRE is a national provider of strategic real estate disposition
services. Acting as an agent or principal, HRE uses its experience
to advise and execute strategies to assist clients in deriving the
maximum value from their real estate assets. By leveraging
multi-faceted sales strategies & techniques, aggressive
repositioning and restructuring experience, a vast and motivated
network of buyers and sellers, and substantial access to capital,
HRE consistently exceeds expectations.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
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*********
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
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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.
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