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/raid1/www/Hosts/bankrupt/TCR_Public/200110.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, January 10, 2020, Vol. 24, No. 9 Headlines 9 JEWELS LLC: Case Summary & 4 Unsecured Creditors A PLACE TO FLOAT: U.S. Trustee Unable to Appoint Committee ABRAMS LEARNING: Seeks to Hire Bass Berry & Sims as Special Counsel ADVISOR GROUP: Moody's Confirms B2 CFR & Alters Outlook to Stable ALL CARE NOW: Has Authorization to Use Cash Collateral Until Feb. 7 ALTA MESA: Seeks to Extend Exclusivity Period Through April 8 ANITSA INC: Case Summary & 20 Largest Unsecured Creditors APELLIS PHARMACEUTICALS: Provides Preliminary 2019 Results ASCENA RETAIL: Regains Compliance with Nasdaq Min. Bid Price Rule AVIANCA HOLDINGS: Reveals Fleet Optimization Plan BARNEYS NEW YORK: Jan. 24, 2020 Plan Confirmation Hearing Set BIG COOP'S: Court Confirms Reorganization Plan CAMPBELL & SON: Gary S. Deschenes Approved as Counsel CENTRO GROUP: Wants to Maintain Exclusivity Through Feb. 10 CHRIS A. HALE: U.S. Trustee Forms 3-Member Committee CLOUD PEAK: Plan Effective Date Occurred Dec. 17, 2019 CORALREEF: Has Until March 25, 2020 to File Plan & Disclosures DESIGN REFRIGERATION: Cash Collateral Use Until April 30 Okayed DOMICIL LLC: U.S. Trustee Unable to Appoint Committee DPW HOLDINGS: Broker-Dealers Withdraw FINRA Applications DRAW ONE COFFEE SHOP: Hires Morrison Tenenbaum as Counsel E MECHANIC: U.S. Trustee Unable to Appoint Committee ELITE EQUIPMENT: Case Summary & 20 Largest Unsecured Creditors EUROPEAN FOREIGN: Third Interim Cash Collateral Order Entered FACTORY DIRECT: Court Confirms 2nd Amended Plan FUSION CONNECT: Court Confirms Joint Chapter 11 Plan GENERATION NEXT: U.S. Trustee Forms 5-Member Committee GOVERNORS CLUB: Bankruptcy Administrator to Form Committee GRABIT INC: Unsecured Creditors to Recover 100% in Plan GRANITE CITY FOOD: U.S. Trustee Forms 2-Member Committee HOLCOMB ACQUISITIONS: Cash Collateral Use Through Jan. 21 Approved HOOPERS CONCRETE: U.S. Trustee Unable to Appoint Committee IDEANOMICS INC: YA II PN Invests Additional $1 Million IMPORT SPECIALTIES: Wants to Continue Using Cash Collateral INPIXON: Effects Reverse Common Stock Split for Nasdaq Compliance JUST GAS: U.S. Trustee Unable to Appoint Committee K.C. LEE 206 REALTY: Case Summary & Unsecured Creditor K.C. LEE 222 REALTY: Case Summary & Unsecured Creditor KNOLL'S INC: Jan. 22, 2020 Plan Confirmation Hearing Set KOI DESIGN: Court Confirms Plan of Reorganization LION HOLDINGS: Cash Collateral Use for Six Months Approved LITESTREAM HOLDINGS: U.S. Trustee Forms 3-Member Committee LUPPINO BROTHERS: Seeks to Extend Exclusivity Period Until March 23 MABVAX THERAPEUTICS: UST Says Creditors Should Get Copies of Plan MAD DOGG ATHLETICS: Allowed to Use Cash Collateral Until Jan. 31 MC CLOUD TRUCKING: Administrator Unable to Appoint Committee MESH SUTURE: Case Summary & 20 Largest Unsecured Creditors MOTIF DIAMOND: Voluntary Chapter 11 Case Summary NEPHROS INC: Anticipates $10.3 Million 2019 Full-Year Revenue NEWSCO INTERNATIONAL: U.S. Trustee Forms 5-Member Committee NICK'S PIZZA: Case Summary & 20 Largest Unsecured Creditors OFFSHORE MARINE: Gets Interim Approval to Hire Bohman Morse OHM HOSPITALITY: U.S. Trustee Unable to Appoint Committee OLD DOMINION: Jan. 29, 2020 Chapter 11 Status Conference Set ORIGIN AGRITECH: BF Borgers Replaces BDO as Accountants ORTHO-CLINICAL DIAGNOSTICS: Moody's Cuts Rating on Sec. Loans to B2 PEAK SERUM: Seeks to Hire Wick & Trautwein as Special Counsel PEN INC: Reports $343K Net Loss for Quarter Ended June 30 PENGROWTH ENERGY: Closes Plan of Arrangement with Cona Resources PHX INVESTMENT: Bankr. Administrator Unable to Appoint Committee PHYTO-PLUS INC: U.S. Trustee Unable to Appoint Committee PLH GROUP: Moody's Lowers CFR to B3, Outlook Stable PORTERS NECK COUNTRY: Special Committee Seeks to Hire Counsel PRIDE TRUCK: U.S. Trustee Unable to Appoint Committee PSP HAULING: Allowed to Use Cash Collateral on Final Basis R3D HOLDINGS: Seeks Authorization to Use Cash Collateral REAVANS GILBERT: Creditor Seeks to Prohibit Cash Collateral Use REEFTON LLC: Voluntary Chapter 11 Case Summary ROAN HOLDINGS: Changes Ticker Symbol Following Change of Name ROBERT GROUP: Voluntary Chapter 11 Case Summary ROCKWOOD SERVICE: Moody's Assigns B2 CFR, Outlook Stable ROMANS HOUSE: Judge Enters Agreed Cash Collateral Order RONNA'S RUFF: Interim Cash Collateral Use Allowed Until Jan. 16 SAMSON OIL: Extends CEO's Employment Until March 31 SHERIDAN HOLDING: Wants to Maintain Exclusivity Through July 13 SOLUTIONS BY DESIGN: Hasn't Filed Application for Final Decree STEAKHOUSE HOLDINGS: U.S. Trustee Unable to Appoint Committee STORMBREAK RANCH-FW: Case Summary & 3 Unsecured Creditors SUNESIS PHARMACEUTICALS: Given July 6 to Comply with Nasdaq Rule TALBOTS INC: Moody's Alters Outlook on 'B2' CFR to Stable TARRANT COUNTY: CRO Says Plan Satisfies Best Interests Test TATUNG COMPANY: Seeks to Extend Exclusivity Period to April 28 TEAM HEALTH: Fitch Affirms 'B-' LongTerm IDR, Outlook Negative TNT UNDERGROUND: Wants Until Feb. 3 to File Plan & Disclosures TOPAZ VILLAS: Hires Corral Tran Singh as Bankruptcy Counsel TOPAZ VILLAS: U.S. Trustee Unable to Appoint Committee TRANSOCEAN INC: Moody's Rates New $750MM Unsec. Notes 'Caa1' VILLA ABRIGO: Case Summary & 2 Unsecured Creditors WALL TO WALL: Delays Plan to Continue Talks on Assets Sale WESTERN MIDSTREAM: Moody's Assigns Ba1 Rating to New Sr. Notes WOODS AT BEAR CREEK: U.S. Trustee Unable to Appoint Committee YCO FOSTER CARE: Feb. 4, 2020 Plan Approval Hearing Set YCO FOSTER CARE: Unsecureds to Get 100% Without Interest in 5 Years [^] BOOK REVIEW: THE SUCCESSFUL PRACTICE OF LAW ********* 9 JEWELS LLC: Case Summary & 4 Unsecured Creditors -------------------------------------------------- Debtor: 9 Jewels LLC 308 N. Howard Street Baltimore, MD 21201 Business Description: 9 Jewels LLC is a privately held company based in Baltimore, Maryland. Chapter 11 Petition Date: January 7, 2020 Court: United States Bankruptcy Court District of Maryland Case No.: 20-10213 Debtor's Counsel: James Sweeting III, Esq. LAW OFFICES OF JAMES SWEETING III, LLC 306 N. Howard Street Baltimore, MD 21201 Tel: 443-267-7534 E-mail: james@sweetinglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: Not Specified The petition was signed by Jean M. Agbodjogbe, president. A copy of the Debtor's list of four unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/HxdVYa A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/uq46pA A PLACE TO FLOAT: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The Office of the U.S. Trustee on Jan. 8, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of A Place to Float, LLC. About A Place to Float A Place to Float LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 19-08209) on Nov. 1, 2019. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of less than $50,000. Judge Robyn L. Moberly oversees the case. KC Cohen, Esq., at KC Cohen, Lawyer, PC is the Debtor's legal counsel. ABRAMS LEARNING: Seeks to Hire Bass Berry & Sims as Special Counsel ------------------------------------------------------------------- Abrams Learning and Information Systems, Inc., filed a motion to supplement the employment application of Bass, Berry & Sims PLC, as its special counsel. On March 19, 2019, the Debtor filed an application to employ Bass Berry on "issues related to government contracts, including the potential sale of those government contracts to an interested purchaser. At the time, the Debtor was actively negotiating with a potential purchaser for the sale of its contracts. Bass Berry agreed to cap its fees for that work at $35,000.00, including the $19,197.00 it had previously been paid prepetition. Bass Berry assisted with efforts to complete a sale of contracts to a potential purchaser, including exchanging drafts of an asset purchase agreement. However, that sale eventually fell through. On December 14, 2019, the Debtor and Gotham entered into an asset purchase agreement. On December 16, 2019, a motion to approve the sale and assumption of all of the Debtor’s contracts, except for one subcontract, the Debtor's ARCIC MATOC IDIQ. The Debtor anticipates that it will require Bass Berry's assistance on certain issues related to the ARCIC MATOC IDIQ. The work on the asset purchase agreement with Gotham and the issues related to the Debtor's remaining subcontract are additional legal services that were not contemplated when the Debtor and Bass Berry agreed to cap Bass Berry’s fees at $35,000 prepetition. As a result, the Debtor believes it is appropriate to allow Bass Berry to receive compensation for these additional legal services above the $35,000 fee cap at the same hourly rates as approved by the Court in the original application. Bass Berry, and its members and associates, do not hold or represent any interest adverse to that of the Debtor or the Debtor's estate and are disinterested persons within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Todd R. Overman, Esq. Bass, Berry & Sims, PLC 1201 Pennsylvania Avenue NW, Suite 300 Washington, DC 20004 Tel: (202) 827-2950 Fax: (202) 478-0400 About Abrams Learning and Information Systems Abrams Learning and Information Systems, Inc. -- http://www.alisinc.com/-- is a verified Service-Disabled Veteran Owned Small Business (SDVOSB) headquartered in Arlington, Virginia. ALIS provides government and business clients with solutions and services in workforce development, strategic planning, change management, program management, exercise support, and executive and management education. It has worked with clients in government, academia, and private organizations to address their critical needs and meet their goals for the future. Abrams Learning and Information Systems sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 19-10725) on March 7, 2019. As of March 7, 2019, the Debtor disclosed $2,124,253 in assets and $8,446,263 in liabilities. The case is assigned to Judge Klinette H. Kindred. Odin, Feldman & Pittleman, PC, is the Debtor's legal counsel. ADVISOR GROUP: Moody's Confirms B2 CFR & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Investors Service confirmed Advisor Group Holdings, Inc.'s B2 Corporate Family Rating, B1 $1,225 million senior secured term loan and $325 million senior secured revolving credit facility, and Caa1 $350 million senior unsecured notes. This action concludes the review for downgrade, initiated on November 19, 2019, that followed Advisor Group's announcement of its planned acquisition of publicly-held Ladenburg Thalmann Financial Services Inc. (unrated) for a $1.3 billion enterprise value (including common stock, preferred stock and outstanding debt). Moody's has assigned a B1 rating to Advisor Group's proposed $775 million senior secured notes that it intends to issue to help fund the acquisition. Advisor Group expects to complete the acquisition in the first half of 2020, subject to Ladenburg Thalmann's shareholders' approval and regulatory approvals. The following ratings were confirmed: Issuer: Advisor Group Holdings, Inc. Corporate Family Rating, Confirmed at B2 Senior Secured 1st Lien Term Loan B, Confirmed at B1 Senior Secured 1st Lien Term Loan A, Confirmed at B1 Senior Secured 1st Lien Revolving Credit Facility, Confirmed at B1 Senior Unsecured Regular Bond/Debenture, Confirmed at Caa1 The following rating was assigned: Issuer: Advisor Group Holdings, Inc. Senior Secured Notes, Assigned B1 Outlook Actions: Issuer: Advisor Group Holdings, Inc. Outlook, Changed To Stable from Rating Under Review RATINGS RATIONALE Moody's said the confirmation of Advisor Group's ratings reflects the scale benefits that it will derive from the acquisition, which offset the credit risks from delayed deleveraging and the acquisition integration. The transaction will bring Advisor Group's client assets up to around $450 billion from $270 billion and financial advisors up to 11,300 from 6,900, significantly increasing its scale in the consolidating independent broker-dealer space, said Moody's. The ratings confirmation also reflects the anticipated improvements to Advisor Group's profitability and debt service metrics from the realization of extensive cost and revenue synergy benefits associated with the transaction, offset by the related one-time costs which the combined firm will incur. Past Advisor Group acquisitions such as