/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/191224.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 24, 2019, Vol. 23, No. 357 Headlines 5200 ENTERPRISES: Taps Michael Walker Law as Special Counsel A MERRYLAND OPERATING: Hires Alexander M. Fear P.C. as Counsel A MERRYLAND OPERATING: PCO Hires Farrell Fritz as Legal Counsel ABILITY INC: Shareholders Approve All Proposals at Annual Meeting ABSOLUT FACILITIES: Hires Wyse Advisors for CRO ACADIAN CYPRESS: Seeks to Extend Exclusivity Period to March 12 ADVAXIS INC: Reports $16.6 Million Net Loss for Fiscal Year 2019 AERO-MARINE: Exclusivity Period Extended to Feb. 4 AGUPLUS LLC: Seeks to Hire Oahu as Auctioneer AN ANGELS TOUCH: $850K Sale of 2001 Toyota Camry Approved ARABIE TRUCKING: Needs Time to Pursue Negotiations With Investor ARSENAL RESOURCES: Completes Pre-Packaged Restructuring ARSENAL RESOURCES: Hires PJT Partners as Investment Banker ARSENAL RESOURCES: Seeks to Hire Simpson Thacher as Counsel ARSENAL RESOURCES: Seeks to Hire Young Conaway as Co-Counsel ARSENAL RESOURCES: Taps Alvarez & Marsal as Restructuring Advisor ARSENAL RESOURCES: Taps Prime Clerk as Administrative Advisor ASC INSULATION: Hires Moglia Advisors as Financial Consultant ASC INSULATION: May Continue Cash Collateral Use Until Jan. 7 ASCENT INDUSTRIES: BC Supreme Court Okays CCAA Plan ASSOCIATION HEALTH CARE: Seeks to Hire a Consultant ATLANTIC & PACIFIC: Comm. Taps Griffin Hamersk as Special Counsel BARKATH PROPERTIES: Seeks to Extend Exclusivity Period to March 26 BAUSCH HEALTH: Fitch Assigns B Rating on Sr. Unsec. Notes BAUSCH HEALTH: S&P Rates New $1.25BB Senior Unsecured Notes 'B' BELIEVERS BIBLE: $150K Sale of Atlanta Property to SSS Approved BENCHMARK ELECTRONICS: S&P Withdraws 'BB-' Issuer Credit Rating BERNARD L. MADOFF: 11th Distribution Raises Recovery to 68.4% BLUE DOLPHIN: Stockholders Elect Five Directors CANNTRUST HOLDINGS: Not in Compliance With NYSE Listing Rules CARPENTER'S ROOFING: Seeks to Extend Exclusivity Period to March 17 CELADON GROUP: Drive My Way Offering Virtual Hiring Event CONTINENTAL CAST: Taps Boyd Kenter, Mann Conroy as Special CONTINENTAL CAST: Wants to Extend Exclusivity Period to March 17 COUNTERPATH CORP: Receives Noncompliance Notice from NASDAQ CREDIAUTOUSA FINANCIAL: Taps Todd Bulich as Real Estate Broker DADONG CATERING: Jan. 17 Auction of All Assets Set DEAN FOODS: Gets Final Court Approval for $850M DIP Financing DEAN FOODS: Pillsbury, Paul Weiss Update on Secured Bondholders DEASY ASSOCIATES: $850K Sale of Plymouth Property to Thorndike OK'd DELTA MATERIALS: Seeks to Hire Tarpon Blue as Broker DEMLOW PRODUCTS: Seeks Authorization to Use Cash Collateral DIOCESE OF NEW ULM: $378K Sale of Schneider Farm to Lessee Approved DOMICIL LLC: Seeks to Hire Slatkin & Reynolds as Counsel DPL INC: Moody's Confirms Ba1 Sr. Unsec. Debt Rating, Outlook Neg EASTERN NIAGARA: Seeks to Hire Freed Maxick as Financial Advisor EKSO BIONICS: Closes $5.0 Million Registered Direct Offering ELM HEATING: May Continue Using Cash Collateral Until Feb. 1 ENERCUBE SWITCHGEAR: CellCube Unit Files for Bankruptcy in Canada FERRELLGAS PARTNERS: Intends to Voluntarily Delist from NYSE FIREBALL REALTY: $133K Sale of Antrim Property to Benson Approved FRED'S INC: International Enterprise to Buy IPs for $75K FRIENDS OF CITRUS: Needs More Time to File Chapter 11 Plan FRONTIER COMMUNICATIONS: Falls Short of Nasdaq Bid Price Rule FRUTTA BOWLS: Exclusivity Period Extended to Jan. 31 FRUTTA BOWLS: Seeks to Extend Exclusivity Period to Jan. 31 FTD COMPANIES: Exclusivity Period Extended Until Jan. 31 GABRIEL INVESTMENT: Committee Taps Muller Smeberg as Counsel GATEWAY TO LANCASTER: Trustee Hires Reed & Elmquist as Counsel GLENVIEW HEALTH: Court Won't Order Ombudsman Appointment GOBP HOLDINGS: S&P Raises ICR to 'B+'; Outlook Stable GRABIT INC: Enters into Restructuring Support Agreement GRANITE CITY: Files Chapter 11, Secures $5-Mil. DIP Loan GREAT FOOD: Seeks to Extend Exclusivity Period to June 30 GREGORY L. MOLDEN: Seeks to Hire Real Estate as Realtor GULF STATES TRANSPORTATION: Seeks to Hire Landwehr Law as Counsel H&B HOLDINGS: Taps Hall Tanner Hargett as Special Counsel HAMILTONS 549: Corcoran Group Approved as Real Estate Broker HC2 HOLDINGS: S&P Affirms 'B-' Rating on $470MM Senior Notes HENRY ANESTHESIA ASSOCIATES: Steve Hampton Okayed as Accountant HIGH RIDGE: Files Chapter 11 to Facilitate Sales Process HIGHLAND CAPITAL: Comm. Hires FTI Consulting as Financial Advisor HIGHLAND CAPITAL: Committee Hires Sidley Austin as Counsel HIGHLAND CAPITAL: Committee Taps Young Conaway as Co-Counsel HUDSON TECHNOLOGIES: Enters Into $60M Revolving Credit Facility IMPERIAL TOY: Committee Seeks to Hire Pachulski Stang as Counsel IN MARKETING: Exclusive Plan Filing Period Extended to March 10 INDIGO NATURAL: Moody's Affirms B2 CFR, Outlook Positive INDUSTRIAL MACHINERY SALES: May Use Cash Collateral Until Jan. 13 INGLESIDE AT KING FARM: Fitch Cuts Ratings on 2017 Debt to BB- IPIC-GOLD CLASS: Given Until April 1 to Exclusively File Plan J.T. SHANNON: Exclusivity Period Extended Until Jan. 24 JPM REALTY: Needs Additional Time to Formulate Chapter 11 Plan JUST GAS: Taps Victor W. Dahar as Legal Counsel KNOWLTON DEVELOPMENT: Moody's Reviews B2 CFR for Downgrade KPH CONSTRUCTION: Wants to Maintain Exclusivity Until March 20 LA PAZ DETENTION CENTER: S&P Withdraws 'BB' Issuer Credit Rating LIFE AMBULANCE: Sale of Unencumbered & Financed Vehicles Approved LIFESCAN GLOBAL: Moody's Alters Outlook on B2 CFR to Negative LOGISTICS BUDDY: May Incur $1.2-Mil Credit, Use Cash Collateral LOOT CRATE: Needs More Time to Formulate Plan LUCKY BUMS SUBSIDIARY: Hires Boyle Deveny & Meyer as Accountant MAIN STREET: Seeks to Hire Resnik Hayes as Legal Counsel MAREDIN REST: Seeks to Hire Morrison Tenenbaum as Counsel MARGIN HOLDINGS: Exclusivity Period Extended Until Jan. 11 MCIG INC: Incurs $320,000 Net Loss for Quarter Ended July 31, 2019 MEDIQUIP: Court Grants the Motion of PCO is not Necessary MEEKER NORTH DAWSON: Patient Care Ombudsman Files 1st Report MERRYLAND OPERATING: US Trustee Appoints Ombudsman MILK SPECIALTIES: Moody's Alters Outlook on B2 CFR to Negative MKGFB INC: Seeks Authorization to Use Cash Collateral MODERN VIDEOFILM: Wants to Maintain Exclusivity to April 6 MTE HOLDINGS: Rosner, McWhorter Represent Service Provider Group MURRAY ENERGY: Committee Hires Vorys Sater Seymour as Local Counsel NEW CITIES INVESTMENT: Case Summary & 7 Unsecured Creditors NEWS-GAZETTE INC: Exclusivity Period Extended Until March 27 NORTIS INC: Seeks to Hire High Street Global as Financial Advisor NRP LEASE HOLDINGS: Hires Thames Markey as Bankruptcy Counsel NUANCE COMMUNICATIONS: S&P Alters Outlook to Positive NUVISTA ENERGY: S&P Affirms 'B' Issuer Credit Rating O & B HACKING: Seeks to Hire Alla Kachan P.C. as Legal Counsel OCI PARTNERS: S&P Withdraws 'BB-' Long-Term Issuer Credit Rating OHM HOSPITALITY: Seeks to Hire Cutler Law as Attorney PALM BEACH BRAIN: Exclusivity Period Extended Until March 11 PATTERSON PARK: Fitch Withdraws BB- Issuer Default Rating PES HOLDINGS: Exclusive Period to File Plan Extended Until April 15 PETRO RIVER: Losses Since Inception Cast Going Concern Doubt PG&E CORP: Dec. 31 Fire Victims' Proof of Claim Deadline Set PG&E CORPORATION: Jones Day Updates Shareholders List for 5th Time PIERLESS FISH: Voluntary Chapter 11 Case Summary PIONEER ENERGY: S&P Downgrades ICR to 'CCC-'; Outlook Negative PMHC II: Moody's Lowers CFR to Caa1, Outlook Stable PPV INC: Seeks to Hire Vanden Bos & Chapman as Counsel PRACTICAL APPROACH: Taps James Montgomery as Special Counsel PRINCE FASHIONS: Delays Plan to Pursue Leased Premises Litigation PSYCHAMERICA BEHAVIORAL: Seeks Authority to Use Cash Collateral QUESOS DEL PAÍS: Creditor Requests Trustee or Examiner QWEST CAPITAL: S&P Raises Senior Unsecured Debt Rating to 'BB' RADIO DESIGN: Seeks Access to Cash Collateral Through Jan. 31 RADIO DESIGN: Seeks to Hire Scott Law Group as Attorney RAM DISTRIBUTION: Seeks to Hire Shiryak Bowman as Counsel RANGE PARENT: S&P Downgrades ICR to 'B-' on Elevated Leverage ROVIG MINERALS: Creditors Get Chapter 11 Trustee RUSTIC STEEL: Exclusivity Period Extended Until Jan. 31 RUSTIC STEEL: Seeks to Extend Exclusivity Period to March 5 SAMM SOLUTIONS: Cash Collateral Stipulation Thru Dec. 31 Okayed SEABRAS 1 USA: Case Summary & Unsecured Creditors SENIOR CARE GROUP: Taps Blueprint Healthcare as Real Estate Broker SESI LLC: Moody's Cuts CFR to B3; Rating for Further Downgrade SHANNON STALEY: Has Until March 3 to Exclusively File Plan SILVER CREEK: $980K Sale of Substantially All Assets Approved SLANDY INC: Seeks to Hire Buddy D. Ford, P.A. as Bankr. Counsel SMARTER TODDLER: Needs More Time to Formulate Chapter 11 Plan SMWS GROUP: Trustee Seeks to Hire Tranzon Fox as Auctioneer SOTERA HEALTH: S&P Finalizes Ratings Following Recent Debt Issuance SOUTHEASTERN METAL: Solicitation Period Extended Until March 2 SPERLING RADIOLOGY: Hires Shraiberg Landau as Bankruptcy Counsel ST. LAZARUS FAMILY: Files Motion to Waive PCO Appointment STARION ENERGY: Exclusivity Period Extended Until March 11 STO-ROX SCHOOL: Moody's Lowers GOLT Rating to B3, Outlook Negative STONEMOR PARTNERS: Unitholders Approve C-Corporation Conversion STUART BRYAN: Seeks to Hire Slatkin & Reynolds as Counsel T & A MOBILE: Seeks to Hire Bennie Brooks as Legal Counsel TARONIS TECHNOLOGIES: Signs Securities Purchase Agreement TEMPSTAY INC: Seeks Approval to Hire Bankruptcy Attorney TOMS SHOES: Moody's Lowers CFR to Ca, Outlook Stable TOPBUILD CORP: S&P Affirms BB Issuer Credit Rating; Outlook Stable TRI-CORE PARTNERS: Exclusivity Period Extended Until Feb. 22 TRI-STATE ENTERPRISES: Needs More Time to Generate Exit Funds UNIQUE TOOL: Court Okays Sale of Machinery to General Dynamics UNIQUE TOOL: Court Okays Sale of Machinery to Kim Kool UNIQUE TOOL: Court Okays Sale of Machinery to Tecumseh VANTAGE SPECIALTY: S&P Alters Outlook to Neg., Affirms 'B-' ICR VERDICORP INC: Seeks to Extend Exclusivity Period to April 9 VETERINARY CARE: Secures Interim $5.5-Mil. DIP Financing VIDANGEL INC: Trustee Hires Call & Jensen as Special Counsel WASHINGTON MUTUAL: WMI Trust Closes Chapter 11 Cases WELDED CONSTRUCTION: Seeks to Extend Exclusivity Period to March 16 WOODSTOCK REALTY: May Continue Cash Collateral Use Until Dec. 31 WPX ENERGY: S&P Puts BB- ICR on Watch Pos. on Felix Energy Deal WYNTHROP PARTNERS: Rutt Family Objects to Chapter 11 Plan YOUNGEVITY INTERNATIONAL: Closes $5.58-M Public Stock Offering YUETING JIA: SLC's Motion to Dismiss Chapter 11 Case Tossed [*] Stretto Wins Turnaround Product/Service of the Year Award ********* 5200 ENTERPRISES: Taps Michael Walker Law as Special Counsel ------------------------------------------------------------ 5200 Enterprises Limited received approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Michael Walker Law as its special counsel to give legal advice on pending state court actions in New York. No retainer has been paid to the firm. Michael Walker, Esq., the firm's attorney who will be representing the Debtor, charges an hourly fee of $400. Mr. Walker assures the court that he does not represent any interest adverse to the Debtor. Mr. Walker can be reached at: Michael Walker Law Second Floor 9052 Fort Hamilton Parkway Brooklyn, NY 11209 Phone: +1 718-680-9700 About 5200 Enterprises Limited 5200 Enterprises Limited is the fee simple owner of a real property located at 5200-5202 1st Ave., Brooklyn, N.Y., having a tax records valuation of $6.43 million. Based in Jacksonville, Fla., 5200 Enterprises Limited filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 18-01646) on May 16, 2018. In the petition signed by John A. Luhrs, president, the Debtor disclosed $6.43 million in assets and $3.25 million in liabilities. The Hon. Jerry A. Funk presides over the case. Jason A. Burgess, Esq., at The Law Offices of Jason A. Burgess, LLC, is the Debtor's bankruptcy counsel. A MERRYLAND OPERATING: Hires Alexander M. Fear P.C. as Counsel -------------------------------------------------------------- A Merryland Operating LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Alexander M. Fear, P.C. as its special healthcare and general corporate counsel. Professional services the counsel will render are: a. advise the Debtor with respect to its license to operate issued by the NYS Department of Health; b. advise the Debtor with respect to all healthcare issues; c. represent the Debtor with respect to any transactions; and d. consult the Debtor concerning its operations and corporate responsibilities. The counsel will apply to the Court for allowance of compensation and reimbursement of expenses. The counsel neither represents nor holds any adverse interest to the Debtor, which would preclude it from acting as special litigation counsel to the Debtor in matters upon which it is to be engaged, according to court filings. The counsel can be reached at: Alexander M. Fear, Esq. Alexander M. Fear, P.C. 757 Third Ave., 20th Floor New York, NY 10017 Phone: 212-376-6199 Fax: 212-656-1269 About A Merryland Operating A Merryland Operating LLC is a walk-in primary care medical clinic located in underserved community of Coney Island. A Merryland Operating LLC filed a voluntary Chapter 11 petition (Bankr. E.D. NY Case No. 19-46475) on October 28, 2019, and is represented by Dawn Kirby, Esq., at Kirby Aisner & Curley LLP. The Debtor disclosed under $1 million in estimated assets and liabilities. A MERRYLAND OPERATING: PCO Hires Farrell Fritz as Legal Counsel --------------------------------------------------------------- Eric Huebscher, the patient care ombudsman appointed in A Merryland Operating LLC's Chapter 11 case, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to retain Farrell Fritz, P.C. as his legal counsel. The ombudsman requires the firm to: (a) represent the ombudsman in any proceeding or hearing in the bankruptcy court, and in any action in other courts where the rights of the patients may be litigated or affected as a result of the Debtor's case; (b) advise ombudsman concerning the requirements of the Bankruptcy Code and Bankruptcy Rules and the requirements of the Office of the U.S. Trustee relating to the discharge of his duties under Section 33 of the Bankruptcy Code; and (c) perform such other legal services as may be required under the circumstances of the case in accordance with the ombudsman's powers and duties as set forth in the Bankruptcy Code, including assisting the ombudsman with reports to the Court, fee applications or other matters. Farrell Fritz' standard hourly rates are: Martin G. Bunin $750 Veronique A. Urban $460 Legal Clerks/Paralegals $115 to $295 Associates $225 to $440 Counsel $415 to $750 Partners $485 to $750 Martin Bunin, Esq., at Farrell Fritz, attests that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Martin G. Bunin, Esq. Veronique A. Urban, Esq. FARRELL FRITZ, P.C. 622 Third Avenue, 37th Floor New York, NY 10017 Tel: (212) 687-1230 Fax: (646) 237-1810 About A Merryland Operating A Merryland Operating LLC filed a voluntary Chapter 11 petition (Bankr. E.D. NY Case No. 19-46475) on October 28, 2019, and is represented by Dawn Kirby, Esq., at Kirby Aisner & Curley LLP. The Debtor disclosed less than $1 million in estimated assets and liabilities. Eric Huebscher was appointed as patient care ombudsman in the Debtor's case. The ombudsman is represented by Farrell Fritz, P.C. ABILITY INC: Shareholders Approve All Proposals at Annual Meeting ----------------------------------------------------------------- At the Annual General Meeting of Ability Inc. held on Dec. 17, 2019, the Company's shareholders approved: (i) the re-election of Anatoly Hurgin, Alexander Aurovsky, Avraham Dan, Limor Beladev, and Joseph Tenne as directors to serve as members of the Company's Board of Directors until its next annual general meeting and in accordance with its amended and restated memorandum and articles of association; (ii) the consolidation of the Company's ordinary shares at a ratio of one-for-ten, to regain compliance with Nasdaq's Listing Rules followed by an increase of the Company's authorized share capital from 10,000,000 ordinary shares and 5,000,000 preference shares to 100,000,000 ordinary shares and 5,000,000 preference shares; and (iii) the ratification of the appointment of the independent public accountants, Ziv Haft, Certified Public Accountants (Isr.), a BDO Member Firm, for financial year ending in 2019. About Ability Inc. Ability Inc. is the sole owner of ACSI and Ability Security Systems Ltd. Headquartered in Tel Aviv, Israel, ACSI was founded in 1994, offering and providing advanced interception, geolocation for cellular and satellite communication and cyber intelligence tools used worldwide by Security and Intelligence Agencies, Military forces, Law Enforcement Agencies and Homeland Security Agencies. ACSI offers a broad range of lawful interception, decryption, cyber and geolocation solutions for cellular and satellite communication. Ability reported a net and comprehensive loss of $10.19 million in 2018, a net and comprehensive loss of $9.11 million in 2017, and a net and comprehensive loss of $8.05 million in 2016. Ziv Haft, in Tel Aviv, Israel, a BDO Member Firm, the Company's auditor since 2015, issued a "going concern" qualification in its report dated April 24, 2019, on the consolidated financial statements for the year ended Dec. 31, 2019, citing that the Company has an accumulated deficit, suffered recurring losses and has negative operating cash flow. Additionally, the Company is under an investigation of the Israeli Ministry of Defense, which ordered a suspension of certain export licenses. These matters, along with other reasons, raise substantial doubt about the Company's ability to continue as a going concern. On Nov. 6, 2019, Ability received a determination letter from The Nasdaq Stock Market LLC indicating that it did not comply with the Listing Rule 5550(b) for continued listing on the Nasdaq Capital Market, which requires the Company to have a minimum of $2,500,000 in stockholders' equity or market value of listed securities of $35 million or net income from continuing operations of $500,000 in the most recently completed fiscal year or two of the last three most recently completed fiscal years. ABSOLUT FACILITIES: Hires Wyse Advisors for CRO ----------------------------------------------- Absolut Facilities Management, LLC, and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Eastern District of New York to employ Michael Wyse of Wyse Advisors LLC, as chief restructuring officer to the Debtors. Absolut Facilities requires Wyse Advisors to: (a) lead the arrangement of finding alternative debtor-in- possession financing ("DIP Financing"); (b) assist in the preparation of a restructuring, at the direction of the Board and Chief Executive Officer; (c) serve as a first day declarant and provide testimony in court regarding financial and restructuring issues; (d) assist in developing and implementing cash management strategies, tactics, and processes; (e) work with the Debtors, their team, and counsel to further identify and implement both short term and long term liquidity generating initiatives; (f) provide assistance to management in connection with the Debtors' development of a rolling 13-week cash receipts and disbursements forecasting tool designed to provide on- time information related to the Debtors' liquidity, and assist the Debtors in developing an actual to forecast variance reporting mechanism, including written explanations of key differences; (g) provide assistance to management in connection with the Debtors' development of a five-year business plan, and such other related forecasts as may be required in connection with the Debtors' restructuring efforts; (h) assist the Debtors with various operational improvements; (i) assist with the preparation of the statements of financial affairs, schedules, and other regular reports required by the Court; (j) assist the Debtors in other business and financial aspects of these Chapter 11 Cases, including, but not limited to, development of a disclosure statement and plan of reorganization; (k) provide assistance in such areas as testimony before the Court on matters that are within the scope of the engagement and within the area of testimonial competency of the witness; and (l) assist with such other matters as may be requested that fall within his expertise and that are mutually agreeable. Wyse Advisors will be paid at the hourly rate of $600. Wyse Advisors will be paid a retainer in the amount of $10,000. Wyse Advisors will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Wyse, managing member of Wyse Advisors LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Wyse Advisors can be reached at: Michael Wyse Wyse Advisors LLC 85 Broad St. 18th Fl. New York City, NY 10004 Tel: (917) 553-5883 E-mail: mwyse@wyseadvisorsllc.com About Absolut Facilities Management Absolut Facilities Management, LLC, through its subsidiaries, owns six skilled nursing facilities and one assisted living facility in the state of New York, have sought Chapter 11 protection. On Sept. 10, 2019, Absolut Facilities Management, LLC and seven related entities each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-76260). Loeb & Loeb LLP is the Debtors' counsel. Prime Clerk LLC is the claims and noticing agent. Michael Wyse of Wyse Advisors LLC, as chief restructuring officer. ProNexus LLC, as interim chief financial officer. The Office of the U.S. Trustee appointed creditors to serve on the official committee of unsecured creditors on Oct. 3, 2019. The committee is represented by Amini LLC. ACADIAN CYPRESS: Seeks to Extend Exclusivity Period to March 12 --------------------------------------------------------------- Acadian Cypress & Hardwoods, Inc. asked the U.S. Bankruptcy Court for the Eastern District of Louisiana to extend the period during which it has the exclusive right to file a Chapter 11 plan of reorganization to March 12, 2020, and the deadline to solicit acceptances for the plan to May 11, 2020. The company is seeking an extension of the exclusive filing period in order to preserve its exclusive right to propose a plan of reorganization and to provide the company sufficient time to continue its restructuring efforts, including determining the disposition of assets not necessary for reorganization, increasing sales, and resolving outstanding claim issues, to provide a successful recovery to all creditor constituents. Acadian Cypress has negotiated the sale of certain identified property in Ponchatoula, La., subject to a security interest in favor of Home Bank. It has also negotiated the payment of rents received from certain identified property in Chipley, Fla., and the company anticipates marketing the property for sale with either a sale by March 1, 2020, or lift the stay in favor of Home Bank. Further, Acadian Cypress has negotiated an approved settlement with an insurance company which will bring in funds of approximately $98,000 to Acadian Cypress and an approximate tendering of $98,000 to Home Bank. About Acadian Cypress Acadian Cypress & Hardwoods, Inc., -- http://www.acadianhardwoods.net/-- manufactures lumber,plywood, siding, shingles, flooring, fencing, and molding profiles. The Debtor sought Chapter 11 protection (Bankr. E.D. La. Case No. 19-12205) on April 15, 2019. In the petition signed by Frank Vallot, president, the Debtor was estimated to have assets and liabilities at $1 million to $10 million. Judge Jerry A. Brown is the case judge. Heller, Draper, Patrick, Horn & Manthey, LLC is the Debtor's counsel. ADVAXIS INC: Reports $16.6 Million Net Loss for Fiscal Year 2019 ---------------------------------------------------------------- Advaxis, Inc., filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $16.61 million on $20.88 million of revenue for the year ended Oct. 31, 2019, compared to a net loss of $66.51 million on $6.06 million of revenue for the year ended Oct. 31, 2018. "Fiscal year 2019 has been marked with continued progress in the strategic advancement of our most promising clinical programs," said Kenneth A. Berlin, president and chief executive officer of Advaxis. "With encouraging clinical proof-of-concept data, we are focused on developing and expanding our off-the-shelf neoantigen program, ADXS-HOT, and look forward to sharing immunogenicity data in early 2020. In addition, the announcement of significant improvements in overall survival from our KEYNOTE-046 study in prostate cancer further bolsters our confidence in the power of our Lm technology to improve patient outcomes and potentially shift the immunotherapy treatment paradigm. These promising data, in combination with our successful efforts to reduce cash burn and increase efficiencies, leave us positioned to execute on our innovative immunotherapy clinical pipeline." As of Oct. 31, 2019, the Company had $45.25 million in total assets, $5.72 million in total liabilities, and $39.53 million in total stockholders' equity. As of Oct. 31, 2019, Advaxis had cash and cash equivalents of $32.4 million. The Company used $36.1 million in cash to fund operations during fiscal year 2019, mainly attributed to funding research and development and general and administrative activities. Throughout fiscal year 2019, the Company continued a strategic pipeline prioritization across all programs and reduced its annual expenses by approximately $37.6 million, or nearly 50%. Marcum LLP, in New York, NY, the Company's auditor since 2012, issued a "going concern" qualification in its report dated Dec. 20, 2019, on the consolidated financial statements for the year ended Oct. 31, 2019, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://is.gd/BIQFof About Advaxis, Inc. Headquartered in Princeton, New Jersey, Advaxis, Inc. -- http://www.advaxis.com/-- is a clinical-stage biotechnology company focused on the development and commercialization of proprietary Lm-based antigen delivery products. These immunotherapies are based on a platform technology that utilizes live attenuated Listeria monocytogenes (Lm) bioengineered to secrete antigen/adjuvant fusion proteins. These Lm-based strains are believed to be a significant advancement in immunotherapy as they integrate multiple functions into a single immunotherapy and are designed to access and direct antigen presenting cells to stimulate anti-tumor T cell immunity, activate the immune system with the equivalent of multiple adjuvants, and simultaneously reduce tumor protection in the tumor microenvironment to enable T cells to eliminate tumors. AERO-MARINE: Exclusivity Period Extended to Feb. 4 -------------------------------------------------- Judge Caryl Delano of the U.S. Bankruptcy Court for the Middle District of Florida extended the deadline for Aero-Marine Technologies, Inc. to file its Chapter 11 plan and disclosure statement to Feb. 4, 2020. The bankruptcy judge also extended the period during which only the company can file a plan to Feb. 4, 2020. About Aero-Marine Technologies Aero-Marine Technologies, Inc. -- https://www.aero-marinetechnologies.com/ -- provides total support for waste and water system components found on Boeing, Airbus and Embraer aircraft. Aero-Marine Technologies is a full-service Maintenance, repair and overhaul (MRO) with a worldwide customer base. Aero-Marine Technologies sought bankruptcy protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-07547) on Aug. 9, 2019. The Debtor's case is jointly administered to that of Joseph N. Vaughn and Theresa L. Vaughn. In the petition signed by Joseph N. Vaughn, president, Aero-Marine's assets are estimated at $500,000 to $1 million, and its liabilities at $1 million to $10 million. The Hon. Caryl E. Delano is the case judge. The Debtor tapped Stitchler, Riedel, Blain & Postler, P.A. as its legal counsel, and Skoda Minotti & Co. as its accountant. AGUPLUS LLC: Seeks to Hire Oahu as Auctioneer --------------------------------------------- AguPlus, LLC and Agu-V, Inc. seek approval from the U.S. Bankruptcy Court for the District of Hawaii to employ Oahu Auctions. The Debtor requires the assistance of an auctioneer to liquidate certain properties of the estate. Oahu Auctions will provide an estimate of the value of the vehicles and conduct either public or private sale of the Debtors' property. Oahu Auctions will be compensated at the rate of 10 percent of the sales proceeds. Oahu Auctions neither holds nor represents an interest adverse to the estate, according to court filings. David Brandt Oahu Auctions 1777 Ala Moana Blvd. #425 Honolulu, HI 96815 Phone: 808-371-6055 About AguPlus LLC AguPlus, LLC is a Hawaii-based company that operates ramen restaurants. AguPlus, LLC and Agu-V, Inc. each filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Haw. Lead Case No. 19-01529) on Nov. 29, 2019. In the petitions signed by Rika Takahashi, manager, AguPlus, LLC estimated $500,000 to $1 million in assets and $10 million to $50 million in liabilities; while Agu-V, Inc. estimated $500,000 to $1 million in assets and $500,000 to $1 million in liabilities. Jerrold K. Guben, Esq. at O'Connor Playdon Guben & Inouye LLP, represents the Debtors as counsel. AN ANGELS TOUCH: $850K Sale of 2001 Toyota Camry Approved --------------------------------------------------------- Judge Robert H. Jacobvitz of the U.S. Bankruptcy Court for the District of New Mexico authorized An Angel's Touch, LLC's sale of its 2001 Toyota Camry, VIN JT2BF28K910307752, to Esperanza Hurst and David Parra for $850. The sale is free and clear of liens, claims, interests and other encumbrances, with such liens claims, interests and other encumbrances attaching to the proceeds of the sale. The Debtor is authorized to pay the purchase price of $850 to Mesa Financial upon receipt. The Debtor is authorized to sign the title to the Purchasers, or in the alternative and to the extent necessary to consummate the transaction, authorize the New Mexico Motor Vehicle Division of the New Mexico Taxation and Revenue Department to issue a Certificate of Title for the Camry in the name of the eventual purchaser. About An Angel's Touch An Angel's Touch LLC, which provides non-emergency transportation services, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.M. Case No. 19-11394) on June 11, 2019. In the petition signed by its managing member, Nichole Jones, the Debtor was estimated to have assets of less than $500,000 and debts of $10 million. Judge Robert H. Jacobvitz is assigned to the case. Askew & Mazel, LLC, serves as Debtor's counsel. ARABIE TRUCKING: Needs Time to Pursue Negotiations With Investor ---------------------------------------------------------------- Arabie Trucking Services, LLC asked the U.S. Bankruptcy Court for the Eastern District of Louisiana to extend the exclusivity period to file a Chapter11 plan of reorganization to Feb. 10, 2020, and the period to solicit acceptances for the plan to April 10, 2020. The companies are seeking an extension of the exclusivity period in order to pursue further negotiations with a prospective investor. Such negotiations will significantly impact the terms of a proposed plan of reorganization. About Arabie Trucking Services TAK Enterprises, LLC, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code on June 4, 2019. Arabie Trucking Services, LLC, Sugarland Express, LLC, sought Chapter 11 protection (Bankr. E.D. La. Lead Case No. 19-11603) on June 13, 2019. The Debtors were granted joint administration by order dated June 21, 2019 with ATS as the lead case. In the petition signed by its CEO, Sandie J. Arabie, Arabie Trucking Services was estimated to have assets of less than 50,000 and liabilities of less than $500,000. The Debtor tapped Douglas S. Draper, Esq., at Heller, Draper, Patrick, Horn & Manthey, LLC, as counsel. ARSENAL RESOURCES: Completes Pre-Packaged Restructuring ------------------------------------------------------- Arsenal Resources on Dec. 20, 2019, disclosed that its pre-packaged plan of reorganization was confirmed on December 19, 2019. The Company expects the plan to become effective in the first week of January 2020. As previously announced, the plan implements a debt-for-equity exchange pursuant to which $360 million of long-term debt will be converted into equity and includes a $100 million equity investment made by certain funds affiliated with Chambers Energy Capital as well as by Mercuria Energy Company, two of the Company's most significant lenders. When the plan becomes effective, the Company also will have access to a partially drawn credit facility with a borrowing base initially set at $130 million and will not have any other funded debt. This transaction significantly reduces Arsenal Resources' long-term debt and aligns the Company's midstream agreements with its current development plan. In addition to liquidity available under its new reserve-based credit facility, the Company expects to be cash flow positive in 2020 and is well positioned to execute on its operational plan. Jon Farmer, the Company's President and CEO said: "The Company is pleased that we have consummated this restructuring, completing the reorganization that began in November. The restructuring, new capital and aligned midstream agreements will position the Company for long-term success. We look forward to working with our employees, vendors and customers towards a successful future." Arsenal Resources was represented in the restructuring by Simpson Thacher & Bartlett LLP, Young Conaway Stargatt & Taylor, LLP, PJT Partners LP, and Alvarez & Marsal North America, LLC. About Arsenal Resources Arsenal Resources -- http://www.arsenalresources.com/-- is an independent exploration and production company headquartered in Pittsburgh, Pennsylvania that is engaged in the acquisition, exploration, development and production of natural gas in the Appalachian Basin. Arsenal Resources Development LLC and 16 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-12347) on Nov. 8, 2019, to implement terms of a prepackaged Chapter 11 plan of reorganization. Arsenal was estimated to have at least $500 million in assets and liabilities as of the bankruptcy filing. The Company is represented by Simpson Thacher & Bartlett LLP and Young Conaway Stargatt & Taylor LLP, as legal counsel, PJT Partners LP, as investment banker and Alvarez & Marsal North America, LLC, as restructuring advisor. ARSENAL RESOURCES: Hires PJT Partners as Investment Banker ---------------------------------------------------------- Arsenal Resources Development LLC and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ PJT Partners LP, as investment banker to the Debtors. Arsenal Resources requires PJT Partners to: a. assist in the evaluation of the Debtors' business and prospects; b. assist in the development of the Debtors' long-term business plan and related financial projections; c. assist in the development of financial data and presentations to the Debtors' Board of Directors, various creditors, and other third parties; d. analyze the Debtors' financial liquidity and evaluate alternatives to improve such liquidity; e. analyze various restructuring scenarios and the potential impact of these scenarios on the recoveries of those stakeholders impacted by the Restructuring; f. provide strategic advice with regard to restructuring or refinancing the Debtors' Obligations; g. evaluate the Debtors' debt capacity and alternative capital structures; h. participate in negotiations among the Debtors and its creditors, suppliers, lessors and other interested parties; i. value securities offered by the Debtors in connection with a Restructuring; j. advise the Debtors and negotiate with lenders with respect to potential waivers or amendments of various credit facilities; k. assist in arranging financing for the Debtors, as requested; l. provide expert witness testimony concerning any of the subjects encompassed by the other investment banking services; m. if requested, assist the Debtors in preparing marketing materials in conjunction with a possible Transaction; n. if requested, assist the Debtors in identifying potential buyers or parties in interest to a Transaction and assist in the due diligence process; o. if requested, assist and advise the Debtors concerning the terms, conditions and impact of any proposed Transaction; and p. provide such other advisory services as are customarily provided in connection with the analysis and negotiation of a transaction similar to a potential Restructuring, capital raise or Transaction, as requested and mutually agreed. PJT Partners will be paid as follows: a. Monthly Fee. The Debtors shall pay PJT Partners a monthly advisory fee (the "Monthly Fee") of $150,000 per month. Fifty percent (50%) of all Monthly Fees paid to PJT Partners after the 4th Monthly Fee payment (i.e., after $600,000 has been paid) shall be credited, only once and without duplication, against the Restructuring Fee or the Capital Raising Fee (each as defined below). b. Capital Raising Fee. The Debtors shall pay PJT Partners a capital raising fee (the "Capital Raising Fee") for any financing arranged by PJT Partners, earned and payable upon the earlier of funding or the closing of such financing. If access to the financing is limited by orders of the bankruptcy court, a proportionate fee shall be payable with respect to each available commitment (irrespective of availability blocks, borrowing base, or other similar restrictions). The Capital Raising Fee will be calculated as: -- 1% of the total issuance size for structural and contractual senior debt financing; -- 2% of the total issuance size for structural or contractual junior debt financing; and -- 3.5% of the issuance amount for equity financing. If financing arranged by PJT Partners (and use of financing generated from such financing) is the only Restructuring undertaken, PJT Partners, in its sole discretion, may choose to be paid either the Capital Raising Fee or the Restructuring Fee, but not both; provided, that the Capital Raising Fee with respect to any debtor-in-possession financing will be calculated as 1.0% of the total issuance size. Unless the Debtors request that PJT Partners engage in any activity in respect or support of soliciting interest of any third parties in providing debt or equity financing to the Debtors, 50% of any Capital Raising Fee paid to PJT Partners in respect of any financing provided by existing owners of the Debtors' debt or equity securities or midstream contract counterparties as of August 5, 2019 shall be credited against any subsequent Restructuring Fee. c. Restructuring Fee. The Debtors shall pay PJT Partners an additional fee equal to $3,500,000 (the "Restructuring Fee") upon the consummation of a Restructuring, in accordance with the Engagement Letter. d. Transaction Fee. In the event that the Debtors request that PJT Partners engage in any activity in respect or support of marketing any of the Debtors' assets or equity for sale to any third parties (including, without limitation, running a marketing process, contacting potential buyers, and arranging, conducting or facilitating an auction process, whether in or out-of-court, in respect of a potential Transaction), PJT Partners shall be entitled to a Transaction fee ("Transaction Fee") payable in cash at the closing of such Transaction directly out of the gross proceeds of the Transaction calculated as 2% of the Transaction Value. 10 Upon consummation of a Transaction in which all or substantially all of the assets of the Debtors are sold, PJT Partners, in its sole discretion, shall be entitled to either a Transaction Fee in respect of such Transaction or the Restructuring Fee, but not both. During the 90-day period before the Petition Date, the Debtors paid PJT Partners $465,645.16 for monthly fees earned and $32,185.63 for expenses incurred. Prior to the Petition Date, PJT Partners had also received advance payments in the aggregate amount of $165,000. PJT Partners will also be reimbursed for reasonable out-of-pocket expenses incurred. Avram Robbins, partner of PJT Partners LP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. PJT Partners can be reached at: Avram Robbins PJT PARTNERS LP 280 Park Avenue New York, NY 10017 Tel: (212) 364-7800 About Arsenal Resources Development Arsenal Resources -- http://www.arsenalresources.com/-- is an independent exploration and production company headquartered in Pittsburgh, Pennsylvania that is engaged in the acquisition, exploration, development and production of natural gas in the Appalachian Basin. Arsenal Resources Development LLC and 16 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-12347) on Nov. 8, 2019, to implement terms of a prepackaged Chapter 11 plan of reorganization. Arsenal was estimated to have at least $500 million in assets and liabilities as of the bankruptcy filing. The Company is represented by Simpson Thacher & Bartlett LLP and Young Conaway Stargatt & Taylor LLP, as legal counsel, PJT Partners LP, as investment banker and Alvarez & Marsal North America, LLC, as restructuring advisor. Prime Clerk, LLC, as administrative advisor. ARSENAL RESOURCES: Seeks to Hire Simpson Thacher as Counsel ----------------------------------------------------------- Arsenal Resources Development LLC and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ Simpson Thacher & Bartlett LLP, as counsel to the Debtors. Arsenal Resources requires Simpson Thacher to: (a) advise with respect to the Debtors' rights, powers and duties as debtors and debtors in possession in the continued operation of their business, and in the areas of federal bankruptcy law, corporate finance, securities laws, general corporate matters, corporate governance, litigation, employee benefits and tax, including in connection with the proposed DIP and exit financings and post-emergence capital raise, including, in each case, negotiating and preparing on the Debtors' behalf agreements, motions and other filings relating thereto; (b) advise the Debtors regarding pending matters and the general status of the Chapter 11 Cases and coordinate with Delaware co-counsel Young Conaway Stargatt & Taylor, LLP on any necessary or appropriate steps; (c) take all necessary or appropriate action to protect and preserve the Debtors' estates during the pendency of the Chapter 11 Cases, including the prosecution of any actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved and the preparation of objections to any claims filed against the Debtors' estates; (d) prepare on behalf of the Debtors all necessary or appropriate motions, applications, responses, orders, reports and other pleadings and documents in connection with the administration of the Debtors' estates; (e) communicate with representatives of the Debtors' creditors and other parties in interest; (f) take all necessary or appropriate action on behalf of the Debtors in connection with the chapter 11 plan, related disclosure statement and all related documents and such further actions as may be required or advisable in connection with the implementation of the chapter 11 plan and the restructuring; (g) advise with respect to corporate, litigation and other non-bankruptcy matters to the extent requested by the Debtors, including with respect to matters relating to the interpretation, application or amendment of the Debtor's organizational documents, material contracts, matters involving the fiduciary duties of the Debtor and its officers, directors and managers, and matters relating to the Debtor's leases and contracts and claims thereunder; (h) attend court hearings and advise the Debtors on the conduct of the Chapter 11 Cases; and (i) perform all other necessary legal services for the Debtors in connection with the prosecution of the Chapter 11 Cases, including, without limitation, performing all other services assigned by the Debtors to Simpson Thacher as co- counsel to the Debtors. To the extent Simpson Thacher determines that any such services fall outside of the scope of services historically or generally performed by co-counsel in a bankruptcy case, Simpson Thacher will file a supplemental declaration pursuant to Bankruptcy Rule 2014(a). Simpson Thacher will be paid at these hourly rates: Partners $1,325 to 1,640 Senior Counsel $1,220 Counsel $1,190 Associates $590 to 1,145 Paraprofessionals $265 to 455 On July 31, 2019, the Debtors provided Simpson Thacher with an advance payment retainer in the amount of $300,000. On November 7, 2019, the Debtors provided Simpson Thacher with a second advance payment retainer in the amount of $250,000. Prior to the Petition Date, Simpson Thacher applied a portion of the amounts held on account to pay remaining outstanding prepetition fees and expenses of $750,600.57, leaving a balance on the retainer of $44,266.46. Simpson Thacher will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: -- Simpson Thacher has not agreed to a variation of its standard or customary billing arrangements for this engagement; -- None of the professionals included in this engagement have varied their rates based on the geographic location of the Chapter 11 Cases; -- Simpson Thacher was retained by the Debtors pursuant to the Engagement Letter. The billing rates and material terms of the prepetition engagement are the same as the rates and terms described in the Application, subject to customary annual rate increases typically as of January 1 each year and step-ups in rates for associates when they advance in class seniority. In addition, Simpson Thacher represented Arsenal Energy Holdings LLC (one of the Debtors) in its prepackaged chapter 11 case that was closed on March 22, 2019, and Simpson Thacher's billing rates and the material financial terms of the prior representation are consistent with the arrangements described in this Application, apart from step-ups in rates for associates who have advanced in class seniority; and -- The Debtors have approved a prospective budget and staffing plan for Simpson Thacher's engagement for the anticipated postpetition period as appropriate. In accordance with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated developments. Michael H. Torkin, partner of Simpson Thacher & Bartlett LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and its estates. Simpson Thacher can be reached at: Michael H. Torkin, Esq. Kathrine A. McLendon, Esq. Nicholas E. Baker, Esq. Edward R. Linden, Esq. Jamie J. Fell, Esq. SIMPSON THACHER & BARTLETT LLP 425 Lexington Avenue New York, NY 10017 Telephone: (212) 455-2000 Facsimile: (212) 455-2502 E-mail: michael.torkin@stblaw.com kmclendon@stblaw.com nbaker@stblaw.com edward.linden@stblaw.com jamie.fell@stblaw.com About Arsenal Resources Development LLC Arsenal Resources -- http://www.arsenalresources.com/-- is an independent exploration and production company headquartered in Pittsburgh, Pennsylvania that is engaged in the acquisition, exploration, development and production of natural gas in the Appalachian Basin. Arsenal Resources Development LLC and 16 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-12347) on Nov. 8, 2019, to implement terms of a prepackaged Chapter 11 plan of reorganization. Arsenal was estimated to have at least $500 million in assets and liabilities as of the bankruptcy filing. The Company is represented by Simpson Thacher & Bartlett LLP and Young Conaway Stargatt & Taylor LLP, as legal counsel, PJT Partners LP, as investment banker and Alvarez & Marsal North America, LLC, as restructuring advisor. Prime Clerk, LLC, as administrative advisor. ARSENAL RESOURCES: Seeks to Hire Young Conaway as Co-Counsel ------------------------------------------------------------ Arsenal Resources Development LLC, and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ Young Conaway Stargatt & Taylor, LLP, as co-counsel to the Debtors. Arsenal Resources requires Young Conaway to: a. provide legal advice and services regarding Local Rules, practices and procedures and providing substantive and strategic advice on how to accomplish the Debtors' goals in connection with the prosecution of the Chapter 11 Cases, bearing in mind that the Court relies on co-counsel such as Young Conaway to be involved in all aspects of each bankruptcy proceeding; b. review, comment and prepare drafts of documents to be filed with the Court as co-counsel to the Debtors; c. appear in Court and at any meeting with the U.S. Trustee for the District of Delaware (the "U.S. Trustee") and any meeting of creditors at any given time on behalf of the Debtors as their co-counsel; d. perform various services in connection with the administration of the Chapter 11 Cases, including, without limitation, (i) preparing agenda letters, certificates of no objection, certifications of counsel, notices of fee applications and hearings and hearing binders of documents and pleadings; (ii) monitoring the docket for filings and coordinating with Simpson Thacher on pending matters that need responses; (iii) preparing and maintaining critical dates memoranda to monitor pending applications, motions, hearing dates and other matters and the deadlines associated with the same; (iv) handling inquiries and calls from creditors and counsel to interested parties regarding pending matters and the general status of the Chapter 11 Cases; and (v) coordinating with Simpson Thacher on any necessary responses; e. prepare for and pursuing confirmation and approval of a plan and disclosure statement; and f. perform all other services assigned by the Debtors, in consultation with Simpson Thacher, to Young Conaway as co-counsel to the Debtors. Young Conaway will be paid at these hourly rates: Pauline K. Morgan $975 Kara Hammond Coyle $655 Ashley E. Jacobs $530 Elizabeth S. Justison $485 Matthew P. Milana $275 Michelle Smith (Paralegal) $285 Young Conaway received an initial retainer of $150,000 on August 9, 2019, in connection with the planning and preparation of initial documents and its proposed post-petition representation of the Debtors. On November 6, 2019, Young Conaway received $29,189.00 as advanced payment for chapter 11 filing fees. Young Conaway will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: a. Young Conaway has not agreed to a variation of its standard or customary billing arrangements for this engagement; b. None of the Firm's professionals included in this engagement have varied their rate based on the geographic location of the Chapter 11 Cases; c. Young Conaway was retained by the Debtors pursuant to an engagement agreement dated as of July 24, 2019. The billing rates and material terms of the prepetition engagement are the same as the rates and terms described in the Application and herein. d. The Debtors have approved or will be approving a prospective budget and staffing plan for Young Conaway's engagement for the postpetition period as appropriate. In accordance with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated developments. Pauline K. Morgan, partner of Young Conaway Stargatt & Taylor, LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Young Conaway can be reached at: Pauline K. Morgan, Esq. Kara Hammond Coyle, Esq. Ashley E. Jacobs, Esq. Elizabeth S. Justison, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square, 1000 North King Street Wilmington, Delaware 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 E-mail: pmorgan@ycst.com kcoyle@ycst.com ajacobs@ycst.com ejustison@ycst.com About Arsenal Resources Development Arsenal Resources -- http://www.arsenalresources.com/-- is an independent exploration and production company headquartered in Pittsburgh, Pennsylvania that is engaged in the acquisition, exploration, development and production of natural gas in the Appalachian Basin. Arsenal Resources Development LLC and 16 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-12347) on Nov. 8, 2019, to implement terms of a prepackaged Chapter 11 plan of reorganization. Arsenal was estimated to have at least $500 million in assets and liabilities as of the bankruptcy filing. The Company is represented by Simpson Thacher & Bartlett LLP and Young Conaway Stargatt & Taylor LLP, as legal counsel, PJT Partners LP, as investment banker and Alvarez & Marsal North America, LLC, as restructuring advisor. Prime Clerk, LLC, as administrative advisor. ARSENAL RESOURCES: Taps Alvarez & Marsal as Restructuring Advisor ----------------------------------------------------------------- Arsenal Resources Development LLC, and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ Alvarez & Marsal North America, LLC, as restructuring advisor to the Debtors. Arsenal Resources requires Alvarez & Marsal to: (a) assist the Debtors in the preparation of financial information for distribution to creditors and others, including cash flow projections (including 13-week cash flow forecast) and budgets, cash receipts and disbursements analysis; (b) assist in managing liquidity and financing issues, including the preparation of reports, liaising with creditors and testifying in connection with hearings regarding the use of cash collateral and the Debtors' debtor-in-possession ("DIP") financing; (c) assist the Debtors and their counsel in the preparation of motions, pleadings and other activities necessary to implement a chapter 11 filing; (d) assist the Debtors in the preparation of financial related disclosures required in the Chapter 11 Cases; (e) analyze creditor claims by type, entity and individual claim; (f) assist in the evaluation and analysis of avoidance actions, including fraudulent conveyance and preferential transfers; (g) assist in the review of the Debtors' current compensation policies and development of any changes thereto that the Debtors may deem appropriate; (h) assist with the preparation of plans, disclosure statements and other pleadings in the Chapter 11 Cases; and (i) other activities as are approved by the Debtors and agreed to by Alvarez & Marsal. Alvarez & Marsal will be paid at these hourly rates: (a) Restructuring: i. Managing Directors $875 to 1,100 ii. Directors $675 to 850 iii. Associates/Analysts $400 to 650 (b) Case Management: i. Managing Directors $825 to 950 ii. Directors $650 to 800 iii. Consultants/Analysts $400 to 600 Alvarez & Marsal received $200,000 as a retainer in connection with preparing for and conducting the filing of the Chapter 11 Cases. In the 90 days prior to the Petition Date, Alvarez & Marsal received retainers and payments totaling $3,147,409 in the aggregate for services performed for the Debtors. Alvarez & Marsal will also be reimbursed for reasonable out-of-pocket expenses incurred. Matthew J. Henry, partner of Alvarez & Marsal North America, LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Alvarez & Marsal can be reached at: Matthew J. Henry ALVAREZ & MARSAL NORTH AMERICA, LLC 600 Madison Avenue, 8th Floor New York, NY 10022 Tel: (212) 759-4433 Fax: (212) 759-5532 About Arsenal Resources Development Arsenal Resources -- http://www.arsenalresources.com/-- is an independent exploration and production company headquartered in Pittsburgh, Pennsylvania that is engaged in the acquisition, exploration, development and production of natural gas in the Appalachian Basin. Arsenal Resources Development LLC and 16 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-12347) on Nov. 8, 2019, to implement terms of a prepackaged Chapter 11 plan of reorganization. Arsenal was estimated to have at least $500 million in assets and liabilities as of the bankruptcy filing. The Company is represented by Simpson Thacher & Bartlett LLP and Young Conaway Stargatt & Taylor LLP, as legal counsel, PJT Partners LP, as investment banker and Alvarez & Marsal North America, LLC, as restructuring advisor. Prime Clerk, LLC, as administrative advisor. ARSENAL RESOURCES: Taps Prime Clerk as