/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/191217.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, December 17, 2019, Vol. 23, No. 350 Headlines 180 ATKINS ETTZY: Hearing on Bidding Process Set for Dec. 20 ABERDEEN HEIGHTS: Fitch Affirms BB on $120MM Series 2017A Bonds AC INVESTMENT 1: Jan. 16 Plan Confirmation Hearing Set ANGELINA BUFALINO: Seeks Approval to Sell Las Vegas Property ANGELS FOR KIDS: To Seek Plan Approval Jan. 15 ASBURY AUTOMOTIVE: Moody's Alters Outlook on Ba2 CFR to Stable ASCENT INDUSTRIES: Creditors Approve Amended Plan Under CCAA ASCENT RESOURCES: Moody's Alters Outlook on B1 CFR to Negative ASPEN CLUB: Unsecureds to Get At Least 6 Months of Net Cash Flow BEAVER LOCAL: Moody's Alters Outlook on Ba2 Debt Rating to Stable BELIEVERS BIBLE: Court Approves Sale of Atlanta Property for $150K BLUE SKY THINKING: Plan Confirmation Hearing Set for Jan. 8 BODY RENEW: Bidding Procedures for All Assets Modified C2 PLUMBING: Court to Hold Status Conference on Jan. 9 CAH ACQUISITION 12: Trustee's Dec. 19 Auction of All Assets Set CAH ACQUISITION 16: Trustee's Dec. 19 Auction of All Assets Set CAH ACQUISITION 1: Trustee's Dec. 19 Auction of All Assets Set CAH ACQUISITION 2: Trustee's Dec. 19 Auction of All Assets Set CAH ACQUISITION 3: Trustee's Dec. 19 Auction of All Assets Set CAH ACQUISITION 6: Trustee's Dec. 19 Auction of All Assets Set CAH ACQUISITION 7: Trustee's Dec. 19 Auction of All Assets Set CANNTRUST HOLDINGS: Won't Complete Financial Restatement This Year CARBUCKS OF CAROLINA: Plan Confirmation Hearing on Jan. 28 CITYWIDE COMMUNITY: Unsecureds Owed $96K to Split $15K in Plan CLYDE EVANS: Plan Confirmation Hearing Continued to Dec. 20 CONTURA ENERGY: S&P Lowers ICR to 'B-'; Outlook Stable DATTA MANGLAM: Settles Lakshmi Claim for $1.1M With 6% Interest DELICIAS DE MINAS: Court Confirms Chapter 11 Plan DESTINY SPRINGS: Voluntary Chapter 11 Case Summary DIOCESE OF NEW ULM: Court Approves Sale of Schneider Farm for $378K DIOCESE OF NEW ULM: Unsecureds to Get 100% Without Interest DUNCAN MORGAN: Trustee $214K Private Sale of Property Okayed EPIC COMPANIES: Adams and Reese Represents Multiple Parties EXELA TECHNOLOGIES: Appoints Coley Clark to Board of Directors FERRELLGAS PARTNERS: James Schwartz Resigns as GP's Director FLORIDA MICROELECTRONICS: Dec. 17 Plan & Disclosures Hearing Set FLORIDA MICROELECTRONICS: To Seek Plan Approval Dec. 17 FRIENDS OF CITRUS: $895K Sale of Two Real Properties Approved FRONTIER COMMUNICATIONS: Appoints Bernie Han as President & CEO FULL X TECH: Plan to be Funded by Continued Business Operations GENERATION NEXT: Case Summary & 20 Largest Unsecured Creditors GO WIRELESS: S&P Alters Outlook to Negative, Affirms 'B' ICR GOLD COAST: Unsecured Creditors to Recover 10% in 60 Months GRAMERCY GROUP: Jan. 29, 2020 Plan Confirmation Hearing Set GRANITE CITY: Case Summary & 20 Largest Unsecured Creditors GREATER APOSTOLIC: Hearing on San Diego Asset Sale Set for Jan. 2 HEATING & PLUMBING: Jan. 9, 2020 Disclosure Statement Hearing Set HENDRICKSON TRUCK: $3-Mil. DIP Loan from TAB Bank Wins Interim OK HENDRICKSON TRUCK: Court Grants Interim OK on Cash Use Thru Dec. 31 HFOTCO LLC: Moody's Withdraws Ba3 CFR on Credit Facility Repayment HRI HOLDING: Court Approves Bidding Process JAGGED PEAK: $17M Sale of Substantially All Assets to IDL Approved JAMES CANDY: Court to Hold Hearing Today on Sale to D&M Chocolates JAMES M. THOMPSON: Jan. 29 Filing Deadline of Plan and Disclosures JAS EXPEDITED: Proposes to Sell Five Vehicles JDR CONSULTING: Captal One Arrears to be Paid Prior to Confirmation JILL ACQUISITION: S&P Lowers ICR to 'CCC+'; Outlook Negative JTJ RESTAURANTS: To Seek Plan Approval on Jan. 14 JTJ RESTAURANTS: Unsecured Creditors to Recover 26.3% Under Plan KWIKPRINT MANUFACTURING: Plan Confirmation Hearing on Dec. 17 KWIKPRINT MANUFACTURING: Unsecureds to Get Payments, 1% of Receipts LAKESHORE FARMS: Unsecureds Total Payout at 21% for Each Claim LIFE AMBULANCE: Gets Court Approval to Sell Vehicles LIMETREE BAY TERMINALS: S&P Cuts Rating on Secured Term Loan to B+ LITESTREAM HOLDINGS: Seeks to Use Bank United's Cash Collateral LNB-015-13 LLC: Jan. 16 Plan Confirmation Hearing Set MEDICAL DIAGNOSTIC: Case Summary & 20 Largest Unsecured Creditors NRG ENERGY: Moody's Raises CFR to Ba1, Outlook Positive OFFICE BARGAIN CENTER: Jan. 16 Hearing on Disc. Statement Set PALM FROND: Wants Until Jan. 14, 2020 to File Plan & Disclosures PAUL SMITH: Dec. 17 Hearing on Disclosure Statement PERIMETER LAWN: Unsecured Creditors Get 100% in 84 Months PERKINS TIMBER: Unsecureds to Be Paid in Full by Month 96 PILOT TRAVEL: Moody's Rates New $4.2BB Secured Bank Debt 'Ba1' PRINCE ORGANIZATION: Court Approves Disclosure Statement PRINCE ORGANIZATION: Shifts Hotel Branding to OYO PRINCETON ALTERNATIVE: Trustee FIles Liquidating Plan PYXUS INTERNATIONAL: S&P Lowers ICR to 'CCC'; Outlook Negative REGAL ROW: Court Approves Sale to Victron Stores for $2.5MM ROSE COURT: Court Sets Disclosure & Confirmation Procedures SARAR USA: Shareholders Plan Has 6.69% for Unsecured Creditors SOUTHFRESH AQUACULTURE: Unsecureds Unimpaired in AFC Plan STAR COMPUTER: Liquidation Trustee to Sell Assets to Oak Point STAR NAVIGATION: Files Notice of Intention to Make BIA Proposal SUNSET BAY: Feb. 10 Filing Deadline of Plan and Disclosures TADA VENTURES: Court Confirms Chapter 11 Plan TADA VENTURES: Unsec. Creditors to be Paid in Full in 1 Year TEAM HEALTH: S&P Lowers Long-Term ICR to 'B-'; Outlook Stable TILLMAN PARK: Gets Approval to Sell Condo Units for $2.45MM UNIT CORPORATION: Extends Exchange Offer Expiration to Jan. 2020 UNITED METHODIST: Public Sale of Personal Property Approved VINE OIL: Moody's Lowers CFR to Caa1 & Alters Outlook to Negative VISTRA ENERGY: Moody's Raises CFR to Ba1, Outlook Positive WEATHER KING: Voluntary Chapter 11 Case Summary WILBER'S BARBECUE: January 9, 2020 Plan Confirmation Hearing Set WOODARD EVENTS: Unsecureds to Have 10% Recovery Under Plan [^] Large Companies with Insolvent Balance Sheet ********* 180 ATKINS ETTZY: Hearing on Bidding Process Set for Dec. 20 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of New York is set to hold a hearing on Dec. 20 to consider approval of the bidding process proposed by 180 Atkins Ettzy, LLC for the sale of its real property located at 180 Atkins Ave., Brooklyn, N.Y. Maltz Auctions, Inc. will conduct an auction on Jan. 29 at the New York LaGuardia Airport Marriott Hotel if it receives qualified bids from buyers. In order to be permitted to bid on the property, each bidder must deliver to Maltz Auctions a certified check or bank check in the amount of $50,000, which will serve as a partial deposit. A copy of the document detailing the proposed bidding process is available at https://tinyurl.com/sflaqzx from PacerMonitor.com free of charge. About 180 Atkins Ettzy 180 Atkins Ettzy LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 19-41160) on Feb. 27, 2019, disclosing under $1 million in both assets and liabilities. The case is assigned to Judge Elizabeth S. Stong. The Debtor is represented by Eric H. Horn, Esq., at Vogel Bach & Horn, LLP. ABERDEEN HEIGHTS: Fitch Affirms BB on $120MM Series 2017A Bonds --------------------------------------------------------------- Fitch Ratings affirmed the 'BB' rating on the $120 million Industrial Development Authority of the City of Kirkwood, Missouri bonds issued on behalf of Ashfield Active Living and Wellness Communities, Inc. d/b/a Aberdeen Heights series 2017A. The Rating Outlook is revised to Negative from Stable. SECURITY The bonds are secured by a pledge of unrestricted receivables, a first deed of trust lien on certain property and a debt service reserve fund. KEY RATING DRIVERS SOFTENED ILU OCCUPANCY: The Negative Outlook primarily reflects a decline in Aberdeen's independent living unit (ILU) occupancy that has significantly weakened coverage levels. While Aberdeen has historically enjoyed strong occupancy in all levels of care since opening in 2011, it has experienced softening ILU census levels over the last two years, which Fitch attributes to heightened transitioning of residents making their way through the continuum of care and as some residents decide to move out. To address lower occupancy, Aberdeen has changed its management team and revamped their marketing strategy to focus on increasing ILU demand. Aberdeen has averaged ILU census levels of 93% in fiscal 2018 and 88% in fiscal 2019, which are both weaker than the 96% it averaged from fiscal 2015-2017. HIGH LONG-TERM LIABILITY PROFILE: Aberdeen's long term liability profile remains elevated as evidenced by maximum annual debt service (MADS) equating to a very high 34.1% of total fiscal 2019 revenues. This level is much weaker than Fitch's 'BIG' category median of 16.7%. MADS coverage of 1.21x was only slightly above the rate covenant of 1.20x and below Fitch's below investment grade (BIG) median of 1.3x. GOOD PROFITABILITY: Historical profitability has been strong overall, but recent declines in occupancy have resulted in net operating margins (NOM) falling to 22.9% in fiscal 2019 from an average of 30.5% for the three prior fiscal years, which is still significantly better than Fitch's BIG median of 3.8%. Similarly, NOM adjusted (NOMA) declined to 32.9% in fiscal 2019 from an average of 40.7% for the three prior fiscal years. Profitability still remains a strong credit positive but if the downward trend in ILU occupancy continues, Aberdeen's financial operations could be further pressured. ADEQUATE LIQUIDITY: Aberdeen's $26.6 million in unrestricted cash and investments at June 30, 2019 equated to an only adequate 22.1% of debt, but a more favorable 465 days cash on hand (DCOH). These metrics are mixed compared to Fitch's BIG medians of 33.0%, and 312 DCOH respectively. RATING SENSITIVITIES MAINTENANCE OF PROFITABILTY: Due to Aberdeen's heavy debt burden, it is imperative to sustain a high level of profitability and unit turnover. A failure to improve ILU occupancy that leads to weakening of operating performance, or an extended compression in net entrance fee receipts, which negatively impacts debt service coverage, would likely lead to a ratings downgrade. FUTURE EXPANSION PLANS: Aberdeen's potential expansion plans are on hold for at least one to two years until occupancy recovers. Aberdeen will primarily focus on its marketing efforts with the goal of increasing existing ILU occupancy. Any future expansion would be limited to a maximum number of 14 cottages and it is likely that Aberdeen would fund the project with initial entrance fees, temporary debt or some combination. Fitch's notes that Aberdeen has no permanent debt capacity at the current rating level and a debt issuance associated with an expansion could pressure the rating. CREDIT PROFILE Aberdeen is a Type-A continuing care retirement community (CCRC) located on a 21.7 acre site in Kirkwood, MO. Aberdeen's current unit mix consists of 234 ILUs, 30 assisted living units (ALU), 15 memory care units (MCU), and 38 skilled nursing facility (SNF) beds. Most resident agreements include 90%-95% refundable entrance fee contracts. The refundable portion of the entrance fee is refunded upon re-occupancy of the unit and receipt of sufficient proceeds from re-sale. Aberdeen is a controlled affiliate of Presbyterian Manors of Mid-America Inc. (PMMA); Presbyterian Manors, Inc. (PMI) is another controlled affiliate of PMMA which owns 15 of the PMMA managed communities, as well as two hospices. In addition, the Salina Presbyterian Manor Endowment Fund is also under the PMI structure. Fitch views the affiliation favorably and believes that it provides Aberdeen with a breadth of resources not typically available to a single site community. Day-to-day supervision and management of the community transitioned from Greystone Management Services Company, LLC to PMMA, with a new management team taking over in July of 2019. Aberdeen had total revenues of $22.7 million in fiscal 2019. OPERATING PROFILE Aberdeen operates in a highly competitive market with eight other CCRCs in its primary marketing area (PMA), along with a number of standalone independent, assisted, and skilled nursing facilities. Further, several of the other CCRCs are undergoing significant expansion and renovation projects. However, most of the retirement communities in the PMA are highly occupied at or near capacity. Fitch believes that Aberdeen could be more susceptible to an economic or real-estate downturn given the high level of competition in the overall service area. Aberdeen has historically maintained high overall occupancy across all levels of care, which is indicative of the solid demand in the market place. ILU, ALU, and SNF occupancy averaged 96%, 96%, and 95%, respectively, from fiscal 2015 to fiscal 2017. However, ILU occupancy declined in fiscal 2018 to 93% and averaged 88% in fiscal 2019, which was below a budgeted level of 95%. Lower occupancy is attributed to heightened turnover as residents transition through the continuum of care and other residents choosing to move out of the facility on their own accord. The elevated attrition has outweighed an improvement in move-ins as the new management team has increased sales and marketing efforts. Between June and October, Aberdeen Heights averaged 2.4 move-ins per month, compared to 1.8 move-ins per month for all of fiscal 2019. However, occupancy still declined through the first three months of fiscal 2020 as attritions outpaced sales and the direct ILU resident move outs could continue to pressure demand if the trend continues. The revision to Negative Outlook primarily reflects Aberdeen's softening ILU occupancy levels, which have negatively impacted its coverage levels in fiscal 2019. PROFITABILITY In total, there were 21 move-ins in fiscal 2019, equating to $9.8 million in entrance fee receipts for the year, refunds were $7.0 million, resulting in a weaker NOMA of 32.9% in fiscal 2019 compared to 38.4% in fiscal 2018. However, the metric is still above Fitch's BIG median of 19.4%. MADS coverage declined in fiscal 2019 to 1.21x from 1.3x in fiscal 2018. This decline was due to lower than expected net entrance fees and a decrease in monthly service revenues resulting from lower occupancy. Aberdeen's pressured coverage levels are reflected in the revision of the Outlook to Negative. Debt service coverage declined in the three-month interim period to 1.18x, which was still above the 1.03x coverage recorded for the same period in fiscal 2018. Aberdeen's debt service coverage ratio (DSCR) is next tested based on audited financials for the fiscal year ending June 30, 2020 and the requirement is 1.2x. Aberdeen has a high debt burden and is reliant on healthy profitability and net entrance fees to generate debt service coverage above 1.0x, which is typical for Type-A CCRCs. Fitch expects the community's profitability and coverage to rebound over the medium term. However, if lower ILU occupancy levels continue and lead to a weakening of operating performance, or an extended compression in net entrance fee receipts, which negatively impacts debt service coverage, Aberdeen would likely face negative rating pressure. HIGH LONG-TERM LIABILITY PROFILE Aberdeen's long-term debt of $120.3 million equated to a high debt to net available of 12.7x through June 30, 2019, unfavorable to Fitch's BIG median of 10.9x. In addition, MADS as a percentage of revenues remains a very high 34.1% of total fiscal 2019 revenues through the same period, compared to Fitch's BIG median of 16.7%. The series 2017 fixed-rate bonds is the only series of debt outstanding, which bears an interest rate of 5.25% and matures in 2050. Aberdeen does not have any swaps. ADEQUATE LIQUIDITY POSITION Aberdeen's unrestricted cash and investments of $26.6 million at June 30, 2019 equated to a strong 465 DCOH compared to Fitch's BIG median of 312 days. However, cash to debt and cushion ratio of 22.1% and 3.4x were both weaker than Fitch's BIG medians of 33.0% and 4.3x, respectively. In the medium term, capital spending is expected to be significantly below depreciation, which should allow for liquidity growth and strengthening of Aberdeen's cash position. AC INVESTMENT 1: Jan. 16 Plan Confirmation Hearing Set ------------------------------------------------------ AC Investment 1, LLC has won approval of the disclosure statement in support of its Chapter 11 plan. Following a hearing on Nov. 19, 2019, Judge Robert A. Mark approved the Disclosure Statement and ordered that: * A hearing to consider confirmation of the Plan will be held on Jan. 16, 2020 at 2:00 p.m. in United States Bankruptcy Court 301 N. Miami Ave. Courtroom #4 Miami, FL 33128. The court will also consider fee applications at the hearing. * Fee applications are due Dec. 26, 2019; * The deadline for objections to confirmation will be on Jan. 2, 2020; * The deadline for filing ballots accepting or rejecting plan will be on Jan. 2, 2020; About AC Investment 1 AC Investment 1, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 18-18379) on July 11, 2018. In the petition signed by Agostinho Calcada, MBR, the Debtor estimated under $1 million in assets and liabilities. Joel M. Aresty P.A. is the Debtor's counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case. ANGELINA BUFALINO: Seeks Approval to Sell Las Vegas Property ------------------------------------------------------------ Angelina Bufalino asked the U.S. Bankruptcy Court for the District of Nevada to approve the sale of her residential property located at 6125 N. Grand Canyon, Las Vegas. The property will be sold for $1.025 million "free and clear" of liens, and the proceeds from the sale will be used to complete payment of Ms. Bufalino's obligations under her Chapter 11 plan, including unsecured claims. Under the plan confirmed by the bankruptcy court on Dec. 17, 2015, unsecured creditors will receive total payment of 4 percent or $8,300. A copy of the purchase agreement is available at https://tinyurl.com/qrun6u8 from PacerMonitor.com free of charge. Angelina Bufalino sought Chapter 11 protection (Bankr. D. Nev. Case No. 15-10617) on June 17, 2015. The bankruptcy case was confirmed on Dec. 17, 2017 and administratively closed on March 10, 2016. The case was reopened on Nov. 26, 2018. ANGELS FOR KIDS: To Seek Plan Approval Jan. 15 ---------------------------------------------- Angels for Kids On Call 24/7, Inc., has won conditional approval of the Disclosure Statement explaining its Chapter 11 Plan. An evidentiary hearing will be held on Jan. 15, 2020 at 2:45 p.m. in Courtroom A, Sixth Floor, of the United States Bankruptcy Court, 400 West Washington Street, Orlando, Florida 32801 to consider confirmation of the Plan and final approval of the Disclosure Statement.. Written acceptances or rejections of the plan(ballots) no later than seven days before the date of the Confirmation Hearing. Any party desiring to object to the disclosure statement or to confirmation must file its objection no later than seven days before the date of the Confirmation Hearing. A full-text copy of the Conditional Order dated November 22, 2019, is available at https://tinyurl.com/u2pga5u from PacerMonitor.com at no charge. About Angels For Kids on Call 24/7 Angels For Kids On Call 24/7, Inc. -- https://www.angelsforkidsoncall.com/ -- is a for-profit behavioral health company located in Orlando, Florida. The Company provides treatment of mood disorder, disorders first diagnosed in childhood, behavioral disorders, trauma, stress and poor health, substance and social reality problems. Its target population is high-risk, diverse and in need of immediate care. While the Company is uniquely suited to specialize in child and adult care, it offers a range of treatments for people of all age ranges. Angels For Kids On Call 24/7, based in Orlando, FL, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-03262) on May 16, 2019. In the petition signed by John Valencia, president, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The Hon. Karen S. Jennemann oversees the case. Aldo G. Bartolone, Jr., Esq., at Bartolone Law, PLLC, serves as bankruptcy counsel to the Debtor. ASBURY AUTOMOTIVE: Moody's Alters Outlook on Ba2 CFR to Stable -------------------------------------------------------------- Moody's Investors Service affirmed the ratings of Asbury Automotive Group, Inc., including the Ba2 Corporate Family rating, and changed the outlook to stable from positive. The SGL remains unchanged at SGL-2. "The change in outlook to stable recognizes the impact on Asbury's quantitative profile of the additional debt that will be necessary for it to complete its planned roughly $1 billion acquisition of Park Place Motorcars, with the result that it is unlikely Asbury will be able to continue its present path towards a potential Ba1 rating within the next 12 months given pro forma leverage will exceed 4.5 times," stated Moody's Vice President Charlie O'Shea. "That said, Moody's views the proposed acquisition favorably even considering the very high multiple and integration risks as it improves Asbury's position in the lucrative Texas market with premium brands to augment the David McDavid stores, as well as providing it with a key Land Rover/Jaguar open point," continued O'Shea. Affirmations: Issuer: Asbury Automotive Group, Inc. Probability of Default Rating, Affirmed Ba2-PD Corporate Family Rating, Affirmed Ba2 Senior Subordinated Regular Bond/Debenture, Affirmed B1 (LGD6) Outlook Actions: Issuer: Asbury Automotive Group, Inc. Outlook, Changed To Stable From Positive RATINGS RATIONALE Asbury's Ba2 Corporate Family rating recognizes that despite its relatively small size as compared to its rated U.S. peer group, it is highly-competitive in the markets in which it chooses to operate as evidenced by its credit metrics, which are strong for this peer group. Ratings also considers Asbury's historically-favorable brand mix, with around 80% of new vehicle sales coming from luxury and import brands, and its reduced reliance on earnings from the sale of new vehicles. Asbury's business model, with solid parts and service and finance and insurance segments, reduces reliance on new car sales, and it is successfully enhancing the efficiency of its used car business. Also considered is Asbury's liquidity which benefits from its favorable debt maturity profile, which Moody's expects the permanent proposed Park Place acquisition financing will maintain. The stable outlook reflects Moody's expectation that Asbury will continue to manage itself with sufficient discipline around operating costs such that its present quantitative profile is largely continued regardless of the competitive and macro environment, and that the proposed Park Place transaction is smoothly integrated. Ratings could be upgraded if credit metrics improve such that debt/EBITDA was maintained under 3.5 times for an extended period, and EBIT/interest was sustained above 5 times. Ratings could be downgraded if either deteriorating operating performance or a more aggressive financial policy resulted in credit metrics weakening such that debt/EBITDA approached 4.5 times, or EBIT/interest fell below 3 times. Asbury's environmental and social risk is low, but the company is subject to extensive governmental laws and regulations and could be impacted if they are found to be in purported violation of or subject to liabilities under any of these laws or regulations, or if new laws or regulations are enacted that adversely affect the operations, business, reputation, financial condition, or results of operations. Asbury's overall corporate governance risk is low given its consistent track record of maintaining a balanced financial policy, board structure, consistent track record, and that it is a publicly traded company. The principal methodology used in these ratings was Retail Industry published in May 2018. ASCENT INDUSTRIES: Creditors Approve Amended Plan Under CCAA ------------------------------------------------------------ Ascent Industries Corp. (CSE: ASNT) on Dec. 13, 2019, disclosed that Affected Creditors (as defined in the Plan) approved the Company's first amended and restated consolidated plan of compromise, arrangement and organization (the "Plan") under the Companies' Creditors Arrangement Act ("CCAA") at a meeting of Affected Creditors ()Meeting") held on December 12, 2019. The Plan was supported by 98% of the number of Affected Creditors and 97% of the value of Affected Claims (as defined in the Plan). Pursuant to the CCAA, the Plan required the approval of a majority in number of Affected Creditors, who represent at least two-thirds in value of the Affected Claims, who actually vote, or who, under the terms of the Plan, are deemed to have voted on the resolution approving the Plan at the Meeting. The Company intends to appear before the Supreme Court of British Columbia (the "Court") on December 19, 2019 to seek a sanction order in respect of the Plan. Implementation of the Plan is subject to, among other things, the Court's approval and sanction of the Plan and the fulfillment or waiver of certain conditions set out in the Plan. Provided all conditions to the Plan are met or waived, and the Plan is sanctioned by the Court, it is anticipated that the Plan could become effective on or prior to December 31, 2019. CORPORATE UPDATE As part of its efforts to execute on its revised business plan which focuses on the high potential THC and hemp CBD markets in the United States, the Company is reviewing its operations in Oregon. Based on the latest developments in the Oregon market and its own internal analysis, the Company is of the view that the level of investment required to operate successfully in Oregon may not be supported by the level of funding that is expected to be available upon the Company's exit from CCAA. The Company intends to focus its efforts and resources on establishing a hemp CBD and cannabis product line and expanding its operations in Nevada. The Company's revised business plan envisions a line of Ascent hemp CBD and cannabis products which are sold in dispensaries across the United States. Copies of the Plan and other Court materials and information relating to the Plan and the CCAA proceedings, all as may be updated or amended from time to time, are available on the website maintained by Ernst & Young Inc., the Court-appointed CCAA monitor (the "Monitor"), at www.ey.com/ca/ascent. All inquiries regarding the Company's proceedings under the CCAA should be directed to the Monitor by mail at Ernst & Young Inc., Pacific Centre, 700 West Georgia Street, P.O. Box 10101, Vancouver, British Columbia, Canada, V7Y 1C7, Attention: Jason Eckford, or by e-mail at jason.eckford@ca.ey.com. About Ascent Industries Corp. The Company's operations currently include facilities in the United States. In the United States, the Company holds licenses in Oregon (for processing and for distribution of cannabis to any licensed entity in the state) and in Nevada (for cultivation and for production, processing and wholesale distribution of cannabis). ASCENT RESOURCES: Moody's Alters Outlook on B1 CFR to Negative -------------------------------------------------------------- Moody's Investors Service changed Ascent Resources Utica Holdings, LLC's rating outlook to negative from positive. Concurrently, Moody's downgraded Ascent's senior unsecured notes rating to B3 from B2 and affirmed Ascent's B1 Corporate Family Rating and B1-PD Probability of Default Rating. "Sustained weakness in the natural gas market and rising uncertainty about access to capital point to higher credit risks for natural gas producers, including Ascent, precipitating a change of its rating outlook to negative", commented Sreedhar Kona, Moody's Senior Analyst. A complete listing of rating actions is as follows: Affirmations: Issuer: Ascent Resources Utica Holdings, LLC Corporate Family Rating, Affirmed B1 Probability of Default Rating, Affirmed B1-PD Downgrades: Senior Unsecured Notes, Downgraded to B3 (LGD5) from B2 (LGD5) Outlook Actions: Issuer: Ascent Resources Utica Holdings, LLC Outlook, changed to Negative from Positive RATINGS RATIONALE The change of rating outlook to negative reflects Moody's view that weak natural gas fundamentals will pressure the company's credit profile in the medium term and may add to refinancing risk on the company's unsecured notes maturing in April 2022. The ratings of Ascent's senior unsecured notes were downgraded to B3 from B2, two notches below the CFR, to reflect the significant size and priority ranking of the company's $2 billion borrowing base senior secured revolving credit facility due December 2021 ($1.1 billion outstanding as of September 30, 2019). Moody's previously assumed that Ascent would reduce the share of priority debt in the capital structure and prospectively notched notes ratings to only one notch below the CFR. Ascent's ratings could be downgraded if the company's refinancing risk is not mitigated through 2020 or if the retained cash flow to debt falls below 20%. Ascent's ratings are unlikely to be upgraded in the near-term. The ratings could be considered if the natural gas fundamentals improve significantly to result in significant mitigation of the company's refinancing risk and the company can consistently grow production while maintaining its leveraged full cycle ratio above 2x. The company must also maintain its retained cash flow to debt ratio above 30% and generate positive free cash flow. Ascent's B1 CFR reflects the company's natural gas weighted production profile which yields lower cash margins than an oil-weighted production base on an equivalent unit of production, notwithstanding the company's improved capital efficiency. The rating also reflects the company's single basin focus in the Utica Shale and significant Firm Transportation (FT) commitments that, while providing flow assurance, could prove burdensome if the company's production drops. As of September 30, 2019, Ascent's production meets its FT requirements. Governance risks include Ascent's private ownership, mitigated to date by its credit supportive financial policy and sizable equity financing of acreage acquisitions and growth in the prior years. Ascent benefits from significant reserve base in the highly productive, low-cost Utica Shale and a comprehensive hedging program that should provide meaningful protection to debt service and the drilling program in the near term. Through 2019's development program the company demonstrated its ability to maintain its development cadence while integrating the acquired assets. The acreage acquisition in July 2018 included fee mineral acreage and enhanced hydrocarbon mix which positions the company for higher cash margins. Additionally, the increased footprint allows the company to drill longer laterals and extract operational synergies and capital efficiency. Moody's expects Ascent to maintain adequate liquidity and generate modest free cash flow through 2020. As of September 30, 2019, Ascent had approximately $7 million of cash on the balance sheet and $800 million of availability under its $2 billion borrowing base revolving credit facility. Moody's expects Ascent to be able to meet its liquidity needs through 2020 from its operating cash flow and not to draw on its revolver. Under the credit agreement, Ascent is required to maintain its net debt/EBITDAX ratio below 4x (cash netting limited to $50 million) and a current ratio above 1x. Moody's expects Ascent to maintain compliance with its financial covenants. The principal methodology used in these ratings was Independent Exploration and Production Industry published in May 2017. Based in Oklahoma City, Oklahoma, Ascent Resources Utica Holdings, LLC is a private independent E&P company with operations in the Utica Shale in Eastern Ohio. ASPEN CLUB: Unsecureds to Get At Least 6 Months of Net Cash Flow ---------------------------------------------------------------- The Aspen Club & Spa, LLC, and subsidiary Aspen Club Redevelopment Company, LLC, filed a Plan of Reorganization that contemplates that the Debtors will be reorganized and the claims of creditors will generally be paid in the order of their priority under the Bankruptcy Code. The Plan provides that: * Classes 1A to 1NN: Allowed Mechanics Lien Secured Claims. On the Effective Date, each holder of an allowed mechanic lien secured claim will receive a cash payment equal to 100% of their allowed claim amount set forth in Section 4.1(a) of the Plan plus any accrued interest owing as of the Effective Date. * Class 2 - Allowed Claim of GPIF. IMPAIRED. Class 2 Claim will receive a promissory note executed by the Reorganized Debtors in a principal amount equal to the Allowed Claim of GPIF and will accrue interest at the Prime Rate plus 1% and be payable pursuant to the terms set forth in Section 4.2(b) of the Plan. * Class 3 - Allowed Claim of Revere. IMPAIRED. Class 3 Claim will receive a promissory note executed by the Reorganized Debtors in a principal amount equal to their Allowed Claim of Revere which will accrue interest at the Prime Rate plus 1.5% and be payable pursuant to the terms set forth in Section 4.3(b) of the Plan. * Class 4 - EB5 Claim. IMPAIRED. Class 4 Claim will receive promissory notes executed by the Reorganized Debtors in a principal amount equal to the Allowed Class 4 Claim and payable pursuant to the terms set forth in Section 4.4(b) of the Plan. * Class 5 - Letter of Credit Claims. IMPAIRED. Class 5 Claims will receive promissory notes executed by the Reorganized Debtors in a principal amount equal to their Allowed Class 5 Claim and payable pursuant to the terms set forth in Section 4.5(b) of the Plan, and shall also be entitled to receive 20% of the monies which would otherwise be paid on account of Class 4 Claims. * Class 6 - Mezzanine Debt Claims. IMPAIRED. Class 6 Claims shall receive certain equity interests in the Reorganized Debtors as described and set forth in Section 6.8(c) of the Plan. * Class 7 - Other Priority Claims. Unimpaired. * Class 8 - General Unsecured Claims. IMPAIRED. Class 8 Claims shall receive pro rata distributions of Net Cash Flow generated by the Reorganized Debtors during the time period described in Section 4.8(b) of the Plan. * Class 9 - Subordinated Claims. IMPAIRED. Class 9 Claims will receive nothing under the Plan. * Class 10 - Interests. IMPAIRED. Class 10 Interests will receive nothing under the Plan. The Debtors estimate that the payments to be made to Class 1 Creditors will total approximately $27,000,000. The Secured Claim of GPIF which falls in Class 2 of the Plan allegedly totals $34,118,528.00 as set forth in the Proof of Claim filed by GPIF against the Debtors (Claims No. 7 & 2, respectively). Assuming that the Proof of Claim asserted by GPIF is correct and is an Allowed Secured Claim, payment to GPIF under the Plan will total in excess of $34 million. The Secured Claim of Revere is placed in Class 3 of the Plan. Revere has filed a Proof of Claim in the alleged amount of $12,337,095.07 (Claims No. 9 and 7, respectively), and should such Claim be deemed an Allowed Secured Claim, then Revere would receive payments in excess of $12 million. Class 4 is comprised of the Allowed EB5 Claim in the amount of $13.5 million which will receive a promissory note in that amount. The Class 5 Letter of Credit Claims have filed Proofs of Claims or Hold Claims totaling approximately $7.7 million. Assuming that each such Claim is deemed to be an Allowed Secured Claim then Class 5 Creditors will receive payments totaling approximately $7.7 million. Class 6 Claimants will not receive Cash payments on their Claims, but instead will receive equity interests in the Debtors as further set forth as § 6.8(c) of the Plan. The Debtors believe there are limited Class 7 Claims totaling less than $20,000. General Unsecured Claims falling within Class 8 appear to total $778,000, based on the Proofs of Claim filed herein. The payments on Class 8 Allowed Claims will equal an amount totaling at least six months of Net Cash Flow following the payment in full of the Exit Financing and payment in full of the Allowed Claims falling within Classes 1 through 7 of the Plan. Creditors falling in Class 9 or determined to be treated as Class 9 Subordinated Claims will receive nothing. Class 10 Interests will be canceled and receive no payments under the Plan. As further set forth in the Plan and following the Effective Date, the Debtors will have access to Exit Financing in an amount totaling at least $140 million. This Exit Financing will provide the bulk of funds available for payment of Allowed Claims pursuant to the Plan. A full-text copy of the Disclosure Statement dated November 22, 2019, is available at https://tinyurl.com/rxtopqj from PacerMonitor.com at no charge. Counsel for the Debtors: MARKUS WILLIAMS YOUNG & HUNSICKER LLC 1700 Lincoln Street, Suite 4550 Denver, CO 80203 Telephone: (303) 830-0800 Facsimile: (303) 830-0809 About The Aspen Club & Spa The Aspen Club & Spa owns and operates a private membership club that offers high intensity interval training (HI2T), cardio, and yoga classes. Aspen Club & Spa sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 19-14158) on May 16, 2019. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $100 million and $500 million. On May 17, 2019, Aspen Club Redevelopment Company, LLC, filed its voluntary petition for relief under chapter 11 of the Bankruptcy Code. Aspen Club Redevelopment is a wholly owned subsidiary of The Aspen Club & Spa. The cases are assigned to Judge Joseph G. Rosania Jr. The Debtors tapped Markus Williams Young & Hunsicker LLC as counsel. On Oct. 4, 2019, GPIF filed its motion for relief from stay to proceed with a foreclosure action in regard to the Project. The motion was denied by the Bankruptcy Court on Nov. 6, 2019. BEAVER LOCAL: Moody's Alters Outlook on Ba2 Debt Rating to Stable ----------------------------------------------------------------- Moody's Investors Service affirmed the Ba2 rating on Beaver Local School District, OH's outstanding general obligation unlimited tax debt. Concurrently, Moody's has revised the outlook to stable from negative. The district has $19.5 million in GOULT debt outstanding. RATINGS RATIONALE The Ba2 rating reflects the district's very narrow cash position resulting from previous operating deficits. Favorably, the cash position improved modestly in fiscal 2018 and preliminary estimates indicate additional improvement occurred in fiscal 2019. The rating also reflects the district's high debt burden and slow amortization of outstanding debt. The small, rural tax base has seen limited development. A long-term trend of declining enrollment is showing some signs of stabilizing. RATING OUTLOOK The stable outlook reflects recent voter renewal of a key operating levy that had previously been defeated. With the levy renewed, Moody's expects the district's financial position will stabilize. FACTORS THAT COULD LEAD TO AN UPGRADE - Sustained growth in liquidity - Voter approval of a new levy that generates additional local revenue - Expansion and diversification of the tax base FACTORS THAT COULD LEAD TO A DOWNGRADE - Voter rejection of a renewal levy request or new levy requests that strain the district's ability to maintain operational balance and improve liquidity - Material growth in the district's debt or pension burden LEGAL SECURITY The bonds are secured by the district's pledge to levy a dedicated property tax that is unlimited as to rate or amount. The bonds were approved by voters in 2012 to finance construction of a new K-12 school building. PROFILE Beaver Local School District is located in Columbiana County, approximately 30 miles south of Youngstown. The district and provides kindergarten through twelfth grade education to approximately 1,800 students. The district operates one school building on a single campus and employs approximately 220 teachers and administrative staff. METHODOLOGY The principal methodology used in this rating was US Local Government General Obligation Debt published in September 2019. BELIEVERS BIBLE: Court Approves Sale of Atlanta Property for $150K ------------------------------------------------------------------ Believers Bible Christian Church, Inc. received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to sell its 1.95-acre real property in Atlanta. The property will be sold to SSS Properties, LLC for $150,000. A copy of the sale agreement is available at https://tinyurl.com/wsudxvg from PacerMonitor.com free of charge. About Believer's Bible Christian Church Atlanta-based Believers Bible Christian Church, Inc. filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 16-65531) on Sept. 2, 2016, listing assets and debts at $1 million to $10 million at the time of the filing. The Debtor previously filed for Chapter 11 (Bankr. N.D. Ga. Case No. 08-61958) on Feb. 4, 2008. William A. Rountree, Esq., at Macey, Wilensky & Hennings LLC, is the Debtor's legal counsel. The Debtor employed Price Realty Group, as real estate agent, to sell two parcels of real property it owns located along Campbellton Road, Atlanta. BLUE SKY THINKING: Plan Confirmation Hearing Set for Jan. 8 ----------------------------------------------------------- Blue Sky Thinking, LLC, d/b/a Discover Sarasota Tours has won conditional approval of its Disclosure Statement now has set a date for a hearing to seek confirmation of its Chapter 11 Plan. 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 Jan. 8, 2020 at 10:00 a.m. in Tampa, FL − Courtroom 8A, Sam M. Gibbons United States Courthouse, 801 N. Florida Avenue. Objections to confirmation must be filed with the Court and served no later than seven days before the date of the Confirmation Hearing. About Blue Sky Thinking Blue Sky Thinking, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-04740) on May 20, 2019. The petition was signed by Tamara Hauser, managing member. At the time of the filing, the Debtor was estimated to have assets of less than $50,000 and liabilities of less than $500,000. The Law Offices of Benjamin Martin is the Debtor's counsel. BODY RENEW: Bidding Procedures for All Assets Modified ------------------------------------------------------ Judge Rebecca B. Connelly of the U.S. Bankruptcy Court for the Western District of Virginia has supplemented the Court's Nov. 25, 2019 order to modify the authorized bidding procedures of Body Renew Winchester II, LLC and Body Renew Winchester, LLC in connection with the sale of substantially all assets to US Fitness Holdings, LLC and USF S&H Virginia, LLC for $1.15 million, subject to overbid. It is necessary for the Bidding Procedures to provide for notice of any Backup Bidder(s). The Bidding Procedures attached to the Order will be modified to include the bold, underlined language as follows: IX. Selection of Successful Bid or Bids: The Debtors reserve the right to base the selection of the Successful Bid and Backup Bid on the Bid Assessment Criteria, among others. Except with respect to the Bid of the Purchaser set forth in the Agreement, the Debtors may (a) reject any Bid (other than the Purchaser's offer set forth in the Agreement) that is (i) inadequate or insufficient, (ii) not in conformity with the requirements of the Bankruptcy Code, the Bidding Procedures, or the terms and conditions of sale, or (iii) contrary to the best interest of the Debtors and their respective estates, and/or (b) refuse to consider any Bid (other than the Purchaser's offer as set forth in the Agreement) that fails to comply with the Bidding Procedures or any other procedures established by the Debtors. The Debtors will provide notice of any Backup Bids to the counsel for the Committee of Unsecured Creditors in BRII, the counsel for the Bank of Clarke County, the counsel for Delco Development Co. of Winchester, the counsel for United Leasing, Inc., the counsel for the County of Frederick and the Managing Member of Sherando Town Center. Within 24 hours after conclusion of the Auction, the Debtors will file a notice identifying the Successful Bidder and the Backup Bidder(s) with the Court. A copy of the APA and the Bidding Procedures is available at https://tinyurl.com/tte2e5p from PacerMonitor.com free of charge. About Body Renew Winchester Body Renew Winchester II, LLC, and Body Renew Winchester, LLC, are privately held companies in the health and fitness clubs and gyms business. Body Renew Winchester II and Body Renew Winchester filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No. 19-50547 and 19-50548) on June 27, 2019. The petitions were signed by Jeremy W. Wright, manager. The Debtors were each estimated to have $50,000 in assets and $1 million to $10 million in liabilities. James P. Campbell, Esq. at Campbell Flannery, P.C., is the Debtors' counsel. A committee of unsecured creditors was appointed on July 22, 2019. The committee is represented by Hirschler Fleischer, P.C. C2 PLUMBING: Court to Hold Status Conference on Jan. 9 ------------------------------------------------------ A status conference will be conducted on January 9, 2019, at 9:30 a.m. in the bankruptcy case of C2 Plumbing in California. The Debtor is directed to file with the Bankruptcy Court, serve a judge's copy to chambers, and serve on the United States Trustee, all secured creditors, the holders of the twenty (20) largest unsecured claims and all official committees by December 22, 2019, a report on the status of the reorganization case. If a request for a valuation of collateral pursuant to 11 U.S.C. Sec. 506(a) and FRBP 3012 is made, and more than one party intends to provide admissible evidence regarding value, it is likely that the court will also require the testimony of a court-appointed expert witness pursuant to FRE 706(a). All debtors, individual and non-individual, must request orders approving disclosure statements pursuant to 11 U.S.C. Sec. 1125 and orders confirming a plan of reorganization pursuant to 11 U.S.C. Sec. 1129 by motion within the meaning of Bankruptcy Rules 9013 and 9014. A full-text copy of the Order is available at https://tinyurl.com/umns3dv from PacerMonitor.com at no charge. About C2 Plumbing C2 Plumbing Inc. is a privately owned company specializing in commercial plumbing construction. It filed for bankruptcy protection on Nov. 15, 2019 (Bankr. C.D. Calif., Case No. 19-23459). The petition was signed by Shawna Leigh Cronin, president and chief financial officer. Judge Vincent P. Zurzolo presides over the case. Michael Jay Berger, Esq. of the LAW OFFICES OF MICHAEL JAY BERGER represents the Debtor. The Debtor listed total assets of $163,589 and total liabilities of $1,278,148. CAH ACQUISITION 12: Trustee's Dec. 19 Auction of All Assets Set --------------------------------------------------------------- Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina authorized the bidding procedures of Thomas W. Waldrep, Jr., the duly appointed Chapter 11 Trustee in the case of CAH Acquisition Co. #12, LLC, doing business as Fairfax Community Hospital, in connection with the sale of all real property and associated personal property of the Debtor, at auction, free and clear of all liens, claims, interests, and encumbrances. The Trustee will have the right, consistent with the procedures, to sell substantially all of the assets of the Debtor's bankruptcy estate. Summary of Important Dates: A. Dates if Bids Received Other than the Stalking Horse: a. Dec. 12, 2019, 5:00 p.m. (ET) - Deadline for prospective bidders to submit Bids b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline for Trustee to file notice of Qualified Bidders c. Dec. 18, 2019 - Deadline for Trustee to designate and communicate Starting Bid to Qualified Bidders d. Dec. 19, 2019, 10:00 a.m. (ET) - Auction to be conducted at the Charlotte Marriott City Center, 100 W. Trade Street, Charlotte, NC 28202 e. Dec. 20, 2019 - Deadline for Trustee to file notice of Successful Bidder and Next-Highest Bidder f. Dec. 27, 2019, 5:00 p.m. (ET) - Deadline to object to Sale and Cure Amount g. Jan. 2, 2020, 1:00 p.m. (ET) - Sale Hearing, to be conducted at the U.S. Bankruptcy Court for the Eastern District of North Carolina in Greenville, North Carolina Other salient terms of the Bidding Procedures are: a. Initial Bid: Must state with specificity (i) the Transferred Assets (including the specific executory contracts and unexpired leases) contemplated in the Bid any person seeking to acquire any of the Transferred Assets wishes to bid on, and (ii) the liabilities and obligations (including applicable cure costs) to be assumed by the Potential Bidder in the Sale b. Deposit: 5% of the Bid amount c. Auction: If one or more timely Qualified Bids are received, an open auction for the Transferred Assets will be conducted on Dec. 19, 2019, commencing at 10:00 a.m. (ET) or such other time as the Trustee may announce. d. Bid Increments: Each Subsequent Bid at the Auction will provide net value to the estate in a minimum amount to be announced at or prior the Auction over the Starting Bid or the Leading Bid, as the case may be, as determined by the Trustee in the exercise of his reasonable business judgment and in consultation with the Consultation Parties. The closing will not be contingent in any way on the Successful Bidder's financing or such other evidence of ability to consummate the transaction(s) as the Trustee may request, including proof that such funding commitments or other financing are not subject to any internal approvals, syndication requirements, diligence, or credit committee approvals (provided that such commitments may have covenants and conditions acceptable to the Trustee). Immediately after the completion of (a) the Auction and (b) the auctions of other individual CAH hospitals, as identified in the Plan, the Trustee will give certain Qualified Bidders the opportunity to group two or more hospitals for further bidding. Only Qualified Bidders who are qualified to bid on each of the hospitals for which they want to bid will be eligible for Further Bidding. For purposes of Further Bidding, the minimum bidding increment for any group of two or more hospitals will be 1% more than the sum of the highest bid of each individual hospital that comprises the group that is to be bid upon. Further Bidding on the grouped hospitals will be allowed until a best bid is reached for the grouped hospitals. This process will continue until no further groupings are requested by Qualified Bidders. Within two business days following the entry of the Bidding Procedures Order, the Trustee will serve a copy of the Bidding Procedures Order and a notice containing the date of the Auction, the Sale Hearing, and the deadline to file objections to the Sale to all interested parties. Such notice will be sufficient and proper notice of the sale with respect to known interested parties. With respect to the Assumed Contracts, on Dec. 6, 2019, the Trustee will file with the Court and serve on each party to an Assumed Contract a notice setting forth the amount of cure owed thereunder according to the Debtor's books and records. The Cure Objection Deadline is Dec. 23, 2019. The Trustee is authorized to take all actions necessary to effectuate the relief granted pursuant to the Order. About Fairfax Community Hospital CAH Acquisition Company 12, LLC, d/b/a Fairfax Community Hospital, is a Delaware limited liability company that owns a for-profit, 15-bed hospital at 40 Hospital Road, Fairfax, Oklahoma 74637. The Hospital offers a broad range of services including emergency, radiology, laboratory, inpatient care, rehabilitation services, respiratory therapy, and swing bed. CAH Acquisition Company 12 filed a voluntary Chapter 11 petition (Bankr. N.D. Okla. Case No. 19-10641) on April 1, 2019. The case is jointly administered along with six other critical access hospitals under the Chapter 11 case of CAH Acquisition Company #1, LLC d/b/a Washington County Hospital (Case No. 19-00730). The Hon. Joseph N. Callaway is the case judge. SPILMAN THOMAS & BATTLE, PLLC, is the Debtors' counsel. Thomas W. Waldrep, Jr., was appointed as Chapter 11 Trustee for the Debtors. The Trustee's own firm, WALDREP LLP, serves as counsel in the Chapter 11 case. Sherwood Partners, Inc. was appointed as Sales Agent to the Trustee on Oct. 23, 2019. CAH ACQUISITION 16: Trustee's Dec. 19 Auction of All Assets Set --------------------------------------------------------------- Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina authorized the bidding procedures of Thomas W. Waldrep, Jr., the duly appointed Chapter 11 Trustee in the case of CAH Acquisition Co. 16, LLC, doing business as Haskell County Community Hospital, in connection with the sale of all real property and associated personal property of the Debtor, at auction, free and clear of all liens, claims, interests, and encumbrances. The Trustee will have the right, consistent with the procedures, to sell substantially all of the assets of the Debtor's bankruptcy estate. Summary of Important Dates: A. Dates if Bids Received Other than the Stalking Horse: a. Dec. 12, 2019, 5:00 p.m. (ET) - Deadline for prospective bidders to submit Bids b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline for Trustee to file notice of Qualified Bidders c. Dec. 18, 2019 - Deadline for Trustee to designate and communicate Starting Bid to Qualified Bidders d. Dec. 19, 2019, 10:00 a.m. (ET) - Auction to be conducted at the Charlotte Marriott City Center, 100 W. Trade Street, Charlotte, NC 28202 e. Dec. 20, 2019 - Deadline for Trustee to file notice of Successful Bidder and Next-Highest Bidder f. Dec. 27, 2019, 5:00 p.m. (ET) - Deadline to object to Sale and Cure Amount g. Jan. 2, 2020, 1:00 p.m. (ET) - Sale Hearing, to be conducted at the U.S. Bankruptcy Court for the Eastern District of North Carolina in Greenville, North Carolina Other salient terms of the Bidding Procedures are: a. Initial Bid: Must state with specificity (i) the Transferred Assets (including the specific executory contracts and unexpired leases) contemplated in the Bid any person seeking to acquire any of the Transferred Assets wishes to bid on, and (ii) the liabilities and obligations (including applicable cure costs) to be assumed by the Potential Bidder in the Sale b. Deposit: 5% of the Bid amount c. Auction: If one or more timely Qualified Bids are received, an open auction for the Transferred Assets will be conducted on Dec. 19, 2019, commencing at 10:00 a.m. (ET) or such other time as the Trustee may announce. d. Bid Increments: Each Subsequent Bid at the Auction will provide net value to the estate in a minimum amount to be announced at or prior the Auction over the Starting Bid or the Leading Bid, as the case may be, as determined by the Trustee in the exercise of his reasonable business judgment and in consultation with the Consultation Parties. The closing will not be contingent in any way on the Successful Bidder's financing or such other evidence of ability to consummate the transaction(s) as the Trustee may request, including proof that such funding commitments or other financing are not subject to any internal approvals, syndication requirements, diligence, or credit committee approvals (provided that such commitments may have covenants and conditions acceptable to the Trustee). Immediately after the completion of (a) the Auction and (b) the auctions of other individual CAH hospitals, as identified in the Plan, the Trustee will give certain Qualified Bidders the opportunity to group two or more hospitals for further bidding. Only Qualified Bidders who are qualified to bid on each of the hospitals for which they want to bid will be eligible for Further Bidding. For purposes of Further Bidding, the minimum bidding increment for any group of two or more hospitals will be 1% more than the sum of the highest bid of each individual hospital that comprises the group that is to be bid upon. Further Bidding on the grouped hospitals will be allowed until a best bid is reached for the grouped hospitals. This process will continue until no further groupings are requested by Qualified Bidders. Within two business days following the entry of the Bidding Procedures Order, the Trustee will serve a copy of the Bidding Procedures Order and a notice containing the date of the Auction, the Sale Hearing, and the deadline to file objections to the Sale to all interested parties. Such notice will be sufficient and proper notice of the sale with respect to known interested parties. With respect to the Assumed Contracts, on Dec. 6, 2019, the Trustee will file with the Court and serve on each party to an Assumed Contract a notice setting forth the amount of cure owed thereunder according to the Debtor's books and records. The Cure Objection Deadline is Dec. 23, 2019. The Debtor is authorized to take all actions necessary to effectuate the relief granted pursuant to the Order. About Haskell County Community Hospital CAH Acquisition Company 16, LLC, is a Delaware limited liability company that owns a for-profit, 25-bed hospital 401 NW H Street, Stigler, Oklahoma 74462. The Hospital is classified a Critical Access Hospital by the Centers for Medicare and Medicaid Services. It is currently owned by two members, HMC/CAH Consolidated, Inc. and Health Acquisition Company, LLC. Prior to March 2017, the Debtor was wholly owned by HMC/CAH. On March 17, 2019, CAH Acquisition Company 16, LLC d/b/a Haskell County Community Hospital, filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code (Bankr. E.D.N.C. Case No. 19-01227-5). The case is jointly administered along with six other critical access hospitals under the Chapter 11 case of CAH Acquisition Company #1, LLC d/b/a Washington County Hospital, Case No. 19-00730-5-JNC. On March 15, 2019, Thomas W. Waldrep, Jr., was appointed as Chapter 11 Trustee for the Debtors. The Trustee's own firm, WALDREP LLP, serves as counsel in the Chapter 11 case. Sherwood Partners, Inc. was appointed as Sales Agent to the Trustee on Oct. 23, 2019. CAH ACQUISITION 1: Trustee's Dec. 19 Auction of All Assets Set -------------------------------------------------------------- Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina authorized the bidding procedures of Thomas W. Waldrep, Jr., the duly appointed Chapter 11 Trustee in the case of CAH Acquisition Co. #1, LLC, doing business as Washington County Hospital, in connection with the sale of all real property and associated personal property of the Debtor, to Affinity Health Partners, LLC for $3.5 million, subject to overbid. The Trustee will have the right, consistent with the procedures, to sell substantially all of the assets of the Debtor's bankruptcy estate. Summary of Important Dates: A. Dates if Bids Received Other than the Stalking Horse: a. Dec. 12, 2019, 5:00 p.m. (ET) - Deadline for prospective bidders to submit Bids b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline for Trustee to file notice of Qualified Bidders c. Dec. 18, 2019 - Deadline for Trustee to designate and communicate Starting Bid to Qualified Bidders d. Dec. 19, 2019, 10:00 a.m. (ET) - Auction to be conducted at the Charlotte Marriott City Center, 100 W. Trade Street, Charlotte, NC 28202 e. Dec. 20, 2019 - Deadline for Trustee to file notice of Successful Bidder and Next-Highest Bidder f. Dec. 27, 2019, 5:00 p.m. (ET) - Deadline to object to Sale and Cure Amount g. Jan. 2, 2020, 1:00 p.m. (ET) - Sale Hearing, to be conducted at the U.S. Bankruptcy Court for the Eastern District of North Carolina in Greenville, North Carolina B. Dates if No Bids Received other than Stalking Horse: a. Dec. 13, 2019 - Deadline for trustee to file report b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline to object to approval of Stalking Horse c. Dec. 17, 2019, 1:00 p.m. (ET) - Hearing to approve Stalking Horse Pursuant to the Sale Agreement, the Trustee agreed to pay a break-up fee equal to $100,000, to the Stalking Horse Bidder if the Stalking Horse Bidder is not the Successful Bidder at the Auction. In addition, any overbid must offer a purchase price for the Transferred Assets that exceeds the cash purchase price offered by the Stalking Horse Bidder in its Sale Agreement by an amount greater than the Break-Up Fee plus $50,000. Other salient terms of the Bidding Procedures are: a. Initial Bid: $3.5 million, plus $140,000 break-up fee, plus $50,000 b. Deposit: 5% of the Bid amount c. Auction: If one or more timely Qualified Bids are received, an open auction for the Transferred Assets will be conducted on Dec. 19, 2019, commencing at 10:00 a.m. (ET) or such other time as the Trustee may announce. d. Bid Increments: Each Subsequent Bid at the Auction will provide net value to the estate in a minimum amount to be announced at or prior the Auction over the Starting Bid or the Leading Bid, as the case may be, as determined by the Trustee in the exercise of his reasonable business judgment and in consultation with the Consultation Parties. Immediately after the completion of (a) the Auction and (b) the auctions of other individual CAH hospitals, as identified in the Plan, the Trustee will give certain Qualified Bidders the opportunity to group two or more hospitals for further bidding. Only Qualified Bidders who are qualified to bid on each of the hospitals for which they want to bid will be eligible for Further Bidding. For purposes of Further Bidding, the minimum bidding increment for any group of two or more hospitals will be 1% more than the sum of the highest bid of each individual hospital that comprises the group that is to be bid upon. Further Bidding on the grouped hospitals will be allowed until a best bid is reached for the grouped hospitals. This process will continue until no further groupings are requested by Qualified Bidders. Within two business days following the entry of the Bidding Procedures Order, the Trustee will serve a copy of the Bidding Procedures Order and a notice containing the date of the Auction, the Sale Hearing, and the deadline to file objections to the Sale to all interested parties. Such notice will be sufficient and proper notice of the sale with respect to known interested parties. With respect to the Assumed Contracts, on Dec. 6, 2019, the Trustee will file with the Court and serve on each party to an Assumed Contract a notice setting forth the amount of cure owed thereunder according to the Debtor's books and records. The Cure Objection Deadline is Dec. 23, 2019. The Debtor is authorized to take all actions necessary to effectuate the relief granted pursuant to the Order. About Washington County Hospital CAH Acquisition Company #1, LLC d/b/a Washington County Hospital, is a Delaware limited liability company that owns a for-profit 25-bed hospital and Rural Health Clinic on a 20-acre campus located at 958 US Hwy 64 East, Plymouth, North Carolina. It purchased the Hospital from Washington County, North Carolina on June 1, 2007. On Feb. 19, 2019, three creditors of CAH Acquisition Company #1, LLC -- Medline Industries, Inc.; Robert Venable, M.D.; and Washington County, North Carolina -- filed an involuntary petition for relief under Chapter 7 of Title 11 of the United States Code in the United States Bankruptcy Court for the Eastern District of North Carolina. On March 15, 2019, the Bankruptcy Court entered its order converting the Debtor's case to a case under Chapter 11 of the Bankruptcy Code. The case is jointly administered along with six other critical access hospitals under the Debtor's Chapter 11 Case. On Feb. 22. 2019, during the pendency of the Chapter 7 portion of the Debtor's case, Thomas W. Waldrep, Jr., was appointed as interim trustee for the Debtor. On March 15, 2019, upon conversion of the case, Thomas W. Waldrep, Jr., was appointed as Chapter 11 Trustee for the Debtor pursuant to Section 1104 of the Bankruptcy Code. No official committee of unsecured creditors was appointed in this case. The Trustee's own firm, WALDREP LLP, serves as counsel in the Chapter 11 case. Sherwood Partners, Inc. was appointed as Sales Agent to the Trustee on Oct. 23, 2019. CAH ACQUISITION 2: Trustee's Dec. 19 Auction of All Assets Set -------------------------------------------------------------- Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina authorized the bidding procedures of Thomas W. Waldrep, Jr., the duly appointed Chapter 11 Trustee in the case of CAH Acquisition Co. #2, LLC, doing business as Oswego Community Hospital, in connection with the sale of all real property and associated personal property of the Debtor, at auction. The Trustee will have the right, consistent with the procedures, to sell substantially all of the assets of the Debtor's bankruptcy estate. Summary of Important Dates: A. Dates if Bids Received Other than the Stalking Horse: a. Dec. 12, 2019, 5:00 p.m. (ET) - Deadline for prospective bidders to submit Bids b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline for Trustee to file notice of Qualified Bidders c. Dec. 18, 2019 - Deadline for Trustee to designate and communicate Starting Bid to Qualified Bidders d. Dec. 19, 2019, 10:00 a.m. (ET) - Auction to be conducted at the Charlotte Marriott City Center, 100 W. Trade Street, Charlotte, NC 28202 e. Dec. 20, 2019 - Deadline for Trustee to file notice of Successful Bidder and Next-Highest Bidder f. Dec. 27, 2019, 5:00 p.m. (ET) - Deadline to object to Sale and Cure Amount g. Jan. 2, 2020, 1:00 p.m. (ET) - Sale Hearing, to be conducted at the U.S. Bankruptcy Court for the Eastern District of North Carolina in Greenville, North Carolina Other salient terms of the Bidding Procedures are: a. Initial Bid: Must state with specificity (i) the Transferred Assets (including the specific executory contracts and unexpired leases) contemplated in the Bid any person seeking to acquire any of the Transferred Assets wishes to bid on, together with a schedule allocating the value of the Bid across its component Transferred Assets, and (ii) the liabilities and obligations (including applicable cure costs) to be assumed by the Potential Bidder in the Sale b. Deposit: 5% of the Bid amount c. Auction: If one or more timely Qualified Bids are received, an open auction for the Transferred Assets will be conducted on Dec. 19, 2019, commencing at 10:00 a.m. (ET) or such other time as the Trustee may announce. d. Bid Increments: Each Subsequent Bid at the Auction will provide net value to the estate in a minimum amount to be announced at or prior the Auction over the Starting Bid or the Leading Bid, as the case may be, as determined by the Trustee in the exercise of his reasonable business judgment and in consultation with the Consultation Parties. The closing will not be contingent in any way on the Successful Bidder's financing or such other evidence of ability to consummate the transaction(s) as the Trustee may request, including proof that such funding commitments or other financing are not subject to any internal approvals, syndication requirements, diligence, or credit committee approvals (provided that such commitments may have covenants and conditions acceptable to the Trustee). Immediately after the completion of (a) the Auction and (b) the auctions of other individual CAH hospitals, as identified in the Plan, the Trustee will give certain Qualified Bidders the opportunity to group two or more hospitals for further bidding. Only Qualified Bidders who are qualified to bid on each of the hospitals for which they want to bid will be eligible for Further Bidding. For purposes of Further Bidding, the minimum bidding increment for any group of two or more hospitals will be 1% more than the sum of the highest bid of each individual hospital that comprises the group that is to be bid upon. Further Bidding on the grouped hospitals will be allowed until a best bid is reached for the grouped hospitals. This process will continue until no further groupings are requested by Qualified Bidders. Within two business days following the entry of the Bidding Procedures Order, the Trustee will serve a copy of the Bidding Procedures Order and a notice containing the date of the Auction, the Sale Hearing, and the deadline to file objections to the Sale to all interested parties. Such notice will be sufficient and proper notice of the sale with respect to known interested parties. With respect to the Assumed Contracts, on Dec. 6, 2019, the Trustee will file with the Court and serve on each party to an Assumed Contract a notice setting forth the amount of cure owed thereunder according to the Debtor's books and records. The Cure Objection Deadline is Dec. 23, 2019. The Trustee is authorized to take all actions necessary to effectuate the relief granted pursuant to the Order. About Oswego Community Hospital CAH Acquisition Company #2, LLC d/b/a Oswego Community Hospital, is a Delaware limited liability company that owns a for-profit 12-bed hospital at 800 Barker Drive, Oswego, Kansas 67356. The Debtor sought Chapter 11 protection (Bankr. E.D. N.C. Case No. 19-01230-5-JNC) on March 17, 2019. The case is jointly administered along with six other critical access hospitals under the Debtor's Chapter 11 Case. On March 18, 2019, Thomas W. Waldrep, Jr., was appointed as the Trustee for the Debtor. Sherwood Partners, Inc., was appointed as Sales Agent to the Trustee on Oct. 23, 2019. CAH ACQUISITION 3: Trustee's Dec. 19 Auction of All Assets Set -------------------------------------------------------------- Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina authorized the bidding procedures of Thomas W. Waldrep, Jr., the duly appointed Chapter 11 Trustee in the case of CAH Acquisition Co. #3, LLC, doing business as Horton Community Hospital, in connection with the sale of all real property and associated personal property of the Debtor, at auction. The Trustee will have the right, consistent with the procedures, to sell substantially all of the assets of the Debtor's bankruptcy estate. Summary of Important Dates: A. Dates if Bids Received Other than the Stalking Horse: a. Dec. 12, 2019, 5:00 p.m. (ET) - Deadline for prospective bidders to submit Bids b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline for Trustee to file notice of Qualified Bidders c. Dec. 18, 2019 - Deadline for Trustee to designate and communicate Starting Bid to Qualified Bidders d. Dec. 19, 2019, 10:00 a.m. (ET) - Auction to be conducted at the Charlotte Marriott City Center, 100 W. Trade Street, Charlotte, NC 28202 e. Dec. 20, 2019 - Deadline for Trustee to file notice of Successful Bidder and Next-Highest Bidder f. Dec. 27, 2019, 5:00 p.m. (ET) - Deadline to object to Sale and Cure Amount g. Jan. 2, 2020, 1:00 p.m. (ET) - Sale Hearing, to be conducted at the U.S. Bankruptcy Court for the Eastern District of North Carolina in Greenville, North Carolina Other salient terms of the Bidding Procedures are: a. Initial Bid: Must state with specificity (i) the Transferred Assets (including the specific executory contracts and unexpired leases) contemplated in the Bid any person seeking to acquire any of the Transferred Assets wishes to bid on, together with a schedule allocating the value of the Bid across its component Transferred Assets, and (ii) the liabilities and obligations (including applicable cure costs) to be assumed by the Potential Bidder in the Sale; b. Deposit: 5% of the Bid amount c. Auction: If one or more timely Qualified Bids are received, an open auction for the Transferred Assets will be conducted on Dec. 19, 2019, commencing at 10:00 a.m. (ET) or such other time as the Trustee may announce. d. Bid Increments: Each Subsequent Bid at the Auction will provide net value to the estate in a minimum amount to be announced at or prior the Auction over the Starting Bid or the Leading Bid, as the case may be, as determined by the Trustee in the exercise of his reasonable business judgment and in consultation with the Consultation Parties. Immediately after the completion of (a) the Auction and (b) the auctions of other individual CAH hospitals, as identified in the Plan, the Trustee will give certain Qualified Bidders the opportunity to group two or more hospitals for further bidding. Only Qualified Bidders who are qualified to bid on each of the hospitals for which they want to bid will be eligible for Further Bidding. For purposes of Further Bidding, the minimum bidding increment for any group of two or more hospitals will be 1% more than the sum of the highest bid of each individual hospital that comprises the group that is to be bid upon. Further Bidding on the grouped hospitals will be allowed until a best bid is reached for the grouped hospitals. This process will continue until no further groupings are requested by Qualified Bidders. Within two business days following the entry of the Bidding Procedures Order, the Trustee will serve a copy of the Bidding Procedures Order and a notice containing the date of the Auction, the Sale Hearing, and the deadline to file objections to the Sale to all interested parties. Such notice will be sufficient and proper notice of the sale with respect to known interested parties. With respect to the Assumed Contracts, on Dec. 6, 2019, the Trustee will file with the Court and serve on each party to an Assumed Contract a notice setting forth the amount of cure owed thereunder according to the Debtor's books and records. The Cure Objection Deadline is Dec. 23, 2019. The Trustee is authorized to take all actions necessary to effectuate the relief granted pursuant to the Order. About Horton Community Hospital CAH Acquisition Company # 3, LLC, d/b/a Horton Community Hospital, owns a 25 bed critical access hospital in Saint Louis, Missouri. Services -- http://www.horton-hospital.com/-- include diagnostic and therapeutic services, 24 hour emergency care, convenient and specialized outpatient resources, pharmaceutical services and other services. The Company previously sought bankruptcy protection on Oct. 10, 2011 (Bankr. W.D. Mo. Case No. 11-44741). The Company again sought Chapter 11 protection (Bankr. E.D.N.C. Case No. 19-01180) on March 14, 2019. The Debtor was estimated to have assets of $0 to $50,000 and liabilities of $1 million to $10 million. The Hon. Joseph N. Callaway is the case judge. SPILMAN THOMAS & BATTLE, PLLC, is the Debtor's counsel. On March 15,2019, Thomas W. Waldrep, Jr., was appointed as Chapter 11 Trustee for the Debtor. The Trustee's own firm, WALDREP LLP, serves as counsel in the Chapter 11 case. On Oct. 22, 2019, Employ Sherwood Partners, Inc. was appointed as Sales Agent for the Trustee. CAH ACQUISITION 6: Trustee's Dec. 19 Auction of All Assets Set -------------------------------------------------------------- Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina authorized the bidding procedures of Thomas W. Waldrep, Jr., the duly appointed Chapter 11 Trustee in the case of CAH Acquisition Co. #6, LLC, doing business as I-70 Community Hospital, in connection with the sale of all real property and associated personal property of the Debtor, to Affinity Health Partners, LLC for $3.4 million, subject to overbid. The Trustee will have the right, consistent with the procedures, to sell substantially all of the assets of the Debtor's bankruptcy estate. Summary of Important Dates: A. Dates if Bids Received Other than the Stalking Horse: a. Dec. 12, 2019, 5:00 p.m. (ET) - Deadline for prospective bidders to submit Bids b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline for Trustee to file notice of Qualified Bidders c. Dec. 18, 2019 - Deadline for Trustee to designate and communicate Starting Bid to Qualified Bidders d. Dec. 19, 2019, 10:00 a.m. (ET) - Auction to be conducted at the Charlotte Marriott City Center, 100 W. Trade Street, Charlotte, NC 28202 e. Dec. 20, 2019 - Deadline for Trustee to file notice of Successful Bidder and Next-Highest Bidder f. Dec. 27, 2019, 5:00 p.m. (ET) - Deadline to object to Sale and Cure Amount g. Jan. 2, 2020, 1:00 p.m. (ET) - Sale Hearing, to be conducted at the U.S. Bankruptcy Court for the Eastern District of North Carolina in Greenville, North Carolina B. Dates if No Bids Received other than Stalking Horse: a. Dec. 13, 2019 - Deadline for trustee to file report b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline to object to approval of Stalking Horse c. Dec. 17, 2019, 1:00 p.m. (ET) - Hearing to approve Stalking Horse Pursuant to the Sale Agreement, the Trustee agreed to pay a break-up fee equal to $100,000, to the Stalking Horse Bidder if the Stalking Horse Bidder is not the Successful Bidder at the Auction. In addition, any overbid must offer a purchase price for the Transferred Assets that exceeds the cash purchase price offered by the Stalking Horse Bidder in its Sale Agreement by an amount greater than the Break-Up Fee plus $50,000. Other salient terms of the Bidding Procedures are: a. Initial Bid: $3.4 million, plus Break-up Fee, plus $50,000 b. Deposit: 5% of the Bid amount c. Auction: If one or more timely Qualified Bids are received, an open auction for the Transferred Assets will be conducted on Dec. 19, 2019, commencing at 10:00 a.m. (ET) or such other time as the Trustee may announce. d. Bid Increments: Each Subsequent Bid at the Auction will provide net value to the estate in a minimum amount to be announced at or prior the Auction over the Starting Bid or the Leading Bid, as the case may be, as determined by the Trustee in the exercise of his reasonable business judgment and in consultation with the Consultation Parties. The closing will not be contingent in any way on the Successful Bidder's financing or such other evidence of ability to consummate the transaction(s) as the Trustee may request, including proof that such funding commitments or other financing are not subject to any internal approvals, syndication requirements, diligence, or credit committee approvals (provided that such commitments may have covenants and conditions acceptable to the Trustee). Immediately after the completion of (a) the Auction and (b) the auctions of other individual CAH hospitals, as identified in the Plan, the Trustee will give certain Qualified Bidders the opportunity to group two or more hospitals for further bidding. Only Qualified Bidders who are qualified to bid on each of the hospitals for which they want to bid will be eligible for Further Bidding. For purposes of Further Bidding, the minimum bidding increment for any group of two or more hospitals will be 1% more than the sum of the highest bid of each individual hospital that comprises the group that is to be bid upon. Further Bidding on the grouped hospitals will be allowed until a best bid is reached for the grouped hospitals. This process will continue until