Capital One Investing, Signator and Questar have been successfully executed. As a strategic acquirer, Moody's expects Advisor Group's seasoned management team to realize synergies, administrative and other cost savings over the course of the next twelve to eighteen months, bolstering its credit profile over that horizon. The three successive 25-basis-point cuts to the federal funds interest rate between July and October 2019 have raised revenue pressure on Advisor Group from its sweep deposit income. The changing interest rate environment will introduce credit challenges to the combined firm, however Moody's expects Advisor Group to introduce a program that would fix a portion of its revenue tied to interest rate levels, and thereby partially protecting it from further interest rate cuts. Ladenburg Thalmann offers diversified financial services, including independent advisory and retail brokerage. As of September 30, 2019, Ladenburg Thalmann's capital structure includes around $320 million in senior unsecured notes, which don't include any protection against a change of control and will remain outstanding as debt securities of the surviving corporation (with the earliest maturity being in 2027). Ladenburg Thalmann also has about $435 million in preferred shares that benefit from a change of control protection and would likely be redeemed for cash prior to close of the transaction, a credit negative. Moody's said the new B1 rating assigned to Advisor Group's proposed $775 million senior secured notes and B1 rating of the $1,225 million first lien senior secured term loan and $325 million revolving credit facility, reflect their priority ranking in Advisor Group's capital structure and based upon the application of Moody's Loss Given Default (LGD) methodology. The Caa1 rating of Advisor Group's $350 million senior unsecured notes is also based upon the application of Moody's LGD methodology and the notes' secondary ranking in Advisor Group's capital structure. The stable outlook reflects Advisor Group's strong and growing market position and financial advisor base and Moody's expectation that it will accrue substantial synergy benefits from the acquisition, factors that will help offset its elevated leverage over the twelve to eighteen month period following the closing of the acquisition. In its assessment of the firm's corporate governance, Moody's considers Advisor Group's majority-ownership by a financial sponsor, with a minority position held by certain members of the management team. Advisor Group's governance structure and financial policy is representative of a financial sponsor portfolio company, with potential for periodic increases in leverage and shareholder distributions over time. FACTORS THAT COULD LEAD TO AN UPGRADE Moody's-adjusted debt leverage sustained below 5.0x Sustainable increase in pre-tax margin (on a net revenue basis) to a level above 10% FACTORS THAT COULD LEAD TO A DOWNGRADE Failure to realize sufficient synergies from the Ladenburg Thalmann acquisition resulting in further de-leveraging delays M&A activity or shareholder distributions that would result in a sustained level of Moody's-adjusted debt leverage above 6.5x The principal methodology used in these ratings was Securities Industry Service Providers Methodology published in November 2019. ALL CARE NOW: Has Authorization to Use Cash Collateral Until Feb. 7 ------------------------------------------------------------------- Judge Deborah L. Thorne of the U.S. Bankruptcy Court for the Northern District of Illinois authorized All Care Now, LLC ("ACN") and Home Health and Infusion Options, Inc. ("HHIO") to use cash collateral to pay post-petition expenses to third parties during the period through Feb. 7, 2020. A final hearing on the Cash Collateral Motion is scheduled to take place on Feb. 6, 2020 at 10:00 a.m. In return for the Debtors' continued interim use of cash collateral, Bank of America, N.A. ("BofA") is granted these adequate protection for its asserted secured interests in Debtors' assets: (a) The Debtors will permit BofA to inspect, upon reasonable notice, within reasonable business hours, the Debtors' books and records. (b) The Debtors must maintain and pay premiums for insurance to cover any insurable collateral from fire, theft and water damage. (c) Upon reasonable request, the Debtors must make available to BofA evidence of that which constitutes its collateral or proceeds thereof. (d) BofA is granted replacement liens in assets that the Debtors acquire after the Petition Date, but only to the extent of the diminution in value of the assets in which it had pre-petition liens. About All Care Now LLC and HHIO All Care Now, LLC ("ACN") is a health care provider in Chicago, Illinois. ACN is in the business of coordinating necessary clinical care and healthcare services between providers and patients including administrative functions, insurance authorizations, pharmaceutical services, and nursing and physical therapy management. ACN's primary customers are home-health agencies. It does not contract directly with hospitals or doctors. Home Health and Infusion Options, Inc. also known as HHIO -- https://www.hhio.net/ -- provides management services to ACN, including the services of Christopher Kujawski and Devin Barrett as managers, use of facilities and equipment, marketing support, and the use of numerous software licenses used in the operation of ACN's business. ACN and HHIO sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Lead Case No. 19-33490) on Nov. 25, 2019. The petition was signed by Christopher Kujawski, manager/chief financial officer. At the time of the filing, ACN estimated $1 million to $10 million in both assets and liabilities, while HHIO estimated $100,000 to $500,000 in assets and $1 million to $10 million in debt. The Hon. Deborah L. Thorne is the case judge. HHIO is represented by FREEBORN & PETERS LLP. ALTA MESA: Seeks to Extend Exclusivity Period Through April 8 ------------------------------------------------------------- Alta Mesa Resources, Inc. and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend, by 90 days, the period during which the companies have the exclusive right to file a chapter 11 plan through April 8, 2020 and the period during which they have the exclusive right to solicit a plan through June 5, 2020. An extension of the Exclusive Periods, will allow the Debtors the time necessary to assess these options without the risk of third parties undermining that process and further complicating these cases by proposing competing plans. For the last several months, the Debtors have been fully engaged in a joint marketing process for the sale of the assets of Debtor Alta Mesa Holdings, LP and its subsidiaries (collectively, the "AMH Debtors") and their non-Debtor affiliate, Kingfisher Midstream, LLC and its subsidiaries. The sales process was designed to maximize flexibility for bidders and promote competition, including by giving bidders the ability to submit proposals to purchase the assets of the AMH Debtors alone or to purchase the assets of the AMH Debtors and KFM. The AMH Debtors have received preliminary bids for their assets alone. However, while the Debtors' primary goal is to maximize value for the estates, they recognize that the best result for the estates and all parties in interest should be a solution that maximizes value for the entire AMH-KFM enterprise. Accordingly, while a joint sale is not required, the Debtors believe it is in the best interest of all parties to evaluate all available options. Should the Debtors determine to pursue a joint sale, the parties will require significant time to work through a number of additional complex issues and to prepare the documentation necessary to implement such a sale. Given the complexity of the issues, as well as the number of parties that would necessarily be involved in such a transaction, the Debtors believe it is essential that they maintain control of the process. The Debtors claim that the ultimate outcome of the sale process, and in particular the auction currently scheduled for Jan. 15, 2020, will determine the path forward for the Debtors. That path may feature a Section 363 sale of any combination of Debtor and non-Debtor assets, followed by a plan of liquidation, or the Debtors’ pursuit of a plan of reorganization, or potentially other options. About Alta Mesa Resources Alta Mesa Resources, Inc., is an independent energy company focused on the development and acquisition of unconventional oil and natural gas reserves in the Anadarko Basin in Oklahoma, and through Kingfisher Midstream, LLC, provides best-in-class midstream energy services, including crude oil and gas gathering, processing and marketing and produced water disposal to producers in the STACK play. Alta Mesa reported $1.4 billion in assets and $864 million in liabilities as of Dec. 31, 2018. Alta Mesa and six affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 19-35133) on Sept. 11, 2019. The Hon. Marvin Isgur is the case judge. The Debtors tapped Porter Hedges LLP and Latham & Watkins LLP as attorneys; and Perella Weinberg Partners LP and its affiliate Tudor Pickering Holt & Co Advisors LP as investment banker. Prime Clerk LLC is the claims agent. ANITSA INC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Anitsa, Inc. DBA Valet Services Laundry Valet II Vahan Services, Inc. 6032 Shull Street Bell Gardens, CA 90201 Business Description: Anitsa, Inc. -- http://vslaundry.com-- is a provider of laundry services to the hospitality industry. It also offers consulting expertise and resource management solutions. Chapter 11 Petition Date: January 8, 2020 Court: United States Bankruptcy Court Central District of California Case No.: 20-10168 Judge: Hon. Barry Russell Debtor's Counsel: James A. Dumas, Esq. DUMAS & KIM, APC 3435 Wilshire Blvd, Ste. 990 Los Angeles, CA 90010 Tel: 213/368-5000 E-mail: jdumas@dumas-law.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Garo Minissian, chief executive officer. A copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/mSOINO APELLIS PHARMACEUTICALS: Provides Preliminary 2019 Results ---------------------------------------------------------- Apellis Pharmaceuticals, Inc. disclosed on Jan. 7, 2020, that although it has not finalized its full financial results for the fourth quarter and fiscal year ended Dec. 31, 2019, it expects to report cash and cash equivalents of approximately $352 million as of Dec. 31, 2019. The estimated cash figure is preliminary and unaudited, represents a management estimate as of Jan. 7, 2020 and is subject to completion of the Company's financial closing procedures. The Company's independent registered public accounting firm has not conducted an audit or review of, and does not express an opinion or any other form of assurance with respect to, the estimated cash figure. About Apellis Headquartered in Crestwood, Kentucky, Apellis Pharmaceuticals, Inc., is a clinical-stage biopharmaceutical company focused on the development of novel therapeutic compounds for the treatment of a broad range of life-threatening or debilitating autoimmune diseases based upon complement immunotherapy through the inhibition of the complement system at the level of C3. Apellis is the first company to advance chronic therapy with a C3 inhibitor into clinical trials. Apellis incurred net losses of $127.5 million in 2018, $51 million in 2017, and $27.12 million in 2016. As of Sept. 30, 2019, the Company had $466.35 million in total assets, $326.79 million in total liabilities, and $139.56 million in total stockholders' equity. The report of Ernst & Young, LLP, on the Company's financial statements as of and for the fiscal year ended Dec. 31, 2018, includes an explanatory paragraph stating that the Company has recurring losses from operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. ASCENA RETAIL: Regains Compliance with Nasdaq Min. Bid Price Rule ----------------------------------------------------------------- Ascena Retail Group, Inc. received written notice from The Nasdaq Stock Market LLC, stating that the Company successfully regained compliance with the minimum bid price requirement for continued listing on The Nasdaq Global Select Market set forth in Nasdaq Listing Rule 5450(a)(1). The Company previously received notification from the Nasdaq on July 29, 2019 citing failure to maintain a minimum closing bid price of $1.00 per share for its common stock for a period of 30 consecutive business days required by the Bid Price Rule for continued listing on The Nasdaq Global Select Market. The letter provided that Ascena had 180 calendar days, or until Jan. 27, 2020, to regain compliance with the Bid Price Rule. About Ascena Retail Ascena Retail Group, Inc. (Nasdaq: ASNA) -- http://www.ascenaretail.com/-- is a national specialty retailer offering apparel, shoes, and accessories for women under the Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus Fashion (Lane Bryant, Catherines and Cacique), and Value Fashion (Dressbarn) segments, and for tween girls under the Kids Fashion segment (Justice). Ascena, through its retail brands, operates ecommerce websites and approximately 2,800 stores throughout the United States, Canada, and Puerto Rico. Ascena Retail reported a net loss of $661.4 million for the fiscal year ended Aug. 3, 2019, a net loss of $39.7 million for the year ended Aug. 4, 2018, and a net loss of $1.06 billion for the year ended July 29, 2017. As of Nov. 2, 2019, the Company had $3.49 billion in total assets, $3.32 billion in total liabilities, and $173 million in total equity. * * * As reported by the TCR on Nov. 26, 2019, S&P Global Ratings lowered its issuer credit rating on Mahwah, N.J.