Administrative Advisor ------------------------------------------------------------- Arsenal Resources Development LLC, and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ Prime Clerk, LLC, as administrative advisor to the Debtors. Arsenal Resources requires Prime Clerk to: a. assist with, among other things, solicitation, balloting, and tabulation of votes, and prepare any related reports, as required in support of confirmation of a chapter 11 plan, and in connection with such services, process requests for documents from parties in interest, including, if applicable, brokerage firms, bank back-offices, and institutional holders; b. prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; c. assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; d. provide a confidential data room, if requested; e. manage and coordinate any distributions pursuant to a chapter 11 plan; and f. provide such other processing, solicitation, balloting, and other administrative services described in the Engagement Agreement, but not covered by the Section 156(c) Order, as may be requested from time to time by the Debtors, the Court, or the Office of the Clerk of the Bankruptcy Court (the "Clerk"). Prime Clerk will be paid at these hourly rates: Director of Solicitation $210 Solicitation Consultant $190 COO and Executive VP No charge Director $175-$195 Consultant/Senior Consultant $65-$165 Technology Consultant $35-$95 Analyst $30-$50 Prime Clerk will be paid a retainer in the amount of $25,000. Prime Clerk will also be reimbursed for reasonable out-of-pocket expenses incurred. Benjamin J. Steele, a partner at Prime Clerk LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Prime Clerk can be reached at: Benjamin J. Steele PRIME CLERK LLC 830 3rd Avenue, 9th Floor New York, NY 10022 Tel: (212) 257-5450 About Arsenal Resources Development Arsenal Resources -- http://www.arsenalresources.com/-- is an independent exploration and production company headquartered in Pittsburgh, Pennsylvania that is engaged in the acquisition, exploration, development and production of natural gas in the Appalachian Basin. Arsenal Resources Development LLC and 16 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-12347) on Nov. 8, 2019, to implement terms of a prepackaged Chapter 11 plan of reorganization. Arsenal was estimated to have at least $500 million in assets and liabilities as of the bankruptcy filing. The Company is represented by Simpson Thacher & Bartlett LLP and Young Conaway Stargatt & Taylor LLP, as legal counsel, PJT Partners LP, as investment banker and Alvarez & Marsal North America, LLC, as restructuring advisor. Prime Clerk, LLC, as administrative advisor. ASC INSULATION: Hires Moglia Advisors as Financial Consultant ------------------------------------------------------------- ASC Insulation Fireproofing and Supplies, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Moglia Advisors, as its financial consultant. Moglia Advisors will prepare a 13-week cash flow forecast as required in on the second interim order for use of cash collateral. Moglia Advisors is requesting a post-petition retainer of $7,500. Its hourly rates are: Alex D. Moglia $525 Alan Friedman $450 The accountants at Moglia Advisors are disinterested persons within the meaning of 11 U.S.C. Sec. 101(14), according to court filing. The firm can be reached through: Alex D. Moglia MOGLIA ADVISORS 2460 S Eola Rd Aurora, IL 60503 Phone: +1 630-236-8119 E-Mail: amoglia@mogliaadvisors.com About ASC Insulation Fireproofing ASC Insulation Fireproofing and Supplies, Inc. -- http://www.ascfireproofing.com/-- is a family-owned company specializing in commercial spray-applied fireproofing coatings, industrial coatings, intumescent coatings, and thermal and acoustical coatings. ASC Insulation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 19-31687) on Nov. 6, 2019. Judge Timothy A. Barnes is assigned to the case. In the petition signed by its president, Mike Castro, the Debtor was estimated to have assets of less than $50,000 and debt under $10 million. James Young Law serves as the Debtor's counsel. ASC INSULATION: May Continue Cash Collateral Use Until Jan. 7 ------------------------------------------------------------- Judge Timothy A. Barnes of the U.S. Bankruptcy Court for the Northern District of Illinois authorized ASC Insulation Fireproofing and Supplies, Inc., to use cash collateral solely in accordance with the Budget and the other terms and conditions set forth in the Third Interim Order. The Debtor's right to use cash collateral will remain in effect until Jan. 7, 2020 at 1:30 p.m. at which time a further hearing on the use of cash collateral will take place. St. Charles Bank & Trust Co. has a senior security interest in all assets of the Debtor by way of a valid lien duly filed of which the amount due and owing totals no less than $421,176. The Laborer's Pension Fund; the Laborers Welfare Funds of Health and Welfare Department of the Construction and General Laborers' District Council of Chicago and Vicinity; maintain a junior security interest pursuant to a blanket continuing Commercial Security Agreement for unpaid contributions and dues alleged owed by the Chicago Laborers' Funds in the amount of $395,704 pursuant to audit findings. The Secured Parties will be secured by liens to the same extent, priority and validity as existed prior to the Petition Date. The Secured Parties will receive security interests in and replacement liens upon all of the Debtor's now existing or hereafter acquired property, real or personal, whether in existence before or after the Petition Date, to the extent actually used and for the diminution, if any, in the value of the Secure Parties' Collateral securing all indebtedness of the Debtor to the Secured Parties, which replacement liens will be the same liens as prepetition valid liens of record. St. Charles Bank is granted adequate protection payments in the amount of $10,650 per month until further order of the Court to protect against any diminution in value of the collateral. St. Charles Bank is also granted adequate protection for its asserted secured interests in substantially all of the Debtor's assets, including cash collateral equivalents and the Debtor's cash and accounts receivable, among other collateral to the extent and validity as held prepetition. A copy of the Third Interim Order is available for free at https://is.gd/nOCMMN from Pacermonitor.com About ASC Insulation Fireproofing ASC Insulation Fireproofing and Supplies, Inc. -- http://www.ascfireproofing.com/-- is a family-owned company specializing in commercial spray-applied fireproofing coatings, industrial coatings, intumescent coatings, and thermal and acoustical coatings. ASC Insulation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 19-31687) on Nov. 6, 2019. Judge Timothy A. Barnes is assigned to the case. In the petition signed by its president, Mike Castro, the Debtor was estimated to have assets of less than $50,000 and debt under $10 million. James Young Law serves as the Debtor's counsel. ASCENT INDUSTRIES: BC Supreme Court Okays CCAA Plan --------------------------------------------------- Ascent Industries Corp. (CSE: ASNT) on Dec. 20, 2019, disclosed that the Company and certain of its affiliates obtained an order of the Supreme Court of British Columbia sanctioning and approving the Company's first amended and restated consolidated plan of compromise, arrangement and organization ("Plan") under the Companies' Creditors Arrangement Act ("CCAA") at a hearing held on December 19, 2019. The Court's sanction and approval of the Plan represents a key step towards the Company's implementation of the Plan. The Company is now diligently working towards satisfying the remaining conditions precedents to the Plan. The Company currently anticipates that the Plan will be implemented on or prior to December 30, 2019. Copies of the Plan and other Court materials and information relating to the Plan and the CCAA proceedings are available on the website maintained by Ernst & Young Inc., the Court-appointed CCAA 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. BI-WEEKLY DEFAULT STATUS REPORT The Company provides this default status report pursuant to National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") and applicable policy of the British Columbia Securities Commission which applies to companies, such as Ascent, that are the subject of CCAA proceedings. On May 16, 2019, the Company announced that its audited annual financial statements for the year ended December 31, 2018, including the related management discussion & analysis, and accompanying CEO and CFO certifications (collectively, the "Annual Filings") were not filed by the required filing deadline of April 30, 2019. As of the date hereof, the Company has not filed: (i) its interim financial statements for the three month period ended March 31, 2019 and related management discussion & analysis and accompanying CEO and CFO certifications; (ii) its interim financial statements for the three month period ended June 30, 2019 and related management discussion & analysis and accompanying CEO and CFO certifications; and (iii) its interim financial statements for the three month period ended September 30, 2019 and related management discussion & analysis and accompanying CEO and CFO certifications (collectively, the "Interim Filings") prior to the filing deadlines prescribed under National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"). As previously reported, Ascent is currently involved in CCAA proceedings. Ascent is required to file bi-weekly default status reports in accordance with NP 12-203 until such time that the CCAA proceeding is concluded or until the defaults in filing the Annual Filings and Interim Filings are remedied. The Company reports that there have been no material changes to the information contained in its last bi-weekly default status report dated December 2, 2019. Furthermore, there is no other material information concerning the affairs of the Company that has not been generally disclosed. The Company confirms that, since its last bi-weekly default status report dated December 2, 2019, there have been no failures by it in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under NP 12-203. The Company intends to file the Annual Filings and Interim Filings as soon as possible. About Ascent Industries Corp. Ascent Industries Corp. owns a commercial facility in Nevada, and various licenses in Nevada and Oregon. The Company is currently assessing various options in the health sciences and nutraceutical space. ASSOCIATION HEALTH CARE: Seeks to Hire a Consultant --------------------------------------------------- Association Health Care Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire a consultant. Laura Becerra-Gongora will represent the Debtor as consultant. Ms. Becerra-Gongora acts as an independent contractor and provides consulting services as needed in matters like product design, commissions, agent management, agent procurement, data and business analysis, and reporting and remittance. Ms. Becerra-Gongora will be paid $60 per hour for her services. Ms. Becerra-Gongora represents no interest adverse to the Debtors or their estate, according to court filings. Ms. Becerra-Gongora can be reached at: Laura Becerra-Gongora 9630 Cibolo St. Houston, TX 77013 About American Workers Insurance American Workers Insurance Services, Inc., is a health insurance agency in Rockwall, Texas. Association Health Care Management, Inc., doing business as Family Care, provides health care services. AHCM offers assistance, nursing, patient care, rehabilitation, and dental services. AWIS and AHCM sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 19-44208 and 19-44209) on Oct, 14, 2019 in Fort Worth, Texas. The petitions were signed by Harold Lyndon Brock, Jr., president of American Workers Insurance, and Landon Jordan, chief executive officer of Association Health Care. On the petition date, AWIS was estimated to have $50 million to $100 million in assets, and $10 million to $50 million in liabilities; AHCM was estimated to have between $50 million and $100 million in assets, and between $10 million and $50 million in liabilities. The Hon. Mark X. Mullin is the case judge for Debtor AWIS' case, and Hon. Edward L. Morris for Debtor AHCM's case. Forshey & Prosto, LLP, serves as counsel to both Debtors. ATLANTIC & PACIFIC: Comm. Taps Griffin Hamersk as Special Counsel ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of The Great Atlantic & Pacific Tea Company, Inc. and its affiliated debtors filed a supplemental application seeking authority from the United States Bankruptcy Court for the Southern District of New York to modify the scope of services provided by Rich Michaelson Magaliff LLP (R3M), and substitute Griffin Hamersky LLP as special conflicts counsel to the Committee. By this Supplemental Application, the Committee shall modify the scope of services provided by R3M, and allowing R3M's Modified Compensation and Supplemental Compensation and directing payment thereof, and to retain and substitute Griffin Hamersky as special conflicts counsel going forward in place of R3M with respect to any avoidance actions under 11 U.S.C. Secs. 544, 547, 548, 549, and 550 that have been or may be filed against McKesson Corporation, McKesson Pharmacy Systems LLC, McKesson Specialty Care Distribution Corporation sued as McKesson Specialty Distribution LLC, or any other McKesson affiliate nunc pro tunc to November 22, 2019. R3M will be paid a total of $108,000.00 and any reasonable out of pocket expenses by the Debtors. The Modified Compensation is comprised of 60 percent of R3M's $600.00 hourly rate for 300 hours of work. Upon entry of an order approving the Supplemental Application, 75 percent 75% of the Modified Compensation shall be paid within 5 business days and the remaining 25 percent 25% shall be paid within 5 business days upon completion of transferring R3M's files on the McKesson Actions to Griffin Hamersky. R3M shall also be paid any reasonable out of pocket expenses by the Debtors within 5 business days of the Debtors' receipt of any invoice detailing such expenses. In addition, R3M shall be paid its hourly rate of $600.00 for its work on transferring its files on the McKesson Actions to Griffin Hamersky, which work shall not exceed 10 hours. R3M shall be paid the Supplemental Compensation within 5 business days after R3M completes transfer of its files on the McKesson Actions to Griffin Hamersky and after the Debtors receive R3M's invoice detailing the time spent on this work. Griffin Hamersky will be paid 50% of all sums billed by Griffin Hamersky, plus the first 20% of any proceeds received from or on behalf of any defendant in the McKesson Actions or any affiliated entities related to the McKesson Actions. "Proceeds" will include any cash payments in connection with the settlement, resolution, or discontinuance of any of the McKesson Actions or any judgments, sanctions or awards related to the McKesson Actions, but will exclude any sums subject to a Court-approved setoff and the value of any waiver of any administrative priority claim or portion thereof. However, Griffin Hamersky's total compensation on account of its legal fees shall not exceed thirty three percent (33%) of the gross proceeds of the McKesson Actions. Additionally, Griffin Hamersky will be paid reasonable expenses incurred by it in connection with the litigation of the McKesson Actions. Michael D. Hamersky, Esq., partner at Griffin Hamersky, attests that neither Griffin Hamersky nor any of its attorneys have any connection with any party in interest, their attorneys or accountants. The firm can be reached through: Michael D. Hamersky, Esq. Griffin Hamersky LLP 420 Lexington Ave #400 New York, NY 10170 Phone: +1 646-998-5580 About Atlantic & Pacific Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea Company, Inc., and its affiliates are one of the nation's oldest leading supermarket and food retailers, operating approximately 300 supermarkets, beer, wine, and liquor stores, combination food and drug stores, and limited assortment food stores across six Northeastern states. The primary retail operations consist of supermarkets operated under a variety of well known trade names, or "banners," including A&P, Waldbaum's, SuperFresh, Pathmark, Food Basics, The Food Emporium, Best Cellars, and A&P Liquors. The Company employs approximately 28,500 employees, over 90% of whom are members of one of twelve local unions whose members are employed by the Debtors under the authority of 35 separate collective bargaining agreements. Then with 429 stores, A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010, and in 2012 emerged from Chapter 11 bankruptcy as a privately held company with 320 supermarkets. On July 19, 2015, with 300 stores, A&P and 20 affiliated debtors each filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 15-23007) after reaching deals for the going concern sales of 120 stores. As of Feb. 28, 2015, the Debtors reported total assets of $1.6 billion and liabilities of $2.3 billion. Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York presides over the 2015 cases. The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Evercore Group L.L.C., as investment banker, FTI Consulting, Inc., as financial advisor, Hilco Real Estate, LLC, as real estate advisor, and Prime Clerk LLC, as claims and noticing agent. BARKATH PROPERTIES: Seeks to Extend Exclusivity Period to March 26 ------------------------------------------------------------------ Barkath Properties LLC and its affiliates asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend the exclusivity period to file their Chapter 11 plans of reorganization to March 26, 2020, and the period to solicit acceptances for the plan to May 24, 2020. The companies have been able to substantially increase their cash on hand and accounts receivable and they remain optimistic that they will be able to effectively reorganize. The companies further believe they will obtain certain new business within a few weeks that will substantially increase their income making confirmation of their plans even more likely. About Barkath Properties Barkath Properties is a privately held company engaged in activities related to real estate. The Company owns in fee simple a shopping mall unit in Libertyville, Illinois valued at $1.80 million and a commercial building in Waukegan, Illinois valued at $150,000. Barkath Properties sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 19-23544) on Aug. 21, 2019. The petition was signed by Shoukath Ahmed, manager. As of the Petition Date, Debtor recorded $2,097,271 in total assets and $5,177,277 in total liabilities. The LAW OFFICE OF O. ALLAN FRIDMAN is serving as the Debtor's counsel. BAUSCH HEALTH: Fitch Assigns B Rating on Sr. Unsec. Notes --------------------------------------------------------- Fitch Ratings assigned a 'B'/'RR4' rating to Bausch Health Companies Inc.'s senior unsecured notes offering. Net proceeds from the issuance of $1.25 billion in eight- and 10-year notes are expected to be used to finance amounts owed under the U.S. putative securities class action settlement and to pay transaction fees and expenses, with any remaining proceeds used for general corporate purposes. The ratings apply to approximately $23.8 billion of debt outstanding at Sept. 30, 2019. The Rating Outlook is Stable. KEY RATING DRIVERS Good Progress in Business Turn-around: Bausch Health's 'B' Long-Term Issuer Default Rating (IDR) reflects progress in stabilizing operations and reducing debt since mid-2016. The company is poised to return the dermatology business to profitable growth in 2020. Throughout the business turn-around, BHC consistently generated strong FCF relative to the 'B' category rating, pushed its nearest large debt maturity out until 2022, and loosened restrictive secured debt covenants through refinancing transactions. The company's stronger operating profile and consistent cash generation should enable it to further reduce leverage in the near term. Modestly High Leverage: The settlement will modestly stress leverage (total debt/EBITDA) for a short period, but Fitch expects the company to reduce leverage to 7.0x or below by the end of 2020, and even further during the intermediate- to long term. Pro forma for this recent debt issuance, Bausch has made good progress in reducing the absolute level of debt outstanding by approximately $7.3 billion since March 31, 2016 with a combination of internally generated cash flow and proceeds from asset divestitures. Returning to Growth: Bausch Health operates with a reasonably diverse business model relative to its products, customers and geographies served. Many of the company's businesses are comprised of defensible product portfolios, which are capable of generating durable margins and cash flows. Fitch believes that the expected long-term growth for Bausch Health's eye health (Bausch + Lomb/International) and gastrointestinal (GI/Salix) businesses support the company's operating prospects. Fitch also expects that the dermatology business will grow in 2020 as it successfully commercializes recently launched products. The dermatology business accounts for roughly 6.4% of total firm sales as of nine months ended Sept. 30, 2019. Reliance on New Products: The stabilization of Bausch Health's operating profile has involved an increased focus on developing an internal research and development pipeline, which Fitch believes is constructive for the company's credit profile over the long term. This strategy is not without risk since Bausch Health needs to ramp up the utilization of recently-approved products through successful commercialization efforts. These products include Siliq (for the treatment of moderate-to-severe plaque psoriasis, although with safety restrictions), Bryhali (plaque psoriasis), Lumify (red eye) and Vyzulta (glaucoma). The recent approval of Duobrii or IDP-118 (plaque psoriasis) should also help to strengthen the company's dermatology business. Near-Term Maturities Manageable: Bausch Health consistently generates significant positive FCF (LTM FCF margin of 15.6%) and has satisfied debt maturities until 2022 aside from annual amortization payments on the term loans of about $203 million annually starting 2021. The company's ability to access the credit markets for unsecured notes issues in late 2017 and early 2018 was an important step forward for the prospects of refinancing shorter dated maturities. DERIVATION SUMMARY Bausch Health, rated 'B'/Stable, is significantly larger and more diversified than specialty pharmaceutical industry peers Mallinckrodt plc (ccc-*/Negative) and Endo International plc Endo (ccc+*/Negative). While all three manufacture and market specialty pharmaceuticals and have maturing pharmaceutical products, Bausch Health's Bausch + Lomb (B+L) business meaningfully decreases business concentration risk relative to Mallinckrodt and Endo. B+L offers operational diversification in terms of geographies and payers. Many of its products are purchased directly by customers without the requirement of a prescription. However, Bausch Health's rating also reflects gross debt leverage that is higher than peers. The company accumulated a significant amount of debt through numerous acquisitions. In addition, Bausch Health had a number of missteps in the integration process and other operational issues. New management has been focusing on reducing leverage by applying operating cash flow and divestiture proceeds to debt reduction and returning the business to organic growth through internal product development efforts. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer -- Forecasted revenue returning to growth in 2019-2020. Fitch expects the loss of exclusivity (LOE) on products will be a roughly $400 million headwind to revenues in 2019 and forecasts total revenue growth of less than 1%. The growth of Siliq, Bryhali and potentially Duobrii should help return the dermatology business to growth in 2020; -- EBITDA of $3.4 billion in 2019 and increasing during the intermediate term, driven by revenue growth, improved sales mix and cost control; -- Normalized annual FCF of $1.2 billion to $1.3 billion during the forecast period beginning 2020; -- Continued debt reduction utilizing FCF; -- Leverage declining to below 7.0x by the end of 2020. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action -- An expectation of gross debt leverage (total debt/EBITDA) durably below 6.0x and lease adjusted leverage (total adjusted debt/EBITDAR) durably below 6.5x; -- Bausch Health continues to maintain a stable operating profile and refrains from pursuing large, leveraging transactions including acquisitions; -- Forecasted FCF remains significantly positive; -- Debt maturities are successfully addressed well in advance through a combination of debt reduction and refinancing. Developments That May, Individually or Collectively, Lead to Negative Rating Action -- Gross debt leverage (total debt/EBITDA) durably above 7.0x and lease adjusted leverage (total adjusted debt/EBITDAR) persisting above 7.5x; -- Material operational stress returns without a clear path to stabilize in the near term; -- FCF significantly and durably deteriorates; -- Refinancing risk increases and the prospect for meaningful leverage reduction weakens. LIQUIDITY AND DEBT STRUCTURE Bausch Health had adequate near-term liquidity at Sept. 30, 2019, including cash on hand of $825 million and full availability (excluding letters of credit) under its $1.225 billion revolving credit facility that matures on June 1, 2023. The company's refinancing activities have largely satisfied debt maturities until 2022. Fitch estimates that at Sept. 30, 2019, Bausch Health had debt maturities and loan amortizations of roughly $203 million in 2021, $1.55 billion in 2022 and $3.79 billion in 2023. Bausch Health has consistently generated significantly positive FCF during 2015-2019, despite facing serious operating challenges. Fitch expects the company to maintain adequate headroom under the debt agreement financial maintenance covenants during the 2019-2022 forecast period. SUMMARY OF FINANCIAL ADJUSTMENTS Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed: -- Historical and projected EBITDA is adjusted to add back non-cash stock based compensation. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS Fitch links the ratings of Bausch Health Companies Inc. (parent) and Bausch Health Americas, Inc. (subsidiary), and assigns the same 'B' Long-Term IDR to both entities. The linkage reflects the strong legal and operational ties between the parent and the subsidiary. Recovery Assumptions The recovery analysis assumes that Bausch Health would be considered a going concern in bankruptcy and that the company would be reorganized rather than liquidated. Fitch estimates a going concern enterprise value (EV) of $19.2 billion for Bausch Health and assumes that administrative claims consume 10% of this value in the recovery analysis. The going concern EV is based upon estimates of post-reorganization EBITDA and the assignment of an EBITDA multiple. Fitch's estimate of Bausch Health's going concern EBITDA of $2.55 billion is 32% lower than the estimated 2019 EBITDA, reflecting a scenario where the recent stabilization in the base business is reversed and the company is not successful in commercializing the R&D pipeline. Fitch assumes Bausch Health will receive a going-concern recovery multiple of 7.5x EBITDA. This is slightly higher than the 6.0x-7.0x Fitch typically assigns to specialty pharmaceutical manufacturers, representing Bausch + Lomb's relatively more durable consumer products focus and the company's larger scale and broader product portfolio than peers. The current average 2019 forward public market trading multiple of Bausch Health and the company's closet peers is 9.9x. Fitch applies a waterfall analysis to the going concern EV based on the relative claims of the debt in the capital structure, and assumes that the company would fully draw the revolvers in a bankruptcy scenario. The senior secured credit facility, including the term loans and revolver, and senior secured notes, have outstanding recovery prospects of 91%-100% in a reorganization scenario and are rated 'BB'/'RR1', three notches above the IDR. The senior unsecured notes recover 31%-50% and are rated 'B'/'RR4'. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Bausch Health Companies Inc. has an ESG Relevance Score of 4 for Exposure to Social Impacts due to pressure to contain healthcare spending growth; highly sensitive political environment, and social pressure to contain costs or restrict pricing which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. BAUSCH HEALTH: S&P Rates New $1.25BB Senior Unsecured Notes 'B' --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '5' recovery rating to Bausch Health Cos. Inc.'s proposed $1.25 billion senior unsecured notes, which it will issue in two tranches maturing in 2028 and 2030. S&P said, "The '5' recovery rating indicates our expectation for modest recovery (10%-30%; rounded estimate: 20%) in the event of a payment default. We expect the company to use the proceeds from these notes to pay the amounts owed under its recent U.S. securities litigation settlement agreement and related transaction fees and expenses. We anticipate that Bausch would use any remaining proceeds to add cash to its balance sheet for general corporate purposes." Bausch Health is a global pharmaceutical and medical device company that develops, manufactures, and markets products primarily in the therapeutic areas of eye health, gastroenterology, dermatology, including a broad range of branded, generic, and over-the-counter drugs and medical devices. The company has sales in over 90 countries. S&P said, "Our 'B+' issuer credit rating on Bausch Health is unaffected by this note issuance. While the transaction will increase the company's adjusted net debt leverage, it also removes significant uncertainty. Bausch's adjusted net leverage will remain high (we project in the 6.5x-7.0x range over the next year) but manageable given its steady revenue growth and solid annual free cash flow of roughly $1 billion. We also believe that management remains committed to deleveraging." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's default scenario contemplates a significant erosion in the demand for the company's products in 2021 stemming from pricing pressure from managed-care payors and pharmacy benefit managers (PBMs) as well as a need to increase operating expenses and investment in research and development (R&D) and brand management. -- S&P continues to value the company on a going-concern basis using a 7x multiple of its projected EBITDA at default, which is consistent with its treatment of its peers. -- S&P estimates that for the company to default its EBITDA would have to decline to approximately $2.075 billion. S&P's recovery analysis assumes that in a hypothetical bankruptcy scenario Bausch would reorganize rather than liquidate because of continued demand for its products. Alternatively, its lenders could break up its diverse product families and sell them to strategic buyers. Simulated default assumptions -- Simulated year of default: 2021 Simplified waterfall -- EBITDA multiple: 7x -- Net enterprise value (after administrative costs): $13.8 billion -- Obligor/nonobligor split: 95%/5% -- First-lien debt claims: $11.289 billion -- Recovery expectation: 90%-100% (rounded estimate: 95%) -- Total value available to unsecured claims: $2.507 billion -- Unsecured claims: $14.713 billion -- Recovery expectation: 10%-30% (rounded estimate: 20%) Notes: All debt amounts include six months of prepetition interest. BELIEVERS BIBLE: $150K Sale of Atlanta Property to SSS Approved --------------------------------------------------------------- Judge Wendy L. Hagenau of the U.S. Bankruptcy Court for the Northern District of Georgia authorized Believers Bible Christian Church, Inc.'s sale of 1.95 acres of real property located on Campbellton Road, Atlanta, Fulton County, Georgia, PIN 14F-0006-0001-030-5, to SSS Properties, LLC for $150,000. A hearing on the Motion was held on for Dec. 5, 2019 at 1:30 p.m. The parties reached an agreement whereby the Fulton County Tax Commissioner has granted a carve-out from its secured claim in the amount of $40,403 to pay the real estate broker's commission of $4,500, the administrative expense claim of Macey Wilensky & Hennings, LLC in the amount of $17,110, and the anticipated administrative expense claim of Rountree Leitman & Klein, LLC in the amount of $18,793. The $40,403 will be segregated from the net sales proceeds at closing for the Debtor's counsel to make disbursements to the holders of the above-referenced administrative expense claims, with the balance of the net proceeds being paid to the Fulton County Tax Commissioner toward its claim. The remainder of the Fulton County Tax Commissioner's claim will remain intact. The Order will be enforceable and effective immediately upon entry. About Believer's Bible Christian Church Believers Bible Christian Church, Inc., based in Atlanta, Georgia, filed a Chapter 11 bankruptcy 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. William A. Rountree, Esq., at Macey, Wilensky & Hennings LLC, serves as Chapter 11 counsel. The 2016 petition was signed by Theo A. McNair Jr., its president. The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the 2016 case. Believer's Bible previously filed for Chapter 11 (Bankr. N.D. Ga. Case No. 08-61958) on Feb. 4, 2008, and was represented by Paul Reece Marr, Esq., at Paul Reece Marr, P.C. The 2008 case was assigned to Judge Joyce Bihary. The Debtor estimated assets and debts at $1 million to $10 million at the time of the filing. The Debtor employed Price Realty Group, as real estate agent, to sell two parcels of real property it owns located along Campbellton Road, Atlanta, Georgia. BENCHMARK ELECTRONICS: S&P Withdraws 'BB-' Issuer Credit Rating --------------------------------------------------------------- S&P Global Ratings withdrew its 'BB-' issuer credit rating on Tempe, Ariz.-based Benchmark Electronics Inc. at the issuer's request. BERNARD L. MADOFF: 11th Distribution Raises Recovery to 68.4% ------------------------------------------------------------- Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), filed a motion on Dec. 18, 2019, in the United States Bankruptcy Court for the Southern District of New York seeking approval for an allocation of more than $988 million in recoveries to the BLMIS Customer Fund and an authorization for an eleventh pro rata interim distribution of more than $332 million from the Customer Fund to BLMIS customers with allowed claims. A hearing on the motion has been scheduled for Thursday, January 9, 2020 at 10:00 a.m. EST. "SIPC commends the SIPA Trustee and his team for their unwavering commitment to pursuing customer monies converted by Bernard Madoff," said Josephine Wang, President and Chief Executive Officer of the Securities Investor Protection Corporation (SIPC). "Even after more than a decade, the Trustee and his team, with SIPC's support, continues to recover significant amounts, all of which will go to BLMIS customers with allowed claims. SIPC is proud to be part of this ongoing, successful effort for the benefit of customers." "Our worldwide team was assembled to deliver exceptional results for the victims of Madoff's fraud, and that is what we must continue to do," said Mr. Picard. "Thanks to the team's persistence and diligent work, we have restored nearly 69 percent of the money stolen through the Ponzi scheme." "Make no mistake, even after 11 years, we have substantial potential recoveries ahead," said David J. Sheehan, Chief Counsel to the SIPA Trustee. "Litigation involving approximately $3.2 billion is still at stake, and approximately 223 lawsuits remain pending in the United States, involving defendants in many jurisdictions around the world. With the support of SIPC, we will continue pursuing these recoveries that rightfully belong to the customers of BLMIS." Eleventh Distribution Will Bring Total Amount Restored to More Than $13.89 Billion Plans for the eleventh pro rata interim distribution are the result of more than $988 million in settlements and recoveries achieved by the SIPA Trustee and the legal teams since the last interim distribution in February 2019, most notably the $860 million settlement agreement between the SIPA Trustee and Kingate Global Fund, Ltd. and Kingate Euro Fund, Ltd., BLMIS feeder funds incorporated in the British Virgin Islands. When combined with the prior ten distributions, the eleventh distribution will equal 68.411 percent of each customer's allowed claim amount, unless that claim has been fully satisfied. The aggregate amount distributed to eligible BLMIS customers will total more than $13.89 billion, including approximately $848.199 million in advances committed by SIPC. As of October 31, 2019, the SIPA Trustee has recovered or reached agreements to recover approximately $14.294 billion. This recovery far exceeds any prior restitution effort related to Ponzi schemes both in terms of dollars and percentage of stolen funds recovered. No funds recovered in the Madoff Recovery Initiative are used to pay costs associated with the recovery. All trustee, legal, and accounting fees, as well as administrative expenses, are paid by SIPC. The Eleventh Customer Fund Allocation and Distribution Motion can be found on the United States Bankruptcy Court's website at http://www.nysb.uscourts.gov/;Bankr. S.D.N.Y., No. 08-01789 (SMB). It can also be found on the SIPA Trustee's website along with more information on the BLMIS liquidation at: www.madofftrustee.com. Ms. Wang and Messrs. Picard and Sheehan would like to thank Seanna Brown and Heather Wlodek of BakerHostetler, who worked on the eleventh pro rata interim distribution and its related filings, as well as BakerHostetler, Windels Marx and all of the attorneys and professionals whose work has led to the distribution. They would also like to thank Vineet Sehgal and his colleagues at AlixPartners, as well as Kevin H. Bell, Nathanael Kelley and their colleagues at SIPC, for their ongoing work and participation in the Madoff Recovery Initiative distributions. About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr. Picard has retained AlixPartners LLP as claims agent. On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert US$64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.). From recoveries in lawsuits coupled with money advanced by SIPC, Mr. Picard has commenced distributions to victims. As of December 2018, more than $13.3 billion of those stolen funds have been recovered through the Madoff Recovery Initiative. Ten interim distributions to eligible BLMIS customers total more than $12 billion, which will equal 66.371 percent of each customer's allowed claim amount. BLUE DOLPHIN: Stockholders Elect Five Directors ----------------------------------------------- Blue Dolphin Energy Company held its Annual Meeting of Stockholders on Dec. 20, 2019, at which the stockholders elected Jonathan P. Carroll, Ryan A. Bailey, Amitav Misra, Christopher T. Morris, and Herbert N. Whitney as directors to hold office until the next annual meeting of stockholders, or in each case until their successors are duly elected and qualified, or until their earlier resignation or removal. The stockholders also ratified the selection of UHY LLP as Blue Dolphin's independent public accounting firm for the fiscal year ending Dec. 31, 2019. About Blue Dolphin Headquartered in Houston, Texas, Blue Dolphin Energy Company -- http://www.blue-dolphin-energy.com-- is primarily engaged in the refining and marketing of petroleum products. The Company also provides tolling and storage terminaling services. Its assets, which are in Nixon, Texas, primarily include a 15,000-bpd crude distillation tower and approximately 1.1 million bbls of petroleum storage tank capacity. Pipeline transportation and oil and gas operations are no longer active. Blue Dolphin reported a net loss of $523,000 for the 12 months ended Dec. 31, 2018, following a net loss of $22.33 million for the 12 months ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $70.54 million in total assets, $70.15 million in total liabilities, and $388,000 in total stockholders' equity. UHY LLP, in Sterling Heights, Michigan, the Company's auditor since 2002, issued a "going concern" qualification in its report dated April 1, 2019, on the consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company received an adverse outcome of arbitration proceedings for which a settlement has been reached, however the Company has yet to secure financing for payment of the settlement amount, is in default under secured loan agreements, has suffered recurring losses from operations and has a net working capital deficiency. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CANNTRUST HOLDINGS: Not in Compliance With NYSE Listing Rules ------------------------------------------------------------- CannTrust Holdings Inc. (TSX: TRST, NYSE: CTST) on Dec. 19, 2019, provided 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. As previously announced, 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. NYSE Listing Update On December 10, 2019, CannTrust announced that the Company received written notification from the New York Stock Exchange (the "NYSE") that CannTrust is no longer in compliance with the NYSE's continued listing standard rules because the per share trading price of the Company's common shares has fallen below the NYSE's share price rule. Under NYSE rules, the Company can regain compliance at any time during the six-month period if its common shares have a closing price of at least US $1.00 on the last trading day of any calendar month during the period and also have an average closing price of at least US $1.00 over the 30 trading-day period ending on the last trading day of that month or on the last day of the cure period. CannTrust has six months from the receipt of the notice to regain compliance. During this time period, the Company's common shares will continue to be listed and trade on the NYSE as usual. 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, November 21, 2019 news release, and December 5, 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. CARPENTER'S ROOFING: Seeks to Extend Exclusivity Period to March 17 ------------------------------------------------------------------- Carpenter's Roofing & Sheet Metal, Inc. asked the U.S. Bankruptcy Court for the Southern District of Florida to extend the period during which the company has the exclusive right to file a Chapter 11 plan of reorganization to March 17, 2020, and the period to solicit acceptances to May 16, 2020. The company's largest creditor is the Department of Treasury -- Internal Revenue Service. The company is currently in continued negotiations with the IRS relative to the 2013 and 2014 taxes. It previously filed an objection to claim of the Internal Revenue Service and a motion to reject executory contract with the agency. The company and the IRS have not settled and are still in the process of discovery. These matters were previously scheduled to be heard on Oct. 9,but these hearings were continued by agreement of the parties to Jan. 14, 2020. Accordingly, Carpenter's Roofing will need more time to formulate a plan based on the outcome of the controversy with the IRS. About Carpenter's Roofing & Sheet Metal Carpenter's Roofing & Sheet Metal, Inc. -- https://carpentersroofing.com/ -- is a roofing contractor headquartered in West Palm Beach, Fla. It was founded in 1931 by Howard Carpenter. Carpenter's Roofing & Sheet Metal sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-24798) on Nov. 29, 2018. At the time of the filing, the Debtor disclosed $1,040,593 in assets and $1,838,038 in liabilities. The case is assigned to Judge Mindy A. Mora. The Debtor tapped Craig I. Kelley, Esq., at Kelley & Fulton, PL, as its legal counsel. CELADON GROUP: Drive My Way Offering Virtual Hiring Event --------------------------------------------------------- Drive My Way, a Cleveland-based tech company, is offering a Virtual Celadon Hiring Event to support the thousands of former-Celadon drivers left without jobs weeks before the holidays. On December 8, Celadon Group, one of the largest truckload carriers in North America, abruptly filed for bankruptcy and halted operations. This left over 3,000 drivers jobless and many stranded mid-route with minimal support and conflicting information about how to return home and navigate sudden unemployment. In response to the shut down and massive job loss, a Facebook group was created to connect drivers to support. Initially, many trucking companies and recruiters flocked to post jobs to former-Celadon drivers, but communication turned chaotic as the Facebook community worked tirelessly to help get stranded drivers home safely, while drivers and their families simultaneously began to navigate unemployment, benefits, and other concerns. Drive My Way partnered with administrators of the group to offer a Virtual Celadon Hiring Event to provide a reliable and vetted platform to connect drivers and employers. "Drive My Way is here to offer support to the Celadon drivers and their families—connecting them to resources and jobs," says Beth Potratz, CEO of Drive My Way, "Many of these drivers haven't searched for a job in years. As drivers begin their job search, we want to make sure they are informed and empowered to make a career choice that fits their needs." Drive My Way has hundreds of jobs. Drivers can fill out a free profile and be matched to each unique job with a score based on the degree of fit with their needs. Drivers are in complete control of their search. Drivers decide which jobs they are interested in and who gets access to their profile to communicate with them. Drive My Way is a personalized service to help drivers find the best job that fits their needs, without all the unwanted phone calls or emails. Drive My Way allows drivers to educate themselves on what is available and take time to evaluate all of their options. With Drive My Way's help, CDL drivers can have the life they want while doing a job they love! Drivers and employers can join the Celadon Virtual Hiring Event at https://hiring.drivemyway.com/helping-celadon-drivers/. About Celadon Group Celadon Group, Inc. -- https://celadontrucking.com/ -- is a North American truckload freight transportation company, primarily providing point-to-point shipping, warehousing, supply chain logistics, tractor leasing and other transportation and logistics services for major customers throughout North America. Celadon Group and 25 affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12606) on Dec. 8, 2019. As of Dec. 2, 2019, the Debtors disclosed $427 million in assets and $391 million in liabilities. Judge Karen B. Owens oversees the cases. The Debtors tapped DLA Piper LLP (US) as bankruptcy counsel; Scudder Law Firm, P.C., L.L.O. as special counsel; Alixpartners, LLP as financial advisor; and Kurtzman Carson Consultants, LLC as notice, claims and balloting agent and administrative advisor. CONTINENTAL CAST: Taps Boyd Kenter, Mann Conroy as Special ---------------------------------------------------------- Continental Cast Stone, LLC and Maglicon, LLC seek approval from the U.S. Bankruptcy Court for the District of Kansas to hire Boyd Kenter Thomas & Parish, LLC and Mann Conroy, LLC as their special counsel. The counsels will represent the Debtors on claims arising form the theft and misappropriation and use of trade secrets and intellectual property. Boyd will serve as lead counsel and will be primarily responsible for legal strategy and planning. The firms' compensation is a combined 40 percent of any net recovery. The counsels have agreed to split the net recovery to 30 percent to Boyd and 10 percent to Conroy. The firms are "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firms can be reached through: Larry A. Pittman,II, Esq. Mann Conroy, LLC 1316 Saint Louis Ave., 2nd Fl. Kansas City, MO 64101 Phone: 816-616-6023 Fax: 816-817-6023 Email: lpittman@mannconroy.com John B. Boyd, Esq. Boyd Kenter Thomas & Parish, LLC 221 W. Lexington Ave., Suite 200 Independence, MO 64050 Phone: 816-471-4511 About Continental Cast Stone and Maglicon Continental Cast Stone -- http://www.continentalcaststone.com/-- doing business as CCSM Acquisition LLC was established in 1986. It is a manufacturer of cast stone and has offices in Kansas, South Carolina, Chicago, and California. Its affiliate Maglicon, LLC owns and leases to Continental the land upon which the company operates the manufacturing facility in Kansas. Continental Cast and Maglicon filed Chapter 11 bankruptcy petitions (Bankr. D. Kan. Lead Case No. 19-21752) on Aug. 20, 2019. In the petitions signed by Bryan Hinkle, member, Continental Cast and Maglicon each was estimated to have assets and liabilities at $1 million to $10 million. Judge Robert D. Berger oversees the cases. Mann Conroy, LLC is the Debtors' counsel. CONTINENTAL CAST: Wants to Extend Exclusivity Period to March 17 ---------------------------------------------------------------- Continental Cast Stone, LLC and Maglicon, LLC asked the U.S. Bankruptcy Court for the District of Kansas to extend the exclusivity period for the companies to file a Chapter 11 plan and disclosure statement to March 17, 2020, and the period to solicit acceptances for the plan to May 16, 2020. The companies discovered important claims requiring immediate action to preserve their rights, and that action has consumed a considerable amount of their time resources. To that end, the companies already have filed an application with the bankruptcy court to employ counsel to represent them on the claims. In addition, the proof of claim bar deadline in the companies' jointly administered Chapter 11 cases is Dec. 30, 2019. In order to propose a plan, the companies need substantially all proofs of claim to be filed. While the companies are close to being in a position to file a confirmable Chapter 11 plan, they need additional time for proofs of claim to be filed and for their claims to move forward. About Continental Cast Stone and Maglicon Continental Cast Stone -- http://www.continentalcaststone.com/-- doing business as CCSM Acquisition LLC was established in 1986. It is a manufacturer of cast stone and has offices in Kansas, South Carolina, Chicago, and California. Its affiliate Maglicon, LLC owns and leases to Continental the land upon which the company operates the manufacturing facility in Kansas. Continental Cast and Maglicon filed Chapter 11 bankruptcy petitions (Bankr. D. Kan. Lead Case No. 19-21752) on Aug. 20, 2019. In the petitions signed by Bryan Hinkle, member, Continental Cast and Maglicon each was estimated to have assets and liabilities at $1 million to $10 million. Judge Robert D. Berger oversees the cases. Mann Conroy, LLC is the Debtors' counsel. COUNTERPATH CORP: Receives Noncompliance Notice from NASDAQ ----------------------------------------------------------- CounterPath Corporation received a letter from the listing qualifications department staff of the NASDAQ Stock Market on Dec. 16, 2019, notifying the Company that the stockholders' equity of $1,922,675 as reported in the Company's Quarterly Report on Form 10-Q for the period ended Oct. 31, 2019 was below the minimum stockholders' equity of $2,500,000. The minimum stockholders' equity of $2,500,000 is required for continued listing on the NASDAQ Capital Market as set forth in NASDAQ listing rule 5550(b)(1), and as of Dec. 13, 2019, the Company does not meet the alternatives of market value of listed securities or net income from continuing operations. The Company has been provided 45 calendar days, or until Jan. 30, 2020, to submit a plan to regain compliance with the minimum stockholders' equity standard. If the Company's plan to regain compliance is accepted, NASDAQ may grant an extension of up to 180 calendar days from the date of the notification letter to evidence compliance with the minimum stockholders' equity standard. The Company is considering its response to the letter. About CounterPath CounterPath Corporation (NASDAQ: CPAH) -- http://www.counterpath.com/-- designs, develops and sells software and services that enable enterprises and telecommunication service providers to deliver Unified Communications (UC) services, including voice, video, messaging and collaboration functionality, over their Internet Protocol, or IP, based networks. CounterPath technology meets the unique requirements of several industries, including contact center, retail, warehouse, hospitality, and healthcare verticals. CounterPath reported a net loss of $5.01 million for the year ended April 30, 2019, following a net loss of $3.22 million for the year ended April 30, 2018. As of Oct. 31, 2019, Counterpath had $12.35 million in total assets, $10.43 million in total liabilities, and $1.92 million in total stockholders' equity. BDO Canada LLP, Vancouver, British Columbia, the Company's auditor since 2006, issued a "going concern" qualification in its report dated July 10, 2019, on the consolidated financial statements for the year ended April 30, 2019, citing that the Company has incurred losses and has an accumulated deficit of $68,581,091 as of April 30, 2019. These events or conditions, along with other matters, indicate that a material uncertainty exists that may cast substantial doubt about the Company's ability to continue as a going concern. CREDIAUTOUSA FINANCIAL: Taps Todd Bulich as Real Estate Broker -------------------------------------------------------------- CrediautoUSA Financial Company LLC, an affiliate of AI Causa LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of California to extend the employment of Todd Bulich Real Estate Company as its real estate broker. The Debtor owns a leasehold interest in real property located at 2150 Palomar Airport Rd., Office 19A &10B, (Suites 209 and 210) Carlsbad, CA 92011 containing approximately 5,000 square feet commercial and 2150 Palomar Airport Rd., Office 18B. On September 23, 2019, the Debtor filed an Ex Parte Application to employ Todd Bulich as its real estate broker to market and sell the Properties. The employment was approved by the Court on October 25, 2019 [Docket No. 210]. The duration of the Exclusive Listing Agreement that was approved was 90 days, which expired on Nov. 21, 2109. The broker has been actively marketing the Properties, and the Debtor seeks to extend the term of employment of broker for an additional approximate 90 days, through February 28, 2020. Todd Bulich, principal of Todd Bulich Real Estate Company, attests that the firm is "disinterested" within the meaning of Bankruptcy Code section 327(a), and does not hold or represent any interest adverse to the estate. The broker can be reached through: Todd Bulich Todd Bulich Real Estate Company, Inc. 110 W A St, Suite 1100 San Diego, CA 92101 Phone: (619) 235-9959 Email: tbulich@toddbulich.com About AI Causa LLC Founded in 2012 and headquartered in San Diego, CrediautoUSA Financial Company LLC -- http://www.crediautofinancial.com/-- has established programs to finance vehicles sold by licensed automobile dealerships to individuals with no credit history or with less than perfect credit. CrediautoUSA Financial Company LLC and its affiliate AI Causa LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Cal. Lead Case No. 19-01864) on March 30, 2019. At the time of the filing, CrediautoUSA