no further groupings are requested by Qualified Bidders. Within two business days following the entry of the Bidding Procedures Order, the Trustee will serve a copy of the Bidding Procedures Order and a notice containing the date of the Auction, the Sale Hearing, and the deadline to file objections to the Sale to all interested parties. Such notice will be sufficient and proper notice of the sale with respect to known interested parties. With respect to the Assumed Contracts, on Dec. 6, 2019, the Trustee will file with the Court and serve on each party to an Assumed Contract a notice setting forth the amount of cure owed thereunder according to the Debtor's books and records. The Cure Objection Deadline is Dec. 23, 2019. The Trustee is authorized to take all actions necessary to effectuate the relief granted pursuant to the Order. About CAH Acquisition Company 6 CAH Acquisition Company 6, LLC d/b/a I-70 Community Hospital, owns a for-profit 15-bed hospital and rural health clinic located at 105 Hospital Drive, Sweet Springs, Missouri. CAH Acquisition Company 6 sought Chapter 11 protection (Bankr. E.D.N.C. Case No. 19-01300) on March 14, 2019. Affiliates of the Debtor simultaneously filed voluntary Chapter 11 petitions. The Hon. Joseph N. Callaway is the case judge. SPILMAN THOMAS & BATTLE, PLLC, is the Debtors' counsel. On March 15,2019, Thomas W. Waldrep, Jr., was appointed as Chapter 11 Trustee for the Debtors. The Trustee's own firm, WALDREP LLP, serves as counsel in the Chapter 11 cases. Sherwood Partners, Inc. was appointed as Sales Agent to the Trustee on Oct. 23, 2019. CAH ACQUISITION 7: Trustee's Dec. 19 Auction of All Assets Set -------------------------------------------------------------- Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina authorized the bidding procedures of Thomas W. Waldrep, Jr., the duly appointed Chapter 11 Trustee in the case of CAH Acquisition Co. #7, LLC, doing business as Prague Community Hospital, in connection with the sale of all real property and associated personal property of the Debtor, at auction, free and clear of all liens, claims, interests, and encumbrances. The Trustee will have the right, consistent with the procedures, to sell substantially all of the assets of the Debtor's bankruptcy estate. Summary of Important Dates: A. Dates if Bids Received Other than the Stalking Horse: a. Dec. 12, 2019, 5:00 p.m. (ET) - Deadline for prospective bidders to submit Bids b. Dec. 16, 2019, 5:00 p.m. (ET) - Deadline for Trustee to file notice of Qualified Bidders c. Dec. 18, 2019 - Deadline for Trustee to designate and communicate Starting Bid to Qualified Bidders d. Dec. 19, 2019, 10:00 a.m. (ET) - Auction to be conducted at the Charlotte Marriott City Center, 100 W. Trade Street, Charlotte, NC 28202 e. Dec. 20, 2019 - Deadline for Trustee to file notice of Successful Bidder and Next-Highest Bidder f. Dec. 27, 2019, 5:00 p.m. (ET) - Deadline to object to Sale and Cure Amount g. Jan. 2, 2020, 1:00 p.m. (ET) - Sale Hearing, to be conducted at the U.S. Bankruptcy Court for the Eastern District of North Carolina in Greenville, North Carolina Other salient terms of the Bidding Procedures are: a. Initial Bid: Must state with specificity (i) the Transferred Assets (including the specific executory contracts and unexpired leases) contemplated in the Bid any person seeking to acquire any of the Transferred Assets wishes to bid on, and (ii) the liabilities and obligations (including applicable cure costs) to be assumed by the Potential Bidder in the Sale b. Deposit: 5% of the Bid amount c. Auction: If one or more timely Qualified Bids are received, an open auction for the Transferred Assets will be conducted on Dec. 19, 2019, commencing at 10:00 a.m. (ET) or such other time as the Trustee may announce. d. Bid Increments: Each Subsequent Bid at the Auction will provide net value to the estate in a minimum amount to be announced at or prior the Auction over the Starting Bid or the Leading Bid, as the case may be, as determined by the Trustee in the exercise of his reasonable business judgment and in consultation with the Consultation Parties. The closing will not be contingent in any way on the Successful Bidder's financing or such other evidence of ability to consummate the transaction(s) as the Trustee may request, including proof that such funding commitments or other financing are not subject to any internal approvals, syndication requirements, diligence, or credit committee approvals (provided that such commitments may have covenants and conditions acceptable to the Trustee). Immediately after the completion of (a) the Auction and (b) the auctions of other individual CAH hospitals, as identified in the Plan, the Trustee will give certain Qualified Bidders the opportunity to group two or more hospitals for further bidding. Only Qualified Bidders who are qualified to bid on each of the hospitals for which they want to bid will be eligible for Further Bidding. For purposes of Further Bidding, the minimum bidding increment for any group of two or more hospitals will be 1% more than the sum of the highest bid of each individual hospital that comprises the group that is to be bid upon. Further Bidding on the grouped hospitals will be allowed until a best bid is reached for the grouped hospitals. This process will continue until no further groupings are requested by Qualified Bidders. Within two business days following the entry of the Bidding Procedures Order, the Trustee will serve a copy of the Bidding Procedures Order and a notice containing the date of the Auction, the Sale Hearing, and the deadline to file objections to the Sale to all interested parties. Such notice will be sufficient and proper notice of the sale with respect to known interested parties. With respect to the Assumed Contracts, on Dec. 6, 2019, the Trustee will file with the Court and serve on each party to an Assumed Contract a notice setting forth the amount of cure owed thereunder according to the Debtor's books and records. The Cure Objection Deadline is Dec. 23, 2019. The Trustee is authorized to take all actions necessary to effectuate the relief granted pursuant to the Order. About Prague Community Hospital CAH Acquisition Company 7, LLC d/b/a Prague Community Hospital is a Delaware limited liability company that owns a for-profit, 15-bed hospital at 1322 Klabzuba Avenue, Prague, Oklahoma 74864. The Company is currently owned by two members, HMC/CAH Consolidated, Inc. (20% membership) and Health Acquisition Company, LLC (80% membership). The Debtor, along with numerous other affiliated entities, filed a previous voluntary Chapter 11 bankruptcy case (Bankr. W.D. Mo. Case No. 11-44745) on Oct. 10, 2011 and won confirmation of its Chapter 11 plan in December 2012. The Company again sought Chapter 11 protection (Bankr. E.D.N.C. Case No. 19-01298) on March 21, 2019. The Debtor was estimated to have assets of $0 to $50,000 and liabilities of $1 million to $10 million. The case is jointly administered along with six other critical access hospitals under the Chapter 11 case of CAH Acquisition Company #1, LLC d/b/a Washington County Hospital (Case No. 19-00730). The Hon. Joseph N. Callaway is the case judge. SPILMAN THOMAS & BATTLE, PLLC, is the Debtors' counsel. Thomas W. Waldrep, Jr., was appointed as Chapter 11 Trustee for the Debtors. The Trustee's own firm, WALDREP LLP, serves as counsel in the Chapter 11 case. Sherwood Partners, Inc. was appointed as Sales Agent to the Trustee on Oct. 23, 2019. CANNTRUST HOLDINGS: Won't Complete Financial Restatement This Year ------------------------------------------------------------------ CannTrust Holdings Inc. (TSX: TRST, NYSE: CTST) is providing a status update in accordance with its obligations under the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Orders ("NP 12-203"), which require the Company to provide bi-weekly updates until such time as the Company is current with its filing obligations under Canadian securities laws. The Company is subject to a management cease trade order ("MCTO") issued by the Ontario Securities Commission. The MCTO prohibits the directors and executive officers of the Company from trading in or acquiring securities of the Company until two full business days after the Company files an interim financial report for the three and six month periods ended June 30, 2019, an interim management's discussion and analysis for the corresponding period and certifications of interim filings. The MCTO does not affect the ability of investors who are not insiders to trade in the Company's securities. Timing of Financial Results and TSX Listing Update CannTrust continues to make progress in working with its independent auditor to complete its restated audited financial statements for the year ended December 31, 2018, its restated interim financial statements for the first quarter of 2019, and its interim financial statements for the second and third quarters of 2019, together with the related management's discussion and analysis for the corresponding periods. As disclosed in the Company's November 21, 2019 news release, these financial statements are unlikely to be completed and filed before the end of the calendar year. On November 26, 2019, CannTrust announced that, as a result of the delay in filing the aforementioned financial disclosures, the Toronto Stock Exchange (the "TSX") intended to review the Company's eligibility to continue listing its common shares. The TSX advised that if the Company is unable to satisfy its disclosure requirements by March 25, 2020, the Company's securities will be delisted 30 days following this date. The Company fully anticipates filing the associated disclosures and meeting the TSX's requirements prior to March 25, 2020. As at November 30, 2019, CannTrust had approximately C$185 million of cash liquidity. The Company has no borrowings. Update on Remediation Efforts CannTrust continues to make progress on its remediation efforts and anticipates completing all of the activities described within its remediation plan by the end of the first quarter of 2020, although completion will be subject to Health Canada's input and approval. To that end, the Company and Health Canada have already engaged on various aspects of the remediation plan. Litigation Update CannTrust was either served or became aware of putative class action lawsuits in Canada and the United States against the Company and certain of its current and former Directors, officers, and employees relating to the drop in its share price after July 8, 2019. The Company expects the number of putative class actions against it to be consolidated in the coming months. Recently, the Company became aware of a lawsuit by Zola Finance Holdings Ltd. and Igor Gimelshtein that also relates to the drop in its share price after July 8, 2019. The total amounts claimed in the lawsuits overlap and have not been quantified at the present time. The Company has not currently recorded any uninsured amount related to this contingency. CannTrust further advises that: (i) Other than as disclosed above, there have been no material changes to the information contained in the Company's August 16, 2019 news release, August 29, 2019 news release, September 12, 2019 news release, September 26, 2019 news release, October 10, 2019 news release, October 24, 2019 news release, November 7, 2019 news release, and November 21, 2019 news release; (ii) The Company intends to continue to comply with the alternative information guidelines of NP 12-203; and, (iii) Except as previously disclosed, there are no subsequent specified defaults (actual or anticipated) within the meaning of NP 12-203. About CannTrust CannTrust (TSX: TRST, NYSE: CTST) is a federally regulated licensed producer of medical and recreational cannabis in Canada. Founded by pharmacists, CannTrust brings years of pharmaceutical and healthcare experience to the medical cannabis industry and serves medical patients with its dried, extract and capsule products. The Company operates its Niagara Perpetual Harvest Facility in Pelham, Ontario, and prepares and packages its product portfolio at its manufacturing centre in Vaughan, Ontario. The Company has also purchased 81 acres of land in British Columbia and expects to secure over 240 acres of land in total for low-cost outdoor cultivation which it will use for its extraction-based products. CARBUCKS OF CAROLINA: Plan Confirmation Hearing on Jan. 28 ---------------------------------------------------------- Carbucks of Carolina, Inc., has won conditional approval of its Disclosure Statement and now has a scheduled hearing to seek confirmation of its Chapter 11 Plan. 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 January 28, 2020 at 3:30 pm in Tampa, FL − Courtroom 9B, Sam M. Gibbons United States Courthouse, 801 N. Florida Avenue. Objections to confirmation must be filed with the Court and served no later than seven (7) days before the date of the Confirmation Hearing. About Carbucks of Carolina Inc. Carbucks of Carolina, Inc. -- http://www.carbuckscorp.com/-- is a car and vehicle title loan company operating in Georgia, South Carolina, and Delaware, and nationally with its online title lending service. The company provides financing based on the value of its clients' cars, truck commercial vehicles, boats, and motorcycles. Carbucks of Carolina filed a voluntary Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-06503) on July 10, 2019. In the petition signed by Philip Heitlinger, president, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Alberto F. Gomez Jr., Esq., at Johnson Pope Bokor Ruppel & Bums, LLP, represents the Debtor as counsel. CITYWIDE COMMUNITY: Unsecureds Owed $96K to Split $15K in Plan -------------------------------------------------------------- Cityside Community Counseling Services, Inc., filed a reorganization plan. The continued operations with CBH will fund the Debtor's plan. The Debtor continues to see patients and perform its work pursuant to its contract with CBH. The Debtor continues to be managed by Dr. Modesta Molina on a postpetition basis. In its liquidation analysis, the Debtor said that in the even that the Debtor is forced to liquidate, the liquidation would result in a zero distribution for unsecured creditors after costs of sale and administrative claims which is significantly lower than the proposed payments set forth in the Plan. The Plan provides: * Class 2 consists of the Allowed Claim of Angienel Astacio Irizarry a/k/a Angienel Astacio Valdez and Moises Valdez, her husband (the "Irizary Claimants"). The Class 2 Claim is impaired under the Plan. The Irizary Claimants will receive an assignment of specific claims, causes of actions and contractual rights belonging to the Debtor. * Class 3 consists of Allowed Unsecured Claims, as set forth in Section 3.1 hereof. Class 3 is Impaired. Class 3 Claims are estimated at $96,132.001. The Debtor proposes to pay $15,000 to the holders of Allowed General Unsecured Claims by distributing such payment on the Effective Date of the Plan. A full-text copy of the Disclosure Statement dated Nov. 22, 2019, is available at https://tinyurl.com/r3zuymh from PacerMonitor.com at no charge. Attorneys for the Debtor: Albert A. Ciardi, Ill Nicole M. Nigrelli Daniel S. Siedman CIARDI CIARDI & ASTIN One Commerce Square 2005 Market Street, Suite 3500 Philadelphia, PA 19103 Telephone: (215) 557-3550 Facsimile: (215) 557-3551 E-mail: aciardi@ciardilaw.com nnigrelli@ciardilaw.com About Citywide Community Counseling Citywide Community Counseling Services, Inc., is a 501 c(3) non-profit corporation that offers psychiatric, psychological, and behavioral services. It has a multicultural and multilingual behavioral health program designed to provide outpatient services within a full range of modalities. Citywide Community Counseling Services sought Chapter 11 protection (Bankr. E.D. Pa. Case No. 19-15164) in Philadelphia on Aug. 16, 2019. In the petition signed by Dr. Modesta Molina, COO, the Debtor was estimated to have assets between $100,000 and $500,000, and liabilities between $1 million and $10 million. Judge Magdeline D. Coleman oversees the case. Ciardi Ciardi & Astin, P.C., is the Debtor's legal counsel. CLYDE EVANS: Plan Confirmation Hearing Continued to Dec. 20 ----------------------------------------------------------- Debtor Clyde Evans Land Company, Inc., filed a disclosure statement on Aug. 5, 2019. It was modified by an amended disclosure statement filed on Sept. 10, 2019. The court's prior order approving disclosure set a hearing on confirmation for Nov/ 13, 2019, as well as deadlines for actions related to confirmation. However, at the November 13th hearing, it became apparent that there were procedural problems that necessitated re-doing the confirmation process to ensure fair and proper procedures. That is the purpose of this amended and supplemental order. Judge Mary Ann Whipple accordingly entered an amended order, approving the disclosure statement, as amended, and established the following dates and deadlines: * Dec. 18, 2019, is fixed as the deadline by which the holders of claims and interests against Debtor may accept or reject the Plan. * Dec. 18, 2019, for ballots indicating acceptance or rejection of the Amended Plan which should be received by counsel for the Debtor, Steven L. Diller and Eric Neuman, at their address at 1105-1107 Adams St., Toledo, Ohio 43604-5508. * Dec. 19, 2019, at 4:00 p.m. for Debtor to tabulate all acceptances and rejections of the Amended Plan and shall file a new summary of the results with the clerk of the court. * Dec. 18, 2019, is the deadline for any objection to confirmation of the Amended Plan. * Dec. 20, 2019, at 9:30 a.m. is the hearing on confirmation of the Amended Plan in Courtroom No. 2, Room 103, United States Courthouse, 1716 Spielbusch Avenue, Toledo, Ohio. A full-text copy of the Amended Order is available at https://tinyurl.com/r4s4xpu from PacerMonitor.com at no charge. About Clyde Evans Land Co. Clyde Evans Land Company Inc. owns and operates commercial real estate properties. The company was incorporated in 1976 and is based in Lima, Ohio. Clyde Evans Land Company Inc. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 18-33906) on Dec. 18, 2018. In the petition signed by Dave Evans, president, the Debtor estimated assets of $1 million to $10 million in assets and liabilities of the same range. The case is assigned to Judge Mary Ann Whipple. The Debtor is represented by Steven L. Diller, Esq., at Diller and Rice, LLC. CONTURA ENERGY: S&P Lowers ICR to 'B-'; Outlook Stable ------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on U.S.-based coal producer Contura Energy Inc. to 'B-' from 'B'. S&P also lowered its issue-level rating on the company's senior secured debt to 'B' from 'B+'. S&P's '2' recovery rating on this debt remains unchanged, indicating its expectation for substantial recovery (70%-90%; rounded estimate: 70%) in the event of a default. S&P downgraded Contura because of three primary factors. Specifically, earlier this year the rating agency reconciled its estimates for the company's debt adjustments associated with its workers' compensation, postretirement obligations, and acquisition-related obligations with the finalized, filed results. In total, S&P's updated adjustments to Contura's debt were significantly greater than the rating agency's pro forma estimates, which incorporated both the divestiture of the company's Powder River Basin (PRB) assets and its November 2018 merger with Alpha Natural Resources. In addition, Contura's contribution margin for its met coal dropped by over 30% in 2019 because its costs have spiked while its realizations have fallen. S&P expects the company's credit measures to weaken further in 2020 if it is unable to reverse the cost inflation at its met coal operations. Finally, Contura will be undertaking a number of projects in 2020 that will increase its capital spending requirements and introduce new uncertainties. These include unwinding its lower-margin thermal coal operations and expanding its met coal production (including plans to bring up to 3.3 million tons of low-cost met production online over the next year). S&P forecasts that Contura's adjusted debt to EBITDA will remain flat and stay near the middle of the 3x–4x range through 2020. For the end of 2019, the rating agency expects debt of about $1.2 billion with adjustments including $195 million for asset retirement obligations, $140 million for postretirement obligations, $205 million for workers' compensation obligations, and $100 million for other contingent obligations. "The stable outlook reflects our updated expectation that Contura will maintain leverage in the 3x–4x range for 2020. This assumes the company will be successful in reversing the increasing unit production costs at its met coal operations, which should offset a modest amount of the ongoing deterioration in its pricing. "We could lower our rating on Contura if its leverage increases above 5x. This could be caused by prolonged weakness in the met coal markets or the loss of a major customer. These conditions could also occur if the company's adjusted EBITDA declines below $250 million," S&P said. "We could raise our rating on Contura if we expect its leverage to remain below 4x over the long term while it maintains adjusted EBITDA margins of more than 15%. For this to occur, the company would likely have to meet its goal of reducing its cost-per-ton for met coal production below $81," the rating agency said. Under this scenario, S&P estimates that the company would consistently generate free operating cash flow (FOCF; operating cash flow less capital spending). DATTA MANGLAM: Settles Lakshmi Claim for $1.1M With 6% Interest --------------------------------------------------------------- Debtor Datta Manglam Hospitality LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, filed a plan of reorganization and a disclosure statement. Lakshmi, Ltd filed a claim for $1,122,945.11 for the mortgage on the hotel property. The amount due and owing has been settled, compromised, and allowed in the principal amount of $1,100,000 as a fully-secured claim. Interest will be reduced to 6% per annum, and interest at the reduced rate shall begin accruing on the agreed principal amount ($1,100,000) starting Oct. 25, 2019. The monthly payment will be reduced to $7,000.00 per month starting Nov. 22, 2019. The maturity date is extended to May 22, 2030. The Debtor will list Lakshmi, Ltd., as loss payee on all insurance policies; the Debtor agrees that 100% of any insurance proceeds will be used to repair the hotel and will not be used for any other purpose; and insurance proceeds will be held in trust by Lakshmi and disbursed to make repairs to the improvements on the property with such disbursements to be made directly to the third party making the repairs. Insiders will be paid their prepetition claims during the term of the Plan if and when the business is able to make the payments. Equity interest holders are parties who hold ownership interest (i.e., equity interest) in Datta Manglam Hospitality, LLC. The members are: * Rama S. Singh 6015 Macon Cove Road 1-40, Exit 12 Memphis, TN 38134 -- 20% ownership (Managing Member) * Amish Patel 5725 Richfield Park Court Rosharon, TX 77583 -- 46% ownership (Member) * Kunal Patel 5725 Richfield Park Court Rosharon, TX 77583 -- 22% ownership (Member) * Urvashi Mukhi 4006 Lawton Landing Lane Katy, TX 77494 -- 12% ownership (Member) The members will maintain their membership interests during the plan term. Payments and distributions under the Plan will be funded by future income from the operations of the company. As to a default under the plan, any creditor remedies allowed by 11 U.S.C. Sec. 1112(b)(4)(N) shall be preserved to the extent otherwise available at law. A full-text copy of the Disclosure Statement is available at https://tinyurl.com/ur9m5vq from PacerMonitor.com at no charge. About Datta Manglam Hospitality Datta Manglam Hospitality, LLC, owns a hotel located at 3334 S. US 77, Kingsville, Texas, valued by the company at $343,160. Datta Manglam Hospitality sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-31726) on March 29, 2019. At the time of the filing, the Debtor disclosed $414,335 in assets and $1,096,519 in liabilities. The case is assigned to Judge Eduardo V. Rodriguez. The Law Office of Margaret M. McClure is the Debtor's counsel. DELICIAS DE MINAS: Court Confirms Chapter 11 Plan ------------------------------------------------- On June 10, 2019, debtor Delicias de Minas Restaurant, LLC dba Delicias de Minas Restaurant, Inc. filed with the U.S. Bankruptcy Court for the District of New Jersey a Plan under Chapter 11 of the Bankruptcy Code. On Nov. 14, 2019, Judge Stacey L. Meisel confirmed the Plan filed by Delicias de Minas Restaurant, LLC dba Delicias de Minas Restaurant, Inc. The Debtor is represented by: SCOTT S. REVER, ESQ. WASSERMAN, JURISTA & STOLZ, P.C. 110 Allen Road, Suite 304 Basking Ridge, New Jersey 07920 Tel: (973) 467-2700 Fax: (973) 467-8126 About Delicias De Minas Restaurant Delicias De Minas Restaurant LLC, a small business debtor as defined in 11 U.S.C. Section 101(51D), operates a buffet restaurant offering Brazilian cuisine in Newark, New Jersey. Delicias De Minas Restaurant sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 17-31101) on Oct. 18, 2017. Wendel Correa, partner, and owner, signed the petition. At the time of the filing, the Debtor was estimated to have assets of less than $50,000 and liabilities of $1 million to $10 million. Judge Stacey L. Meisel presides over the case. DESTINY SPRINGS: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Destiny Springs Healthcare, LLC 17300 N. Dysart Road Surprise, AZ 85378 Business Description: Destiny Springs Healthcare -- https://www.destinysprings.com -- owns and operates a behavioral healthcare facility. Destiny Springs is a 90-bed, 67,566 square- foot facility located at 17300 N. Dysart Road in Surprise that provides both inpatient and outpatient treatment for adolescents, adults and geriatric patients. Chapter 11 Petition Date: December 15, 2019 Court: United States Bankruptcy Court District of Arizona Case No.: 19-15702 Judge: Hon. Madeleine C. Wanslee Debtor's Counsel: Grant L. Cartwright, Esq. MAY, POTENZA, BARAN, & GILLESPIE, P.C. 201 North Central Avenue, 22nd Floor Phoenix, AZ 85004 Tel: 602-252-1900 E-mail: gcartwright@maypotenza.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dr. Martin Newman, M.D., president. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A copy of the petition is available from PacerMonitor at https://is.gd/ZR0fLU for free. DIOCESE OF NEW ULM: Court Approves Sale of Schneider Farm for $378K ------------------------------------------------------------------- The Diocese of New Ulm received approval from the U.S. Bankruptcy Court for the District of Minnesota to sell its 37-acre farm land in New Ulm, Minn. The property known as Schneider Farm will be sold for $377,600 to Keith Marti who has been leasing the property for the past two years. Schneider Farm will be sold "free and clear" of all liens, encumbrances, interests and claims, according to court filings. A copy of the purchase agreement is available at https://tinyurl.com/wgvcgqh from PacerMonitor.com free of charge. About The Diocese of New Ulm The Diocese of New Ulm sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Case No. 17-30601) on March 3, 2017. The case is assigned to Judge Robert J. Kressel. In the petition signed by Monsignor Douglas L. Grams, vice general, the Debtor estimated assets of $10 million to $50 million and liabilities of less than $50,000. James L. Baillie, Esq., at Fredrikson & Byron, P.A., serves as the Debtor's legal counsel. DIOCESE OF NEW ULM: Unsecureds to Get 100% Without Interest ----------------------------------------------------------- Debtor The Diocese of New Ulm filed with the U.S. Bankruptcy Court for the District of Minnesota a Joint Chapter 11 Plan of Reorganization and Disclosure Statement. The Plan establishes a Trust funded by (i) assets of the Diocese, (ii) contributions from the Parishes, and (iii) settlement proceeds from settlements with the Settling Insurers. The Trustee will liquidate the Trust Assets and fairly distribute the proceeds to the Survivors pursuant to the allocation protocol contained in the Survivor Claim Distribution Plan. The Plan further provides that the Diocese's General Unsecured Creditors will be paid in full, that all Claims held by the Survivors will be channeled to the Trust, and that the Diocese will receive a discharge from all remaining Claims, permitting the Diocese to continue its ministry after confirmation of the Plan. Each holder of an allowed general unsecured claim will receive, in full satisfaction of such allowed general unsecured claim: (a) payment in full of such claim on the Effective Date or as soon as practicable thereafter; or (b) such other treatment as agreed in writing by the holder thereof or ordered by the Bankruptcy Court. There will be no interest or penalties payable on any general unsecured claim. The Trust shall be established in accordance with the Trust Documents. The Trust is intended to qualify as a Designated or Qualified Settlement Fund. The Diocese is the transferor within the meaning of Treasury Regulation Section 1.468B-1(d)(1). The Trustee shall be classified as the administrator within the meaning of Treasury Regulation Section 1.468B-2(k)(3). The Trust Documents, including the Trust Agreement, are incorporated within the Plan. The Diocese will transfer $7,000,000 to the Trust within two business days after the Confirmation Order has become a Non-Appealable Order. The Parishes will transfer $1,000,000 to the Trust within two business days after the Confirmation Order has become a Non-Appealable Order. Each Settling Insurer will pay its Insurance Settlement Amount to the Trust within the time set forth in each such Insurance Settlement Agreement. The total amount paid by the Settling Insures will be $26 million. The Diocese will, as the Reorganized Debtor, continue to exist after the Effective Date with all rights and powers of a non-profit corporation under the laws of the State of Minnesota. On and after the Effective Date, the Diocese will continue to operate in accordance with the principles of its mission statement, Canon Law, and applicable statute. The Plan will be funded by cash and other assets held by the Diocese's estate on the ffective Date, a contribution from the Parishes, and Settling Insurer contributions. The Diocese will pay all Allowed Claims, other than Survivor Claims and Unknown Survivor Claims, which will be paid through the Trust. A full-text copy of the Disclosure Statement is available at https://tinyurl.com/qrtuq57 from PacerMonitor.com at no charge. The Debtor is represented by: Fredrikson & Byron P.A. Attn: Shataia Stallings 200 South Sixth Street, Suite 4000 Minneapolis, MN 55401, Tel: 612-492-7730 E-mail: sstallings@fredlaw.com About The Diocese of New Ulm The Diocese of New Ulm sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Case No. 17-30601) on March 3, 2017. The case is assigned to Judge Robert J. Kressel. In the petition signed by Monsignor Douglas L. Grams, vice general, the Debtor was estimated to have assets of $10 million to $50 million and liabilities of less than $50,000. James L. Baillie, Esq., at Fredrikson & Byron, P.A., serves as the Debtor's legal counsel. DUNCAN MORGAN: Trustee $214K Private Sale of Property Okayed ------------------------------------------------------------ Judge David M. Warren of the U.S. Bankruptcy Court of the Eastern District of North Carolina authorized the private sale by Kevin L. Sink, the Chapter 11 Trustee of Duncan Morgan, LLC, of the real property located at 2331 Putters Way, Raleigh, North Carolina to Irene C. Peros for $213,500. The sale is free and clear of any and all liens, encumbrances, rights and claims. The Trustee is authorized to sell the Real Property in accordance with the terms of the Offer. The 6% real estate commission to be paid to the Realtor Jeff Horton of Allen Tate Realty is approved. The Court waived the 14-day stay under Rule 6004(h). The Order is effective immediately. About Duncan Morgan Duncan Morgan LLC is primarily engaged in renting and leasing real estate properties. Duncan Morgan sought Chapter 11 protection (Bankr. E.D.N.C. Case No. 19-03113) on Oct. 10, 2019. The Debtor was estimated to have $1 million to $10 million in assets and liabilities as of the bankruptcy filing. The Hon. David M. Warren is the case judge. J.M. Cook, Esq., is the Debtor's counsel. Kevin L. Sink was appointed as Chapter 11 trustee on Aug. 21, 2019. The Chapter 11 Trustee can be reached at: Kevin L. Sink NICHOLLS & CRAMPTON, PA. P.O. Box 18237 Raleigh, NC 27619 Telephone: 919-781-1311 Facsimile: 919-782-0465 E-mail: ksink@nichollscrampton.com EPIC COMPANIES: Adams and Reese Represents Multiple Parties ----------------------------------------------------------- In the Chapter 11 cases of Epic Companies, LLC, et al, the law firm of Adams and Reese LLP provided notice under Rule 2019 of the Federal Rules of Bankruptcy Procedure that it is representing Dan Bunkering (America) Inc., Express Supply and Steel, L.L.C., Bluewater Rubber & Gasket Co., and Gulf Coast Manufacturing, LLC. As of Dec. 12, 2019, the parties and their disclosable economic interests are: (1) Dan Bunkering (America) Inc. 840 Gessner, Suite 210 Houston, TX 77024 * Unpaid invoices to Epic Companies, LLC for supply of bunkers to various vessels owned, chartered, managed, and/or operated by Debtors. * Amount of Claim: $2,696,016.42 (2) Dan Bunkering (America) Inc. * Unpaid invoices to Epic Applied Technologies, LLC for supply of bunkers to various vessels owned, chartered, managed, and/or operated by Debtors. * Amount of Claim: $2,296,851.76 (3) Express Supply and Steel, L.L.C. 932 Highway 132 Raceland, LA 70394 * Unpaid invoices for materials sold to Epic Applied Technologies, LLC * Amount of Claim: $103,835.85 (4) Bluewater Rubber & Gasket Co. 1131 Barrow Street Houma, LA 70360 * Unpaid invoices for materials sold to Epic Applied Technologies, LLC * Amount of Claim: $71,403.62 (7) Bluewater Rubber & Gasket Co. * Unpaid invoices for materials sold to Epic Diving & Marine, LLC * Amount of Claim: $39,830.48 (8) Gulf Coast Manufacturing, LLC P. O. Box 1030 Gray, LA 70359 * Unpaid invoices for parts, services and labor provided, also possessory lien under La. R.S. 9:4501 and 9:4502 * Amount of Claim: $255,556.13 Adams and Reese LLP has written contracts of engagement with Dan Bunkering (America) Inc., Express Supply and Steel, L.L.C., Bluewater Rubber & Gasket Co., and Gulf Coast Manufacturing, LLC. The foregoing parties have retained Adams and Reese LLP as their legal counsel with respect to matters arising in this case and/or for purposes of asserting claims and/or protecting other rights and interests in relation to the Debtors. Adams and Reese LLP has fully advised each of the parties above with respect to their concurrent representation, and each of the parties consented to such representation. Adams and Reese LLP does not hold a claim against or interest in the Debtors at this time and has not filed a proof of claim on its own behalf in this case. John Duck, Matthew Guy, Lisa M. Hedrick, Robert Parrott, and the law firm of Adams and Reese LLP does not own, nor have they ever owned: (i) any claim against the Debtors in this case, or (ii) any equity securities of the Debtors. Counsel for Dan Bunkering (American) Inc.; Express Supply and Steel, L.L.C.; Bluewater Rubber & Gasket Co.; and Gulf Coast Manufacturing, LLC can be reached at: ADAMS AND REESE LLP John Duck, Esq. Matthew Guy, Esq. Lisa M. Hedrick, Esq. G. Robert Parrott, III, Esq. 701 Poydras Street, Suite 4500 New Orleans, LA 70139 Telephone: (504) 581-3234 Facsimile: (504) 566-0210 E-mail: john.duck@arlaw.com matthew.guy@arlaw.com lisa.hedrick@arlaw.com robert.parrott@arlaw.