-based women's specialty apparel retailer Ascena Retail Group Inc. to 'CCC' from 'CCC+' to reflect the rating agency's belief that it is increasingly likely the company will pursue a debt restructuring over the next 12 months. In October 2019, Moody's Investors Service downgraded Ascena Retail Group, Inc.'s corporate family rating to Caa2 from B3, probability of default rating to Caa2-PD from B3-PD and senior secured term loan rating to Caa2 from B3. The downgrades reflect Moody's view that Ascena's capital structure is likely unsustainable as a result of its weak operating performance, high leverage, and negative free cash flow, creating an elevated risk of a debt restructuring including a material debt repurchase at a significant discount. AVIANCA HOLDINGS: Reveals Fleet Optimization Plan ------------------------------------------------- As part of the implementation of the "Avianca 2021 Plan," Avianca's management has reached the following agreements to tailor its aircraft commitments to its future requirements: In cooperation with Airbus, the Company has reduced its firm commitments to 88 A320neo aircraft (from 108) * Previously scheduled firm A320neo family deliveries in 2020 through 2024 have been deferred or cancelled * The 88 remaining commitments are now scheduled for delivery in 2025 through 2028 (20 per year) with the balance in 2029 (8 aircraft) * These agreements provide comprehensive financial benefits, with significant Capex reduction in the period through the end of 2024 Separately, Avianca has agreed to enter into 12-year operating leases for up to 12 A320neo aircraft with BOC Aviation * Deliveries to occur after 2023, consistent with the Avianca 2021 Plan Finally, Avianca reached a mutually beneficial agreement with Boeing with regards to the outstanding 787-9 deliveries CFO Adrian Neuhauser said, "The completion of these three major aircraft transactions, coupled with the recently completed financial reprofiling and securing of $375 million of new long-term capital financing, places Avianca in a solid position as it moves forward with the Avianca 2021 Plan." For further information please contact: Avianca Investor Relations Tel: + 571 587 7700 ext. 2474, 1349 Email: ir@avianca.com About Avianca Holdings S.A. Avianca Holdings SA -- http://www.avianca.com/-- is a Panama-based company engaged, through its subsidiaries, in the provision of air transportation services for passengers and commercial purposes. With a fleet of 175 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. KPMG S.A.S., in Bogota, Colombia, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 26, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the controlling shareholder of the Company obtained a loan and pledged its shares in Avianca Holdings S.A. as security for this loan agreement (the loan agreement), which requires compliance with certain covenants by the controlling shareholder, including compliance with the Company financial ratios. Breach of these covenants provides the lender the right to enforce the security, leading to a change of control over the Company. A change of control over the Company would breach covenants included in some loan and financing, aircraft rental, and other agreements of the Company, which in turn could trigger early termination or cancelation of these contracts. On April 10, 2019, the Company was informed by the controlling shareholder and its lender, that there was a non-compliance with covenants established in the controlling shareholder's loan agreement, and no waiver was in place; thus, there is a potential risk of change of control. The auditors said this circumstance raises a substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2018, Avianca Holdings had US$7.11 billion in total assets, US$6.12 billion in total liabilities, and US$992.46 million in total equity. * * * As reported by the TCR on Dec. 26, 2019, S&P Global Ratings raised its issuer credit rating to 'B-' from 'SD'. The upgrade reflects S&P's reassessment of Avianca's credit quality after the company announced the completion of its debt-restructuring plan. As reported by the TCR on Dec. 19, 2019, Fitch Ratings upgraded Avianca Holdings' Long-Term Foreign and Local Currency Issuer Default Ratings to 'CCC+' from 'RD'. The upgrades follow Avianca's announcement that it has completed its debt restructuring, including receipt of a US$250 million convertible secured stakeholder facility loan from United Airlines, Inc. (BB/Stable) and Kingsland Holdings Limited. BARNEYS NEW YORK: Jan. 24, 2020 Plan Confirmation Hearing Set ------------------------------------------------------------- Barneys New York, Inc. and its Debtor Affiliates filed with the U.S. Bankruptcy Court for the Southern District of New York a motion for entry of an order approving the Disclosure Statement for Joint Chapter 11 Plan. On December 19, 2019, Judge Cecelia G. Morris ordered that: * The Disclosure Statement is approved as providing Holders of Claims entitled to vote on the Plan with adequate information to make an informed decision as to whether to vote to accept or reject the Plan in accordance with section 1125(a)(1) of the Bankruptcy Code. * Dec. 23, 2019, is the deadline for the Debtors to publish the Confirmation Hearing Notice. * Jan. 17, 2020, at 4:00 p.m. is the deadline for all Holders of Allowed Claims entitled to vote on the Plan must complete, execute, and return their Ballots. * Jan. 17, 2020, at 4:00 p.m. is the deadline by which objections to the Plan must be filed with the Court. * Jan. 24, 2020, is the hearing for the Court to consider confirmation of the Plan. A full-text copy of the Disclosure Statement Order is available at https://tinyurl.com/v5vclvb from PacerMonitor.com at no charge. About Barneys New York Barneys New York -- https://www.barneys.com/ -- is a creative destination for modern luxury retail, entertainment and dining. Barneys is renowned for being a place of discovery for some of the world's leading designers, and for creating the most discerning edit across women's and men's ready-to-wear, accessories, shoes, jewelry, cosmetics, fragrances, and home. Barneys' signature creativity and style comes to life through its innovative concepts and experiences, imaginative holiday campaigns, famed window displays, and exclusive activations. Barneys also operates its iconic restaurants, Freds at Barneys New York, serving an Italian-inspired and contemporary American menu within four of its flagship stores. Barneys New York, Inc., and four affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 19-36300) in Poughkeepsie, N.Y. The cases are assigned to Judge Cecelia G. Morris. Barneys disclosed $457 million in assets and $377 million in liabilities as of July 6, 2019. The Debtors tapped Kirkland & Ellis LLP as legal advisor, Houlihan Lokey as financial advisor, M-III Partners, L.P., as restructuring advisor, and Katten Muchin Rosenman LLP as conflicts counsel. Bankruptcy Management Solutions, Inc., which conducts business under the name Stretto, is the claims agent. BIG COOP'S: Court Confirms Reorganization Plan ---------------------------------------------- Debtor Big Coop's Trucking, LLC asked the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division-Flint, for an order confirming the Debtor's plan of reorganization. On Dec. 17, 2019, Judge Mark A. Randon ordered that: * The Plan, including all of its terms, provisions, and exhibits which are incorporated herein by reference, is confirmed under Sec.1129(a) of the Bankruptcy Code, subject to the modifications. * The Disclosure Statement is approved on a final basis. * All property of the estate is vested in the Reorganized Debtor, including all Causes of Action, whether arising before or after the Petition Date, including Avoidance Claims, except as explicitly set forth in this Confirmation Order or in the Plan. Failure of Debtor to list or disclose any Cause of Action shall not be a defense in any action, suit, demand, counter-claim, cross-claim, assertion of setoff or recoupment rights, or arbitration action brought by the Reorganized Debtor. * Accordingly, in accordance with Fed. R. Bankr. P. 3019, the Plan shall be deemed accepted by all Creditors and Interest Holders who have previously accepted the Plan and it is not necessary for the Plan to be re-noticed to Creditors. * All unsecured claims shall be paid 25% of their claims and that the unsecured creditors will receive a pro rata share of that payment until such time as the creditors receive 25% of the value of their claims. Upon the receipt of 25% of their allowable claims, each general unsecured claim shall receive no further distribution. Said payments shall be made in equal monthly installments for a period not to extend beyond 72 months from the Effective Date. A full-text copy of the Order Confirming the Plan is available at https://tinyurl.com/rq5hcp6 from PacerMonitor.com at no charge. About Big Coop's Big Coop's Trucking is a licensed and bonded freight shipping and trucking company running freight hauling business from Swartz Creek, Michigan. Big Coop's filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 19-30180) on Jan. 25, 2019. At the time of filing, the Debtor was estimated to have $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Adam Cooper, member. The Hon. Daniel S. Opperman Flint is assigned to the case. The Debtor is represented by David W. Brown, Esq. at the Law Office of David W. Brown PLLC. CAMPBELL & SON: Gary S. Deschenes Approved as Counsel ----------------------------------------------------- Campbell & Son, LLC, sought and obtained authorization from the U.S. Bankruptcy Court for the District of Montana to employ Gary S. Deschenes and Deschenes & Associates Law Offices, as its attorneys under a general retainer. Campbell & Son needs the firm to give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of the Debtor's business and management of the Debtor's property, and to perform all legal services for the Debtor-in-Possession which may be necessary in connection with the Chapter 11 case. Services rendered by attorney Gary S. Deschenes will be compensated at the rate of $345.00 per hour and attorney Katherine A. Sharp will be compensated at the rate of $175.00 per hour. Services rendered by the firm's paralegals will be compensated at the rate of $135.00 per hour for Lisa Peck, and $110.00 per hour for Jennifer Snell and Brianna Haynes. The Debtor has elected Gary S. Deschenes and Deschenes & Associates Law Offices for the reasons that Debtor has consulted with the firm's attorneys regarding the Debtor's financial situation and available remedies under bankruptcy and non-bankruptcy law and about the initial bankruptcy pleadings on behalf of the Debtor, that the attorneys have gained experience as to the Debtor's business and property, and that the Debtor believes that the law firm is well qualified to represent the Debtor, as Debtor-in-Possession in this proceeding. Furthermore, it is necessary for the Debtor, as Debtor-in-Possession, to employ attorneys for those professional services. Gary S. Deschenes, Esq., attests