was estimated to have assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. AI CAUSA was estimated to have assets and liabilities of between $1 million and $10 million. The cases are assigned to Judge Louise Decarl Adler. CrediautoUSA is represented by the Law Offices of Kit J. Gardner while AI Causa is represented by Higgs Fletcher & Mack LLP. Bonilla Accounting Firm serves as their accountant. DADONG CATERING: Jan. 17 Auction of All Assets Set -------------------------------------------------- Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York authorized the bidding procedures of DaDong Catering LLC, doing business as DaDong NY, in connection with the auction sale of substantially all assets. The Debtor is authorized to designate a Stalking Horse Bidder. It will designate a Stalking Horse Bidder by 5:00 p.m. (ET) on Dec. 20, 2019 by filing a "Notice of Selection of Stalking Horse Bidder." To the extent the Debtor does not select a Stalking Horse bidder, the Debtor will file a form APA by 5:00 p.m. (ET) on Dec. 20, 2019 in lieu of filing a Notice of Selection of Stalking Horse Bidder. The Stalking Horse Bidder's opening bid will serve as the opening bid at the Auction. The Stalking Horse Bidder will be entitled to the Break-Up Fee of 3% of its opening bid if it is not the successful bidder at the Auction. The salient terms of the Bidding Procedures are: a. Bid Deadline: Jan. 15, 2020 at 5:00 p.m. (ET) b. Initial Bid: The Stalking Horse Bidder's opening bid will serve as the opening bid at the Auction. Potential purchasers of the Assets must submit an initial minimum overbid of at least $100,000 over and above the opening bid. c. Deposit: 10% of the proposed Purchase Price d. Auction: If multiple Qualified Bids are received by the Debtors on the Bid Deadline, then the Debtors will conduct an auction on Jan. 17, 2020 at 1:00 p.m. (ET) at the former premises of the Debtor, 3 Bryant Park, 120 West 42nd Street, New York, NY 10036, or such later time on such day or other place as the Debtor will notify the Noticed Parties. e. Bid Increments: $100,000 f. Sale Hearing: Jan. 22, 2020 at 10:00 a.m. (ET) g. Sale Objection Deadline: Jan. 13, 2020 at 5:00 p.m. (ET) The Assumption and Assignment Procedures as set forth in the Motion and in the Order are approved. Not later than 14 days prior to the Sale Hearing (as may be adjourned from time to time), the Debtor will file with the Court the Cure Schedule. The Cure/Assignment Objection is three business days prior to the Sale Hearing. The deadline of objections to any cure amount proposed by the Debtor in the Cure Schedule is Jan. 13, 2020 at 4:00 p.m. (ET). The form of Sale Notice is approved. Within two business days after entry of the Order, the Debtor's Claims Agent: (a) will provide a copy of the Sale Notice and the Order by first class mail to (i) the Notice Parties, (ii) each counterparty to an executory contract with the Debtor; and (iii) all known creditors of the Debtor. Notwithstanding the possible applicability of Bankruptcy Rules 6004, 6006, 7062, 9014 or otherwise, the terms and conditions of the Order will be immediately effective and enforceable. A copy of the Bidding Procedures is available at https://tinyurl.com/szu7u5x from PacerMonitor.com free of charge. About DaDong Catering LLC DaDong Catering LLC, doing business as DaDong NY, is a Chinese restaurant owned by influential chef, DaDong. DaDong is famous for his roast peking duck, which is a main feature in the New York City restaurant. In addition, a full menu of Chef Dong's refined Chinese offerings are served, such as the braised sea cucumber, snowflake wagyu with sichuan preserved vegetables, braised abalone with white truffle, and white chocolate with cream cheese. Visit http://www.dadongny.comfor more information. DaDong Catering LLC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 19-13629) on Nov. 13, 2019. The petition was signed by Xiaozhe Liu, CEO and managing member of Genesis Brand Management. The Debtor disclosed total assets of $22,524,208 against liabilities of $4,183,440 as of the bankruptcy filing. The Debtor tapped Steven Wirth, Esq., at Akerman LLP, as counsel. Moeckre Auctions is the auctioneer. DEAN FOODS: Gets Final Court Approval for $850M DIP Financing ------------------------------------------------------------- Dean Foods Company on Dec. 20, 2019, disclosed that the U.S. Bankruptcy Court for the Southern District of Texas has entered a final order granting the Company authority to access the full amount of its $850 million in debtor-in-possession ("DIP") financing. The Company had previously received interim approval from the Court to access up to $475 million of the DIP financing. The Court also granted all other relief sought, including providing final approvals for certain other of the Company's "First Day Motions" intended to support the business. Eric Beringause, President and Chief Executive Officer of Dean Foods, said, "We are pleased to have received final Court approval of our DIP credit facility. I can't thank our employees enough for their continued dedication and hard work, and our suppliers, customers and other partners for their support and patience as we move through this process. We remain focused on providing customers with an uninterrupted supply of high-quality dairy products." As previously announced, Dean Foods and all of its wholly owned subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy code on November 12, 2019. Additional information is available on the restructuring page of the Company's website, www.DeanFoodsRestructuring.com. In addition, court filings and other information related to the proceedings are available on a separate website administered by the Company's claims agent, Epiq Corporate Restructuring, LLC, at https://dm.epiq11.com/SouthernFoods, or by calling Epiq representatives toll-free at 1-833-935‐1362 or 1-503-597-7660 for calls originating outside of the U.S. Davis Polk & Wardwell LLP and Norton Rose Fulbright are serving as legal advisors to the Company, Evercore is serving as its investment banker and Alvarez & Marsal is serving as its financial advisor. About Dean Foods Company Dean Foods Company (NYSE: DF) -- http://www.deanfoods.com/-- is a food and beverage company. It is the largest processor and direct-to-store distributor of fresh fluid milk and other dairy and dairy case products in the United States. Headquartered in Dallas, Texas, Dean Foods portfolio includes DairyPure(R), the country's first and largest fresh, national white milk brand, and TruMoo(R), the leading national flavored milk brand, along with well-known regional dairy brands such as Alta Dena(R), Berkeley Farms(R), Country Fresh(R), Dean's(R), Friendly's(R), Garelick Farms(R), LAND O LAKES(R)* milk and cultured products, Lehigh Valley Dairy Farms(R), Mayfield(R), McArthur(R), Meadow Gold(R), Oak Farms(R), PET(R)**, T.G. Lee(R), Tuscan(R) and more. Dean Foods also has a joint venture with Organic Valley(R), distributing fresh organic products to local retailers. In all, Dean Foods has more than 50 national, regional and local dairy brands as well as private labels. Dean Foods also makes and distributes ice cream, cultured products, juices, teas and bottled water. It has approximately 15,000 employees across the United States. Dean Foods and substantially all of its subsidiaries, including Southern Foods Group, LLC, initiated voluntary Chapter 11 reorganization proceedings in the Southern District of Texas on Nov. 12, 2019. The lead case is In re Southern Foods Group, LLP (Bankr. S.D. Tex. Case No. 19-36313). Dean Foods was estimated to have at least $1 billion in assets and liabilities as of the bankruptcy filing. The companies tapped Davis Polk & Wardwell LLP and Norton Rose Fulbright as legal advisors; Norton Rose Fulbright US LLP as local counsel; Evercore Group LLC as investment banker; and Alvarez & Marsal as financial advisor. Epiq Corporate Restructuring LLC is the claims agent. DEAN FOODS: Pillsbury, Paul Weiss Update on Secured Bondholders --------------------------------------------------------------- In the Chapter 11 cases of Southern Foods Group, LLC, et al., the law firms of Pillsbury Winthrop Shaw Pittman LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP submitted an amended verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose an updated list of Ad Hoc Group of Bondholders that they are representing. In October 2019, the Ad Hoc Group of Bondholders retained Paul, Weiss, to represent it as counsel in connection with a potential restructuring involving the above-captioned debtors and debtors-in-possession. In November 2019, the Ad Hoc Group of Bondholders retained Pillsbury to serve as its Texas counsel with respect to such matters. On Nov. 22, 2019, Counsel filed the Verified Statement Pursuant to Bankruptcy Rule 2019 of Ad Hoc Group of Bondholders [Dkt. No. 285]. Since then, the members of the Ad Hoc Group of Bondholders and the disclosable economic interests relating to the Debtors that such members hold or manage have changed. Accordingly, pursuant to Bankruptcy Rule 2019, Counsel submits the Amended Statement. As of Dec. 17, 2019, members of the Ad Hoc Group of Bondholders and their disclosable economic interests are: (1) Ascribe III Investments LLC 299 Park Avenue, 34th Floor New York, NY 10171 * Principal Amount of Senior Notes: $80,338,000 * Percentage of Outstanding Senior Notes: 11.48% (2) Broadbill Investment Partners, LLC 157 Columbus Avenue, 5th Floor New York, NY 10023 * Principal Amount of Senior Notes: $14,008,000 * Percentage of Outstanding Senior Notes: 2.00% (3) Ensign Peak Advisors, Inc. 60 East South Temple, Suite 400 Salt Lake City, UT 84111 * Principal Amount of Senior Notes: $37,691,000 * Percentage of Outstanding Senior Notes: 5.38% (4) Kingsferry Capital LLC 8644 Wilshire Blvd., Suite 201 Beverly Hills, CA 90211 * Principal Amount of Senior Notes: $86,699,000 * Percentage of Outstanding Senior Notes: 12.39% (5) Knighthead Capital Management, LLC 1140 Avenue of the Americas, 12th Floor New York, NY 10036 * Principal Amount of Senior Notes: $83,206,000 * Percentage of Outstanding Senior Notes: 11.89% (6) MILFAM Investments LLC C/O MILFAM LLC 2336 SE Ocean Blvd #400 Stuart, FL 34996 * Principal Amount of Senior Notes: $40,599,000 * Percentage of Outstanding Senior Notes: 5.80% Counsel represents only those entities listed on Exhibit A in connection with the Chapter 11 Cases. Counsel does not undertake to represent the interests of, and are not a fiduciary for, any other creditor, party in interest, or other entity. No member of the Ad Hoc Group of Bondholders has or is a party to any agreement to act as a group or in concert with respect to its interests in the Debtors, and each member of the Ad Hoc Group of Bondholders has the unrestricted right to act as it chooses in respect of such interests without respect to the actions or interests of any other party. In addition, neither the Ad Hoc Group of Bondholders nor any member of the Ad Hoc Group of Bondholders (i) assumed any fiduciary or other duties to any other holder of Senior Notes or person or (ii) purports to act, represent, or speak on behalf of any other entities in connection with the Chapter 11 Cases. Counsel for the Ad Hoc Group of Bondholders can be reached at: PILLSBURY WINTHROP SHAW PITTMAN LLP Hugh M. Ray, III, Esq. William J. Hotze, Esq. Two Houston Center 909 Fannin, Suite 2000 Houston, TX 77010-1028 Telephone: (713) 276-7600 Facsimile: (713) 276-7673 E-mail: hugh.ray@pillsburylaw.com william.hotze@pillsburylaw.com - and - PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP Andrew N. Rosenberg, Esq. Robert A. Britton, Esq. 1285 Avenue of the Americas New York, NY 10019 Telephone: (212) 373-3000 Facsimile: (212) 757-3990 E-mail: arosenberg@paulweiss.com rbritton@paulweiss.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/zkMhGO About Southern Foods Southern Foods Group, LLC, d/b/a Dean Foods, is a food and beverage company and a processor and direct-to-store distributor of fresh fluid milk and other dairy and dairy case products in the United States. The Company and its 40+ affiliates filed for bankruptcy protection on Nov. 12, 2019 (Bankr. S.D. Tex. Lead Case No. 19-36313). In the petitions signed by Gary Rahlfs, senior vice president and CFO, the Debtors were estimated to have assets and liabilities of $1 billion to $10 billion. Judge David Jones oversees the cases. David Polk & Wardell LLP serves as general bankruptcy counsel to the Debtors, and Norton Rose Fulbright US LLP serves as local counsel. Alvarez Marsal is financial advisor to the Debtors, Evercore Group LLC is investment banker, and Epiq Corproate Restructuring LLC is notice and claims agent. DEASY ASSOCIATES: $850K Sale of Plymouth Property to Thorndike OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas authorized Deasy Associate, LLC's private sale of the vacant real estate known as Lot 25-2 as shown on "Plan of Land at Little Sandy Pond Road, Plymouth, MA, Lot 25, Prepared for Deasy Associates" by Land Management Systems, Inc. dated May 28, 2012 and recorded with the Plymouth County Registry of Deeds at Plan Book 57 Plan 489 and being a portion of the land conveyed to Debtor described in a deed recorded at Book 35456 Page 66 containing approximately 11 acres, to Thorndike Development Corp. for $850,000. The hearing on the Motion set for Dec. 12, 2019 was cancelled as unnecessary. The sale is free and clear of all interests, claims, liens and encumbrances. About Deasy Associates Deasy Associates, LLC, owner of an 11.24-acre parcel of land in Plymouth, Massachusetts, filed a Chapter 11 petition (Bankr. D. Mass., Case No. 14-41882) on Aug. 25, 2014. The case is assigned to Judge Christopher J. Panos. The Debtor is represented by Michael J. Tremblay, Esq., and Matthew W. McCook, Esq. DELTA MATERIALS: Seeks to Hire Tarpon Blue as Broker ---------------------------------------------------- Delta Materials, LLC, and its debtor-affiliates, seek authority from the U.S. Bankruptcy Court for the Southern District of Florida to employ Tarpon Blue Real Estate Services, LLC, as broker to the Debtor. Delta Materials requires Tarpon Blue to market and sell the Debtors' real property located at 9025–9775 Church Road, Felda, Hendry County, Florida 33935. Tarpon Blue will be paid a commission of 3% of the sales price. Troy McDonald, partner of Tarpon Blue Real Estate Services, LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Tarpon Blue can be reached at: Troy McDonald TARPON BLUE REAL ESTATE SERVICES, LLC 6381 Tidewater Island Cir. Fort Myers, FL 33908 Tel: (239) 294-2474 About Delta Materials, LLC Delta Materials, LLC and its affiliate Delta Aggregate, LLC (Bankr. S.D. Fla. Lead Case No. 19-13191) filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code on March 12, 2019. Delta Aggregate owns a property located at 9025 Church Rd, Felda, Florida, having an appraised value of $22 million. The Debtors' counsel is Bradley S. Shraiberg, Esq., at Shraiberg Landau & Page, PA, in Boca Raton, Florida. At the time of filing, Delta Materials's total assets was $22,006,491 and total liabilities was $10,377,363. Delta Aggregate's total assets was $22,006,491 and total liabilities was $10,377,363. The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Delta Materials, according to court docket. DEMLOW PRODUCTS: Seeks Authorization to Use Cash Collateral ----------------------------------------------------------- Demlow Products, Inc., requests the U.S. Bankruptcy Court for the Eastern District of Michigan to allow it to use up to $137,832 of cash collateral per month. First Federal Bank of the Midwest claims a lien in all assets of the Company and all cash and non-cash proceeds in the aggregate outstanding amount of $589,842. The Bank also holds a secured interest by way of mortgage on real property owned by myself and Joan Demlow in 2856 Hammond Rd., Traverse City, Michigan. Adequate protection is offered in the form of: (a) post-petition liens; (b) equity cushion of approximately $280,294; (c) fully insured collateral; (d) payment of post-petition interest on secured claims; (e) maintenance of expenditures within approved monthly budget. About Demlow Products Demlow Products, Inc. -- https://demlowproducts.com -- is an international supplier of formed wire products. Demlow Products is a privately held and founded in 1967. Demlow Products sought protection under Chapter 11 of the US Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-57161) on Dec. 7, 2019. In the petition signed by James Demlow, president, the Debtor was estimated to have $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Don Darnell, Esq. at Darnell, PLLC, represents the Debtor. DIOCESE OF NEW ULM: $378K Sale of Schneider Farm to Lessee Approved ------------------------------------------------------------------- Judge Robert J. Kressel of the U.S. Bankruptcy Court for the District of Minnesota authorized The Diocese of New Ulm's sale of the real property commonly referred to as the "Schneider Farm," and located at 1400 6th Street, New Ulm, County of Brown, State of Minnesota, Tax Parcel Nos. 001.570.186.00.503, 001.005.000.00.042, 001.005.000.00.035, to Keith Marti for $377,600. A hearing on the Motion was held on Dec. 12, 2019 at 10:00 a.m. The Schneider Farm consists of approximately 37 acres of tillable farm land. All of the terms and conditions of the Purchase Agreement between the Debtor, as the Seller, and Keith Marti, as the lessee and the Purchaser are approved. The omission in the Order of specific reference to any provision of the purchase agreement will not impair or diminish the efficacy, propriety, or approval of the provision. The Debtor is authorized to pay from proceeds of the sale any and all closing or title fees and expenses and all other expenses required to be paid under the terms of the purchase agreement. Notwithstanding Fed. R. Bankr. P. 6004(h) and 6006(d), the Order is effective immediately. 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. DOMICIL LLC: Seeks to Hire Slatkin & Reynolds as Counsel -------------------------------------------------------- Domicil, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Slatkin & Reynolds, P.A. as its legal counsel. Domicil requires Slatkin & Reynolds to: a. give advice to the Debtor with respect to its powers and duties in the continued management of its financial affairs; b. advise the Debtor with respect to its responsibilities to comply with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; c. prepare pleadings and other legal documents necessary in the administration of the Debtor's Chapter 11 case; d. protect the interests of the Debtor in all matters pending before the court; e. represent the Debtor in negotiations with its creditors in the preparation of a plan; and f. perform all other necessary functions as attorney for the Debtor for the proper administration of the bankruptcy estate. Slatkin & Reynolds agrees to be compensated at the rate of $375 an hour for attorneys and $125 an hour for paralegals. Robert Reynolds, Esq., a partner at Slatkin & Reynolds, attests that the firm is disinterested as required by Section 327(a) of the Bankruptcy Code. The firm can be reached at: Robert F. Reynolds, Esq. Slatkin & Reynolds, P.A. One East Broward Boulevard, Suite 609 Fort Lauderdale, FL 33301 Tel: 954-745-5880 Fax: 954-745-5890 Email: rreynolds@slatkinreynolds.com About Domicil LLC Based in Fort Lauderdale, Fla., Domicil, LLC filed a voluntary petition under Chapter 7 of the United States Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-17449) on June 4, 2019. Judge Scott M. Grossman oversees the case. Robert F. Reynolds, Esq. at Slatkin & Reynolds, P.C. represents the Debtor as counsel. DPL INC: Moody's Confirms Ba1 Sr. Unsec. Debt Rating, Outlook Neg ----------------------------------------------------------------- Moody's Investors Service confirmed the ratings of DPL Inc. (Ba1 senior unsecured) and Dayton Power & Light Company (Baa2 Issuer rating, A3 first mortgage bond). The rating action concludes the rating review of DPL and DP&L's ratings initiated on November 25, 2019. The rating outlooks for DPL and DP&L are negative. RATINGS RATIONALE "The confirmation of the ratings of DPL and DP&L reflects the Public Utilities Commission of Ohio's (PUCO) December 18, 2019 order authorizing the utility to revert to its original Electric Security Plan (ESP-I)", said Natividad Martel, Vice President -- Senior Analyst. "While DP&L's revenues will be lower under ESP-I, the authorization removes near-term liquidity pressure at the DPL parent company and limits, but does not avert, credit deterioration at the utility" added Martel. The confirmation of the ratings is prompted by the implementation of ESP-I, whereby DP&L will be able to collect a non-bypassable Rate Stabilization Charge (RSC) from its customers, which Moody's understands ranges between $75 and $80 million annually. The confirmation of the ratings of the parent company DPL considers that PUCO did not implement any restrictions on DP&L's ability to upstream cash flows to the parent, including to the RSC collected amounts, which drives its expectation that DPL will be able to continue to pay its annual interest payments of around $45 million on its holding debt of nearly $800 million. The revision of the outlook to negative on both DPL and DP&L reflects the lower cash flow provided by ESP-I compared to the previous ESP-III, the termination of decoupling and other credit supportive riders, the less consistent and more unpredictable nature of the Ohio regulatory environment as it pertains to DP&L, and the ongoing pressure on both DPL and DP&L's financial metrics as the group strives to modernize the utility's electric grid and address significant debt maturities over the next two years. The negative outlook also considers that the ultimate impact of the ESP-I on the group's financial profile remains uncertain until the utility implements final tariffs and reviews its capital expenditure program in light of these adverse developments. However, Moody's anticipates a material reduction in the group's available cash flows compared to the cash flows previously generated under the ESP-III. This reduction will diminish the ability of the utility to make significant investment to grow its rate base and limit its ability to improve its capital structure. DPL's ratio of consolidated cash flow from operations before changes in working capital (CFO pre-W/C) to debt had improved to 10.4% for the last twelve month period ended September 2019 under the terms of the ESP-III, but this is unlikely to be sustained. The negative outlook anticipates a deterioration in the credit metrics going forward. The expectation of reduced cash flows and credit metrics deterioration considers the approximately $30 million annual cash flow difference between the RSC to be collected under the ESP-I and the Distribution Modernization Rider (DMR) previously collected under DP&L's ESP-III until its termination end of November. Furthermore, the utility's cash flows will also cease to benefit from several of the non-bypassable charges and automatic cost recovery mechanisms approved by the PUCO in the utility's last rate case that concluded in September 2018. The most important mechanism being terminated is the Distribution Investment Rider (DIR), which allowed the utility to earn a return on, and of, capital investments associated with specific infrastructure projects between rate cases, subject to annual caps until 2023 (2019: $22 million; 2020: $29 million). On another credit negative note, DP&L will also cease to benefit from the decoupling rider that became effective in January 2019 which helped insulate its cash flows from the impact of declining load in its service territory. That said, Moody's understands that the enactment of House Bill 6 in Ohio may allow the utility to reinstate this mechanism before its next rate case. Moody's anticipates that DP&L will have to file for a new rate case over the next months which creates uncertainty around the group's financial performance starting next year. The negative outlook also reflects limited flexibility under the parent's bank revolving credit agreement, which not only includes a material adverse change clause representation for new borrowings, but also has two financial covenants including a maximum consolidated debt to EBITDA of 7.0x and a minimum EBITDA over interest of 2.25x. Although the company was in compliance with these covenants as of September 30, 2019 at 5.68x and 2.99x, respectively, Moody's projects the company could potentially breach these covenants as early as next year. The negative outlook reflects the possibility that the company could lose access to this revolving credit facility, if these tight covenant conditions are not addressed. Factors that could lead to an upgrade Given the negative outlook and the recent adverse regulatory developments, an upgrade of DPL and DP&L's ratings is unlikely. A stabilization of the outlook is possible if the credit metrics do not deteriorate materially after the utility implements its new tariffs, reviews its capital expenditure program, and addresses the lack of flexibility under parent's revolving credit facility. This would include a consolidated CFO pre-W/C to debt ratio in excess of 8%. Factors that could lead to a downgrade A downgrade of the ratings of DPL and DP&L is likely if there is deterioration of the credit metrics as a result of these developments, including consolidated CFO pre-W/C to debt falling below 8%. A downgrade is also likely if DPL faces challenges to refinance its next debt maturity of $380 million Notes due in October 2021 and/or loses access to its $125 million committed credit facility, should it breach, and not able to renegotiate its financial covenants of maximum consolidated debt to EBITDA of 7.0x and minimum EBITDA over interest of 2.25x. Environmental considerations incorporated into its credit analysis for DPL and DP&L factor in the group's exit from most of its coal-fired generation operations in 2018. Social risks are primarily related to demographic and societal trends and customer relations. Corporate governance considerations incorporate the organization's financial policies and the ultimate AES parent company's lack of financial support thus far for DPL's deleveraging efforts. Moody's notes that a strong financial position is an important characteristic for managing environmental, social and governance risk. Confirmations: Issuer: Dayton Power & Light Company Issuer Rating, Confirmed at Baa2 Senior Secured First Mortgage Bonds, Confirmed at A3 Issuer: DPL Inc. Senior Unsecured Regular Bond/Debenture, Confirmed at Ba1 Outlook Actions: Issuer: Dayton Power & Light Company Outlook, Changed To Negative From Rating Under Review Issuer: DPL Inc. Outlook, Changed To Negative From Rating Under Review The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in June 2017. EASTERN NIAGARA: Seeks to Hire Freed Maxick as Financial Advisor ---------------------------------------------------------------- Eastern Niagara Hospital, Inc. seeks authority from the U.S. Bankruptcy Court for the Western District of New York to employ Freed Maxick CPAs, P.C. as its financial advisor. Freed Maxick will assist the Debtor in responding to multiple requests for financial information, including from its lender, the Pension Benefit Guaranty Corp., the New York State Department of Health and the unsecured creditors' committee. Freed Maxick's current rates range from $85 for staff to $335 for directors. Rates billed per hour will be at its standard rates per hour discounted by 15 percent, plus out-of-pocket expenses. Freed Maxick's retainer for these services will be $100,000. Jack Sieber, director of Freed Maxick, attests that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jack Sieber Freed Maxick CPAs, P.C. 201 E. Jefferson Street, Suite 300 Syracuse, NY 13202 Phone: 315-396-0255 Fax: 315-396-0258 About Eastern Niagara Hospital Eastern Niagara Hospital, Inc. -- http://www.enhs.org-- is a not-for-profit organization, focused on providing general medical and surgical services. It offers radiology, surgical services, rehabilitation services, cardiac services, respiratory therapy, obstetrics and women's health, emergency services, acute and intensive care, chemical dependency treatment, occupational medicine services, DOT medical exams, dialysis, laboratory services, child and adolescent psychiatry, and express care. Eastern Niagara Hospital sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. N.Y. Case No. 19-12342) on Nov. 7, 2019. At the time of the filing, the Debtor disclosed assets of between $10 million and $50 million and liabilities of the same range. The Debtor tapped Jeffrey Austin Dove, Esq., at Barclay Damon LLP, as its legal counsel. The U.S. Trustee for Region 2 appointed creditors to serve on the official committee of unsecured creditors on Nov. 22, 2019. EKSO BIONICS: Closes $5.0 Million Registered Direct Offering ------------------------------------------------------------ Ekso Bionics Holdings, Inc. has closed its previously announced registered direct offering of 11,111,116 shares of its common stock and warrants to purchase up to 8,333,337 shares of its common stock, at a combined purchase price of $0.45 per share and associated warrant, for aggregate gross proceeds of approximately $5.0 million. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The warrants issued in the offering have an exercise price of $0.5402 per share and exercise period commencing six months and one day from the issuance date and a term of five and one-half years. The Company currently intends to use the net proceeds from the offering for general corporate purposes and working capital needs. About Ekso Bionics Headquartered in Richmond, California, Ekso Bionics Holdings, Inc. -- http://www.eksobionics.com/-- designs, develops, and sells exoskeleton technology that has applications in healthcare and industrial markets. The Company's wearable exoskeletons are worn over clothing and are mechanically controlled by a trained operator to augment human strength, endurance, and mobility. Ekso Bionics reported a net loss of $26.99 million for the year ended Dec. 31, 2018, following a net loss of $29.12 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $20.29 million in total assets, $13.87 million in total liabilities, and $6.42 million in total stockholders' equity. OUM & CO. LLP, in San Francisco, California, the Company's auditor since 2010, issued a "going concern" qualification in its report dated Feb. 28, 2019 on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has incurred significant recurring losses and negative cash flows from operations since inception and an accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. ELM HEATING: May Continue Using Cash Collateral Until Feb. 1 ------------------------------------------------------------ Judge Jack B. Schmetterer of the U.S. Bankruptcy Court for the Northern District of Illinois authorized Elm Heating & Cooling, Incorporated, to continue using the prepetition collateral, including cash collateral of its Lender, Randall Dellenbach, through Feb. 1, 2020 pursuant to the Budget. The final hearing on the Debtor's Cash Collateral Motion will be held on Jan. 28 at 10:30 a.m. The Lender asserts that, as of the Petition Date, the Debtor is liable to the Lender under the Prepetition Loan Documents in the aggregate principal amount of $2,439,229, and to secure the Prepetition Debt, the Debtor's shareholders granted a continuing security interests and liens to the Lender upon all of the equipment, vehicles, inventory, bank accounts, accounts receivable, furnishings and shares of the Debtor. To the extent of the diminution in value of the Lender's interest in the cash collateral, the Lender is granted a replacement lien in the prepetition collateral and in the postpetition property of the Debtor, of the same nature and to the same extent and in the same priority it had in the Prepetition collateral, and to the extent such liens and security interests extend to property under Section 552(b) of the Bankruptcy Code. In addition, the Lender is granted a claim under Section 507(b) of the Bankruptcy Code to the extent of the diminution in value of its perfected interests in the cash collateral. A copy of the Agreed Fourth Interim Order is available for free at https://is.gd/olbQ8d from PacerMonitor.com About Elm Heating & Cooling Elm Heating & Cooling, Incorporated, is a provider of heating, ventilating and air conditioning services in River Grove, Illinois. Elm Heating & Cooling sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 19-22960) on Aug. 14, 2019 in Chicago, Illinois. In the petition signed by Melanie Powers, owner, the Debtor was estimated to have $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The case is assigned to Judge Benjamin A. Goldgar. BACH LAW OFFICES, INC., represents the Debtor. ENERCUBE SWITCHGEAR: CellCube Unit Files for Bankruptcy in Canada ----------------------------------------------------------------- CellCube Energy Storage Systems Inc. (CUBE), a company focused on the energy storage industry, on Dec. 20, 2019, disclosed that its wholly owned subsidiary, Enercube Switchgear Systems Inc. located in Edmonton, Alberta, has filed for Bankruptcy effective December 17, 2019. Pursuant to the Notice, A Farber and Partners Ltd. have been put in place as the Trustee and will oversee this process. FERRELLGAS PARTNERS: Intends to Voluntarily Delist from NYSE ------------------------------------------------------------ Ferrellgas Partners, L.P., has notified the New York Stock Exchange of its intent to voluntarily delist its common stock from the Exchange. This announcement follows the Company's receipt of notice from the NYSE that the Company is not in compliance with the continued listing standards and, as a result, has been subject to the procedures outlined in Sections 801 and 802 of the NYSE Listed Company Manual. The Company has been evaluating its options with respect to its NYSE listing and after much discussion and deliberation, the Board of Directors approved a resolution authorizing the Company to voluntarily delist from the NYSE for an indefinite period of time. The Company believes the delisting from the NYSE will be a temporary event. Further, it is the Company's position that as it resolves its balance sheet issues, which the Company is attending to with its financial and legal advisors, the issues causing the delisting likewise should be resolved. The Company currently anticipates that it will file with the Securities and Exchange Commission a Form 25 relating to the delisting of its common units on or about Dec. 30, 2019, and anticipates that the delisting of its common units will become effective on or about Jan. 9, 2020. The Company does not expect the delisting to have any adverse effects on its business operations. The Company intends to apply to have its common units quoted on the OTCQB tier of the OTC Markets. The Company will remain subject to the periodic reporting requirements of the Securities Exchange Act of 1934, as amended. 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. * * * 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. FIREBALL REALTY: $133K Sale of Antrim Property to Benson Approved ----------------------------------------------------------------- Judge Michael A. Fagone of the U.S. Bankruptcy Court for the District of New Hampshire authorized Fireball Realty, LLC's private sale of the real property located at 6 Woodland Drive, Weare, New Hampshire to Nathan Smith for $299,000. A hearing on the Motion was held on Dec. 11, 2019 at 10:00 a.m. The sale is free and clear of all liens, claims and interests. The Debtor shall: a. Pay from the Sale proceeds the customary and usual, out-of-pocket closing costs and expenses incurred by the Debtor in connection with the Sale, such as Transfer Taxes and recording fees, but not legal and other professional fees which must be approved by the Court; b. Pay the amounts due the Town of Weare, New Hampshire in satisfaction of its first priority lien for unpaid real estate taxes due the Town; c. Reserve from the sale proceeds and hold in escrow: (1) an amount equal to 5% of the gross sale proceeds to pay the commission due the Broker if and to the extent approved by the Court and (2) $1,000 to pay all or part of the legal fees incurred by the attorney representing the Debtor in connection with closing the Sale; and d. Pay the remaining balance over to Primary Bank in satisfaction or reduction of the balance agreed to be due such bank or the balance determined by the Court in the event of a dispute. Pending the payment of the balance to Primary Bank, if not paid directly at closing, the Debtor's counsel will hold such funds in the DIP account pending an agreement between the parties or the further order of the Court. Nothing contained in the Order will affect the right of the Debtor to contest on any grounds any unpaid Lien or Claim asserted by any creditor or party interest, including the amount thereof or the nature, extent, validity, enforceability or perfection of any lien or other encumbrance or interest in, to or on the Subject Property, except for the Liens and Claims paid from the Sale proceeds. For good cause shown to the satisfaction of this Court, the Order will become effective on the 15th day following its entry as provided for in F.R.B.P. 6004. About Fireball Realty LLC Fireball Realty LLC is a real estate agency in Manchester, New Hampshire. Fireball Realty sought Chapter 11 protection (Bankr. D.N.H. Case No. 19-10922) on June 28, 2019. In the petition signed by Charles R. Sargent, Jr., member, the Debtor was estimated to have assets and liabilities in the range of $1 million to $10 million. The Debtor tapped William S. Gannon, Esq., at William S. Gannon PLLC, as counsel. FRED'S INC: International Enterprise to Buy IPs for $75K -------------------------------------------------------- Fred's Inc. and its affiliates are selling their intellectual property to International Enterprise Inc. International Enterprise offered to buy the IPs for $75,000. The company's offer is the only qualified bid received by Fred's Inc., according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware. Judge Christopher Sontchi of the U.S. Bankruptcy Court for the District of Delaware is set to hold a hearing to consider approval of the sale to International Enterprise. A copy of the sale agreement is available at https://tinyurl.com/wfhj6o5 from PacerMonitor.com free of charge. About Fred's Inc. Since 1947, Fred's, Inc. (NASDAQ:FRED) -- http://www.fredsinc.com/ -- has been an integral part of the communities it serves throughout the southeastern United States. Fred's mission is to make it easy AND exciting to save money. Its unique discount value store format offers customers a full range of value-priced everyday items, along with terrific deals on closeout merchandise throughout the store. Fred's, Inc., and its subsidiaries sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-11984) on Sept. 9, 2019 in Delaware. In the petitions signed by Joseph M. Anto, CEO, the Debtors disclosed $474,774,000 in assets and $380,167,000 in liabilities as of May 4, 2019. The Hon. Christopher S. Sontchi oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as counsel; Kasowitz Benson Torres LLP as general bankruptcy counsel; Akin Gump Strauss Hauer & Feld LLP as special counsel; Epiq Bankruptcy Solutions LLC as claims and noticing agent; and Berkeley Research Group, LLC, as financial advisor. FRIENDS OF CITRUS: Needs More Time to File Chapter 11 Plan ---------------------------------------------------------- Friends of Citrus And The Nature Coast, Inc. asked the U.S. Bankruptcy Court for the Middle District of Florida to extend by 90 days the exclusive period during which the company can file its Chapter 11 plan and solicit acceptances for the plan. There are currently at least three discreet claims asserted against the company that arose from its previous business of operating a 12 county Medicare certified hospice in the Nature Coast of Florida. First, claims by the United States that are subject to the standard government claims bar date deadline of Feb. 10, 2020. The company and the government have already settled two of the three claims and are hoping to settle the third claim pertaining to the final year cost reconciliation within the next six to eight weeks. Friends of Citrus is also engaged in settling three nursing homes claims arising from Medicaid rate adjustments. In addition, the company is prosecuting a $1.3 million turnover action with the buyer of the hospice operation, Vitas of Florida Corporation, to which a successful recovery will have a meaningful impact of designing and implementing a plan of reorganization. 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 estimated $7,510,918 in assets and $5,283,937 in liabilities. Frank P. Terzo, Esq. at Nelson Mullins Broad and Cassel represents Friends of Citrus as counsel. The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Friends of Citrus And The Nature Coast, Inc., according to court dockets. FRONTIER COMMUNICATIONS: Falls Short of Nasdaq Bid Price Rule ------------------------------------------------------------- Frontier Communications Corporation received written notice from The Nasdaq Stock Market on Dec. 16, 2019, that the Company is not in compliance with Nasdaq's Listing Rule 5450(a)(1), as the minimum bid price of Frontier's common stock has been below $1.00 per share for 30 consecutive business days. The notification of noncompliance has no immediate effect on the listing or trading of Frontier's common stock on the Nasdaq Global Select Market under the symbol "FTR". The Company has 180 days, or until June 15, 2020, to achieve compliance with the minimum bid price requirement. To regain compliance, the minimum bid price of Frontier's common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days prior to the expiration of the 180-day grace period. The Company's failure to regain compliance during this period could result in delisting. 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. FRUTTA BOWLS: Exclusivity Period Extended to Jan. 31 ---------------------------------------------------- Judge Michael Kaplan of the U.S. Bankruptcy Court for the District of New Jersey extended Frutta Bowls Franchising, LLC's exclusivity period to file a Chapter 11 plan and the deadline to confirm a plan to Jan. 31, 2020. About Frutta Bowls Franchising Frutta Bowls Franchising is a fast-casual franchise committed to becoming an active lifestyle brand within every local community. Frutta Bowls filed a voluntary Chapter 11 petition (Bankr. D.N.J. Case No. 19-13230) on Feb. 15, 2019, listing under $1 million in both assets and liabilities. The case is assigned to Judge Michael B. Kaplan. Spadea Lignana is the Debtor's counsel. A committee of unsecured creditors was appointed in the Debtor's case. Porzio, Bromberg & Newman, P.C., is the committee's counsel. FRUTTA BOWLS: Seeks to Extend Exclusivity Period to Jan. 31 ----------------------------------------------------------- Frutta Bowls Franchising, LLC asked the U.S. Bankruptcy Court for the District of New Jersey to extend the period during which it has the exclusive right to file a Chapter 11 plan to Jan. 31, 2020. The company is seeking exclusivity extension to allow sufficient time for the plan confirmation process to proceed and to provide a small cushion in the event the hearing to confirm the plan, which is tentatively scheduled for Jan. 7, 2020, must be adjourned in light of the anticipated filing of its first amended plan or any unforeseen circumstances. About Frutta Bowls Franchising Frutta Bowls Franchising is a fast-casual franchise committed to becoming an active lifestyle brand within every local community. Frutta Bowls filed a voluntary Chapter 11 petition (Bankr. D.N.J. Case No. 19-13230) on Feb. 15, 2019, listing under $1 million in both assets and liabilities. The case is assigned to Judge Michael B. Kaplan. Spadea Lignana is the Debtor's counsel. A committee of unsecured creditors was appointed in the Debtor's case. Porzio, Bromberg & Newman, P.C., is the committee's counsel. FTD COMPANIES: Exclusivity Period Extended Until Jan. 31 -------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware extended GUE Liquidation Companies Inc.'s exclusivity period to file a Chapter 11 plan through Jan. 31, 2020, and the period to solicit acceptances for the plan through March 31, 2020. GUE Liquidation, formerly known as FTD Companies Inc., said it anticipates exiting Chapter 11 by the end of the year if its proposed liquidating plan is confirmed. The extension, the company said, will prevent creditors from filing competing plans that could delay the resolution of its Chapter 11 case while unnecessarily increasing administrative expenses. About FTD Companies FTD Companies, Inc. -- http://www.ftdcompanies.com/-- is a premier floral and gifting company. Through its diversified family of brands, it provides floral, specialty foods, gifts, and related products to consumers primarily in North America. It also provides floral products and services to retail florists and other retail locations throughout these same geographies. FTD has been delivering flowers since 1910, and the highly-recognized FTD brand is supported by the iconic Mercury Man logo, which is displayed in over 30,000 floral shops in more than 125 countries. In addition to FTD, its diversified portfolio of brands includes these trademarks: ProFlowers, Shari's Berries, Personal Creations, Gifts.com, and ProPlants. FTD Companies is headquartered in Downers Grove, Ill. On June 3, 2019, FTD Companies and 14 domestic subsidiaries sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-11240). The Debtors disclosed $312.7 million in assets and $374.9 million in liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Jones Day and Richards, Layton & Finger, P.A., as legal counsel; Moelis & Company LLC as financial advisor; and Piper Jaffray & Co. as investment banker. AP Services, LLC, an affiliate of AlixPartners, provides restructuring services. Omni Management Group is the claims agent and has put up the site http://www.FTDrestructuring.com/ GABRIEL INVESTMENT: Committee Taps Muller Smeberg as Counsel ------------------------------------------------------------ The Official Committee of Unsecured Creditors of Gabriel Investment Group, Inc., and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Western District of Texas to retain and employ Muller Smeberg, PLLC as its counsel. The Committee requires Muller Smeberg to: a. advise the Committee with respect to its rights, duties and powers in these cases; b. assist and advise the Committee in its consultations with the Debtors in connection with the administration of these cases; c. assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors, operation of the Debtors’ business and the desirability of continuing or selling such business and/or assets, any proposed chapter 11 plan, and any other matter relevant to these cases; d. assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims, including analysis of possible objections to the priority, amount, subordination, or avoidance of claims and/or transfers of property in consideration of such claims; e. advise and represent the Committee in connection with matters generally arising in these cases, including the Debtors' use of cash collateral, any proposed chapter 11 plan, and the rejection or assumption of executory contracts and unexpired leases; f. appear before this Court, and any other federal, state or appellate court; g. prepare, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, objections, and responses to any of the foregoing; and h. perform such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The 2019 hourly billable rate for the Muller Smeberg are: Ronald J. Smeberg $300 Craig O' Neil $225 Ezekiel J. Perez $225 Charles J. Muller IV $350 Paul Randles, CPA $250 Gary Ploetz $250 Attorneys $225 to $350 Paralegals $120 Muller Smeberg is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, and neither represents nor holds an interest adverse to the interest of the Committee, or the Debtors or their estates with respect to the matters on which it is to be employed, according to court filings. The firm can be reached through: Ronald J Smeberg, Esq. MULLER SMEBERG, PLLC 2010 West Kings Highway San Antonio, TX 78201 Tel: 210-664-5000 Fax: 210-598-7357 Email: ron@smeberg.com About Gabriel Investment Group Gabriel Investment Group, Inc., founded in 1948, operates a chain of package stores that sell wines, liquors, and beers. As of the petition date, Gabriel operates 15 package store locations as Gabriel's Liquor and 30 package store locations as Don's & Ben's Liquor. Gabriel Investment Group sought relief under Chapter 11 of the Bankruptcy Code (Bank. W.D. Tex. Lead Case No. 19-52298) on Sept. 27, 2019 in San Antonio Texas. The other debtor affiliates are: Don's & Ben's Inc. (Bankr. W.D. Tex. 19-52299); Gabriel Holdings, LLC (Bankr. W.D. Tex. 19-52300); SA Discount Liquors, Inc. (Bankr. W.D. Tex. 19-52301); and Gabriel GP, Inc. (Bankr. W.D. Tex. 19-52302). In the petitions signed by Inez Cindy Gabriel, president, the Debtors were estimated to have assets at $1 million to $10 million and liabilities within the same range. Judge Ronald B. King is assigned the Debtors' cases. The Debtors tapped Pulman Cappuccio & Pullen, LLP as legal counsel. The Office of the U.S. Trustee appointed creditors to serve on the official committee of unsecured creditors in the Debtors' Chapter 11 cases on Nov. 21, 2019. GATEWAY TO LANCASTER: Trustee Hires Reed & Elmquist as Counsel -------------------------------------------------------------- Diane Reed, Chapter 11 trustee for Gateway To Lancaster, LLC, seeks authority from the U.S. Bankruptcy Court for the Northern District of Texas (Dallas) to retain Reed & Elmquist, P.C. as her legal counsel. The trustee requires Reed & Elmquist to: a. represent the trustee in matters and transactions relating to the disposition of the assets of the bankruptcy estate; b. advise the trustee with respect to legal matters arising from the Debtor's financial and business activities, and the disposition of the Debtor's assets; c. represent the trustee in any contested matters and adversary proceedings that may be filed in the Debtor's case; d. appear at proceedings in the case as deemed necessary and appropriate by the trustee and Reed & Elmquist; e. pursue any avoidance actions or other causes of action of the Debtor and its estate; and f. perform such other legal services as may be necessary or appropriate. The hourly rates of Reed & Elmquist personnel are: David W. Elmquist, Esq., shareholder $450 Linda Kaye Paquette, paralegal $225 David W. Elmquist, Esq., at Reed & Elmquist, assures the court that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Mr. Elmquist can be reached at: David W. Elmquist, Esq. Reed & Elmquist, P.C. 604 Water Street Waxahachie, TX 75165 Tel: (972) 938-7339 Fax: (972) 923-0430 About Gateway to Lancaster Gateway To Lancaster, LLC was formed on June 25, 2015 as a real estate company located in Lancaster, Texas. It is a commercial landlord, which generates its income from leasing space to a gas station and restaurant. Gateway To Lancaster filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-31872) on June 3, 2019, listing under $1 million in both assets and liabilities. M. J. Watson & Associates, P.C. is the Debtor's legal counsel. Diane Reed was appointed as the Debtor's Chapter 11 trustee. The trustee is represented by Reed & Elmquist, P.C. GLENVIEW HEALTH: Court Won't Order Ombudsman Appointment --------------------------------------------------------- Glenview Health Care Facility, Inc.'s Chapter 11 case came before the Court on Nov. 21, 2019 in Bowling Green, Kentucky before the Honorable Joan A. Lloyd for a hearing on the United States Trustee's Motion that the Court Authorize the Appointment of an Ombudsman for Glenview Health Care Facility, Inc., and the report on the need for an Ombudsman filed on August 14, 2019. After having considered statements of counsel and being otherwise sufficiently advised, Judge Joan A. Lloyd ordered that the motion is DENIED. A full-text copy of Order is available at https://tinyurl.com/t6c6jmo from PacerMonitor.com at no charge. About Glenview Health Care Facility Glenview Health Care Facility, Inc., owns and operates a small health care facility with 60 beds that provides nursing home services. Glenview Health Care Facility sought relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 19-10795) in Bowling Green, Kentucky on Aug. 1, 2019. As of the Petition Date, the Debtor's assets are between $1 million and $10 million; and its liabilities are estimated within the same range. Judge Joan A. Lloyd oversees the Debtor's case. Mark H. Flener, Esq., is the Debtor's counsel. The U.S. Trustee for Region 8 on Aug. 30, 2019, appointed two creditors to serve on the official committee of unsecured creditors in the Chapter 11 case. The Committee retained Bingham Greenebaum Doll LLP, as counsel. GOBP HOLDINGS: S&P Raises ICR to 'B+'; Outlook Stable ----------------------------------------------------- S&P Global Ratings raised all ratings, including the issuer credit rating on U.S. discount grocery chain GOBP Holdings Inc. (Grocery Outlet) to 'B+' from 'B'. The outlook is stable. S&P also raised its issue-level rating on the first-lien term loan to 'BB-' from 'B+'. The recovery rating on the term loan remains '2', indicating its expectation for meaningful recovery (70%-90%; rounded estimate: 85%) in the event of payment default. The rating agency thinks the company's expansion story will remain resilient over the next 12 months, including continued sales and EBITDA growth, with a fairly recession-proof strategy focused on discount offerings. S&P believes Grocery Outlet will continue de-leveraging given an increased contribution from new stores along with positive comparable sales growth at existing stores. S&P expects the company's strategy around its merchandising value proposition continues to resonate well with consumers, effectively driving incremental store traffic. GOBP has also accelerated store development in recent years, increasing its unit count by approximately 10% in each of the past three years, resulting in meaningful EBITDA expansion. The stable outlook reflects S&P's expectation that Grocery Outlet's consistent growth of opportunistic supply, additional natural and organic offerings, and successful store expansion will continue in the coming year, supporting its position as a leading U.S. extreme-value food retailer. This position helps support continued EBITDA growth and adjusted leveraged tracking to the mid-to-high 4x area over the 12 months. "We could lower our rating if we believed leverage were approaching 5x or greater in the next 12 months. Under such a scenario, we would expect intensifying levels of competition, product sourcing issues, and unsuccessful new store expansion to lead to pressured sales growth, increased EBITDA volatility, and an EBITDA margin decline of 100 basis points or more compared with our base projections. This would indicate weakening market share," S&P said. "We could raise the rating if Grocery Outlet demonstrated its ability to expand its operating footprint while maintaining stable profitability trends. This would likely occur with an expansion of free cash flow generation and adjusted leverage below 4x on a sustainable