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/XsISG4 About Epic Companies Headquartered in Houston, Epic Companies, LLC, is a full-service provider to the global decommissioning, installation and maintenance markets. Its services include heavy lift, diving and marine, specialty cutting and well plugging and abandonment services. It has limited ongoing operations and is owned 50 percent by Orinoco and 50 percent by Oakridge Natural Resources, LLC, and Oakridge Energy Partners LLC. Epic Companies and six affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 19-34752) on Aug. 26, 2019. At the time of the filing, Epic Companies had estimated assets of between $10 million and $50 million and liabilities of between $100 million and $500 million. The Debtors tapped Porter Hedges LLP as bankruptcy counsel; S3 Advisors, LLC as restructuring advisor; Epiq Corporate Restructuring, LLC as claims agent; and Lugenbuhl Wheaton Peck Rankin & Hubbard as special counsel. Henry Hobbs Jr., acting U.S. trustee for Region 7, appointed a committee of unsecured creditors on Sept. 6, 2019. The committee is represented by Munsch Hardt Kopf & Harr, P.C. EXELA TECHNOLOGIES: Appoints Coley Clark to Board of Directors -------------------------------------------------------------- Coley J. Clark was appointed to Exela Technologies, Inc.'s board of directors, effective Dec. 2, 2019. "Coley's experience on public company boards and committees, his more than 30 years of experience in the financial industry, including at Electronic Data Systems (EDS) and BancTec, equip him well to step in and provide immediate value to Exela's board of directors," said Par Chadha, Chairman of the Board of Exela. "We look forward to leveraging his expertise, and his insights and industry knowledge will be a welcome addition to our team." "I am honored to join the board directors at Exela, and I look forward to offering my perspective and experience to help Exela achieve its strategic goals," said Clark. "My prior service on public company boards and committees offers me a broad perspective on various governance and other matters." Mr. Clark currently serves on the board of directors of Moneygram International, Inc., and is the retired chief executive officer and Chairman of the Board of BancTec, Inc., a global provider of document and payment processing solutions. Mr. Clark retired from EDS, an outsourcing services company that was acquired by Hewlett-Packard in 2008, as senior vice president and head of the Financial and Transportation Industry Group. Starting at EDS in 1971 in the Systems Engineering Development Program, he progressed through a variety of roles. In addition, Mr. Clark served three years in the U.S. Army, attaining the rank of Captain, and served as a company commander in Europe and Southeast Asia. Mr. Clark has a degree in sociology from the University Texas, Austin. About Exela Headquartered in Irving, Texas, Exela -- www.exelatech.com -- is a business process automation company, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune 100. Exela's software and services include multi-industry department solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and public sectors. Exela reported a net loss of $162.52 million in 2018, a net loss of $204.28 million in 2017, and a net loss of $48.10 million in 2016. As of Sept. 30, 2019, the Company had $1.54 billion in total assets, $1.91 billion in total liabilities, and a total stockholders' deficit of $373.31 million. On Nov. 27, 2019, Exela received a letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying Exela that, for the last 30 consecutive business days, the closing bid price for Exela's common stock was below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market as set forth in Nasdaq Listing Rule 5550(a)(2). In accordance with Nasdaq listing rules, Exela has been provided an initial period of 180 calendar days, or until May 25, 2020, to regain compliance with the Minimum Bid Price Requirement. * * * As reported by the TCR on Nov. 29, 2019, S&P Global Ratings lowered its issuer credit rating on Irving, Texas-based Exela Technologies Inc. to 'CCC-' from 'CCC+' with negative outlook. "We could lower our ratings on Exela if the company defaults, announces a distressed exchange or restructuring, or misses its interest payment," S&P said. FERRELLGAS PARTNERS: James Schwartz Resigns as GP's Director ------------------------------------------------------------ James K. Schwartz resigned from the Board of Directors of Ferrellgas, Inc., Ferrellgas Partners' general partner, in order to address multiple personal matters and the impact upon his health associated with a previous injury. Upon Mr. Schwartz's departure, the size of the Board was decreased to six members. On Dec. 3, 2019, the Board appointed Pamela A. Breuckmann to serve as a member of the Board's Audit Committee. The Board determined that Ms. Breuckmann is "independent" under the corporate governance rules of the New York Stock Exchange and Rule 10A-3 promulgated under the Securities Exchange Act of 1934, as amended. The current size of the Audit Committee is three members. About Ferrellgas Headquartered in Overland Park, Kansas, Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, is a distributor of propane and related equipment and supplies to customers in the United States. The Company serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia and Puerto Rico. Ferrellgas reported a net loss of $64.54 million for the year ended July 31, 2019, a net loss of $256.82 million for the year ended July 31, 2018, and a net loss of $54.50 million for the year ended July 31, 2017. As of Oct. 31, 2019, Ferrellgas had $1.44 billion in total assets, $777.06 million in total current liabilities, $1.73 billion in long-term debt, $88.77 million in operating lease liabilities, $36.91 million in other liabilities, and a total partners' deficit of $1.19 billion. Grant Thornton LLP, in Kansas City, Missouri, the Company's auditor since 2013, issued a "going concern" qualification in its report dated Oct. 15, 2019, citing that the Partnership has $357 million in unsecured notes due June 15, 2020 that are classified as current in the consolidated financial statements and its current liabilities exceeded its current assets by $667 million and its total liabilities exceeded its total assets by $1,139 million. The Partnership's business plan contemplates restructuring or refinancing its long-term arrangements and reducing outstanding indebtedness. The Partnership's ability to achieve the foregoing elements of its business plan, which may be necessary to permit the realization of assets and satisfaction of liabilities in the ordinary course of business, is uncertain and raises substantial doubt about its ability to continue as a going concern. On July 23, 2019, Ferrellgas was notified by the New York Stock Exchange, Inc., that it is no longer in compliance with the NYSE's continued listing standards because the average closing price of the Company's common units over a consecutive 30-day trading period was less than $1.00 per unit. The Company has a period of six months following the receipt of notice to regain compliance. During this time the Company's common units will continue to be listed and trade on the NYSE. * * * As reported by the TCR on Oct. 22, 2019, S&P Global Ratings lowered its issuer credit rating on Ferrellgas Partners L.P. to 'CCC-' from 'CCC'. The downgrade is based on S&P's assessment that Ferrellgas' capital structure is unsustainable given the upcoming maturity of its $357 million notes due June 2020. FLORIDA MICROELECTRONICS: Dec. 17 Plan & Disclosures Hearing Set ---------------------------------------------------------------- On Nov. 14, 2019, Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, granted the motion of debtor Florida Microelectronics, LLC to continue hearing on confirmation of the plan and ordered that Dec. 17, 2019, at 1:30 p.m. at the United States Bankruptcy Court, 1515 N. Flagler Drive, Courtroom A, West Palm Beach, FL 33401 is the continued hearing on Confirmation of Chapter 11 Plan, Final Approval of the Disclosure Statement and all pending Applications for Compensation. The Debtor is represented by: Craig I. Kelley, Esquire KELLEY, FULTON, KAPLAN, P.L. 1665 Palm Beach Lakes Blvd The Forum - Suite 1000 West Palm Beach, FL 33401 Tel: (561) 491-1200 Fax: (561) 684-3773 E-mail: craig@kelleylawoffice.com About Florida Microelectronics Florida Microelectronics, LLC, is a contract manufacturer that provides manufacturing services, which include electronic and mechanical design and fabrication for a wide range of industry applications, from basic components to complex, turnkey systems, including kiosk assemblies. On Nov. 5, 2018, Florida Microelectronics filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-23807) on Nov. 5, 2018, listing less than $1 million in assets and liabilities. Craig I. Kelley, Esq., at Kelley & Fulton, PL, represents the Debtor. No official committee of unsecured creditors has been appointed in the Chapter 11 case. FLORIDA MICROELECTRONICS: To Seek Plan Approval Dec. 17 ------------------------------------------------------- Judge Mindy A. Mora has ordered that disclosure statement filed by Florida Microelectronics, Inc. is conditionally approved. Hearing on final approval of disclosure statement, confirmation hearing and hearing on fee applications will be on December 17, 2019 at 1:30 p.m. in United States Bankruptcy Court, 1515 North Flagler Drive, Courtroom A, West Palm Beach, Florida 33401. Proponent's deadline for serving this order, disclosure statement, plan, and ballot will be on Nov. 22, 2019. The deadline for filing ballots accepting or rejecting plan was Dec. 10, 2019. The deadline for objections to confirmation of the Plan and final approval of the Disclosure Statement was Dec. 14, 2019. A full-text copy of the Order dated Nov. 22, 2019, is available at https://tinyurl.com/r4nvvt5 from PacerMonitor.com at no charge. About Florida Microelectronics Florida Microelectronics, LLC, is a contract manufacturer that provides manufacturing services, which include electronic and mechanical design and fabrication for a wide range of industry applications, from basic components to complex, turnkey systems, including kiosk assemblies. On Nov. 5, 2018, Florida Microelectronics filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-23807) on Nov. 5, 2018, listing less than $1 million in assets and liabilities. Craig I. Kelley, Esq., at Kelley & Fulton, PL, represents the Debtor. No official committee of unsecured creditors has been appointed in the Chapter 11 case. FRIENDS OF CITRUS: $895K Sale of Two Real Properties Approved ------------------------------------------------------------- Judge Michael G. Williamson of the U.S. Bankruptcy Court for the Middle District of Florida has entered a final order authorizing Friends of Citrus And The Nature Coast, Inc. in connection with the sale of the real property located at (i) 3264 W. Audubon Park Path, Lecanto, Citrus County, Florida, Parcel I.D. No. 18E18S330020 00C0, to Kurt Chana for $420,000; and (ii) 304 N. Main Street, Chiefland, Levy County, Florida, Parcel I.D. No. 06981-000-00, to Padma, LLC for $475,000. The Final Hearing on the Motion was held on Nov. 25, 2019 at 10:00 a.m. The sale is free and clear of any liens and encumbrances. The closings on the Properties will take place no later than 30 days from the entry of the Order. The compensation to the Auctioneer for both time and expenses are approved and will be paid exclusively from the applicable 10% Buyer's Premium paid at the time of the closings of each sale of the Properties. Upon the closing of the sale of the Properties, the Debtor will file a Certificate of Closing, which will be served upon all parties in interest. About Friends of Citrus And The Nature Coast Friends of Citrus And The Nature Coast -- https://friendsofcitrus.org/ -- is a charitable organization providing community grief support workshop for anyone who has experienced a loss; telephone support; grief support resources for all ages; educational materials for parents and teachers; and children's grief support camps. Friends of Citrus And The Nature Coast, Inc. filed a voluntary petition in this Court for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-03101) on Aug. 14, 2019. On Aug. 15, 2019, the case was transferred to Tampa Division and was assigned a new case number (Case No. 19-07720). In the petition signed by Bonnie L. Saylor, chief executive officer, Friends of Citrus disclosed $7,510,918 in assets and $5,283,937 in liabilities. Frank P. Terzo, Esq. at Nelson Mullins Broad and Cassel, is counsel to Friends of Citrus. FRONTIER COMMUNICATIONS: Appoints Bernie Han as President & CEO --------------------------------------------------------------- Frontier Communications Corporation's Board of Directors has unanimously appointed Bernard L. "Bernie" Han as president and chief executive officer and a member of the Board, effective immediately. Mr. Han succeeds Daniel McCarthy, who is stepping down as president and chief executive officer and from his position on the Board. Mr. Han brings more than 30 years of experience and significant operational and financial expertise. During his more than 11 years in the telecommunications industry at DISH Network, he served as CFO, COO and as executive vice president, Strategic Planning. In these roles Mr. Han was responsible for a broad portfolio including assessing new strategies and markets, operations, customer service, retention marketing, information technology, as well as financial functions consisting of accounting, treasury, tax, financial planning and analysis, investor relations and SEC reporting. Mr. Han was retained by the Finance Committee of the Board as an advisor beginning Oct. 16, 2019, and has been actively supporting efforts to strengthen the Company's financial position since that time. Pamela D. A. Reeve, independent chairman of Frontier's Board of Directors, stated, "We are excited to announce the appointment of Bernie Han as Frontier's new CEO. Bernie is a proven industry leader who has a broad-based background with a long track record of developing organizational talent and enhancing financial and operational performance while driving and navigating strategic shifts in the industry. In addition, he has a passion for serving customers with new and innovative solutions that meet their evolving needs with a focus on increasing value for all stakeholders. He brings a disciplined approach to operations management, having led turnaround initiatives at DISH Network that increased profitability, enhanced customer experiences and reduced churn rate. The Finance Committee and entire Board are confident that, as CEO, Bernie will further Frontier's efforts to drive operational improvements in our business while continuing to evaluate the Company's capital structure." Ms. Reeve continued, "As we continue to take action to improve Frontier's operational, financial and strategic position, now is the right time to transition leadership. We thank Dan for his nearly three decades of service to Frontier and tireless commitment to customers and employees and wish him the best in the future." Mr. Han stated, "Frontier has a strong core business that maintains the trust of millions of customers across the country, and I am honored to take on the role of CEO at a time where we have both challenges to overcome and substantial opportunities ahead. I look forward to working with the Board of Directors and leadership team as we continue to execute on our initiatives to drive operational performance, invest in our business and become a stronger partner to our residential and enterprise customers." Mr. McCarthy stated, "It has been an incredible experience leading Frontier over the last four years, and I leave knowing the Company is in great hands with Bernie at the helm of this skilled and dedicated organization. I remain a firm believer in Frontier's future. I look forward to cheering the team on, and I want to thank everyone I have had the pleasure to work with and learn from during my time with Frontier." Bernie Han most recently served as DISH's executive vice president of Strategic Planning from 2016 to 2018. Prior to that, he served as chief operating officer of DISH for six years, overseeing the company's Finance, Marketing, Sales, Customer Retention, Operations, Information Technology, Product, Programming and Media Sales organizations. He began his career at DISH as chief financial officer in 2006. In connection with Mr. Han's appointment, Mr. Han and the Company entered into an employment agreement, dated Dec. 3, 2019, which provides for an initial three-year term of employment, with automatic renewal for one-year periods thereafter unless terminated by either party. Pursuant to the Employment Agreement, Mr. Han will be eligible for an annual base salary of $1.3 million, an aggregate annual short- and long-term incentive compensation opportunity of $6.7 million at target performance, and temporary housing and reimbursement of travel-related expenses until May 13, 2020. Mr. Han will also receive a cash retention bonus of $2 million upon execution of the Employment Agreement, which amount must be repaid on an after-tax basis if Mr. Han is terminated for cause or resigns without good reason, in each case, prior to Dec. 3, 2020. Under the Employment Agreement, if Mr. Han is terminated without cause or resigns for good reason or if the Company elects not to renew the term of the agreement, he will, subject to his execution and non-revocation of a general release of claims in favor of the Company, receive (a) cash severance equal to one times his base salary (two times the sum of his base salary and target annual bonus, if such termination occurs during the six-month period prior to or one-year period following a change in control), (b) a pro rata portion of his outstanding incentive compensation awards (based on actual performance), and (c) continued health coverage for 12 months following his termination of employment (18 months if such termination occurs within the six-month period prior to or one-year period following a change in control). Mr. Han is also subject to customary restrictive covenants under the Employment Agreement, including one-year post-termination restrictions on competing with or soliciting employees of the Company. About Frontier Communications Headquartered in Norwalk, Connecticut, Frontier Communications Corporation (NASDAQ: FTR) -- http://www.frontier.com/-- is a provider of communications services to urban, suburban, and rural communities in 29 states. Frontier offers a variety of services to residential customers over its fiber-optic and copper networks, including video, high-speed internet, advanced voice, and Frontier Secure digital protection solutions. Frontier Business offers communications solutions to small, medium, and enterprise businesses. The Company incurred net losses of $643 million in 2018, $1.80 billion in 2017, and $373 million in 2016. As of Sept. 30, 2019, Frontier had $17.56 billion in total assets, $2.74 billion in total current liabilities, $580 million in deferred income taxes, $1.64 billion in pension and other post-retirement benefits, $398 million in other liabilities, $16.30 billion in long-term debt, and a total deficit of $4.10 billion. * * * As reported by the TCR on Aug. 14, 2019, Moody's Investors Service downgraded the corporate family rating of Frontier Communications Corporation to Caa2 from Caa1 and the probability of default rating to Caa3-PD from Caa1-PD. The downgrade of the CFR reflects an updated assessment of the company's probability of default and recovery expectations following weak second quarter 2019 revenue and EBITDA results, continued negative net customer addition trends and reduced expectations regarding cost efficiency programs going forward. In July 2019, Fitch Ratings downgraded the Issuer Default Rating of Frontier Communications Corporation and its subsidiaries to 'CCC' from 'B-'. The downgrade reflects Fitch's opinion that Frontier has limited options with respect to $2.7 billion in maturities in 2022 and nearly $900 million in 2023. S&P Global Ratings lowered the issuer credit rating on U.S.-based telecommunications service provider Frontier Communications (Frontier) and its issue-level rating on the company's senior unsecured debt to 'CCC' from 'CCC+' based on a higher risk of default, as reported by the TCR on June 26, 2019. FULL X TECH: Plan to be Funded by Continued Business Operations --------------------------------------------------------------- Full X Tech, Corp. filed with the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, a disclosure statement in support of its plan of reorganization. The Plan provides that Class 2 consists of all allowed unsecured general claims. The Class 2 creditors shall share pro rata in a total distribution in a one-time payment after the entry of final and non-appealable confirmation order and final decree of the approximate amount of $152,000 (8.5%) following the entry of final and non-appealable confirmation order and final decree. At confirmation, the principal shall provide $5,000 in new value. Existing equity shall be cancelled. New equity in the Reorganized Debtor will be issued to the Plan Sponsors in exchange for cash sufficient to fund unpaid Administrative Claims, the Unsecured Claim Fund, the Internal Revenue Service Claim, and the General Unsecured Claim. The means necessary for the execution of this Plan include the Debtor's income from its business operations. The Debtor shall and believes it can generate and receive sufficient income to the amount necessary to enable it to make all payments due under the Plan. The Debtor shall be the disbursing agent. A full-text copy of the Disclosure Statement is available at https://tinyurl.com/r56bwzj from PacerMonitor.com at no charge. The Debtor is represented by Ariel Sagre, Esq. of SAGRE LAW FIRM, P.A. About Full X Tech Full X Tech, Corp. is a privately owned company in Miami, that wholesales computers, computer equipment, cellphones, telephones, network devices and printers. Full X Tech sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-19461) on July 17, 2019. At the time of the filing, the Debtor was estimated to have assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million. The case has been assigned to Judge Robert A. Mark. The Debtor is represented by Sagre Law Firm, P.A. GENERATION NEXT: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Generation Next Franchise Brands, Inc. 19-17921 FKA The Fresh and Healthy Vending Corporation FKA Fresh Healthy Vending International, Inc. FKA FHV Acquisition Corp. 2620 Financial Court, Suite 100 San Diego, CA 92117 19 Degrees, Inc. 19-17924 2620 Financial Court, Suite 100 San Diego, CA 92117 Print Mates, Inc. 19-17923 FKA Generation Next Vending Robots Inc. 2620 Financial Court, Suite 100 San Diego, CA 92117 Reis & Irvy's Inc. 19-17922 FKA Robofusion, Inc. 2620 Financial Court, Suite 100 San Diego, CA 92117 Business Description: Generation Next Franchise Brands, Inc. is a holding company that owns three operating subsidiaries: Reis & Irvy's, Inc., Print Mates, Inc., and 19 Degrees, Inc. The Debtors primarily develop and operate unattended retail platforms and related technology through franchise, licensing, wholesale, and corporate owned business models. For more information, visit https://www.gennextbrands.com. Chapter 11 Petition Date: December 15, 2019 Court: United States Bankruptcy Court District of Nevada Judge: Hon. Mike K. Nakagawa Debtors' Counsel: Matthew C. Zirzow, Esq. LARZON ZIRZOW KAPLAN & COTTNER 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 Email: mzirzow@lzkclaw.com - and MCDONALD HOPKINS LLC 600 Superior Avenue, Suite 2100 Cleveland, Ohio 44114 Debtors' Investment Banker: SUTTER SECURITIES, INC. 220 Montgomery Street, Suite 468 San Francisco, California 94104 Generation Next's Total Assets as of Sept. 24, 2019: $15,800,000 Generation Next's Total Debts as of Sept. 24, 2019: $45,000,000 19 Degrees, Inc.'s Estimated Assets: $0 to $50,000 19 Degrees, Inc.'s Estimated Liabilities: $0 to $50,000 Print Mates' Estimated Assets: $500,000 to $1 million Print Mates' Estimated Liabilities: $500,000 to $1 million Reis & Irvy's' Estimated Assets: $10 million to $50 million Reis & Irvy's's Estimated Liabilities: $10 million to $50 million The petitions were signed by Ryan Polk, chief executive officer. Full-text copies of the petitions are available from PacerMonitor at no extra charge: https://is.gd/xT40b2 https://is.gd/CJN55V https://is.gd/e72MR2 https://is.gd/Sy9Q0T A. List of Generation Next's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Robofusion, Inc. Promissory Note $1,104,450 Attn: James Wolf 925 Moe Drive Akron, OH 44310 2. Eagle Equities, LLC Convertible Note $750,000 Attn: Yakov Borenstein 390 Walley Ave. New Haven, CT 06511 3. Nakagawa Family Convertible Note $500,000 Recovable Living Trust Attn: Ted D. Nakagawa, Trustee 7902 S. Grandview Ave. Tempe, AZ 85284 4. Les Schultz Promissory Note $300,000 7824 Rio Senda Rancho Santa Fe, CA 92067 5. FirstFire Global Convertible Note $250,000 Opportunities Fund LLC Attn: Managing Member 1040 1st Ave. New York, NY 10022 6. Flex, Ltd. Transition & $247,000 Attn: Thomas M. Connelly, Esq. Interim VP, Legal Flex Production 6201 America Center Drive Agreement San Jose, CA 95002 7. Jack E. Lenhart Convertible Note $150,000 2100 Miracle Dr. Casper, WY 82609-4610 8. Kenneth D. Cascarella Convertible Note $100,000 3157 Seward Dr. Eads, TN 38028 9. Thomas P. Dobron Convertible Note $100,000 P.O. Box 9948 Rancho Santa Fe, CA 92067 10. Mesa Strategies, Inc. Convertible Note $100,000 Attn: Allan Ligi 18145 Old Coach Dr. Poway, CA 92064 11. Theresa Ellbogen Convertible Note $100,000 903 8th Street Boulder, CO 80302 12. Jacques Beaumont Convertible Note $60,000 1795 Arash Circle Port Orange, FL 32128-7293 13. Troy Guerra Convertible Note $50,000 1245 White Sands Drive San Marcos, CA 92078 14. Jonathan M. Younkman Promissory Note $50,000 5227 Reserve Dr. Dublin, OH 43017 15. Dan Rickard Promissory Note $50,000 and Tammy Rickard 601 60th St. SW Watertown, SD 57201-7021 16. Anthony Richard Pavoni Convertible Note $50,000 1571 Sea Palms Crest Mount Pleasant, SC 29464-9486 17. Melissa Farnsworth Convertible Note $50,000 5668 Amber Ridge Drive Castle Rock, CO 80108 18. John R. Eslich Convertible Note $50,000 5073 Limerick Ave., NW N. Canton, OH 44720-7438 19. Richard J. Fried Convertible Note $50,000 10 Spectrum Dr. Sugar Loaf, NY 10981 20. Brian Harper Convertible Note $30,000 5516 Baca Circle Boulder, CO 80301 B. List of 19 Degrees' Six Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. H&B Robofusion Trade Debt $10,000 Attn: Bankruptcy Dept/ Managing Agent P.O. Box 740309 2. Amanda and Michael DeMaye Trade Debt $9,790 223 Sonni Lane McKees Rocks, PA 15136 3. Mandour & Associates Services $621 Attn: Bankruptcy Dept/ Managing Agent 8605 Santa Monica Blvd., Ste 1500 Los Angeles, CA 90069 4. Kan Pak LLC Trade Debt $363 Attn: Bankrutpcy Dept/ Managing Agent P.O. Box 204788 Dallas, TX 75320 5. Consumers Energy Services $70 Attn: Bankruptcy Dept/ Managing Agent P.O. Box 740309 Cincinnati, OH 45274-0309 6. South Carolina $27 Department of Revenue Attn: Bankruptcy Dept/ Managing Agent P.O. Box 2535 Columbia, SC 29202-2535 C. List of Print Mates' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Fabcon Trade Debt $114,278 Attn: Keith Gelfer 1800 East Saint Andrew Place Santa Ana, CA 92705-5043 2. Card Member Service Charge Account $50,688 Attn: Bankruptcy Dept/ Managing Agent P.O. Box 6294 Carol Stream, IL 60197-6294 3. DNP Trade Debt $40,183 Attn: Bankruptcy Dept/ Managing Agent P.O. Box 281011 Atlanta, GA 30384-1011 4. Bailey, Kevin Trade Debt $32,557 5. Saritasa Trade Debt $31,040 Attn: Bankruptcy Dept/ Managing Agent 20411 Birch St., Suite 330 Newport Beach, CA 92660 6. Venell, Andrew Trade Debt $12,291 3923 N. Ashland Ave., #2 Chicago, IL 60613 7. Trump Card Trade Debt $10,689 Attn: Bankruptcy Dept/ Managing Agent 23807 Aliso Creek road, Suite 200 Laguna Niguel, CA 92677 8. Pony Express Trade Debt $10,550 Productions Attn: Bankruptcy Dept/ Managing Agent 143 East 400 North Bountiful, UT 84010 9. Media Partners Trade Debt $9,504 Attn: Bankruptcy Dept/ Managing Agent 133 The Promenade N#106 Long Beach, CA 90802 10. Franchise Tax Board Trade Debt $8,648 Bankruptcy Section, MS A340 PO Box 2952 Sacramento, CA 95812-2952 11. TPX Communications Trade Debt $7,131 Attn: Bankruptcy Dept/ Managing Agent 515 S. Flower St., 45th Floor Los Angeles, CA 90071-2201 12. American Express Merchant Trade Debt $6,000 Attn: Bankruptcy Dept/ Managing Agent 13. HF Holdings, Inc. Trade Debt $5,880 Attn: Bankruptcy Dept/ Managing Agent P.O. Box 593080 Orlando, FL 32859 14. Pickwell, Tim Trade Debt $5,000 12625 High Bluff Drive Ste 108 B San Diego, CA 92130 15. San Diego Commercial MGMT Trade Debt $4,797 Attn: Bankruptcy Dept/ Managing Agent 9820 Willow Creek Road Suite 100 San Diego, CA 92131 16. Radiant Logistics Trade Debt $4,297 Attn: Bankruptcy Dept/ Managing Agent 7373 Kirkwood Court, Suite 200 Maple Grove, MN 55369 17. Strategic Media Trade Debt $3,500 Attn: Bankruptcy Dept/ Managing Agent 511 Congress Street 9th Floor Portland, ME 04101 18. Thomas-Hendrickson, Inc. Trade Debt $2,930 Attn: Bankruptcy Dept/ Managing Agent 7810 Village Dr. Knoxville, TN 37919 19. Bautista, Francesca Trade Debt $2,098 20. Class Advisors Services $1,300 Attn: Bankruptcy Dept/ Managing Agent 6160 Mission George Road, Suite 205 San Diego, CA 92120 D. List of Reis & Irvy's' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Pitney Bowes Trade Debt $1,304,490 Attn: Bankruptcy Dept/ Managing Agent PO Box 371896 Pittsburgh, PA 15250-7896 2. Steolting Trade Debt $697,368 Attn: Bankruptcy Dept/ Managing Agent 75 Remittance Drive, Suite 3022 Chicago, IL 60675-3022 3. Susanne Shepherd Franchise $540,800 789 Springbrook Ln Deposit Evans, GA 30809 4. CSA Service Trade Debt $489,929 Solutions LLC Attn: Bankruptcy Dept/ Managing Agent 200 NE Missouri Road Suite 200 Lees Summit, MO 64086 5. Jones Day Legal Services $484,685 Attn: Bankruptcy Dept/ Managing Agent 4655 Executive Dr. Floor 12 Room 1500 San Diego, CA 92121 6. Jason Olson Franchisee $479,000 Olson Frozen Treats Deposit 9180 S. Saddle Horn Dr. Idaho Falls, ID 83404 7. Ping Wang Franchisee $468,950 Robotic Froyo LLC Deposit 24 Middle Neck Rd, 1E Roslyn, NY 11576 8. Nancy Rikard Franchisee $451,600 Palmetto Robotic Deposit Vending, LLC 370 Zion Hopewell Rd Gilbert, SC 29054 9. White & Raap Frobotic Franchisee $415,781 Corporation Deposit 50 Monaco Drive Roselle, IL 60172 10. Jay Meral III Franchisee $371,887 Big Easy Robotics Deposit 219 Camphill Court Abita Springs, LA 70420 11. Jeff Pittel Franchisee $340,478 JLP Inc. Deposit 508 Brennan Lane Franklin, TN 37067 12. EPMP Trade Debt $330,970 Attn: Bankruptcy Dept/ Managing Agent PO Box 447 Seguin, TX 78156 13. Jim Ross Franchisee $312,750 8933 Hollymeade Drive Deposit Lorton, VA 22079 14. Ami Hillenmeyer ASH, LLC Franchisee $298,900 721 Chinkapin Dr. Deposit Nicholasville, KY 40356 15. Natural State Prior Franchisee $280,767 Robotics, LLC holder whose John Timothy Howell, Sr. agreement has 3 Colony Cove been terminated or White Hall, AR pending termination 71602 16. Mitchell Gooze Franchisee $261,600 Frozen Treats Vending Deposit 225 Gregorgio Ct. Reno, NV 89521 17. Raja Gidwani Franchisee $260,000 3920 SW 186th Way Deposit Pembroke Pines, FL 33029 18. David Ortiz Franchisee $253,400 ORZU CORP Deposit 48 Marc Dr. South Brunswick, NJ 08810 19. Nima Kioumarsi Franchisee $252,500 1111 Anthem View Ln Deposit Knox County, TN 37922 20. Mintz Levin Legal Services $245,271 Attn: Bankruptcy Dept/ Managing Agent 3580 Carmel MountaiN Road Suite 300 San Diego, CA 92130 GO WIRELESS: S&P Alters Outlook to Negative, Affirms 'B' ICR ------------------------------------------------------------ S&P Global Ratings affirmed the 'B' issuer credit rating and 'B+' issue-level rating (with a '2' recovery rating) on U.S.-based independent, exclusive Verizon retailer Go Wireless Holdings Inc. and revised its outlook to negative from stable. The outlook revision reflects the company's recent underperformance that led to weak credit metrics. The company's rolling-12-month adjusted leverage increased to about 5.2x and its fixed-charge coverage ratio is approaching 1.1x as of Sept. 30, 2019. LTM revenue decreased about 3% mainly due to declining contract counts and the continued elongation of the upgrade cycle. S&P also expects the company will continue to close underperforming stores (31 stores were closed in 2019). The company's LTM EBITDA margins also decreased by about 220 basis points (bps) to 7.6% compared with the 9%-10% range the past two years mainly due to volume declines, increased sales of lower-margin products in addition to store closure expenses. While the company is implementing a restructuring of its sales force compensation plan in order to decrease commissions paid, the extent to which profitability will improve without materially worsening its sales turn over remains uncertain. The negative outlook reflects S&P's expectation that operating performance pressure could continue into the next 12 months making it harder for the company to improve its credit metrics to levels that would ensure adequate headroom under its debt covenants. The negative outlook also takes into account the uncertainty around the impact the company's recently announced sales force commissions restructuring will have on profitability. "We could consider a downgrade in the next 12 months if Go Wireless' covenant cushion falls below 10% with no potential for an expanded cushion. We could also lower the rating if operating performance and credit measures deteriorate below our base-case expectations possibly because of unfavorable commission arrangements or heightened competition such that we could view its competitive standing as weaker," S&P said. Under this scenario, the rating agency could see declines in net contract counts and EBITDA margin contracting about 75 to 100 bps, with leverage approaching 6x or fixed-charge coverage remaining in the low-1x area. "We could revise the outlook back to stable in the next 12 months if the company's covenant cushion stabilizes around 15% or higher with leverage declining toward the mid-4.0x area and a fixed-charge coverage ratio increasing to about 1.5x," S&P said. This would result from the company growing its EBITDA possibly due to disciplined cost management and successfully capitalizing on the industry's 5G roll-out expected in the later part of 2020 while having a conservative financial policy, according to the rating agency. GOLD COAST: Unsecured Creditors to Recover 10% in 60 Months ----------------------------------------------------------- Gold Coast Partners, LLC, submitted a Fourth Amended Plan of Reorganization and a Disclosure Statement on Nov. 22, 2019. The Plan provides for distributions to the holders of allowed claims from funds realized from existing cash deposits and the Debtor's future earnings. The Plan provides that: * Class 1: Priority Tax Claims. The Allowed amount of Priority Claims shall be paid in full in 60 monthly payments from the Petition Date, with interest at the rate of 5.00% per annum, commencing 30 days after the Effective Date. The total amount of Priority Claims is $7,353.63, and the monthly payment is $179.55. * Class 2: Secured Claim of Alliance Laundry Systems, LLC. The Allowed Amount of Alliance's Secured Claim in the amount of $588,780.82, with interest at the rate of 7.24% per annum be paid in monthly installments in 96 monthly payments from the Effective Date, commencing 30 days after the Effective Date. The monthly payment is $8,098.00. * Class 3: Secured Claim of Dexter Financial Services, Inc. The Allowed Amount of Dexter's Secured Claim in the amount of $120,055.59, with interest at the rate of 6.49% per annum, will be paid in monthly installments in 75 monthly payments from the Effective Date, commencing thirty (30) days after the Effective Date. The monthly payment is $1,958.14. * Class 4: Secured Claim of City of Chicago, Department of Finance, Bureau of Utility Billing. The Allowed Amount of Chicago Water's Secured Claim in the amount or $63.261.53, with interest at the rate of 5.00% per annum, will be paid in monthly installments in 60 monthly payments from the Effective Date, commencing 30 days after the Effective Date. The monthly payment is $1,194.00. * Class 5: Claims of General Unsecured Creditors (including the unsecured claims of taxing bodies). The allowed amount of the claims of general unsecured creditors (including the unsecured claims of taxing bodies) will be repaid, pro rata, in the amount of 10% percent of the allowed unsecured claims, without interest, in 60 monthly payments, commencing 30 days after the Date. The total amount of estimated Allowed Unsecured Claims (including the unsecured claims of taxing bodies) is $196,284.06. Accordingly, the Class 5 creditors will receive, pro rata, a total of $19,628.41. The monthly payment is $327.14. * Class 6: Secured Claim of Strategic Funding Source, Inc. The allowed amount of Strategic's secured claim in the amount of $59,196.82, with interest at the rate or 6.00% per annum, will be paid in monthly installments in 60 monthly payments from the Effective date commencing 30 days after the Effective Date. The monthly payment is $1,224.02. * Class 7: Allowed Interests of Members of the Debtor, Tracey Brooks Holloway f/k/a Tracey L. Brooks ("Tracey") and Lucher Holloway ("Luke"). The Members will retain their Interests in the Debtor in exchange for a new value contribution in the amount of $2,500 each, payable in monthly installments over 36 months, commencing 30 days after the Effective Date. A full-text copy of the Disclosure Statement dated November 22, 2019, is available at https://tinyurl.com/wes6hwl from PacerMonitor.com at no charge. Attorney for the Debtor: Joel A. Schechter LAW OFFICE OF JOEL A. SCHECHTER 53 W. Jackson Blvd., Suite 1522 Chicago, Illinois 60604 Tel: (312) 332-0267 About Gold Coast Partners Gold Coast Partners, LLC, is a privately-held company in Chicago, Illinois, that owns coin-operated laundries and cleaning business. It operates 3 coin-operated laundromats in the City of CHicago. Gold Coast Partners sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 18-09765) on April 3, 2018. In the petition signed by Tracey L. Brooks, member, the Debtor estimated assets of less than $50,000 and liabilities of $1 million to $10 million. Judge Timothy A. Barnes oversees the case. The Debtor is represented by Joel A. Schechter, Esq., in Chicago, Illinois. GRAMERCY GROUP: Jan. 29, 2020 Plan Confirmation Hearing Set ----------------------------------------------------------- Debtor Gramercy Group, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of New York a motion approving the adequacy of the second amended disclosure statement. On Nov. 19, 2019, Judge Louis A. Scarcella approved the disclosure statement and established the following dates and deadlines: * Jan. 3, 2020, at 9:00 p.m. is the deadline for each Ballot must be properly executed, completed, and delivered to the Voting Agent to be counted as a vote to accept or reject the Plan. * Jan. 3, 2020, at 9:00 p.m. is the deadline to file any responses or objections to the confirmation of the Plan. * Jan. 29, 2020, at 10:00 a.m. is the confirmation hearing before the Honorable Louis Scarcella, United States Bankruptcy Judge in Courtroom 970 of the United States Bankruptcy Court for the Eastern District of New York Alfonse D’Amato Federal Courthouse, 290 Federal Plaza, Central Islip, New York 11722. A full-text copy of the order is available at https://tinyurl.com/w2j97sl from PacerMonitor.com at no charge. The Debtor is represented by: Melanie L. Cyganowski, Esq. Robert C. Yan, Esq. OTTERBOURG P.C. 230 Park Avenue New York, New York 10169 Telephone: (212) 661-9100 Facsimile: (212) 682-6104 About Gramercy Group Gramercy Group, Inc. -- http://gramercyusa.com/-- began operations in 1989, offering turnkey solutions in environmental remediation and demolition. It has expanded to provide more services, including heavy civil and general contracting services. The company is headquartered in Wantagh, N.Y. Gramercy Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-73622) on May 17, 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 $10 million and $50 million. The case is assigned to Judge Louis A. Scarcella. The Debtor is represented by Cullen & Dykman LLP and Otterbourg P.C. GRANITE CITY: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Granite City Food & Brewery Ltd. 19-43756 d/b/a Granite City Food and Brewery 3600 American Blvd. West #400 Minneapolis, MN 55431 Granite City Restaurant Operations, Inc. 19-43757 d/b/a Granite City Food & Brewery d/b/a Cadillac Ranch All American Bar & Grill 3600 American Blvd. W #400 Minneapolis, MN 55431 Granite City of Indiana, Inc. 19-43758 d/b/a Granite City Food & Brewery 3600 American Blvd. W, #400 Minneapolis, MN 55431 Granite City of Kansas, Ltd. 19-43759 3600 American Blvd. W, #400 Minneapolis, MN 55431 Granite City of Maryland, Inc. 19-43760 d/b/a Granite City Food & Brewery 3600 American Blvd. W #400 Minneapolis, MN 55431 Business Description: Granite City Food & Brewery -- https://www.gcfb.com -- is a casual dining restaurant group featuring menu items prepared from made-from-scratch recipes. Signature dishes include Grilled Chicken and Asparagus Linguini, Barramundi Buerre Blanc and a host of other innovative menu items, as well as burgers, flatbreads, salads and steaks. Granite City Food & Brewery's signature brews, which are made on-site, include The Duke (Pale Ale), The Bennie (Bock), The Batch (Double IPA), The Northern (American Style Light Lager) and The Stout. Chapter 11 Petition Date: December 16, 2019 Court: United States Bankruptcy Court District of Minnesota Judge: Hon. William J. Fisher (19-43756) Hon. Katherine A. Constantine (19-43758 and 19-43760) Hon. Kathleen H. Sanberg (19-43759) Debtors' Counsel: James M. Jorissen, Esq. BRIGGS & MORGAN, PA 80 South 8th Street Minneapolis, MN 55402 Tel: 612-977-8400 Email: jjorissen@briggs.com Granite City Food & Brewery's Estimated Assets: $10 million to $50 million Granite City Food & Brewery's Estimated Liabilities: $10 million to $50 million Granite City Restaurant Operations' Estimated Assets: $1 million to $10 million Granite City Restaurant Operations' Estimated Liabilities: $10 million to $50 million Granite City of Indiana's Estimated Assets: $0 to $50,000 Granite City of Indiana's Estimated Liabilities $10 million to $10 million Granite City of Maryland's Estimated Assets: $0 to $50,000 Granite City of Maryland's Estimated Liabilities: $10 million to $50 million Granite City of Kansas' Estimated Assets: $0 to $50,000 Granite City of Kansas' Estimated Liabilities: $10 million to $50 million The petitions were signed by Richard H. Lynch, president and chief executive officer. Full-text copies of the petitions are available from PacerMonitor for free at: https://is.gd/HfJ9AZ https://is.gd/Kx9lHY https://is.gd/37kymf https://is.gd/fEL0g2 https://is.gd/3aS1C6 Granite City of Kansas Ltd lists Westrim Properties LLC as its sole unsecured creditor holding a claim of $112,500. A. List of Granite City Food & Brewery's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. American Express Plum Card $665,294 P.O. Box 981535 El Paso, TX 79998-1535 2. Ascension Health Ministry Serv $130,565 4040 Vincennes Circle Indianapolis, IN 46268 3. Doug Johnson $281,573 PO Box 90406 Sioux Falls, SD 57109 4. Edward Don & Co. $143,490 2562 Paysphere Circle Chicago, IL 60674 5. Legacy Village Investors LLC $166,666 PO Box 635159 Cincinnati, OH 45263-5159 6. Michael Quagliano $127,050 4701 1st Ave Se #11 Cedar Rapids, IA 52402 7. Peterson Companies $226,371 12500 Fair Lakes Circle #400 Fairfax, VA 22033 8. Regency Centers LP $150,743 1568 Solutions Center Chicago, IL 60677 9. Richard A. Lane P $108,333 Cameron Lane PO Box 9727 Michigan City, IN 46361 10. Riverfront Holdings Inc. $231,906 Department 77725 PO Box 77000 Detroit, MI 48277-0725 11. Store Capital Corporation $557,028 8377 East Hardford Dr, Ste 100 Scottsdale, AZ 85255 12. Sysco Chicago $124,346 PO Box 5037 Des Plaines, IL 60017-5037 13. Sysco Detroit $235,431 PO Box 33580 Detroit, MI 48232-5580 14. Sysco Eastern Maryland $152,520 PO Box 477 Pocomoke City, MD 21851-0477 15. Sysco Iowa $151,084 PO Box 874 Des Moines, IA 50304-0874 16. Sysco Kansas City $142,954 PO Box 40 Olathe, KS 66051-0040 17. Sysco Lincoln $152,238 P.O. Box 80068 Lincoln, NE 68501-0068 18. Sysco Minnesota $307,295 P.O. Box 49730 Minneapolis, MN 55449-0730 19. Todd Or Lori Hanson $91,875 C/O Farmers Credit Serv Of Am 322 1st Avenue East Mobridge, SD 57601 20. University Park Mall, LLC $126,657 c/o Simon Properties 867525 Reliable Parkway Chicago, IL 60686 B. List of Granite City Restaurant Operations's 15 Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Cherryvale Mall LLC $35,000 PO Box 955607 Cbl #0467 Saint Louis, MO 63195-5607 2. Circle Centre Mall LLC $117,147 866980 Reliable Parkway Chicago, IL 60686-6900 3. Doug Johnson $153,573 PO Box 90406 Sioux Falls, SD 57109 4. Fallen Timbers Ohio LLC $28,319 c/o NAMCO Realty LLC 150 Great Neck Road #304 Great Neck, NY11021 5. Francis Properties LLC $73,765 5507 Valley Drive #6 Bettendorf, IA 52722 6. Legacy Village Investors LLC $166,666 25333 Cedar Road #300 Cleveland, OH 44124 7. MOAC Mall Holdings LLC $7,161 60 East Broadway Minneapolis, MN 55425 8. Peterson Companies $226,371 12500 Fair Lakes Circle #400 Fairfax, VA 22033 9. PPF RTL Rosedale Shopping Cent $48,225 29974 Network Place Chicago, IL 60673 10. Regency Centers LP $150,743 1568 Solutions Center Chicago, IL 60677 11. Store Master Funding I, LLC $557,028 8377 East Hartford Drive #100 Scottsdale, AZ85255 12. SVH Real Estate, Inc. $130,565 250 W 96th Street Indianapolis, IN 46260 13. University Mark Mall, LLC $126,657 c/o Simon Properties 867525 Reliable Parkway Chicago, IL 60686 14. Weingarten Realty Investors $72,021 PO Box 301074 Dallas, TX 75303 15. West Acres Development LLP $19,145 3902 13th Avenue South#3717 Fargo, ND 58103 GREATER APOSTOLIC: Hearing on San Diego Asset Sale Set for Jan. 2 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of California is set to hold a hearing on Jan. 2, at 2:00 p.m., to consider the proposed sale of Greater Apostolic Faith Temple Church, Inc.'s real properties in San Diego Calif. The properties to be sold include an office building, a parking lot, and a church property. AACTS International Ministries, Inc. and MERC—Z Housing of Zion Solutions offered to buy the properties for $3.25 million. The agreement includes a leaseback provision. The sale is expected to generate proceeds enough to pay all allowed claims against the church, including the secured claim of 138 28th Street, San Diego, LLC and general unsecured claims. About Greater Apostolic Faith Temple Church Inc. Greater Apostolic Faith Temple Church Inc., a religious organization in San Diego, Calif., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 19-02820) on May 14, 2019. 