that his firm and its attorneys and employees have no connection with the creditors, or any other party in interest, or their respective attorneys and accountants, the United States Trustee, or any person employed in the Office of the United States Trustee, and is a disinterested person as defined in 11 U.S.C. section 101(14). The firm may be reached at: Gary S. Deschenes, Esq. Katherine A. Sharp, Esq. DESCHENES & ASSOCIATES LAW OFFICES 309 First Avenue North P.O. Box 3466 Great Falls MT 59403-3466 Tel: (406) 761-6112 Fax: (406) 761-6784 E-mail: gsd@dalawmt.com katie@dalawmt.com About Campbell & Son Based in Conrad, Montana, Campbell & Son, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mont. Case No. 19-61222) on Dec. 11, 2019, listing under $1 million in both assets and liabilities. Gary S. Deschenes, Esq., at Deschenes & Associates, is the Debtor's legal counsel. CENTRO GROUP: Wants to Maintain Exclusivity Through Feb. 10 ----------------------------------------------------------- Centro Group, LLC and ProHCM Holdings, Inc. request the U.S. Bankruptcy Court for the Southern District of Florida to extend the exclusive periods within which the companies can file and solicit acceptances to a chapter 11 plan to through and including Feb. 10 and March 12, 2020, respectively. The companies have orally resolved the largest claim in the case and anticipate filing a motion to compromise the same under Federal Rule of Bankruptcy Procedure 9019 within the next two weeks. Bankruptcy Court approval of such 9019 Motion is critical to the drafting of a consensual plan. About Centro Group Centro Group, LLC is a full-service, wholesale group benefits, human capital, and technology service consulting firm committed to positioning their clients for future growth. It is headquartered in Miami, Fla., with additional offices in the Boston and St. Louis areas. Centro Group and ProHCM Holdings, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case Nos. 18-23155 and 18-23156) on Oct. 23, 2018. In the petitions signed by CEO Joseph Markland, Centro Group estimated assets of less than $50,000 and liabilities of $1 million to $10 million. ProHCM disclosed $4,284,714 in assets and $4,238,898 in liabilities. Judge Jay A. Cristol oversees the cases. The Debtors tapped Shraiberg, Landau & Page, P.A., as their legal counsel; James F. Martin of ACM Capital Partners, as their chief restructuring officer; and Rice Pugatch Robinson Storfer & Cohen, PLLC, as special counsel. On Nov. 9, 2018, the U.S. Trustee for Region 21 appointed an official committee of unsecured creditors in Centro Group's case. The committee tapped Kozyak, Tropin & Throckmorton, LLP as its legal counsel. CHRIS A. HALE: U.S. Trustee Forms 3-Member Committee ---------------------------------------------------- The U.S. Trustee for Region 21 on Jan. 8, 2020 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of XChris A. Hale Co., LLC. The committee members are: (1) Lowe Electric Supply Company c/o Heather Canceran P.O. Box 4767 Macon, GA 31208 478-743-8661 ext 1186 heather.canceran@loweelectric.com (2) AC-DC Electrical Logistics c/o Nicole Butler 4304 Metric Dr Ste B Winter Park, FL 32792 407-434-0007 billing@acdcelectricallogistics.com (3) Sharpe Contractors c/o Shane Sharpe 425 Buford Hwy, NW, Suite 204 Suwanee, GA 30024 678-765-8680 sharpe@sharpegc.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Chris A. Hale Co. LLC Chris A. Hale Co., LLC, also known as Henry County Electrical, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 19-67877) on Nov. 5, 2019, disclosing under $1 million in both assets and liabilities. Judge Jeffery W. Cavender oversees the case. The Debtor is represented by Joseph Chad Brannen, Esq., at The Brannen Firm, LLC. CLOUD PEAK: Plan Effective Date Occurred Dec. 17, 2019 ------------------------------------------------------ On Dec. 5, 2019, the United States Bankruptcy Court for the District of Delaware entered an order approving the Disclosure Statement and confirming the Revised First Amended Joint Chapter 11 Plan of Cloud Peak Energy Inc. and Certain of its Debtor Affiliates. The Effective Date of the Plan occurred on December 17, 2019. Pursuant to the Plan and the Confirmation Order, the deadline for filing requests for payment of Administrative Claims shall be 30 days after the Effective Date and the deadline for filing requests for payment of Professional Fee Claims shall be 60 days after the Effective Date. A full-text copy of the Order Confirming the Plan is available at https://tinyurl.com/ubpjqx7 from PacerMonitor.com at no charge. The Debtors are represented by: RICHARDS, LAYTON & FINGER, P.A. Daniel J. DeFranceschi John H. Knight David T. Queroli One Rodney Square 920 North King Street Wilmington, DE 19801 Tel: 302.651.7700 Fax: 302.651.7701 E-mail: defranceschi@rlf.com knight@rlf.com; queroli@rlf.com - and - VINSON & ELKINS LLP David S. Meyer Jessica C. Peet Lauren R. Kanzer 666 Fifth Avenue, 26th Floor New York, NY 10103-0040 Tel: 212.237.0000 Fax: 212.237.0100 E-mail: dmeyer@velaw.com jpeet@velaw.com lkanzer@velaw.com - and - Paul E. Heath 2001 Ross Avenue, Suite 3900 Dallas, TX 75201 Tel: 214.220.7700 Fax: 214.999.7787 E-mail: pheath@velaw.com About Cloud Peak Energy Cloud Peak Energy Inc. (OTC:CLDPQ)--http://www.cloudpeakenergy.com/ -- is a coal producer headquartered in Gillette, Wyo. It mines low sulfur, subbituminous coal and provides logistics supply services. Cloud Peak owns and operates three surface coal mines and owns rights to undeveloped coal and complementary surface assets in the Powder River Basin. It is a sustainable fuel supplier for approximately two percent of the nation's electricity. Cloud Peak Energy and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11047) on May 10, 2019. The Debtors disclosed $928,656,000 in assets and $634,982,000 in liabilities as of the bankruptcy filing. The cases are assigned to Judge Kevin Gross. The Debtors tapped Vinson & Elkins LLP as lead counsel; Richards, Layton & Finger, P.A., as local counsel; Centerview Partners LLC as investment banker; FTI Consulting Inc. as operational advisor; and Prime Clerk LLC as claims and noticing agent. CORALREEF: Has Until March 25, 2020 to File Plan & Disclosures -------------------------------------------------------------- On Dec. 19, 2019, the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, established the following deadlines and hearing dates after reviewing the schedules and statement of financial affairs and consulting with debtor Coralreef Productions, Inc. and other parties: * Jan. 27, 2020, is the deadline for the debtor to file motions. * Feb. 24, 2020, is the deadline for parties to request the debtor to include any information in the disclosure statement. * Feb. 24, 2020, is the deadline to file a motion to extend the deadline to file a plan. * March 25, 2020, is the deadline for the debtor to file a combined plan and disclosure statement. A full-text copy of the Order is available at https://tinyurl.com/wap8oud from PacerMonitor.com at no charge. About Coralreef Productions Coralreef Productions, Inc., dba Nine9, d/b/a Nine9 the Unagency, d/b/a One Source Talent -- https://nine9.com -- is a casting agency that helps models and actors advance their careers in the entertainment industry. The opportunities range from television, film, commercial, music video, runway, print, and promotional castings and gigs. The company filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 19-56749) on Nov. 26, 2019 in Detroit, Michigan. In the petition signed by Anthony Toma, president, the Debtor estimated between $100,000 and $500,000 in assets, and between $1 million and $10 million in liabilities. Judge Thomas J. Tucker is assigned to the case. Schafer and Weiner, PLLC is the Debtor's counsel. DESIGN REFRIGERATION: Cash Collateral Use Until April 30 Okayed --------------------------------------------------------------- Judge John K. Olson of the U.S. Bankruptcy Court for the Southern District of Florida authorized Design Refrigeration and Air Conditioning Company to use the cash collateral on an interim basis through April 30, 2020. Any objections to Debtor's use of cash collateral must be served on Debtor's counsel two business days prior to the final hearing which will be held on April 9, 2020 at 10:00 a.m. The Debtor is directed to make monthly adequate protection payments to Secured Creditors, as follows: * Funding Circle in the amount of $135 * Yes Funding LLC in the amount of $360 * Direct Cash Lending in the amount of $368 * Regal Capital Inc. in the amount of $356 * Kabbage, Inc. in the amount of $92 About Design Refrigeration and Air Conditioning Company Design Refrigeration and Air Conditioning Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-23643) on Oct. 11, 2019. At the time of the filing, the Debtor was estimated to have assets of less than $50,000 and liabilities of less than $500,000. The case is assigned to Judge John K. Olson. The Debtor tapped Van Horn Law Group, P.A., as its legal counsel. DOMICIL LLC: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Domicil LLC, according to court dockets. 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. DPW HOLDINGS: Broker-Dealers Withdraw FINRA Applications -------------------------------------------------------- DPW Holdings, Inc. announced on Jan. 2, 2020 that its wholly owned subsidiary DPW Financial Group, Inc. has entered into an agreement whereby it will acquire two broker-dealers, consisting of Glendale Securities, Inc., a retail broker dealer and its correspondent clearing broker dealer (collectively, the "Firms"). DPW also announced that the closing of the agreement is subject to customary conditions, including regulatory clearance, which consists principally of approval by the Financial Industry Regulatory Authority, Inc. and that FINRA may not approve the acquisitions in the foreseeable future, if at all. On Jan. 7, 2020, the Firms held a telephonic meeting with representatives of FINRA and were to DPW's knowledge informed by FINRA that the proposed transaction would not be approved in its currently contemplated form. As a result, the Firms have withdrawn their respective applications seeking FINRA's approval of the agreement. The Company is reviewing the information it has been provided by GSI and is presently evaluating its options with respect to the agreement, including whether the agreement, possibly in modified form, could reasonably be expected to close in the foreseeable future, if ever, as well as other outside factors that could affect FINRA's view of the agreement. In any event, given the withdrawal of the agreements, the agreement could under no circumstances be closed until late in the third quarter of 2020 at the earliest, if ever. The Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available on its website at www.DPWHoldings.com under the Investor Relations section or available at www.sec.gov. About DPW Holdings Headquartered in Newport Beach, California, DPW Holdings, Inc., formerly known as Digital Power Corp. -- http://www.DPWHoldings.com/-- is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies that hold global potential. Through its wholly owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, telecommunications, medical, crypto-mining, and textiles. In addition, the company owns a select portfolio of commercial hospitality properties and extends credit to select entrepreneurial businesses through a licensed lending subsidiary. DPW Holdings incurred a net loss of $32.98 million in 2018, following a net loss of $10.89 million in 2017. As of Sept. 30, 2019, the Company had $47.42 million in total assets, $29.50 million in total liabilities, and $17.92 million in total stockholders' equity. Marcum LLP, in New York, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 16, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, stating that the Company has a significant working capital deficiency, has incurred significant losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. DRAW ONE COFFEE SHOP: Hires Morrison Tenenbaum as Counsel --------------------------------------------------------- Draw One Coffee Shop, Inc., seeks permission from the U.S. Bankruptcy Court for the Eastern District of New York to employ Morrison Tenenbaum, PLLC as its counsel, effective as of November 13, 2019. The bankruptcy filing was necessitated by rent arrears