basis," the rating agency said. GRABIT INC: Enters into Restructuring Support Agreement ------------------------------------------------------- Grabit(TM) Inc., an intelligent automation systems provider to the soft goods manufacturing and warehouse logistics industries, on Dec. 18, 2019, disclosed that it has reached an agreement with its manufacturing partner and primary senior secured lender, Burke Porter Group ("BPG"), on the terms of a comprehensive reorganization and recapitalization. BPG, through its financing subsidiary, BPG International Finance Co. LLC, provided a senior secured loan to Grabit in June 2018. The purpose of the loan was to help advance electro-adhesion technologies for customers of both Grabit and BPG. While Grabit continues to advance its electroadhesion activities, delays in certain projects have caused an inability to perform under the terms of the BPG loan. As a result, Grabit and BPG have negotiated a Restructuring Support Agreement ("RSA") that provides for a restructuring through a voluntary pre-negotiated plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code. Grabit, BPG, along with a majority of Grabit preferred shareholders and convertible noteholders, have entered into a consensual arrangement allowing BPG to continue supporting Grabit, its customers and its advanced product development plans. Grabit CEO, Greg Miller noted, "After the reorganization, Grabit will enjoy expanded scale benefits as part of the much larger Burke Porter Group global platform." The Grabit restructuring will have no short or long-term effect on BPG or its subsidiary companies and provides a better avenue for BPG to support Grabit's short-term and long-term initiatives. BPG CFO, Daniel Webber states, "Grabit will emerge restructuring as a strong company able to continue delivering its innovative products and services." Once the reorganization is completed there will be additional information regarding future expansion and operational plans for Grabit and BPG. About Grabit(TM) Inc. Grabit(TM) is a robotic and machine learning company leveraging proprietary electro-adhesion technology to revolutionize consumer and industrial products manufacturing and warehouse logistics GRANITE CITY: Files Chapter 11, Secures $5-Mil. DIP Loan -------------------------------------------------------- Granite City Food & Brewery Ltd., a casual dining restaurant group, on Dec. 17 disclosed that it has filed a voluntary petition under Chapter 11 in the United States Bankruptcy Court for the District of Minnesota. Granite City intends to contemporaneously file a motion seeking approval of auction and sale procedures under Section 363(f) of the United States Bankruptcy Code. After an intensive review of strategic alternatives, Granite City's Board of Directors determined that a reorganization of its businesses was needed. The Board further determined that the restructuring could only be accomplished by filing for Chapter 11. Concurrently, Granite City has announced a going concern sale to KRG Granite Acquisition LLC for aggregate consideration of $7.5 million plus certain liabilities. The transaction remains subject to Bankruptcy Court approval and an auction process which is expected to conclude in February 2020. Granite City has secured a $5 million debtor in possession loan, subject to Bankruptcy Court approval, to fund operations through the auction and sale process. Granite City continues to operate its business as a "debtor in possession" subject to the supervision and orders of the Bankruptcy Court in accordance with the U.S. Bankruptcy Code. Management expects to continue operations without interruption during the Chapter 11 case. "The Granite City Board of Directors and management team have thoroughly assessed our strategic options and financial situation and unanimously agree that this structured sale process represents the best possible solution for the company," said Richard H. Lynch, Chairman of the Board and Chief Executive Officer of Granite City. "We believe pursuing this path will provide value to our creditors, enable one or more future restauranteurs to operate our locations, and preserve hundreds of jobs," continued Mr. Lynch. The proposed auction process, if approved by the Bankruptcy Court, would allow interested parties to submit binding offers at the auction to acquire substantially all of Granite City's assets, free and clear of Granite City's indebtedness and liabilities. Additional information about this process and proposed asset sale, as well as other documents relating to the restructuring and reorganization proceedings, is available from Duff & Phelps Securities LLC by contacting Darren Gange at darren.gange@duffandphelps.com or Matthew Gates at matthew.gates@duffandphelps.com. Bankruptcy Court filings and information about the claims process can be found at a separate website maintained by Granite City's noticing agent, Epiq Corporate Restructuring, LLC, at https://dm.epiq11.com/GraniteCity. Certain Granite City subsidiaries concurrently filed voluntary petitions under Chapter 11. The subsidiaries filing Chapter 11 cases include Granite City Restaurant Operations, Inc., Granite City of Indiana, Inc., Granite City of Kansas Ltd., and Granite City of Maryland, Inc. Granite City has filed a motion with the Bankruptcy Court seeking to administer all of the Chapter 11 cases jointly under the caption In re Granite City Food & Brewery Ltd., et al. During the pendency of its Chapter 11 case, Granite City plans to discontinue its periodic filings with the OTC Market. Granite City cautions that trading in its securities during the pendency of its Chapter 11 case is highly speculative and poses substantial risks. Trading prices for the Company's securities may not bear any substantive relationship to the probable outcome for equity security holders in its Chapter 11 case. No assurance can be given that, as a result of Granite City's Chapter 11 case, Granite City's equity securities, including common stock and options, will not be cancelled and extinguished without any monetary recovery to the holders thereof. About Granite City Granite City Food & Brewery Ltd. (OTCPink: GCFB) – http://www.gcfb.com-- operates two casual dining concepts: Granite City Food & Brewery and Cadillac Ranch All American Bar & Grill. The Granite City concept features its award-winning signature line of hand-crafted beers finished on-site as well as local and regional craft beers from brewers in various markets. In addition, these casual dining restaurants offer a wide variety of menu items that are prepared fresh daily. The extensive menu features contemporary American fare made in its scratch kitchens. Granite City opened its first restaurant in 1999; there are currently 25 Granite City restaurants in 13 states. Cadillac Ranch restaurants feature freshly prepared, authentic, All-American cuisine in a fun, dynamic environment. Its patrons enjoy a warm, Rock N' Roll inspired atmosphere. The Cadillac Ranch menu is diverse with offerings ranging from homemade meatloaf to pasta dishes, all freshly prepared using quality ingredients. The Company currently operates 4 Cadillac Ranch restaurants in 4 states. GREAT FOOD: Seeks to Extend Exclusivity Period to June 30 --------------------------------------------------------- Great Food Great Fun, LLC and Professional Hospitality, LLC asked the U.S. Bankruptcy Court for the Western District of New York to extend the exclusivity period to file their joint small business plan and disclosure statement to June 30, 2020. Prior to the companies' bankruptcy filing, the New York State Department of Taxation and Finance made assessments against the companies and their owner, Andrew Carlson, for disputed bulk sales tax assessments relating to previously existing business entities which had been owned and operated by Mr. Carlson's father. While these cases have been pending, Mr. Carlson, who is not in bankruptcy, has been disputing the bulk sales tax assessments against him and that dispute is currently being litigated before the New York State Tax Appeals Tribunal. In addition to those objections raised by Mr. Carlson before the New York State Tax Appeals Tribunal, the companies have corresponded with counsel for the New York Taxation Department in connection with their bankruptcy cases, stated their objections to the claims, and requested that the agency voluntarily reclassify its claims without the need for litigation. Unfortunately, after an extended period of time, the New York Taxation Department advised that it will not consent to the companies' claim objections. Accordingly, the companies are currently preparing objections to the claims of the agency and anticipate filing objections to such claims. The companies intend to file a joint plan of reorganization during 2020, however, the resolution of their dispute with the New York Taxation Department is expected to have material impacts on their efforts to reorganize their businesses. The companies have also been seeking new investment into their businesses to assist them in their future business operations. However, if the disputed bulk sales tax claims of the New York Taxation Department were to be resolved in their favor, the companies believe that a joint reorganization plan could be proposed and confirmed without the need for additional investment in these businesses. About Great Food Great Fun and Professional Hospitality Great Food Great Fun LLC is a New York corporation which is doing business as "Wing City Grille" and which operates a restaurant in Fredonia, New York. Professional Hospitality, LLC, is a New York corporation which is doing business as "Village Casino Restaurant" and which operates a restaurant and banquet facilities on the waterfront in Bemus Point, New York. The Village Casino Restaurant is seasonal, generally operating only between May 1 and Sept. 30 each year. Great Food and Professional Hospitality are single member limited liability corporations owned by Andrew C. Carlson, an individual who is not in bankruptcy. Great Food Great Fun and Professional Hospitality sought Chapter 11 protection (Bankr. W.D.N.Y. Case Nos. 17-11557 and 17-11558, respectively) on July 24, 2017. Judge Carl L. Bucki oversees the Debtors' jointly administered cases. Andreozzi Bluestein LLP serves as counsel to the Debtors. GREGORY L. MOLDEN: Seeks to Hire Real Estate as Realtor ------------------------------------------------------- Gregory L. Molden M.D., Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Real Estate Resource Group, LLC, as realtor to the Debtor. Gregory L. Molden requires Real Estate to market and sell the Debtor's medical office building located at 2300 S. Galvez, New Orleans, Louisiana. Real Estate will be paid a commission of 6% of the gross sale price. Real Estate will also be reimbursed for reasonable out-of-pocket expenses incurred. Ken Rayor, partner of Real Estate Resource Group, LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Real Estate can be reached at: Ken Rayor REAL ESTATE RESOURCE GROUP, LLC 90 Louis Prima Dr. Covington, LA 70433 Tel: (985) 898-5888 About Gregory L. Molden M.D., Inc. Gregory L. Molden M.D. Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. La. Case No. 19-12073) on Aug. 1, 2019, disclosing under $1 million in both assets and liabilities. The Debtor is represented by THE DE LEO LAW FIRM, LLC. GULF STATES TRANSPORTATION: Seeks to Hire Landwehr Law as Counsel ----------------------------------------------------------------- Gulf States Transportation, LLC, seeks authority from the U.S. Bankruptcy Court for the Eastern District of Louisiana Eastern to hire Landwehr Law Firm as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) advise the Debtor of its powers and duties in the continued management of its property; (b) assist the Debtor in the disposition of its assets; (c) prepare applications, reports and other legal papers; and (d) perform all other legal services for the Debtor. The Debtor has agreed to pay Landwehr Law Firm for services rendered at the rate of $350 per hour, plus costs incurred. The sum of $15,000 will be held as a retainer by Landwehr Law Firm for services rendered and costs incurred in this Chapter 11 proceeding. Darryl Landwehr, Esq., at Landwehr Law Firm, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Landwehr may be reached at: Darryl T. Landwehr, Esq. Landwehr Law Firm 1010 Common Street, Suite 1710 New Orleans, LA 70112 Tel: (504) 561-8086 About Gulf States Transportation, LLC Gulf States Transportation, LLC, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 19-13283) on Dec. 9, 2019, listing under $1 million in both assets and liabilities. Darryl T. Landwehr at Landwehr Law Firm represents the Debtor as counsel. H&B HOLDINGS: Taps Hall Tanner Hargett as Special Counsel --------------------------------------------------------- H&B Holdings, Inc. asks for permission from the U.S. Bankruptcy Court for the Northern District of Alabama to employ the law firm of Hall Tanner Hargett, P.C., as special counsel for the Debtor. The Debtor needs legal services to file litigation against C&S Sales, LLC d/b/a Derksen Portable Buildings. The Debtor desires to employ Special Counsel for this purpose on its behalf. The Debtor is not aware of any interest in which Special Counsel would be averse to the estate in the matters upon which Special Counsel is to be engaged and believes that Special Counsel is a disinterested person as defined under Sec. 101(14) the Bankruptcy Code. Further, the Debtor is not aware of any connection that Special Counsel would have with Debtor, its creditors, or other parties of any interest, including the Bankruptcy Administrator's Office, or any employee of the Bankruptcy Administrator's Office in this District. The Debtor agrees to pay the law firm $325.00 per hour for work performed by its law partners. The firm may be reached at: G. Rick Hall, Esq. Douglas B. Hargett, Esq. HALL TANNER HARGETT, P.C. 201 North Water Street Tuscumbia, AL 35674 About H&B Holdings H&B Holdings Inc. is a privately held company in the wholesale lumber business. H&B Holdings, Inc., based in Tuscumbia, Ala., filed a Chapter 11 petition (Bankr. N.D. Ala. Case No. 19-82417) on August 13, 2019. The Hon. Clifton R. Jessup Jr. oversees the case. Stuart M. Maples, Esq., at Maples Law Firm, P.C., serves as bankruptcy counsel. In the petition signed by Harvey F. Robbins, III, president, the Debtor disclosed $236,441 in assets and $7,641,392 in liabilities. HAMILTONS 549: Corcoran Group Approved as Real Estate Broker ------------------------------------------------------------ Hamiltons 549 LLC sought and obtained permission from the U.S. Bankruptcy Court for the Southern District of New York to employ The Corcoran Group as the Debtor's exclusive real estate broker to market and sell its real property known as and located at 549 W. 152nd Street, New York, New York 10031. The employment of the Corcoran Group is necessary and in the best interests of the estate, according to the Debtor. The firm attests that it doesn't have or represent any interest adverse to the Debtor or the estate; and is a disinterested person as that term is defined in section 101(14) of the Bankruptcy Code. The professional services to be provided by Corcoran are: a) Evaluate the value of the Debtor's Property; b) Review all pertinent documents in connection with marketing the Property; c) Create a marketing program for the Property, and prepare and disseminate all marketing materials; d) Communicate with parties who have expressed an interest in the Property and endeavor to locate additional parties who may have similar interests; e) Respond and provide information to, negotiate with, and solicit offers from prospective purchasers and make recommendations to the Debtor to the advisability of accepting particular offers; f) Arrange for physical inspection of the Property by prospective purchasers; g) Meet with the Debtor and its attorneys as necessary; and h) Appear, if requested, before the Bankruptcy Court during the term of its retention, to testify or to consult with the Debtor in connection with the marketing or disposition of the Property. Pursuant to the Agreement, the Debtor has agreed to retain Corcoran as its exclusive broker. The Agreement expires six months from the date of entry of the agreement unless extended by the Court. The Agreement further provides that Corcoran's commission to be paid by the Debtor will be 6% of the total sale price. The firm may be reached at: Janet Lowry Manager The Corcoran Group 221 Columbus Ave. New York, NY 10023 About Hamiltons 549 LLC Hamiltons 549 LLC, based in New York, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 19-11995) on June 17, 2019. The Hon. Shelley C. Chapman oversees the case. Joel M. Shafferman, Esq., at Shafferman & Feldman LLP, serves as bankruptcy counsel to the Debtor. Hamiltons 549 LLC classifies its business as Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). It owns in fee simple a property located at 549 West 152nd Street New York, New York 10031 having an appraised value of $3 million. In the petition signed by Hermia Nelson, member, the Debtor disclosed $3,000,000 in assets and $1,525,055 in liabilities. HC2 HOLDINGS: S&P Affirms 'B-' Rating on $470MM Senior Notes ------------------------------------------------------------ S&P Global Ratings affirmed its 'B-' issue-level rating on HC2 Holdings Inc.'s $470 million senior notes due 2021. At the same time, S&Pe revised the recovery rating to '3' from '4', indicating its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. The rating action reflects its revision of the company's enterprise value in its discreet asset valuation approach. S&P's ratings on holding company HC2 reflect the company's asset mix, which consists mostly of unlisted companies, and weak asset diversity due to the concentration of the portfolio in a few assets with a weak overall credit quality. In addition, S&P believes the company will remain highly leveraged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario contemplates a default occurring in 2021 due to a severe downturn in its subsidiaries' markets and the loss of some of their largest contracts. This would result in significantly depressed earnings and cash flow--constraining the company's ability to make interest payments and service its holding company debt--and significantly weaken the value of its portfolio. S&P assumes HC2 will default when the company is unable to meet its fixed-charge obligations while its investment portfolio value declines toward the level of the total debt. At emergence, S&P estimates that the value of the portfolio would further decline by 35%. This reflects that the portfolio is rather illiquid and cumbersome to sell off, as it consists of controlling interests in private companies, which would likely take a considerable time to complete a sale and thus relatively illiquid when compared to noncontrolling publicly traded equity investments. Simulated default assumptions -- Simulated year of default: 2021 -- Estimated gross enterprise value (EV): $351 million Simplified waterfall -- Net enterprise value (after 5% admin. costs): $333 million -- Priority claims: $15.7 million -- Total value available to senior claims: $318 million -- Senior claims: $497 million -- Recovery expectations: 50%-70%; rounded estimate: 60% Note: All debt amounts include six months of prepetition interest. HC2 Holdings Inc. Issuer Credit Rating B-/Stable Ratings Affirmed; Recovery Expectation Revised To From HC2 Holdings Inc. Senior Secured B- Recovery Rating 3(60%) 4(45%) HENRY ANESTHESIA ASSOCIATES: Steve Hampton Okayed as Accountant --------------------------------------------------------------- Henry Anesthesia Associates, LLC, sought and obtained permission from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Steve Hampton as an accountant for the Debtor. The Debtor needs Steve Hampton's services to review and prepare financials, review loan balances, confirm and compile payroll data, prepare quarterly returns, and prepare annual tax returns. To the best of the Debtor's knowledge: (a) Mr. Hampton is a disinterested person as that term is defined in 11 U.S.C. Sec. 101(14) as to the matters on which Debtor would like to employ Accountant; (b) Mr. Hampton as had no connection with the Debtor, its creditors or any party in interest, or their respective attorneys and accountants; and (c) his employment will be in the best interest of the Debtor's Estate. The Debtor wishes to pay its Accountant at $175.00 per hour for the work to be performed herein on a monthly and interim basis. The Accountant can be reached at: Steve Hampton 1227 Amanda Circle, Decatur, GA 30033 About Henry Anesthesia Associates Henry Anesthesia Associates LLC is a medical practice in Stockbridge, Georgia specializing in anesthesiology. Henry Anesthesia filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 19-64159) on Sept. 6, 2019. In the petition signed by Keith R. Carringer, M.D., manager, the Debtor was estimated to have assets of at least $50,000, and liabilities between $1 million and $10 million. Jones & Walden, LLC, represents the Debtor. HIGH RIDGE: Files Chapter 11 to Facilitate Sales Process -------------------------------------------------------- High Ridge Brands Co., on Dec. 18 disclosed that it is pursuing the sale of the Company and is currently engaged in active discussions with interested bidders. To facilitate an orderly sales process, the Company and its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. High Ridge Brands intends to complete the sales process under Section 363 of the U.S. Bankruptcy Code. The Company's U.K. business operations are not included in the Chapter 11 filing and will not be subject to the requirements of the U.S. Bankruptcy Code. "In the last two years, High Ridge Brands has made tremendous progress enhancing our global operations, investing in best-in-class innovation and expanding our branded personal care platform," said Patricia Lopez, High Ridge Brands' Chief Executive Officer and President. "Following a thorough review of the options available to us, we have made the decision to execute a court-supervised sales process in order to maximize the value of our strong brands. As we move forward, we remain focused on our mission of crafting extraordinary experiences for savvy consumers through our hair care, skin cleansing and oral care products. We are committed to minimizing the impact on our employees, customers, vendors and other stakeholders throughout the sales process, and we thank them for their ongoing support." In conjunction with the sales process, High Ridge Brands has received a commitment for approximately $20 million in debtor-in-possession ("DIP") financing from its existing secured lender group. Upon Court approval, the new financing, combined with cash generated from the Company's ongoing operations, will be used to support the business throughout the sales process. High Ridge Brands has sufficient liquidity to meet its go-forward business obligations. The Company expects to service its customers with on-time, in-full deliveries of all product lines and pay its suppliers in full for goods and services provided on or after December 18, 2019, the Chapter 11 filing date. In conjunction with the Chapter 11 filing, the Company has filed a number of customary motions seeking authorization to support its operations during the court-supervised process, including authority to continue payment of employee and contractor wages and benefits, honor customer payments and orders and pay suppliers for post-petition goods and services. The Company expects to receive court approval for these requests. Additionally, M. Benjamin Jones, a Senior Managing Director at Ankura Consulting Group, is serving as Chief Restructuring Officer and will help support the Company through the reorganization process and with related activities. Court documents and additional information can be found at a website administered by High Ridge Brands' claims agent, Prime Clerk, at http://cases.primeclerk.com/HighRidgeor by calling the Company's Restructuring Hotline, toll-free in the U.S., at (877) 474-5021. For calls originating outside of the U.S., please dial +1 (917) 947-2681. Debevoise & Plimpton LLP and Young Conaway are serving as the Company's legal counsel. Ankura Consulting Group is serving as the Company's restructuring advisor. PJT Partners is serving as financial advisor to the Company. About High Ridge Brands Headquartered in Stamford, Connecticut, High Ridge Brands –- http://www.highridgebrands.com/-- is one of the largest independent branded personal care companies in the United States by unit volume, with a mission to craft extraordinary experiences for savvy consumers. Today, High Ridge Brands has a portfolio of over thirteen trusted brands, serving primarily North American skin cleansing, hair care and oral care markets, including Zest(R), Alberto VO5(R), REACH(R), Firefly(R), Dr. Fresh(R), Coast(R), White Rain(R), LA Looks(R), Zero Frizz(R), Rave(R), Salon Grafix(R), Binaca(R) and Thicker Fuller Hair(R). In addition, the Company has relationships with leading entertainment properties through which it has a portfolio of licenses such as Star Wars, Batman, Spiderman, Hello Kitty, and Transformers. The Company operates an asset-light model, outsourcing its manufacturing needs, and has approximately 140 employees. HIGHLAND CAPITAL: Comm. Hires FTI Consulting as Financial Advisor ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Highland Capital Management, L.P., seeks authority from the U.S. Bankruptcy Court for the District of Delaware to retain FTI Consulting, Inc. as financial advisor to the Committee. The Committee requires FTI to: -- assist in the review of financial related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports; -- assist in the preparation of analyses required to assess any proposed Debtor-In-Possession financing or use of cash collateral; -- assist with the assessment and monitoring of the Debtor's short term cash flow, liquidity, and operating results; -- assist in the assessment and monitoring of activities with affiliates and related financial controls thereon; -- assist with the review of any proposed key employee retention and/or other employee benefit programs; -- assist with the review of the Debtor's analysis of core business assets and the potential disposition or liquidation of non-core assets; -- assist with the review of the Debtor's cost/benefit analysis with respect to the affirmation or rejection of various executory contracts and leases; -- assist with the review of the Debtor's identification of potential cost savings, including overhead and operating expense reductions and efficiency improvements; -- assist in the review and monitoring of any potential asset sale process, including, but not limited to an assessment of the adequacy of the marketing process, completeness of any buyer lists, review and quantifications of any bids; -- assist with review of any tax issues associated with, but not limited to, claims/stock trading, preservation of net operating losses, refunds due to the Debtor, plans of reorganization, and asset sales; -- assist in the review of the claims reconciliation and estimation process; -- assist in the review of other financial information prepared by the Debtor, including, but not limited to, cash flow projections and budgets, business plans, cash receipts and disbursement analysis, asset and liability analysis, and the economic analysis of proposed transactions for which Court approval is sought; -- attend meetings and assist in discussions with the Debtor, potential investors, banks, other secured lenders, the Committee and any other official committees organized in these chapter 11 proceedings, the U.S. Trustee, other parties in interest and professionals hired by the same, as requested; -- assist in the review and/or preparation of information and analysis necessary for the confirmation of a plan and related disclosure statement in this chapter 11 proceeding; -- assist in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; -- assist in the prosecution of Committee responses/objections to the Debtor's motions, including attendance at depositions and provision of expert reports/testimony on case issues as required by the Committee; and -- render such other general business consulting or such other assist as the Committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding. FTI's customary hourly rates are: Senior Managing Directors $885-$1,195 Directors/Senior Directors/Managing Directors $670-$880 Consultants/Senior Consultants $355-$640 Administrative/Paraprofessionals $145-$275 Connor P. Tully, Senior Managing Director with FTI Consulting, attests that FTI does not hold or represent any interest adverse to the estate. The firm can be reached through: Conor P. Tully FTI Consulting, Inc Three Times Square, 9th Floor New York, NY, 10036 Tel: +1 212 247 1010 Fax: +1 212 841 9350 Email: conor.tully@fticonsulting.com About Highland Capital Management Highland Capital Management LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management, L.P., sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. Highland was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. The Hon. Christopher S. Sontchi is the case judge. The Debtor's counsel is James E, O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP. Kurtzman Carson Consultants LLC, is the claims and noticing agent. HIGHLAND CAPITAL: Committee Hires Sidley Austin as Counsel ---------------------------------------------------------- The Official Committee of Unsecured Creditors Highland Capital Management, L.P., seeks authority from the U.S. Bankruptcy Court for the District of Delaware to retain Sidley Austin LLP as its counsel. Sidley will assist, advise and represent the Committee with respect to the following matters: (a) The administration of these cases and the exercise of oversight with respect to the Debtor's affairs, including all issues relating to the Debtor, the Committee or this Chapter 11 Case; (b) The preparation of pleadings on behalf of the Committee, including without limitation, statements, motions, applications, memoranda, adversary complaints, objections or comments in connection with any matter related to the Debtor or this Chapter 11 Case; (c) The review and analysis of motions, applications, orders, statements, operating reports and schedules filed with the Court and providing advice to the Committee in connection therewith; (d) Appearances in Court, participation in litigation as a party-in-interest, and participation at statutory meetings of creditors to represent the interests of the Committee; (e) The investigation and analysis of any potential claims against the Debtor's non-debtor affiliates and other third parties; (f) The negotiation, formulation, drafting and confirmation of any plan or plans of reorganization or liquidation and matters related thereto; (g) The negotiation and evaluation of the use of cash collateral, any proposed debtor-in-possession financing, and any other potential financing alternatives; (h) The evaluation of any proposed restructuring support agreement and any other potential restructuring alternatives; (i) The analysis of any proposed employee compensation, incentive and retention payment plans, and evaluation of the propriety thereof; (j) Investigation of, among other things, unencumbered assets, liabilities, financial condition of the Debtor, prior transactions, and operational issues concerning the Debtor that may be relevant to this Chapter 11 Case; (k) The evaluation, negotiation and formulation of any proposed sale of any of the Debtor's assets, including pursuant to section 363 of the Bankruptcy Code; (l) Communications with the Committee's constituents in furtherance of its responsibilities including, but not limited to, communications required under section 1102 of the Bankruptcy Code; and (m) The performance of all of the Committee's duties and powers under the Bankruptcy Code and the Bankruptcy Rules and the performance of such other services as requested by the Committee. Sidley's billing rates for attorneys and paraprofessionals who may work on this matter currently range from $520 to $1,250 per hour for attorneys and $435 for paraprofessionals. Sidley and the Committee have agreed to a 10 percent reduction of Sidley's standard hourly billing rates for this engagement. Bojan Guzina, Esq., partner of Sidley, attests that the firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code and does not hold or represent an interest adverse to the Debtor's estate. The firm can be reached through: Bojan Guzina, Esq. SIDLEY AUSTIN LLP One South Dearborn Street Chicago, IL 60603 Tel: (312) 853-7000 Fax: (312) 853-7036 E-mail: bguzina@sidley.com About Highland Capital Management Highland Capital Management LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management, L.P., sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. Highland was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. The Hon. Christopher S. Sontchi is the case judge. The Debtor's counsel is James E, O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP. Kurtzman Carson Consultants LLC, is the claims and noticing agent. HIGHLAND CAPITAL: Committee Taps Young Conaway as Co-Counsel ------------------------------------------------------------ The official committee of unsecured creditors of Highland Capital Management, L.P. seeks authority from the U.S. Bankruptcy Court for the District of Delaware to retain Young Conaway Stargatt & Taylor, LLP. Young Conaway will serve as co-counsel with Sidley Austin LLP, the other firm representing the committee in the Debtor's Chapter 11 case. Young Conaway's standard hourly rates are: Michael R. Nestor $905 Edmon L. Morton $820 Sean M. Beach $785 Kevin A. Guerke $725 Jaclyn C. Weissgerber $460 Catherine C. Lyons $325 Debbie Laskin (paralegal) $295 Sean Beach, Esq., a partner at Young Conaway, attests that the firm is a "disinterested person" as such term is defined in Section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Beach disclosed that the firm has not agreed to a variation of its standard or customary billing arrangements for its employment with the Debtor, and that no professional at the firm has varied his rate based on the geographic location of the Debtor's bankruptcy case. The attorney also disclosed that Young Conaway did not represent the committee in the 12 months prior to the Debtor's bankruptcy filing. The firm can be reached through: Sean M. Beach, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Phone: 302-571-6600 Fax: 302-571-1253 About Highland Capital Management Highland Capital Management LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management, L.P., sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. Highland was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. The Hon. Christopher S. Sontchi is the case judge. The Debtor's counsel is James E, O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP. Kurtzman Carson Consultants LLC is the claims and noticing agent. HUDSON TECHNOLOGIES: Enters Into $60M Revolving Credit Facility --------------------------------------------------------------- Hudson Technologies, Inc. has entered into a new revolving credit facility with Wells Fargo Bank, National Association, which provides up to $60 million in borrowing capacity from time to time, subject to a borrowing base. In conjunction with entry into the Wells Fargo credit facility, the Company repaid in full its revolving loans from PNC Bank, National Association and the revolving credit facility with PNC Bank was terminated. Furthermore, on Dec. 19, 2019 Hudson entered into a Waiver and Fourth Amendment to its Term Loan Credit and Security Agreement. Kevin Zugibe, chairman and CEO of Hudson Technologies, stated, "We are pleased to have entered into a new revolving credit facility as well as to have successfully amended our existing term loan facility. We appreciate the support of our new and existing lending partners and the patience of our shareholders as we finalized these agreements and we look forward to driving improved operating performance as we enter 2020." The Fourth Amendment waived financial covenant defaults at June 30, 2019 and Sept. 30, 2019 and amended the Term Loan Credit and Security Agreement to reset the maximum total leverage ratio financial covenant through Dec. 31, 2021; reset the minimum liquidity requirement; and added a minimum LTM adjusted EBITDA covenant. About Hudson Technologies Hudson Technologies, Inc. -- www.hudsontech.com -- is a provider of innovative and sustainable solutions for optimizing performance and enhancing reliability of commercial and industrial chiller plants and refrigeration systems. Hudson's proprietary RefrigerantSide Services increase operating efficiency, provide energy and cost savings, reduce greenhouse gas emissions and the plant's carbon footprint while enhancing system life and reliability of operations at the same time. RefrigerantSide Services can be performed at a customer's site as an integral part of an effective scheduled maintenance program or in response to emergencies. Hudson also offers SMARTenergy OPS, which is a cloud-based Managed Software as a Service for continuous monitoring, Fault Detection and Diagnostics and real-time optimization of chilled water plants. In addition, the Company sells refrigerants and provides traditional reclamation services for commercial and industrial air conditioning and refrigeration uses. Hudson Technologies reported a net loss of $55.66 million in 2018. As of Sept. 30, 2019, the Company had $204.21 million in total assets, $149.25 million in total liabilities, and $54.95 million in total stockholders' equity. As disclosed in the Company's Form 10-Q for the quarter ended Sept. 30, 2019, "The Company's ability to continue as a going concern is contingent upon its ability to comply with the financial covenants within its credit agreements. The Company's level of indebtedness has adversely impacted, and continues to adversely impact, the Company's financial condition, including operating results and liquidity position. As of June 30, 2019 and September 30, 2019, the Company was not in compliance with the financial covenants in the Term Loan Facility and the PNC Facility, thus raising substantial doubt as to the ability to continue as a going concern within one year after the date the financial statements were issued. The Company has satisfied all of its debt payment obligations on a timely basis and had over $14 million of cash on hand and $23 million of availability pursuant to the borrowing base formula in the PNC Facility as of September 30, 2019; and is working with its lenders to obtain a waiver and amendment of its credit facilities. However, there can be no assurance that the Company will be able to conclude any such waivers or amendments on acceptable terms or at all." IMPERIAL TOY: Committee Seeks to Hire Pachulski Stang as Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Imperial Toy, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to retain Pachulski Stang Ziehl & Jones LLP as its legal counsel. The firm will provide these services to the committee in connection with the Debtor's Chapter 11 case: a. assist, advise and represent the committee in its consultations with the Debtor and other creditor constituencies or parties in interest regarding the administration of the case; b. assist, advise and represent the committee in analyzing the Debtor's assets and liabilities, investigating the extent and validity of liens and participating in and reviewing any proposed asset sales, other asset dispositions, financing arrangements and cash collateral stipulations or proceedings; c. assist, advise and represent the committee in any manner relevant to reviewing and determining the Debtor's rights and obligations under unexpired leases and executory contracts; d. assist, advise and represent the committee in investigating the acts, conduct, assets, liabilities, and financial condition of the Debtor, the operation of the Debtor's business and the desirability of the continuance of any portion of the business, and any other matters relevant to this case or to the formulation of a plan; e. assist, advise and represent the committee in its participation in the negotiation, formulation and drafting of a plan of reorganization or liquidation; f. provide advice to the committee on the issues concerning the appointment of a trustee or examiner under section 1104 of the Bankruptcy Code; g. assist, advise and represent the committee in the performance of all of its duties and powers under the Bankruptcy Code and the Bankruptcy Rules and in the performance of such other services as are in the interests of those represented by the committee; and h. assist, advise, and represent the committee in the evaluation of claims and any litigation matters. Pachulski's hourly rates are: John D. Fiero $925 Jason H. Rosell $695 Paralegal $395 Jason Rosell, Esq., a partner at Pachulski Stang, disclosed in court filings that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Pachulski Stang can be reached through: John D. Fiero, Esq. Jason H. Rosell, Esq. Pachulski Stang Ziehl & Jones LLP 150 California Street, 15th Floor San Francisco, CA Email: jfiero@pszjlaw.com About Imperial Toy Imperial Toy LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 19-52335) on Nov. 18, 2019. The case was filed in order to facilitate a going concern sale of the Debtor's assets. At the time of the filing, the Debtor disclosed assets of between $10 million and $50 million and liabilities of the same range. The Debtor tapped Sheppard, Mullin, Richter & Hampton LLP as its legal counsel, and Arch & Beam Global, LLC as its financial advisor. The U.S. Trustee for Region 17 appointed creditors to serve on the official committee of unsecured creditors on Nov. 27, 2019. The committee is represented by Pachulski Stang Ziehl & Jones LLP. IN MARKETING: Exclusive Plan Filing Period Extended to March 10 --------------------------------------------------------------- Judge Stacey L. Meisel of the U.S. Bankruptcy Court for the District of New Jersey extended the exclusive period during which Inmarketing Group, Inc. can file a Chapter 11 plan to March 10, 2020. The period for obtaining acceptances is also extended until 60 days thereafter. Inmarketing's attorney, Eric Snyder, Esq., at Wilk Auslander LLP, said the company needs to decide whether to reject or assume its agreement with Travelers, adding that loss of the Travelers account may impact the negotiation and formulation of the plan because it will likely affect the company's future revenue available to pay creditors. The imminent expiration of Inmarketing's office lease and the adversary proceeding against Andrew Perlmutter, the company's chief executive officer and founder, also present other unresolved contingencies that may affect formulation of a plan, according to Mr. Snyder. The attorney said Inmarketing will not wait until the conclusion of the adversary case to propose a plan but the passage of time will provide more certainty on the potential outcome of the case. About IN Marketing Group IN Marketing Group -- http://www.inmarketinggroup.com-- is an advertising agency that helps companies grow by providing corporate gifts and customized incentive programs to their clients. It helps businesses penetrate new markets, reward their loyal customers and upsell to existing clients while retaining their top sales performers. IN Marketing Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 19-25754) on Aug. 14, 2019. In the petition signed by Alan Traiger, president, the Debtor estimated $2,206,521 in assets and $4,513,541 in liabilities. The case is assigned to Judge Stacey L. Meisel. The Debtor is represented by Shapiro Croland Reiser Apfel & Di Iorio, LLP and Wilk Auslander LLP. The Office of the U.S. Trustee appointed a committee of unsecured creditors in the Debtor's bankruptcy case. INDIGO NATURAL: Moody's Affirms B2 CFR, Outlook Positive -------------------------------------------------------- Moody's Investors Service affirmed Indigo Natural Resources LLC's Corporate Family Rating at B2, its Probability of Default Rating at B2-PD, and its senior unsecured notes rating at B3. The outlook remains positive. "The recent debt reduction by Indigo supports its positive outlook despite a weak outlook for natural gas prices," said Jonathan Teitel, Moody's Analyst. "But the company needs to grow its production further to make it more resilient to weak gas prices as its hedges roll off." Outlook Actions: Issuer: Indigo Natural Resources LLC Outlook, Remains Positive Affirmations: Issuer: Indigo Natural Resources LLC Probability of Default Rating, Affirmed B2-PD Corporate Family Rating, Affirmed B2 Senior Unsecured Notes, Affirmed B3 (LGD5) RATINGS RATIONALE The positive outlook considers substantial debt reduction with proceeds from Indigo's sale of its interest in its midstream joint venture. The outlook also reflects Moody's expectation for continued solid execution on development plans into 2021 while maintaining adequate liquidity amid a highly challenging environment for natural gas producers. The lower debt and interest expense drive further meaningful improvement in leverage, interest coverage, and retained cash flow to debt. However, positive momentum is constrained by the likelihood that strong supply of natural gas and correspondingly weak prices could prevail for an extended period, posing challenges to sustaining a higher rating beyond the company's hedge protection. Indigo's B2 CFR reflects the constraints of its natural gas focus, basin concentration, and large amount of proved undeveloped reserves. The company's exposure to weak natural gas prices is offset by reduced debt, strong retained cash flow to debt, a solid hedge book, and the management team's operating track record. Credit metrics improve from debt reduction following the asset sale and will remain strong into 2021 as Indigo executes on its development program and grows production. Indigo garners critical cash flow support from forward sale agreements and hedges, but the ability to enter into new hedges at similar prices is hindered by weak natural gas prices. Indigo's production benefits from relative proximity to Henry Hub, which drives low basis differentials. Indigo increased its minimum volume commitments on the midstream system through 2022 as part of the sale, but these are likely to only result in small deficiency fees. Indigo's private equity ownership is among governance considerations incorporated into Moody's analysis, although the company to date has followed relatively conservative financial policies. Moody's anticipates that Indigo will maintain adequate liquidity through 2020. Indigo's RBL revolver due 2023 has $800 million of elected commitments on a $900 million borrowing base. Moody's expects Indigo will redraw its revolver in 2020 to fund capital outspend in the early part of the year and a sizable distribution for tax payment to LLC owners relating to gains on the midstream asset sale. Upon closing of the midstream asset sale to DTE Energy Company, Indigo received $855 million. Indigo used proceeds to fully repay its revolver and to redeem its senior notes due 2024. Indigo expects to receive $240 million of additional asset sale proceeds in the second half of 2020 upon completion of the LEAP midstream system and release of funds from escrow. The company also expects to fully redeem its preferred equity in late 2020 using most of these additional proceeds. Indigo's $650 million of senior unsecured notes due 2026 are rated B3, one notch below the CFR, reflecting effective subordination to the company's $800 million RBL revolver due 2023. Moody's views the B3 rating as more appropriate than the rating suggested by Moody's loss given default based on the company's positive credit momentum, low financial leverage and correspondingly strong asset coverage for its rating level. However, if these favorable attributes were to reverse or there is an increase in the size of the revolver, the B3 rating of the notes could be downgraded to reflect effective subordination to a greater amount of potential secured debt. The weak price environment for natural gas poses a challenge for an upgrade in the near term. However, in addition to a more supportive pricing environment, prospective factors that could lead to an upgrade include consistent positive free cash flow generation while growing both production and reserves; retained cash flow to debt sustained above 30%; and a leveraged full cycle ratio above 1.5x. Factors that could lead to a downgrade include declining production volumes; higher leverage or retained cash flow to debt below 15%; deterioration of liquidity; or negative free cash flow that is not reduced, leading to a significant rise in debt. The principal methodology used in these ratings was Independent Exploration and Production Industry published in May 2017. Indigo, headquartered in Houston, Texas, is a privately-owned independent exploration and production company focused on natural gas production in North Louisiana, particularly in the Haynesville/Bossier Shales. INDUSTRIAL MACHINERY SALES: May Use Cash Collateral Until Jan. 13 ----------------------------------------------------------------- Judge A. Benjamin Goldgar of the U.S. Bankruptcy Court for the Northern District of Illinois authorized Industrial Machinery Sales & Services, Inc. to use the cash collateral of Byline Bank through Jan. 13, 2020. The hearing on Debtor's motion for the continuing use of cash collateral is continued to Jan. 8 at 10:00 a.m. The Debtor may use cash collateral to pay the ordinary and necessary post petition expenses related to the operation of its machinery sales business, as provided in the budget. The approved cash collateral budget provides total costs in the amount of $18,310 for the month of December 2019. Byline Bank is granted valid, perfected and enforceable post-petition replacement liens on all proceeds of existing collateral and all new collateral, to the same extent that it had perfected liens prepetition. The Bank's post-petition lien will be superior in right to any other lien created or arising. In addition, the Debtor will pay $1,339 to Byline Bank on or before the 15th day of each month until further order of the Court or until dismissal or conversion, appointment of a trustee or plan confirmation. A copy of the Order is available for free at https://is.gd/kOWWj7 from Pacermonitor.com About Industrial Machinery Sales & Services Industrial Machinery Sales & Services, Inc., sells industrial machinery, primarily as a manufacturer's representative on a commission basis, and occasionally buys and resells machinery and equipment, as well. The Debtor sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 19-31848) on November 8, 2019 in Chicago, Illinois, listing under $500,000 in assets and under $1,000,000 in liabilities. Judge Benjamin Goldgar is assigned the case. DAVID P. LLOYD, LTD., represents the Debtor as counsel. INGLESIDE AT KING FARM: Fitch Cuts Ratings on 2017 Debt to BB- -------------------------------------------------------------- Fitch Ratings downgraded to 'BB-' from 'BB' the ratings on the following bonds issued by the Mayor and Council of Rockville, MD on behalf of King Farm Presbyterian Retirement Community, Inc. d/b/a Ingleside at King Farm: -- $48.9 million economic development refunding revenue bonds, series 2017A-1; -- $23.8 million economic development refunding revenue bonds, series 2017A-2; -- $84.8 million economic development revenue bonds, series 2017B; -- $14.8 million tax-exempt mandatory paydown securities, series 2017C-1 (TEMPS-85); -- $24.5 million tax-exempt mandatory paydown securities, series 2017C-2 (TEMPS-70); -- $43.5 million tax-exempt mandatory paydown securities, series 2017C-3 (TEMPS-45). Fitch places the ratings on Rating Watch Negative. SECURITY The bonds are secured by a pledge of and lien on the obligated group's (OG) gross revenues, a mortgage lien on the community, and a debt service reserve. KEY RATING DRIVERS MATERIAL DROP IN UNRESTRICTED LIQUIDITY: The downgrade and Rating Watch Negative reflect a nearly 70% drop in IKF's unrestricted cash and investments since Dec. 31, 2017. Unrestricted cash and investments of $10.3 million at Sept. 30, 2019 equated to a very thin 4.5% cash to debt. The debt figure includes approximately $82 million in short-term debt, which is expected to be paid down in 2020 from initial entrance fees collected by IKF as its 123 independent living unit (ILU) expansion, which opened in November 2019, fills up. Additionally, approximately $10 million and $20 million in funds might come back onto IKF's balance sheet though a combination of unspent project funds and initial entrance fees above what is needed for the short-term debt pay down. However, the Rating Watch Negative reflects the limited financial flexibility given the stressed balance sheet and the need for IKF to fill the units and realize additional unrestricted liquidity to keep the rating. Failure to achieve these or a further drop in liquidity would lead to downgrade. As of mid-December, IKF management reports unrestricted cash and investments holding steady at just above $10 million. POTENTIAL DEBT SERVICE COVERAGE VIOLATION: IKF had a debt service coverage violation in 2018 due to negative net entrance fees receipts and is at risk for this to happen a second year in 2019. Management is projecting coverage coming in just above the 1.2x covenant, as operations generate coverage and net entrance fees end the year at a net of zero. The driver of the negative net entrance receipts has been refunds higher than the entrance fees received as IKF has been refunding first generation residents at 100% of their original purchase price, while many new residents are opting for a lower priced fully amortizing contract. This issue has also impacted IKF's balance sheet. IKF is making changes to address this issue. However, the Rating Watch Negative also reflects the risk of this second year covenant violation and the need to see stabilized coverage over the next year as changes are implemented. VERY HIGH DEBT POSITION: IKF's permanent debt will remain high, at approximately $140 million, after paying off short-term debt from initial entrance fees. Debt metrics are expected to remain stressed and below investment over the next few years. Capitalized interest through the first quarter of 2020 should support sufficient debt service coverage as the project ramps up, with 2023 as the expected stabilization year, when IKF will be tested on the higher maximum annual debt service (MADS) of $9.3 million. UNDERLYING OPERATIONAL PERFORMANCE ADEQUATE: Nine month 2019 interim, while slightly weaker than historical results, remained good for the rating level. IKF had an operating ratio of 102%, net operating margin (NOM) - adjusted of 9.3% and revenue-only coverage of 1.1x. The weaker performance was attributed to a drop in skilled nursing occupancy (54% as of Sept. 30) as fewer residents are entering skilled nursing (current regulations prevents IKF from accepting outside admits) and the ramp up on the newly opened memory care unit. In 2020, IKF plans to repurpose some of its skilled nursing units and that coupled with revenue from the new IL units should keep the operating performance stable in 2020. STRONG DEMOGRAPHICS AND MARKET POSITION: IKF continues to have strong demand with IL occupancy above 95% since 2013, including 95% through the nine