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 is assigned to Judge Margaret M. Mann. The Speckman Law Firm is the Debtor's legal counsel. HEATING & PLUMBING: Jan. 9, 2020 Disclosure Statement Hearing Set ----------------------------------------------------------------- Debtor Heating and Plumbing Engineers, Inc., filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement and a Plan of Reorganization under Chapter 11 of the Bankruptcy Code on Oct. 31, 2019. On Nov. 14, 2019, Judge Thomas B. McNamara ordered that: * Jan. 9, 2020, at 1:30 p.m. in Courtroom E, United States Bankruptcy Court for the District of Colorado, United States Custom House, 721 19th Street, Denver, Colorado is the hearing to consider the adequacy of and to approve the Disclosure Statement. * Objections to the Disclosure Statement must be filed and served in the manner specified in Local Bankruptcy Rule 3017-1 and Fed. R. Bankr. P. 3017(a), not less than 14 days prior to the Hearing. A full-text copy of the Order is available at https://tinyurl.com/w76r9do from PacerMonitor.com at no charge. About Heating & Plumbing Engineers Founded in 1947, Heating & Plumbing Engineers, Inc., a mechanical contractor, provides HVAC sheet metal, plumbing, and piping systems services in Colorado. Heating & Plumbing Engineers filed a voluntary petition pursuant to Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.19-16183) on July 19, 2019. I n the petition signed by CEO William T. Eustace, the Debtor disclosed $13,845,361 in assets and $14,934,602 in liabilities. Lee M. Kutner, Esq., at Kutner Brinen, P.C., is the Debtor's counsel. HENDRICKSON TRUCK: $3-Mil. DIP Loan from TAB Bank Wins Interim OK ----------------------------------------------------------------- Hendrickson Truck Lines, Inc., asked the Bankruptcy Court for the Eastern District of California for permission to obtain post-petition financing from Transportation Alliance Bank of up to $3,000,000 less the pre-petition obligations owed. The Debtor anticipates that it will use approximately $2.9 million of the available facility. Pursuant to the terms of the DIP Financing, TAB will purchase receivables for 90% of their face value, and the Debtor will be liable to the extent of any account debtor does not pay TAB in full. The Debtor will maintain a bookkeeping reserve account with TAB of approximately $200,000 representing an unpaid portion of the Purchase Price. TAB will be granted a senior, first-in-priority and priming security interests in, and liens on all of the Debtor's assets, except the leased trucks, the receivables sold to TAB and the funds on reserve. Nothing, however, in the DIP Agreement will be construed to give TAB seniority over the lien rights of Ciras, LLC and 19th Capital Group, LLC with respect to titled vehicles whose titles are held by Ciras, LLC and 19th Capital Group, LLC or to the proceeds of said vehicles. The maturity of any of the Debtor's obligations to TAB will depend upon the payment terms of invoices, which the Debtor issues to its customers. A copy of the Debtor's request is available at https://is.gd/17TktF from PacerMonitor.com free of charge. Judge Christopher D. Jaime granted the Debtor approval to obtain DIP financing for the interim period from Dec. 3, 2019 through Jan. 7, 2020, except for the payment on the secured debt. The Court ruled, among others, that no priming liens will be granted under Section 364(d) of the Bankruptcy Code, pending final approval of the Motion. A copy of the Interim Order is available at https://is.gd/L4Ht4b from PacerMonitor.com free of charge. A final hearing on the matter is set for Jan. 7, 2020 at 2 p.m. Objections are due by Dec. 24, 2019 and any reply by Dec. 31. About Hendrickson Truck Lines Hendrickson Truck Lines, Inc., fdba Hendrickson Trucking, Inc. -- http://www.htlines.com-- is a general freight trucking company founded in 1976 with headquarters in Sacramento, California. Its services include dry van truckload, LTL line haul, short & long haul, expedited, general freight, solo & team, and express freight. The Company previously filed for bankruptcy protection (Bankr. E.D. Cal. Case No. 15-24947) on June 19, 2015. On February 20, 2017, the Court entered its order confirming Hendrickson Trucking's chapter 11 plan of reorganization. Following the closing of the 2015 Case, the Company was able to perform its contractual obligations under the Plan and paid roughly 64% of the Plan's liabilities, which totaled $3,593,226. On November 27, 2019, Hendrickson again sought Chapter 11 protection (Bankr. E.D. Cal. Case No. 19-27396) in Sacramento, California, listing between $10 million and $50 million in both assets and liabilities. The petition was signed by Alban Lang, chief financial officer and vice president. The case is assigned to Judge Christopher D. Jaime. The Law Office of Gabriel Liberman, APC is the Debtor's counsel. HENDRICKSON TRUCK: Court Grants Interim OK on Cash Use Thru Dec. 31 ------------------------------------------------------------------- Hendrickson Truck Lines, Inc., sought and obtained interim approval from Judge Christopher D. Jaime to use cash collateral for the period from Nov. 27, 2019 through Dec. 31, 2019. Prior to the hearing on the Debtor's request, the Debtor has sought Court permission to use the cash collateral of Transportation Alliance Bank dba TAB Bank to fund the Debtor's operation. The Debtor and TAB Bank are parties to an Accounts Receivable Financing and Security Agreement dated March 29, 2006. As of the Petition Date, the Debtor owes TAB Bank at least $$2,551,612 on accounts receivable loan. The Debtor and TAB Bank are also pre-petition parties to a Loan Agreement (which as of the Petition Date has a balance of at least $1,353,7960), to an equipment loan and a real estate loan. As of the Petition Date, the Debtor's Pre-petition Obligations to TAB Bank totaled at least $4,710,438. TAB Bank has consented to the use of up to $80,000 of the cash collateral through Dec. 3, 2019 subject to TAB receiving a post-petition replacement lien. A copy of the Motion is available at https://is.gd/7J7O4e from PacerMonitor.com free of charge. Pursuant to this Order, TAB Bank may continue to collect the pre-petition accounts pursuant to the Pre-petition Agreement. TAB Bank is also granted a replacement security interest and lien in the Debtor's assets. The Court ruled that the proceeds are not subject to a super priority claim. A copy of the Interim Order is available at https://is.gd/V46fGf from PacerMonitor.com free of charge. The Court will convene a final hearing on the Motion for Jan. 7, 2020 at 2 p.m. Objections are due by Dec. 24, 2019, and replies, if any, must be filed and served by Dec. 31. About Hendrickson Truck Lines Hendrickson Truck Lines, Inc., fdba Hendrickson Trucking, Inc. -- http://www.htlines.com-- is a general freight trucking company founded in 1976 with headquarters in Sacramento, California. Its services include dry van truckload, LTL line haul, short & long haul, expedited, general freight, solo & team, and express freight. The Company previously filed for bankruptcy protection (Bankr. E.D. Cal. Case No. 15-24947) on June 19, 2015. On February 20, 2017, the Court entered its order confirming Hendrickson Trucking's chapter 11 plan of reorganization. Following the closing of the 2015 Case, the Company was able to perform its contractual obligations under the Plan and paid roughly 64% of the Plan's liabilities, which totaled $3,593,226. On November 27, 2019, Hendrickson again sought Chapter 11 protection (Bankr. E.D. Cal. Case No. 19-27396) in Sacramento, California, listing between $10 million and $50 million in both assets and liabilities. The petition was signed by Alban Lang, chief financial officer and vice president. The case is assigned to Judge Christopher D. Jaime. The Law Office of Gabriel Liberman, APC is the Debtor's counsel. HFOTCO LLC: Moody's Withdraws Ba3 CFR on Credit Facility Repayment ------------------------------------------------------------------ Moody's Investors Service withdrew all of HFOTCO LLC's ratings, including its Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and Ba3 senior secured bank credit facility rating. Ratings withdrawn: Issuer: HFOTCO, LLC Corporate Family Rating, Withdrawn , previously rated Ba3 Probability of Default Rating, Withdrawn , previously rated Ba3-PD Senior Secured Term Loan, Withdrawn , previously rated Ba3 (LGD4) Outlook Actions: Issuer: HFOTCO, LLC Outlook, Changed To Rating Withdrawn From Under Review RATINGS RATIONALE Moody's has withdrawn all of HFOTCO's ratings following the full repayment of its senior secured credit facility. Houston, Texas-based HFOTCO is one of the largest providers of residual fuel and crude oil storage in the US Gulf Coast with approximately 16.8 million barrels of tankage. HRI HOLDING: Court Approves Bidding Process ------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware approved the bidding process governing the sale of most assets of HRI Holding Corp. and its affiliates to Landry's, LLC or to another buyer with a better offer. Landry's' $40 million offer will serve as the stalking horse bid at the auction to be held on Dec. 18, at 10:00 am. (ET), at the offices of Landis Rath & Cobb LLP. The hearing to consider the sale to the winning bidder is scheduled for Dec. 20. Landry's will receive a break-up fee of $1.2 million and expense reimbursement of up to $300,000 if it is not selected as the winning bidder. About HRI Holding Corp. Formed in September 1992 under the name "Gilbert/Robinson, Inc.," and headquartered in Leawood, Kansas, HRI Holding Corp. and 39 affiliated debtors own and operate 47 restaurants in 14 states (Connecticut, Florida, Illinois, Indiana, Kansas, Michigan, Missouri, Nebraska, New Jersey, New York, Ohio, Pennsylvania, Texas, and Virginia). The Debtors own Houlihan's Restaurant + Bar, J. Gilbert's Wood-Fired Steak + Seafood, Bristol Seafood Grill, and Devon Seafood Grill restaurants. As of the Petition Date, the Debtors have approximately 3,450 employees. The Debtors sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-12415) on November 14, 2019. On the Petition Date, the Debtors were estimated with assets of between $50 million and $100 million, and liabilities within the same range. The petitions were signed by Matthew R. Manning, chief restructuring officer. LANDIS RATH & COBB LLP serves as the Debtors' counsel. PIPER JAFFRAY & CO. is the Debtors' investment banker. HILCO REAL ESTATE, LLC is the Debtors' real estate advisor. KURTZMAN CARSON CONSULTANTS, LLC serves as the Debtors' claims and noticing agent, as well as administrative agent. JAGGED PEAK: $17M Sale of Substantially All Assets to IDL Approved ------------------------------------------------------------------ Judge Mike K. Nakagawa of the U.S. Bankruptcy Court for the District of Nevada authorized Jagged Peak, Inc., Trade Global, LLC and Trade Global North America Holding, Inc. to sell substantially all their assets to ID Logistics US, Inc. for an estimated purchase price of $14,945,000, plus DIP financing in the amount of $2 million. The Sale Hearing is set for Nov. 20, 2019 at 9:30 a.m. (PT). The APA is approved and authorized in all respects. The sale is free and clear of any and all Liens, Claims, Excluded Liabilities, and other liabilities of any kind or nature whatsoever (except for Assumed Liabilities, the IP License Stipulation and the Temporary SingPost License), whether known or unknown as of the Closing Date. As used in the Sale Order, the "Temporary SingPost License" means a license by the Purchaser to Singapore Post Limited and its Affiliates to use certain intellectual property rights of the Purchaser related to the EDGE Software consistent with SingPost's use of such software prior to the Closing Date, as agreed upon by and among the Seller, the Purchaser, and SingPost, and memorialized in the IP License Stipulation, and prior thereto, by the agreements that were recited on the record at the Sale Hearing by the Seller, the Purchaser, and SingPost. Nothing in the Order will impair the Purchaser's or SingPost's rights under the IP License Stipulation or the Temporary SingPost License. Under sections 105(a), 363 and 365 of the Bankruptcy Code, and subject to and conditioned upon the Closing, the Seller's assumption of the Assumed Contracts and assignment thereof to the Purchaser free and clear of all Liens, Claims and Excluded Liabilities pursuant to the terms set forth in the APA is approved. There will be no rent accelerations, assignment fees, increases or any other fees charged to the Purchaser, its successors or assigns, or the Seller as a result of the assumption and assignment of the Assumed Contracts. The Master Warehousing and Logistics Services Agreement, dated as of Jan. 1, 2018, between Jagged Peak and Nespresso (including any statements of work issued thereunder) is rejected as of the Closing Date. All postpetition fees, costs, charges, or expenses incurred under the Services Agreement (i.e., third party carriers, postage, etc.) will be fully satisfied by the Seller prior to the Closing Date. The provisions of Bankruptcy Rules 6004 and 6006, and to the extent applicable under the Bankruptcy Rules, Rules 54(b) and 62(a) of the Federal Rules of Civil Procedure, staying the effectiveness of the Sale Order for fourteen (14) days, are waived, and the Sale Order will be effective and enforceable immediately upon entry and its provisions will be self-executing. Any party in interest who wishes to appeal the Sale Order must exercise due diligence in filing an appeal, pursuing a stay and obtaining a stay prior to the Closing Date, or risk its appeal being foreclosed as moot. The automatic stay pursuant to section 362 of the Bankruptcy Code is lifted with respect to the Seller to the extent necessary, without further order of the Court, to allow the Purchaser to deliver any notice provided for in the APA and allow the Purchaser to take any and all actions permitted under the APA. The respective rights of the Seller, the Purchaser and SingPost with respect to the EDGE Software will be set forth in, and governed by, (a) the IP License Stipulation once entered into by the parties and approved by the Court, and prior thereto by the agreements that were recited on the record at the Sale Hearing by the Seller, the Purchaser, and SingPost. Any final license agreement that may be entered into thereafter between the Purchaser and SingPost, and SingPost's right to continue to prosecute the SingPost Objection, and the rights of the Seller and the Purchaser to oppose the SingPost Objection, will not be impacted by the Sale Order and will instead be governed by the resolution that was recited on the record at the Sale Hearing by the Seller, the Purchaser, and SingPost and thereafter in the IP License Stipulation once entered into by the Parties and approved by the Court. About Jagged Peak Jagged Peak Inc. and its subsidiaries are software companies in Tampa, Florida. The Debtors deliver end-to-end global eCommerce solutions that help companies break into new markets and build customer base by creating a seamless experience across borders for all product types. Jagged Peak, Inc., based in Tampa, FL, and its affiliates sought Chapter 11 protection (Bankr. D. Nev. Lead Case No. 19-15959) on Sept. 16, 2019. In the petitions signed by CRO Jeremy Rosentha, Jagged Peak, and TradeGlobal, LLC, were estimated to have assets of $50 million to $100 million and liabilities of $10 million to $50 million; and TradeGlobal North America Holding, Inc. was estimated to have assets of $1 million to $10 million and estimated liabilities of less than $50,000. The Hon. Mike K. Nakagawa oversees the cases. Gregory E. Garman, Esq., at Garman Turner Gordon, serves as bankruptcy counsel to the Debtors. BMC Group, Inc., is the claims and noticing agent to the Debtors. JAMES CANDY: Court to Hold Hearing Today on Sale to D&M Chocolates ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of New Jersey will hold a hearing today to consider the private sale of James Candy Co.'s candy making equipment to D&M Chocolates, Inc. for $15,000. About James Candy Company James Candy Company is a candy company in Atlantic City, N.J., offering a wide selection of salt water taffy, fudge and macaroons. James Candy Company filed a Chapter 11 petition (Bankr. D.N.J. Case No. 18-32139) on Nov. 7, 2018. In the petition signed by Frank Glaser, president, the Debtor disclosed $2,756,944 in assets and $3,048,241 in liabilities. Judge Andrew B. Altenburg Jr. oversees the case. Ira R. Deiches, Esq., at Deiches & Ferschmann, is the Debtor's bankruptcy counsel. JAMES M. THOMPSON: Jan. 29 Filing Deadline of Plan and Disclosures ------------------------------------------------------------------ Judge Caryl E. Delano in Florida has entered an order setting a Jan. 29, 2020 deadline for James M. Thompson Enterprises, Inc., to file a plan and disclosure statement. If the Debtor fails to file a Plan and Disclosure Statement by the Filing Deadline, the Court shall issue an Order to Show Cause why the case should not be dismissed or converted to a Chapter 7 case pursuant to Section 1112(b)(1) of the Bankruptcy Code. A full-text copy of the Order dated Nov. 22 2019, is available at https://tinyurl.com/vxetaek from PacerMonitor.com at no charge. About James M. Thompson James M. Thompson Enterprises, Inc., is the parent company of the other remaining Debtors and James M. Thompson, Jr. controls the majority ownership in all of the Debtors by way of his ownership of JMTE. On Oct. 1, 2019, JMTE and the five affiliates filed Chapter 11 bankruptcy petitions (Bankr. M.D. Fla. Lead Case No. 19-09351) in Fort Myers, Florida, with JMTE's case as the lead case. On that date, JMTE was estimated to have assets of not more than $50,000 and liabilities of between $500,000 and $1 million. The Debtor subsidiaries are James M. Thompson One, LLC (Case No. 19-09353); James M. Thompson Two, LLC (Case No. 19-09354); James M. Thompson Three, LLC (Case No. 19-09355); James M. Thompson Four, LLC (Case No. 19-09357); and James M. Thompson Cape Coral, LLC (Case No. 19-09358). DAL LAGO LAW serves as counsel to the Debtors. JAS EXPEDITED: Proposes to Sell Five Vehicles --------------------------------------------- JAS Expedited Trucking, LLC asked the U.S. Bankruptcy Court for the Eastern District of Michigan to approve the sale of five vehicles, which is expected to generate proceeds of more than $19,000. JAS believes the net proceeds from the sale will be sufficient to cure the arrearage owing to JPMorgan Chase Bank, N.A., which holds lien against assets of the company. About JAS Expedited Trucking JAS Expedited Trucking, LLC, is a privately held company that provides transportation services. JAS sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-31434) on June 13, 2019. The petition was signed by Anthony Freeland, II, member and general manager. At the time of the filing, the Debtor had $1,620,025 in assets and $2,097,159 in liabilities. The case is assigned to Judge Joel D. Applebaum. The Debtor is represented by David W. Brown, Esq., at the Law Office of David W. Brown PLLC. JDR CONSULTING: Captal One Arrears to be Paid Prior to Confirmation ------------------------------------------------------------------- JDR Consulting LLC has filed its First Amended Chapter 11 Plan of Reorganization and First Amended Disclosure Statement, Under the Amended Plan, Capital One, National Association will be paid the full amount of its Allowed Secured Claim in Class 1 outside of the Plan in the ordinary course pursuant to the terms of the Capital One Loan Documents and with Capital One retaining its Liens on the Debtor's assets which serve as its collateral; provided that any arrears that may be owed by the Debtor to Capital One pursuant to the Capital One Loan Documents are paid in full as of the date that is 14 days prior to the Confirmation Hearing, and that that there are no further arrears due to Capital One as of the Effective Date. Like in the prior iteration of the Plan, the Amended Plan provides that general unsecured claims in Class 3 will receive four consecutive annual pro rata distributions of cash each in an amount equal to 10% of the allowed amount of its claim (i.e., a total recovery of 40%) commencing on the Effective Date in full satisfaction of such claims. The holders of the Class 4 interests (i.e., equity) in the Debtor will retain their interests. On May 15, 2019, the Debtor also commenced an adversary proceeding seeking to recover certain past-due prepetition accounts receivable from The Related Companies, L.P., totaling $137,362.50 (Adv. Proc. No. 19-01135 (JLG)) for information technology services provided by the Debtor. On July 26, 2019, and after initial efforts to reach a settlement were unsuccessful, Related filed an answer disputing the material allegations set forth in the Debtor's complaint and raising certain affirmative defenses. The matter has since been settled. As a result of the foregoing, the Debtor has recovered amounts totaling approximately $99,385 which are being held in escrow by the Debtor's counsel and which will be utilized to partially fund the Plan. The Reorganized Debtor's affairs will continue to be managed, conducted and overseen by John D. Rivers as Managing Member. For the year following the Effective Date of the Plan, Mr. Rivers will be paid a regular, set salary of $85,000 per year commencing in 2020, but only if there are operating revenues sufficient to therefor after payment of the Debtor’s ongoing obligations and those under the Plan. A full-text copy of the First Amended Disclosure Statement dated November 22, 2019, is available at https://tinyurl.com/tljpyqt PacerMonitor.com at no charge. Counsel to the Debtor: Douglas J. Pick Eric C. Zabicki PICK & ZABICKI LLP 369 Lexington Avenue, 12th Floor New York, New York 10017 Tel: (212) 695-6000 About JDR Consulting JDR Consulting LLC provides software managed information technology services such as "cloud" software systems. Its office is located at 4305 Broadway, Suite 41, New York, New York. JDR Consulting sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 18-13206) on Oct. 24, 2018. At the time of the filing, the Debtor was estimated to have assets of less than $50,000 and liabilities of less than $50,000. Judge James L. Garrity Jr. oversees the case. The Debtor tapped Pick & Zabicki, LLP, as its legal counsel. JILL ACQUISITION: S&P Lowers ICR to 'CCC+'; Outlook Negative ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Jill Acquisition LLC, Quincy, Mass.-based specialty apparel retailer J. Jill Inc.'s (Jill) borrowing subsidiary, to 'CCC+' from 'B-', based on its view that the company's capital structure is potentially unsustainable. At the same time, S&P lowered its issue-level rating on the company's senior secured term loan facility to 'CCC+' from 'B-'. The recovery rating remains '3'. The downgrade reflects Jill's rapidly deteriorating performance and weakened competitive standing following repeated merchandising missteps that may have alienated its customer base. Management missteps this year have included less effective marketing strategies and repeated merchandise mistakes with less on-trend colors and styles. In addition to hurting sales and profitability, this has caused a weakening brand relevance. As such, S&P believes Jill's once-loyal followers have started to stray toward other brands. In S&P's view, winning back these customers will become increasingly challenging if merchandise missteps extend and customers develop preferences to competing retailers. S&P now projects reported EBITDA to contract 45% this year to about $55 million and expect only modest free operating cash flow generation. The rating agency believes Jill's operating performance will continue to be pressured over the next 12 months as the company aims to improve its merchandise assortment and win back customers amid a highly competitive and promotional industry environment. The negative outlook reflects S&P's view that operating performance will remain under significant pressure over the next 12 months, with contracting revenues and EBITDA margins pressuring free operating cash flow generation and covenant compliance. The rating agency expects high volatility in operating results to continue and limited performance visibility. "We could lower the rating if we envision a specific default scenario occurring within 12 months, including a financial covenant breach on its term loan, or a restructuring event that we consider distressed. This could occur if margins continue to deteriorate along with negative traffic trends, likely a result of the company's inability to address its merchandising issues," S&P said. "We could revise the outlook to stable or raise the rating if operating performance stabilizes, with sustained improvements including recovering margins and positive comparable sales," the rating agency said. Under this scenario, S&P would expect consistently positive free operating cash flow (FOCF) while the company reinvests sufficiently in the business. The rating agency would also expect greater performance stability and visibility driven by a consistent, successful merchandising strategy. JTJ RESTAURANTS: To Seek Plan Approval on Jan. 14 ------------------------------------------------- Judge Mindy A. Mora has ordered that the disclosure statement in support of the Chapter 11 plan filed by JTJ Restaurants, Inc., is conditionally approved. A hearing on final approval of the disclosure statement, confirmation of the Plan and approval of the fee applications will be on Jan. 14, 2020 at 1:30 p.m. at United States Bankruptcy Court, 1515 N. Flagler Drive, 8th Floor, Courtroom A, West Palm Beach, FL 33401. The deadline for objections to claims will be on Dec. 31, 2019. The deadline for filing ballots accepting or rejecting plan will be on Jan. 7, 2020. The deadline for objections to confirmation will be on Jan. 9, 2020. The deadline for objections to final approval of the Disclosure Statement will be on Jan. 9, 2020. About JTJ Restaurants and Byrd Restaurants-Royal Palm JTJ Restaurants, Inc., and Byrd Restaurants-Royal Palm, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 19-12990) on March 6, 2019. In the petitions signed by Jerome Byrd, president, JTJ Restaurants was estimated to have up to $50,000 in assets and $1 million to $10 million in liabilities. Brian K. McMahon, P.A., serve as counsel to the Debtors. JTJ RESTAURANTS: Unsecured Creditors to Recover 26.3% Under Plan ---------------------------------------------------------------- Debtor JTJ Restaurants, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, an amended plan of reorganization and a disclosure statement. General unsecured claims total $1,367,040. The Debtor has allocated $5,000 per month to pay this class for 72 months. Creditors will be paid on a pro rata basis and receive approximately 26.33% of their claims. This class is impaired. The owners of the Debtor will retain all property of the estate. The Debtor has restaurant equipment valued at $50,000 at the time of the filing of the case. The Debtor also owns a vehicle that is secured by a note to Ally. There is little equity in the vehicle. The Debtor's ability to fully fund the plan and make payments is dependent on the ability of the company to continue to operate and generate sufficient revenue to pay its creditors. A full-text copy of the Amended Disclosure Statement is available at https://tinyurl.com/v2bh7b7 from PacerMonitor.com at no charge. About JTJ Restaurants and Byrd Restaurants-Royal Palm JTJ Restaurants, Inc., and Byrd Restaurants-Royal Palm, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 19-12990) on March 6, 2019. In the petitions signed by Jerome Byrd, president, JTJ Restaurants each estimated up to $50,000 in assets and $1 million to $10 million in liabilities. Brian K. McMahon, P.A., serves as counsel to the Debtors. KWIKPRINT MANUFACTURING: Plan Confirmation Hearing on Dec. 17 ------------------------------------------------------------- The disclosure statement filed by The Kwikprint Manufacturing Company, Inc., d/b/a Kwikprint has been conditionally approved by the bankruptcy judge. Dec. 17, 2019 , is fixed for the hearing on final approval of the disclosure statement and for the hearing on confirmation of the plan. The hearing will be held at 2:30 p.m. , in 4th Floor Courtroom D , 300 North Hogan Street, Jacksonville, Florida. Ballots and objections to confirmation of the Plan were due 7 days before the hearing. About The Kwikprint Manufacturing Company The Kwikprint Manufacturing Company, Inc. specializes in manufacturing hot foil stamping machines, logo printing and all other types of stamping and printing equipment. Bases in Jacksonville, Fla., Kwikprint Manufacturing Company filed a voluntary Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-01585) on April 26, 2019. At the time of the filing, the Debtor had estimated assets of less than $1 million and liabilities of less than $1 million. Jason A. Burgess, Esq., at The Law Offices of Jason A. Burgess, LLC, represents the Debtor as counsel. KWIKPRINT MANUFACTURING: Unsecureds to Get Payments, 1% of Receipts ------------------------------------------------------------------- The Kwikprint Manufacturing Company, Inc., a Florida Corporation, submitted a Combined Plan and Disclosure Statement. The secured claim of National Loan Acq. Company will be treated as per the executed and attached Mediated Settlement Agreement. As for general unsecured claims in Class 3, the Debtor will pay $3,600 a quarter on a pro rata basis for 20 quarters. Additionally, the Debtor will pay 1% of the Yearly Gross Receipts, as defined by Yearly Gross Sales minus Yearly Refunds for five years. 1% Yearly Gross Receipts will be paid on or by Feb. 14 of the following year and the amounts will be determined as 1% on the amounts above and beyond $1,000,000 in Gross Revenue. Given the refined debt service as provided in the Plan, the Debtor will continue its operations which will cover the required new debt service payments. A full-text copy of the Combined Disclosure Statement and Chapter 11 Plan of Reorganization dated Nov. 18, 2019, is available at https://tinyurl.com/rgwbldu from PacerMonitor.com at no charge. Attorneys for the Debtor: Jason A. Burgess Law Offices of Jason A. Burgess, LLC 1855 Mayport Road Atlantic Beach, Florida 32233 (904) 372-4791 About The Kwikprint Manufacturing Company The Kwikprint Manufacturing Company, Inc. specializes in manufacturing hot foil stamping machines, logo printing and all other types of stamping and printing equipment. Bases in Jacksonville, Fla., Kwikprint Manufacturing Company filed a voluntary Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-01585) on April 26, 2019. At the time of the filing, the Debtor had estimated assets of less than $1 million and liabilities of less than $1 million. Jason A. Burgess, Esq., at The Law Offices of Jason A. Burgess, LLC, represents the Debtor as counsel. LAKESHORE FARMS: Unsecureds Total Payout at 21% for Each Claim -------------------------------------------------------------- This Disclosure Statement is prepared and filed by Lakeshore Farms, Inc., a Missouri Subchapter S corporation. Since the Debtor's Chapter 11 filing, the Debtor has negotiated a consensual debt restructure with Frontier Bank whereby $1,400,000 of the approximately $2,633,749 allowed claim of Frontier Bank is treated as a Class 4 Secured Claim under the Plan with the approximately $1,400,000 balance of the of the allowed Claim of Frontier Bank treated as a Class 12 unsecured Claim. Allowed Secured Claims of Frontier Bank f/k/a Richardson County Bank & Trust Co in Class 4 is impaired. As of Oct. 31, 2018, the total debt on the Class 4 Claim is $2,633,749. The Debtor or Reorganized Debtor will pay the total allowed amount of the Class 4 Claim pursuant to the terms of the Original Note and Loan Documents, subject to the following modifications (hereinafter referred to as the "Modified Note"): (1) the principal balance owed under the Modified Note shall be $1,400,000, (2) interest will accrue on $1,400,000 balance of the outstanding principal balance owed under the interest accruing component of the Modified Note at the fixed rate of 5.5% per annum from the Effective Date. Allowed unsecured claims in Class 12 totaling $2,733,191 are unimpaired. These claims will be paid over 7 years in an annual principal reduction payment equal to 3% of each claimant's claim beginning on Dec. 15, 2020 and ending on Dec. 15, 2026. Total payout to the Class 12 claimants under the plan equals 21% of each class claimant's claim. The Debtor's principal in Class 13, Jon Russell, will retain his interest in the Debtor. Historically, the Debtor and or Jon Russell have generated sufficient revenue to make the proposed payments under the plan. The principal of Debtor can, and will, supplement cash flow to make payments under the Plan as new value contributions generated from increased FSA payments made to Jon Russell by his running the farm and/or savings in loan interest payments from Jon Russell signing the ARM loan. A full-text copy of the Sixth Amended Disclosure Statement dated November 22, 2019, is available at https://tinyurl.com/wdnlnw6 from PacerMonitor.com at no charge. Attorneys for Lakeshore Farms Inc: Ronald S. Weiss Joel Pelofsky 2850 City Center Square 1100 Main Street Kansas City, Missouri 64105 E-mail: rweiss@bdkc.com E-mail: jpelofsky@bdkc.com About Lakeshore Farms Lakeshore Farms, Inc., is a privately held company in Forest City, Missouri in the oilseed and grain farming industry. Lakeshore Farms filed a Chapter 11 petition (Bankr. W.D. Mo. Case No. 18-50077) on Feb. 28, 2018. In the petition signed by Jonathan L. Russell, president, the Debtor disclosed $8.52 million in total assets and $5.57 million in total debt. The case is assigned to Judge Brian T. Fenimore. Evans & Mullinix, P.A., is counsel to the Debtor. LIFE AMBULANCE: Gets Court Approval to Sell Vehicles ---------------------------------------------------- Life Ambulance Services, Inc. received approval from the U.S. Bankruptcy Court for the Northern District of Georgia to sell the vehicles it used for medical transportation. The order signed by Judge James Sacca authorized the company to sell the vehicles it owns, including four vehicles financed by lenders, Advantage Funding Commercial Capital Corp., TCF National Bank and BFG Corp. In his order, Judge James Sacca authorized Life Ambulance to sell the vehicle financed by Advantage Funding for no less than the minimum price of $42,000 or "as may be otherwise consented to in writing" by the lender. Meanwhile, the company can sell the three other vehicles without prior approval from lenders on condition that TCF receives $80,000 in net proceeds and BFG receives $45,000 in net proceeds. About Life Ambulance Life Ambulance Services, Inc. sought Chapter 11 protection (Bankr. N.D. Ga. Case No. 19-21614) on Aug. 12, 2019 in Gainesville, Ga. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. The case is assigned to Judge James R. Sacca. William A. Rountree, Esq., at Rountree, Leitman & Klein, LLC is the Debtor's legal counsel. LIMETREE BAY TERMINALS: S&P Cuts Rating on Secured Term Loan to B+ ------------------------------------------------------------------ S&P Global Ratings lowered the debt rating on Limetree Bay Terminals LLC's senior secured term loan B to 'B+' from 'BB-'. The outlook is negative. The company's financial performance has not improved since S&P's last review back in March 2019, primarily due to lower tank lease revenue attributed to a delayed operations restart of a refinery customer. The ramp up of tank lease revenues in 2020 will depend on the timing of the refinery reaching substantial completion in the company's operations restart. Limetree Bay Terminals is a 34 mmbbls crude oil and refined product storage facility located in St. Croix of the U.S. Virgin Islands. The asset is owned by a consortium of sponsors including Arclight Capital Partners, a private equity firm based in Boston. The owner, through Limetree Bay Terminals, purchased the mothballed asset in early 2016. Since then, the project gradually restarted a number of tanks and performed other upgrades as it acquired new tank lease contracts. The negative outlook reflects at least a one-in-three chance for another downgrade if Terminals' cash flow generation does not improve in the first half of 2020. S&P expects that any further delay in Limetree Bay Refinery's operations restart would be the key driver of continued underperformance. "We could lower the rating on the senior secured term loan B during the first half of 2020 if the project were still unable to ramp up its revenues due to further delay in the operations restart of the refinery customer, thus potentially weakening the project's service coverage ratios to below 1.2x and deferring the execution of its deleveraging plan," S&P said. "We could revise the outlook back to stable if the project were able to ramp up the incremental revenues from providing storage and other related services to the refinery customer. The outlook revision will also require the project to continue to renew existing or acquiring new third-party contracts," the rating agency said. LITESTREAM HOLDINGS: Seeks to Use Bank United's Cash Collateral --------------------------------------------------------------- Litestream Holdings, LLC, asks the Bankruptcy Court to authorize its use of the cash collateral of Bank United, N.A., pursuant to a budget, in order to continue its business operations. Bank United is the lender with respect to $7.225 million of pre-petition loans to fund the Debtor's general operations before the Petition Date. Balance on the loan, as of the Petition Date, is $1,096,247.01 in principal amount, plus accrued and unpaid interest, costs and fees. The Budget provides for $182,419 in total expenses for December 2019, including $56,421 in gross payroll and taxes (excluding CEO Compensation) and $59,492 in programming expenses. A copy of the Budget is available for free at https://is.gd/TEsXZA from PacerMonitor.com. As adequate protection, the Debtor proposes to grant the Lender a valid, binding, enforceable, non-avoidable and perfected post-petition replacement security interest in and lien on all of the Debtor's assets, nunc pro tunc to the Petition Date, to the extent of the decrease in value of the cash collateral. A copy of the Debtor's request is available at https://is.gd/JSkqwe from PacerMonitor.com at no charge. About Litestream Holdings, LLC Litestream Holdings, LLC is a Florida-based provider of video, broadband, and phone services. The Company filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 19-26043) on November 27, 2019 in West Palm Beach, Florida, listing between $1 million and $10 million in both assets and liabilities. The petition was signed by Paul Rhodes, managing member. FurrCohen P.A., is the Debtor's counsel. The Hon. Mindy A. Mora is the case judge. LNB-015-13 LLC: Jan. 16 Plan Confirmation Hearing Set ----------------------------------------------------- Judge Robert A. Mark approved the Second Amended Disclosure Statement and has ordered that the hearing to consider confirmation of LNB-015-13 llc's Chapter 11 plan will be on Jan. 16, 2020 at 2:00 p.m. in United States Bankruptcy Court, 301 N. Miami Ave. Courtroom #4, Miami, FL 33128. The deadline for filing objections to confirmation of the Plan will be on Jan. 2, 2020. The deadline for filing ballots accepting or rejecting the Plan is on Jan. 2, 2020. A full-text copy of the Order dated Nov. 22, 2019, is available at https://tinyurl.com/uhnleb2 from PacerMonitor.com at no charge. About LNB-015-13 LLC LNB-015-13, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 17-19226) on July 22, 2017. The petition was signed by Harel Bitton, its authorized representative. At the time of the filing, the Debtor was estimated to have assets and liabilities of less than $500,000. Joel M. Aresty P.A. is the Debtor's bankruptcy counsel. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case. MEDICAL DIAGNOSTIC: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- The Medical Diagnostic Imaging Group, Ltd. 19-15722 10835 N. 25th Ave., Ste. 140 Phoenix, AZ 85029 MDIG of Arizona, LLC 19-15726 10835 N. 25th Ave., Ste. 140 Phoenix, AZ 85029 Business Description: The Medical Diagnostic Imaging Group and MDIG of Arizona are providers of diagnostic radiology services. Chapter 11 Petition Date: December 16, 2019 Court: United States Bankruptcy Court District of Arizona Judge: Hon. Daniel P. Collins (19-15722) Hon. Brenda Moody Whinery (19-15726) Debtors' Counsel: Michael Carmel, Esq. MICHAEL W. CARMEL, LTD. 80 E. Columbus Ave. Phoenix, AZ 85012 Tel: (602) 264-4965 E-mail: michael@mcarmellaw.com The Medical Diagnostic's Estimated Assets: $1 million to $10 million The Medical Diagnostic's Estimated Liabilities: $1 million to $10 million MDIG of Arizona's Estimated Assets: $1 million to $10 million MDIG of Arizona's Estimated Liabilities: $1 million to $10 million The petition was signed by Dr. Christian Ingui, president. A copy of The Medical Diagnostic's petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available from PacerMonitor.com at https://is.gd/j4YGJK for free. A copy of MDIG of Arizona's petition containing, among other items, a list of the Debtor's seven unsecured creditors is available from PacerMonitor.com at https://is.gd/ZEt1x7 for free. NRG ENERGY: Moody's Raises CFR to Ba1, Outlook Positive ------------------------------------------------------- Moody's Investors Service upgraded NRG Energy, Inc.'s Corporate Family Rating to Ba1 from Ba2, its senior unsecured rating to Ba2 from Ba3 and its senior secured tax exempt bonds to Baa2 from Baa3. Moody's also upgraded NRG's Probability of Default Rating to Ba1-PD. NRG's secured revolving credit facility and senior secured first lien notes were affirmed at Baa3 because they contain a fall-away security provision where the security interest would cease to be effective if two rating agencies raise the company's rating to investment grade. "NRG continues to pursue its financial objectives, thanks to the company's progress on lowering its debt leverage," said Toby Shea VP -- Sr. Credit Officer, "The positive outlook looks to the sustainability of NRG maintaining its financial strategy and risk management commitments over the next eighteen months." RATINGS RATIONALE NRG's credit quality reflects that of a large merchant generator with a strong retail supply business and a relatively low leverage of 2.5x to 2.75x debt to EBITDA. The company was upgraded twice in the last two years following the implementation of its transformation plan, which involved divesting non-core business, simplifying its corporate structure, enhancing cash flows and reducing leverage. NRG's generation business provides a little more than half of its EBITDA (~55%). Even though NRG's generation asset base is comprised mainly of older gas and coal power plants that have a poor cost position, they are concentrated in Texas (75% of EBITDA), where the market has been fairly strong for the past two years. A little less than half of NRG's EBITDA (~45%) is generated from its retail business. The profitability of the retail business is derived mainly from selling electricity to mass customers in Texas. NRG's mass retail operations are substantially more stable and profitable than the typical retail electricity business in the US because it has a strong competitive advantage on brands and retention of high-quality customers. NRG's generation is a critical complement to the retail business' stability and profitability. The generation capacity provides the retail business with an important physical hedge, so that it is protected from price spikes during hot summer days or having to post large sums of trade collateral to hedge counterparties. From an environmental risk perspective, NRG is most exposed to carbon regulations. NRG has elevated carbon transition risks within the power generation sector on account of its business model as an unregulated power generator with significant fossil fuel exposure. The company has about 60% of its capacity in gas or oil fired generation, 35% in coal and 5% in nuclear. NRG produced about 46 million tons of carbon dioxide equivalent in 2018, which is down 36% from 2014, due a market-driven shift from coal to gas generation. NRG's exposure to carbon regulations in California is not very material to credit quality because these regions provide less than 10% of the company's EBITDA. Although there are no carbon regulations elsewhere in the US, NRG's power plants in Texas and Midwest US have been severely affected by the growth of cleaner fuels such as natural gas and renewables. The continued decline in the cost of renewables and battery storage poses a substantial ongoing pressure on power prices in markets where NRG operates. NRG achieved an 18% CFO pre-WC to debt for 2018 with a net debt to EBITDA target of 3.0x and should produce 24% CFO pre-WC to debt for 2019. The improvement in the CFO pre-WC to debt ratio in 2019 mainly reflects management's commitment to lowering its leverage target to 2.5x to 2.75x net debt to EBITDA. Its CFO pre-WC to debt ratios are calculated by consolidating non-recourse project finance debt proportional to NRG's share of ownership. If NRG sells its non-recourse projects, which is likely to occur post the bankruptcy of Pacific Gas & Electric Company, its CFO pre-WC to debt ratio would increase by about 270 basis points. Liquidity NRG's SGL-1 speculative liquidity rating reflects very good liquidity. The company is expected to have the capacity to meet its obligations over the coming 12 months through internal resources without relying on external sources of committed financing. Moody's expects NRG to produce more than $1 billion of annual free cash flow. NRG continues to possess good liquidity with full availability on its $2.6 billion secured revolving credit facility as of repayments on 7 November 2019. The revolving credit facility, which expires in May 2024, contains a material adverse change clause for new borrowings, a credit negative. NRG has financial covenants in its revolving credit facilities and term loan that require the company to maintain a corporate debt to EBITDA ratio of 4x or below and an interest coverage ratio of 1.75x. Because these ratios are calculated to only cover secured debt, NRG is in compliance and should not have any problem meeting these requirements. Excluding non-recourse maturities, NRG does not have any major debt maturities until 2024, when $600 million of senior secured notes are due. Outlook NRG's positive ratings outlook reflects management's commitment to maintain its net debt to EBITDA of 2.5x to 2.75x. The positive outlook also incorporates the favorable power price environment in Texas. Factors that Could Lead to an Upgrade Moody's could consider an upgrade of NRG to investment grade should the company maintain its 2.5x to 2.75x net debt to EBITDA targets and sustain a CFO pre-WC to debt ratio above 23% starting 2020, and if commodity markets remain manageable. Factors that Could Lead to a Downgrade Moody's could consider stabilizing the outlook or take a negative rating action if the company relaxes its debt leverage target. A downgrade is likely should its CFO Pre-WC to debt ratio fall below 18%. The principal methodology used in these ratings was Unregulated Utilities and Unregulated Power Companies published in May 2017. Upgrades: Issuer: Chautauqua (Cnty of) NY, Ind. Dev. Agency Senior Secured Revenue Bonds, Upgraded to Baa2 (LGD2) from Baa3 (LGD2) Issuer: Delaware Economic Development Authority Senior Secured Revenue Bonds, Upgraded to Baa2 (LGD2) from Baa3 (LGD2) Issuer: Fort Bend County Industrial Development Corp Senior Secured Revenue Bonds, Upgraded to Baa2 (LGD2) from Baa3 (LGD2) Issuer: NRG Energy, Inc. Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD Corporate Family Rating, Upgraded to Ba1 from Ba2 Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2 from Ba3 Issuer: Sussex (County of) DE Senior Secured Revenue Bonds, Upgraded to Baa2 (LGD2) from Baa3 (LGD2) Issuer: Texas City Industrial Development Corp., TX Senior Secured Revenue Bonds, Upgraded to Baa2 (LGD2) from Baa3 (LGD2) Outlook Actions: Issuer: NRG Energy, Inc. Outlook, Remains Positive Affirmations: Issuer: NRG Energy, Inc. Senior Secured Bank Credit Facility, Affirmed Baa3 (LGD2) Senior Secured Regular Bond/Debenture, Affirmed Baa3 (LGD2) OFFICE BARGAIN CENTER: Jan. 16 Hearing on Disc. Statement Set ------------------------------------------------------------- Judge Robert A. Mark has ordered that the hearing to consider approval of the Disclosure Statement in support of Office Bargain Center 2011, LLC will be on January 16, 2020 at 1:30 p.m. in United States Bankruptcy Court, 301 N. Miami Ave. Courtroom #4, Miami, FL 33128. The deadline for objections to the Disclosure Statement will be on Jan. 9, 2020. A full-text copy of the Order dated Nov. 22, 2019, is available at https://tinyurl.com/wlpqbpa from PacerMonitor.com at no charge. As reported in the Troubled Company Reporter, Office Bargain Center 2011, LLC, filed a Second Amended Disclosure Statement describing a Reorganization Plan that provide general unsecured claims will receive a total of (at least $278,764 or 50% of allowed unsecured claims over 5 years through the tenure of the 60 month Plan as follows: Months 1-8: total of $8,000 plus Months 9-60 ($1,000 + $4,207) or $270,764; for a total of $278,764. This class is impaired by the Plan and its members are entitled to vote. A full-text copy of the Second Amended Disclosure Statement dated Nov. 15, 2019, is available at https://tinyurl.com/tyb2umn from PacerMonitor.com at no charge. Attorneys for the Debtor: Aleida Martinez Molina Weiss Serota Helfman Cole Bierman, PL 2525 Ponce de Leon Boulevard, Suite 700 Coral Gables, Florida 33134 Telephone - 305-854-0800 Facsimile - 305-854-2323 E-mail: amartinez@wsh-law.com About Office Bargain Center 2011 Office Bargain Center 2011, LLC, is a limited liability company created and existing under the laws of the State of Florida. It operates a local office furniture sales and service business. It also resells and supports office furnishings throughout Miami-Dade, Broward and Palm Beach counties. Office Bargain Center sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 19-10226-RAM) on Jan. 7, 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 case has been assigned to Judge Robert A. Mark. The Debtor hired Weiss Serota Helfman Cole & Bierman, P.L., as its legal counsel. PALM FROND: Wants Until Jan. 14, 2020 to File Plan & Disclosures ---------------------------------------------------------------- Debtor Palm Frond Condominium Association, Inc., requests a 45-day extension of time through Jan. 14, 2020, within which to comply with the court's order establishing a deadline for filing a Plan and a Disclosure Statement. On Sept. 3, 2019, the Court entered its Court's order establishing Nov. 14, 2019, as the deadline by which the Debtor must file a Plan and Disclosure Statement. In the time since the entry of the Scheduling Order, the Debtor has worked diligently to achieve consensual settlements with its two primary creditors: Sisters Creation, Inc. and Pavese Law Firm. Both the proposed settlement with Sisters Creation, and presumably any settlement with Pavese, contemplate the voluntary dismissal of this Chapter 11 case if approved. Accordingly, the Debtor requests an extension of time by which it may file a plan and disclosure statement, with the hope that it may conserve further attorneys’ fees and costs and seek a resolution in the best interests of the bankruptcy estate and its creditors. A full-text copy of the Motion is available at https://tinyurl.com/wx6t2op from PacerMonitor.com at no charge. The Debtor is represented by: David A. Ray, P.A. 1330 Southeast 4th Avenue, Suite I Fort Lauderdale, Florida 33316 Tel: (954) 399-0105 E-mail: dray@draypa.com About Palm Frond Condominium Association Palm Frond Condominium Association, Inc., filed a voluntary Chapter 7 petition (Bankr. M.D. Fla. Case No. 19-04954) on May 25, 2019. The case was converted to one under Chapter 11 on July 15, 2019. The case has been assigned to Judge Caryl E. Delano. The Debtor is represented by David A. Ray, Esq. The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case. PAUL SMITH: Dec. 17 Hearing on Disclosure Statement --------------------------------------------------- The hearing to consider the approval of the disclosure statement of Paul F. Smith Jr., DDS, Inc. will be held at H.M. Metzenbaum, 201 Superior Ave., #1A Judge Harris Courtroom, Cleveland, OH 44114, on December 17, 2019, at 11:00 O’clock a.m. Dec. 10, 2019 is fixed as the last day for filing and serving written objections to the disclosure statement. Attorney for the Debtor: Gary Cook 23880 Commerce Park, Suite 2 Beachwood, Ohio 44122 (216) 965-4410 Office (216) 916-4152 Fax Email: gcookesq@yahoo.com About Paul F. Smith, Jr. D.D.S. Paul F. Smith, Jr. D.D.S., Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 19-11251) on March 8, 2019. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $1 million. The case is assigned to Judge Arthur I. Harris. The Debtor tapped Gary Cook, Esq., as its bankruptcy attorney. PERIMETER LAWN: Unsecured Creditors Get 100% in 84 Months --------------------------------------------------------- The small business chapter 11 debtor Perimeter Lawn and Landscape Services, Inc., filed a reorganization that proposes to pay off claims in 24 to 84 months: * Class 2B Secured claim of BancFirst. IMPAIRED. Total claim of $3955.49. Monthly payments of $170.01. Payments begin on the first month after confirmation. Payments end 24 Months. Interest rate 3%. * Class 2B Secured claim of Arvest. IMPAIRED. Total claim of $ $1,816.73. Monthly payments of $80.52. Payments begin on the first month after confirmation. Payments end 24 months. Interest rate 6%. * Class 2A Secured claim of Arvest. IMPAIRED. Total claim of $ $23,873.13. Monthly payments of $629.20. Payments begin on the first month after confirmation. Payments end 36 months. Interest rate 4.27%. * Class 2B Secured claim of Arvest. IMPAIRED. Total claim of $8,376.99. Monthly payments of $367.70. Payments begin on the first month after confirmation. Payments end 24 months. Interest rate 5.05%. * Class 2A Secured claim of First Citizen's Bank & Trust. IMPAIRED. Total claim of $198,413.75. Monthly payments of $1,766.74. Payments begin on the first month after confirmation. Payments end 84 months. Interest rate 5%. * Class 3 General Unsecured Class. IMPAIRED. General unsecured creditors will receive monthly payments of $2,235.29. Payments begin 25 months after confirmation and end in 84 months. Interest rate 4%. Estimated percent of claim paid is 100%. * Class 4 Equity interest holders. IMPAIRED. Equity holders will retain their equity interests after completion of plan payments to all creditors, including administrative claims. Payments and distributions under the Plan will be funded by the following: Net operating revenues over a seven-year period. A full-text copy of the Disclosure Statement dated November 18, 2019, is available at https://tinyurl.com/sqsrvy9 from PacerMonitor.com at no charge. Attorneys for the Debtor: B David Sisson, Esq. Law Offices of B David Sisson 305 E Comanche St/ P O Box 534 Norman, OK 73070-0534 Telephone: 405.447.2521 Facsimile: 405.447.2552 E-mail sisson@sissonlawoffice.com About Perimeter Lawn & Landscape Based in Oklahoma City, Oklahoma, Perimeter Lawn & Landscape Services, Inc. filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 19-12066) on May 20, 2019, listing under $1 million in both assets and liabilities. David B. Sisson, Esq., at the Law Offices of B. David Sisson, represents the Debtor as counsel. PERKINS TIMBER: Unsecureds to Be Paid in Full by Month 96 --------------------------------------------------------- Perkins Timber Harvesting, LLC, filed a Chapter 11 Plan of Reorganization dated Nov. 1, 2019, that proposes to treat claims and interests as follows: * Secured claims of De Lage Landen Financial Services Inc. The Debtor has surrendered the collateral. The Confirmation Order will constitute an order for relief from stay. Any secured claim in this category is to be satisfied in full through surrender of collateral. If, after claim litigation is completed, any deficiency balance is remaining due to De Lage Landen Financial Services, Inc., the Debtor will pay that deficiency claim in equal monthly installments over 60 months with no interest, after all other claims under the Plan are paid in full. Any potential payment to De Lage Landen on its alleged deficiency claim will not impact or alter the proposed treatment of any other claim under the Plan. * Department of Agriculture's Unsecured Claim. The Department of Agriculture filed a claim (Claim No. 14) in the amount of $33,083.07. The Debtor intends to pay this claim, with court approval, outside of the plan as fast as possible. Payment of this claim will allow the Debtor to secure another logging contract in the spring of 2020 and generate revenue to pay other deb * General Unsecured Claims. Unsecured creditors will receive a monthly pro-rate share of payments contributed towards general unsecured claims. After paying secured and priority debts, the general unsecured claims will begin receiving the remainder of the plan payment in month 44 beginning with a payment of $3,062.15. Payments will continue thereafter in months 45 through 72 at $4,807.00 per month. All secured creditors will be paid in full by the end of the sixth year of the Plan. However, some of the existing logging equipment will be reaching the end of its useful life and is expected to be in need of replacement around the end of the fifth year of the Plan. As such, overall plan payments step down to $9,965.09 in month 61 and again to $6,439.38 in month 73 to leave room for financing of new logging equipment. Even though overall plan payments decrease in month61, payments to general unsecured creditors will remain $4,807. Even though overall plan payments again decrease in month 73, payments to general unsecured creditors shall increase to $7,553.45 increase in month 73 through 96. All undisputed general unsecured claims will be paid in full by month 96. De Lage Landen Financial repossessed its collateral and has not provided proof that the collateral was sold. The Debtor takes the position that De Lage Landen Financial's unsecured claim is artificially-inflated, disputes the claim, and has not provided payment for it in this plan. If, after claim litigation is completed, any balance is remaining due to De Lage Landen Financial Services, Inc., the Debtor will pay that deficiency claim in equal monthly installments over 60 months with no interest, after all other claims under the Plan are paid in full. Thus, such payment will not impact the payment of the general unsecured class of claims. A full-text copy of the First Amended Disclosure Statement dated Nov. 22, 2019, is available at https://tinyurl.com/rtzcrlg from PacerMonitor.com at no charge. Attorney for the Debtors: Pernell W. McGuire Aubrey L. Thomas Davis Miles McGuire Gardner 9 W. Cherry Ave. Suite B Flagstaff, AZ 86001 Tel. No. (928) 779-1173 Fax No. (877) 715-7366 E-mail: efile.dockets@davismiles.com About Perkins Timber Harvesting Founded in 1966, Perkins Timber Harvesting -- https://www.perkinstimberharvesting.com/ -- is family business that offers large scale mechanical timber harvesting, fire prevention thinning, and chipping operations. Perkins Timber is headquartered in Williams, Arizona. Perkins Timber Harvesting sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 19-02519) on March 8, 2019. At the time of the filing, the Debtor disclosed $2,530,206 in assets and $2,215,954 in liabilities. Davis Miles McGuire Gardner, PLLC, is the Debtor's legal counsel. PILOT TRAVEL: Moody's Rates New $4.2BB Secured Bank Debt 'Ba1' -------------------------------------------------------------- Moody's Investors Service assigned a Ba1 to Pilot Travel Centers LLC's proposed $4.2 billion senior secured bank facility which will be used to refinance its existing senior secured bank facility. The company's other ratings are unchanged including its Ba1 Corporate Family Rating and Ba2-PD Probability of Default Rating. The Ba1 rating on Pilot's current bank facility will be withdrawn upon closing. The outlook is stable. All ratings are subject to final review of documentation. "The proposed transaction improves Pilot's liquidity by pushing its nearest maturity to 2024 and provides flexibility to fund planned dividends in January 2021," stated Pete Trombetta, Moody's convenience store analyst. Proceeds of the $4.2 billion bank facility -- consisting of a $1.3 billion revolver, $1.8 billion term loan A and $1.1 billion delayed draw term loan A -- will be used to refinance outstandings under its current revolver and term loan A and partially fund a January 2021 $2.2 billion recapitalization distribution contemplated in the Berkshire Hathaway purchase sale agreement. Pilot used proceeds from the initial $2.8 billion investment by Berkshire Hathaway in 2017 to pay down debt on a temporary basis with the expectation that over time the company will raise debt to buy the ownership interest of its current owners. Moody's adjusted leverage was about 1.4x for the last 12 month period ended September 30, 2019 and increases to about 2.0x pro forma for a fully drawn delayed draw term loan A. Moody's forecasts that over the next two to three years leverage will eventually return to its previous level of about 3.5x. Assignments: Issuer: Pilot Travel Centers LLC Senior Secured Revolving Credit Facility, Assigned Ba1 (LGD3) Senior Secured Term Loan, Assigned Ba1 (LGD3) Senior Secured Delayed Draw Term Loan, Assigned Ba1 (LGD3) RATINGS RATIONALE Pilot is projected to maintain solid debt protection measures over the next two years with debt/EBITDA around 2.0x and EBIT/interest above 10.0x. Pilot will increase debt to pay dividends to Pilot's ownership, eventually causing leverage to rise to historical levels of about 3.5x (including Moody's standard adjustments). Berkshire Hathaway will increase its ownership stake to 80% by 2023. Pilot also benefits from its meaningful scale, geographic reach, good liquidity, and its diverse profit stream. While fuel revenue accounts for almost 90% of total sales, inside sales at its stores -- including higher margin merchandise sales and restaurant revenue -- accounts for almost half of Pilot's gross profit. About 80% of Pilot's fuel revenue comes from the sale of diesel and diesel exhaust fluid of which approximately two thirds is the result of direct billing agreements with trucking fleets, which adds to the predictability of its revenue stream and further reduces its earnings volatility. Pilot supplies diesel fuel to the majority of the 100 largest long haul trucking fleets in the US and is the number one supplier of diesel fuel volumes in the country. The ratings are constrained by Pilot's reliance on high volume, low margin fuel sales, some regional concentration, and concern that financial policies with respect to dividends and acquisitions could become more aggressive. The stable rating outlook reflects Moody's estimate that Pilot's operating performance will remain strong and the company will maintain debt/EBITDA at around 2.0x with EBIT/interest coverage above 10.0x over the next 12-18 months. Pilot's ratings could be upgraded if it exhibits a balanced growth strategy, financial policy and capital structure that supports the credit profile required of an investment grade rating. The company would also have to maintain very good liquidity and stable margins for its non-fuel businesses. Quantitatively, an upgrade would require debt/EBITDA maintained below 2.5 times and EBIT/Interest sustained near 5.5 times. Factors that could lead to a downgrade include liquidity contracting beyond current levels or debt protection metrics weakening due to a sustained deterioration in operating performance. The adoption of an aggressive financial policy or growth strategy that negatively impacted debt protection metrics or liquidity could also pressure the ratings. Specifically, ratings could be downgraded if debt/EBITDA exceeded 4.0 times on a sustained basis or if EBIT/interest is sustained below 2.75 times. Pilot Travel Centers LLC is a partnership that owns and operates over 640 truck stops across the U.S. and Canada. In addition to fuel, Pilot locations have convenience stores, fast food restaurants, and other amenities. Pilot is majority owned by the Haslam family through the ownership of Pilot Corporation with Berkshire Hathaway owning about 39%. Annual revenues are approximately $29 billion. The principal methodology used in these ratings was Retail Industry published in May 2018. PRINCE ORGANIZATION: Court Approves Disclosure Statement -------------------------------------------------------- Judge Bill Parker has ordered that the Prince Organization, Nacogdoches, LLC, Fourth Amended Disclosure Statement is APPROVED. Jan. 3, 2020 is fixed as the last day for filing written acceptances or rejections of the Debtor's proposed Third Amended Chapter 11 Plan. Jan. 3, 2020 is fixed as the last day for filing and serving written objections to confirmation of the Debtor’s proposed Third Amended Chapter 11 Plan. The hearing to consider the confirmation of the Debtor's proposed Chapter 11 Plan is fixed and will be held on Thursday, Jan. 9, 2020 at 10:00 a.m. in the Courtroom of the United States Bankruptcy Court, Plaza Tower, 110 North College Avenue, Ninth Floor, in Tyler, Texas. About Prince Organization Nacogdoches Prince Organization, Nacogdoches LLC, operated its property at 3400 South Street Nacogdoches, Texas, as a hotel branded as Manguson Hotels. Sunil Tolani and Neela Tolani are the current managers of the property. Prince Organization sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 19-90145) on June 3, 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 Debtor is represented by Joyce W. Lindauer Attorney, PLLC and The Patel Law Group, PLLC. PRINCE ORGANIZATION: Shifts Hotel Branding to OYO ------------------------------------------------- According to its Third Amended Disclosure Statement, Prince Organization Nacogdoches LLC has proposed a reorganization plan that contemplates its continued hotel operations of its property, but now as an OYO-branded hotel. Dollars to operate the property will come from the business operations of the Debtor, contributions of the owners and capital funded by an agreement with OYO. The Debtor does not intend to retain its franchise with Magnuson Hotels, operating the property instead as an OYO-branded hotel after Confirmation of the Plan of Reorganization under an OYO Hotels, Inc. franchise. Upon rejection of its executory contract with Magnuson, OYO will provide a source of operating capital pursuant to the OYO Marketing, Consulting, and Revenue Management Agreement. Under paragraph 3 of the Agreement, OYO guarantees annual gross revenues in the amount of $1,130,000. [If annual gross revenues generated by the property exceed $1,130,000, OYO agrees to pay the debtor those annual gross revenues, minus deductions for 8 percent of the gross revenues.] In the event that annual gross revenues generated by the property are less than the guaranteed $1,130,000, OYO agrees to pay the Debtor the guaranteed amount of $1,130,000, minus deductions for 8 percent of the guaranteed gross revenues (i.e. $90,400) and 18 percent of the difference between actual annual gross revenues and the shortfall. The Debtor is responsible for paying its operating expenses and payments on all of its debts. In preparation for the transition of the property pursuant to the Agreement, OYO will make a capital investment of $315,000 (i.e. $2,500 for each of the property's 126 rooms). These funds will be made available to the Debtor (i.e. the "Facility Owner") in three separate installments: 50 percent within seven days of the "Go-Live Date", 25 percent after the terms of the first seven transformation clauses in the Agreement are met, and 25 percent within seven days of completion of all renovations. The Debtor will supervise the renovation effort and ensure that this investment is spent in such manner that will ensure the property comports with OYO Hotel brand standards. Further, OYO Hotels will pay to the Debtor a franchise incentive signing bonus in the amount of $37,800 (i.e. $300 for each of the property's 126 rooms). This incentive payment will be tendered within seven days of the "Go-Live Date" and may be used at the discretion of the Debtor. Repayment of OYO Hotel's capital expenditures will be included as a part of the monthly revenue share percentages outlined in the Agreement. The Plan proposes to treat claims and interests as follows: * Class 1 - Secured Tax Creditor Claims. IMPAIRED. The Class 1 Claims will be paid once Allowed over five years from the date of the filing of the petition with interest on such amounts at the rate of 12% per annum until paid in full. The payments will be made in equal monthly payments beginning on the first day of the month following the Effective Date and shall continue on the first day of each month thereafter until paid in full. * Class 2 - Priority Claims. IMPAIRED. Allowed Priority Claims will be paid once allowed over five years with interest on such amounts at the rate of 5% per annum until paid in full. The payments shall be made in equal monthly payments beginning on the first day of the month following the Effective Date and shall continue on the first day of each month thereafter until paid in full. * Class 3 - Secured Claim of Propel Financial Services. IMPAIRED. Propel will retain all its liens pursuant to the 2019 Security Documents, 2018 Security Documents, and 2017 Security Documents on Debtor’s property in its current lien priority to secure repayment of amounts to be paid to Propel under the 2019 Note, 2018 Note and 2017 Note. All other terms of the 2019 Note, 2018 Note and 2017 Note, and the 2019 Security Documents, 2018 Security Documents, and 2017 Security Documents shall remain in full force and effect except as modified by this Plan. The Class 3 Creditor is impaired under this Plan. * Class 4 - Secured Claim of First Choice Bank. IMPAIRED. Estimated amount of claim $2,937,568.07. The Debtor will pay the allowed secured claim which is in the amount $1.8 million will be paid over 300 months at an interest rate of 5.5% per annum as of the Confirmation Date. The estimated monthly payment amount of principal and interest is $11,597.43. * Class 5 - Secured Claim of Central Laundry Equipment Inc. IMPAIRED. The Class 5 Claim is an Allowed Secured Claim and shall be paid in full over 5 years with interest on such amount at the rate of 3.25% per annum. The payments shall be made in equal monthly payments beginning on the first day of the month following the Confirmation Date and shall continue on the first day of each month thereafter until paid in full. * Class 6 - Unsecured Creditors. IMPAIRED. The Class 6 claims will be paid once allowed over 60 months based on a Pro Rata distribution of $2,000.00 a month. The payments will be made in equal monthly payments beginning on the first day of the month following the Effective Date and shall continue on the first day of each month thereafter until paid pursuant to this Plan. * Class 7 - Debtor's Equity. On the Confirmation Date, all equity interests will be retained. Provided, however, if the unsecured creditors vote against the Plan then: in the interest of ensuring the Plan provides the greatest benefit to the Debtor's creditors and equity interest holders, the Debtor shall cancel all existing equity interest in the Debtor. A full-text copy of the Third Amended Disclosure Statement dated November 18, 2019, is available at https://tinyurl.com/t923xya from PacerMonitor.com at no charge. Attorneys for the Debtor: Joyce W. Lindauer Joyce W. Lindauer Attorney, PLLC 12720 Hillcrest Road, Suite 625 Dallas, TX 75230 Tel: (972) 503-4033 Tel: (972) 503-4034 (Fax) E-mail: joyce@joycelindauer.com - and - Jonathan A. Gitlin The Patel Law Group, PLLC 1125 Executive Circle, Suite 200 Irving, Texas 75038 Main: (972) 650-6848 Fax: (972) 650-6167 E-mail: jgitlin@patellegal.com About Prince Organization Nacogdoches Prince Organization, Nacogdoches LLC, operated its property at 3400 South Street Nacogdoches, Texas, as a hotel branded as Manguson Hotels. Sunil Tolani and Neela Tolani are the current managers of the property. Prince Organization sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 19-90145) on June 3, 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 Debtor is represented by Joyce W. Lindauer Attorney, PLLC and The Patel Law Group, PLLC. PRINCETON ALTERNATIVE: Trustee FIles Liquidating Plan ----------------------------------------------------- Matthew Cantor, the chapter 11 trustee for debtors Princeton Alternative Income Fund, LP and Princeton Alternative Funding, LLC filed a Chapter 11 plan that provides for the liquidation of the Debtors and the distribution of the proceeds of that liquidation to Creditors and Limited Partners in PAF and PAIF. The assets of PAF do not have sufficient value to provide for a distribution to holders of equity interests in PAF, and so the equity interests in PAF will not receive or retain any value under this Plan, and are presumed to reject it. The Trustee will make payments under the Plan by liquidating (that is, turning into money) as much of the Debtors' assets as possible, for