and trade debts owed to vendors. Through the bankruptcy, the Debtor intends to restructure its operations and debt and pay its creditors through a plan of reorganization. The professional services that MT Law will render to the Debtor include: a) Advising the Debtor with respect to its powers and duties as debtor-in-possession in the management of its estate; b) Assisting in any amendments of Schedules and other financial disclosures and in the preparation/review/amendment of a disclosure statement and plan of reorganization; c) Negotiating with the Debtor's creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; d) Preparing on behalf of the Debtor all necessary motions, applications, answers, proposed orders, reports and other papers to be filed by the Debtor in this case; e) Appearing before the Bankruptcy Court to represent and protect the interests of the Debtor and its estate; and f) Performing all other legal services for the Debtor that may be necessary and proper for an effective reorganization. MT Law is willing to be retained by the Debtor as its counsel and will bill at these hourly rates, which are $525.00 per hour for Lawrence F. Morrison, $425.00 per hour for Brian J. Hufnagel, $380.00 per hour for associates, and $175.00 per hour for paraprofessionals. MT Law will also be entitled to seek reimbursement for all out-of-pocket disbursements. On or about November 12, MT Law received a retainer in the amount of $5,000 from the Debtor. MT Law does not, by way of any direct or indirect relationship to, connection with or interest in the Debtor, hold or represent an interest adverse to the estate and is a disinterested person. MT Law attests it is a disinterested party within the meaning of sections 101(14) and 327 of the Bankruptcy Code. The firm may 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 Email: lmorrison@m-t-law.com bjhufnagel@m-t-law.com About Draw One Coffee Shop Draw One Coffee Shop, Inc., operates a coffee shop/diner located at 442 E. 14th Street, New York, NY 10009. It filed a voluntary Chapter 11 Petition (Bankr. E.D.N.Y. Case No. 19-46836) on November 13, 2019, listing under $50,000 in assets and $100,000 in liabilities, and is represented by Lawrence F. Morrison, Esq. and Brian J. Hufnagel, Esq., at Morrison Tenenbaum, PLLC. E MECHANIC: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of E Mechanic Plus, Inc., according to court dockets. About E Mechanic Plus Inc. Based in Tampa, Fla., E Mechanic Plus Inc. filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-10891) on Nov. 15, 2019. At the time of the filing, the Debtor disclosed assets of between $100,001 and $500,000 and liabilities of the same range. Judge Michael G. Williamson oversees the case. Buddy D. Ford, P.A. is the Debtor's legal counsel. ELITE EQUIPMENT: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Elite Equipment Rental and Sales, LLC P.O. Box 222 Garden City, TX 79739 Business Description: Elite Equipment Rental and Sales, LLC is a privately held company in the industrial and construction heavy equipment rental business. Chapter 11 Petition Date: January 9, 2020 Court: United States Bankruptcy Court Northern District of Texas Case No.: 20-60002 Debtor's Counsel: Eric A. Liepins, Esq. ERIC A. LIEPINS 12770 Coit Road, Suite 100 Dallas, TX 75251 Tel: 972-991-5591 E-mail: eric@ealpc.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by James Langley, managing member. A copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/os1TXY EUROPEAN FOREIGN: Third Interim Cash Collateral Order Entered ------------------------------------------------------------- Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern District of Florida authorized European Foreign Domestic Auto Repair Centre, Inc. Boca East to use the cash collateral of Paradise Bank/U.S. Small Business Administration in the manner set forth in the Third Interim Order. The Debtor is permitted to use cash collateral up to the amounts shown in the budget. The monthly budget provides total expenses of approximately $88,585. As a condition to its use of cash collateral, the Debtor will operate strictly in accordance with the Budget and to spend cash collateral not to exceed 10% above the amount shown in the Budget. However, the quarterly U.S. Trustee fees will be paid and are permitted to exceed the budgeted amount. Paradise Bank/SBA is granted a valid, perfected replacement lien upon and security interest in all cash generated post-petition by the Property, to the extent and in the order of priority of any valid lien pre-petition. The post-petition liens and security interests granted to Paradise Bank/SBA will be valid and perfected, to the extent of the validity and priority of the prepetition lien, post-petition without the need for execution or filing of any further documents or instruments otherwise required to be filed or be executed or filed under non-bankruptcy law. The Debtor will immediately cease using cash collateral upon the occurrence of one of the following events: (a) If a trustee is appointed in this Chapter 11 Case; (b) If the Debtor breaches any term or condition of the Order or any of Paradise Bank/SBA's loan documents, other than defaults existing as of the Petition Date; (c) If the Case is converted to a case under Chapter 7 of the Bankruptcy Code; (d) If the case is dismissed; or (e) If any violation or breach of any provision of the Third Interim Order occurs. About European Foreign Domestic Auto Repair Centre European Foreign Domestic Auto Repair Centre, Inc., a company that provides automotive repair and maintenance services, sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 19-22870) on Sept. 26, 2019 in West Palm Beach, Fla. In the petition signed by Steve Kranitz, president, the Debtor was estimated to have assets of at least $50,000 and liabilities between $1 million to $10 million. The case is assigned to Judge Erik P. Kimball. FurrCohen P.A. is the Debtor's counsel. FACTORY DIRECT: Court Confirms 2nd Amended Plan ----------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, convened a hearing on the adequacy of debtor Factory Direct Logistics, LLC d/b/a FDL Fasteners, LLC's Second Amended Disclosure Statement and confirmation of Debtor's Second Amended Plan of Reorganization dated Nov. 13, 2019. On Dec. 19, 2019, Judge LaShonda A. Hunt ordered that: * The Debtor's Second Amended Disclosure Statement is approved. * The Debtor's Second Amended Plan dated November 13, 2019, is confirmed as amended. The first full paragraph on page 4 of Section 4.01 of the Second Amended Plan is amended to read as follows: Until P2Bi is paid in full, the holders of the equity interest in the Reorganized Debtor shall not receive a distribution and the officers of the Reorganized Debtor shall not receive bonuses in addition to their salaries. Further, if on the first anniversary of the Effective Date of the Second Amended Plan, the Reorganized Debtor's net receipts exceed $10,000, the amounts in excess of $10,000 shall be delivered to P2Bi and applied to the principal balance then owing to P2Bi until paid in full. * Post-confirmation hearing is set for May 7, 2020, at 10:30 a.m. Under the Debtor's Second Amended Plan, holders of general unsecured claims resulting from prepetition non-insider loans will receive l0% of their allowed claims pro rata on a quarterly basis for 3 years beginning on the first day of the first full quarter in the third calendar year after the Effective Date of the Plan. A full-text copy of the Second Amended Disclosure Statement dated Nov. 13, 2019, is available at https://tinyurl.com/sz8rzvk A full-text copy of the Order Confirming the Plan is available at https://tinyurl.com/vx6hmcm from PacerMonitor.com at no charge. About Factory Direct Logistics Factory Direct Logistics, LLC, which conducts business under the name FDL Fasteners, LLC, manufactures fasteners, special parts, and trailer components. Based in Schaumburg, Illinois, Factory Direct Logistics filed form Chapter 11 protection (Bankr. N.D. Ill. Case No. 19-05484) on March 1, 2019. At the time of the filing, the Debtor was estimated to have assets of $1 million to $10 million and liabilities of the same range. The case is assigned to Judge Lashonda A. Hunt. Robert R. Benjamin, Esq., Beverly A. Berneman, Esq., and Anthony J. D'Agostino, Esq., at Golan Christie Taglia LLP, serve as the Debtor's bankruptcy attorneys. FUSION CONNECT: Court Confirms Joint Chapter 11 Plan ---------------------------------------------------- On Dec. 17, 2019, the U.S. Bankruptcy Court for the Southern District of New York convened a hearing on confirmation of the Third Amended Joint Chapter 11 Plan of Fusion Connect, Inc. and its Subsidiary Debtors, and ordered that: * The Plan and each of its provisions is approved and the Plan is confirmed pursuant to Section 1129 of the Bankruptcy Code. * Any and all objections to and reservations of rights in respect of the Plan that have not been withdrawn, waived or resolved prior to the Confirmation Hearing are hereby denied and overruled on the merits with prejudice, other than any Adjourned Cure Objections. * The Debtors, the Reorganized Debtors and the Litigation Trust are authorized to take all reasonable actions required under the Plan and the Plan Supplement to effectuate the Plan and the transactions contemplated therein, including, without limitation, the implementation of the Global Settlement and Revolving Lender Settlement, the granting of any security interests with the priority set forth in and as contemplated under the Plan and the payment of fees and expenses contemplated under the Plan. * As of the Effective Date, Reorganized FCI and each Person or Entity that receives the New Equity Interests issued pursuant to the Plan shall be deemed to be a party to and bound by the terms of the Stockholders Agreement without further action or signature. As reported in the Troubled Company Reporter, Fusion Connect, Inc. and its U.S. subsidiary debtors filed a Second Amended Plan. First lien holders will recover 60.0% to 76.1%, in the form of equity of the reorganized debtor, loans under the New First Lien Credit Facility; proceeds from the sale of the Debtors' Canadian business. Second lien claimants will recover 4.0% to 6.9% in the form of special warrants. Holders of general unsecured claims will recover interests in the litigation trust. A full-text copy of the Disclosure Statement dated Oct. 7, 2019, is available at https://tinyurl.com/y249u36f from PacerMonitor.com at no charge. A full-text copy of the Order Confirming the Plan is available at https://tinyurl.com/rrn4vcq from PacerMonitor.com at no charge. The Debtors are represented by: WEIL, GOTSHAL & MANGES LLP Gary T. Holtzer Sunny Singh Gaby Smith 767 Fifth Avenue New York, New York 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007 About Fusion Connect Fusion Connect (OTC-MKTS: FSNNQ) -- http://www.fusionconnect.com/ -- provides integrated cloud solutions to small, medium and large businesses, is the industry's Single Source for the Cloud. Fusion's advanced, proprietary cloud services platform enables the integration of leading edge solutions in the cloud, including cloud communications, contact center, cloud connectivity, and cloud computing. Fusion's innovative, yet proven cloud solutions lower customers' cost of ownership, and deliver new levels of security, flexibility, scalability, and speed of deployment. On June 3, 2019, Fusion Connect and each of its U.S. subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No.19-11811). Fusion's two Canadian subsidiaries are not included in the filing. Fusion disclosed $570,432,338 in assets and $760,720,713 in liabilities as of April 30, 2019. Fusion is advised by FTI Consulting and PJT Partners, Inc., as financial advisors, and Weil, Gotshal & Manges LLP as legal counsel. Prime Clerk LLC is the claims agent. The First Lien Ad Hoc Group is advised by Greenhill & Co, LLC, as financial advisor, and Davis Polk & Wardwell LLP, as legal counsel. The U.S. Trustee for Region 2 formed a committee of unsecured creditors in the Debtors' cases on June 18, 2019. The committee is represented by Cooley LLP. GENERATION NEXT: U.S. Trustee Forms 5-Member Committee ------------------------------------------------------ The U.S. Trustee for Region 17 on Jan. 7, 2020, appointed five creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Generation Next Franchise