months ended Sept. 30, 2019, despite ongoing construction; good pre-sale velocity with over 90% of the expansion ILUs reserved; and a desirable location in an affluent service area. The attractive and well-maintained campus was opened in 2009 and is integrated into a master-planned residential and commercial community. Fitch believes these factors support the likelihood of timely fill-up of the expansion project while maintaining strong occupancy of existing ILUs. RATING SENSITIVITIES RESOLUTION OF RATING WATCH: The rating watch will be resolved upon stabilization of unrestricted liquidity and debt service coverage and expansion fill up sufficient to pay down the short-term debt. A further drop in unrestricted liquidity, a weakening in performance, or delayed fill up would likely lead to a downgrade. CREDIT PROFILE IKF is a type-C continuing care retirement community (CCRC) located in Rockville, MD about 15 miles outside of Washington, D.C. that opened in 2009 and achieved stabilized occupancy in 2012. It currently offers 245 ILUs, 32 assisted living units (ALUs) and 45 skilled nursing facility (SNF) beds but is undergoing a large expansion project that will result in a configuration of 368 ILUs, 32 ALUs, 32 memory care/AL beds and 45 SNF beds. Total operating revenues were $23.4 million in fiscal 2018 (Dec. 31 YE). IKF is the only member of the OG. IKF's parent company and sole corporate member is Westminster Ingleside King Farm Presbyterian Retirement Communities, Inc., d/b/a Ingleside. Ingleside is also the sole member of two other CCRCs, Ingleside at Rock Creek in Washington, D.C. and Westminster at Lake Ridge (BBB/Stable) in Lake Ridge, VA, as well as a non-profit supporting foundation, a for-profit development arm and non-profit home care service provider. STRESSED FINANCIAL PROFILE Over the last year, IKF's financial profile has weakened as unrestricted cash and investments has fallen, operations softened, and net entrance fee receipts remained under pressure, even as demand for services remains strong. The deterioration in the financial profile has not been due to the project construction, but has been driven by a variety of other factors. A sizable component of it has been ongoing challenges with net entrance fee receipts. IKF opened in 2009 and the first generation residents are beginning to age through the continuum. The first generation residents have 100% refundable contracts and as these units have turned over IKF has been refilling many of these with fully amortizing contracts, which are priced below the refunds. In 2018, the pricing and refund differential was $2.3 million which had a negative effect on both debt service coverage (as net entrance fee receipts were negative) and the balance sheet. A higher than actuarial level of IL turnover in 2018 and through of most of 2019, added to the issue. IKF had a debt service coverage violation in 2018. Through November 2019, IFK management reports entrance fees receipts were netting to zero and is projecting coverage to come in just above the 1.2x covenant. IKF plans to implement contract changes in 2020 to address the issue. A further stress on performance has been a drop in skilled nursing occupancy as residents are choosing to age in place. As per state regulations, IKF has a closed nursing center and can only provide services to its IL residents. Skilled nursing occupancy was at 54% at Sept. 30, 2019, after generally being in the 70% to 80% range historically. As a results, operating income is trailing budget by approximately $750,000, although that has been offset by contributions and good investment market returns. In 2020, IFK plans to repurpose some of its skilled nursing units. In 2018, IKF loaned Rock Creek $3.5 million. Those funds are expected to be paid back in the next two years. IKF's board has approved the potential of loaning another $4 million in funds to Rock Creek, but those would only be transferred after IKF's short-term debt is paid back and those funds would have to be paid back by the end of 2020. Fitch does not view this potential transfer as a credit concern. The largest concern currently is the balance sheet and the need to pay down the short-term debt and realize additional balance sheet funds. The final pool of initial entrance fee funds will be determined by the type of contract the new residents chose as they finalize their unit purchase. In Maryland a resident does not have to decide on the final contract type until after the sale is ready to completed. The 90% refundable contract will bring in the largest entrance fee, as compared to the 50% and fully amortizing contracts. The original feasibility study called for a breakdown of 60% of the contracts at a 90% refundable, 20% of the contracts at 50% refundable, and 20% of the contracts fully amortizing. The rating watch negative in part reflects the uncertainty regarding the final distribution of the contracts types and the final size of funds available in the entrance pool. PROJECT CONSTRUCTION LARGELY COMPLETED The project is complete and was completed on time and on budget. The memory care unit opened in July 2019 and IL fill up began in November with 17 moves ins expected by the end of the year. The project, begun in late 2017, added 123 ILUs in a new seven-story building, 32 memory care ALUs in a new three-story building, and a new center for healthy living and included renovation of the existing health center and other common spaces. The cost of the project was approximately $185 million. IFK management has indicated that there should be leftover projects funds that IKF can bring onto its balance. The accounting of leftover project funds will not happen until after the $82 million in short-term debt is paid down. IFK projects that it will likely pay down the short-term debt in 2020, ahead of the original 2022 target date, given the strong pre-sales and good start to the fill-up. DEBT PROFILE IKF had total debt of approximately $227 million at Sept. 30, 2019, including $142 million of fixed-rate series 2017A-1, series 2017A-2, and 2017B bonds, which make up IKFs permanent debt. In addition, IKF has $82 million of temporary debt in three series of short-term tax-exempt mandatory paydown securities (TEMPS) that will be redeemed quarterly with initial entrance fee proceeds from the expansion units as collected. MADS (excluding temporary debt) will be $9.3 million in 2023, the first full year of expected stabilized occupancy. Testing against the 1.2x rate covenant will occur at the earlier of the next full fiscal year after stabilized occupancy (85% and all TEMPS paid off) or fiscal 2023. Fitch estimates IKF could generate 1.0x revenue-only coverage MADS by 2022 and could generate total coverage of 1.5x or better upon reaching stabilized occupancy by 2023. IPIC-GOLD CLASS: Given Until April 1 to Exclusively File Plan ------------------------------------------------------------- Judge Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware extended the exclusivity period during which iPic-Gold Class Entertainment LLC and its affiliates can file a Chapter 11 plan to April 1, 2020, and the period to solicit acceptances for the plan to June 1, 2020. The companies sought an extension of the exclusivity period pending the filing of a disclosure statement and plan by the unsecured creditors' committee to prevent another third party from filing its own competing plan. Recently, the court entered an order approving the sale of substantially all of the companies' assets and a settlement term sheet among the companies, RSA and the unsecured creditors' committee. The settlement contemplates that the committee will be responsible for the filing and prosecuting a disclosure statement and plan to which the companies expect they will review and provide input. About iPic Entertainment iPic Entertainment Inc. -- http://www.ipic.com/-- operates casual restaurants, farm-to-glass full-service bars, and theater auditoriums with in-theater dining. They currently operate 123 screens at 16 locations in nine states, with an additional two locations under construction, and have executed leases for an additional nine sites in California, Georgia, Virginia, Washington, Connecticut, New York, Texas, and Florida. In addition, they applied for licenses to operate theaters in Saudi Arabia. iPic Entertainment Inc. and 5 affiliates sought Chapter 11 protection on Aug. 5, 2019. The lead case is In re iPic-Gold Class Entertainment, LLC (Bankr. D. Del. Lead Case No. 19-11739). iPic Entertainment disclosed $156,969,000 in assets and $290,860,000 in debt as of May 31, 2019. PACHULSKI STANG ZIEHL & JONES LLP is the Debtors' bankruptcy counsel. AURORA MANAGEMENT PARTNERS is the financial advisor. STRETTO is the claims agent. J.T. SHANNON: Exclusivity Period Extended Until Jan. 24 ------------------------------------------------------- Judge Jason D. Woodard of the U.S. Bankruptcy Court for the Northern District of Mississippi extended the period during which only J.T. Shannon Lumber Company, Inc. can file a Chapter 11 plan to Jan. 24, 2020 and the period during which it can solicit acceptances for the plan to March 24, 2020. J.T. Shannon said the extension is needed to formulate a plan, litigate claim objections which would have an impact on confirmation of the plan, and pursue further negotiations with creditors. The company has recently entered into preliminary discussions with its principal customer, Anderson-Tully Lumber Company, concerning a possible sale of its facility. About J.T. Shannon Lumber Memphis, Tenn.-headquartered J.T. Shannon Lumber Company, Inc. -- http://www.jtshannon.com/shannonlumber-- is a family-owned company in the hardwood lumber business. It specializes in rough and surfaced lumber, straight-line ripping, double-end trimming, width sorts, and special length pulls. J.T. Shannon Lumber Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 19-11428) on April 1, 2019. At the time of the filing, the Debtor disclosed $11,026,770 in assets and $14,721,825 in liabilities. The case is assigned to Judge Jason D. Woodard. Michael P. Coury, Esq., at Glankler Brown PLLC, is the Debtor's legal counsel. JPM REALTY: Needs Additional Time to Formulate Chapter 11 Plan -------------------------------------------------------------- JPM Realty, Inc. asked the U.S. Bankruptcy Court for the Middle District of Pennsylvania to extend by 60 days the exclusivity period to file a Chapter 11 plan. JPM filed a disclosure statement and plan of reorganization on June 25 and an amended disclosure statement and second amended plan of reorganization on Aug. 28. Northeast Revenue Service, LLC filed numerous objections to the second amended plan as filed. JPM and Northeast are currently attempting to resolve the issues raised in the objection. As a basis for resolving the objections, JPM is in the process of obtaining an experienced commercial appraiser to obtain a current detailed commercial appraisal of the single real estate asset. JPM has filed an application rezoning and has been advised by the Luzerne County Zoning Office that rezoning and subdivisions as required will take approximately six months. The appraiser estimates that it will take three weeks to complete the detailed commercial appraisal. About JPM Realty Inc. JPM Realty, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 18-04511) on Oct. 24, 2018. At the time of the filing, the Debtor estimated assets of less than $500,000 and liabilities of less than $500,000. Judge Robert N. Opel II oversees the case. The Debtor tapped C. Stephen Gurdin Jr., Esq., as its legal counsel. JUST GAS: Taps Victor W. Dahar as Legal Counsel ----------------------------------------------- Just Gas & Tobacco Only, Inc. received approval from the U.S. Bankruptcy Court for the District of New Hampshire to hire Victor W. Dahar, P.A. as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. prepare Chapter 11 plan and disclosure statement; b. prepare motions for relief and post-petition financing issues; c. determine the amount of secured claims; d. assume or reject executory contracts; e. represent turnover, fraudulent transfer, preference actions and other avoidance and subordination actions; f. represent the Debtor in litigation; g. negotiate with creditors; and h. advise the Debtor on other matters necessary to administer the case. Eleanor Wm. Dahar, Esq., at Victor W. Dahar, attests that the firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eleanor Wm. Dahar, Esq. Victor W. Dahar, P.A. 20 Merrimack Street Manchester, NH 03101 Phone: (603) 622-6595 About Just Gas & Tobacco Only Based in Hillsborough, N.H., Just Gas & Tobacco Only, Inc. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. N.H. Case No. 19-11632) on Nov. 22, 2019, listing under $1 million in both assets and liabilities. Judge Bruce A. Harwood oversees the case. Eleanor Wm Dahar, Esq. at Victor W. Dahar, P.A, is the Debtor's counsel. KNOWLTON DEVELOPMENT: Moody's Reviews B2 CFR for Downgrade ---------------------------------------------------------- Moody's Investors Service placed Knowlton Development Corporation Inc.'s ratings under review for downgrade. This follows KDC/ONE's announced partially debt financed merger with HCT Group. Management expects the closing of the merger to occur by the end of the first quarter in 2020. Moody's review will focus on the impact of the transaction on KDC/ONE's capital structure, as well as underlying operating trends for both companies. The review will also consider the liquidity and forward looking cash flow of the combined company as well as the company's plans to reduce acquisition debt. The review will also focus on the potential benefits of the combined firm's larger scale and the larger suite of manufacturing and packaging solutions the company will be able to offer its clients. Ratings placed under review for downgrade: Knowlton Development Corporation Inc. Corporate Family Rating at B2 Probability of Default Rating at B2-PD Senior Secured Bank Credit Facility at B2 (LGD3) Outlook, Changed to Rating Under Review from Stable RATINGS RATIONALE Knowlton Development Corporation Inc.'s B2 Corporate Family Rating (on review for downgrade) reflects its high financial leverage at about 5.6x debt/EBITDA, some degree of customer concentration, and risks associated with a relatively aggressive acquisition appetite. Moody's notes that the company has grown through acquisition but has not fully integrated disparate businesses from an information systems perspective, which could cause disruption should it choose to do so in the future. Tempering these risks are KDC/ONE's growing presence as a value-added contract manufacturer and partner to the North American beauty and personal care and home/industrial care industries. The company has solid innovation capabilities, long standing customer relationships, and a relatively low-risk business model due to raw material pass-through arrangements. Knowlton, headquartered in Quebec, Canada, is a value-added contract manufacturer that provides custom formulations and services to established and emerging beauty, personal care and home/industrial care companies in North America. The company is controlled by majority shareholder Cornell Capital LLC and generates roughly $1.0 billion in annual revenue. HCT Group, headquartered in Santa Monica, CA provides full-service turnkey solutions including filled goods, custom and stock packaging, cosmetic brushes, tools and accessories, airless packaging solutions, and metals. The principal methodology used in these ratings was Global Packaged Goods published in January 2017. KPH CONSTRUCTION: Wants to Maintain Exclusivity Until March 20 -------------------------------------------------------------- KPH Construction, Corp. and its affiliates asked the U.S. Bankruptcy Court for the Eastern District of Wisconsin to extend the exclusive period to solicit acceptances for their Chapter 11 plan to March 20, 2020. The companies filed a plan for reorganization and a proposed disclosure statement on Nov. 15, 2019. Since the filing of the plan, the companies' attorneys have continued negotiations with the receiver for Hotel Northland, LLC, Octagon, Liberty Mutual and BMO Harris Bank. There is a mediation scheduled to resolve plan terms set for Jan. 14, 2020. About KPH Construction Corp. Founded in 1999, KPH Construction, KPH Environmental and KHP Services are providers of commercial construction services. Triple H is a holding company. Keith P. Harenda is the sole member and manager of Triple H, and the sole shareholder and president of KPH Construction and KPH Environmental. Harenda is the manager of KPH Services. The companies collectively employ approximately 30 people in the operations of their construction business at projects throughout Wisconsin. KPH Construction Corp., based in Milwaukee, WI, filed a Chapter 11 petition (Bankr. E.D. Wis. Lead Case No. 19-20939) on Feb. 6, 2019. In the petition signed by Keith P. Harenda, president, debtor KPH Construction Corp. estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Hon. Beth E. Hanan oversees the case. Evan P. Schmit, Esq. at Kerkman & Dunn, serves as bankruptcy counsel. LA PAZ DETENTION CENTER: S&P Withdraws 'BB' Issuer Credit Rating ---------------------------------------------------------------- S&P Global Ratings has withdrawn its ratings in the U.S. public finance prison sector due to the unique information quality challenges these credits present compared to other credits in our U.S. public finance portfolio. Following these rating actions, S&P Global Ratings no longer maintains ratings in the federal prison sector within the U.S. public finance practice. The affected issuers include: -- Washington Economic Development Finance Authority (BB+/Stable), -- La Paz Detention Center (BB/Stable), and -- Prairielands Public Facility Corp (BB/Stable). "Within the federal prison sector, we have observed a number of unique credit characteristics that have had an immediate and unexpected influence on our assessment of operations and thus credit quality; such as: changes in federal policy, operator changes, event risk, and material population changes," S&P said. "Additionally, the contracts between the federal government and the facilities that support these credits include termination for convenience clauses and can be canceled at will. In rating this sector, we have observed that these unique characteristics--which can immediately affect credit quality--have emerged abruptly or, in our view, were not disclosed in a timely manner, thereby hindering our ability to assess credit quality and appropriately surveil and maintain ratings," S&P said. LIFE AMBULANCE: Sale of Unencumbered & Financed Vehicles Approved ----------------------------------------------------------------- Judge James R. Sacca of the U.S. Bankruptcy Court for the Northern District of Georgia authorized Life Ambulance Services, Inc.'s sale of its unencumbered and financed vehicles described on Exhibit A for fair market value. A hearing on the Motion was held on Dec. 5, 2019. The Debtor is authorized, but not directed, to sell any and all of the Financed Vehicles to one or more buyers for fair market value, subject to the following provisions: a. AF Vehicle Collateral - The Debtor is authorized, but not directed, to sell that certain 2017 Ford Transit 250 2700 Ambulance which was financed by Advantage Funding Commercial Capital Corp., VIN # 1FDYR2CM5HKA02700, to one or more buyers for no less than the minimum release price of $42,000 in net sale proceeds, or as may be otherwise consented to in writing by Advantage Funding. In the event that the Debtor receives an offer from a buyer to purchase the AF Vehicle Collateral for less than the AF Minimum Release Price, the Debtor may present such offer to Advantage Funding's counsel, Sean A. Gordon, and Advantage Funding will have five business days to either accept or reject the offer. If Advantage Funding rejects or fails to respond to such offer within five business days, the Debtor may file an emergency motion to sell the AF Vehicle Collateral, which the Court may hear on an expedited basis following three business days' notice to Advantage Funding and opportunity to object. Advantage Funding acknowledges and agrees that any net sale proceeds in excess of the Minimum Release Price will inure to the benefit of the Debtor's estate and will not be subject to Advantage Funding's asserted lien upon the AF Vehicle Collateral and proceeds thereof. Unless otherwise consented to in writing by Advantage Funding, if the AF Vehicle Collateral is sold in an amount that is equal to or greater than Minimum Release Price, the Debtor's right to surcharge the AF Vehicle Collateral will be deemed forever waived. Any sale of the AF Vehicle Collateral for less than the Minimum Release Price will be subject to the rights of Advantage Funding to credit bid, which are expressly reserved. b. TCF Vehicles - The Debtor is authorized, but not directed, to sell the two Financed Vehicles for which the Lender is TCF National Bank without obtaining TCF's prior approval only if TCF will receive $40,000 in net sale proceeds as to each Financed Vehicle or $80,000 for both vehicles after deducting all fees and any applicable surcharges. In the event that the Debtor receives an offer from a buyer to purchase either of the TCF Vehicles for less than the TCF Minimum Release Price, the Debtor may present such offer to TCF's counsel, Arthur A. Ebbs, in writing for consideration, and TCF will have five business days to either accept or reject the offer. If TCF does not accept or reject such offer, it will be deemed accepted by TCF, and the Debtor may sell either of the TCF Vehicles if the proposed sales price is for no less than fair market value. c. BFG Vehicle - The Debtor is authorized, but not directed, to sell one 2017 Ford Transit 250 VIN#1FDYR2CM4HKB43273, financed by BFG Corp., doing business as Byline Financial Group, successor in interest to Blue Bridge Financial, LLC ("BFG"), without obtaining BFG's prior approval provided BFG receives net proceeds of $45,000 after deducting all fees, expenses, costs, and any applicable surcharges. In the event that the Debtor receives an offer from a buyer to purchase the BFG Vehicle for less than the BFG Minimum Release Price, the Debtor may present such offer to BFG’s counsel, Deborah S. Ashen, and BFG will have five business days to either accept or reject the same. If BFG does not accept or reject the Best Offer, provided the Best Offer is not less than Fair Market Value for the BFG Vehicle, the Best Offer will be deemed accepted by BFG, and Debtor may sell the BFG Vehicle for the amount of the Best Offer. The Fair Market Value of the BFG Vehicle will be defined as the price obtainable for the BFG Vehicle in an arm's length sale between informed and willing parties, neither under compulsion to contract, for the sale of the BFG Vehicle utilizing the assumption that the BFG Vehicle is operational. The Debtor acknowledges and agrees that any net sale proceeds in excess of the BFG Minimum Release Price will inure to the benefit of BFG up to the amount of BFG's claim. Any sale of the BFG Vehicle will be on an "as is" and "where is" basis, without any representations or warranties, including but not limited to any warranties of merchantability or fitness for a particular purpose. Within 14 days of any sale pursuant to the Order, the Debtor will file a report of sale with the Court indicating (a) the Vehicle sold, (b) the buyer of such Vehicle, and (c) the amount of proceeds received in exchange for each Vehicle sold. With respect to the Financed Vehicles, including without limitation the AF Vehicle Collateral, the TCF Vehicles , and the BFG Vehicle, any valid lien or security interest held by any party will attach to the proceeds received in exchange for any such Vehicle, except as otherwise provided therein. Except as otherwise set forth, the Court makes no determination at this time regarding any surcharge of collateral pursuant to section 506(c) of the Bankruptcy Code, and all parties' rights with respect thereto are preserved. The provisions of Federal Rule of Bankruptcy Procedure 6004(h) are waived, and the Order will be effective immediately upon entry. A copy of Exhibit A is available at https://tinyurl.com/su8cz5h from PacerMonitor.com free of charge. 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, Georgia. ROUNTREE, LEITMAN & KLEIN, LLC, represents the Debtor. LIFESCAN GLOBAL: Moody's Alters Outlook on B2 CFR to Negative ------------------------------------------------------------- Moody's Investors Service revised LifeScan Global Corporation's outlook to negative. The company's B2 Corporate Family rating was affirmed, as well as the B2-PD Probability of Default Rating. Rated debt instruments as detailed below were also affirmed. The outlook revision reflects Moody's expectations that LifeScan's revenues will decline at a faster pace than Moody's previous expectations. This reflects the very rapid pace of rapid adoption of Continuous Glucose Monitoring sensors in key markets such as the US. The CGM market has grown at a rapid pace over the course of 2019, evidenced by Abbott Laboratories (A3 stable) achieving more than 60% organic growth rate in sales of its FreeStyle Libre CGM product in its most recent fiscal quarter. Sales of Blood Glucose Monitoring products sold by LifeScan have declined at a high single digit pace in 2019 with North American sales falling in the low double digit range. The affirmation of LifeScan's B2 CFR reflects the company's still moderate level of leverage with debt/EBITDA expected to remain in the low four times range. Moody's also expects the company will maintain a very good liquidity profile, generating positive free cash flow even after mandatory debt repayments of $103 million per annum and with access to an undrawn $125 million revolving credit facility. The company has substantially concluded activities associated with the carve-out of the company from its prior corporate parent Johnson & Johnson (Aaa negative) with no disruption. Rating Actions: LifeScan Global Corporation: Corporate Family Rating affirmed at B2 Probability of Default Rating affirmed at B2-PD Gtd 1st Lien Senior Secured Revolving Credit Facility at Ba2 (LGD1) Gtd 1st Lien Senior Secured Term Loan B at B2 (LGD3) $275 million Gtd 2nd Lien Secured Term Loan at Caa1 (LGD 6 to LGD5) Outlook Actions: Revised to Negative from Stable RATINGS RATIONALE LifeScan's B2 CFR reflects Moody's expectation that revenue declines will persist at the mid to high single digit range for at least the next 2-3 years due to structural declines in volume for BGM products. While the company has taken action to reduce operating costs and has successfully executed the transition to a stand-alone operating company, it remains uncertain if the company can maintain stable levels of EBITDA and cash flow if revenue declines persist. LifeScan's ratings reflect the company's moderate leverage with debt/EBITDA in the low four times range as well as its position as the global market leader in BGM products. The company has meaningful minimum debt amortization requirements, thus offsetting at least in part the impact of earnings pressure on credit ratios. LifeScan also benefits from a very good liquidity profile with access to an undrawn $125 million revolving credit facility and more than $100 million of cash on hand. Medical device companies face moderate social risk. However, they regularly encounter elevated elements of social risk, including responsible production as well as other social and demographic trends. Risks associated with responsible production include compliance with regulatory requirements for safety of medical devices as well as adverse reputational risks arising from recalls, safety issues or product liability litigation. Medical device companies will generally benefit from demographic trends, such as the aging of the populations in developed countries. That said, increasing utilization may pressure payors, including individuals, commercial insurers or governments to seek to limit use and/or reduce prices paid. Moody's believes the near-term risks to pricing are manageable, but rising pressures may evolve over a longer period. The Ba2 rating on LifeScan's $125 million secured revolving credit facility reflects the collateral package, as well as the fact that while it shares a first lien on assets with the secured term loan B, in a default scenario, this revolver would receive payment in full before any distributions to the secured term loan B. The B2 rating assigned to the $1.475 billion secured term loan B is the same as the CFR. This also reflects the collateral package and the fact that it ranks senior to the junior secured term loan. A one-notch negative override was applied to the LGD model for the first lien term loan, as given the company's revenue declines, the level of support from the second-lien term loan is uncertain in a default scenario. The Caa1 rating on the $275 million junior secured term loan reflects its effective subordination to the revolving credit facility and term loan B. The negative outlook reflects the risk that revenue and cash flows will decline further if the rapid pace of adoption of CGM sensors continues. Ratings could be upgraded if revenues and earnings stabilize, which could occur over time as emerging markets, which are growing, become a larger portion of the overall business. Quantitatively, ratings could be upgraded if debt/EBITDA falls below 3.5 times. Ratings could be downgraded if revenue declines are sustained in the high single digit range, negatively impacting earnings and cash flow over time. Quantitatively, ratings could be downgraded if debt/EBITDA is sustained above 4.5 times. Headquartered in Chesterbrook PA and Zug, Switzerland LifeScan Global Corporation is a global manufacturer and distributor of BGM products including meters, testing strips, lancets, point of care testing systems and related monitoring software. Revenues are approximately $1.2 billion. LifeScan, previously a division of Johnson & Johnson, was acquired by affiliates of Platinum Equity in October 2018. The principal methodology used in these ratings was Medical Product and Device Industry published in June 2017. LOGISTICS BUDDY: May Incur $1.2-Mil Credit, Use Cash Collateral --------------------------------------------------------------- Judge Charles L. Nail, Jr. of the U.S. Bankruptcy Court for the District of South Dakota granted Logistics Buddy Transportation LLC preliminary authority to incur secured credit and to use cash collateral on a revolving basis of up to $1.2 million for the expenses set forth on the budget. WEX Bank is granted the following adequate protection: (1) To the extent its cash collateral is actually used, WEX Bank is given a replacement lien in the same form and priority as it held pre-petition, with said lien subject only to unavoidable prior liens and other encumbrances of record as of the petition date and with WEX Bank's timely perfecting said lien. (2) WEX Bank, its agents, and the professionals employed by WEX Bank may at any time, upon reasonable notice to Debtor and its counsel, enter upon Debtor's premises to inspect its collateral, review Debtor's books and records for any purpose, including, without limitation, to determine the accuracy of the financial representations made by Debtor. (3) The Debtor will promptly provide WEX Bank such additional or other financial information as WEX Bank may from time to time reasonably request. The Internal Revenue Service is also given a replacement lien in the same form and priority as it held pre-petition, with said lien subject only to unavoidable prior liens and other encumbrances of record as of the petition date and with the IRS' timely perfecting said lien. About Logistics Buddy Logistics Buddy Transportation, LLC, a cargo and freight company based in Sioux Falls, S.D., sought Chapter 11 protection (Bankr. D.S.D. Case No. 19-40294) on July 5, 2019. The Debtor's assets as of the petition date range from $500,000 to $1 million, and its liabilities range from $1 million to $10 million. The case is assigned to Hon. Charles L. Nail Jr. Gerry & Kulm Ask, Prof. LLC, led by partner Clair R. Gerry, Esq., is the Debtor's legal counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case. LOOT CRATE: Needs More Time to Formulate Plan --------------------------------------------- Old LC, Inc., formerly known as Loot Crate Inc., asked the U.S. Bankruptcy Court for the District of Delaware to extend the exclusive period to file a Chapter 11 plan to March 9, and solicit acceptances for the plan to May 11. The companies said they are open to a consensual process that will arrive at a Chapter 11 plan and need more time to prepare such plan. In addition, to the extent certain litigation recoveries will form the res to support confirmation of a plan, the companies may soon engage in discovery pursuant to Bankruptcy Rule 2004. About Loot Crate Inc. Founded in 2012, Loot Crate, Inc., is a worldwide leader in fan subscription boxes. It partners with industry leaders in entertainment, gaming, sports and pop culture to deliver monthly themed crates; produces interactive experiences and digital content; and films original video productions. Since 2012, the company has delivered more than 32 million crates to fans in 35 territories across the globe. Loot Crate and three affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-11791) on Aug. 11, 2019. Loot Crate was estimated to have less than $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Debtors tapped Bryan Cave Leighton Paisner LLP as lead counsel; Robinson & Cole LLP as Delaware and conflicts counsel; FocalPoint Securities, LLC, as investment banker; Portage Point Partners as financial advisor; and Mark Palmer of Theseus Strategy Group as chief transformation officer. Bankruptcy Management Solutions, Inc., which conducts business under the name Stretto, is the claims agent and maintains the site https://case.stretto.com/lootcrate. Andrew Vara, acting U.S. trustee for Region 3, on Aug. 22, 2019, appointed seven creditors to serve on the official committee of unsecured creditors in the Chapter 11 case. The Committee retained Morris James LLP, as co-counsel; Dundon Advisers LLC, as financial advisor; and FocalPoint Securities, LLC, as investment banker. LUCKY BUMS SUBSIDIARY: Hires Boyle Deveny & Meyer as Accountant --------------------------------------------------------------- Lucky Bums Subsidiary seeks approval from the U.S. Bankruptcy Court for the District of Montana to employ Boyle, Deveny & Meyer PC as its accountant. The services Boyle Deveny will render include the preparation of income tax returns, income tax consulting, general accounting assistance and assistance with monthly and quarterly reports as necessary. Boyle Deveny will be paid at these rates: Jaime Ward, CPA $180 Marnie Ingraham, Bookkeeper $95 Support Staff $45 to $55 Boyle Deveny is a "disinterested persons" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Jaime Ward, CPA Boyle, Deveny & Meyer PC 305 South 4th East, Suite 200 Missoula, MT 59801 Phone: (406) 721-3555 Fax: (406) 549-9615 All About Lucky Bums Subsidiary Lucky Bums Subsidiary LLC -- https://luckybums.com -- is a wholesaler of sporting and recreation goods. The Company offers camp chair, camp stools, adventure vests, beach chairs, cub sleeping bags, river tubes, ski training tip connectors, rain jackets, rain pants, adventure binoculars, sleeping bags, inflatable sleds, ski training harnesses, helmets, skimboards, wooden snowboards and more. Lucky Bums Subsidiary filed a voluntary Chapter 11 petition (Bankr. D. Mon. Case No. 19-61084) on October 28, 2019, and is represented by Matt Shimanek, Esq., at Shimanek Law P.L.L.C. In its petition, the Debtor listed under $10 million in both assets and liabilities. MAIN STREET: Seeks to Hire Resnik Hayes as Legal Counsel -------------------------------------------------------- Main Street Development & Construction Services, Inc. seeks authority from the U.S. Bankruptcy Court for the Central District of California to hire Resnik Hayes Moradi LLP as its legal counsel. Main Street requires Resnik Hayes to: -- advice and assistance regarding compliance with the requirements of the United States Trustee; -- advice regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and with respect to the claims of creditors; -- advice regarding cash collateral matters, if any; -- conduct examinations of witnesses, claimants or adverse parties and to prepare and assist in the preparation of reports, accounts and pleadings; -- advice concerning the requirements of the Bankruptcy Code and applicable rules; -- assist with the negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; and -- make any appearances in the Bankruptcy Court on behalf of the Debtor; and to take such other action and to perform such other services as the Debtor may require. Resnik Hayes' hourly rates are: M. Jonathan Hayes Partner $485 Matthew Resnik Partner $450 Roksana Moradi-Brovia Partner $385 Russell Stong Associate $325 David Kritzer Associate $325 Pardis Akhavan Associate $185 Rosario Zubia Paralegal $135 Priscilla Bueno Paralegal $135 Rebeca Benitez Paralegal $135 M. Jonathan Hayes, Esq., a partner at Resnik Hayes, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Resnik Hayes can be reached at: M. Jonathan Hayes, Esq. Matthew D. Resnik, Esq. Roksana D. Moradi-Brovia, Esq. Resnik Hayes Moradi LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 E-mail: jhayes@RHMFirm.com roksana@RHMFirm.com matt@RHMFirm.com About Main Street Development & Construction Services, Inc. Based in Playa del Rey, California, Main Street Development & Construction Services, Inc. is a contractor specializing in high-end residential and commercial construction and consulting. Main Street Development & Construction Services, Inc. filed a voluntary petition under Chapter 11 of the Bankruptcy Code ( Bankr. C.D. Cal. Case No. 19-23386) on Nov. 13, 2019, listing under $1 million in both assets and liabilities. M. Jonathan Hayes, Esq. at Resnik Hayes Moradi LLP represents the Debtor as counsel. MAREDIN REST: Seeks to Hire Morrison Tenenbaum as Counsel --------------------------------------------------------- Maredin Rest. Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Morrison Tenenbaum PLLC, as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. advise the Debtor of its powers and duties in the management of its estate; b. assist in any amendments of schedules and other financial disclosures and in the preparation, review and amendment of a disclosure statement and plan of reorganization; c. negotiate with the Debtor's creditors and take the necessary legal steps to confirm and consummate a plan of reorganization; d. prepare on behalf of the Debtor all necessary motions, applications and other papers to be filed by the ; e. appear before the bankruptcy court to represent and protect the interests of the Debtor and its estate; and f. perform all other legal services for the Debtor that may be necessary and proper for an effective reorganization. Morrison Tenenbaum will charge these hourly rates: Lawrence Morrison, Esq. $525 Brian J. Hufnagel $425 Associates $380 Paraprofessionals $175 Morrison Tenenbaum will also be reimbursed for work-related expenses incurred. Lawrence Morrison, Esq., a partner at Morrison Tenenbaum, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Morrison Tenenbaum can be reached at: Lawrence F. Morrison, Esq. Brian J. Hufnagel, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Floor 2 New York, NY 10013 Tel: (212) 620-0938 About Maredin Rest. Corp. Based in Forest Hills, New York, Maredin Rest. Corp. sought Chapter 11 protection (Bankr. E.D.N.Y. Case No. 19-46573) on Oct. 31, 2019, listing under $1 million in both assets and liabilities. Lawrence Morrison at Morrison Tenenbaum PLLC represents the Debtor as counsel. MARGIN HOLDINGS: Exclusivity Period Extended Until Jan. 11 ---------------------------------------------------------- Judge Kathryn C. Ferguson of the U.S. Bankruptcy Court for the District of New Jersey extended the period during only Margin Holdings Ltd., LLC can file a Chapter 11 plan to Jan. 11, 2020. The company can solicit acceptances for the plan until March 12, 2020. About Margin Holdings Ltd. Margin Holdings Ltd. LLC operates as an investment holding company. On July 15, 2019, Margin Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 19-23707). At the time of the filing, the Debtor estimated assets of between $1 million and $10 million and liabilities of less than $1 million. The case is assigned to Judge Kathryn C. Ferguson. Maciag Law, LLC, is the Debtor's legal counsel. MCIG INC: Incurs $320,000 Net Loss for Quarter Ended July 31, 2019 ------------------------------------------------------------------ On Dec. 11, 2019, mCig, Inc. filed its quarterly report on Form 10-Q, disclosing a net loss (attributable to controlling interest) of $320,423 on $497,400 of sales for the three months ended July 31, 2019, compared to a net loss (attributable to controlling interest) of $447,884 on $630,676 of sales for the same period in 2018. At July 31, 2019, the Company had total assets of $6,150,168, total liabilities of $2,528,247, and $3,595,118 in total stockholders' equity. The Company has suffered losses from operations and has an accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. A copy of the Form 10-Q is available at: https://is.gd/vsPOCQ mCig, Inc., manufactures, markets, and distributes electronic cigarettes, vaporizers, and accessories under the mCig brand name in the United States. It offers electronic cigarettes and related products through its online store mcig.org, as well as through the company's wholesale, distributor, and retail programs. MEDIQUIP: Court Grants the Motion of PCO is not Necessary --------------------------------------------------------- Upon the motion of Mediquip, Inc., for an order finding a Patient Care Ombudsman is not necessary, and it appears that notice of the motion was good and sufficient. Then, no opposition to the motion was filed with the Court. After the due deliberation and sufficient cause appearing thereof, and on the record of the hearing on Nov. 21, 2019, the Court ordered that pursuant to Section 333(a)(1) of the Bankruptcy Code the appointment of a Patient Care Ombudsman is not necessary. A full-text copy of the order is available at https://tinyurl.com/vgzqdfv from PacerMonitor.com at no charge. About Mediquip Inc. Based in Bethpage, N.Y., Mediquip Inc. provides medical supplies and equipment which are considered as Medicare chargeable items. Mediquip filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-77310) on Oct. 24, 2019. 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. Heath S. Berger, Esq., at Berger, Fischoff, Shumer, Wexler, Goodman, LLP, is the Debtor's legal counsel. MEEKER NORTH DAWSON: Patient Care Ombudsman Files 1st Report -------------------------------------------------------------- William Whited, Oklahama State Long-Term Care Ombudsman having been appointed Patient Care Ombudsman in Meeker North Dawson Nursing, LLC., submitted his report pursuant to 11 U.S.C. Sec. 333. The Patient Care Ombudsman continues to monitor care to residents in Meeker Nursing home. Multiple visits have been made by designated Ombudsman staff. The Ombudsman's observation: 1. The Oklahoma State Department of Health completed a complaint survey of the facility in August of 2019 and an Immediate Jeopardy deficiency was cited as a result of the survey. 2. The facility was cited for failure to provide adequate care and supervision to prevent accidents and according to residents care plans. 3. Proposed remedies to the deficiencies include the following: a. Denial of Payment for new Medicaid/Medicare Admissions, b. Termination of the provider agreement and c. A per instance civil money penalty of $19,905.00 4. Imposition of remedies by the Centers for Medicare and Medicaid Services was not imposed and the facility has now been deemed in substantial compliance and all supplies and food stocks have been adequate. In this case, the Office of the State Long-Term Care Ombudsman have received one complaint and was not verified. State Long-Term Care Ombudsman: William J. Whited Department of Human Services Aging Services 50 N.E. 23rd Street Oklahoma City, OK 73105 Tel: (405) 521-6734 A full-text copy of the PCO 1st Report is available at https://tinyurl.com/vec7w5h from PacerMonitor.com at no charge. About Meeker North Dawson Nursing Meeker North Dawson Nursing, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 18-56883) on April 24, 2018. In the petition signed by Christopher F. Brogdon, managing member, the Debtor was estimated to have assets of less than $50,000 and liabilities of less than $1 million. The Debtor tapped Theodore N. Stapleton P.C. as its bankruptcy counsel, and Synergy Healthcare Resources, LLC, as its financial advisor. Daniel McDermott, the U.S. Trustee for Region 21, appointed William J. Whited as the patient care ombudsman in the Debtor's bankruptcy case. MERRYLAND OPERATING: US Trustee Appoints Ombudsman -------------------------------------------------- William K. Harrington,United States Trustee for Region 2, has appointed as Patient Care Ombudsman, Eric M. Huebscher, CPA, in the case of A Merryland Operating LLC d/b/a A Merryland Health Center LLC. The Patient Care Ombudsman will: (1) monitor the quality of patient care provided to patients of the debtor, to the extent necessary under the circumstances, including interviewing patients and physicians; (2) not later than 60 days after the date of this appointment, and not less frequently than at 60 day intervals thereafter, report to the court after notice to the parties in interest, at a hearing or in writing, regarding the quality of patient care provided to patients of the debtor; and (3) if such ombudsman determines that the quality of patient care provided to patients of the debtor is declining significantly or is otherwise being materially compromised, file with the court a motion or written report, with notice to the parties in interest immediately upon making such determination. The PCO can be reached at: Eric M. Huebscher, CPA Huebscher & Co. 630 3rd Avenue, 21st Floor New York, NY 10017 Tel: (646) 584-3141 A full-text copy of PCO Appointment is available at https://tinyurl.com/wp5pl46 from PacerMonitor.com at no charge. About A Merryland Operating Based in New York, A Merryland Operating LLC sought Chapter 11 protection (Bankr. E.D.N.Y. Case No. 19-46475) on Oct. 28, 2019. The Debtor is represented by Dawn Kirby, Esq., at KIRBY AISNER & CURLEY LLP. MILK SPECIALTIES: Moody's Alters Outlook on B2 CFR to Negative -------------------------------------------------------------- Moody's Investors Service changed the rating outlook of Milk Specialties Company's to negative from stable, while affirming all existing ratings, including its B2 Corporate Family Rating, and B2-PD Probability of Default Rating. Concurrently Moody's affirmed the B2 ratings on its first lien credit facility comprised of the revolver and term loan. "The negative outlook reflects Milk Specialties' weaker than expected operating results and high leverage," said Moody's lead analyst Louis Ko. Affirmations: Milk Specialties Company Corporate Family Rating, Affirmed B2 Probability of Default Rating, Affirmed B2-PD Senior Secured 1st Lien Term Loan, Affirmed B2 (LGD4) Senior Secured 1st Lien Revolving Credit Facility, Affirmed B2 (LGD4) Outlook Actions: Outlook, Changed To Negative From Stable RATINGS RATIONALE Milk Specialties' B2 CFR primarily reflects its narrow product focus (whey protein) within the niche human and animal nutrition segments, elevated financial leverage profile (5.7x for LTM September 2019), volatile cash flow from operations, and the releveraging risk of private equity ownership. Moody's expects volumes in the animal nutrition segment to remain pressured by a significant decline in milk prices, as dairy farmers are the main purchasers of whey. Additionally, the outbreak of African swine fever in Asia will continue to have a negative impact on the company's human nutrition segment by further shrinking China's herd of pigs, which consume the byproducts produced through Milk Specialties' human nutrition production process. As a result, Moody's estimates the company's high financial leverage will remain elevated over the next 12 months. The company benefits from its strong position as an independent processor of whey protein in the US, a number of barriers to entry, synergies between the company's human and animal nutrition businesses, good customer diversification, and a healthy source of unprocessed whey from dairy suppliers. Over the last few years Milk Specialties has invested heavily in its plants to expand capacity, a key factor that will help grow its cash flow. Milk Specialties Company has good liquidity. The company's sources of liquidity exceed $100 million while it has mandatory term loan repayments of $5 million and negative free cash flow of $5 million over the next 12 months. Milk Specialties' liquidity is supported by cash of $53 million on the balance sheet as at September 2019 and full availability under its $50 million revolving credit facility (due August 2021). Milk Specialties' revolver is subject to a springing covenant for net leverage and Moody's expects the company will maintain a cushion of low double digits through the next 4 quarters. Milk Specialties has limited ability to generate liquidity from asset sales. The negative outlook reflects Milk Specialties' high leverage and operating results that are weaker than what Moody's had initially anticipated, including the impact of a challenged US dairy sector as well as the negative impact of African swine fever in the Chinese pig market on its human nutrition segment. It is possible, though, that results may improve as the Chinese pig population is rebuilt and the 25% tariff on US whey has been recently rescinded. The ratings could be downgraded if liquidity deteriorates, if there is a period of prolonged negative free cash flow generation (-$9 million LTM September 19) or if leverage is sustained above 5.0 times (5.7x LTM September 19). The ratings could be upgraded if leverage is sustained below 3.0 times (5.7x LTM September 19). Also, the company would need to maintain EBITDA margins in excess of 12% (11.6% LTM September 19) while increasing its size and maintaining at least a good liquidity profile while committing to a conservative financial policy. Social risk considerations for Milk Specialties Company include the responsible production of its product and product safety. The company established programs and procedures to monitor the quality/safety - from raw material evaluation to delivery. In addition it has instituted a comprehensive Quality Systems program. Milk Specialties works closely with a leader in food safety system auditing. The governance considerations include private-equity ownership and the potential for an aggressive capital structure or financial policy in comparison to public corporations. If free cash flow generation and leverage improve and can be sustained, a dividend to the private equity owner could eventually occur. The principal methodology used in these ratings was Protein and Agriculture published in May 2019. Milk Specialties is a leading independent manufacturer of whey proteins for human nutrition (sports nutrition, health and wellness, infant formula, food manufacturing) and animal nutrition end markets. Milk Specialties is privately-owned by American Securities. Revenues for the twelve months ended September 30, 2019 were approximately $725 million. MKGFB INC: Seeks Authorization to Use Cash Collateral ----------------------------------------------------- MKGFB, Inc., seeks authorization from the U.S. Bankruptcy Court for the Western District of Pennsylvania to use cash collateral in the ordinary course of its business. S&T Bank appears to have a valid and perfected first priority lien and security interest in the cash collateral pursuant to that certain business loan. The Debtor proposes that the Court authorize the use of all proceeds, funds, and accounts constituting the Debtor's cash collateral and incoming cash collateral as it arrives on the condition that the Debtor begins adequate protection payments to S&T Bank consistent with the Chapter 11 Plan to be filed with the Court. About MKGFB Inc. MKGFB, Inc., doing business as Full Pint Brewing Company, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 19-24391) on Nov. 11, 2019. The petition was signed by Mark Kegg, part-owner. At the time of the filing, the Debtor was estimated to have assets of between $100,001 and $500,000 and liabilities of the same range. The case is assigned to Judge Carlota M. Bohm. Brian C. Thompson, Esq., at Thompson Law Group, P.C. is the Debtor's legal counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case. MODERN VIDEOFILM: Wants to Maintain Exclusivity to April 6 ---------------------------------------------------------- Modern VideoFilm, Inc. asked the U.S. Bankruptcy Court for the Central District of California to further extend, through and including April 6, 2020, the period within which it has the exclusive right to solicit acceptances to a plan. The Debtor filed a plan and disclosure statement -- at a time when the Debtor was actively engaged in prosecuting claims against Barkat/Holdings. Recently, however, the Debtor reached an agreement with Barkat/Holdings that deferred and potentially resolved the pending litigation, and grants Barkat/Holdings relief from stay to proceed to trial in state court in their prosecution of derivative claims held by the estate against Medley Capital Corporation. The Stipulation reached with Barkat/Holdings required the Debtor to make numerous changes to the plan and disclosure statement. The Debtor expects to file this month an amended plan and disclosure statement reflecting these changes. The Court continued the hearing on the disclosure statement to Feb. 19, 2020 at 2:00 p.m. About Modern VideoFilm Modern VideoFilm Inc. is a feature film and television post-production company based in California. Modern VideoFilm filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 18-11792) on May 16, 2018. In the petition signed by Howard Grobstein, chief restructuring officer, the Debtor estimated $1 million to $10 million in assets and $50 million to $100 million in liabilities. Judge Mark S Wallace presides over the case. Garrick A. Hollander, Esq., at Winthrop Couchot Golubow Hollander, LLP, serves as the Debtor's counsel. MTE HOLDINGS: Rosner, McWhorter Represent Service Provider Group ---------------------------------------------------------------- Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, the law firm of the law firm of The Rosner Law Group LLC and McWhorter, Cobb & Johnson, L.L.P. submitted a verified statement that they are representing DuraChem Production Services, LLC, ACE Tubular Services, LLC, Paladin Completion Services, LLC, Stone Oilfield Service, Inc., Stone Rentals II, LLC, Clearwater Resources, LLC, Evans Petroleum Consultants and Services, Snyper Energy Services, Inc. and Callie Stevens in the Chapter 11 cases of MTE Holding LLC, et al. As of Dec. 17, 2019, the Service Provider Group and their disclosable economic interests are: Lien Amount ----------- Lien Claimant: DuraChem Well Name: Affirmed 6 3HM, 5H & 7H $483,059.55 California Chrome 27 2H, 10H & 12H $296,845.85 Copperhead 23 4H $309,835.15 Imperial Eagle 24 1H, 2HM, 5H & 6H $635,750.00 War Admiral 24 1H, 3HM, 4H & 5H $597,162.57 Total DuraChem Secured Claim $2,322,653.12 Total DuraChem Unsecured Claim $1,112,705.19 Lien Claimant: ACE Tubular Well Name: Alysheba 18 1H & 2H $26,076.75 Just Call Me Ken 2H $86,422.13 Omaha 11 5H & 6H $60,901.92 Whirlaway 24 1H $52,079.96 Total ACE Tubular Secured Claim $225,489.76 Total ACE Tubular Unsecured Claim 0 Lien Claimant: Paladin Completion Services Well Name: A Classic Dash 18 3H $20,947.60 Alysheba 18 1H & 2H $44,794.70 Coppers Dream 23 1H $35,076.15 Count Fleet 11 1H, 4H, 5H & 6H $191,269.74 Delightful Dasher 114H $24,774.41 Gavyns Run 23 1H $58,880.88 Imperial Eagle 24 3HM, 4H & 5H $125,772.27 Just Call Me Ken 2H $36,230.27 Omaha 11 5H & 6H $109,845.61 Rocket Wrangler 11 2H, 3H & 4H $79,846.57 Whirlaway 24 1H $25,537.72 Total Paladin Secured Claim $752,975.92 Total Paladin Unsecured Claim 0 Lien Claimant: Stone Oilfield Well Name: California Chrome 27 2H, 7H, 8HM, 9H & 12H $9,971.58 Copperhead 23 2H & 4H $3,981.66 Count Fleet 11 1H & 4H $6,210.31 Imperial Eagle 24 1H, 3HM, 4H, 5H & 6H $108,900.08 Omaha 11 1H $21,381.40 Sir Barton 24 1H $3,598.24 War Admiral 24 1H & 3HM $36,014.56 Whirlaway 24 1H, 2H, 3H $56,917.06 Yucca 4H $986.70 Total Stone Oilfield Secured Claim $243,979.93 Total Stone Oilfield Unsecured Claim 0 Lien Claimant: Stone Rentals II, LLC Well Name: Omaha 11 1H $4,080.02 Imperial Eagle 24 1H,2HM, 3HM, 5H & 6H $98,559.07 War Admiral 24 1H & 3HM $8,585.00 Count Fleet 11 1H $2,167.50 Yucca 4H $1,976.25 California Chrome 27 9H $5,843.75 Whirlaway 24 2H $14,821.88 Sir Barton 24 1H $1,466.25 Total Stone Rentals II Secured Claim $137,499.72 Total Stone Rentals II Unsecured Claim 0 Total Clearwater Resources Unsecured Claim $2,520,106.01 Total Evans Petroleum Unsecured Claim $16,173.19 Total Snyper Energy Unsecured Claim $277,086.00 Total Callie Stevens Claim TBD Unless otherwise noted, the amounts listed above are exclusive of pre-petition and post-petition interest and attorneys' fees. In addition to the Service Provider Groups' claims listed above are subject to further amendment and/or supplementation. Disclosure regarding multiple party representation. Each creditor has received full disclosure of MCJ's representation of multiple creditors and has been informed of the possible implications of multi-creditor representation. Each creditor has consented to multi-creditor representation by MCJ in the Chapter 11 Cases. Reservation of Rights. MCJ and the Service Provider Group reserve the right to amend and/or supplement this Statement, including as set forth in Rule 2019(d). Attorneys for Service Provider Group can be reached at: THE ROSNER LAW GROUP LLC Scott J. Leonhardt, Esq. 824 Market Street, Suite 810 Wilmington, DE 19801 Tel: (302)777-1111 E-mail: leonhardt@teamrosner.com - and - McWHORTER, COBB & JOHNSON, L.L.P. P.O. Box 2547 Lubbock, TX 79408 Tel: (806)762-0214 Fax: (806)762-8014 A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/DiB0Iz About MTE Holdings MTE Holdings LLC is a privately held company in the oil and gas extraction business. MTE sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 19-12269) on Oct. 22, 2019. In the petition signed by its authorized representative, Mark A. Siffin, the Debtor disclosed assets of less than $50 billion and debts of $500 million. Judge Karen B. Owens has been assigned to the case. The Debtor tapped Kasowitz Benson Torres LLP as its bankruptcy counsel; Morris, Nichols, Arsht & Tunnell, LLP as its local counsel; and Stretto as its claims and noticing agent. MURRAY ENERGY: Committee Hires Vorys Sater Seymour as Local Counsel ------------------------------------------------------------------- The official committee of unsecured creditors of Murray Energy Holding Co. and its debtor affiliates seeks approval from the United States Bankruptcy Court for the Southern District of Ohio (Columbus) to retain Vorys, Sater, Seymour and Pease LLP as its local counsel. The committee requires the counsel to: (a) advise the committee with respect to its rights, duties, and powers in these chapter 11 cases; (b) assist and advise the committee in its consultations with the Debtors relative to the administration of these chapter 11 cases; (c) attend meetings and negotiating with representatives of the Debtors and other parties-in-interest; (d) assist and advise the committee in in its examination and analysis of the conduct of the Debtors' affairs; (e) assist and advise the committee in connection with any sale of the Debtors' assets pursuant to section 363 of the Bankruptcy Code; (f) assist the committee in the review, analysis, and negotiation of any chapter 11 plan(s) of reorganization or liquidation that may be filed and assisting the committee in the review, analysis, and negotiation of the disclosure statement accompanying any such plan(s); (g) take all necessary action to protect and preserve the interests of the cmmittee, including: (i) possible prosecution of actions on its behalf; (ii) if appropriate, negotiations concerning all litigation in which the Debtors are involved; and (iii) if appropriate, review and analysis of claims filed against the Debtors' estates; (h) generally prepare on behalf of the committee all necessary motions, applications, answers, orders, reports, replies, responses, and papers in support of positions taken by the committee; (i) appear, as appropriate, before this Court, the appellate courts, and the U.S. Trustee, and protecting the interests of the committee before those courts and before the U.S. Trustee; and (j) perform such other legal services as may be required or are otherwise deemed to be in the interests of the committee in accordance with the committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. Vorys' hourly rates are: 2019 2020 Partners $360 - $900 $400 - $945 Of Counsel $200- $775 $340 - $800 Associates $220 - $495 $235 - $495 Senior Attorneys $300 - $395 $310 - $410 NT-Associates $215 - $320 $230 - $340 Paralegals $155 - $285 $165 - $290 2019 2020 Tiffany Strelow Cobb $540 $565 (Partner) Brenda K. Bowers $435 $450 (Of Counsel) Melissa Giberson $440 $485 (Associate) Matthew Walkuski $175 $185 (Paralegal) Tiffany Strelow Cobb, Esq., partner at Vorys, attests that the firm is a "disinterested person," as that phrase is defined in section 101(14) of the Bankruptcy Code and as used in section 328(a) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Ms. Cobb disclosed that: -- it has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- none of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- the firm has not represented the committee in the 12 months prepetition; and -- the committee and Vorys expect to develop a prospective budget and staffing plan. The firm can be reached through: Tiffany Strelow Cobb, Esq. Brenda K. Bowers, Esq. Melissa S. Giberson, Esq. VORYS, SATER, SEYMOUR AND PEASE LLP 52 East Gay Street / P.O. Box 1008 Columbus, OH 43216-1008 Tel: (614) 464-6400 Fax: (614) 464-6350 E-mail: tscobb@vorys.com bkbowers@vorys.com msgiberson@vorys.com About Murray Energy Headquartered in St. Clairsville, Ohio, Murray Energy -- http://murrayenergycorp.com/-- is the largest privately owned coal company in the United States, producing approximately 76 million tons of high quality bituminous coal each year, and employing nearly 7,000 people in the United States, Colombia and South America. Murray Energy now operates 15 active mines in five regions in the United States, plus two mines in Colombia, South America. It operates 12 underground longwall mining systems, 42 continuous mining units, 10 transloading facilities, and five mining equipment factory and fabrication facilities. Murray Energy and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 19-56885) on Oct. 29, 2019. At the time of the filing, the Debtors disclosed assets of between $1 billion and $10 billion and liabilities of the same range. The cases have been assigned to Judge John E. Hoffman Jr. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel; Dinsmore & Shohl LLP as local counsel; Evercore Group L.L.C. as investment banker; Alvarez and Marsal L.L.C. as financial advisor; and Prime Clerk LLC as notice and claims agent. The U.S. Trustee for Region 9 appointed creditors to serve on the official committee of unsecured creditors on Nov. 7, 2019. The committee tapped Morrison & Foerster LLP as legal counsel; AlixPartners, LLP as financial advisor; and Vorys, Sater, Seymour and Pease LLP as local counsel. NEW CITIES INVESTMENT: Case Summary & 7 Unsecured Creditors ----------------------------------------------------------- Debtor: New Cities Investment Partners, LLC 26515 Carmel Rancho Road, Site 200 Carmel, CA 93923 Business Description: New Cities Investment Partners, LLC is engaged in activities related to real estate. The company owns a vacant real property located in Palm Desert, California. Chapter 11 Petition Date: December 23, 2019 Court: United States Bankruptcy Court Northern District of California Case No.: 19-52584 Judge: Hon. Elaine M. Hammond Debtor's Counsel: Reno F.R. Fernandez III, Esq. MACDONALD FERNANDEZ LLP 221 Sansome Street, Third Floor San Francisco, CA 94104 Tel: (415) 362-0449 E-mail: reno@macfern.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Lee E. Newell, CEO of New Cities Land Company, Inc., its manager. A copy of the petition containing, among other items, a list of the Debtor's seven unsecured creditors is available from PacerMonitor for free at: https://is.gd/UPsIo8 NEWS-GAZETTE INC: Exclusivity Period Extended Until March 27 ------------------------------------------------------------ Judge Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware extended the period during only The News-Gazette, Inc. and its affiliates can file a Chapter 11 plan to March 27, 2020. The companies can solicit acceptances for the plan until May 26, 2020. About The News-Gazette The News-Gazette is a daily newspaper serving eleven counties in the eastern portion of Central Illinois and specifically the Champaign-Urbana metropolitan area. The News-Gazette Inc. and its debtor affiliates sought protection under Chapter 11 of the US Bankruptcy Code (Bankr. D. Del. Case No. 19-11901) on Aug. 30, 2019. William E. Chipman, Jr. at Chipman Brown Cicero & Cole, LLP, is the Debtors' counsel. NORTIS INC: Seeks to Hire High Street Global as Financial Advisor ----------------------------------------------------------------- Nortis, Inc. seeks authority from the U.S. Bankruptcy Court for the Western District of Washington to employ High Street Global Advisors, LLC, as its financial advisor and investment banker. The Debtor requires High Street's expert assistance to raise capital or locate a strategic buyer in connection with its Chapter 11 case. High Street will receive the following as compensation: (a) a monthly retainer of $10,000, which shall be deducted from any earned transaction fee. (b) A cash fee (Transaction Fee), payable upon the closing of a Transaction, or through the distributions made in an orderly winding down of the company, of an amount equal to the greater of $100,000 or 5 percent of any transaction up to $5,000,000 plus 2 percent of the amount of any Transaction in excess of $5,000. No High Street professional holds and represents any interest adverse to the Debtor and its bankruptcy estate, according to court filings. The firm can be reached through: Thomas Neumann High Street Global Advisors, LLC 200 Clarendon St, Floor 25 Boston, MA 02116 Phone: (617) 603-9700 About Nortis Inc. Nortis, Inc., a company that provides scientific research and development services, filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 19-13529) on Sept. 25, 2019 in Seattle, Wash. In the petition signed by Thomas Neumann, president and chief executive officer, the Debtor was estimated to have between $1 million and $10 million in both assets and liabilities. The Hon. Christopher M. Alston is the presiding judge. Karr Tuttle Campbell is the Debtor's legal counsel. NRP LEASE HOLDINGS: Hires Thames Markey as Bankruptcy Counsel ------------------------------------------------------------- NRP Lease Holdings, LLC, and its debtor-affiliates seek approval from the United States Bankruptcy Court for the Middle District of Florida (Jacksonville) to hire Thames Markey & Heekin, P.A. as their bankruptcy counsel. The firm will assist the Debtor in the preparation and implementation of a plan of reorganization and will provide legal services related to its Chapter 11 case. Thames Markey's hourly rates range from $95 to $465. Richard Thames, Esq., managing partner at Thames Markey, disclosed in a court filing that he and his firm do not hold any interest adverse to the Debtor's, bankruptcy estate, creditors and equity security holders. Thames Markey can be reached through: Richard R. Thames, Esq. Thames Markey & Heekin, P.A. 50 North Laura Street, Suite 1600 Jacksonville, FL 32202 Phone: (904) 358-4000 E-mail: rrt@tmhlaw.net About NRP Lease Holdings NRP Lease Holdings, LLC, and its debtor-affiliates are privately held companies based in Jacksonville Beach, Florida. NRP Lease Holdings and its affiliates that have filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 19-04607) on Dec. 5, 2019. The petition was signed by Henry P. Woodburn III, manager. At the time of filing, NRP Lease and Adventure Holdings each estimated $50,000 in assets and $1 million to $10 million in liabilities. Richard R. Thames, Esq. at THAMES MARKEY & HEEKIN, P.A. represents the Debtors as counsel. NUANCE COMMUNICATIONS: S&P Alters Outlook to Positive ----------------------------------------------------- S&P Global Ratings revised its outlook on Nuance Communications Inc. to positive from stable and affirmed all of its ratings, including the 'BB-' issuer credit rating. Over the last 18 months, Nuance has demonstrated a more conservative approach to capital deployment, which has significantly improved its credit metrics. Over this period, the company received proceeds of roughly $550 million, which it used--alongside its existing liquidity--to repay roughly $750 million of debt and repurchase about $313 million of stock under its existing $500 million authorization. Despite these large expenditures, Nuance continued to build its cash balances to more than $600 million on higher free operating cash flow (FOCF) generation, which further reduced its S&P-adjusted debt balances and improved its adjusted debt to EBITDA to 2.8x as of the end of its fiscal year 2019 (ended Sept. 30, 2019). This compares with the company's debt to EBITDA of 4.4x as of the same period one year ago. The positive outlook reflects the one-in-three chance that S&P will raise its ratings on Nuance over the next 12 months if it continues to demonstrate its commitment to a more conservative financial policy, which -- in the rating agency's view -- will allow it to sustain S&P-adjusted debt to EBITDA of less than 4x through acquisitions and shareholder returns. "We could raise our ratings on Nuance if we believe it can sustain adjusted leverage of less than 4x over time through potential acquisitions and shareholder returns. In this scenario, we would expect Nuance to sustain organic revenue growth in the low- to mid-single digit percent area and improve its profitability and cash generation levels despite the obstacles from its ongoing transition to a subscription-revenue model," S&P said. "We could revise our outlook on Nuance to stable if we believe it can sustain leverage of more than 4x. This could occur if it deviates from its current financial policy targets, undertakes an aggressive growth strategy or debt-funded share repurchases, or--less likely--it experiences a significant operating underperformance relative to our base case due to increased competitive pressures, customer losses, a less-profitable product offering, or unexpected missteps with its organic growth plans or restructuring initiatives," the rating agency said. NUVISTA ENERGY: S&P Affirms 'B' Issuer Credit Rating ---------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on NuVista Energy Ltd. and its 'B+' issue-level rating on the company's unsecured notes. S&P is improving its liquidity assessment to adequate from less than adequate, following the amendment in the credit facility term to two years from a 364-day facility. The credit facility's extended committed term now conforms to requirements under the rating agency's criteria for liquidity sources. The rating agency expects weak natural gas prices to persist, but believe the company has sufficient cushion on the downside. Natural gas prices have continued to decline in 2019 largely due to oversupply conditions in the U.S. S&P believes fundamentals for natural gas remain weak, given concerns about rising supply from the Permian basin, increase in pipeline capacity, and rising inventory levels from Appalachia production growth. S&P recently revised its Henry Hub price assumptions and based on the lower pricing, it expects cash flows in 2020 and 2021 to be lower than previously expected. However, S&P believes credit measures will remain within its rating threshold, given management's focus on limiting capital spending within cash flow generation. Specifically, the rating agency expects adjusted funds from operations (FFO)-to-debt will average 50% in 2020 and 2021, which, in its view, provides ample downside cushion on the financial risk profile and rating. The stable outlook reflects S&P's expectation that the company will produce about 60,000-65,000 boe/day in 2020 and 2021 as it ramps up development of the Pipestone asset, while maintaining credit measures commensurate within the current rating threshold. Specifically, S&P expects the company to manage capital spending within cash flow generation and maintain weighted average FFO-to-debt in the range of 45%-55% over the next 12 months. "We could lower the rating over the next 12 months if we expect NuVista's FFO-to-debt will decline below 20% on a sustained basis. This would likely result from a period of lower commodity prices, in particular natural gas that leads to a decline in profitability, or if management pursues a more aggressive spending plan, resulting in weaker credit measures," S&P said. "Although we view it as unlikely during our 12-month outlook period, we could raise the rating if NuVista meaningfully improved its operational diversification with reduced exposure to natural gas and also improved its proved developed (PD) ratio to levels more commensurate with those of higher-rated oil and gas E&P companies. In such a scenario, we would also expect the company to maintain adjusted FFO-to-debt comfortably above 30%, and have adequate liquidity," the rating agency said. O & B HACKING: Seeks to Hire Alla Kachan P.C. as Legal Counsel -------------------------------------------------------------- O & B Hacking, Corp. seeks authority from the US Bankruptcy Court for the Eastern District of New York to hire the Law Offices of Alla Kachan, P.C. as its attorney. O & B Hacking requires Alla Kachan P.C. to: a) assist the Debtor in administering this case; b) make such motions or taking such action as may be appropriate or necessary under the Bankruptcy Code; c) represent the Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as Debtor deem appropriate; d) take such steps as may be necessary for Debtor to marshal and protect the estate's assets; e) negotiate with the Debtor's creditors in formulating a plan of reorganization for Debtor in this case; f) draft and prosecute the confirmation of the Debtor's plan of reorganization in the bankruptcy case; and g) render such additional services as the Debtor may require in the bankruptcy case. Alla Kachan P.C. will be paid at these hourly rates: Attorneys $400 Paraprofessionals $200 Alla Kachan P.C. will be paid a retainer in the amount of $18,000. Alla Kachan P.C. will also be reimbursed for reasonable out-of-pocket expenses incurred. Alla Kachan, partner of the Law Offices of Alla Kachan, P.C., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Alla Kachan P.C. can be reached at: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 3099 Coney Island Avenue Brooklyn, NY 11235 Tel: (718) 513-3145 About O & B Hacking, Corp. Based in Brooklyn, New York, O & B Hacking, Corp. filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-46885) on Nov. 14, 2019, listing under $1 million in both assets and liabilities. Alla Kachan, Esq. at the Law Offices of Alla Kachan, P.C. represents the Debtor as counsel. OCI PARTNERS: S&P Withdraws 'BB-' Long-Term Issuer Credit Rating ---------------------------------------------------------------- S&P Global Ratings withdrew its 'BB-' long-term issuer credit rating on OCI Partners L.P. and its 'BB+' issue-level rating on the company's senior secured debt. OCI Partners (a subsidiary of OCI N.V.) produces methanol and ammonia and had about $435 million in revenue in 2018. S&P withdrew the ratings at the issuer's request since all debt has been repaid. OHM HOSPITALITY: Seeks to Hire Cutler Law as Attorney ----------------------------------------------------- OHM Hospitality, Inc. seeks approval from the United States Bankruptcy Court for the Southern District of Iowa (Des Moines) to hire Cutler Law Firm, P.C. as attorney. Cutler Law will fully represent the Debtor in the Chapter 11 proceeding. Robert C. Grainer, Esq. will charge $265 per hour for his services as attorney. The firm will charge $190 per hour for associate's time. A retainer has been paid to Cutler Law. Mr. Grainer assures the court that his firm represents no interest adverse to the Debtor in the matters upon which it is to be engaged. The firm can be reached through: Robert C. Gainer, Esq. CUTLER LAW FIRM 1307 50th Street West Des Moines, IA 50266 Tel: (515) 223-6600 Fax: (515) 223-6787 Email: rgainer@cutlerfirm.com About OHM Hospitality, Inc. OHM Hospitality, Inc. is a privately held company in the traveler accommodation industry. OHM Hospitality, Inc. filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Iowa Case No. 19-02806) on Dec. 4, 2019. In the petition signed by Manish Patel, president, the Debtor estimated $1 million to $10 million in assets and $50,000 in liabilities. Robert C. Gainer, Esq. at Cutler Law Firm represents the Debtor as counsel. PALM BEACH BRAIN: Exclusivity Period Extended Until March 11 ------------------------------------------------------------ Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern District of Florida extended the exclusivity period during which Palm Beach Brain and Spine, LLC can file a Chapter 11 plan to March 11, 2020, and the period to solicit acceptances for the plan to May 10, 2020. Palm Beach Brain said its new management is still in the process of getting a handle on the company's business debt and determining a plan of either liquidation or sale. About Palm Beach Brain & Spine Palm Beach Brain & Spine -- http://www.pbbsneuro.com-- is a medical practice providing neurosurgery, minimally invasive spine surgery and treatment for cancer of the brain and spine. Palm Beach Brain & Spine and two affiliates, Midtown Outpatient Surgery Center, LLC and Midtown Anesthesia Group, LLC, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 19-20831) on Aug. 15, 2019. The petitions were signed by Dr. Amos O. Dare, manager. Palm Beach Brain estimated $13,412,202 in assets and $2,685,278 in liabilities. Midtown Outpatient estimated $6,857,558 in assets and $2,920,846 in liabilities while Midtown Anesthesia estimated $5,081,861 in assets. Dana L. Kaplan, Esq. and Craig I. Kelley, Esq., at Kelley Fulton & Kaplan, P.L. are the Debtors' counsel. The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Debtors' bankruptcy cases. PATTERSON PARK: Fitch Withdraws BB- Issuer Default Rating --------------------------------------------------------- Fitch Ratings withdrawn the following Issuer Default Rating (IDR): -- Patterson Park Public Charter School (MD) IDR; Previous Rating: 'BB-'/Outlook Stable. The rating was withdrawn because it is no longer considered by Fitch to be relevant to the agency's coverage. PES HOLDINGS: Exclusive Period to File Plan Extended Until April 15 ------------------------------------------------------------------- Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware extended the exclusive period for PES Holdings, LLC and its affiliates to file a Chapter 11 plan and solicit votes from creditors to April 15, 2020. About PES Holdings Headquartered in Philadelphia, Pennsylvania, PES Holdings LLC and its subsidiaries are owners and operators of oil refining complex and have been continuously operating in some form for over 150 years. PES Energy Inc. is the indirect parent company of Philadelphia Energy Solutions Refining and Marketing LLC (PESRM). PESRM owns and operates the Point Breeze and Girard Point oil refineries located on an integrated, 1,300-acre refining complex in Philadelphia. On Jan. 21, 2018, the Debtors filed petitions for relief under the Bankruptcy Code, and emerged from bankruptcy in August the same year. On June 21, 2019, the Debtors suffered a historic, large-scale, catastrophic incident involving an explosion at the alkylation unit at their Girard Point refining facility. Following the incident, the refinery has not been operational and will require an extensive rebuild. As a result of the explosion, PES Holdings, LLC, along with seven subsidiaries, including PES Energy, returned to Chapter 11 bankruptcy (Bankr. D. Del. Lead Case No. 19-11626) on July 21, 2019. PES Holdings was estimated to have $1 billion to $10 billion in assets and the same range of liabilities as of the bankruptcy filing. The Debtors tapped Kirkland & Ellis LLP as general bankruptcy counsel; Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel; PJT Partners LP as financial advisor; and Alvarez & Marsal North America, LLC, as restructuring advisor. Omni Management Group, Inc., is the notice and claims agent. The Company's proposed DIP financing lenders are represented by Davis Polk & Wardwell LLP and Houlihan Lokey Capital, Inc. The Official Committee of Unsecured Creditors formed in the case has retained Conway MacKenzie, Inc., as financial advisor, Elliott Greenleaf, P.C., as Delaware counsel, and Brown Rudnick LLP as bankruptcy counsel. PETRO RIVER: Losses Since Inception Cast Going Concern Doubt ------------------------------------------------------------ Petro River Oil Corp. filed its quarterly report on Form 10-Q, disclosing net income of $743,126 on $270,892 of total revenue for the three months ended Oct. 31, 2019, compared to a net loss of $575,477 on $410,432 of total revenue for the same period in 2018. At Oct. 31, 2019, the Company had total assets of $9,216,402, total liabilities of $2,730,790, and $6,485,612 in total equity. The Company has incurred significant operating losses since its inception. As of Oct. 31, 2019, the Company had an accumulated deficit of approximately US$53.8 million, had a working capital deficit of approximately US$276,600, and had cash and cash equivalents of approximately US$754,000. As a result of the utilization of cash in its operating activities, and the development of its assets, the Company has incurred losses since it commenced operations. The Company's primary source of operating funds since inception has been debt and equity financings. In addition, the Company has a limited operating history prior to its acquisition of Bandolier. The Company said that these matters raise substantial doubt about its ability to continue as a going concern for the twelve months following the issuance of these financial statements. A copy of the Form 10-Q is available at: https://is.gd/0NS4GM Petro River Oil Corp., an independent energy company, focuses on the exploration and development of conventional oil and gas assets. It primarily holds interests in the Mid-Continent Region in Oklahoma, including Osage County and Kay County, Oklahoma. The company is based in New York, New York. PG&E CORP: Dec. 31 Fire Victims' Proof of Claim Deadline Set ------------------------------------------------------------ On Dec. 18, 2019, PG&E Corporation and Pacific Gas and Electric Company (together "PG&E") are sharing an important reminder that the Bankruptcy Court-approved deadline for unfiled, non-governmental fire claimants to file claims against PG&E is December 31, 2019, at 5:00 p.m. (Pacific Time). The deadline for filing claims is known as the Bar Date. PG&E remains focused on ensuring fire victims and creditors are compensated fairly and expeditiously through the Chapter 11 process. Claims related to the Northern California fires that arose prior to January 29, 2019, must be filed in PG&E's Chapter 11 cases and received no later than the deadline of December 31, 2019, at 5:00 p.m. (Pacific Time). If any person or entity believes money is owed to them by PG&E for loss or injury resulting from the Northern California fires that arose before PG&E filed for Chapter 11 on January 29, 2019, then they must file a Proof of Claim before the Bar Date. If those who are affected do not submit a Proof of Claim by this extended deadline, they may be barred from filing a claim against PG&E and give up rights to any payment or other compensation. Fire claims can be filed online, at one of six PG&E Claim Service Centers (listed below), or by mail. Importantly, fire claims must be received by December 31 at 5:00 p.m. (Pacific Time). So, if filing by mail, delivery must be completed before that deadline. For complete details on who is eligible to file a claim, how to file a claim, the Proof of Claim form and other information, visit officialfireclaims.com or call the toll-free information line at (888) 909-0100. PG&E has also established a section of its website at pge.com/reorganization with additional information about the Bar Date notice. Fire claims may be filed electronically at officialfireclaims.com by selecting the "File Claim Now" icon. Fire claims may be submitted in person at the following PG&E Claim Service Centers through December 31, 2019, Monday to Friday from 8:30 a.m. to 5:00 p.m. Pacific Time, except for public holidays. -- 350 Salem Street, Chico, CA 95928 -- 231 "D" Street, Marysville, CA 95901 -- 1850 Soscol Avenue, Suite 105, Napa, CA 94559 -- 1567 Huntoon Street, Oroville, CA 95965 -- 3600 Meadow View Road, Redding, CA 96002 -- 111 Stony Circle, Santa Rosa, CA 95401 Fire claims may be filed by U.S. mail to the court-appointed claims and noticing agent. Forms must be received at the below address by the extended Bar Date: PG&E Corporation Claims Processing Center c/o Prime Clerk LLC Grand Central Station P.O. Box 4850 New York, NY 10163-4850 Before any distribution payments are made, a Plan of Reorganization and Disclosure Statement must be approved by the Bankruptcy Court. These documents, once approved, will explain the claims distribution process and the amounts that will be paid on account of allowed claims. The Northern California fires include, but are not limited to, the following fires: 37, Adobe, Atlas, Blue, Butte, Camp, Cascade, Cherokee, Ghost Ship, Honey, La Porte, Lobo, Maacama, McCourtney, Norrbom, Nuns, Partrick, Pocket, Point, Pressley, Pythian (a.k.a. Oakmont), Redwood, Sullivan, Sulphur and Tubbs. About PG&E Corporation PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. PG&E Corp. and Pacific Gas employ approximately 24,000 regular employees, approximately 20 of whom are employed by PG&E Corp. Of Pacific Gas' regular employees, approximately 15,000 are covered by collective bargaining agreements with local chapters of three labor unions: (i) the International Brotherhood of Electrical Workers; (ii) the Engineers and Scientists of California; and (iii) the Service Employees International Union. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, said they are facing extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility said it faces an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are serving as PG&E's legal counsel, Lazard is serving as its investment banker and AlixPartners, LLP is serving as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. In order to help support the Company through the reorganization process, PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and their colleagues at AlixPartners will continue to assist PG&E with the reorganization process and related activities. Morrison & Foerster LLP, as special regulatory counsel. The Office of the U.S. Trustee appointed an official committee of creditors on Feb. 12, 2019. The Committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. PG&E CORPORATION: Jones Day Updates Shareholders List for 5th Time ------------------------------------------------------------------ In the Chapter 11 cases of PG&E Corporation and Pacific Gas and Electric Company, et al., the law firm of Jones Day submitted a fifth amended verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to provide an updated list of PG&E Shareholders that it is representing. In January 2019, certain PG&E Shareholders retained Jones Day to advise them in connection with the Debtors' chapter 11 cases. Other PG&E Shareholders subsequently retained Jones Day for the same purpose. The PG&E Shareholders hold, or manage or advise funds and/or accounts that hold disclosable economic interests in relation to the Debtors. On May 17, 2019, Jones Day filed its Verified Statement Of Jones Day Pursuant To Federal Rule Of Bankruptcy Procedure 2019 [ECF 2071]. On July 18, 2019, Jones Day filed its First Amended Verified Statement of Jones Day Pursuant to Federal Rule of Bankruptcy Procedure 2019 [ECF 3066]. On July 23, 2019, Jones Day filed its Second Amended Verified Statement of Jones Day Pursuant to Federal Rule of Bankruptcy Procedure 2019 [ECF 3158]. On September 23, 2019, Jones Day filed is Third Amended Verified Statement of Jones Day Pursuant to Federal Rule of Bankruptcy Procedure 2019 [ECF 3964]. On October 21, 2019, Jones Day filed its Fourth Amended Verified Statement of Jones Day Pursuant to Federal Rule of Bankruptcy Procedure 2019 [ECF 4366]. This Fifth Amended Statement amends and replaces the Fourth Amended Statement. As of Dec. 16, 2019, the list of PG&E Shareholders and their disclosable economic interests are: (1) 683 Capital Partners, LP 3 Columbus Circle, Suite 2205 New York, NY 10019 * PG&E Common Shares: 375,000 (2) Anchorage Capital Group, L.L.C. 610 Broadway, 6th Floor New York, NY 10012 * PG&E Common Shares: 25,000,000 * Utility Bonds: $56,500,000 (3) BlueMountain Capital Management, LLC 280 Park Avenue, 12th Floor New York, NY 10017 * PG&E Common Shares: 0 (4) Centerbridge Partners, L.P. 375 Park Avenue, 11th Floor New York, NY 10152 * PG&E Common Shares: 1,450,000 * PG&E Swaps (Long Position): 6,288,233 * Utility Preferred Shares: 80,884 * Utility Bonds: $281,979,000 * Utility Revolver: $4,935,725 * Subrogation Claims: $208,703,491 (5) CSS, LLC 175 W. Jackson Blvd., Suite 440 Chicago, IL 60604 * PG&E Common Shares: 1,279,967 * Utility Preferred Shares: 190,771 * Utility Bonds: $12,458,000 * Net Option Exposure: (143,360) (6) Cyrus Capital Partners, L.P. 65 E 55th St. New York, NY 10022 * PG&E Common Shares: 1,000,000 (7) D.E. Shaw Galvanic Portfolios, L.L.C. D.E. Shaw Kalon Portfolios, L.L.C. and D.E. Shaw Orienteer Portfolios, L.L.C. 1166 Ave. of the Americas, 9th Floor New York, NY 10036 * PG&E Common Shares: 5,859,960 (8) Empyrean Capital Partners, LP 10250 Constellation Blvd., Suite 2950 Los Angeles, CA 90067 * PG&E Common Shares: 1,800,000 * Short Call Options: 300,000 * Long Put Options: 300,000 * Utility Revolver: $14,126,000 * Utility Bonds: $98,589,000 (9) First Pacific Advisors, LP 11601 Wilshire Blvd #1200 Los Angeles, CA 90025 * PG&E Common Shares: 5,112,058 (10) Golden Tree Asset Management LP 300 Park Avenue, 21st Floor New York, NY 11201 * PG&E Common Shares: 5,367,019 * Utility Bonds: $29,680,000 * PG&E Revolver and Term Loan: $24,758,874 (11) Governors Lane LP 510 Madison Avenue New York, NY 10022 * PG&E Common Shares: 723,000 * Utility Bonds: $38,465,000 (12) HBK Master Fund L.P. c/o HBK Services LLC 2300 North Field Street, Suite 2200 Dallas, TX 75201 * PG&E Common Shares: 1,000,000 * Short Call Options: 75,000 * Short Put Options: 25,0000 * Utility Bonds: $28,235,000 * Utility Revolver: $465,820,950 * Utility L/C Reimbursement: $154,585,869 (13) Latigo Partners, LP 450 Park Avenue, 12th Floor New York, NY 10022 * PG&E Common Shares: 777,062 * Utility Bonds: $7,000,000 (14) Meadowfin, L.L.C. 299 Park Avenue, 40th Floor New York, NY 10171 * PG&E Common Shares: 2,500,000 * Utility Bonds: $455,769,000 * Utility Revolver: $50,050,000 (15) Monarch Alternative Capital LP 535 Madison Ave. New York, NY 10022 * PG&E Common Shares: 3,000,000 (16) Newtyn Management, LLC 60 East 42nd Street, 9th Floor New York, NY 10165 * PG&E Common Shares: 3,050,000 * Call Options: 3,934,200 * Call Options (Sold): 800,000 (17) Nut Tree Master Fund, LP Two Penn Plaza, 24th Floor New York, NY 10121 * PG&E Common Shares: 3,000,000 (18) Owl Creek Asset Management, L.P. 640 Fifth Avenue, 20th Floor New York, NY 10019 * PG&E Common Shares: 7,282,840 * Subrogation Claims: $24,008,927.56 (19) Pentwater Capital Management LP 614 Davis Street Evanston, IL 60201 * PG&E Common Shares: 20,734,100 * Utility Bonds: $51,115,000 * Net Exposure Equity Derivatives: (12,777,600) (20) Redwood Capital Management, LLC 910 Sylvan Ave Englewood Cliffs, NJ 07632 * PG&E Common Shares: 12,333,752 * Utility Bonds: $74,842,000 * Subrogation Claims: $9,869,354.06 (21) Sachem Head Capital Management LP 250 West 55th St., 34th Floor New York, NY 10019 * PG&E Common Shares: 3,500,000 (22) Serengeti Asset Management LP 632 Broadway, 12th Floor New York, NY 10012 * PG&E Common Shares: 865,000 (23) Silver Point Capital, L.P. Two Greenwich Plaza Greenwich, CT 06830 * PG&E Common Shares: 24,937,000 * Utility Bonds: $287,937,630.54 * Subrogation Claims: $76,200,175.78 * Trade Vendor Claims: $19,556,048.53 (24) Steadfast Capital Management LP 450 Park Avenue, 20th Floor New York, NY 10022 * PG&E Common Shares: 5,318,492 (25) SteelMill Master Fund LP c/o PointState Capital LP 40 West 57th Street, 25th Floor New York, NY 10019 * PG&E Common Shares: 6,978,743 * Utility Bonds: $166,964,000 (26) Stonehill Capital Management LLC 885 Third Ave., 30th Floor New York, NY 10022 * PG&E Common Shares: 10,524,776 * Utility Preferred Shares: 796,633 * Utility Bonds: $28,464,000 (27) Warlander Asset Management, LP 250 West 55th Street, 33rd Floor New York, NY 10019 * PG&E Common Shares: 325,000 (28) Abrams Capital Management, LP 222 Berkeley Street, 21st Floor Boston, MA 02116 * PG&E Common Shares: 25,000,000 * Subrogation Claims: $72,302,208 (29) Knighthead Capital Management, LLC 1140 Avenue of the Americas, 12th Fl New York, NY 10036 * PG&E Common Shares: 14,383,521 * Call Options: 1,698,200 * Utility Bonds: $51,760,000 Counsel for PG&E Shareholders can be reached at: JONES DAY Bruce S. Bennett, Esq. Joshua M. Mester, Esq. James O. Johnston, Esq. 555 South Flower Street Fiftieth Floor Los Angeles, CA 90071.2300 Telephone: (213)489-3939 Facsimile: (213)243-2539 E-mail: bbennett@jonesday.com jmester@jonesday.com jjohnston@jonesday.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/EwMZ6t About PG&E Corporation PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. PG&E Corp. and Pacific Gas employ approximately 24,000 regular employees, approximately 20 of whom are employed by PG&E Corp. Of Pacific Gas' regular employees, approximately 15,000 are covered by collective bargaining agreements with local chapters of three labor unions: (i) the International Brotherhood of Electrical Workers; (ii) the Engineers and Scientists of California; and (iii) the Service Employees International Union. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, said they are facing extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility said it faces an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are serving as PG&E's legal counsel, Lazard is serving as its investment banker and AlixPartners, LLP is serving as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. In order to help support the Company through the reorganization process, PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and their colleagues at AlixPartners will continue to assist PG&E with the reorganization process and related activities. Morrison & Foerster LLP, as special regulatory counsel. The Office of the U.S. Trustee appointed an official committee of creditors on Feb. 12, 2019. The Committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. PIERLESS FISH: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Pierless Fish Corp. 5600 1st Ave, Unit B9 Brooklyn, NY 11220 Business Description: Pierless Fish Corp. is a fresh seafood purveyor in Brooklyn, New York supplying chefs and restaurants with fish and shellfish. Chapter 11 Petition Date: December 23, 2019 Court: United States Bankruptcy Court Eastern District of New York Case No.: 19-47655 Judge: Hon. Carla E Craig Debtor's Counsel: Scott S. Markowitz, Esq. TARTER KRINSKY & DROGIN LLP 1350 Broadway, 11th Floor New York, NY 10018 Tel: (212) 216-8000 E-mail: smarkowitz@tarterkrinsky.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Robert DeMasco, president & CEO. 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 for free at: https://is.gd/Bfex6a PIONEER ENERGY: S&P Downgrades ICR to 'CCC-'; Outlook Negative -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based oilfield services (OFS) and contract-drilling provider Pioneer Energy Services Corp. to 'CCC-' from 'CCC+'. At the same time, S&P lowered its issue-level rating on the company's term loan to 'CCC+' from 'B'. The '1' recovery rating remains unchanged, indicating S&P's expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. S&P also lowered its issue-level rating on the company's senior unsecured notes to 'CC' from 'CCC'. The '5' recovery rating remains unchanged, indicating its expectation for modest (10%-30%; rounded estimate: 10%) recovery. The downgrade incorporates Pioneer's escalating restructuring risk given that the company is facing a springing maturity on its $175 million term loan in late 2021 followed by the maturity of its unsecured notes in early 2022. With the company's total liquidity falling below $80 million in the third quarter, along with S&P's expectation that unrelenting tough conditions in the drilling and completion services space and the broader market are unlikely to provide timely relief, the rating agency anticipates financing sources will be sparse. Furthermore, S&P believes the market is already pricing-in a high probability of default, which is being reflected in the weak trading levels on the company's bonds and equity. Heading into 2020, S&P expects Pioneer and its other OFS peers to continue to experience subdued activity levels and margin pressure due to a modest decline in E&P budgets. Accordingly, S&P forecasts that the company's leverage will increase to about 8x (assuming no changes to the debt structure) as it generates neutral-to-negative free cash flow." S&P's negative outlook on Pioneer incorporates the company's elevated restructuring risk ahead of its looming debt maturities. The rating agency believes that weak market conditions, combined with the company's unsustainable leverage and narrow liquidity, will constrain its refinancing alternatives. "We could lower our ratings on Pioneer if a default becomes a virtual certainty or if the company enters into a distressed debt exchange," S&P said. "We could raise our rating on Pioneer if we no longer believe there is a significant probability of a restructuring in the next six months," the rating agency said. PMHC II: Moody's Lowers CFR to Caa1, Outlook Stable --------------------------------------------------- Moody's Investors Service downgraded PMHC II Inc.'s Corporate Family Rating to Caa1 from B3 and its Probability of Default Rating to Caa1-PD from B3-PD. Moody's also downgraded the first lien credit facility ratings to Caa1 from B3 and the senior secured second lien term loan to Caa3 from Caa2. The rating outlook is stable. "The downgrade reflects PMHC's continued operational challenges that have resulted in significantly weaker credit metrics and elevated leverage ratios that have not met our expectations for the B3 rating" said Domenick R. Fumai, Moody's Vice President -- Senior Analyst and lead analyst for PMHC II. Downgrades: Issuer: PMHC II, Inc Probability of Default Rating, Downgraded to Caa1-PD from B3-PD Corporate Family Rating, Downgraded to Caa1 from B3 Senior Secured Revolving Credit Facility, Downgraded to Caa1 (LGD3) from B3 (LGD3) Senior Secured 1st Lien Term Loan, Downgraded to Caa1 (LGD3) from B3 (LGD3) Senior Secured 2nd Lien Term Loan, Downgraded to Caa3 (LGD5) from Caa2 (LGD5) Outlook Actions: Issuer: PMHC II, Inc Outlook, Remains Stable RATINGS RATIONALE The downgrade is a result of further deterioration in credit metrics following several consecutive quarters of weaker-than-expected performance resulting in significantly lower EBITDA generation and debt leverage more commensurate with the Caa1 category. Moody's forecasts PMHC II's adjusted Total Debt/EBITDA of 10.5x for FY 2019, which is significantly elevated. Moreover, year-to-date the company's reported adjusted EBITDA through the first nine months of FY 2019 has declined 19.2% to $56 million compared to the same period a year ago. While PMHC II is taking a number of initiatives to reduce costs and improve efficiency, particularly in managing raw material costs, the company is facing continued volume and revenue declines in several key markets including its metallurgical and energy segments. PMHC's Caa1 rating reflects its significantly elevated leverage, continued operational challenges, lack of scale and fairly concentrated geographic exposure as well as substantial exposure to several cyclical sectors such as the battery and electronics, construction, oil & gas, automotive, appliances, construction and agriculture end markets. The rating is also constrained by the company's private equity ownership. These factors are somewhat mitigated by the company's position in niche markets where it provides value-added services that have historically enabled it to generate above average profit margins and returns. The rating also incorporates good end market diversity with PMHC's products used in a wide variety of applications serving a diverse customer base. PMHC II's rating also considers environmental, social and governance factors. Environmental risk presently is low. The company does not have any environmental litigation and is not experiencing substantial ongoing remediation costs. Governance risk is above average due to private equity ownership by American Securities. Aggressive financial policies, including high levels of debt and lack of a majority of independent board of directors, which is required for public companies, are factors contributing to its governance risk assessment. The stable outlook reflects expectations that PMHC II will preserve sufficient liquidity to maintain current operations, financial performance including EBITDA and free cash flow, will modestly improve in 2020 as a number of strategic initiatives including headcount reductions, improved working capital efficiency and procurement savings allow the company to reduce borrowings on the revolving credit facility and that credit metrics do not meaningfully deteriorate from current levels. Moody's also expects the alkaline battery business, which contributed to much of the weakness in 2018 and 2019, to stabilize. Moody's forecasts free cash flow of roughly $15 million in FY 2020 as higher cost raw materials continue to be reduced and improved working capital efficiency lead to increased operating cash flow, which should support reducing the outstanding borrowings on the revolving credit facility. The rating could be upgraded if there is clear visibility to improved operational efficiency, increased demand in key end markets leads to improved EBITDA generation and margin improvement of at least 300 bps, at least $20 million of free cash flow generation on a sustained basis and credit metrics significantly improve with adjusted leverage below 7.5x on a sustained basis. Moody's could downgrade the rating if the company continues to experience weaker end market demand resulting in further volume declines, or if there is further deterioration in EBITDA or free cash flow such that the company is unable to reduce borrowings on the revolving credit facility. Moody's could also downgrade the rating if liquidity deteriorates causing outstanding borrowings to exceed the 35% commitment on its $85 revolving credit facility thereby triggering the springing net first lien covenant ratio of 7.2x with lower-than-expected EBITDA generation that would lead to a greatly reduced covenant cushion or breach the covenant. Moody's could also downgrade the rating if the company makes any large debt-financed acquisitions or distributions to shareholders. Liquidity is adequate with approximately $13 million of cash as of September 30, 2019, and in conjunction with or expectation for modest free cash flow generation, should be sufficient to support current operations for the next 12 months. PMHC has an $85 million senior secured revolving credit facility maturing in 2023. However, the revolving credit facility has a springing first lien net leverage covenant of 7.2x that would be triggered if drawn by more than 35%. PMHC presently has no cushion to borrow without triggering the first lien net leverage covenant given that $28.3 million was outstanding as of September 30, 2019. The first lien covenant ratio, which was 6.3x as of September 30, 2019, has a modest cushion and Moody's does not expect a covenant breach over the next 12 months. PMHC's debt capital structure consists of an $85 million revolving credit facility and a $507 million senior secured first lien term loan rated Caa1, commensurate with the CFR since they have a first priority lien on all of the company's domestic assets and 65% of the capital stock of foreign subsidiaries. However, the collateral coverage is considered somewhat weak based on the magnitude of the first lien debt outstanding. The $150 million second lien term loan is rated Caa3, reflecting its second priority position on the collateral securing the first lien credit facility. The collateral securing the second lien term loan is considered weak based on the preponderance of outstanding total debt relative the fixed asset base. PMHC II, Inc. is a manufacturer of customized, value-added, mineral-based specialty additives with a focus on manganese, chromium, iron oxide, lithium, cobalt and zircon based products. The company serves a wide range of end markets including electronics, construction, agriculture, consumer, oil & gas, brick & tile and the automotive sector. The company reports its revenues in three business segments: Performance Materials, Colors & Coatings and Electronics & Specialties. PMHC II had revenues of approximately $600 million for the twelve months ended September 30, 2019 and is majority owned by American Securities. The principal methodology used in these ratings was Chemical Industry published in March 2019. PPV INC: Seeks to Hire Vanden Bos & Chapman as Counsel ------------------------------------------------------ PPV, Inc. and Bravo Environmental NW, Inc. seek authority from the U.S. Bankruptcy Court for the District of Oregon to hire Vanden Bos & Chapman, LLP, as their counsel. The professional services that Vanden Bos is to render are: (a) give Debtors legal advice with respect to Debtors' powers and duties as debtors-in-possession in the operation of Debtors' business; (b) institute such adversary proceedings as are necessary in the case; (c) represent Debtors generally in the proceedings and to propose on behalf of Debtors as a debtors-in-possession necessary applications, answers, orders, reports and other legal papers; and (d) perform all other legal services for a debtors-in-possession or to employ an attorney for such professional services. Vanden Bos' current hourly rates are: Ann K. Chapman, Managing Partner $455 Douglas R. Ricks, Partner $405 Christopher N. Coyle, Partner $375 Daniel C. Bonham, Associate $275 Certified Bankruptcy Assistants $250 Legal Assistants $135 PPV, Inc. paid Vanden Bos a pre-petition retainer in the amount of $85,000. Douglas R. Ricks assures the Court that Vanden Bos has no connection with the creditors or any other adverse party or its attorneys, and Vanden Bos represents no interest adverse to the Debtor as debtor-in-possession or to the estate in the matters upon which Vanden Bos is to be engaged. Vanden Bos can be reached at: Douglas R. Ricks, Esq. VANDEN BOS & CHAPMAN, LLP 319 SW Washington St., Ste. 520 Portland, OR 97204 Tel: 503-241-4869 Fax: 503-241-3731 About PPV, Inc. PPV, Inc. -- https://www.ppvnw.com -- is a waste management services provider in Portland, Oregon. The company offers industrial cleaning, recycling, treatment, and technical waste management services. PPV, Inc. filed a petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 19-34517) on Dec 10, 2019. In the petition signed by Joseph J. Thuney, president, the Debtor estimated $1 million to $10 million in both assets and liabilities. Douglas R. Ricks, Esq. at Vanden Bos & Chapman, LLP is the Debtor's counsel. PRACTICAL APPROACH: Taps James Montgomery as Special Counsel ------------------------------------------------------------ Practical Approach Pediatrics, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ James Montgomery, P.C. as special counsel to investigate and pursue claims against Thin-nology, LLC. The firm has required the Debtor to pay an initial fixed fee of $2,500. James Montgomery Jr., Esq., attests that he does not represent any interest adverse to the Debtor's bankruptcy estate. The firm can be reached at: James Montgomery, Jr., Esq. James Montgomery, P.C. 2702 Treble Creek San Antonio, TX 78258 Phone: 210-690-3700 Fax: 210-568-4550 About Practical Approach Pediatrics Practical Approach Pediatrics, LLC filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 19-50566), on March 12, 2019. In the petition signed by its managing member, Olutola Adetona, the Debtor estimated under $500,000 in both assets and liabilities. Judge Craig A. Gargotta oversees the case. The Debtor is represented by Martin Warren Seidler, Esq., at the Law Offices of Martin Seidler. PRINCE FASHIONS: Delays Plan to Pursue Leased Premises Litigation ----------------------------------------------------------------- Prince Fashions, Inc. asked the U.S. Bankruptcy Court for the Southern District of New York to extend the exclusive periods within which it may file a plan of reorganization and solicit acceptances thereto for approximately 120 days, through and including March 30, 2020 and May 27, 2020, respectively. The Debtor is seeking an extension of the exclusivity periods to maintain the status quo while it continues to litigate the issues that will determine the status of its interest in the Premises. The Debtor is actively litigating the adversary proceeding against 60G to obtain a judgment from the Court recharacterizing the Lease as a fee interest in the Premises. The Debtor intends to file and confirm a plan of reorganization premised upon such recharacterization, which the Debtor expects will provide the liquidity necessary to fund payment to creditors. The requested exclusivity extension, if granted, will allow the Debtor to conclude all litigation with respect to its interest in the Premises and consummate a viable plan of reorganization to emerge from chapter 11. About Prince Fashions Prince Fashions, Inc. is a corporation established in 1974 under the laws of New York. The company, as tenant, manages a parcel of commercial real estate located at 542 Broadway, N.Y., pursuant to a 99-year lease with landlord 542 Holding Corp. Prince Fashions sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-23079) on May 29, 2019. At the time of the filing, the Debtor estimated assets of between $10,000,001 and $50 million and liabilities of between $500,001 and $1 million. The case is assigned to Judge Robert D Drain. Rosen & Associates, P.C., is the Debtor's counsel. PSYCHAMERICA BEHAVIORAL: Seeks Authority to Use Cash Collateral --------------------------------------------------------------- Psychamerica Behavioral Services LLC seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral to fund all necessary operating expenses of its business. The Debtor owed the following alleged secured creditors on the Petition Date: (a) BB&T: $50,000 (b) Funding Circle: $339,000 (c) Kabbage, Inc.: $57,000 (d) On Deck Capital: $78,000 (e) On Deck Capital: $50,000 The Debtor proposes to grant each secured creditors a replacement lien on the post-petition collateral to the extent that its prepetition collateral is diminished by the Debtor's use of cash collateral. About Psychamerica Behavioral Services Psychamerica Behavioral Services LLC is a mental health service provider in Central Florida doing business as Big Bear Behavioral Health. Psychamerica Behavioral Services sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-07902) on Dec. 2, 2019. In the petition signed by Max R. Magnasco, managing member, the Debtor was estimated to have assets under $50,000 and liabilities under $1 million. The Debtor is represented by Aldo G Bartolone, Jr., Esq. at Bartolone Law, PLLC. QUESOS DEL PAÍS: Creditor Requests Trustee or Examiner ------------------------------------------------------- In the Chapter 11 cases of Quesos Del Pais La Esperanza, Inc., and Guadalupe Acevedo Ortiz, creditor Francisco Roman Medina claim that significant amounts of money, property of the state have been transferred to an insider and the debtor is violating the law that gives him the right to have a contract with the FFMPR. Accordingly, the Creditor asks the Court to order the appointment of a trustee or an examiner in the Chapter 11 case. According to the Creditor, the transfers of the property of the debtor in a considerable amount are being made with the intentions to hinder, delay, or defraud the creditor Francisco Roman in this case. As per MORS, the Debtor became,insolvent and unable to pay creditor because he is transferring all the profits for the business with FFMPR to his daughter. Those transfers of property of the state made for the benefit of an insider must be avoided. All elements of fraud under 11 U.S.C. Sec. 548(a)(1)(B) are present in this case: 1. debtor lost a case and judgments was entered and executes; 2. the transfer to Zuleika Acevedo are substantial leaving debtor insolvent and incapable of running the business with profits. Z 3. uleika is an insider, the daughter of the only shareholder of the debtor that works for the debtor and she is taking all the profits from the operation of the FFMPR contract of the debtor. The creditor Francisco Roman Medina believes that the appointment of a Trustee or examiner is needed in this case due to the fraudulent transfers and for the protection of both secured and unsecured creditors. Counsel for the Creditor: Damaris Quiñones-Vargas, Esq. Box 429, Cabo Rojo, PR 00623 Tel: 787-851-7866 Fax: 787- 851-171 E-mail: damarisqv@bufetequinones.com A full-text copy of Requests to Appoint Trustee/Examiner is available at https://tinyurl.com/w746w5w from PacerMonitor.com at no charge. About Quesos Del Pais La Esperanza Quesos Del Pais La Esperanza Inc. filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 18-06529) on Nov. 6, 2018, disclosing under $1 million in assets and liabilities. The Debtor hired Garcia-Arregui & Fullana, as attorney. QWEST CAPITAL: S&P Raises Senior Unsecured Debt Rating to 'BB' -------------------------------------------------------------- S&P Global Ratings raised its issue-level rating on Qwest Capital Funding Inc.'s (QCF) senior unsecured debt to 'BB' from 'B+' and revised the recovery rating to '3' from '6'. S&P also removed the senior unsecured ratings from CreditWatch, where they were placed Dec. 9, 2019, with positive implications. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of payment default. QCF is a wholly owned subsidiary of Monroe, La.-based telecommunications provider CenturyLink Inc. Total debt outstanding at QCF was about $352 million as of Sept. 30, 2019. The upgrade and revised recovery rating follow the completion of CenturyLink's $1.25 billion senior unsecured notes offering due in 2026, proceeds of which were used, along with cash on hand, to repay structurally senior debt at Qwest Corp. This includes the repayment of the $850 million of 6.875% senior notes due in 2033 and the $250 million of 7.125% senior notes due in 2043. Pro forma for the issuance and subsequent debt repayment, total debt at Qwest Corp. is about $4.96 billion. As part of its recovery analysis, S&P allocates about 43% of the $23.6 billion of net enterprise value to Qwest ($10 billion), which more than fully covers the Qwest Corp. debt. The remaining $5.1 billion of residual value, combined with the value flowing from CenturyLink subsidiaries and Embarq Corp., results in very high (90%-100%; rounded estimate 95%) recovery for CenturyLink senior secured lenders and negligible (0%-10%; rounded estimate: 5%) recovery for CenturyLink unsecured lenders. "In our view, the equity value in Qwest Corp. first flows to secured creditors at CenturyLink by virtue of the stock pledge. The residual Qwest Corp. equity value is sufficient to fully cover the notes issued by QCF, although recovery ratings are capped at '3'. This reflects our practice of capping recovery ratings on unsecured debt issued by companies that we rate in the 'BB' category at '3' to reflect the heightened risk that such companies may change their capital structure in ways that could impair unsecured debt recovery prospects," S&P said. RADIO DESIGN: Seeks Access to Cash Collateral Through Jan. 31 ------------------------------------------------------------- Radio Design Group, Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Oregon to use cash collateral in the ordinary course of its business. Particularly, the Debtor seeks approval to use up to $387,792 of cash collateral for operations and to make adequate protection payments to Secured Creditors on an interim basis through Jan. 31, 2020. The Debtor believes all three loans to Chase Bank are cross-collateralized with a current balance due of approximately $2,702,990. The combined loans is secured by a lien on 8925 Rogue River Highway, Rogue River, OR and all personal property assets of the Debtor, which is estimated to have a combined value of $5,398,665. The Debtor owes Southern Oregon Regional Economic Development, Inc. ("SOREDI") with a current balance due of approximately $125,947, secured by all assets owned by the Debtor, including, but not limited to, inventory sold in the ordinary course of business, accounts, and the proceeds and products of such collateral. The Debtor also owes payroll taxes to the Internal Revenue Service in the approximate amount of $144,632 and to the Oregon Department of Revenue in the approximate amount of $46,517. The Secured Creditors will be granted these forms of adequate protection: (A) A valid, enforceable, fully perfected, and unavoidable replacement lien in favor of Secured Creditors on all of Debtor's assets or interests in assets acquired on or after the Petition Date of the same types and categories that the Secured Creditors had a lien on or security interest in as of the Petition Date. Said Replacements Lien will have the same scope, validity, perfection, relative priority and enforceability as to the Secured Creditors' pre-Petition Date security interests in the Collateral. However, the Replacement Liens will be subordinate to the allowed and approved fees and expenses (but not professional fees) of a trustee, if any, appointed in any superseding Chapter 7 case; (B) Adequate protection payments as outlined in the budget: (i) Chase - $20,000; (ii) IRS - $15,000; and (iii) ODR - $5,000. (C) The Debtor will keep the Collateral fully insured and free and clear from other liens or encumbrances. About Radio Design Group Radio Design Group, Inc., is a design and engineering firm based in Grants Pass, Oregon. Since its incorporation in 1992, Radio Design has grown from a small RF consulting company specializing in small commercial markets to a vital contributor of unique and innovative products that have advanced the state of technology in both the commercial and defense related markets. Radio Design previously sought bankruptcy protection on July 24, 2014 (Bankr. D. Oregon Case No. 14-62732). Radio Design sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 19-63617) on Dec. 2, 2019. In the petition signed by James Hendershot, president, the Debtor was estimated to have $1 million to $10 million in assets and liabilities of the same range. Judge Thomas M. Renn is assigned to the case. The Debtor is represented by Loren S. Scott, Esq. at THE SCOTT LAW GROUP. RADIO DESIGN: Seeks to Hire Scott Law Group as Attorney ------------------------------------------------------- Radio Design Group, Inc. seeks approval from the United States Bankruptcy Court for the District of Oregon (Eugene) to hire The Scott Law Group as its attorneys. Scott Law will represent the Debtor in the bankruptcy proceedings. Scott Law does not hold or represent an interest adverse to the estate nor is it interested persons within the meaning of Sec. 327(a) of the Bankruptcy Code, according to court filings. The firm can be reached through: Loren S. Scott, OSB SCOTT LAW GROUP LLP PO Box 70422 Springfield, OR 97475 Tel: 541-868-8005 Fax: 541-868-8004 Email: lscott@scott-law-group.com About Radio Design Group Radio Design Group, Inc. is a design and engineering firm based in Grants Pass, Oregon. Since its incorporation in 1992, Radio Design has grown from a small RF consulting company specializing in small commercial markets to a vital contributor of unique and innovative products that have advanced the state of technology in both the commercial and defense related markets. Radio Design previously sought bankruptcy protection on July 24, 2014 (Bankr. D. Oregon Case No. 14-62732). Radio Design Group sought bankruptcy protection (Bankr. D. Oregon Case No. 19-63617) on Dec. 2, 2019. In the petition signed by James Hendershot, president, the Debtor estimated $1 million to $10 million in both assets and liabilities. Loren S. Scott, Esq. at The Scott Law Group represents the Debtor as counsel. RAM DISTRIBUTION: Seeks to Hire Shiryak Bowman as Counsel --------------------------------------------------------- Ram Distribution Group LLC seeks approval from the United States Bankruptcy Court for the Eastern District of New York (Central Islip) to hire Shiryak, Bowman, Anderson, Gill and Kadochnikov LLP as its counsel. Ram requires Shiryak Bowman to: a) assist Debtor in administering this case; b) make such motions and court appearances or taking such action as may be appropriate or necessary under the Bankruptcy Code; c) take such steps as may be necessary for Debtor to marshal and protect the estate's assets; d) negotiate with Debtor's creditors in formulating a plan of reorganization for Debtor in this case; e) draft and prosecute the confirmation of Debtor's plan of reorganization in this case; f) render such additional services as Debtor may require in this case. Shiryak Bowman will bill the Debtor for legal services at its regular hourly rates. These fees range from $175.00 per hour for clerks' and paraprofessionals' time, and $400.00 per hour for attorney time. Shiryak Bowman has no connection with Debtor, the creditors or any other party in interest, or their respective attorneys, according to court filings. The firm can be reached at: Btzalel Hirschhorn, Esq. Shiryak, Bowman, Anderson, Gill and Kadochnikov LLP 80-02 Kew Gardens Road, Suite 600 Kew Gardens, NY 11415 Phone: (718) 332-9600 About Ram Distribution Group Ram Distribution Group LLC dba Tal Depot owns and operates an e-commerce website at https://taldepot.com that sells snacks, drinks, groceries, wellness and home goods products. Ram Distribution Group filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-72701) on April 12, 2019. In the petition signed by Jeremy J. Reichmann, chief executive officer, the Debtor estimates $100,000 to $500,000 in assets and $10 million to $50 million in liabilities. Shaya M. Berger, Esq. at GULKOWITZ BERGER LLP is the Debtor's counsel. RANGE PARENT: S&P Downgrades ICR to 'B-' on Elevated Leverage ------------------------------------------------------------- S&P Global Ratings lowered the ratings on Range Parent Inc. by one notch, including the issuer credit rating to 'B-'. The downgrade of Range Parent, the indirect parent of home appliance and transportation components firm Robertshaw Controls Co., reflects S&P's view that despite the company's efforts on cost control and potential for some reduction in debt leverage, other factors, such as a manufacturing slowdown and weak appliance demand, may keep Robertshaw's leverage ratio from improving meaningfully within the next year. The stable outlook on Range Parent reflects S&P's view that despite the company's presently high debt leverage, the company will retain adequate liquidity and keep credit measures appropriate for the rating through continuous improvement savings and the roll-off of prior incurred costs. Despite the potential for modest top line contraction, S&P expects the company to reduce leverage in fiscal 2021 through earnings contributions from its CastFutura acquisition (completed December 2018) and gross margin expansion. The latter may be derived by productivity, lean manufacturing, value engineering, automation, and procurement among other items. S&P expects the company to maintain an adjusted debt-to-EBITDA ratio in the 6.5x-9.0x range. S&P could lower its ratings on Range Parent if a significant decline in its earnings causes its capital structure to become unsustainable, potentially indicated by total debt to EBITDA exceeding 9x without clear prospects for recovery, or if its liquidity becomes constrained, with an EBITDA to interest coverage ratio falling to 1.5x. This could occur a variety of ways: if reignited trade tensions or lower demand for home and commercial appliances cause the company to lose volumes or market share; if the company faces operational challenges pertaining to footprint consolidation and productivity initiatives; if metals and/or other costs rise significantly; if there are problems integrating CastFutura; or if the company's new product platforms are less profitable than anticipated. Based on S&P's downside scenario, this could occur if Robertshaw's revenue and operating margins both weaken by more than 200 bps. A less-likely catalyst for an unsustainable capital structure or compressed liquidity would be a large debt-financed acquisition or shareholder return. "We could raise the ratings if cost reduction initiatives allow the company to consistently produce a leverage ratio of less than 6.5x and an EBITDA-to-interest-coverage ratio of over 2.0x despite flat or contracting revenue while liquidity remains adequate. This might be difficult to achieve in the next year, as Robertshaw's adjusted EBITDA margin would need to improve by almost 200 bps amidst a tepid organic growth environment in order to bring about those types of credit measures," S&P said. ROVIG MINERALS: Creditors Get Chapter 11 Trustee ------------------------------------------------ A hearing was held on the Petitioning Creditors' Alternative Motion for Equity and/or Current Management to Show Cause Why the Appointment of a Chief Restructuring Officer is not in the Best Interest of the Estate, as well as the Debtors' Response to that Motion, which the Court treated as the Debtors' joinder of the Motion. In addition, by agreement of all parties, the Court held a hearing on the Petitioning Creditors' Motion to Appoint Chapter 11 Trustee which was previously set for hearing on Dec. 3, 2019 and which had been joined by other Creditors. In open court, the Debtors waived the right to file an Opposition to that Motion. For reasons orally assigned, and considering the law, testimony, and evidence before the Court, Judge John W. Kolwe ordered that that the Petitioning Creditors' Alternative Motion for Equity and/or Current Management to Show Cause Why the Appointment of a Chief Restructuring Officer Is Not in the Best Interest of the Estate, including the Debtors' joinder of that Motion, is denied. It is further ordered, that the Petitioning Creditors' Motion to Appoint Chapter 11 Trustee is granted. A full-text copy of Chapter 11 Trustee Appointment is available at https://tinyurl.com/wpsmlg6 from PacerMonitor.com at no charge. About Rovig Minerals Rovig Minerals, Inc. -- http://www.rovigminerals.com/-- was founded in 1980 in Billings, Mont., to pursue exploration and development of mineral, oil and gas projects around the world. On Sept. 25, 2019, creditors FDF Energy Services LLC, Tri-City Services Inc., Oil Country Tubular Corp., DH Rock Bit Inc., Aldonsa Inc. filed an involuntary Chapter 11 petition against the Debtor (Bankr. W.D. La. Case No. 19-51133). The creditors are represented by Michael A. Crawford, Esq., at Taylor, Porter, Brooks & Phillips. On Oct. 18, 2019, the Debtor and the Petitioning Creditors signed a joint stipulation to convert the involuntary to a voluntary chapter 11 and for entry of a consent order for relief pursuant to 11 U.S.C. Sec. 303(h)(1). The case is assigned to Judge John W. Kolwe. The Debtor tapped H. Kent Aguillard, Esq., and Caleb Aguillard, Esq., as its bankruptcy attorneys. RUSTIC STEEL: Exclusivity Period Extended Until Jan. 31 ------------------------------------------------------- Judge Caryl Delano of the U.S. Bankruptcy Court for the Middle District of Florida extended the period during which Rustic Steel Creations, Inc. has the exclusive right to file a Chapter 11 plan and confirm a plan through Jan. 31, 2020. About Rustic Steel Creations, Inc. Based in Tampa, Fla., Rustic Steel Creations, Inc. filed a voluntary Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-04467) on May 10, 2019, listing under $1 million in both assets and liabilities. David Jennis, P.A. represents the Debtor as counsel. The petition was signed by Dominique Martinez, president. RUSTIC STEEL: Seeks to Extend Exclusivity Period to March 5 ------------------------------------------------------------ Rustic Steel Creations, Inc. asked the U.S. Bankruptcy Court for the Middle District of Florida to extend the exclusivity period to file a Chapter 11 plan to March 5, 2020. The company anticipates that a plan and disclosure statement may be filed shortly after the resolution of its dispute with William Berry's claim has been finalized. About Rustic Steel Creations, Inc. Based in Tampa, Fla., Rustic Steel Creations, Inc. filed a voluntary Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-04467) on May 10, 2019, listing under $1 million in both assets and liabilities. David Jennis, P.A. represents the Debtor as counsel. The petition was signed by Dominique Martinez, president. SAMM SOLUTIONS: Cash Collateral Stipulation Thru Dec. 31 Okayed --------------------------------------------------------------- Judge Louise D. Adler of the Bankruptcy Court for the Southern District of California granted SAMM Solutions, Inc.'s use of cash collateral subject to conditions and terms set forth in the Amended Stipulation. Pursuant to the Amended Stipulation entered into by and between SAMM and its secured creditor Pacific Premier Bank: (A) The Bank has consented to, the Debtor's use of cash collateral for purposes described in the Budget, from the date of the Stipulation (Nov. 13, 2019) through Dec. 31, 2019. (B) The Bank holds a first priority lien on substantially all assets of SAMM pursuant to that certain Business Loan Agreement. As of the Petition Date, the Debtor was indebted to Bank in an amount not less than $1,117,686. The Note requires monthly payments due on the 1st day of each month in the amount of $14,685. (C) As and for adequate protection of the Bank' interest in and consent to the use of the cash collateral and as security for Debtor's performance under the Stipulation, the Debtor agrees to remain current under all obligations to the Bank and will make monthly payments to the Bank in the amount of $15,837.36 (or as designated by the bank due to the variable interest rate in the promissory note). (D) The Bank is granted a replacement lien in all pre-petition and post-petition assets in which and to the extent Debtor holds an interest, whether tangible or intangible, whether by contract or operation of law, and including all profits and proceeds thereof, to the extent that the Bank's lien existed at the petition date. Said postpetition lien in favor of the Bank will be in the same priority as its lien in existence at the petition date which the Bank claims is senior in priority to any and all prepetition and postpetition claims, rights, liens and interests, and as limited by the amount of any diminution of the Bank's secured claim as of the petition date. About SAMM Solutions SAMM Solutions, Inc. -- http://www.btsresearch.com/-- is a San Diego-based contract research organization that delivers GLP and Non-GLP biological services to clients in the pharmaceutical, biopharmaceutical, biotech, academic research, medical device and related industries. SAMM Solutions sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 19-04700) on Aug. 5, 2019. At the time of the filing, the Debtor disclosed $999,443 in assets and $5,869,629 in liabilities. The Debtor is represented by Stephen C. Hinze, Attorney at Law, APC. SEABRAS 1 USA: Case Summary & Unsecured Creditors ------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Seabras 1 USA, LLC 19-14006 600 Cummings Center Suite 268Z Beverly, MA 01915 Seabras 1 Bermuda Ltd 19-14007 600 Cummings Center Suite 268Z Beverly, MA 01915 Business Description: Seabras 1 USA aka Seaborn Networks -- https://seabornnetworks.com -- is a developer-owner-operator of independent submarine fiber optic cable systems. Seaborn Networks offers a range of services, including IP services, ethernet services, transport services, telecom network, management services, and construction of subsea telecom networks. Chapter 11 Petition Date: December 22, 2019 Court: United States Bankruptcy Court Southern District of New York Debtors' General Bankruptcy Counsel: Robert G. Burns, Esq. Mark E. Dendinger, Esq. Josh Neifeld, Esq. BRACEWELL LLP 1251 Avenue of the Americas, 49th Floor New York, NY 10020 Tel: (212) 508-6100 Fax: (212) 508-6101 E-mail: Bob.Burns@Bracewell.com mark.dendinger@bracewell.com josh.neifeld@bracewell.com - and - BRACEWELL (UK) LLP Debtors' Local Bankruptcy Counsel: APPLEBY - and - BARBOSA MUSSNICH ARAGAO Debtors' Notice, Claims & Balloting Agent and Administrative Advisor: STRETTO Seabras 1 Bermuda's Estimated Assets: $50 million to $100 million Seabras 1 Bermuda's Estimated Liabilities: $100 million to $500 million Seabras 1 USA's Estimated Assets: $50 million to $100 million Seabras 1 USA's Estimated Liabilities: $100 million to $500 million The petitions were signed by Larry W. Schwartz, chief executive officer. Full-text copies of the petitions are available from PacerMonitor for free at: https://is.gd/u2Tu5M https://is.gd/i2cpeG Seabras 1 Bermuda stated it has no outstanding unsecured claims. List of Seabras 1 USA's 11 Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Barbosa, Mussnich e Aragao Legal Fees $7,006 Advogados (UsOpCo) SP 2. Crown Castle International Corp. Network $46,249 f/k/a Sunesys, LLC Capacity 1220 Augusta Drive, Ste 600 Houston, TX 77057 3. Datapipe Technical Space $3,600 aka RackSpace 10 Exchange Place Jersey City, NJ 07302 4. EdgeUno, Inc. Network $74,574 14271 Jeffrey Road #349 Equipment Irvine, CA 92620 & Services 5. Equinix Inc. Technical $19,431 4252 Solutions Center Space Chicago, IL 60677-4002 6. Infinera Corporation Network $633,931 140 Caspian Court Equipment Sunnyvale, CA 94089 7. Integration Partners Corporation Network $10,398 12 Hartwell Avenue Equipment Lexington, MA 02421 8. Tata Communications Technical $62,325 (America) Inc. Space Lockbox #7595 7595 Collections Center Drive Chicago, IL 60693 9. Telehouse International Network $1,900 Corporation of America Capacity 10. Virginia Department of S&U Tax $195 Taxation 11. Zayo Group LLC Technical $12,894 (Spread Networks LLC) Space P.O. Box 952136 Dallas, TX 75395 SENIOR CARE GROUP: Taps Blueprint Healthcare as Real Estate Broker ------------------------------------------------------------------ Senior Care Group, Inc. and its debtor-affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Blueprint Healthcare Real Estate Advisors, LLC, as their real estate broker. Blueprint is to market and sell skilled nursing assets owned by Key West and The Home Association and the stock in the North Carolina Assets, the Transitions Stock, and the Diamond Stock. Blueprint will market the assets, maintain records of offering packages delivered to prospective purchasers, and upon request provide written reports summarizing the its activities in connection with the sale process, including summaries of marketing and media efforts. Blueprint shall be entitled to a commission of $62,500 per sale. Benjamin H. Firestone, Co-Founder and Executive Managing Director with Blueprint Healthcare, attests that the firm is disinterested as defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Benjamin Firestone Blueprint Healthcare Real Estate Advisors 191 N. Wacker Drive, Suite 1600 Chicago, IL 60606 Phone: 312-300-4000 Email: bfirestone@blueprinthcre.com About Senior Care Group Senior Care Group, Inc., is a non-profit corporation which, through its wholly-owned subsidiaries, provides residents and patients with nursing and long-term health care services. Senior Care Group and its six affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 17-06562) on July 27, 2017. In the petition signed by David R. Vaughan, chairman of the Board, Senior Care Group estimated asset and liabilities of $1 million to $10 million. Judge Catherine Peek Mcewen oversees the cases. Stichter Riedel Blain & Postler, P.A., is the Debtors' bankruptcy counsel. The Debtors hired Akerman LLP as their special healthcare counsel. The U.S. Trustee for Region 21 appointed Mary L. Peebles as the patient care ombudsman for Key West Health and Rehabilitation Center LLC, SCG Baywood LLC, SCG Gracewood LLC, and SCG Laurellwood, LLC. On Aug. 18, 2017, the U.S. trustee appointed an official committee of unsecured creditors. The Committee hired Stevens & Lee, P.C., as its bankruptcy counsel; and Trenam, Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, P.A., as co-counsel. On Aug. 17, 2017, the Debtors hired Holliday Fenoglio Fowler, LP, as broker. SESI LLC: Moody's Cuts CFR to B3; Rating for Further Downgrade -------------------------------------------------------------- Moody's Investors Service downgraded SESI, L.L.C.'s Corporate Family Rating to B3 from B2, Probability of Default Rating to B3-PD from B2-PD and senior unsecured notes to Caa1 from B3. The SGL-2 rating was unchanged. Moody's concurrently placed all of SESI's ratings under review for further downgrade. These actions were prompted by SESI's announcement on December 18, 2019 that it has entered into an agreement to combine its US land services business with Forbes Energy Services Ltd. (unrated) and form a separate US focused public company. Concurrently, SESI is looking to exchange up to $500 million of its December 2021 senior unsecured notes for longer maturity second lien notes, as part of a broader restructuring and maturity management effort. Pursuant to the Forbes transaction, SESI plans to shift $250 of the new second-lien debt to NewCo and retain the other $250 million of second-lien debt on its balance sheet. If successful with the contemplated debt exchange and merger transaction, SESI will be left with roughly $1.05 billion of balance sheet debt, $240 million of cash, a majority equity interest in NewCo, and a business focused on international and offshore markets. SESI expects these transactions to close in the first half of 2020. Issuer: SESI, L.L.C. Downgraded and Ratings Under Review for Downgrade: Corporate Family Rating, Downgraded to B3 from B2, Placed on Review for Downgrade Probability of Default Rating, Downgraded to B3-PD from B2-PD, Placed on Review for Downgrade Senior Unsecured Notes, Downgraded to Caa1 (LGD4) from B3 (LGD4), Placed on Review for Downgrade Ratings Unchanged: Speculative Grade Liquidity Rating, Unchanged SGL-2 Outlook Actions: Outlook, Changed to Ratings Under Review from Negative RATINGS RATIONALE SESI is contending with high financial leverage, elevated refinancing risk involving its $800 million unsecured notes due December 2021, a tough oilfield service industry operating environment, particularly in the US, and poor capital market conditions for energy companies generally. While the company has accumulated cash, sold assets and slashed costs to improve cash flow and its refinancing prospects, Moody's expects industry conditions and capital market access to remain challenged for OFS companies through 2020. The offer to exchange up to $500 million of unsecured notes for secured second-lien notes will also structurally subordinate the remaining 2021 and 2024 unsecured notes, reducing their overall recovery prospects in the event of a default. While the shifting of $250 million of second-lien debt to NewCo will lighten SESI's debt load and refinancing needs, it will also leave a reduced and less diversified asset base for SESI's unsecured noteholders, including giving them only a residual claim to SESI's US assets that will be transferred to a newly formed entity of which SESI will retain an approximately 52% economic interest on a fully diluted basis, as part of the Forbes transaction. The review will assess the likely composition of the capital structure for SESI following the transaction with Forbes and the degree of subordination of the unsecured notes based on the ultimate size of the debt exchange; the level of available liquidity and refinancing risk; and Moody's forward view on SESI's earnings prospects. SESI, L.L.C. is a wholly-owned subsidiary of Superior Energy Services, Inc., which is a publicly-traded diversified oilfield services company headquartered in Houston, Texas. The principal methodology used in these ratings was Global Oilfield Services Industry Rating Methodology published in May 2017. SHANNON STALEY: Has Until March 3 to Exclusively File Plan ---------------------------------------------------------- Judge Carlota Bohm of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended the period during which only Shannon Staley & Sons, LLC can file a Chapter 11 plan of reorganization to March 3, 2020. The company can solicit acceptances for the plan until May 2, 2020. About Shannon Staley Shannon Staley & Sons LLC -- https://shannonstaleyandsons.com/ -- is a full-service construction services firm offering on demand construction services, turn key real estate, contract construction services, and property management services. Shannon Staley sought Chapter 11 protection (Bankr. W.D. Pa. Case No. 19-23101) on Aug. 6, 2019, in Pittsburgh, Pa. As of the petition date, Debtor was estimated to have total assets between $500,000 and $1 million, and liabilities of between $1 million and $10 million. The Hon. Carlota M. Bohm oversees the Debtor's case. Robert O. Lampl Law Office is the Debtor's counsel. The Office of the U.S. Trustee on Oct. 15 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Shannon Staley & Sons LLC. SILVER CREEK: $980K Sale of Substantially All Assets Approved ------------------------------------------------------------- Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the Northern District of Texas authorized Silver Creek Investments, LLC's sale of substantially all of its assets, including all of the Debtor's fixed tangible assets and property rights and interests, wherever located, including but not limited to all furniture, fixtures, machinery, equipment, tools, inventory, license rights, rolling stock, vehicles, and those assets specifically identified on Exhibit A to the Motion, for $980,000. The sale is free and divested of all liens, claims and encumbrances, subject to the asserted liens and claims of Valveworks USA, Inc. The Purchaser is purchasing the Debtor's rights and interests in any assets that are in the possession of Valveworks subject to any lien asserted by Valveworks and will not be entitled to any credit, claim, refund or adjustment to the purchase price from the Debtor or MidCap Funding XVII Trust. MidCap will provide a partial assignment of lien to the Purchaser for MidCap's liens and interests in and on the Valveworks Assets currently in the possession of Valveworks. The U.S. Bankruptcy Court for the Western District of Pennsylvania retains jurisdiction to determine any disputes arising out of or related to the Order, including the retention of jurisdiction to determine any issues of lien priority, the value of any lien, right to possession of the Valveworks Assets and/or any similar claim should a dispute arise between the parties. The stipulation placed on the record between Sero Ventrice Holdings, LLC and the Purchaser for treatment of the Purchaser's access to the leased location owned by Lessor, is incorporated in the Order, including (a) payment of $40,000 in immediately available funds by the Purchaser to Lessor at the Asset sale closing in exchange for non-exclusive access to the Premises through January 31, 2020 (for the avoidance of doubt, these funds are in addition to the Purchase Price); (b) the Purchaser's removal of all of the Debtor's assets from the Premises, including, but not limited to, all chemicals, unless otherwise agreed by Purchaser and Lessor; (c) retention of the stationary air compressor by the Lessor at the Premises; and (d) the Purchaser's indemnification of Lessor for any damages to the Premises to the extent caused by the Purchaser or any of its employees, agents, contractors, or representatives, including but not limited to, costs to remediate the Premises following removal of any fixtures. Notwithstanding the foregoing, the Purchaser assumes no liability of the Debtor or Lessor (or their respective predecessors or successors) related to the storage, transport, generation, removal or other handling of any chemicals located on the Premises, regardless of when any such liability arose or arises. Furthermore, the Debtor and MidCap will not have any obligation for any amounts of rent or other expenses following the closing of the sale to the Purchaser, and all such expenses will be borne by the Purchaser. The Purchaser, the Debtor and the Debtor's estate each acknowledges and agrees that the Lessor may re-let the Premises effective Feb. 1, 2020. Sero Ventrice Holdings, LLC, will receive a $10,000 payment on account of its administrative expense claim at the Closing and an additional $10,000.00 upon the earlier of: (y) Jan. 15, 2020; or (z) the Debtor's receipt of the Tug Hill accounts receivable settlement as a settlement of te Lessor's claim asserted against MidCap's collateral (with prejudice). Said amounts will be credited toward the administrative expense claim of Sero Ventrice Holdings, LLC. The parties reserve all rights to assert or object to the balance of the administrative expense claim. With the exception of Valveworks, the recited liens, encumbrances and claims be, and they are transferred to the proceeds of sale, if and to the extent they may be determined to be valid liens against the sold property, that the within decreed sale will be free, clear and divested of said liens and claims. The following expenses/costs will immediately be paid at Closing. Failure of the closing agent, if any, to timely make and forward the disbursements required by the Order will subject the closing agent to monetary sanctions, including among other things, a fine or the imposition of damages, after notice and hearing, for failure to comply with the terms of the Order. The proceeds of the Purchase Price will be distributed at Closing as follows: a. Quarterly fees to the United States Trustee in the amount of $9,800; b. $10,000 payable to Sero Ventrice Holdings, LLC; c. $22,500 to be placed into escrow with the law firm of Robert O Lampl Law Office, Counsel to the Debtor, subject further order of Court; d. $15,000 to be placed into escrow with the law firm of MacDonald, lllig, Jones & Britton LLP, Counsel for the Official Committee of Unsecured Creditors, subject to further order of the Court; e. $22,500 to be placed into escrow with Compass Advisory Partners, the Court Approved Restructuring Advisors, subject to further order of the Court; and f. $900,200 will be irrevocably distributed and wired to MidCap Funding XVll Trust in accordance with wire transfer information provided to the Debtor's counsel. Notwithstanding the provisions of Bankruptcy Rules 6004(h) and 6006(d) and pursuant to Bankruptcy Rules 7062 and 9014, the Sale Order will not be stayed for fourteen days after the entry hereof, but will be effective immediately upon its issuance. Time is of the essence in closing the sale referenced herein and the Closing will occur within 15 days of the Order and, within five days following closing, the Movant will file a report of sale which will include a copy of the HUD-1 or other Settlement Statement. At the Closing, or upon approval of the such fees, the Purchaser will satisfy the claim of the Court Approved Broker, Pritchard Griffin Advisors, and is solely responsible for paying such claim. The sale proceeds will be allocated $392,000 plus the value of the assumption of the claim of Prichard Griffen Advisors to Silver Creek Services, Inc., and $588,000, to Silver Line Logistics, Inc. Within five days of the date of the Order, the Movant will serve a copy of the within Order on each Respondent (i.e., each party against whom relief is sought) and its attorney of record, if any, upon any attorney or party who answered the motion or appeared at the hearing, the attorney for the Debtor, the Closing Agent, the Purchaser, and the attorney for the Purchaser, if any, and file a certificate of service. A copy of the Exhibit A is available at https://tinyurl.com/rhflz9b from PacerMonitor.com free of charge. About Silver Creek Investments Silver Creek Investments, LLC, filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 16-34633) on Dec. 3, 2016. The petition was signed by Alfred Herron, managing member. The case is assigned to Judge Barbara J. Houser. The Debtor is represented by Marilyn D. Garner, Esq., at the Law Office of Marilyn D. Garner, PLLC. At the time of filing, the Debtor had assets and liabilities estimated at $1 million to $10 million each. SLANDY INC: Seeks to Hire Buddy D. Ford, P.A. as Bankr. Counsel --------------------------------------------------------------- Slandy, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire law firm of Buddy D. Ford, P.A., as its bankruptcy counsel. The professional services Buddy D. Ford, P.A. will render are: a. analyze the financial situation, and render advice and assistance to the Debtor in determining whether to file a petition under the Bankruptcy Code; b. advise the Debtor with regard to the powers and duties of the debtor and as Debtor-in-possession in the continued operation of the business and management of the property of the estate; c. prepare and file petitions, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. represent the Debtor at the Section 341 Creditors' meeting; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in-possession in the continued operation of its business and management of its property; if appropriate; f. advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. prepare, on the behalf of the Debtor, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; h. protect the interest of the Debtor in all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for Debtor and as Debtor-in-possession which may be necessary, and it is necessary for Debtor and as Debtor-in-possession to employ this attorney for such professional services. Buddy D. Ford, P.A. will be paid an hourly basis, with Buddy D. Ford paid $425 per hour, Senior associate attorneys at $375 per hour, Junior associate attorneys at $300 per hour, Senior paralegal services at $150 per hour, and Junior paralegal services at $100 per hour. Buddy D. Ford, Esq., attests that his firm has no connection with the Debtor, the creditors, or any other party in interest, or any party in interest, or their respective attorneys. The Debtor paid an advance fee of $17,000.00 as follows: * $2,000.00 pre-filing fee retainer * $13,283.00 post-filing fee/cost retainer * $1,717.00 filing fee. The firm can be reached at: Buddy D. Ford, Esq. BUDDY D. FORD, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Email: All@tampaesq.com About Slandy, Inc. Slandy, Inc. dba Executive Care -- https://north-pinellas.executivehomecare.com -- provides a full range of in-home care services to clients who are residing in a hospitals, assisted living or skilled nursing facilities that may need extra personal attention. These home care services can range from companion care and personal care to 24/7 and Live-In care, and more. Slandy, Inc. filed its voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-11554) on Dec. 6, 2019. In the petition signed by Andrew E. Corbett, president, the Debtor estimated $193,351 in assets and $1,041,442 in liabilities. Buddy D. Ford, Esq. at Buddy D. Ford, P.A. represents the Debtor as counsel. SMARTER TODDLER: Needs More Time to Formulate Chapter 11 Plan ------------------------------------------------------------- Smarter Toddler Group, LLC asked the U.S. Bankruptcy Court for the Southern District of New York to extend the exclusivity period for filing a Chapter 11 plan by 120 days and for soliciting acceptances for the plan by 180 days. The company has explored several strategic transactions which it hopes will result in the formulation of a plan of reorganization in the coming months. About Smarter Toddler Group Smarter Toddler Group, LLC -- https://www.smartertoddler.net/ -- is a child care - pre school in New York. It offers early childhood education, top tier private preschools, pre-k, child day care centers, nursery, infant childcare, baby activities, toddler enrichment classes, art, music, movement classes, science, yoga, dance, languages, sign language, literacy, kindergarten prep, GNT gifted and talented test prep tutoring, G&T preparation. Smarter Toddler Group sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 19-13097) on Sept. 27, 2019, in Manhattan, New York. In the petition signed by Kettia Ming, manager, the Debtor was estimated to have assets between $1 million and $10 million, and liabilities of the same range. Judge Shelley C. Chapman is assigned the case. STORCH AMINI PC is the Debtor's legal counsel. SMWS GROUP: Trustee Seeks to Hire Tranzon Fox as Auctioneer ----------------------------------------------------------- Gary Rosen, the Chapter 11 trustee for SMWS Group LLC, seeks authority from the United States Bankruptcy Court for the District of Maryland (Greenbelt) to hire an auctioneer to sell certain real property owned by the Debtor. Among the assets of the Debtor's bankruptcy estate is an improved real property located at 14125 Seneca Road, Germantown, Md. In order to market the property most effectively and thereby to liquidate the same for the best and highest price, the trustee has solicited the assistance of Jeff Stein and the firm of Tranzon Fox. Tranzon Fox will receive as commission, upon consummation of any such sale a 10% buyer's premium (3 percent of which will go back to the Bankruptcy Estate, for a net commission of 7%), plus advertising costs and other reasonable sale. Tranzon Fox has no interest adverse to the estate that would disqualify him from employment, and is disinterested, according to court filings. The firm can be reached through: Jeff Stein Tranzon Fox (Tranzon Fox) 3819 Plaza Drive Fairfax, VA 22030 About SMWS Group SMWS Group LLC is a lessor of real estate based in Germantown, Maryland. The company filed for chapter 11 bankruptcy protection (Bankr. D. Md. Case No. 19-12941) on March 6, 2019, with estimated assets of $1 million to $10 million and estimated liabilities at $500,000 to $1 million. The petition was signed by Asia Shah, managing member. The Company previously sought bankruptcy protection on Dec. 13, 2018 (Bankr. D. Md. Case No. 18-26379). SOTERA HEALTH: S&P Finalizes Ratings Following Recent Debt Issuance ------------------------------------------------------------------- S&P Global Ratings finalized its ratings on Sotera Health Holdings Inc.'s (B/Stable/--) debt following the company's recent debt issuance, including a $2.12 billion first-lien term loan, $770 million second-lien term loan, and $190 million revolver. This reflects the removal of the $150 million delayed-draw first-lien term loan and $50 million delayed-draw second-lien term loan from the capital structure. This did not result in a change to S&P's issuer or issue-level ratings, or S&P's recovery ratings, but it had a modest impact on its recovery expectations within the ratings. Sotera used proceeds from the issuance to refinance the capital structure and the remaining balance to fund a dividend to shareholders. S&P's rating on the first-lien debt remains 'B', with a '3' recovery rating. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. Its rating on the second-lien debt remains 'B-', with a '5' recovery rating. The '5' recovery rating indicates S&P's expectation for modest (10%-30%; rounded estimate: 10%) principal recovery in the event of a payment default. S&P's issuer credit rating on Sotera reflects the company's leading position and high barriers to entry in the sterilization services market for medical device products, and its strong level of profitability. The rating also reflects S&P's expectation that adjusted leverage will initially be above 8x immediately following the transaction; and that the strong EBITDA growth trajectory will reduce leverage below 8x within the next 18 months. Despite environmental and litigation risks, S&P believes the company's services are critical to the health care industry, which protects its position. ISSUE RATINGS - RECOVERY ANALYSIS Key analytical factors -- Sotera's capital structure consists of a $190 million revolving credit facility (assumed 85% drawn at the point of a default), $2.12 billion first-lien term loan, and $770 million second-lien term loan. -- S&P's simulated default scenario contemplates a default in 2022, likely because of increased competition, lower capacity utilization, and significant additional environmental regulatory requirement relating to certain sterilization services. -- S&P values the company on a going-concern basis as the rating agency believes Sotera would likely reorganize in the event of default in view of its strong customer relationships and the importance of its services to the medical device supply chain. Further, S&P believes lenders would achieve greater recovery through reorganization, rather than liquidation. -- S&P values the company using a 5.5x multiple of its projected emergence EBITDA. The 5.5x multiple reflects Sotera's customer relationships and leadership position in its niche area, as well as the reputational harm and distress associated with a default scenario. This is consistent with the multiple S&P uses on peers. -- S&P's emergence EBITDA of $284 million reflects its belief that the company will default as total leverage rises to about 11x and EBITDA declines by about 20% from current levels. -- S&P estimates that Sotera's U.S. operations contribute approximately 60% of revenues and profits. Foreign operations, which only provide a 65% stock pledge, contribute the remaining 40%. The value of these overseas entities provides some recovery to second-lien creditors in the event of payment default, as the first-lien debt only has priority over the second-lien obligations, as it relates to assets within the collateral package. Moreover, S&P expects the company's foreign operations to expand relative to U.S. operations, further supporting recovery prospects on the second-lien debt over time. Moreover, in a downside scenario, S&P expects the company's U.S. operations would likely contract more than foreign operations, which would increase the proportion of total value that would be shared with second-lien lenders." Simulated default assumptions -- Simulated year of default: 2022 -- EBITDA at emergence: $284 million -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.5 billion -- Valuation split percentage (obligors/nonobligors): 60/40 -- Collateral value available to first-lien creditors: $1.3 billion -- Secured first-lien debt claims: $2.3 billion -- Recovery expectations: 50%-70% (rounded estimate: 60%) -- Total value available to unsecured claims: $207 million -- Secured second-lien debt claims: $801 million -- Recovery expectations: 10%-30% (rounded estimate: 10%) All debt amounts include six months of prepetition interest. Collateral value equals asset pledge from obligors after priority claims plus equity pledge from nonobligors after nonobligor debt. SOUTHEASTERN METAL: Solicitation Period Extended Until March 2 -------------------------------------------------------------- Judge Brendan Shannon of the U.S. Bankruptcy Court for the District of Delaware extended the period during which Southeastern Metal Products, LLC and SEMP Texas, LLC can solicit acceptances for their Chapter 11 plan to March 2, 2020. About Southeastern Metal Products Southeastern Metal Products LLC is a contract manufacturing company that specializes in fabrication and stampings for various industries including telecommunications, transportation, appliance and health and safety industries. Southeastern Metal Products and its affiliates SEMP Texas, LLC and Hospital Acquisition LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-10998) on May 6, 2019. At the time of the filing, Southeastern Metal disclosed assets of between $1,000,001 and $10 million and liabilities of the same range. SEMP Texas had estimated assets of less than $1 million and liabilities of less than $500,000 while Hospital Acquisition had estimated assets of less than $50,000 and liabilities of less than $50,000. The Debtors hired Weir & Partners LLP as counsel; Finley Group as financial advisor; and Omni Management Group as claims and noticing agent. Andrew Vara, acting U.S. trustee for Region 3, appointed an official committee of unsecured creditors on May 20, 2019. Lowenstein Sandler LLP is the committee's legal counsel. SPERLING RADIOLOGY: Hires Shraiberg Landau as Bankruptcy Counsel ---------------------------------------------------------------- Sperling Radiology P.C., P.A. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Shraiberg, Landau & Page, P.A. as its general bankruptcy counsel. The professional services Shraiberg Landau will render are: a. advise the Debtor generally regarding matters of bankruptcy law in connection with this case; b. advise the Debtor of the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, applicable bankruptcy rules, including local rules, pertaining to the administration of the case and U.S. Trustee Guidelines related to the daily operation of its business and administration of the estate; c. represent the Debtor in all proceedings before this Court; d. prepare and review motions, pleadings, orders, applications, adversary proceedings, and other legal documents arising in the case; e. negotiate with creditors, prepare and seek confirmation of a plan of reorganization and related documents, and assist the Debtor with implementation of any plan; and f. perform all other legal services for the Debtor, which may be necessary. Shraiberg Landau's hourly rates are: Attorneys $325 - $550 Legal Assistants $175 Philip Landau $550 Patrick Dorsey $400 Shraiberg Landau received $50,000 as retainer, which includes $1,717 for the filing fee. Philip Landau, Esq. partner of Shraiberg Landau, attests that the firm does not hold or presently represent any parties with interests adverse to the estate, is also a disinterested person qualified to represent the Debtor. The firm can be reached through: Philip Landau, Esq. SHRAIBERG, LANDAU & PAGE, P.A. 2385 NW Executive Center Drive, Suite 300 Boca Raton, FL 33431 Tel: 561-443-0800 Fax: 561-998-0047 Email: plandau@slp.law About Sperling Radiology P.C. Sperling Radiology P.C., P.A. is a privately held company in Delray Beach, Florida that offers radiology services. Sperling Radiology filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-26480) on Dec. 10, 2019. In the petition signed by Sam Farbstein, chief operating officer, the Debtor estimated $1 million to $10 million in both assets and liabilities. Philip J. Landau, Esq. at Shraiberg, Landau & Page, P.A., is the Debtor's counsel. ST. LAZARUS FAMILY: Files Motion to Waive PCO Appointment --------------------------------------------------------- St. Lazarus Family Practice, P. A., filed a motion to waive the appointment of a patient care ombudsman. The Debtor is currently operating as a health care business located at 4143 Gardendale Street, San Antonio, Texas 78229. It is an out patient doctor's office and not does not house patients. Dr. Christine Contrera solely owned and operated the business. The medical records of all Debtor's patients are being stored using a cloud based service. Accordingly, there is no obvious need to impose an overlay an additional administrative expenses of the appointment of PCO, and no any pending case of complaints from patients for inadequate care. Wherefore, the Debtor requests that the Courts enter an order exempting the healthcare business status requirement of appointing of an Ombudsman. Counsel for the Debtor: Heidi Mcleod HEIDI MCLEOD LAW 3355 Cherry Ridge, Ste., #214 Tel: (210) 853-0092 Fax: (210) 853-0129 A full-text copy of the motion is available at https://tinyurl.com/v5o59mm from PacerMonitor.com at no charge. St. Lazarus Family Practice, P. A., filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No. 19-52743) on Nov. 21, 2019, estimating less than $1 million in both assets and liabilities. Heidi McLeod, Esq., at HEIDI MCLEOD LAW OFFICE, serves as counsel to the Debtor. STARION ENERGY: Exclusivity Period Extended Until March 11 ---------------------------------------------------------- Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware extended the exclusivity period for Starion Energy, Inc. and its affiliates to file a Chapter 11 plan to March 11, 2020, and to solicit acceptances for the plan to May 12, 2020. According to court filings, the request for extension followed the bankruptcy court's bench ruling on the attorney general's motion for abstention, which seeks the state courts of Massachusetts to adjudicate the claims totaling almost $30 million or 75 percent of all outstanding claims against Starion Energy and its affiliates. "In light of the court's recently suggested ruling on the motion for abstention in favor of having the Commonwealth of Massachusetts liquidate the AG's claim, the debtors require additional time to develop a plan of reorganization to address that development," Starion Energy's attorney, Ronald Gellert, Esq., said. About Starion Energy Founded in 2009, Starion Energy -- https://www.starionenergy.com/ -- is a competitive electric supplier that markets and sells electricity to retail customers. Starion participates in certain "deregulated" markets -- markets in which the state has allowed third-party energy providers to market and sell electricity supply as an alternative to the electric supply procured and provided by the customers' utility. It has operations in Connecticut, Delaware, District of Columbia, Illinois, Massachusetts, Maryland, New Jersey, New York, Ohio, and Pennsylvania. Based in Middlebury, Connecticut, Starion Energy is a member of the Retail Energy Supply Association (RESA). Starion Energy and its affiliates, Starion Energy PA, Inc., and Starion Energy NY, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 18-12608) on Nov. 14, 2018. At the time of the filing, Starion Energy disclosed $26,888,675 in assets and $6,956,141 in liabilities. The Hon. Mary F. Walrath is the case judge. Gellert Scali Busenkell & Brown, LLC, is the Debtors' legal counsel. Donlin Recano is the claims agent. STO-ROX SCHOOL: Moody's Lowers GOLT Rating to B3, Outlook Negative ------------------------------------------------------------------ Moody's Investors Service downgraded Sto-Rox School District, PA's general obligation unlimited tax rating to B3 from B2. The outlook is negative. This concludes its review of the GOULT debt rating, which was placed under review on November 6, 2019. RATINGS RATIONALE The B3 rating on the district's GOULT debt reflects its continued financial deterioration with a growing negative fund balance and limited cash position, the result of seven years of structurally imbalanced operations due to charter school tuition, pension and special education budgetary pressures. Additionally, the rating incorporates the district's elevated debt burden and small tax base with weak income levels which make revenue raising opportunities difficult and recent turnover in the district's business office. RATING OUTLOOK The negative outlook reflects the fiscal challenges facing the district regarding its ability to achieve structurally balanced operations and replenish reserves to adequate levels. Given pressures from charter school tuition, special education and pension expenditures, as well as declining enrollment and a limited tax base, it is unclear how the district will achieve structural balance in the future. FACTORS THAT COULD LEAD TO AN UPGRADE - Sustained structurally balanced operations - Material improvement in cash and reserves - Increased involvement from the state including an increase in state aid - Significant growth in the district's revenue raising tax base FACTORS THAT COULD LEAD TO A DOWNGRADE - Loss of market access for tax anticipation notes - Material decline in state aid, the district's largest revenue source - Prospect of a debt restructuring that would impose a loss on bondholders - Inability to maintain district operations and programs leading to the insolvency or overall reorganization LEGAL SECURITY The district's GOULT debt is secured by its full faith and credit pledge and its unlimited ad valorem taxing power as they are not subject to the limitations on property tax increases imposed by Pennsylvania Act 1, "Taxpayer Relief Act." PROFILE Sto-Rox School District, PA covers approximately 2.9 square miles, serving both Stowe Township and the Borough of McKees Rocks. Located in Allegheny County (Aa3 stable), the district is approximately six miles northwest of the City of Pittsburgh (A1 stable). The district operates one primary elementary school, one upper elementary school and one junior/senior high school. METHODOLOGY The principal methodology used in this rating was US Local Government General Obligation Debt published in September 2019. STONEMOR PARTNERS: Unitholders Approve C-Corporation Conversion --------------------------------------------------------------- At a special meeting of StoneMor Partners L.P.'s unitholders held on Dec. 20, 2019, the unitholders voted to approve and adopt the Merger and Reorganization Agreement dated Sept. 27, 2018, as amended to date, pursuant to which, among other things, StoneMor GP LLC will convert from a Delaware limited liability company into a Delaware corporation to be named StoneMor Inc. (the "Company" when referring to StoneMor Inc. subsequent to such conversion). Merger Sub will be merged with and into the Partnership and the Partnership will become a wholly-owned subsidiary of the Company and the holders of common units and Series A Covertible Preferred Units of the Partnership, each representing limited partner interests in the Partnership, will become stockholders in the Company. Approximately 99.9% of the total StoneMor units that were voted at the special meeting voted in favor of the Merger. With a quorum voting, the Merger Agreement and Merger were approved and adopted by the unitholders. The Merger is expected to close on Dec. 31, 2019. Immediately after the closing, the Company Shares will begin trading on the New York Stock Exchange under the ticker symbol "STON". About StoneMor Partners StoneMor Partners L.P., headquartered in Trevose, Pennsylvania -- http://www.stonemor.com/-- is an owner and operator of cemeteries and funeral homes in the United States, with 321 cemeteries and 89 funeral homes in 27 states and Puerto Rico. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise. StoneMor reported a net loss of $72.70 million for the year ended Dec. 31, 2018, compared to a net loss of $75.16 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $1.73 billion in total assets, $1.77 billion in total liabilities, $57.50 million in total redeemable convertible preferred units, and a total partners' deficit of $104.02 million. * * * As reported by the TCR on Feb. 14, 2019, Moody's Investors Service downgraded StoneMor Partners L.P.'s Corporate Family rating to Caa2 from Caa1 and Probability of Default rating to Caa3-PD from Caa1-PD. The Caa2 CFR reflects Moody's concern that if pre-need cemetery selling and liquidity pressures do not abate while the senior secured credit facility is being refinanced, a distressed exchange or other default event could become more likely. As reported by the TCR on July 3, 2019, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on StoneMor Partners L.P. The outlook remains negative. S&P said, "The rating affirmation reflects our view that despite the removal of near term maturities and sufficient liquidity over the next twelve months, we continue to view StoneMor's capital structure as unsustainable in the long term given our projection for persistent free cash flow deficits." STUART BRYAN: Seeks to Hire Slatkin & Reynolds as Counsel --------------------------------------------------------- Stuart Bryan Gallon Revocable Land Trust seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Slatkin & Reynolds, P.A. as its legal counsel. The Debtor requires Slatkin & Reynolds to: a. give advice to the Debtor with respect to its powers and duties in the continued management of its financial affairs; b. advise the Debtor with respect to its responsibilities to comply with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; c. prepare pleadings and other legal documents necessary in the administration of the case; d. protect the interests of the Debtor in all matters pending before the court; e. represent the Debtor in negotiations with its creditors in the preparation of a plan; and f. perform all other necessary functions as attorney for the Debtor for the proper administration of the bankruptcy estate. Slatkin & Reynolds agrees to be compensated at the rate of $375 an hour for attorneys and $125 an hour for paralegals. Robert F. Reynolds, Esq., a partner at Slatkin & Reynolds, attests that the firm is disinterested as required by Section 327(a) of the Bankruptcy Code. The firm can be reached at: Robert F. Reynolds, Esq. Slatkin & Reynolds, P.A. One East Broward Boulevard, Suite 609 Fort Lauderdale, FL 33301 Tel: 954-745-5880 Fax: 954-745-5890 Email: rreynolds@slatkinreynolds.com About Stuart Bryan Gallon Revocable Land Trust Stuart Bryan Gallon Revocable Land Trust sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-25515) on Nov 18, 2019. At the time of the filing, the Debtor estimated assets of $50,000 and liabilities of $1 million to $10 million. Judge Erik P Kimball oversees the case. The Debtor tapped Slatkin & Reynolds, P.A. as its legal counsel. T & A MOBILE: Seeks to Hire Bennie Brooks as Legal Counsel ---------------------------------------------------------- T & A Mobile, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire the Office of Bennie Brooks and Associates, LLC, as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; assist in the preparation of a bankruptcy plan; and provide other legal services related to its Chapter 11 case. The firm will charge these hourly fees: Bennie Brooks, Esq. $350 Associate Attorney $250 Paraprofessionals $110 The initial retainer is $10,000, of which $7,000 had been paid. Bennie Brooks does not hold any interest adverse to the Debtor and its bankruptcy estate, according to court filings. The firm can be reached through: Bennie Brooks, Esq. Office of Bennie Brooks and Associates, LLC 8201 Corporate Drive, Suite 260 Landover, MD 20785 Phone: (301) 731-4160 E-mail: bbrookslaw@aol.com About T & A Mobile Based in Washington, District of Columbia, T & A Mobile, LLC, filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D.C. Case No. 19-00787) on Nov. 26, 2019, listing under $1 million in both assets and liabilities. The Office of Bennie Brooks and Associates, LLC, is the Debtor's counsel. TARONIS TECHNOLOGIES: Signs Securities Purchase Agreement --------------------------------------------------------- Taronis Technologies, Inc., entered into a securities purchase agreement with institutional investors on Dec. 12, 2019, pursuant to which the Company agreed to issue and sell to each Investor, and each Investor severally, but not jointly, agreed to purchase from the Company an aggregate of 2,000 shares of Series H-1 Preferred Stock, and 2,000,000 Common Stock Purchase Warrants with an aggregated stated value of $2,000,000 at a price of $850 per share for net proceeds of $1,700,000 to the Company. The Preferred Shares are not convertible into shares of Common Stock. The Warrants will be exercisable at a price of $1.00 per share for an aggregate of 2,000,000 shares of Common Stock. The closing of the Offering was contemplated to occur on Dec. 13, 2019. About Taronis Technologies Clearwater, Florida-based Taronis Technologies is a technology-based company that is focused on addressing the global constraints on natural resources, including fuel and water. The Company's two core technology applications -- renewable fuel gasification and water decontamination/sterilization -- are derived from its patented and proprietary Plasma Arc Flow System. The Plasma Arc Flow System works by generating a combination of electric current, heat, ultraviolet light and ozone, that affects the feedstock run through the system to create a chosen outcome, depending on whether the system is in "gasification mode" or "sterilization mode". Taronis reported a net loss of $15.04 million in 2018 following a net loss of $11.02 million in 2017. As of Sept. 30, 2019, the Company had $47.76 million in total assets, $11.49 million in total liabilities, and $36.27 million in total stockholders' equity. Marcum LLP, in New York, NY, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 12, 2019, on the consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has incurred significant losses, continued to have negative cash flows from its operating activities, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. TEMPSTAY INC: Seeks Approval to Hire Bankruptcy Attorney -------------------------------------------------------- TempStay, Inc. seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas to hire an attorney to handle its Chapter 11 case. In an application filed in court, the Debtor proposes to employ Margaret McClure, Esq., and pay the attorney an hourly fee of $400 for her services. Paralegals assisting her will be paid an hourly fee of $150. McClure received $25,000 from the Debtor as retainer. Ms. McClure assures the court that she is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Margaret M. McClure, Esq. 909 Fannin, Suite 3810 Houston, TX 77010 Phone: (713) 659-1333 Tel: (713) 658-0334 (fax) Email: margaret@mmmcclurelaw.com About TempStay Inc. Based in Houston, Texas, TempStay, Inc. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-36776) on Dec. 5, 2019, listing under $1 million in both assets and liabilities. Margaret Maxwell McClure, Esq. is the Debtor's counsel. Judge Eduardo V. Rodriguez oversees the case. TOMS SHOES: Moody's Lowers CFR to Ca, Outlook Stable ---------------------------------------------------- Moody's Investors Service downgraded TOMS Shoes, LLC's corporate family rating to Ca from Caa3, probability of default rating to Ca-PD from Caa3-PD, and senior secured term loan rating to Ca from Caa3. The ratings outlook remains stable. The downgrade reflects TOMS' approaching October 2020 term loan maturity and Moody's expectation of a near-term balance sheet restructuring or other default due to the company's high leverage. Leverage was about 10 times as of Q2 2019 (Moody's-adjusted debt/EBITDA, equivalent to about 8 times based on management adjusted EBITDA and debt amounts excluding related party debt). Moody's took the following rating actions for TOMS Shoes, LLC: -- Corporate Family Rating, downgraded to Ca from Caa3 -- Probability of Default Rating, downgraded to Ca-PD from Caa3-PD -- $306.5 million ($299 million outstanding) Senior Secured Term Loan due 2020, downgraded to Ca (LGD4) from Caa3 (LGD3) -- Outlook, remains stable RATINGS RATIONALE The Ca CFR reflects Moody's expectation of a near-term balance sheet restructuring or distressed exchange due to the company's unsustainable capital structure and weak liquidity profile, including its October 2020 term loan maturity. Subsequent to this rating action, Moody's has decided to withdraw the ratings because of inadequate information to monitor the ratings. TOMS Shoes, LLC is a designer, retailer and wholesaler primarily of footwear under the TOMS brand. TOMS' commitment to philanthropy is a cornerstone of its business strategy. The company's products are sold globally in the wholesale channel and directly to consumers primarily through ecommerce. Net sales for the twelve months ended June 30, 2019 were about $299 million. The company was founded by Mr. Blake Mycoskie in 2006 and Bain Capital acquired a 50% ownership stake in October 2014. The principal methodology used in these ratings was Apparel Methodology published in October 2019. TOPBUILD CORP: S&P Affirms BB Issuer Credit Rating; Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' issuer credit rating on insulation and building material installer and distributor TopBuild Corp.'s (BLD). The outlook is stable. At the same time, supported by the company's improving geographic scale and competitive position, S&P is revising its recovery rating on the company's $400 million senior unsecured notes to '4' from '5' and raising its issue-level rating on the notes to 'BB' from 'BB-'. TopBuild's leading market position supports its strong competitive position, but the company remains concentrated relative to more diverse rated building material peers. TopBuild maintains a dominant position within insulation services, with its only at-scale competitor, Installed Building Products Inc., at just over half of BLD's scale (with nearly $1.5 billion in revenue, to TopBuild's $2.6 billion in sales as of the last 12-month period ended Sept. 30, 2019). However, relative to broader building materials companies that serve the U.S. construction industry, TopBuild's earnings are more concentrated: about 75% of BLD's product mix is related to insulation, with 78% of total sales depending on continued demand for cyclical residential construction end-markets. For example, building product distributor Builders FirstSource Inc. distributes a more diverse category of products (its largest product category concentration is about 36%), whereas ABC Supply Co. Inc. generates a larger portion of more stable repair and remodeling revenue, which provides some degree of resilience that is less dependent on demand for one core product. S&P's stable outlook reflects its expectation that TopBuild will maintain its leading market position, stable profitability, and low financial leverage in line with management's target to manage its net leverage ratio between 2x and 2.5x. The outlook is supported by the rating agency's expectations for stable U.S. housing starts activity, and for TopBuild to achieve resilient, above-industry, low-single-digit organic branch sales growth alongside its strategy to continue acquisitions of core and adjacent product installer and distributors without materially increasing leverage. "We would consider raising our rating if TopBuild were to mitigate the cyclicality inherent in its residential construction end-markets or demonstrate a commitment to sustaining its net leverage ratio below 2x. In this scenario TopBuild would have a broader diversification of its business and revenue mix to support countercyclical earnings, amid solid, supportive U.S. residential construction market growth prospects," S&P said. "We would consider lowering our rating if leverage were to rise above 3x on a sustained basis, most likely resulting from a prolonged, multi-quarter recessionary environment that pressures the company's EBITDA margin due to weakening U.S. housing starts and declining consumer spending, or from a deviation in the company's financial policy that pursues debt-funded acquisitions or share repurchases that substantially weaken the company's balance sheet," the rating agency said. TRI-CORE PARTNERS: Exclusivity Period Extended Until Feb. 22 ------------------------------------------------------------ Judge Mindy Mora of the U.S. Bankruptcy Court for the Southern District of Florida to extend the exclusivity period during which Tri-Core Partners USA LLC can file its Chapter 11 plan to Feb. 22, 2020, and the period to solicit acceptances for the plan to April 22, 2020. The company said it needs additional time to determine the treatment of claims under its bankruptcy plan and seek approval of its settlement agreement with Expansion Capital Group, one of the company's largest creditors. About Tri-core Partners USA Tri-Core Partners USA LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-16931) on May 24, 2019. At the time of the filing, the Debtor was estimated to have assets between $100,001 and $500,000 and liabilities of the same range. The petition was signed by the Debtor's manager, Darrian Kelly. The case is assigned to Judge Mindy A. Mora. Kelley, Fulton & Kaplan, P.L., is the Debtor's legal counsel. The U.S. Trustee did not appoint an official committee of unsecured creditors in the Debtor's bankruptcy case. TRI-STATE ENTERPRISES: Needs More Time to Generate Exit Funds ------------------------------------------------------------- Tri-State Enterprises LLC asked the U.S. Bankruptcy Court for the Northern District of Mississippi to extend by 90 days the period during which the company has the exclusive right to file a Chapter 11 plan and solicit acceptances for the plan. During the administrative phase of its case, Tri-State has engaged in extensive negotiations with its major secured creditor, and those negotiations are near a successful conclusion with only a few points to be determined. "Tri-State needs to generate, through profits or borrowing seed money to kick off its concrete that will produce significant profits and push the case toward the finish line. Unfortunately, those funds have not yet been generated. Until they are, the filing of a disclosure statement and plan is premature," Tri-State's attorney, Craig Geno, Esq., said. About Tri-State Enterprises Tri-State Enterprises, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 19-10292) on Jan. 22, 2019. At the time of the filing, the Debtor estimated assets of less than $1 million and liabilities of less than $500,000. The case is assigned to Judge Jason D. Woodard. The Debtor hired the Law Offices of Craig M. Geno, PLLC, as its legal counsel. UNIQUE TOOL: Court Okays Sale of Machinery to General Dynamics -------------------------------------------------------------- Unique Tool & Manufacturing Co., Inc. received approval from the U.S. Bankruptcy Court for the Northern District of Ohio to sell machinery to General Dynamics, SATCOM Technologies, Inc. for $6,500. The company will use the proceeds from the sale to pay the loan it received from Waterford Bank. About Unique Tool Unique Tool & Manufacturing Co., Inc. -- http://www.uniquetool.com/ -- is a custom metal stamping company formed in 1963, which supplies stampings to the satellite, communications, electrical, appliance, refrigeration and automotive industries throughout the United States, Canada and Mexico. It specializes in tool and die manufacturing, brazing, welding, plating and more. Unique Tool & Manufacturing sought Chapter 11 protection (Bankr. N.D. Ohio Case No. 19-32356) on July 26, 2019. At the time of the filing, the Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. The Hon. Mary Ann Whipple is the case judge. Diller and Rice, LLC is the Debtor's legal counsel. The U.S. Trustee for Region 9 appointed a committee of unsecured creditors on Sept. 5, 2019. The committee is represented by Wernette Heilman PLLC as its legal counsel. UNIQUE TOOL: Court Okays Sale of Machinery to Kim Kool ------------------------------------------------------ Unique Tool & Manufacturing Co., Inc. received approval from the U.S. Bankruptcy Court for the Northern District of Ohio to sell machinery to Kim Kool, Inc. for $35,000. The company will use the sale proceeds to pay the loan it received from Waterford Bank. About Unique Tool Unique Tool & Manufacturing Co., Inc. -- http://www.uniquetool.com/ -- is a custom metal stamping company formed in 1963, which supplies stampings to the satellite, communications, electrical, appliance, refrigeration and automotive industries throughout the United States, Canada and Mexico. It specializes in tool and die manufacturing, brazing, welding, plating and more. Unique Tool & Manufacturing sought Chapter 11 protection (Bankr. N.D. Ohio Case No. 19-32356) on July 26, 2019. At the time of the filing, the Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. The Hon. Mary Ann Whipple is the case judge. Diller and Rice, LLC is the Debtor's legal counsel. The U.S. Trustee for Region 9 appointed a committee of unsecured creditors on Sept. 5, 2019. The committee is represented by Wernette Heilman PLLC as its legal counsel. UNIQUE TOOL: Court Okays Sale of Machinery to Tecumseh ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Ohio authorized Unique Tool & Manufacturing Co., Inc. to sell four pieces of machinery to Tecumseh Products Co. for $29,500. Unique Tool will use the proceeds from the sale to pay the loan received from Waterford Bank. About Unique Tool Unique Tool & Manufacturing Co., Inc. -- http://www.uniquetool.com/ -- is a custom metal stamping company formed in 1963, which supplies stampings to the satellite, communications, electrical, appliance, refrigeration and automotive industries throughout the United States, Canada and Mexico. It specializes in tool and die manufacturing, brazing, welding, plating and more. Unique Tool & Manufacturing sought Chapter 11 protection (Bankr. N.D. Ohio Case No. 19-32356) on July 26, 2019. At the time of the filing, the Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. The Hon. Mary Ann Whipple is the case judge. Diller and Rice, LLC is the Debtor's legal counsel. The U.S. Trustee for Region 9 appointed a committee of unsecured creditors on Sept. 5, 2019. The committee is represented by Wernette Heilman PLLC as its legal counsel. VANTAGE SPECIALTY: S&P Alters Outlook to Neg., Affirms 'B-' ICR --------------------------------------------------------------- S&P Global Ratings affirmed the 'B-' issuer credit rating on Chicago, Ill.-based Vantage Specialty Chemicals Inc. At the same time, S&P affirmed the 'B-' issue-level rating on the company's first-lien credit facility. The recovery rating remains '3', indicating S&P's expectation of meaningful (50%-70%; rounded estimate: 50%) recovery if a payment default occurs. In addition, S&P affirmed its 'CCC' issue-level rating on the company's second-lien term loan. The recovery rating remains '6', indicating S&P's expectation of negligible (0%-10%; rounded estimate: 0%) recovery if a payment default occurs. Vantage has had weaker-than-expected demand, particularly in personal care and industrials, which has led to deterioration in credit metrics. S&P revised its rating outlook to negative to reflect Vantage's weakened operating performance and profitability through the first nine months of 2019, leading S&P to revise its EBITDA expectations for the full year 2019 results well below its previous expectations. As a result, debt to EBITDA has weakened to high-single-digit levels and another quarter or two of weakness could lead to S&P Global Ratings' adjusted debt to EBITDA metrics inching into the double digits, which the rating agency would view as unsustainable. Through the third quarter 2019, Vantage has continued to see a decline in customer demand, primarily in both its industrial and personal care end markets. The negative rating outlook on Vantage reflects S&P's expectation that weighted average debt to EBITDA will remain at about 8x over the next 12 months fueled by weakened demand in personal care and industrial end markets; however, S&P expects the company to continue to generate positive free cash flow. While credit metrics are currently above this level, S&P would expect gradual improvement after the very weak results for the fourth quarter of 2018 roll off of the calculation. In addition, the company has seen turnover at the CEO level and continues to operate below S&P's previous expectations, and further deterioration could lead to liquidity restraints and leverage levels, which S&P would view as unsustainable. S&P has not factored into its analysis any distributions to shareholders or significant debt-funded capital spending or acquisitions. "We could lower the ratings over the next 12 months if Vantage's organic revenue growth continued to deteriorate, leading to debt to EBITDA approaching double digits or if its margins continued to decline significantly as a result of weaker-than-expected end-market demand or the company not recognizing its procurement and cost-savings initiatives. In addition, we could lower ratings if liquidity weakened such that sources were below 1.2x uses, cash flow turned negative, or we believed covenant compliance could become uncertain," S&P said, adding that it could also lower ratings should the company decide to pursue a large debt-funded acquisition, increasing leverage to levels the rating agency considers to be unsustainable, with debt to EBITDA greater reaching double-digit levels. "We view an upgrade in the next 12 months as unlikely, but we could consider a positive rating action in the next 12 months if the company's end-market growth and procurement and cost-savings initiatives exceeded our expectations, resulting in debt to EBITDA below 8x on a sustained basis. We would also need to believe the company's financial sponsors would remain supportive of maintaining credit metrics at these levels," S&P said. VERDICORP INC: Seeks to Extend Exclusivity Period to April 9 ------------------------------------------------------------ Verdicorp, Inc. asked the U.S. Bankruptcy Court for the Northern District of Florida to extend the exclusivity period to file a Chapter 11 plan to April 9, 2020, and the period to solicit acceptances for the plan to June 9, 2020. Verdicorp submits there are unresolved contingencies that relate to certain intellectual property which the company is seeking to resolve via ongoing negotiations. In addition, the company has been working very diligently to seek resolution of all issues with Danfoss Turbocor. While no final resolution has been reached, progress has been made and indicates a resolution may be forthcoming in the near future. At the same time, several new interested parties have emerged interested in acquiring and distributing Verdicorp's ORC energy. About Verdicorp Inc. Verdicorp Inc. -- http://www.verdicorp.com/-- is an innovation company formed in 2009. Its areas of interest include heating, ventilation and air-conditioning (HVAC), energy generation, recovery and storage systems, and water desalination, treatment and pumping. Verdicorp sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 19-40427) on Aug. 14, 2019. At the time of the filing, the Debtor had estimated assets of between $500,000 and $1 million and liabilities of between $10 million and $50 million. The case has been assigned to Judge Karen K. Specie. The Debtor is represented by Michael H. Moody Law Firm PLLC. The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Verdicorp, Inc., according to court dockets. VETERINARY CARE: Secures Interim $5.5-Mil. DIP Financing -------------------------------------------------------- Veterinary Care, Inc., d/b/a VitalPet, recently in chapter 11 proceedings in the Southern District of Texas, on Dec. 20, 2019, disclosed that it has secured interim DIP financing in the amount of $5.5 million from VP Senior LLC, its pre-petition senior secured lender. The final DIP hearing will be held on January 23, 2020. Chief Restructuring Officer Douglas J. Brickley, of The Claro Group, LLC, commented, "I am pleased with this important initial step in the bankruptcy process. We are in a position now to continue enabling our doctor network to provide the high quality of care for which VitalPet is known." Mr. Brickley went on to state, "We now have a clear path forward; we will explore securing final DIP financing in the amount of up to $16.0 million while I continue to work with my advisors to develop a strategy for exiting chapter 11. The Debtors' intend to work with our stakeholders to develop a plan of reorganization for VitalPet that is likely to include a 363 auction feature. I contemplate that the 363 auction would include a reserve price in an amount to be determined, and if not met, the plan of reorganization would move forward." Mr. Brickley continued, "I am grateful for the support of our doctors, customers and suppliers, as well as our stakeholders, as VitalPet moves forward to resolving its capital structure challenges." VitalPet's counsel is Okin Adams in Houston, VitalPet's Financial Advisor is The Claro Group, LLC in Houston and its Investment Bank is Gordian Group in New York City. Parties interested in participating in VitalPet's financing and/or exit process should please contact Cole Gottlieb of Gordian Group (212-486-3600 or ctg@gordiangroup.com). About Veterinary Care Veterinary Care Inc. offers a range of pet care services. Petitioning creditors Dr. Warren Resell, Dr. James H. Kelly, Dr. Larry D. Wood, filed an involuntary Chapter 11 petition (Bankr. S.D. Texas Case No. 19-35736) against Veterinary Care, Inc. on Oct. 10, 2019. The petitioners are represented by Richard L. Fuqua, Esq., at Fuqua & Associates, P.C., in Houston. On Nov. 18, 2019, TVET Management LLC filed a voluntary Chapter 11 petition (Bankr. S.D. Texas Case No. 19-36430). On Nov. 19, 2019, the court ordered the joint administration of Veterinary Care's and TVET's bankruptcy cases. The cases are jointly administered under Case No. 19-35736. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Okin Adams LLP as their legal counsel, and The Claro Group, LLC as their financial advisor. Douglas Brickley, managing director of Claro Group, is the chief restructuring officer. VIDANGEL INC: Trustee Hires Call & Jensen as Special Counsel ------------------------------------------------------------ George Hofmann, the Chapter 11 trustee for VidAngel Inc., seeks approval from the U.S. Bankruptcy Court for the District of Utah to retain the firm of Call & Jensen, P.C. as his special counsel. Call & Jensen is to represent and advise the Debtor regarding all aspects of litigation and defense in the matter of Disney Enterprises et al. v. VidAngel, Inc., U.S. Dist. Ct., Central Dist. of CA, Case No. 16-cv-04109-AB. The Trustee may also utilize Call & Jensen for limited, copyright, licensing, intellectual property, or litigation related purposes. Call & Jensen will be paid at its normal hourly rates. Call & Jensen agreed to discount its fees and cap its fees at $200,000. Call & Jensen's normal hourly rates for attorneys range between $385 to $675 per hour, and its normal hourly rate for paraprofessionals is $215 per hour. Mark Eisenhut, Esq., member of Call & Jensen, assures the court that neither the firm nor any of its members represent, or will represent, any person or interest adverse to the Estate with respect to the California Litigation. The firm can be reached at: Mark Eisenhut, Esq. CALL & JENSEN 610 Newport Center Drive, Suite 700 Newport Beach, CA 92660 Phone: 949-717-3000 Fax: 949-717-3100 About VidAngel Inc. Based in Provo, Utah, VidAngel, Inc., is an entertainment platform empowering users to filter language, nudity, violence, and other content from movies and TV shows on modern streaming devices such as iOS, Android, and Roku. The company's newly launched service empowers users to filter via their Netflix, Amazon Prime, and HBO on Amazon Prime accounts, as well as enjoy original content produced by VidAngel Studios. Its signature original series, Dry Bar Comedy, now features the world's largest collection of clean standup comedy, earning rave reviews from fans nationwide. VidAngel filed a Chapter 11 petition (Bankr. D. Utah Case No. 17-29073) on Oct. 18, 2017. In the petition signed by CEO Neal Harmon, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Judge Kevin R. Anderson oversees the case. The Debtor tapped J. Thomas Beckett, Esq., at Parsons Behle & Latimer, as bankruptcy counsel; Durham Jones & Pinegar, Baker Marquart LLP, and Stris & Maher LLP as special counsel; Call & Jensen, P.C., as special counsel; and Tanner LLC as auditor and advisor. The Debtor also hired economic consulting expert Analysis Group, Inc. WASHINGTON MUTUAL: WMI Trust Closes Chapter 11 Cases ---------------------------------------------------- WMI Liquidating Trust, formed pursuant to the confirmed Seventh Amended Joint Plan of Affiliated Debtors under Chapter 11 of the United States Bankruptcy Code (as modified, the "Plan") of Washington Mutual, Inc., on Dec. 20 disclosed that the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") has approved an order authorizing the closing of the Debtors' Chapter 11 cases, among other things. In connection with the Bankruptcy Court's approval, the Trust expects to initiate a final cash distribution (the "Distribution") of approximately $35 million and $40 million to beneficiaries of the Trust in accordance with the provisions of the Plan on or about January 10, 2020. Following to the Distribution, the Trust will begin the process of terminating its operations and initiating the winding-up and dissolution of the entity in accordance with Delaware law. No additional distributions of cash or equity will be made by the Trust following the final Distribution. Current members of the Trust's management team are expected to manage the winding-up and dissolution of the Trust. Further information about WMI Liquidating Trust, including Frequently Asked Questions, can be found at http://www.wmitrust.com/ About Washington Mutual Based in Seattle, Washington, Washington Mutual Inc. -- http://www.wamu.com/-- was the holding company for Washington Mutual Bank as well as numerous non-bank subsidiaries. Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S. government regulators. The next day, WaMu and its affiliate, WMI Investment Corp., filed separate petitions for Chapter 11 relief (Bankr. D. Del. 08-12229 and 08-12228, respectively). WaMu owned 100% of the equity in WMI Investment. When WaMu filed for protection from its creditors, it disclosed assets of $32,896,605,516 and debts of $8,167,022,695. WMI Investment estimated assets of $500 million to $1 billion with zero debts. WaMu was represented in the Chapter 11 case by Brian Rosen, Esq., at Weil, Gotshal & Manges LLP in New York City; Mark D. Collins, Esq., at Richards, Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari, Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver & Hedges, LLP. The Debtor tapped Valuation Research Corporation as valuation service provider for certain assets. Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Fled LLP in New York, and David B. Stratton, Esq., at Pepper Hamilton LLP in Wilmington, Del., represented the Official Committee of Unsecured Creditors. Stephen D. Susman, Esq., at Susman Godfrey LLP and William P. Bowden, Esq., at Ashby & Geddes, P.A., represented the Equity Committee. The official committee of equity security holders also tapped BDO USA as its tax advisor. Stacey R. Friedman, Esq., at Sullivan & Cromwell LLP and Adam G. Landis, Esq., at Landis Rath & Cobb LLP in Wilmington, Del., represented JPMorgan Chase, which acquired the WaMu bank unit's assets prior to the Petition Date. Records filed Jan. 24, 2012, say that Washington Mutual Inc., former owner of the biggest U.S. bank to fail, has spent $232.8 million on bankruptcy professionals since filing its Chapter 11 case in September 2008. As reported in the Troubled Company Reporter on March 21, 2012, the Debtors disclosed that their Seventh Amended Joint Plan of Affiliated Debtors, as modified, and as confirmed by order, dated Feb. 23, 2012, became effective, marking the successful completion of the Chapter 11 restructuring process. WELDED CONSTRUCTION: Seeks to Extend Exclusivity Period to March 16 ------------------------------------------------------------------- Welded Construction, LP and Welded Construction Michigan, LLC asked the U.S. Bankruptcy Court for the District of Delaware to extend the exclusivity period to file a Chapter 11 plan to March 16, 2020, and the period to solicit acceptances for the plan to May 20, 2020. The companies are seeking the extension to continue the orderly, efficient, and cost-effective Chapter 11 process. Indeed, the companies are currently working with certain key stakeholders in their bankruptcy cases, including the unsecured creditors' committee, in an effort to reach an agreement on a consensual Chapter 11 plan. Since the petition date, the companies have obtained approval to enter into agreements with customers to fund ongoing construction projects and related costs, as well as to satisfy certain claims of related subcontractors. With this relief, the companies have focused a significant amount of their post-petition efforts on completing the projects, negotiating and completing hundreds of creditor claim settlements and satisfying certain related obligations, as well as resolving a number of related disputes and issues. In addition, the companies have obtained approval for and closed the sales of their headquarters and personal properties, retired their debtor-in-possession facility, filed 10 omnibus claim objections and four notices of satisfied claims and scheduled amounts, and have worked with the committee and interested parties to determine the appropriate manner in which to wind down their bankruptcy cases and monetize the value of their remaining assets. About Welded Construction Perrysburg, Ohio-based Welded Construction, L.P, is a mainline pipeline construction contractor capable of executing pipeline construction projects in lengths ranging from a few hundred feet to over 200 miles. Welded Construction, L.P., and Welded Construction Michigan, LLC, sought bankruptcy protection on Oct. 22, 2018 (Bankr. D. Del. Lead Case No. Case No. 18-12378). The jointly administered cases are pending before Judge Kevin Gross. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; and Kurtzman Carson Consultants LLC as claims and noticing agent and administrative advisor. The Debtors also tapped Zolfo Cooper Management, LLC and the firm's managing director Frank Pometti who will serve as their chief restructuring officer. An official committee of unsecured creditors was appointed on Oct. 30, 2018. WOODSTOCK REALTY: May Continue Cash Collateral Use Until Dec. 31 ---------------------------------------------------------------- Judge James J. Tancredi of the U.S. Bankruptcy Court for the District of Connecticut entered a sixth interim order authorizing Woodstock Realty, LLC, to use cash collateral in the ordinary course of its business up to the maximum amount of $10,000 for a period commencing Dec. 5 and continuing through Dec. 31, 2019. A hearing on the Debtor's continued use of cash collateral will be held on Jan. 13, 2020 at 10:00 a.m. TD Bank is granted a continuing postpetition lien and security interest in all prepetition property of the Debtor as it existed on the Petition Date, of the same type against which TD Bank held validly protected liens and security interests as of the Petition Date, and a continuing post-petition lien in all property acquired by the Debtor after the Petition date. The replacement liens will maintain the same priority, validity and enforceability as TD Bank's liens on the initial collateral and will be recognized to the extent of any diminution in the value of the Collateral. The validity, enforceability, perfection and priority of the replacement liens will not be subject to the equities of the case exception to Section 552(b) of the Bankruptcy Code and will not depend upon filing, recordation, or any other act required under applicable state or federal law, rule or regulation. TD Bank will also be entitled to a super-priority administrative claim pursuant to 11 U.S.C. Section 503(b) of the Bankruptcy Code, and the protections of and the priority set forth in 11 U.S.C. Section 507(b), to the extent the replacement liens granted to TD Bank pursuant to the Fourth Interim Order are insufficient to compensate TD Bank for any diminution in value of the collateral. A copy of the Sixth Interim Order is available for free at https://is.gd/D7EOsJ from Pacermonitor.com About Woodstock Realty Woodstock Realty, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Conn. Case No. 19-20916) on May 29, 2019. The Petition was signed by Jon W. Baker, member. The Debtor is estimated to have under $1 million in both assets and liabilities. Gregory F. Arcaro, Esq., Grafstein & Arcaro, is counsel to the Debtor. WPX ENERGY: S&P Puts BB- ICR on Watch Pos. on Felix Energy Deal --------------------------------------------------------------- S&P Global Ratings placed all of its ratings on Oklahoma-based oil and gas exploration and production (E&P) company WPX Energy Inc., including its 'BB-' issuer credit and issue-level ratings, on CreditWatch with positive implications. The rating action follows WPX Energy's announcement that it intends to acquire private company Felix Energy for $2.5 billion. S&P expects the acquisition to materially increase WPX's proved oil reserves and production volumes in the Delaware Basin. The rating agency anticipates that the company will fund the deal with a combination of $1.6 billion in equity and $900 million of debt. The CreditWatch positive placement reflects the elevated likelihood that S&P will upgrade WPX following the close of its acquisition of Felix Energy based on the combined company's larger size and scale. The transaction will increase WPX's proved reserves materially, and its current production by over 30% to about 226,000 barrels of oil equivalent per day (boe/d). In addition, the acquired properties produce about 70% crude oil, which should improve WPX's oil weighting and profitability. "The CreditWatch positive placement reflects the elevated likelihood that we will raise our issuer credit rating on WPX Energy by one notch to 'BB' to reflect the increased scale of its operations following its acquisition of Felix Energy, assuming no material changes to the terms of the deal or our current operating assumptions. We intend to resolve the CreditWatch sometime around the close of the deal, which we anticipate will occur by April 2020," S&P said. WYNTHROP PARTNERS: Rutt Family Objects to Chapter 11 Plan --------------------------------------------------------- The Rutt Family Sonshine Limited Partnership filed an objection to the Disclosure Statement and Chapter 11 Plan of Debtor Wynthrop Partners, LP. The Debtor's creditors consist of four creditors: Internal Revenue Service; Rutt; and two insider companies. The Debtor entered into an agreement with Rutt in February 2012 and the subdivision plans were not approved until July 2014. Rutt objects to the Debtor's intent to obtain additional time to develop the real estate and obtain new subdivision plans. The proposal of Debtor to be provided with significant additional time to obtain new subdivision plans for the real estate asset is a detrimental delay to the true creditors in this bankruptcy case, Rutt asserts. To the extent Rutt is determined to be the owner of the subdivision plans and permits in the litigation with the Debtor, Rutt avers Debtor should only be granted a limited opportunity to sell the Debtor's real estate on an "as is" basis or allow the case to be dismissed/converted. Rutt thus asks the Court to deny approval of the Disclosure Statement and Chapter 11 Plan of the Debtor. A full-text copy of the Objection is available at https://tinyurl.com/venqznf from PacerMonitor.com at no charge. The Debtor is represented by: NIKOLAUS & HOHENADEL, LLP Barry A. Solodky, Esq. (I.D. No. 19259) Matthew S. Bleacher, Esq. (I.D. No. 321958) Attorneys for Debtors 212 North Queen Street Lancaster, PA 17603 (717) 299-3726 About Wynthrop Partners LP Wynthrop Partners, LP, is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). It owns three real estate properties located in Windsor Borough, Pennsylvania, having a total current value of $2.25 million. Wynthrop Partners sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 19-00197) on January 17, 2019. At the time of the filing, the Debtor disclosed $2,345,811 in assets and $640,696 in liabilities. The case is assigned to Judge Henry W. Van Eck. The Debtor tapped CGA Law Firm as its legal counsel. YOUNGEVITY INTERNATIONAL: Closes $5.58-M Public Stock Offering -------------------------------------------------------------- Youngevity International, Inc. has closed its underwritten public offering of 245,398 shares of its 9.75% Series D Cumulative Redeemable Perpetual Preferred Stock at a price to the public of $22.75 per share. The Company received gross proceeds of approximately $5.58 million from the offering. The shares of Series D Preferred Stock trade on the Nasdaq Capital Market under the symbol "YGYIP." The shares of Series D Preferred Stock are not convertible into or exchangeable for any of the company's other securities. The underwriters have been granted a 45-day option to purchase up to 36,809 additional shares of Series D Preferred Stock from the company, exercisable in whole or in part, solely to cover over-allotments, at the public offering price less the underwriting discount. The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes. The Benchmark Company, LLC is acting as sole book-running manager of the offering. About Youngevity Chula Vista, California-based Youngevity International, Inc. -- http://www.youngevity.com/-- is a multi-channel lifestyle company operating in three distinct business segments including a commercial coffee enterprise, a commercial hemp enterprise, and a multi-vertical omni direct selling enterprise. The Company features a multi country selling network and has assembled a virtual Main Street of products and services under one corporate entity, YGYI offers products from the six top selling retail categories: health/nutrition, home/family, food/beverage (including coffee), spa/beauty, apparel/jewelry, as well as innovative services. Youngevity reported a net loss attributable to common stockholders of $23.50 million in 2018 following a net loss attributable to common stockholders of $12.69 million in 2017. As of Sept. 30, 2019, the Company had $141.18 million in total assets, $85.01 million in total liabilities, and $56.17 million in total stockholders' equity. Mayer Hoffman McCann P.C., in San Diego, California, the Company's auditor since 2011, issued a "going concern" qualification in its report dated April 15, 2019, on the consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has recurring losses and is dependent on additional financing to fund operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. YUETING JIA: SLC's Motion to Dismiss Chapter 11 Case Tossed ----------------------------------------------------------- The United States Bankruptcy Court for the District of Delaware ruled on Dec. 20 that Yueting Jia's ("YT") Chapter 11 case should continue before the Central District of California and overruled the motion by creditor Shanghai Lan Cai Asset Management Co., Ltd. ("SLC") to dismiss the bankruptcy case. YT's counsel stated at the hearing that SLC's basis for dismissing the case was driven by self-interest at the expense of the general creditor body. SLC, and a few creditors who joined it, revealed their willingness to eliminate other creditors' ability to receive a distribution from YT's Chapter 11 estate by dismissing the case to achieve their goal of collecting upon their claims. At the hearing, the creditors' committee, which represents the collective interests of all unsecured creditors, voiced strong disagreement with SLC's request for dismissal. Indeed, as counsel for the creditors' committee indicated, creditors with aggregated claims of approximately $950 million actively filed joinders to the committee's opposition to SLC's dismissal request, while creditors with aggregate claims of only $180 million joined SLC in seeking to dismiss YT's Chapter 11 case. The remaining creditors also didn't join SLC's motion. Counsel stated that completing this Chapter 11 case as soon as possible and smoothly would be the best path to maximize recoveries for all creditors. The creditors' committee lawyer also stated that the restructuring process is progressing and that while it had a "rocky start," counsel expressed satisfaction at the continuing flow of information from YT to enable the creditors' committee to evaluate and determine whether to support YT's plan. At the hearing, lawyers representing ten creditors all voiced opposition to SLC's request to dismiss the case. The Delaware bankruptcy court also decided that YT's Chapter 11 case should be transferred to the Central District of California. While YT and the creditors' committee both believed the Chapter 11 case should continue in Delaware where it was originally filed, YT welcomes the Court's ruling that transferring venue to California will provide the most efficient solution for all creditors. YT will continue to work with his creditors' committee and all creditors to speed completion of his restructuring as soon as possible in light of the Court's decision. Meanwhile, YT and his team strongly oppose the latest motion filed by the US Trustee seeking to appoint a trustee to oversee his Chapter 11 Case. The facts provided in the motion are spurious, and the allegations of YT's dishonesty are completely unsubstantiated. YT intends to discuss the inaccuracies and false conclusions stated in this motion with the new US Trustee following the transfer to the Central District of California. YT and his team are confident that they can maximize the interests of all creditors, and successfully complete his restructuring plan before the bankruptcy court for the Central District of California. About Yueting Jia Yueting Jia is the founder of Leshi Holding Group and the CEO of Faraday Future. Yueting Jia sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 19-12220) on Oct. 14, 2019. The Debtor is represented by James E. O'Neill, Esq., at Pachulski, Stang, Ziehl & Jones LLP. [*] Stretto Wins Turnaround Product/Service of the Year Award ------------------------------------------------------------- The M&A Advisor has selected Stretto, an industry-leading bankruptcy and technology services firm, as a winner in its 14th Annual Turnaround Awards. Stretto was recognized in the Turnaround Product/Service of the Year category as the Bankruptcy Technology Platform of the Year. "Since 2002, we have been honoring the leading turnaround transactions, companies, and dealmakers. The nominations, representing over 240 participating companies, were judged by an independent panel of industry experts. Stretto was chosen to receive the award. It gives us a great pleasure to recognize Stretto and bestow upon them our highest honor for distressed investing and reorganization firms and professionals," said Roger Aguinaldo, Founder, The M&A Advisor. "Stretto is a representative of those that reached the pinnacle of the distressed investing, bankruptcy and reorganization industry for 2019 and earned these honors by standing out in a group of very impressive candidates." "We are incredibly honored to be selected for this award among the turnaround industry's most highly regarded firms and professionals," comments Jonathan Carson, CEO of Stretto. "Our goal is to provide professionals with best-in-class technology tools combined with expert client service to streamline the corporate restructuring process. This recognition is especially rewarding because it affirms that we've been successful in meeting and exceeding our clients' case-management needs and expectations." The 2019 M&A Advisor Turnaround Awards will be presented at a black tie gala on Wednesday, March 18 as part of the 2020 Distressed Investing Summit at The Colony Hotel, Palm Beach, Florida. The Summit will take place on March 17-18 and will feature 250 of the industry's leading professionals participating in exclusive interactive forums led by a faculty of restructuring industry stalwarts and business media experts. The complete list of winners is available at: https://is.gd/1m7JyV About M&A Advisor Now in its 22nd year, The M&A Advisor -- http://www.maadvisor.com/ -- was founded to offer insights and intelligence on mergers and acquisitions, establishing the industry's leading media outlet in 1998. Today, the firm is recognized as the world's premier leadership organization for mergers & acquisition, restructuring and corporate finance professionals, delivering a range of integrated services. About Stretto Stretto -- http://www.stretto.com/-- delivers a full spectrum of bankruptcy-administration solutions and technology tools to fiduciaries. By merging the industry's leading bankruptcy software and services providers for Chapter 7 trustees and debtors' attorneys, and introducing new corporate restructuring administration capabilities, Stretto provides an unparalleled portfolio of bankruptcy-related services under the executive leadership of industry veterans Eric Kurtzman and Jonathan Carson. Sitting at the center of the bankruptcy ecosystem, Stretto leverages deep-industry expertise and market insights to facilitate every aspect of case management for its corporate restructuring and consumer bankruptcy clients. ********* 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 ***