the maximum value available. Holders of claims and interests in PAIF will be treated as follows: * PAIF Class 2 - Allowed General Unsecured Claims. Each Holder of an Allowed Claim in PAIF Class 2 shall receive treatment that renders such claimant unimpaired. Claims filed, or scheduled and deemed Allowed, and held by Entities other than the MicroBilt Group, Redeeming Limited Partners, the Feeder Fund, total approximately $100,000. Estimated Recovery: 100%. * PAIF Class 3 - Ranger Claims. The Ranger Entities have filed unsecured Claims in excess of $34 million against both PAIF and PAF. T he Ranger Claims shall be treated in accordance with the Ranger Settlement, which generally provides for payment of $2.5 million in Cash on the Effective Date, payment of the balance of the Cash in the Argon Side Pocket, and distribution to the Ranger Onshore and Ranger Offshore of an aggregate amount of Class A Certificates in an amount equal to the Ranger Entities' Percentage Interest in PAIF based on the September 30, 2019 Limited Partner's Capital Accounts. * PAIF Class 6 - General Partner Interests. Allowed General Partner Interests in PAIF shall receive Class Certificates with a value as of the Effective Date equal to the amount which the Holder of Interests in this Class would be entitled to receive on liquidation of PAIF under Article IX of the LPA. * PAIF Class 7 - Limited Partner Interests (exclusive of the Ranger Entities and Covenant). If PAIF Class 7 accepts the Plan by the requisite vote of Accepting Limited Partners, then Holders of Allowed Limited Partner Interests in PAIF Class 7 shall receive the following in full settlement and satisfaction of their Claims against and Interests in PAIF such Limited Partner’s Pro Rata share of: (i) Class A Certificates, calculated based on such Limited Partner’s Percentage Interests in PAIF as of the Determination Date, and (ii) the Ranger PAIF Class 7 Contribution. If PAIF Class 7 rejects the Plan, then Holders of Allowed Limited Partner Interests in PAIF Class 7 (exclusive of the Ranger Entities and Covenant) shall receive in full settlement and satisfaction of their Interests in PAIF, such Limited Partner's Pro Rata share of Class A Certificates, calculated based on such Limited Partner’s Percentage Interests in PAIF as of the Determination Date. Holders of claims and interests against PAF will be treated as follows: * PAF Class 2 - Allowed General Unsecured Claims. Unsecured Proofs of Claims of approximately $9 million have been filed in the Cases. Allowed General Unsecured Claims against PAF will receive their Pro Rata share (calculated including Allowed Claims in PAF Class 3) of Class A Certificates issued to Holders of Allowed Claims in PAF Class 2 and PAF Class 3. * PAF Class 3 - Ranger Claims. Claims of the Ranger Entities against PAF will be Allowed in the amount of $33,419,571 and will receive their Pro Rata share (calculated including Allowed Claims in PAF Class 2) of Class A Certificates issued to Holders of Allowed unsecured Claims in PAF Classes 2 and 3. * PAF Class 4 - Equity Interests. Equity Interests in PAF shall not receive or retain anything of value under the Plan and are deemed to have rejected. A full-text copy of the Second Amended Disclosure Statement dated November 22, 2019, is available at https://tinyurl.com/r4fbfqk from PacerMonitor.com at no charge. Counsel for Chapter 11 Trustee Matthew Cantor: WOLLMUTH MAHER & DEUTSCH LLP 51 JFK Parkway First Floor West Short Hills, New Jersey 07078 - and - 500 Fifth Avenue New York, New York 10110 Tel: (212) 382-3300 pdefilippo@wmd-law.com jlawlor@wmd-law.com About Princeton Alternative Princeton Alternative Income Fund, LP, provides capital for businesses that make consumer loans in the non-prime market. Princeton Alternative Income Fund, LP and Princeton Alternative Funding LLC, a fund management company, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 18-14603) on March 9, 2018. Judge Michael B. Kaplan oversees the cases. In the petitions signed by John Cook, authorized representative, PAIF was estimated to have assets of $50 million to $100 million and liabilities of $1 million to $10 million. PAF was estimated to have assets of less than $100,000 and liabilities of $1 million to $10 million. Sills Cummis & Gross, P.C. is the Debtors' counsel. Liggett & Webb, P.A., has been tapped to serve as accountant. The Debtors tapped JAMS/Hon. Steven Rhodes to provide mediation services. Matthew Cantor was appointed as Chapter 11 trustee for the Debtors. The Trustee tapped Wollmuth Maher & Deutsch LLP as his legal counsel. Attorneys for MicroBilt Corporation are Derek J. Baker, Esq., at Reed Smith LLP, in Princeton, New Jersey. Counsel for the Ad-Hoc Committee of Minority Shareholders is Ronald S. Gellert, Esq., at Gellert Scali Busenkell & Brown, LLC, in Wilmington, Delaware. PYXUS INTERNATIONAL: S&P Lowers ICR to 'CCC'; Outlook Negative -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based global agricultural technology company Pyxus International Inc. to 'CCC' from 'CCC+'. At the same time, S&P lowered its issue-level rating on the company's $60 million asset-based lending (ABL) facility due January 2021 to 'B' from 'B+', its issue-level rating on the company's first-lien secured notes due April 2021 to 'CCC+' from 'B-', and its issue-level rating on the company's second-lien notes due July 2021 to 'CCC-' from 'CCC'. The company's plan to monetize a portion of its interests in certain businesses has taken longer than expected to complete. Pyxus announced its intention to consolidate its ownership stakes in majority-owned Canadian companies Canada Island Green Inc. and FIGR Norfolk Inc. and minority-owned Criticality LLC and Purilum Inc. into a subsidiary and monetize a portion of its interest in the resulting entity earlier this year. At that time, S&P believed the company would likely use the proceeds from this transaction to repay debt in the near term. However, it has taken Pyxus much longer than it previously expected to demonstrate material progress toward completing such a transaction. Moreover, S&P believes several market-related factors, such as excess supply in the cannabis industry, growing concerns about the health risks posed by vaping, and the evolving regulatory environment, may prevent the company from successfully selling these assets at a reasonable valuation. The negative outlook on Pyxus reflects the increased likelihood of a default as the company may face difficulties in servicing its debt. Given the uncertainty around the timing of its potential monetization efforts, as well as its deteriorating profitability and eroding liquidity, the company could engage in a distressed exchange over the next few quarters. The company also faces the looming maturity of its first- and second-lien term loans in 2021, which S&P is unsure it will be able to successfully refinance. This is due to the challenging conditions in the tobacco industry, Pyxus' continued weak operating performance, and its unsustainable capital structure. "We could lower our ratings on Pyxus if we believe the company will inevitably face a payment default, be unable to successfully refinance its term loan, engage in a distressed exchange, or face a liquidity crisis in the next six months. Given its continuously weak operating trends, declining liquidity, and negative cash flows, we believe the company could default on its payments or seek to restructure its debt to right-size its capital structure," S&P said. "We could raise our ratings on Pyxus if the company successfully refinances its debt facilities without undertaking a distressed exchange. This could occur if the company sells assets or receives an equity infusion without restructuring its debt below par," S&P said. Any positive rating actions would also be predicated on the company improving its cash flow and liquidity position, according to the rating agency. REGAL ROW: Court Approves Sale to Victron Stores for $2.5MM ----------------------------------------------------------- Regal Row Fina, Inc. received approval from the U.S. Bankruptcy Court for the Northern District of Texas to sell its assets to Victron Stores, L.P. for $2.5 million. The assets include personal properties used in the company's business, inventory and real property located at 1607 Regal Row, Dallas. They will be sold "free and clear" of liens, claims and encumbrances. A copy of the sale contract is available at https://tinyurl.com/sxpawym from PacerMonitor.com free of charge. About Regal Row Fina Regal Row Fina, Inc. sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 19-33060) in Dallas, Texas, on Sept. 11, 2019. 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 is assigned to Judge Stacey G. Jernigan. Joyce W. Lindauer Attorney, PLLC, is the Debtor's legal counsel. ROSE COURT: Court Sets Disclosure & Confirmation Procedures ----------------------------------------------------------- Judge Dennis Montali of the U.S. Bankruptcy Court for the Northern District of California entered an Order establishing establishing procedures for disclosure statement hearing and confirmation hearing in the Chapter 11 case of Rose Court, LLC. The Court ordered that upon filing a Traditional Disclosure Statement (DS) and a Traditional Plan or a Form DS/Plan, the filer must forward to the court at the same time a hard-copy version marked "Judge's Copy." To schedule a hearing for approval of a Traditional DS, or for tentative approval of a Form DS, the proponent should contact Ms. Lorena Parada at 415-268-2323 or Lorena_Parada@canb.uscourts.gov. A court order is not necessary for scheduling a disclosure statement hearing, notwithstanding Official Form No. 12. Unless otherwise ordered by the Court, (a) individual debtors seeking tentative approval of a disclosure statement must utilize the NDBC Plan/DS and follow the Instructions posted on the court's website, and (b) Small Business debtors seeking tentative approval of a disclosure statement under Fed. R. Bankr. P. 3017.1 must use the Official Form 25A, revised December 2011 and Official Form 25B, revised December 2008. In cases where a proponent is seeking final approval of a Traditional DS as adequate under 11 U.S.C. Sec. 1125, the proponent shall provide notice of the hearing to the debtor, creditors, equity security holders, United States Trustee, Securities and Exchange Commission and other parties in interest as provided in Fed. R. Bankr. P. 3017(a) and B.L.R. 3017-1. A full-text copy of the Order is available at https://tinyurl.com/qsnw6le from PacerMonitor.com at no charge. About Rose Court Rose Court, LLC, a real estate company, is the owner of a real property located at 15520 Quito Road, Monte Sereno, California, valued by the company at $3.50 million. Rose Court's gross revenue from rental investment amounted to $99,762 in 2016 compared to gross revenue from rental investment of $150,000 in 2015. The Company previously sought bankruptcy protection on Feb. 1, 2010 (Bankr. N.D. Cal. Case No. 10-50993) and Nov. 6, 2012 (Bankr. N.D. Cal. Case No. 12-58012). Rose Court, based in San Francisco, California, filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 17-31014) on Oct. 10, 2017. In the petition signed by Teri Nguyen, managing member, the Debtor disclosed $3.51 million in assets and $3.28 million in liabilities. Judge Hannah L. Blumenstiel presides over the case. Vince D. Nguyen, Esq., at Newton Law Group, serves as the Debtor's bankruptcy counsel. The Debtor filed its proposed Chapter 11 plan of reorganization and disclosure statement on January 10, 2018. SARAR USA: Shareholders Plan Has 6.69% for Unsecured Creditors -------------------------------------------------------------- Sarar USA, Inc., filed a proposed plan of reorganization that says that current shareholders will provide funding to make plan payments. Since the Petition Date, in order to ensure the success of the Debtor, Sarar Turkey has continued to deliver products to the Debtor, despite that the Debtor owes Sarar Turkey in excess of $15.5 million as of the Petition Date and despite that the Debtor has paid only a small fraction of the cost for postpetition deliveries. As part of the Plan, Sarar Turkey has agreed to waive its prepetition claim. Since the total of other Claims in Class 3 (the Class in which the Sarar Turkey would otherwise fall) is less than $5 million, without that waiver, any Distribution to General Unsecured Creditors would be substantially diluted. Indeed, absent Sarar Turkey's waiver, the Debtor believes that Distributions to Class 3 Creditors would be reduced by more than 75%. Sarar Turkey further agreed to provide products to the Debtor pursuant to the Master Supply and Purchasing Agreement. Pursuant to that agreement, Sarar Turkey obligated itself to supply products to the Debtor during the Chapter 11 Case and post-emergence. Without such products there is no question but that the Debtor would be forced to liquidate and there could be no reorganization. In addition to Sarar Turkey's commitment to supply the Debtor on favorable terms post-emergence, the Shareholders will provide funds sufficient for the Debtor or Reorganized Sarar (as applicable) to make all payments required under the Plan. In this regard, the Debtor estimates that the Shareholders will provide a minimum of $3 million. The Shareholders have also agreed to guaranty all payments that are required to be made under the Plan. There is no other available source of funding for such payments. Accordingly, absent the Shareholder's contributions, there could be no reorganization. Under the Plan, each Holder of an Allowed General Unsecured Claim in Class 3 will receive, in full and final satisfaction of its Allowed General Unsecured Claim, its Pro Rata share of the General Unsecured Claim Fund. The total of Class 3 Claims filed and scheduled equals approximately $3,977,470. Based on the Claims filed to date, the Debtor estimates that Holders of Allowed Class 3 Claims will receive a Distribution of approximately 6.6877%. The Bankruptcy Court has scheduled the Plan confirmation hearing to begin on Dec. 17, 2019 at 10:00 a.m. (prevailing Eastern time) before the Honorable John K. Sherwood, United States Bankruptcy Judge, in Courtroom 3D of the United States Bankruptcy Court for the District of New Jersey, 50 Walnut Street, 3rd Floor, Newark, New Jersey 07102. A full-text copy of the Disclosure Statement dated Nov. 18, 2019, is available at https://tinyurl.com/wnnptlt from PacerMonitor.com at no charge. A full-text copy of the Amended Disclosure Statement dated Nov. 22, 2019, is available at https://tinyurl.com/qso3dxo from PacerMonitor.com at no charge. Counsel to the Debtor: Schuyler G. Carroll Daniel B. Besikof Lindsay Feuer LOEB AND LOEB, LLP 345 Park Avenue New York, NY 10154 Email: scarroll@loeb.com dbesikof@loeb.com lfeuer@loeb.com About Sarar USA Inc. Sarar USA, Inc. -- https://www.sararonline.com/ -- is a retailer of high-end men's apparel selling suits, tuxedos, shirts, jackets, trousers, shoes, polo shirts, outerwear, knitwear and accessories. The company is an affiliate of a company based in EskiSehir, Turkey. Sarar USA was founded in 2001 and is headquartered in Little Falls, New Jersey. Sarar USA, Inc., d/b/a Sarar USA, sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 18-24538) on July 20, 2018. In the petition signed by CEO Emre Duru, Sarar USA estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million. The Hon. John K. Sherwood is the case judge. The Debtor tapped Schuyler G. Carroll, Esq., and Jeffrey Vanacore, Esq., of Perkins Coie LLP as counsel. Prime Clerk LLC acts is the Debtor's claims agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors in the Debtor's Chapter 11 case. The Committee selected Kelley Drye & Warren LLP as its legal counsel. SOUTHFRESH AQUACULTURE: Unsecureds Unimpaired in AFC Plan --------------------------------------------------------- SouthFresh Aquaculture, LLC, has a reorganization plan that's being backed and sponsored by AFC, the current holder of 100% of the Debtor's equity interests and the largest skateholder. In general, the Plan pays all claimants, with the exception of AFC, the full amount of their allowed claims. AFC, as the plan sponsor, has made it possible for the Plan to provide for the payment in full of all allowed claims, other than AFC's allowed Class 1 and Class 7 claims and the allowed administrative expense claims of retained professionals who may agree to deferred payment, in Cash on the Effective Date. The First Amended Disclosure Statement for its proposed Plan of Reorganization provides * Class 1 DIP Claim. IMPAIRED. Estimated amount $1,015,000. The Allowed Class 1 Claim will be refinanced on the Effective Date through the Exit Financing Facility provided by AFC to the Reorganized Debtor. * Class 3 General Unsecured Claims. UNIMPAIRED. Estimated amount $133,068.74. Allowed Class 3 Claims will be paid on or before the Effective Date in an amount equal to the amount of their respective Allowed Class 3 Claims. * Class 5 Forkland Parties' Rejection Damages Claims. IMPAIRED. Estimated amount $295,000. Allowed Class 5 Claims will be paid pursuant to the Forkland Parties Settlement Stipulation in the amount of their respective Processing Rights Redemption Prices stated in the Forkland Parties Processing Rights Contracts on or before the Effective Date. * Class 6 Double Wheel Parties' Rejection Damages Claim. IMPAIRED. Estimated amount $129,500. Allowed Class 6 Claim will be paid pursuant to the Double Wheel Parties Settlement Stipulation in the amount of the Processing Rights Redemption Prices stated in the Double Wheel Processing Rights Contracts on or before the Effective Date. * Class 7 AFC Allowed Unsecured Claim. IMPAIRED. Estimated amount $12,609,818. AFC will (a) subordinate its Allowed Class 7 Unsecured Claim to All Allowed Class 3, 4, 5 and 6 Unsecured Claims and (b) exchange its Allowed Class 7 Unsecured Claim in consideration for the issuance to AFC on the Effective Date of all Interests in the Reorganized Debtor. * Class 8 Processing Rights Holders' Interests. Filed proofs of Interest deemed withdrawn based on payment as Allowed Class 5 and Allowed Class 6 Claims, per the Settlement Stipulations. * Class 9 AFC Interests. IMPAIRED. Class 9 will receive no Distributions under the Plan, as all of AFC's Interests will be cancelled, released and extinguished, and will be of no further force or effect. A full-text copy of the First Amended Disclosure Statement dated Nov. 18, 2019, is available at https://tinyurl.com/qpaonjn from PacerMonitor.com at no charge. Counsel to the Debtor: J. Leland Murphree Jayna P. Lamar Ryan D. Thompson Wes Bulgarella MAYNARD, COOPER &GALE, P.C. 1901 Sixth Avenue North, 2400 Regions/Harbert Plaza Birmingham, AL 35203 Tel: (205) 254-1000 E-mail: lmurphree@maynardcooper.com jlamar@maynardcooper.com rthompson@maynardcooper.com wbulgarella@maynardcooper.com - and - Evan N. Parrott MAYNARD, COOPER &GALE, P.C. 11 North Water Street RSA Battle House Tower, Suite 24290 Mobile, AL 36602 Tel: (251) 432-0001 E-mail: eparrott@maynardcooper.com About SouthFresh Aquaculture A subsidiary of Alabama Farmers Cooperative, SouthFresh Aquaculture LLC -- http://www.southfresh.com/-- is a catfish-centered business committed to sustainable aquaculture practices. Founded in 1987, the company's primary business is domestic catfish processing. It processes millions of pounds of catfish per year for food service and retail industries. SouthFresh Aquaculture sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 19-70152) on Jan. 28, 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 $10 million and $50 million. The case is assigned to Judge Jennifer H. Henderson. The Debtor tapped Maynard, Cooper & Gale, P.C., as its legal counsel. STAR COMPUTER: Liquidation Trustee to Sell Assets to Oak Point -------------------------------------------------------------- Joseph Luzinski, the court-appointed liquidation trustee, received approval from the U.S. Bankruptcy Court for the Southern District of Florida to sell the remaining assets of Star Computer Group Creditors Trust to Oak Point Partners, LLC for $6,000. A copy of the sale agreement is available at https://tinyurl.com/tmqeuvu from PacerMonitor.com free of charge. About Star Computer Group Star Computer Group, Inc. sought Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 15-28100) on Oct. 12, 2015. The petition was signed by James S. Howard as chief restructuring officer. Judge Jay Cristol is assigned to the case. The Debtor listed assets of $22.7 million and liabilities of $68.3 million. Founded in 1994 with its office located at 2175 N.W. 115 Avenue, Miami, FL 33172, the Company was engaged in the business of supplying wholesale computers, smart phones, and related equipment and software to dealers and wholesales in Latin America. The company is jointly owned by Henry Waissmann (54%) and Henry Aguilar (46%). The Debtor has engaged Kozyak, Tropin & Throckmorton, P.A., as bankruptcy counsel, GlassRatner as financial advisor, Fuerst Ittleman David & Joseph PL as special tax counsel, and Cherry Bekaert, LLP as accountants. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors. The committee is represented by Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., as counsel. On June 14, 2016, the court confirmed the Debtor's second amended plan of liquidation. On July 8, 2016, the effective date under the plan occurred and a creditors trust was formally established to liquidate the Debtor's unencumbered property. Joseph Luzinski was appointed to oversee the trust. He is represented by Patricia A. Redmond, Esq., at Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. STAR NAVIGATION: Files Notice of Intention to Make BIA Proposal --------------------------------------------------------------- Star Navigation Systems Group Ltd. (SNA) on Dec. 11, 2019, disclosed that it has filed a notice of intention to make a proposal (the "Notice") pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (Canada). The filing of the Notice has the effect of imposing an automatic 30-day stay of proceedings that will protect the Company and its assets from the claims of creditors while the Company continues to pursue its restructuring efforts. This 30-day period may be extended with the authorization of the Ontario Superior Court of Justice. The Company also responded to the latest tactics of a dissident shareholder group and confirms that, as communicated to the dissidents and their counsel, no special meeting of shareholders of the Company (the "Shareholders") will take place on December 11, 2019. As was previously announced and reiterated to the dissidents and their counsel, the Company's board of directors have resolved to call an annual and general meeting of Shareholders on March 9, 2020. About Star Navigation Star Navigation Systems Group Ltd. (otcqb:SNAVF) owns the exclusive worldwide license to its proprietary, patented In-flight Safety Monitoring System, STAR-ISMS(R), the heart of the STAR-A.D.S. (R) and of the STAR-ISAMM(TM) Systems. Its real-time capability of tracking performance trends and predicting incident-occurrence enhances aviation safety and improves fleet management while reducing costs for the operator. Stars' M.M.I. Division designs and manufactures high performance, mission critical, flight deck flat panel displays for defence and commercial aviation industries worldwide. These displays are found on aircraft and simulators, from C-130 aircraft, to Sikorsky and Agusta Westland helicopters, as examples. Stars' subsidiary, Star-Isoneo Inc. is a specialised software firm, developing complex solutions in engineering, simulation and development for Canadian customers. Star-Isoneo works closely with Star in the development of the Company's MEDEVAC (STAR-ISAMM(TM) and STAR- LSAMM(TM)) applications of the patented STAR-A.D.S. (R) technology, and on its current R&D program with Bombardier. SUNSET BAY: Feb. 10 Filing Deadline of Plan and Disclosures ----------------------------------------------------------- Judge Caryl E. Delano in Florida has entered an order setting a Feb. 10, 2020 deadline for Sunset Bay Landscaping, Inc., to file a plan and disclosure statement. If the Debtor fails to file a Plan and Disclosure Statement by the deadline, the Court shall issue an order to show cause why the case should not be dismissed or converted to a Chapter 7 case pursuant to section 1112(b)(1) of the Bankruptcy Code. A full-text copy of the Order dated Nov. 22 2019, is available at https://tinyurl.com/vn9edm6 from PacerMonitor.com at no charge. Sunset Bay Landscaping, Inc., filed for Chapter 11 bankruptcy (Bankr. M.D. Fla. Case No. 19-10019) on Oct. 22, 2019, listing under $1 million in both assets and liabilities. Buddy D. Ford, P.A., is serving as counsel to the Debtor. TADA VENTURES: Court Confirms Chapter 11 Plan --------------------------------------------- Judge David R. Jones has entered an order confirming the Chapter 11 Plan of Tada Ventures, LLC d/b/a Katy Commerce Center. The judge also granted final approval of the Disclosure Statement. Section 5.1 of the TADA Ventures LLC Plan is amended to replace all of section 5.1. with the following: Holders of Claims that are unimpaired are deemed to have accepted the proposed Amended Plan and are not entitled to Vote on the Plan. The following Classes of Claims are not impaired under the Plan and are deemed to accept the Plan: Classes 1, 2, and 3. Notwithstanding anything to the contrary in the Plan, the Reorganized Debtor shall pay all holders of Allowed Claims in Classes 1, 2, and 3 on or before the Effective Date an amount equal to such holder's Allowed Secured Claim, including, to the extent provided in the agreement(s) between the Debtor and such holder,(i) interest (including any default interest provided under such agreements) from and after the Petition Dateand (ii) other costs, charges and fees (including attorneys' fees). Notwithstanding anything to the contrary contained in the Plan or this Order, all such holders shall retain all their liens on the reorganized Debtor's property in the current lien priority to secure repayment of amounts to be paid under the Plan,and no such holder will be required to release its lien prior to indefeasible and full payment of its Allowed Secured Claim as provided herein. All other terms of any obligations existing between such holders and the Debtor (as reorganized) shall remain in full force and effect except as modified by this Plan. The Plan Confirmation Order also provides that the Debtor is authorized to sell the Katy Commerce Center("KCC") [1773 Westborough Dr., Katy, Texas, 77449 with the legal description Res A-3 Blk 1 Westborugh Business Parkto Reveille Capital Property Fund or its assignee ("Buyer") for $2,900,000 or greater amount sufficient to pay at closing, all Allowed Claims in Classes 1, 2, and 3. The Debtor is authorized to pay from the sale the commissions owed to brokers, agents, and other costs and fees necessary to close the sale. The sale of the Katy Commerce Center will be made free and clear of all liens, claims, interests, and encumbrances, aside from those held by ad valorem tax entities not paid at closing. Upon full and indefeasible payment of their allowed secured claim as provided in the prior paragraph of this Order, ECapital Loan Fund II, LP (successor to Bayview Loan Servicing LLC), the Small Business Administration, and Propel Financial Services release KCC from any liens securing their Allowed Secured Claim. In the event the sale does not close by Dec. 31, 2019, the sale shall not be made free and clear of the 2020 ad valorem tax liens. About TADA Ventures TADA Ventures, LLC owns in fee simple the Katy Commerce Center in Katy, Texas, an executive suite and business office. The property has an appraised value of $3.50 million. TADA Ventures sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 19-31845) on April 1, 2019. At the time of the filing, the Debtor disclosed $3,523,706 in assets and $2,337,345 in liabilities. The case has been assigned to Judge David R. Jones. Corral Tran Singh LLP is the Debtor's legal counsel. TADA VENTURES: Unsec. Creditors to be Paid in Full in 1 Year ------------------------------------------------------------ Debtor TADA Ventures, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, an amended disclosure statement describing its plan of reorganization. Holders of general unsecured claims will be paid in full on the earlier of 12 months following the Effective Date or the sale of the Katy Commerce Center in cash. In the event of any failure of the Reorganized Debtor to timely make its required plan payments, which shall constitute an event of default under the Plan as to these Claimants, they will send Notice of Default to the Reorganized Debtor. If the default is not cured within 30 days of the date of such notice, the holders of allowed claims may proceed to collect all amounts owed pursuant to state law without further recourse to the Bankruptcy Court. TADA scheduled an unsecured priority claim of $500 for past wages to Jean and Earl Stout. The Stouts are also the only employees and equity interest holders of TADA. TADA scheduled a general unsecured claim of $277,845 to Jean and Earl Stout for member loans. Payments and distributions under the Plan will be funded from the continued operations of TADA Ventures, LLC and the sale of the Katy Commerce Center. The Debtor has procured a buyer and contemplates closing on the sale of the Katy Commerce Center on or about Dec. 31, 2019. TADA believes that the holders of impaired claims under the Plan will receive payments or distributions under the Plan having a present value as of the Effective Date in the amounts not less than what would be received if TADA were to be liquidated under Chapter 7 of the Bankruptcy Code. A full-text copy of the Amended Disclosure Statement is available at https://tinyurl.com/u4445u9 from PacerMonitor.com at no charge. The Debtor is represented by: CORRAL TRAN SINGH, LLP Adam Corral Susan Tran Brendon Singh 1010 Lamar, Suite 1160 Houston TX 77002 Tel: (832) 975-7300 Fax: (832) 975-7301 E-mail: Susan.Tran@ctsattorneys.com About TADA Ventures TADA Ventures, LLC, owns in fee simple the Katy Commerce Center in Katy, Texas, an executive suite and business office. The property has an appraised value of $3.50 million. TADA Ventures sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 19-31845) on April 1, 2019. At the time of the filing, the Debtor disclosed $3,523,706 in assets and $2,337,345 in liabilities. The case has been assigned to Judge David R. Jones. Corral Tran Singh LLP is the Debtor's legal counsel. TEAM HEALTH: S&P Lowers Long-Term ICR to 'B-'; Outlook Stable ------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Team Health Holdings Inc. to 'B-' from 'B'. The outlook is stable. At the same time, S&P lowered its issue-level ratings on Team Health's senior secured and unsecured debt to 'B-' and 'CCC' from 'B' and 'CCC+', respectively. The recovery ratings on the debt remain '3' and '6', respectively. The downgrade reflects S&P's updated expectations of increased pressure on growth and margins, potential further pressure from the company's dispute with UnitedHealthcare, and the elevated spending on legal and advocacy costs. Team Health is experiencing declining patient volumes that translate into smaller same-unit net revenue increases, weaker EBITDA margins, and lower cash flow. This in turn has increased the company's leverage. The dispute with United further weakens S&P's belief that it will be able to reduce its leverage from the current double-digit levels. Supporting this view is Team Health's lack of meaningful organic growth since price increases might not be sufficient to offset volume declines. The stable outlook reflects S&P's expectation that Team Health has sufficient cash flow and liquidity to absorb EBITDA pressure from contract negotiations with UnitedHealthcare as well as some pressure from other commercial payors, even as it increases spending on legal and advocacy costs. "We could lower our rating on Team Health if the company experienced lower EBITDA than we expect, raising prospects for persistent cash flow deficits. This could occur as a result of the outcome of contract negotiations with UnitedHealthcare and other commercial payors, surprise billing legislation, and continued meaningful volume erosion and declines in its new contract revenue net of terminations," S&P said. "We could raise the rating on Team Health if it stabilized its margins, generated consistent revenue growth and cash flows near $100 million, and reduced leverage to under 9x," the rating agency said. TILLMAN PARK: Gets Approval to Sell Condo Units for $2.45MM ----------------------------------------------------------- Tillman Park, LLC received approval from the U.S. Bankruptcy Court for the Southern District of Georgia to sell 24 condominium units in Tillman Park. Fern Wood, LLC will buy the properties for $2.45 million. Berkshire Hathaway Home Services Kennedy Realty will get 5 percent of the sales price as commission. A copy of sales contract is available at https://tinyurl.com/tdfqjc4 from PacerMonitor.com free of charge. About Tillman Park LLC Tillman Park, LLC filed a Chapter 11 petition (Bankr. S.D. Ga. Case No. 16-60147) on April 4, 2016. The petition was signed by T. Holmes Ramsey Jr., managing member. At the time of filing, the Debtor had $3.28 million in assets and $5.20 million in liabilities. The case is assigned to Judge Edward J. Coleman, III. The Debtor is represented by Jon A. Levis, Esq. at Merrill & Stone, LLC. UNIT CORPORATION: Extends Exchange Offer Expiration to Jan. 2020 ---------------------------------------------------------------- Unit Corporation has extended the expiration date for its previously announced offer to exchange any and all of its outstanding 6.625% Senior Subordinated Notes due 2021 (CUSIP No. 909218AB5 / ISIN US909218AB56) for newly issued 10.000% Senior Secured Notes due 2024 and 7.000% Junior Secured Notes due 2025, upon the terms and conditions set forth in the prospectus relating to the Exchange Offer included in Amendment No. 2 to the Registration Statement filed with the Securities and Exchange Commission. The Expiration Date was previously 11:59 p.m., New York City time, on Friday, Dec. 13, 2019 and will now be 11:59 p.m., New York City time, on Friday, Jan. 10, 2020, unless further extended. All references to the Expiration in the Prospectus are amended such that the Expiration Date will be 11:59 p.m., New York City time, on Friday, Jan. 10, 2020. Accordingly, holders who tender their Old Notes prior to such time will receive the Early Exchange Consideration, which means for each $1,000 principal amount of Old Notes validly tendered (and not withdrawn) prior to the Expiration Date, either $735 principal amount of Senior Secured Notes or $1,000 principal amount of the Junior Secured Notes, depending upon the election of the holder. Other than the extension of the Expiration Date, the terms and conditions of the Exchange Offer remain as set forth in the Prospectus. The Company will pay a soliciting dealer fee equal to $2.50 for each $1,000 principal amount of Old Notes validly tendered for exchange and not validly withdrawn under the Exchange Offer to retail brokers that are appropriately designated by their clients to receive this fee; provided that such fee will only be paid with respect to the first $200,000 aggregate principal amount of Old Notes exchanged by an individual beneficial holder. BofA Securities is acting as dealer manager in connection with the proposed Exchange Offer and Consent Solicitation. Holders of the Old Notes may contact BofA Securities toll-free at (888) 292-0070 or collect at (980) 388-4813 with questions they may have regarding the Exchange Offer. Global Bondholder Services Corporation is serving as information and exchange agent for the proposed Exchange Offer and Consent Solicitation. For questions, requests for assistance and requests for copies of the prospectus, contact the agent at (212) 430-3774 (for banks and brokers) or (866)-470-4200 (toll free) (all others) or contact@gbsc-usa.com. About Unit Corporation Unit Corporation -- http://www.unitcorp.com/-- is a Tulsa-based, publicly held energy company engaged through its subsidiaries in oil and gas exploration, production, contract drilling, and gas gathering and processing. Unit's Common Stock is listed on the New York Stock Exchange under the symbol UNT. Unit Corporation reported a net loss attributable to the company of $45.29 million for the year ended Dec. 31, 2018. For the nine months ended Sept. 30, 2019, Unit Corp reported a net loss attributable to the company of $218.90 million. * * * As reported by the TCR on Nov. 15, 2019, Moody's Investors Service downgraded Unit Corporation's Probability of Default Rating to Ca-PD from B3-PD, Corporate Family Rating to Caa1 from B3, and senior subordinated notes to Caa2 from Caa1. The downgrade of the PDR reflects Unit's proposed debt exchange offer, which Moody's views to be a distressed exchange. The Caa1 CFR and Caa2 rating on the 2021 notes reflect Moody's view on expected recovery, which is likely to be in the 80%-90% range. Prior to the exchange offer, Unit was contending with depressed commodity prices, looming maturities in a challenged refinancing environment and declining cash flow, Moody's said. Fitch Ratings downgraded the Long-Term Issuer Default Rating of Unit Corporation to 'CCC+' from 'B', as reported by the TCR on Nov. 8, 2019. The downgrade reflects Unit Corporation's loss of operational momentum and reduced financial flexibility associated with the company's heightened refinancing and liquidity risks. UNITED METHODIST: Public Sale of Personal Property Approved ----------------------------------------------------------- Judge William V. Altenberger of the U.S. Bankruptcy Court for the Southern District of Illinois authorized The United Methodist Village, Inc.'s public sale of personal property, including furniture and medical equipment that it does not use in the ordinary course of business, to be conducted by Zane Parrott of Parrott Real Estate & Auction Co., Inc. The lien of the U.S. Department of Agriculture will attach to the proceeds of the sale to the extent, priority, and validity of such lien. The Debtor will segregate the proceeds of the sale in a separate DIP account and will not disburse the proceeds without first seeking leave of Court. The 14-day waiting period under Bankruptcy Rule 6004(h) is waived so that the sale can proceed expeditiously to closing. The counsel for the moving party will serve a copy of the Order on all interested parties not served electronically. A copy of the Auction Agreement attached to the Motion is available for free at http://bankrupt.com/misc/United_Methodist_127_Sales.pdf About The United Methodist Village Inc. The United Methodist Village, Inc. is a non-profit nursing home based in Lawrenceville, Illinois. The United Methodist Village, Inc. filed for bankruptcy protection under Chapter 11 (Bankr. S.D. Ill. Case No. 19-60046) on Feb. 22, 2019. In the petition signed by Ashli Wesley, administrator, the Debtor disclosed $13,779,571 in assets and $7,164,533 in liabilities. The