Brands, Inc. and its affiliates. The committee members are: (1) Eagle Equities, LLC Attn: Yakov Borenstein 390 Whalley Avenue New Haven, CT 06511 (2) Pitney Bowes, Inc. Attn: Kerry Caylor 27 Waterview Drive Shelton, CT 06484 (3) The Vollrath Company LLC Attn: Guy Kwaterski 1236 N. 18th Street Sheboygan, WI 53081 (4) EPMP Ltd. Attn: Clint Plant P.O. Box 447 Seguin, TX 78156 (5) Pony Express Productions Attn: Karin Franklin 143 E. 400 N. Bountiful, UT 84010 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Generation Next Franchise Brands Generation Next Franchise Brands, Inc. is a holding company that owns three operating subsidiaries: Reis & Irvy's, Inc., Print Mates, Inc., and 19 Degrees, Inc. The companies primarily develop and operate unattended retail platforms and related technology through franchise, licensing, wholesale, and corporate owned business models. Generation Next Franchise Brands and its affiliates filed voluntary Chapter 11 petitions (Bankr. D. Nev. Lead Case No. 19-17921) on Dec. 15, 2019. The petitions were signed by Ryan Polk, chief executive officer. As of Sep. 24, 2019, Generation Next estimated $15,800,000 in assets and $45,000,000 in liabilities. The Debtors tapped Larson Zirzow Kaplan & Cottner as general bankruptcy counsel; McDonald Hopkins LLC as co-counsel with Larson Zirzow; and Sutter Securities, Inc. as investment banker. GOVERNORS CLUB: Bankruptcy Administrator to Form Committee ---------------------------------------------------------- William Miller, U.S. bankruptcy administrator, on Jan. 6 filed with the U.S. Bankruptcy Court for the Middle District of North Carolina notices of opportunity to serve on the official committee of unsecured creditors in the Chapter 11 cases of AJEM Hospitality LLC, Southern Village Shack LLC, and Governors Club Shack LLC. Unsecured creditors willing to serve on the committee are required to file a response within 10 days from Jan. 6. An organizational meeting will be scheduled after the committee is appointed, according to the filing. Mr. Miller can be reached through: Susan O. Gattis Bankruptcy Analyst 101 S. Edgeworth Street Greensboro, NC 27401 Fax: 336-291-9913 Email: susan_gattis@ncmba.uscourts.gov About AJEM Hospitality AJEM Hospitality and its affiliates, Southern Village Shack, LLC and Governors Club Shack, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. N.C. Lead Case No. 20-80003) on Jan. 3, 2020. At the time of the filing, AJEM Hospitality and Southern Village Shack each had estimated assets of less than $50,000 and liabilities of between $500,001 and $1 million. Judge Lena M. James oversees the cases. The Debtors tapped Northen Blue, LLP as their legal counsel. GRABIT INC: Unsecured Creditors to Recover 100% in Plan ------------------------------------------------------- Debtor Grabit, Inc., filed with the U.S. Bankruptcy Court for the District of Delaware a plan of reorganization, pursuant to which the Reorganized Debtor will continue to operate its business. The aggregate amount of all Other Priority Claims, General Unsecured Claims, Administrative Claims (with the exception of Professional Fee Claims satisfied by the DIP Facility) and Priority Tax Claims, or any other Claims entitled to payment in full under the Plan, do not collectively exceed $200,000. Holders of general unsecured claims totaling $106,000 will recover 100 percent. On the later of the Effective Date and the date that is 10 Business Days after the date such General Unsecured Claim becomes an Allowed Claim, each Holder of an Allowed General Unsecured Claim shall receive, on account of such Allowed Claim, Cash in an amount equal to the Allowed amount of such Claim; provided, however, if an Allowed General Unsecured Claim is not due and payable before the Effective Date, the Holder of such Allowed Claim may be paid in the ordinary course of business consistent with past practices. Except to the extent that a Holder of an Interest in the Debtor agrees to less favorable treatment, each Holder of an Interest shall receive, on account of such Interest, the payments as set forth on the Distribution Schedule. Except as otherwise provided in the Plan or Confirmation Order, all Cash required for payments to be made under the plan shall be obtained from the Debtor's and Reorganized Debtor's operations and present and future Cash balances. Upon the Effective Date, the Reorganized Debtor will become a subsidiary of the Burke Porter Group, which is a very well capitalized group of companies with the ability to invest the funds necessary to further develop the Debtor's technologies and business, with the goal of transforming the Debtor into a profitable business. As set forth in the Term Sheet, the Holders of Convertible Note Claims, MIP Claims and Interests will have an opportunity to receive a portion of the Reorganized Debtor’s future profits. A full-text copy of the Disclosure Statement is available at https://tinyurl.com/skx53sq from PacerMonitor.com at no charge. The Debtor is represented by: COLE SCHOTZ P.C. G. David Dean (6403) 500 Delaware Ave., Suite 1410 Wilmington, DE 19801 Telephone: (302) 652-3131 E-mail: ddean@coleschotz.com Irving E. Walker 300 E. Lombard Street, Suite 1450 Baltimore, MD 21202 Telephone: (410) 528-2970 E-mail: iwalker@coleschotz.com About Grabit(TM) Inc. Grabit(TM) -- https://grabitinc.com/ -- is a robotic and machine learning company leveraging proprietary electro-adhesion technology to revolutionize consumer and industrial products manufacturing and warehouse logistics. Grabit's current investors include Formation 8, Draper Nexus, Danhua Capital, Nike, Samsung, Brother Industries, ABB, Shanghai Electric, Flex, NTT Docomo and the Esquel Group. Grabit, Inc., sought Chapter 11 protection (Bankr. D. Del. Case No. 19-12703) on Dec. 18, 2019. The Debtor was estimated to have $100,000 to $500,000 in assets and $10 million to $50 million as of the bankruptcy filing. COLE SCHOTZ P.C., led by G. David Dean, Esq., is the Debtor's counsel. GRANITE CITY FOOD: U.S. Trustee Forms 2-Member Committee -------------------------------------------------------- The U.S. Trustee for Region 12 on Jan. 6, 2020, appointed two creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Granite City Food & Brewery, Ltd. The committee members are: (1) Creditor: STORE Master Funding I, LLC/ STORE Capital Corporation 8377 E. Hartford Drive, Suite 100 Scottsdale, AZ 85255 Contact Person: Lyena Hale Phone: 480-256-1199 Email: LHale@storecapital.com (2) Creditor: Edward Don & Company, LLC 9801 Adam Don Parkway Woodridge, IL 60517 Contact Person: John Fahey Phone: 708-883-8362 Email: johnfahey@don.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Granite City Food 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 four states. Granite City Food & Brewery and four affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Lead Case No. 19-43756) on Dec. 16, 2019. At the time of the filing, Granite City Food & Brewery disclosed assets of between $10 million and $50 million and liabilities of the same range. Judge William J. Fisher oversees the cases. James M. Jorissen, Esq., at Briggs & Morgan, PA, is the Debtors' legal counsel. HOLCOMB ACQUISITIONS: Cash Collateral Use Through Jan. 21 Approved ------------------------------------------------------------------ Judge Benjamin A. Kahn of the U.S. Bankruptcy Court for the District of Minnesota entered a second interim order authorizing Holcomb Acquisitions, Inc. to use cash collateral for the actual and necessary expenses of operating its business and maintaining the cash collateral pursuant to the Budget. The Debtor will be authorized to use the cash collateral through the earliest of (i) the entry of a final order authorizing the use of Cash Collateral, or (ii) the entry of a further interim order authorizing the use of Cash Collateral, or (iii) Jan. 21, 2020, or (iv) the entry of an order denying or modifying the use of Cash Collateral, or (v) an occurrence of default. The North Carolina Department of Revenue and Strategic Fund Corporation are granted a postpetition replacement lien in Debtor's post-petition property of the same type which secured the indebtedness of the Secured Parties pre-petition, with such liens having the same validity, priority, and enforceability as the Secured Parties had against the same type of such collateral as of the Petition Date, but is limited in the diminution in value of the Cash Collateral. The Debtor is required, pursuant to a separate Order entered by the Court, to segregate 80% of post-petition gift card sales, until said gift cards are redeemed, at which time the Debtor may utilize the 80% for operational expenses pursuant to the Budget. The Secured Parties' replacement liens will attach to the Gift Card Income at the time of the post-petition gift card redemption. During the Usage Period the Debtor will make monthly adequate protection payments to (a) NC DOR in the amount of $2,522 and (b) Strategic Funding in the amount of $1,966. In addition to the adequate protection payments, the Debtor will preserve, protect, maintain and adequately insure the cash collateral in the same manner as such acts were carried out pre-petition, until a further hearing on the Cash Collateral Motion is held. A further hearing on the Cash Collateral Motion and any objections and responses to the Cash Collateral Motion will be held on Jan. 21, 2020 at 9:30 a.m. About Holcomb Acquisitions Holcomb Acquisitions, Inc., which operates under the name Toys & Co., is a retailer of toys, games, hobby, and craft kits. Holcomb sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 19-11233) on Nov. 7, 2019. In the petition signed by its secretary, Marcus Holcomb, the Debtor disclosed a total of $223,359 in assets and $2,372,587 in debt. Samantha K. Brumbaugh, Esq., at IVEY, MCCLELLAN, GATTON & SIEGMUND, LLP, is the Debtor's counsel. HOOPERS CONCRETE: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Hoopers Concrete & Block, LLC, according to court dockets. About Hoopers Concrete & Block Hoopers Concrete & Block, LLC, a Florida limited liability company established in 2014, provides services and specialized concrete products and materials for general and specialized construction projects, including light commercial, gas stations, retail stores, high-rise buildings and light residential. Hoopers Concrete & Block sought Chapter 11 protection (Bankr. M.D. Fla. Case No. 19-11198) on Nov. 25, 2019 in Tampa, Fla. Stichter, Riedel, Blain & Postler, PA is the Debtor's legal counsel. Judge Caryl E. Delano oversees the case. IDEANOMICS INC: YA II PN Invests Additional $1 Million ------------------------------------------------------ As previously reported on Form 8-k filed on Dec. 26, 2019, Ideanomics, Inc. completed the initial closing with respect to a Securities Purchase Agreement, dated Dec. 19, 2019, with YA II PN, Ltd., a company incorporated and existing under the laws of the Cayman Islands, pursuant to which YA II PN agreed to purchase from the Company up to $5,000,000 in units consisting of secured convertible debentures, which will be convertible into shares of the Company's common stock at $1.50 per share, subject to anti-dilution adjustments, and shares of the Company's Common Stock. On Dec. 31, 2019, the Company completed the second closing in accordance with the Purchase Agreement pursuant to which YA II PN invested $1,000,000 in the Company in exchange for a $1,000,000 convertible debenture and 712,329 shares of Common Stock. The Second Closing was conditioned upon the Company filing with the U.S. Securities and Exchange Commission a registration statement in accordance with that certain registration rights agreement dated Dec. 19, 2019. Such registration statement was filed with the SEC on Dec. 31, 2019. The Note matures on Dec. 31, 2020 and accrues at an 4% interest rate. Pursuant to the terms of the Convertible Note, YA II PN has anti-dilution rights which adjust the $1.50 conversion price in connection with issuances below $1.00. About Ideanomics Ideanomics, formerly known as Seven Stars Cloud Group, Inc., is a global fintech advisory and Platform-as-a-Service company. Ideanomics combines deal origination and enablement with the application of blockchain and artificial intelligence technologies as part of the next-generation of financial services. The company is headquartered in New York, NY, and has offices in Beijing, China. It also has a planned global center for technology and innovation in West Hartford, CT, named Fintech Village. Ideanomics reported a net loss of $28.42 million for the year ended Dec. 31, 2018, compared to a net loss of $10.86 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, Ideanomics had $164.76 million in total assets, $47.26 million in total liabilities, $1.26 million in convertible redeemable preferred stock, and $116.24 million in total equity. B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor since 2018, issued a "going concern" opinion in its report dated April 1, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company incurred recurring losses from operations, has net current liabilities and an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. IMPORT SPECIALTIES: Wants to Continue Using Cash Collateral ----------------------------------------------------------- Import Specialties Incorporated requests the U.S. Bankruptcy Court for the District of Minnesota to authorize the continued use of cash collateral. The Debtor's calculation of the amount of debt owed to Charter Bank and secured by the collateral: $3,060,000. The Debtor proposes to provide adequate protection of Charter Bank, as follows: (a) The Debtor will use cash to pay ordinary and necessary business expenses and administrative expenses. (b) The Debtor will grant Charter Bank replacement liens in post-petition inventory, accounts, equipment and general intangibles, and cash and all proceeds thereof , to the extent of the Debtor's use of cash collateral, with such liens being of the same priority, dignity, and effect as their respective pre-petition liens. (c) The Debtor will carry insurance on its assets. (d) The Debtor will provide Charter Bank such reports and documents as they may reasonably request. (e) The Debtor will afford Charter Bank the right to inspect its books and records and the right to inspect and appraise the collateral at any time during normal operating hours and upon reasonable notice to the Debtor and its attorneys. (f) The Debtor will pay Charter Bank continued monthly adequate protection payments in the amount of $20,000, and continuing each month hereafter unless later changed by court order. About Import Specialties Import Specialties Incorporated, d/b/a Heartland America, is a privately held company in Chaska, Minnesota that sells products using television, catalog, internet, and mail-order. Import Specialties filed a voluntary Chapter 11 bankruptcy petition (Bankr. D. Minn. Case No. 19-42563) on Aug. 22, 2019. In the petition signed by CEO Mark R. Platt, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. The case has been assigned to Judge Kathleen H. Sanberg. John D. Lamey, III, Esq. at Lamey Law Firm, P.A., is the Debtor's counsel. The U.S. Trustee for Region 12 on Sept. 5, 2019, appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case. The Committee retained Barnes & Thornburg LLP, as counsel. INPIXON: Effects Reverse Common Stock Split for Nasdaq Compliance ----------------------------------------------------------------- Inpixon's Board of Directors has approved a reverse stock split of the Company's common stock whereby every 45 shares of its outstanding common stock will automatically be combined into one share of common stock. The reverse split was approved by the Company's shareholders on Nov. 15, 2019 and was effective as of the commencement of trading on Jan. 7, 2020. At such time, the common stock will also commence trading with a new CUSIP number, 45790J800. The reverse stock split is being implemented for the purpose of complying with the closing bid price requirement in Nasdaq Listing Rule 5550(a)(2). The Company's continued listing is subject to the written decision of the Nasdaq hearings panel following an appeal hearing. In accordance with the reverse stock split, each stockholder's percentage ownership interest in Inpixon will remain unchanged. Any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share of common stock. Nadir Ali, CEO of Inpixon, commented, "As we continue to make progress executing on our business model and growing our commercial and government customer base in the U.S. and around the world, in addition to addressing our bid price compliance issue, we believe the higher stock price resulting from the reverse split will enable us to attract a broader audience of open market investors. We look forward to an exciting 2020 and providing further updates." About Inpixon Headquartered in Palo Alto, California, Inpixon is a technology company that helps to secure, digitize and optimize any premises with Indoor Positioning Analytics (IPA) for businesses and governments in the connected world. Inpixon Indoor Positioning Analytics is based on new sensor technology that finds all accessible cellular, Wi-Fi, Bluetooth and RFID signals anonymously. Paired with a high-performance, data analytics platform, this technology delivers visibility, security and business intelligence on any commercial or government premises worldwide. Inpixon's products, infrastructure solutions and professional services group help customers take advantage of mobile, big data, analytics and the Internet of Things (IoT). Inpixon reported a net loss of $24.56 million for the year ended Dec. 31, 2018, compared to a net loss of $35.03 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $30.49 million in total assets, $19 million in total liabilities, and $11.48 million in total stockholders' equity. Marcum LLP, in New York, the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 28, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. JUST GAS: U.S. Trustee Unable to Appoint Committee -------------------------------------------------- The Office of the U.S. Trustee on Jan. 8, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Just Gas & Tobacco Only, Inc. 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. K.C. LEE 206 REALTY: Case Summary & Unsecured Creditor ------------------------------------------------------ Debtor: K.C. Lee 206 Realty LLC c/o Kae Chul Lee 10 Ray Avenue Leonia, NJ 07605 Business Description: K.C. Lee 206 Realty LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B). The Company previously sought bankruptcy protection on Feb. 14, 2019 (Bankr. D. N.J. Case No. 19-13121). Chapter 11 Petition Date: January 9, 2020 Court: United States Bankruptcy Court District of New Jersey Case No.: 20-10369 Debtor's Counsel: Michael S. Kopelman, Esq. KOPELMAN & KOPELMAN LLP 90 Main Street, Suite 205 Hackensack, NJ 07601 Tel: (201) 489-5500 E-mail: kopelaw@kopelmannj.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Kae Chul Lee, member. The Debtor lists Bil-Man Asset Management LLC as its sole unsecured creditor holding a claim of $878,164. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/WtujK6 K.C. LEE 222 REALTY: Case Summary & Unsecured Creditor ------------------------------------------------------ Debtor: K.C. Lee 222 Realty LLC c/o Kae Chul Lee 10 Ray Avenue Leonia, NJ 07605 Business Description: K.C. Lee 222 Realty LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: January 9, 2020 Court: United States Bankruptcy Court District of New Jersey Case No.: 20-10370 Debtor's Counsel: Michael S. Kopelman, Esq. KOPELMAN & KOPELMAN LLP 90 Main Street, Suite 205 Hackensack, NJ 07601 Tel: (201) 489-5500 Email: kopelaw@kopelmannj.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Kae Chul Lee, member. The Debtor lists Bil-Man Asset Management LLC as its sole unsecured creditor holding a claim of $888,164. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/fsV1Aq KNOLL'S INC: Jan. 22, 2020 Plan Confirmation Hearing Set -------------------------------------------------------- On Oct. 30, 2019, debtor Knoll's, Inc. filed with the U.S. Bankruptcy Court for the District of Kansas a Disclosure Statement and Plan under Chapter 11 of the Bankruptcy Code. On Dec. 19, 2019, the Court approved the Disclosure Statement and ordered that: * Jan. 22, 2020, at 10:30 am, is the evidentiary hearing to consider confirmation of Chapter 11 Plan to be held by the Court at the United States Courthouse, 401 North Market, Room 150, Wichita Kansas. * Jan. 15, 2020, is the deadline to file objections to the Chapter 11 Plan. * Jan. 15, 2020, is fixed as the last day for receipt and acceptances or rejections of the Chapter 11 Plan. All ballots must be received by Dan W. Forker, Jr. prior to 4:00 p.m. on that date to be counted. A full-text copy of the Disclosure Statement Order is available at https://tinyurl.com/vny8n6z from PacerMonitor.com at no charge. About Knoll's Inc. Knoll's, Inc., is a privately held company in Garden City, Kan., which operates in the crop farming industry. Knoll's filed a voluntary Chapter 11 petition (Bankr. D. Kan. Case No. 19-10795) on May 3, 2019. In the petition signed by Robert Knoll, president, the Debtor disclosed $1,378,823 in assets and $6,504,194 in liabilities. On May 3, 2019, a motion was filed requesting for the joint administration of the Debtor's case with those of Robert Joseph Knoll and Patricia Marie Knoll (Bankr. D. Kan. Case No. 19-10796) and Scott Allen Knoll (Bankr. D. Kan. Case No. 19-10797). Judge Robert E. Nugent oversees the Debtors' cases. David P. Eron, Esq. at Eron Law, P.A., is the Debtors' legal counsel. KOI DESIGN: Court Confirms Plan of Reorganization ------------------------------------------------- On Dec. 17, 2019, the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, convened a hearing on confirmation of the Plan and the adequacy of the Disclosure Statement for Debtor Koi Design LLC. The bankruptcy judge ordered that: * The Disclosure Statement is approved as containing adequate information within the meaning of Section 1125 of the Bankruptcy Code. * The Plan and each of its provisions shall be, and are, confirmed under Section 1129 of the Bankruptcy Code. * Upon the payment in full of the Wells Fargo Secured Claim, (i) all liens and security interests granted to or held by Wells Fargo in the Debtor's or the Reorganized Debtor's assets will automatically terminate and be released without further action, (ii) the Reorganized Debtor shall be authorized to file UCC-3 termination statements relating to financing statements filed by Wells Fargo, and (iii) all indebtedness and obligations of the Debtor to Wells Fargo shall be paid, discharged and satisfied subject to the terms of the Payoff and Termination Agreement entered into between the Debtor and Wells Fargo. * Upon the payment of $3.5 million to SPI, (i) the abstracts of judgment and notices of judgment lien shall automatically terminate and be released without further action as to all of the Reorganized Debtor's assets except as to the proceeds on the Fiduciary Duty Action, (ii) the Reorganized Debtor shall be authorized to file all documents necessary to release SPI's liens in the Reorganized Debtor's assets except that such releases shall not cover or release SPI's interests in the Fiduciary Duty Action, and (iii) the abstracts of judgment identified as Instrument Number 20181101375 and Instrument Number 20181101376 that have attached to that certain residential real property located at 2577 South Bundy Drive in Los Angeles, California 90064 shall automatically terminate and be released without further action. * All Plan Documents are hereby authorized and approved, and the Reorganized Debtor’' obligations thereunder are legal, valid, binding and enforceable. A full-text copy of the Order Confirming the Plan is available at https://tinyurl.com/roohges from PacerMonitor.com at no charge. The Debtor is represented by: Nicholas Rozansky Susan K. Seflin Jessica L. Bagdanov BRUTZKUS GUBNER 21650 Oxnard Street, Suite 500 Woodland Hills, CA 91367 Telephone: (818) 827-9000 Facsimile: (818) 827-9099 E-mail: nrozansky@bg.law sseflin@bg.law jbagdanov@bg.law About Koi Design Koi Design LLC -- https://www.koihappiness.com/ -- is an independently-owned, woman-run company engaged in wholesale distribution of women's and men's clothing and accessories. Koi Design, a California limited liability company, filed a voluntary Chapter 11 petition (Bankr. C.D. Cal. Case No. 19-10762) on Jan. 25, 2019. In the petition signed by Kathy Peterson, president and managing member, the Debtor was estimated to have $10 million to $50 million in both assets and liabilities. The case is assigned to Judge Neil W. Bason. The Debtor tapped Brutzkus