case has been assigned to Judge Laura K. Grandy. Roy J. Dent, Esq., at Dent Law Office, Ltd. represents the Debtor as counsel. VINE OIL: Moody's Lowers CFR to Caa1 & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Investors Service downgraded Vine Oil & Gas, LP's Corporate Family Rating to Caa1 from B3, Probability of Default Rating to Caa1-PD from B3-PD, and the senior unsecured notes rating to Caa2 from Caa1. The ratings outlook was changed to negative from stable. "Sustained weakness in the natural gas market and rising uncertainty about access to capital point to higher credit risks for natural gas producers, including Vine. Such risks and the potential for Vine to execute distressed exchanges precipitate the ratings downgrade and a change of its rating outlook to negative", commented Sreedhar Kona, Moody's Senior Analyst. A complete listing of rating actions is as follows: Downgrades: Issuer: Vine Oil & Gas, LP Corporate Family Rating, Downgraded to Caa1 from B3 Probability of Default Rating, Downgraded to Caa1-PD from B3-PD Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 (LGD5) from Caa1 (LGD5) Outlook Actions: Issuer: Vine Oil & Gas, LP Outlook, Changed To Negative From Stable RATINGS RATIONALE Vine's CFR downgrade to Caa1 and rating outlook change to negative reflect Moody's view that weak natural gas fundamentals will pressure the company's credit profile in the medium term and may add to refinancing risk on the company's unsecured notes maturing in April 2023. Additionally, Caa1 CFR reflects rising risk of a distressed exchange should Vine elect to purchase a significant portion of its notes at a discount to par to benefit from the current weak market pricing. If a significant portion of debt is extinguished in that manner, Moody's would deem it a distressed exchange, and a default. Vine's Caa1 CFR reflects its relatively low production level and low, albeit improving proved developed reserves scale. Vine's credit profile is constrained by its high financial leverage as measured by its debt to proved developed (PD) reserves ratio, which at the end of third quarter 2019 was approximately $18 per boe, although it could potentially be lower, based on year-end 2019 reserves report. Of more importance to Vine's credit profile are the macro factors including the weak natural gas price environment and limited access to debt capital markets and much less access to equity capital markets. As with most pure-play natural gas producers, Vine is likely to face significant refinancing risk mainly due to lack of investor participation in the speculative grade rated E&P space and particularly in pure-play natural gas producing companies. Governance risks considered include Vine's private ownership and financial strategy geared towards delivering equity returns. Given Vine's highly-levered balance sheet and required capital spending, the possibility of cash distributions to equity-holders in the near-term is limited, although the possibility of a distressed exchange exists. Vine's cash flow metrics are likely to improve mostly supported by its strong hedge book that provides substantial certainty of cash flow through 2020 and beyond. Vine also benefits from its productive acreage in the Haynesville/ Mid-Bossier formations and its low finding and development costs contributing to solid capital efficiency. Vine's senior unsecured notes are rated Caa2, one notch below the CFR, reflecting the notes' subordination to Vine's $150 million super-priority loan and the $350 million senior secured revolving credit facility ($165 million outstanding as of September 30, 2019), which benefit from a priority lien on the collateral. Vine's liquidity is adequate reflecting its cash flow support from strong hedges, high reliance on its revolver and ability to maintain covenant compliance. As of the end of third quarter 2019, Vine had a cash balance of $25 million and $173 million availability under its $350 million borrowing base revolving credit facility due in November 2020 (which can be extended by one year at the company's option). About 92% of Vine's expected production for the fourth quarter of 2019 and about 80% of 2020 production is hedged well above market prices. Vine's hedge book extends well beyond 2021. Moody's expects Vine to use its balance sheet cash, operating cash flow and revolver borrowings to meet its cash needs including capital spending through 2020. Maintenance financial covenants are limited to net revolver drawings being less than $150 million. Moody's expects the company to maintain compliance under its covenants through 2020. Vine's ratings could be downgraded if the company's liquidity worsens, or if the company is unable to execute on its development and production growth plans. Vine's ratings will be downgraded if the company executed distressed exchanges. Vine's ratings are unlikely to be upgraded in the near-term. The ratings could be upgraded if the company mitigates its refinancing risk, and it grows its reserve base resulting in a debt to PD reserves ratio of less than $10 per boe, while sustaining its retained cash flow to debt ratio above 20% and maintaining adequate liquidity. The principal methodology used in these ratings was Independent Exploration and Production Industry published in May 2017. Headquartered in Plano, Texas, Vine Oil & Gas LP is a natural gas-focused private independent exploration and production company formed in 2014, in partnership with its private equity sponsor, The Blackstone Group L.P. (Blackstone). VISTRA ENERGY: Moody's Raises CFR to Ba1, Outlook Positive ---------------------------------------------------------- Moody's Investors Service upgraded Vistra Energy Corp.'s Corporate Family Rating to Ba1 from Ba2 and its Probability of Default Rating to Ba1-PD from Ba2-PD. At the same time, Moody's upgraded Vistra Operations Company LLC's senior unsecured rating to Ba2 from Ba3 and its senior secured rating to Baa3 from Ba1. The outlook remains positive. "Vistra continues to pursue its financial objectives, thanks to the company's progress on debt reduction," said Toby Shea VP -- Sr. Credit Officer, "The positive outlook looks to the sustainability of Vistra maintaining its financial strategy and risk management commitments over the next eighteen months." RATINGS RATIONALE Vistra's Ba1 CFR reflects its unregulated, fossil-heavy generating assets as part of a large independent power producer with diversified operations across the US. The company is expected to produce a ratio of cash flow from operations to debt (CFO pre-WC to debt) of about 21% in 2019, and is expected to rise to the mid-20% range in 2020 and 2021. Vistra expects to achieve a ratio of around 3.1x net debt to EBITDA for 2019, falling to approximately 2.6x in 2020 and 2.5x in 2021. Vistra's generation business provides about 70% of consolidated EBITDA, with half generated in Texas. The fleet is comprised largely of natural gas and coal fired power plants but most of the value of the generation fleet lies within 20 GW of high-efficiency gas plants. The large fleet of high-efficiency natural gas-fired power plants, as well as strong retail operations in Texas, helps mitigate volatile merchant power markets. Low natural gas commodity prices and demand for flexible generation capacity in the face of growing intermittent renewable generation helps the fleet maintain its value. Texas is an important market for Vistra. The company has a large mass retail business and generation capacity that can serve about twice the retail load. Vistra's mass retail operations are substantially more stable and profitable than the typical retail electricity business in the US because it has a strong competitive advantage on brands and retention of high-quality customers. Vistra's generation within Texas is a critical complement to the retail business' stability and profitability. The generation capacity provides the retail business with an important physical hedge, so that it is protected from price spikes during hot summer days or having to post large sums of trade collateral to hedge counterparties. From an environmental risk perspective, Vistra is most exposed to carbon regulations. The company has elevated carbon transition risks within the power generation sector on account of its business model as an unregulated power generator with significant fossil fuel exposure. Vistra owns nearly 11.1 GW of coal-fired generation and 24.6 GW of natural gas-fired generation out of total owned generation of approximately 38.9 GW. For the year 2018, Vistra generated 119 million metric tons of carbon dioxide equivalents. Vistra's exposure to carbon regulations in California is not very material to the credit profile because this region makes up less than 5% of the company's owned capacity. Vistra's power plants in Texas and Midwest US have been severely affected by the growth of cleaner fuels such as natural gas and renewables. The continued decline in the cost of renewables poses substantial ongoing pressure on power prices in markets where Vistra operates. In early 2018, the company closed 4 GW of coal capacity in Texas, and announced the planned closure of 2 GW of coal capacity in Illinois in August 2019. Vistra recorded a ratio of CFO pre-WC to debt of 22% in the last twelve months ended 30 September 2019, a substantial improvement from 15% in 2018. As the company reduces its net debt to EBITDA leverage to 2.6x in 2020 and 2.5x in 2021, Vistra's CFO pre-WC to debt should rise to around 25% or better. Liquidity Vistra's SGL-1 speculative liquidity ratings reflect very good liquidity. The company is expected to have the capacity to meet its obligations over the coming 12 months through internal resources without relying on external sources of committed financing. Moody's expects Vistra to produce more than $1.5 billion of annual free cash flow and is also expected to maintain a $400 million minimum of unrestricted cash on hand. Vistra's strong liquidity profile is supported by $2.725 billion of secured revolving credit facilities that can be used to support letters of credit or fund short-term cash needs. As of 30 September 2019, $1.84 billion was available under the revolving credit facilities. The revolving credit facility at Vistra Operations has a covenant of 4.25x consolidated first lien net debt to EBITDA and the company was compliant with this requirement as of the end of the first quarter of 2019. Vistra's next major long-term debt maturity is a $500 million senior unsecured notes due June 2023. Outlook Vistra's positive ratings outlook reflects management's deleverage commitment, which includes reducing net debt to EBITDA to 2.6x for 2020 and 2.5x for 2021. The positive outlook also incorporates the favorable power price environment in ERCOT. Factors that Could Lead to an Upgrade Moody's could consider an upgrade of Vistra to investment grade should the company maintain its net debt to EBITDA targets and sustain a CFO pre-WC to debt ratio above 23% starting 2020 and if commodity markets remain manageable. Factors that Could Lead to a Downgrade Moody's could consider stabilizing the outlook or take a negative rating action if the company relaxes its debt leverage target. A downgrade is likely should its CFO Pre-WC to debt ratio fall below 18%. The principal methodology used in these ratings was Unregulated Utilities and Unregulated Power Companies published in May 2017. Upgrades: Issuer: Vistra Energy Corp. Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD Corporate Family Rating, Upgraded to Ba1 from Ba2 Issuer: Vistra Operations Company LLC Senior Secured Bank Credit Facility, Upgraded to Baa3 (LGD3) from Ba1 (LGD3) Senior Secured Regular Bond/Debenture, Upgraded to Baa3 (LGD3) from Ba1 (LGD3) Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2 (LGD5) from Ba3 (LGD5) Issuer: Dynegy Inc. Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2 (LGD5) from Ba3 (LGD5) Outlook Actions: Issuer: Vistra Energy Corp. Outlook, Remains Positive Issuer: Vistra Operations Company LLC Outlook, Remains Positive WEATHER KING: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Weather King Heating & Air, Inc. 51 Meadow Lane, Suite E Northfield, OH 44067 Business Description: Weather King Heating & Air, Inc. -- https://www.weatherking1.com -- is a privately owned and operated company that provides a wide range of services, including: air conditioning repairs and installations; heating repairs and installations; water heater repairs and installations; heat pumps; furnaces; boilers; mini splits; air quality solutions; and system maintenance. Chapter 11 Petition Date: December 16, 2019 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 19-52957 Judge: Hon. Alan M. Koschik Debtor's Counsel: Steven J. Heimberger, Esq. RODERICK LINTON BELFANCE LLP 50 South Main Street, Suite 1000 Akron, OH 44308 Tel: 330-431-3000 E-mail: sheimberger@rlbllp.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Rajbinder S. Rai, president. A copy of the petition is available from PacerMonitor at https://is.gd/2hLlUz for free. WILBER'S BARBECUE: January 9, 2020 Plan Confirmation Hearing Set ---------------------------------------------------------------- On Nov. 8, 2019, Debtor Wilber's Barbecue & Restaurant, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, an amended disclosure statement, and an amended plan. Judge Joseph N. Callaway conditionally approved the disclosure statement and established the following dates and deadlines: * Jan. 9, 2020, at 11:00 a.m. in Randy D. Doub United States Courthouse, 2nd Floor Courtroom, 150 Reade Circle, Greenville, NC 27858 is the hearing on confirmation of the plan. * Jan. 2, 2020, is fixed as the last day for filing and serving in accordance with Rule 3017(a), Federal Rules of Bankruptcy Procedure, written objections to the disclosure statement. * Jan. 2, 2020, is fixed as the last day for filing written acceptances or rejections of the plan. The ballot enclosed should be completed and filed with the plan proponent on or before that date. * Jan. 2, 2020, is fixed as the last day for filing and serving written objections to confirmation of the Plan pursuant to Rule 3020(b)(1), Federal Rules of Bankruptcy Procedure. A full-text copy of the Order is available at https://tinyurl.com/rnp6xy4 from PacerMonitor.com at no charge. Wilber's Barbecue & Restaurant, Inc., filed a voluntary Chapter 11 petition (Bankr. E.D.N.C. Case No. 19-01237) on March 18, 2019, and is represented by Joseph Zachary Frost, Esq., and Trawick H Stubbs, Jr., Esq., at Stubbs & Perdue, P.A. WOODARD EVENTS: Unsecureds to Have 10% Recovery Under Plan ---------------------------------------------------------- Debtor Woodard Events, LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, an Amended Plan of Reorganization to correct a scrivener's error contained in the Plan of Reorganization filed by the Debtor on Sept. 30, 2019. The Amended Plan proposes to pay creditors of Debtor from cash flow from Debtor's ongoing business operations and from new value invested by Debtor's shareholder. The Plan provides for four classes of secured claims, two classes of non-priority general non-insider unsecured claims, one class of non-priority general insider unsecured claims, and one class of equity security holders. Under the Plan, Debtor shall pay a pro rata share of $10,000 per month to the creditors holding allowed Class 6 claims beginning on the 1st calendar day of the 1st calendar month following the Effective Date of the Plan and on the like day of each month thereafter until each such claimant shall receive 10% of its respective allowed claim amount. The Debtor's sole member, Joe Woodard, will transfer $50,000.00 personal funds to Debtor to be used towards payment of Article III administrative expense claims, U.S. Trustee’s fees, and priority tax claims, with the balance to be applied towards other Plan payments On the 1st day of the 1st month following the Effective Date of the Plan. The funds transferred by Joe Woodard to Debtor constitute new value. New value is the vehicle through which Joe Woodard shall purchase the equity interest of the Reorganized Debtor. A full-text copy of the Amended Plan is available at https://tinyurl.com/uq6kukz from PacerMonitor.com at no charge. The Debtor is represented by: Paul Reece Marr Georgia Bar No. 471230 300 Galleria Parkway, N.W., Suite 960 Atlanta, Georgia 30339 Tel: 770-984-2255 About Woodard Events Woodard Events, LLC, provides education, coaching, professional communities and resources to accounting professionals to equip them to better manage their practices and to effectively support their clients. It has 9 employees including Joe Woodard and his wife Sandra Woodard. Woodard Events sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 18-53480) on March 1, 2018. At the time of the filing, the Debtor was estimated to have assets of less than $500,000 and liabilities of $1 million to $10 million. PAUL REECE MARR, P.C., is the Debtor's counsel. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABBVIE INC ABBV US 59,441.0 (8,226.0) 2,673.0 ABBVIE INC 4AB TE 59,441.0 (8,226.0) 2,673.0 ABBVIE INC ABBV AV 59,441.0 (8,226.0) 2,673.0 ABBVIE INC 4AB GZ 59,441.0 (8,226.0) 2,673.0 ABBVIE INC 4AB GR 59,441.0 (8,226.0) 2,673.0 ABBVIE INC ABBV SW 59,441.0 (8,226.0) 2,673.0 ABBVIE INC ABBV* MM 59,441.0 (8,226.0) 2,673.0 ABBVIE INC 4AB TH 59,441.0 (8,226.0) 2,673.0 ABBVIE INC ABBVEUR EU 59,441.0 (8,226.0) 2,673.0 ABBVIE INC 4AB QT 59,441.0 (8,226.0) 2,673.0 ABBVIE INC ABBVUSD EU 59,441.0 (8,226.0) 2,673.0 ABBVIE INC-BDR ABBV34 BZ 59,441.0 (8,226.0) 2,673.0 ABSOLUTE SOFTWRE ALSWF US 106.3 (48.4) (27.6) ABSOLUTE SOFTWRE ABT CN 106.3 (48.4) (27.6) ABSOLUTE SOFTWRE OU1 GR 106.3 (48.4) (27.6) ABSOLUTE SOFTWRE ABT2EUR EU 106.3 (48.4) (27.6) ADVANZ PHARMA ADVZ CN 1,593.8 (11.0) 246.2 ADVANZ PHARMA 80CD TH 1,593.8 (11.0) 246.2 ADVANZ PHARMA CXREUR EU 1,593.8 (11.0) 246.2 ADVANZ PHARMA 80CD GR 1,593.8 (11.0) 246.2 ADVANZ PHARMA CXRXF US 1,593.8 (11.0) 246.2 AGENUS INC AJ81 GR 174.8 (178.0) (25.8) AGENUS INC AGEN US 174.8 (178.0) (25.8) AGENUS INC AJ81 GZ 174.8 (178.0) (25.8) AGENUS INC AGENUSD EU 174.8 (178.0) (25.8) AGENUS INC AJ81 QT 174.8 (178.0) (25.8) AGENUS INC AJ81 TH 174.8 (178.0) (25.8) AGENUS INC AGENEUR EU 174.8 (178.0) (25.8) AGILITI INC AGLY US 745.0 (67.7) 17.3 AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMYRIS INC AMRS US 128.1 (208.1) (103.8) AMYRIS INC 3A01 TH 128.1 (208.1) (103.8) AMYRIS INC AMRSUSD EU 128.1 (208.1) (103.8) AMYRIS INC 3A01 QT 128.1 (208.1) (103.8) AMYRIS INC AMRSEUR EU 128.1 (208.1) (103.8) APPLIED DNA SCIE APDNEUR EU 3.6 (0.8) (0.1) AQUESTIVE THERAP AQST US 48.8 (34.5) 18.0 AUTODESK INC AUD GR 5,036.6 (171.5) (1,133.4) AUTODESK INC ADSK US 5,036.6 (171.5) (1,133.4) AUTODESK INC AUD TH 5,036.6 (171.5) (1,133.4) 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(645.0) HOME DEPOT - BDR HOME34 BZ 52,309.0 (1,082.0) 1,609.0 HOME DEPOT INC HD TE 52,309.0 (1,082.0) 1,609.0 HOME DEPOT INC HD US 52,309.0 (1,082.0) 1,609.0 HOME DEPOT INC HDI TH 52,309.0 (1,082.0) 1,609.0 HOME DEPOT INC HDI GR 52,309.0 (1,082.0) 1,609.0 HOME DEPOT INC HD* MM 52,309.0 (1,082.0) 1,609.0 HOME DEPOT INC HD AV 52,309.0 (1,082.0) 1,609.0 HOME DEPOT INC HDUSD SW 52,309.0 (1,082.0) 1,609.0 HOME DEPOT INC HDI GZ 52,309.0 (1,082.0) 1,609.0 HOME DEPOT INC HD SW 52,309.0 (1,082.0) 1,609.0 HOME DEPOT INC HDEUR EU 52,309.0 (1,082.0) 1,609.0 HOME DEPOT INC HDI QT 52,309.0 (1,082.0) 1,609.0 HOME DEPOT INC HDUSD EU 52,309.0 (1,082.0) 1,609.0 HOME DEPOT INC HD CI 52,309.0 (1,082.0) 1,609.0 HOME DEPOT-CED HDD AR 52,309.0 (1,082.0) 1,609.0 HOME DEPOT-CED HDC AR 52,309.0 (1,082.0) 1,609.0 HOME DEPOT-CED HD AR 52,309.0 (1,082.0) 1,609.0 HP COMPANY-BDR HPQB34 BZ 33,467.0 (1,193.0) (5,116.0) HP INC HPQ TE 33,467.0 (1,193.0) (5,116.0) HP INC HPQ US 33,467.0 (1,193.0) (5,116.0) HP INC 7HP TH 33,467.0 (1,193.0) (5,116.0) HP INC 7HP GR 33,467.0 (1,193.0) (5,116.0) HP INC 0J2E LI 33,467.0 (1,193.0) (5,116.0) HP INC HPQUSD SW 33,467.0 (1,193.0) (5,116.0) HP INC HPQEUR EU 33,467.0 (1,193.0) (5,116.0) HP INC 7HP GZ 33,467.0 (1,193.0) (5,116.0) HP INC HPQ* MM 33,467.0 (1,193.0) (5,116.0) HP INC HPQ AV 33,467.0 (1,193.0) (5,116.0) HP INC HPQ SW 33,467.0 (1,193.0) (5,116.0) HP INC HWP QT 33,467.0 (1,193.0) (5,116.0) HP INC HPQUSD EU 33,467.0 (1,193.0) (5,116.0) HP INC HPQ CI 33,467.0 (1,193.0) (5,116.0) IAA INC IAA US 2,079.9 (186.9) 181.7 IAA INC 3NI GR 2,079.9 (186.9) 181.7 IAA INC IAA-WEUR EU 2,079.9 (186.9) 181.7 IGM BIOSCIENCES IGMS US 269.9 254.6 241.7 IGM BIOSCIENCES 1K0 GR 269.9 254.6 241.7 IGM BIOSCIENCES IGMSEUR EU 269.9 254.6 241.7 IGM BIOSCIENCES 1K0 GZ 269.9 254.6 241.7 IMMUNOGEN INC IMGN US 254.1 (86.2) 137.5 IMMUNOGEN INC IMU TH 254.1 (86.2) 137.5 IMMUNOGEN INC IMU GR 254.1 (86.2) 137.5 IMMUNOGEN INC IMU SW 254.1 (86.2) 137.5 IMMUNOGEN INC IMGNEUR EU 254.1 (86.2) 137.5 IMMUNOGEN INC IMGNUSD EU 254.1 (86.2) 137.5 IMMUNOGEN INC IMU GZ 254.1 (86.2) 137.5 IMMUNOGEN INC IMU QT 254.1 (86.2) 137.5 IMMUNOGEN INC IMGN* MM 254.1 (86.2) 137.5 INSEEGO CORP INO QT 158.7 (38.3) (119.3) INSEEGO CORP INO TH 158.7 (38.3) (119.3) INSEEGO CORP INSGUSD EU 158.7 (38.3) (119.3) INSEEGO CORP INSG US 158.7 (38.3) (119.3) INSEEGO CORP INO GR 158.7 (38.3) (119.3) INSEEGO CORP INSGEUR EU 158.7 (38.3) (119.3) INSEEGO CORP INO GZ 158.7 (38.3) (119.3) INSPIRED ENTERTA INSE US 175.4 (31.8) 6.8 IRONWOOD PHARMAC I76 GR 334.3 (153.0) 204.8 IRONWOOD PHARMAC I76 TH 334.3 (153.0) 204.8 IRONWOOD PHARMAC IRWD US 334.3 (153.0) 204.8 IRONWOOD PHARMAC IRWDUSD EU 334.3 (153.0) 204.8 IRONWOOD PHARMAC I76 QT 334.3 (153.0) 204.8 IRONWOOD PHARMAC IRWDEUR EU 334.3 (153.0) 204.8 JACK IN THE BOX JBX GR 958.5 (737.6) 69.2 JACK IN THE BOX JACK US 958.5 (737.6) 69.2 JACK IN THE BOX JBX GZ 958.5 (737.6) 69.2 JACK IN THE BOX JBX QT 958.5 (737.6) 69.2 JACK IN THE BOX JACK1EUR EU 958.5 (737.6) 69.2 JOSEMARIA RESOUR JOSES I2 18.6 (6.1) (5.6) JOSEMARIA RESOUR JOSE SS 18.6 (6.1) (5.6) JOSEMARIA RESOUR NGQSEK EU 18.6 (6.1) (5.6) JOSEMARIA RESOUR JOSES EB 18.6 (6.1) (5.6) JOSEMARIA RESOUR JOSES IX 18.6 (6.1) (5.6) L BRANDS INC LTD GR 10,630.0 (1,238.0) 383.0 L BRANDS INC LB US 10,630.0 (1,238.0) 383.0 L BRANDS INC LTD TH 10,630.0 (1,238.0) 383.0 L BRANDS INC LBUSD EU 10,630.0 (1,238.0) 383.0 L BRANDS INC LTD QT 10,630.0 (1,238.0) 383.0 L BRANDS INC LBRA AV 10,630.0 (1,238.0) 383.0 L BRANDS INC LBEUR EU 10,630.0 (1,238.0) 383.0 L BRANDS INC LB* MM 10,630.0 (1,238.0) 383.0 L BRANDS INC-BDR LBRN34 BZ 10,630.0 (1,238.0) 383.0 LENNOX INTL INC LXI GR 2,214.8 (277.3) 207.4 LENNOX INTL INC LII US 2,214.8 (277.3) 207.4 LENNOX INTL INC LII* MM 2,214.8 (277.3) 207.4 LENNOX INTL INC LXI TH 2,214.8 (277.3) 207.4 LENNOX INTL INC LII1USD EU 2,214.8 (277.3) 207.4 LENNOX INTL INC LII1EUR EU 2,214.8 (277.3) 207.4 MARTIN MIDSTREAM MMLPUSD EU 691.1 (33.4) 108.7 MARTIN MIDSTREAM MMLP US 691.1 (33.4) 108.7 MCDONALDS - BDR MCDC34 BZ 45,805.0 (8,599.2) (670.7) MCDONALDS CORP MDO TH 45,805.0 (8,599.2) (670.7) MCDONALDS CORP MCD US 45,805.0 (8,599.2) (670.7) MCDONALDS CORP MCD SW 45,805.0 (8,599.2) (670.7) MCDONALDS CORP MDO GR 45,805.0 (8,599.2) (670.7) MCDONALDS CORP MCD* MM 45,805.0 (8,599.2) (670.7) MCDONALDS CORP MCD TE 45,805.0 (8,599.2) (670.7) MCDONALDS CORP MCD AV 45,805.0 (8,599.2) (670.7) MCDONALDS CORP MCDUSD SW 45,805.0 (8,599.2) (670.7) MCDONALDS CORP MCDEUR EU 45,805.0 (8,599.2) (670.7) MCDONALDS CORP MDO GZ 45,805.0 (8,599.2) (670.7) MCDONALDS CORP 0R16 LN 45,805.0 (8,599.2) (670.7) MCDONALDS CORP MDO QT 45,805.0 (8,599.2) (670.7) MCDONALDS CORP MCDUSD EU 45,805.0 (8,599.2) (670.7) MCDONALDS CORP MCD CI 45,805.0 (8,599.2) (670.7) MCDONALDS-CEDEAR MCD AR 45,805.0 (8,599.2) (670.7) MCDONALDS-CEDEAR MCDC AR 45,805.0 (8,599.2) (670.7) MCDONALDS-CEDEAR MCDD AR 45,805.0 (8,599.2) (670.7) MEDICINES COMP MDCO US 897.3 (26.0) (96.4) MEDICINES COMP MZN GR 897.3 (26.0) (96.4) MEDICINES COMP MZN SW 897.3 (26.0) (96.4) MEDICINES COMP MZN QT 897.3 (26.0) (96.4) MEDICINES COMP MZN GZ 897.3 (26.0) (96.4) MEDICINES COMP MZN TH 897.3 (26.0) (96.4) MEDICINES COMP MDCOUSD EU 897.3 (26.0) (96.4) MERCER PARK BR-A BRND/A/U CN 408.6 (2.8) 4.1 MICHAELS COS INC MIKEUR EU 3,845.1 (1,631.8) 259.2 MICHAELS COS INC MIK US 3,845.1 (1,631.8) 259.2 MICHAELS COS INC MIM GR 3,845.1 (1,631.8) 259.2 MILESTONE MEDICA MMD PW 1.3 (12.4) (13.3) MILESTONE MEDICA MMDPLN EU 1.3 (12.4) (13.3) MOTOROLA SOL-CED MSI AR 10,373.0 (1,084.0) 498.0 MOTOROLA SOLUTIO MOT TE 10,373.0 (1,084.0) 498.0 MOTOROLA SOLUTIO MSI US 10,373.0 (1,084.0) 498.0 MOTOROLA SOLUTIO MTLA TH 10,373.0 (1,084.0) 498.0 MOTOROLA SOLUTIO MTLA GR 10,373.0 (1,084.0) 498.0 MOTOROLA SOLUTIO MSI1USD EU 10,373.0 (1,084.0) 498.0 MOTOROLA SOLUTIO MSI1EUR EU 10,373.0 (1,084.0) 498.0 MOTOROLA SOLUTIO MTLA GZ 10,373.0 (1,084.0) 498.0 MOTOROLA SOLUTIO MOSI AV 10,373.0 (1,084.0) 498.0 MOTOROLA SOLUTIO MTLA QT 10,373.0 (1,084.0) 498.0 MSCI INC 3HM GR 3,479.7 (147.9) 641.6 MSCI INC MSCI US 3,479.7 (147.9) 641.6 MSCI INC MSCIUSD EU 3,479.7 (147.9) 641.6 MSCI INC 3HM QT 3,479.7 (147.9) 641.6 MSCI INC MSCI* MM 3,479.7 (147.9) 641.6 MSG NETWORKS- A MSGN US 1,001.9 (667.2) 176.5 MSG NETWORKS- A MSGNUSD EU 1,001.9 (667.2) 176.5 MSG NETWORKS- A 1M4 QT 1,001.9 (667.2) 176.5 MSG NETWORKS- A MSGNEUR EU 1,001.9 (667.2) 176.5 MSG NETWORKS- A 1M4 TH 1,001.9 (667.2) 176.5 MSG NETWORKS- A 1M4 GR 1,001.9 (667.2) 176.5 N/A BJEUR EU 5,478.1 (104.5) (509.4) NATHANS FAMOUS NFA GR 107.1 (62.9) 78.9 NATHANS FAMOUS NATH US 107.1 (62.9) 78.9 NATHANS FAMOUS NATHEUR EU 107.1 (62.9) 78.9 NATIONAL CINEMED NCMI US 1,084.1 (122.3) 83.1 NATIONAL CINEMED XWM GR 1,084.1 (122.3) 83.1 NATIONAL CINEMED NCMIEUR EU 1,084.1 (122.3) 83.1 NAVISTAR INTL IHR TH 7,294.0 (3,660.0) 1,521.0 NAVISTAR INTL NAVEUR EU 7,294.0 (3,660.0) 1,521.0 NAVISTAR INTL NAVUSD EU 7,294.0 (3,660.0) 1,521.0 NAVISTAR INTL IHR QT 7,294.0 (3,660.0) 1,521.0 NAVISTAR INTL IHR GZ 7,294.0 (3,660.0) 1,521.0 NAVISTAR INTL IHR GR 7,294.0 (3,660.0) 1,521.0 NAVISTAR INTL NAV US 7,294.0 (3,660.0) 1,521.0 NESCO HOLDINGS I NSCO US 739.0 (15.8) 28.3 NEW ENG RLTY-LP NEN US 243.7 (38.2) - NOTOX TECHNOLOGI NTOX US 0.7 (1.7) (2.2) NRG ENERGY NRA TH 9,527.0 (1,552.0) 623.0 NRG ENERGY NRG US 9,527.0 (1,552.0) 623.0 NRG ENERGY NRA GR 9,527.0 (1,552.0) 623.0 NRG ENERGY NRA QT 9,527.0 (1,552.0) 623.0 NRG ENERGY NRGEUR EU 9,527.0 (1,552.0) 623.0 OMEROS CORP OMER US 91.3 (139.9) 17.0 OMEROS CORP 3O8 GR 91.3 (139.9) 17.0 OMEROS CORP OMERUSD EU 91.3 (139.9) 17.0 OMEROS CORP 3O8 TH 91.3 (139.9) 17.0 OMEROS CORP OMEREUR EU 91.3 (139.9) 17.0 OPTIVA INC RE6 GR 87.7 (16.1) 18.5 OPTIVA INC OPT CN 87.7 (16.1) 18.5 OPTIVA INC RKNEF US 87.7 (16.1) 18.5 OPTIVA INC RKNEUR EU 87.7 (16.1) 18.5 OPTIVA INC 3230510Q EU 87.7 (16.1) 18.5 PAPA JOHN'S INTL PP1 GR 730.6 (69.4) (27.5) PAPA JOHN'S INTL PZZA US 730.6 (69.4) (27.5) PAPA JOHN'S INTL PZZAEUR EU 730.6 (69.4) (27.5) PAPA JOHN'S INTL PP1 GZ 730.6 (69.4) (27.5) PHATHOM PHARMACE PHAT US 79.7 (152.5) (129.8) PHILIP MORRI-BDR PHMO34 BZ 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN PM1EUR EU 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN PM1 EU 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN 4I1 GR 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN PM US 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN PM1CHF EU 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN PM1 TE 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN 4I1 TH 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN PMI SW 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN 0M8V LN 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN PMOR AV 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN 4I1 GZ 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN PM* MM 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN 4I1 QT 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN PMIZ IX 41,420.0 (9,155.0) 1,530.0 PHILIP MORRIS IN PMIZ EB 41,420.0 (9,155.0) 1,530.0 PLANET FITNESS-A PLNT1USD EU 1,420.2 (442.1) 170.3 PLANET FITNESS-A 3PL QT 1,420.2 (442.1) 170.3 PLANET FITNESS-A PLNT1EUR EU 1,420.2 (442.1) 170.3 PLANET FITNESS-A PLNT US 1,420.2 (442.1) 170.3 PLANET FITNESS-A 3PL TH 1,420.2 (442.1) 170.3 PLANET FITNESS-A 3PL GR 1,420.2 (442.1) 170.3 PRIORITY TECHNOL PRTH US 452.3 (105.3) 4.3 QUANTUM CORP QMCO US 158.3 (203.1) (22.7) QUANTUM CORP QNT2 GR 158.3 (203.1) (22.7) QUANTUM CORP QTM1EUR EU 158.3 (203.1) (22.7) RADIUS HEALTH IN RDUS US 227.5 (24.3) 155.6 RADIUS HEALTH IN RDUSUSD EU 227.5 (24.3) 155.6 RADIUS HEALTH IN 1R8 TH 227.5 (24.3) 155.6 RADIUS HEALTH IN RDUSEUR EU 227.5 (24.3) 155.6 RADIUS HEALTH IN 1R8 QT 227.5 (24.3) 155.6 RADIUS HEALTH IN 1R8 GR 227.5 (24.3) 155.6 REATA PHARMACE-A 2R3 GR 259.1 (67.4) 172.0 REATA PHARMACE-A RETAEUR EU 259.1 (67.4) 172.0 REATA PHARMACE-A RETA US 259.1 (67.4) 172.0 RECRO PHARMA INC RAH GR 167.7 (19.9) 71.4 RECRO PHARMA INC REPH US 167.7 (19.9) 71.4 REVLON INC-A RVL1 GR 3,059.5 (1,227.5) 134.3 REVLON INC-A REVEUR EU 3,059.5 (1,227.5) 134.3 REVLON INC-A RVL1 TH 3,059.5 (1,227.5) 134.3 REVLON INC-A REVUSD EU 3,059.5 (1,227.5) 134.3 REVLON INC-A REV US 3,059.5 (1,227.5) 134.3 RH RH US 2,362.0 (63.2) (344.2) RH RHEUR EU 2,362.0 (63.2) (344.2) RH RS1 GR 2,362.0 (63.2) (344.2) RH RH* MM 2,362.0 (63.2) (344.2) RIMINI STREET IN RMNI US 121.3 (130.1) (99.3) ROSETTA STONE IN RST US 206.9 (10.6) (66.4) ROSETTA STONE IN RS8 TH 206.9 (10.6) (66.4) ROSETTA STONE IN RS8 GR 206.9 (10.6) (66.4) ROSETTA STONE IN RST1USD EU 206.9 (10.6) (66.4) ROSETTA STONE IN RST1EUR EU 206.9 (10.6) (66.4) RR DONNELLEY & S DLLN TH 3,540.5 (276.9) 523.6 RR DONNELLEY & S RRDUSD EU 3,540.5 (276.9) 523.6 RR DONNELLEY & S RRDEUR EU 3,540.5 (276.9) 523.6 RR DONNELLEY & S DLLN GR 3,540.5 (276.9) 523.6 RR DONNELLEY & S RRD US 3,540.5 (276.9) 523.6 SALLY BEAUTY HOL S7V GR 2,098.4 (60.3) 707.5 SALLY BEAUTY HOL SBH US 2,098.4 (60.3) 707.5 SALLY BEAUTY HOL SBHUSD EU 2,098.4 (60.3) 707.5 SALLY BEAUTY HOL SBHEUR EU 2,098.4 (60.3) 707.5 SATSUMA PHARMACE STSA US 127.5 118.1 120.6 SATSUMA PHARMACE 1LV GR 127.5 118.1 120.6 SATSUMA PHARMACE STSAEUR EU 127.5 118.1 120.6 SBA COMM CORP SBACUSD EU 9,201.1 (3,546.3) (180.9) SBA COMM CORP 4SB GZ 9,201.1 (3,546.3) (180.9) SBA COMM CORP SBJ TH 9,201.1 (3,546.3) (180.9) SBA COMM CORP 4SB GR 9,201.1 (3,546.3) (180.9) SBA COMM CORP SBAC US 9,201.1 (3,546.3) (180.9) SBA COMM CORP SBAC* MM 9,201.1 (3,546.3) (180.9) SBA COMM CORP SBACEUR EU 9,201.1 (3,546.3) (180.9) SCIENTIFIC GAMES TJW TH 7,907.0 (2,125.0) 606.0 SCIENTIFIC GAMES TJW GZ 7,907.0 (2,125.0) 606.0 SCIENTIFIC GAMES SGMS US 7,907.0 (2,125.0) 606.0 SCIENTIFIC GAMES SGMSUSD EU 7,907.0 (2,125.0) 606.0 SCIENTIFIC GAMES TJW GR 7,907.0 (2,125.0) 606.0 SEALED AIR CORP SEE US 5,676.4 (304.1) 89.1 SEALED AIR CORP SDA GR 5,676.4 (304.1) 89.1 SEALED AIR CORP SEE1EUR EU 5,676.4 (304.1) 89.1 SEALED AIR CORP SDA TH 5,676.4 (304.1) 89.1 SEALED AIR CORP SDA QT 5,676.4 (304.1) 89.1 SERES THERAPEUTI MCRB1EUR EU 124.2 (32.2) 47.3 SERES THERAPEUTI MCRB US 124.2 (32.2) 47.3 SERES THERAPEUTI 1S9 GR 124.2 (32.2) 47.3 SHELL MIDSTREAM SHLXUSD EU 2,019.0 (757.0) 297.0 SHELL MIDSTREAM 49M GR 2,019.0 (757.0) 297.0 SHELL MIDSTREAM 49M TH 2,019.0 (757.0) 297.0 SHELL MIDSTREAM SHLX US 2,019.0 (757.0) 297.0 SIRIUS XM HO-BDR SRXM34 BZ 11,088.0 (748.0) (2,315.0) SIRIUS XM HOLDIN RDO GR 11,088.0 (748.0) (2,315.0) SIRIUS XM HOLDIN RDO TH 11,088.0 (748.0) (2,315.0) SIRIUS XM HOLDIN SIRI US 11,088.0 (748.0) (2,315.0) SIRIUS XM HOLDIN SIRI AV 11,088.0 (748.0) (2,315.0) SIRIUS XM HOLDIN SIRIUSD EU 11,088.0 (748.0) (2,315.0) SIRIUS XM HOLDIN SIRI TE 11,088.0 (748.0) (2,315.0) SIRIUS XM HOLDIN SIRIEUR EU 11,088.0 (748.0) (2,315.0) SIRIUS XM HOLDIN RDO GZ 11,088.0 (748.0) (2,315.0) SIRIUS XM HOLDIN RDO QT 11,088.0 (748.0) (2,315.0) SIX FLAGS ENTERT 6FE GR 3,020.7 (89.8) 97.7 SIX FLAGS ENTERT SIXEUR EU 3,020.7 (89.8) 97.7 SIX FLAGS ENTERT SIXUSD EU 3,020.7 (89.8) 97.7 SIX FLAGS ENTERT 6FE TH 3,020.7 (89.8) 97.7 SIX FLAGS ENTERT SIX US 3,020.7 (89.8) 97.7 SLEEP NUMBER COR SNBR US 802.3 (164.5) (443.5) SLEEP NUMBER COR SL2 GR 802.3 (164.5) (443.5) SLEEP NUMBER COR SNBREUR EU 802.3 (164.5) (443.5) STARBUCKS CORP SBUX* MM 19,219.6 (6,231.0) (514.8) STARBUCKS CORP SRB GR 19,219.6 (6,231.0) (514.8) STARBUCKS CORP SRB TH 19,219.6 (6,231.0) (514.8) STARBUCKS CORP SBUX AV 19,219.6 (6,231.0) (514.8) STARBUCKS CORP SBUX TE 19,219.6 (6,231.0) (514.8) STARBUCKS CORP SBUXEUR EU 19,219.6 (6,231.0) (514.8) STARBUCKS CORP SBUX IM 19,219.6 (6,231.0) (514.8) STARBUCKS CORP SBUXUSD SW 19,219.6 (6,231.0) (514.8) STARBUCKS CORP SBUXUSD EU 19,219.6 (6,231.0) (514.8) STARBUCKS CORP SRB GZ 19,219.6 (6,231.0) (514.8) STARBUCKS CORP 0QZH LI 19,219.6 (6,231.0) (514.8) STARBUCKS CORP SBUX SW 19,219.6 (6,231.0) (514.8) STARBUCKS CORP SRB QT 19,219.6 (6,231.0) (514.8) STARBUCKS CORP SBUX US 19,219.6 (6,231.0) (514.8) STARBUCKS CORP SBUX CI 19,219.6 (6,231.0) (514.8) STARBUCKS-BDR SBUB34 BZ 19,219.6 (6,231.0) (514.8) STARBUCKS-CEDEAR SBUXD AR 19,219.6 (6,231.0) (514.8) STARBUCKS-CEDEAR SBUX AR 19,219.6 (6,231.0) (514.8) SUNDIAL GROWERS 14K TH 369.2 23.5 44.3 SUNPOWER CORP SPWR US 1,889.7 (160.3) 264.2 SUNPOWER CORP S9P2 TH 1,889.7 (160.3) 264.2 SUNPOWER CORP S9P2 GR 1,889.7 (160.3) 264.2 SUNPOWER CORP SPWREUR EU 1,889.7 (160.3) 264.2 SUNPOWER CORP SPWRUSD EU 1,889.7 (160.3) 264.2 SUNPOWER CORP S9P2 GZ 1,889.7 (160.3) 264.2 SUNPOWER CORP S9P2 QT 1,889.7 (160.3) 264.2 SUNPOWER CORP S9P2 SW 1,889.7 (160.3) 264.2 TAILORED BRANDS TLRDEUR EU 2,540.4 (64.5) 238.1 TAILORED BRANDS WRM TH 2,540.4 (64.5) 238.1 TAILORED BRANDS TLRDUSD EU 2,540.4 (64.5) 238.1 TAILORED BRANDS TLRD* MM 2,540.4 (64.5) 238.1 TAILORED BRANDS WRM GZ 2,540.4 (64.5) 238.1 TAILORED BRANDS TLRD US 2,540.4 (64.5) 238.1 TAILORED BRANDS WRM GR 2,540.4 (64.5) 238.1 TAUBMAN CENTERS TU8 GR 4,536.9 (89.0) - TAUBMAN CENTERS TCO US 4,536.9 (89.0) - TG THERAPEUTICS TGTX US 93.3 (25.8) 0.2 TG THERAPEUTICS NKB2 TH 93.3 (25.8) 0.2 TG THERAPEUTICS NKB2 GR 93.3 (25.8) 0.2 TRANSDIGM GROUP TDG US 16,254.7 (2,885.1) 3,326.5 TRANSDIGM GROUP T7D GR 16,254.7 (2,885.1) 3,326.5 TRANSDIGM GROUP TDG* MM 16,254.7 (2,885.1) 3,326.5 TRANSDIGM GROUP T7D TH 16,254.7 (2,885.1) 3,326.5 TRANSDIGM GROUP TDGUSD EU 16,254.7 (2,885.1) 3,326.5 TRANSDIGM GROUP T7D QT 16,254.7 (2,885.1) 3,326.5 TRANSDIGM GROUP TDGEUR EU 16,254.7 (2,885.1) 3,326.5 TRIUMPH GROUP TG7 GR 2,761.8 (590.8) 217.7 TRIUMPH GROUP TGI US 2,761.8 (590.8) 217.7 TRIUMPH GROUP TGIEUR EU 2,761.8 (590.8) 217.7 TUPPERWARE BRAND TUP US 1,335.9 (185.0) (116.2) TUPPERWARE BRAND TUP GR 1,335.9 (185.0) (116.2) TUPPERWARE BRAND TUP SW 1,335.9 (185.0) (116.2) TUPPERWARE BRAND TUP TH 1,335.9 (185.0) (116.2) TUPPERWARE BRAND TUP1EUR EU 1,335.9 (185.0) (116.2) TUPPERWARE BRAND TUP1USD EU 1,335.9 (185.0) (116.2) TUPPERWARE BRAND TUP GZ 1,335.9 (185.0) (116.2) TUPPERWARE BRAND TUP QT 1,335.9 (185.0) (116.2) UBIQUITI INC 3UB GR 750.6 (239.4) 373.5 UBIQUITI INC UI US 750.6 (239.4) 373.5 UBIQUITI INC 3UB SW 750.6 (239.4) 373.5 UBIQUITI INC 3UB GZ 750.6 (239.4) 373.5 UBIQUITI INC UBNTEUR EU 750.6 (239.4) 373.5 UNISYS CORP UIS EU 2,405.8 (1,117.4) 266.1 UNISYS CORP UISEUR EU 2,405.8 (1,117.4) 266.1 UNISYS CORP UISCHF EU 2,405.8 (1,117.4) 266.1 UNISYS CORP USY1 TH 2,405.8 (1,117.4) 266.1 UNISYS CORP USY1 GR 2,405.8 (1,117.4) 266.1 UNISYS CORP UIS US 2,405.8 (1,117.4) 266.1 UNISYS CORP UIS1 SW 2,405.8 (1,117.4) 266.1 UNISYS CORP USY1 GZ 2,405.8 (1,117.4) 266.1 UNISYS CORP USY1 QT 2,405.8 (1,117.4) 266.1 UNITI GROUP INC CSALUSD EU 5,031.2 (1,436.8) - UNITI GROUP INC 8XC GR 5,031.2 (1,436.8) - UNITI GROUP INC 8XC TH 5,031.2 (1,436.8) - UNITI GROUP INC UNIT US 5,031.2 (1,436.8) - VALVOLINE INC VVVUSD EU 2,064.0 (258.0) 374.0 VALVOLINE INC 0V4 TH 2,064.0 (258.0) 374.0 VALVOLINE INC 0V4 GR 2,064.0 (258.0) 374.0 VALVOLINE INC VVVEUR EU 2,064.0 (258.0) 374.0 VALVOLINE INC 0V4 QT 2,064.0 (258.0) 374.0 VALVOLINE INC VVV US 2,064.0 (258.0) 374.0 VECTOR GROUP LTD VGR US 1,486.7 (628.7) 27.5 VECTOR GROUP LTD VGR GR 1,486.7 (628.7) 27.5 VECTOR GROUP LTD VGREUR EU 1,486.7 (628.7) 27.5 VECTOR GROUP LTD VGRUSD EU 1,486.7 (628.7) 27.5 VECTOR GROUP LTD VGR TH 1,486.7 (628.7) 27.5 VECTOR GROUP LTD VGR QT 1,486.7 (628.7) 27.5 VERISIGN INC VRS TH 1,886.7 (1,451.9) 337.3 VERISIGN INC VRSN US 1,886.7 (1,451.9) 337.3 VERISIGN INC VRS GR 1,886.7 (1,451.9) 337.3 VERISIGN INC VRS SW 1,886.7 (1,451.9) 337.3 VERISIGN INC VRSN* MM 1,886.7 (1,451.9) 337.3 VERISIGN INC VRSNUSD EU 1,886.7 (1,451.9) 337.3 VERISIGN INC VRSNEUR EU 1,886.7 (1,451.9) 337.3 VERISIGN INC VRS GZ 1,886.7 (1,451.9) 337.3 VERISIGN INC VRS QT 1,886.7 (1,451.9) 337.3 VERISIGN INC-BDR VRSN34 BZ 1,886.7 (1,451.9) 337.3 W&T OFFSHORE INC UWV GR 1,027.1 (257.8) (27.3) W&T OFFSHORE INC WTI US 1,027.1 (257.8) (27.3) W&T OFFSHORE INC WTI1EUR EU 1,027.1 (257.8) (27.3) W&T OFFSHORE INC WTI1USD EU 1,027.1 (257.8) (27.3) W&T OFFSHORE INC UWV TH 1,027.1 (257.8) (27.3) WAYFAIR INC- A W US 3,007.6 (682.4) 237.0 WAYFAIR INC- A 1WF QT 3,007.6 (682.4) 237.0 WAYFAIR INC- A 1WF GR 3,007.6 (682.4) 237.0 WAYFAIR INC- A WEUR EU 3,007.6 (682.4) 237.0 WESTERN UNIO-BDR WUNI34 BZ 8,803.7 (19.7) (192.1) WESTERN UNION W3U GR 8,803.7 (19.7) (192.1) WESTERN UNION WU US 8,803.7 (19.7) (192.1) WESTERN UNION W3U TH 8,803.7 (19.7) (192.1) WESTERN UNION WU* MM 8,803.7 (19.7) (192.1) WESTERN UNION WUUSD EU 8,803.7 (19.7) (192.1) WESTERN UNION WUEUR EU 8,803.7 (19.7) (192.1) WESTERN UNION W3U GZ 8,803.7 (19.7) (192.1) WESTERN UNION W3U QT 8,803.7 (19.7) (192.1) WIDEOPENWEST INC WU5 GR 2,469.0 (267.5) (95.5) WIDEOPENWEST INC WU5 TH 2,469.0 (267.5) (95.5) WIDEOPENWEST INC WU5 QT 2,469.0 (267.5) (95.5) WIDEOPENWEST INC WOW1EUR EU 2,469.0 (267.5) (95.5) WIDEOPENWEST INC WOW1USD EU 2,469.0 (267.5) (95.5) WIDEOPENWEST INC WOW US 2,469.0 (267.5) (95.5) WINGSTOP INC WING1EUR EU 168.1 (211.6) (4.8) WINGSTOP INC WING US 168.1 (211.6) (4.8) WINGSTOP INC EWG GR 168.1 (211.6) (4.8) WINMARK CORP WINAUSD EU 48.5 (3.1) 12.6 WINMARK CORP WINA US 48.5 (3.1) 12.6 WINMARK CORP GBZ GR 48.5 (3.1) 12.6 WW INTERNATIONAL WW US 1,516.4 (719.9) (35.9) WW INTERNATIONAL WW6 GR 1,516.4 (719.9) (35.9) WW INTERNATIONAL WTWUSD EU 1,516.4 (719.9) (35.9) WW INTERNATIONAL WW6 GZ 1,516.4 (719.9) (35.9) WW INTERNATIONAL WTW AV 1,516.4 (719.9) (35.9) WW INTERNATIONAL WTWEUR EU 1,516.4 (719.9) (35.9) WW INTERNATIONAL WW6 QT 1,516.4 (719.9) (35.9) WW INTERNATIONAL WW6 TH 1,516.4 (719.9) (35.9) WYNDHAM DESTINAT WYND US 7,563.0 (570.0) 499.0 WYNDHAM DESTINAT WD5 GR 7,563.0 (570.0) 499.0 WYNDHAM DESTINAT WD5 TH 7,563.0 (570.0) 499.0 WYNDHAM DESTINAT WYNUSD EU 7,563.0 (570.0) 499.0 WYNDHAM DESTINAT WD5 QT 7,563.0 (570.0) 499.0 WYNDHAM DESTINAT WYNEUR EU 7,563.0 (570.0) 499.0 YELLOW PAGES LTD YLWDF US 353.3 (77.7) 54.9 YELLOW PAGES LTD Y CN 353.3 (77.7) 54.9 YELLOW PAGES LTD YMI GR 353.3 (77.7) 54.9 YELLOW PAGES LTD YEUR EU 353.3 (77.7) 54.9 YUM! BRANDS -BDR YUMR34 BZ 5,003.0 (8,097.0) 561.0 YUM! BRANDS INC TGR TH 5,003.0 (8,097.0) 561.0 YUM! BRANDS INC TGR GR 5,003.0 (8,097.0) 561.0 YUM! BRANDS INC YUM* MM 5,003.0 (8,097.0) 561.0 YUM! BRANDS INC YUMUSD SW 5,003.0 (8,097.0) 561.0 YUM! BRANDS INC YUMUSD EU 5,003.0 (8,097.0) 561.0 YUM! BRANDS INC TGR GZ 5,003.0 (8,097.0) 561.0 YUM! BRANDS INC YUM AV 5,003.0 (8,097.0) 561.0 YUM! BRANDS INC TGR TE 5,003.0 (8,097.0) 561.0 YUM! BRANDS INC YUMEUR EU 5,003.0 (8,097.0) 561.0 YUM! BRANDS INC TGR QT 5,003.0 (8,097.0) 561.0 YUM! BRANDS INC YUM SW 5,003.0 (8,097.0) 561.0 YUM! BRANDS INC YUM US 5,003.0 (8,097.0) 561.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2019. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***