Gubner Rozansky Seror Weber LLP as its legal counsel, and Broadway Advisors, LLC as its financial advisor. LION HOLDINGS: Cash Collateral Use for Six Months Approved ---------------------------------------------------------- Judge Vincent P. Zurzolo of the U.S. Bankruptcy Court for the Central District of California entered an order approving The Lion Holdings, LLC's use of cash collateral on an interim basis for a period of six months. The Debtor is authorized to use cash collateral to pay all of the expenses set for in the Budget, with authority to deviate from the line items contained therein by not more than 15%, on a cumulative basis. About Lion Holdings The Lion Holdings, LLC owns in fee simple a property located at 5857 Willis Avenue Van Nuys, Calif. The property has a comparable sale value of $1 million. Lion Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 19-22421) on Oct. 21, 2019. At the time of the filing, the Debtor disclosed $1.015 million in assets and $950,732 in liabilities. The case is assigned to Judge Vincent P. Zurzolo. LITESTREAM HOLDINGS: U.S. Trustee Forms 3-Member Committee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Litestream Holdings, LLC. The committee members are: (1) Garrick Russell President & COO Great Lakes Data Systems, Inc. 5454 Priestly Drive Carlsbad, CA 92008 Phone: 760-602-1900 Ext. 183 Fax: 760-602-1928 Email: Garrick.russell@glds.com (2) Frank Mambuca Email: frank@fiber-solutions.com 478 Terra Vista Ct Naples, FL 34119 Phone: 239-961-2454 (3) Cathleen Scott Email: cscott@scottwagnerlaw.com Scott Wagner & Associates 250 S. Central Blvd., Suite #104 Jupiter, FL 33458 Phone: 561-653-0008 Fax: 561-653-0020 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Litestream Holdings Litestream Holdings, LLC, a Florida-based provider of video, broadband and phone services, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 19-26043) on Nov. 27, 2019 in West Palm Beach, Fla., listing between $1 million and $10 million in both assets and liabilities. The petition was signed by Paul Rhodes, managing member. Judge Mindy A. Mora oversees the case. FurrCohen P.A., is the Debtor's legal counsel. LUPPINO BROTHERS: Seeks to Extend Exclusivity Period Until March 23 ------------------------------------------------------------------- Luppino Brothers, Inc. requests the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend the exclusivity period to file a Chapter 11 Plan and Disclosure Statement until March 23. The deadline for the Debtor to file a Chapter 11 Plan and Disclosure expired on Dec. 23, 2019. Pursuant to the Consent Order between the Debtor and its landlord, Transamerican Trust, the relief from stay is effective on Jan. 31, with respect to its sole business location. Accordingly, the Debtor has been diligently looking into alternative business space at which to operate its retail antique business. At this time, due to the fact that it is still unclear where the Debtor will be operating after vacating the current leased premises, the Debtor is unable to propose a Chapter 11 Plan and Disclosure Statement that detail feasibility and long-term stability. The Debtor anticipates being able to request the court to authorize a new lease within the next 60 days and hopes to be in a position to file a Chapter 11 Plan within 90 days. About Luppino Brothers Luppino Brothers, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 19-22525) on June 26, 2019. In the petition signed by its president, Daniel F. Luppino, the Debtor had estimated assets of less than $50,000 and liabilities of less than $50,000. The case has been assigned to Judge Thomas P. Agresti. Steidl & Steinberg is the Debtor's bankruptcy counsel. The Office of the U.S. Trustee on Aug. 16 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Luppino Brothers, Inc. MABVAX THERAPEUTICS: UST Says Creditors Should Get Copies of Plan ----------------------------------------------------------------- Andrew R. Vara, the Acting United States Trustee for Region 3, objects to the motion of Debtors Mabvax Therapeutics Holdings, Inc., et al., for entry of an order conditionally approving the combined plan and disclosure statement. In particular, contrary to Rule 3017(d), the Debtors propose only to mail solicitation packages to claim holders in the Voting Class. For holders of claims and equity interests in Classes that are conclusively deemed to accept or reject the Combined Joint Plan and Disclosure Statement, the Debtors propose only to send a Confirmation Hearing Notice that will advise parties that they can request paper or electronic copies of the Combined Joint Plan and Disclosure Statement at no charge, in lieu of providing copies of such documents, or a USB drive containing electronic copies, to those parties entitled to receive such documents. According to the U.S. Trustee, the Debtors should be required to provide copies of the Disclosure Statement and Plan to creditors and interest holders. A full-text copy of U.S. Trustee's objection is available at https://tinyurl.com/rqj4og2 from PacerMonitor.com at no charge. About MabVax Therapeutics MabVax Therapeutics -- https://www.mabvax.com/ -- is a clinical-stage biotechnology company with a fully human antibody discovery platform focused on the rapid translation into clinical development of products to address unmet medical needs in the treatment of cancer. MabVax Therapeutics Holdings, Inc. and MabVax Therapeutics, Inc. each filed a voluntary Chapter 11 petition (Bankr. D. Del. Case No. 19-10603 and 19-10604, respectively) on March 21, 2019. At the time of filing, MabVax Therapeutics Holdings was estimated to have $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. MabVax Therapeutics, Inc., was estimated to have up to $50,000 in assets and liabilities. Jason A. Gibson, Esq., at the Rosner Law Group LLC, is the Debtors' bankruptcy counsel. MAD DOGG ATHLETICS: Allowed to Use Cash Collateral Until Jan. 31 ---------------------------------------------------------------- Judge Julia W. Brand of the U.S. Bankruptcy Court for the Central District of California authorized Mad Dogg Athletics, Inc. to use cash collateral in accordance with the Second Cash Collateral Budget for the period form Dec. 1 through Jan. 31, 2020. John R. Baudhuin (as the holder of the Union Bank secured claim on account of the Union Bank Loan to the Debtor), the other Prepetition Secured Lenders mentioned in the Motion, and MUFG Union Bank, N.A. (with respect to its guaranty claims), are each granted adequate protection in the form of replacement liens in all assets in which and to the extent the Debtor holds an interest, whether tangible or intangible, whether by contract or operation of law, and including all profits and proceeds thereof, with priority consistent with each creditors' prepetition lien priority, but only to the extent their respective prepetition security interests are valid, enforceable, properly perfected, and unavoidable, and the Debtor's use of cash collateral results in a diminution in the value of their security interests. However, said replacement lien will not include claims or causes of action possessed by the Debtor's bankruptcy estate under 11 U.S.C. Sections 544, 545, 547, 548, 553(b), or 723(b). About Mad Dogg Athletics Mad Dogg Athletics, Inc. -- https://www.maddogg.com/ -- offers a comprehensive portfolio of fitness equipment, programming, and education. The company manufactures home Spinner bikes, Pilates and functional training equipment, and a complete line of Spinning-branded apparel and accessories. With its business founded in 1994 in Los Angeles, California, Mad Dogg operates from its corporate headquarters in Venice, California. Mad Dogg Athletics sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 19-18730) on July 26, 2019. In the petition signed by CEO John R. Baudhuin, the Debtor was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. The case is assigned to Judge Julia W. Brand. David S. Kupetz, Esq., at SULMEYER KUPETZ, serves as the Debtor's bankruptcy counsel. Ardent Law Group, P.C., is special litigation counsel. MC CLOUD TRUCKING: Administrator Unable to Appoint Committee ------------------------------------------------------------ The U.S. bankruptcy administrator on Jan. 7, 2020, disclosed in a filing with the U.S. Bankruptcy Court for the Eastern District of North Carolina that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Mc Cloud Trucking LLC. About Mc Cloud Trucking Mc Cloud Trucking, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 19-05436) on Nov. 25, 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. The case is assigned to Judge Joseph N. Callaway. The Debtor is represented by Jonathan E. Friesen, Esq., at Gillespie & Murphy, P.A. MESH SUTURE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Mesh Suture, Inc. D 83 Calle C Costa De Oro Dorado, PR 00646 Business Description: Mesh Suture, Inc. -- https://meshsuture.net -- is engaged in the manufacturing of medical equipment and supplies. Chapter 11 Petition Date: January 9, 2020 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 20-00031 Debtor's Counsel: Carmen D. Conde Torres, Esq. C. CONDE & ASSOC. 254 San Jose Street, 5th Floor San Juan, PR 00901-1523 Tel: 787-729-2900 E-mail: condecarmen@condelaw.com Total Assets: $9,133,930 Total Liabilities: $1,486,431 The petition was signed by Mark Schwartz, chief executive officer, director of the Board, and treasurer. A copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/S2Ku2H MOTIF DIAMOND: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Motif Diamond Designs, Inc. 2300 Eureka Road Taylor, MI 48180 Business Description: Motif Diamond Designs, Inc. owns and operates jewelry stores. Chapter 11 Petition Date: January 8, 2020 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 20-40285 Debtor's Counsel: Yuliy Osipov, Esq. OSIPOV BIGELMAN, P.C. 20700 Civic Center Drive, Suite 420 Southfield, MI 48076 Tel: 248-663-1800 E-mail: yo@osbig.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Toros Chopjian, vice president. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/YnSeyw NEPHROS INC: Anticipates $10.3 Million 2019 Full-Year Revenue ------------------------------------------------------------- Nephros, Inc., announced preliminary financial results for the fiscal year ended Dec. 31, 2019. Full-year 2019 revenues are expected to be approximately $10.3 million, an increase of approximately 82% compared to the year ended Dec. 31, 2018 and exceeding the upper range of previously provided guidance of $9.5 to $10 million. Revenues for the quarter ended Dec. 31, 2019 are expected to be approximately $3.2 million, an increase of 99% over the same quarter in 2018. "Our growth in 2019, capped by our 14th consecutive quarter of year-over-year growth averaging over 65%, is a result of the combination of a customer-focused infrastructure, energetic strategic partners, and high-performance products," said Daron Evans, president and chief executive officer of Nephros. "We believe our growth story will continue to progress well through 2020 and beyond. We intend to provide revenue guidance during our 2019 earnings call, which we expect to conduct in late February." Nephros ended the year with approximately $4.1 million in cash on a consolidated basis. About Nephros, Inc. River Edge, N.J.-based Nephros, Inc., is a commercial stage medical device company that develops and sells high performance liquid purification filters. Its filters, which are generally classified as ultrafilters, are primarily used in hospitals for the prevention of infection from water-borne pathogens, such as legionella and pseudomonas, and in dialysis centers for the removal of biological contaminants from water and bicarbonate concentrate. Nephros reported a net loss of $3.32 million for the year ended Dec. 31, 2018, compared to a net loss of $809,000 for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $11.55 million in total assets, $4.83 million in total liabilities, and $6.72 million in total stockholders' equity. The Company has sustained operating losses and expects such losses to continue over the next several quarters. In addition, net cash from operations has been negative since inception, generating an accumulated deficit of approximately $127,188,000 as of Sept. 30, 2019. Also, the Company has a loan agreement with a lender, which provides a secured asset-based revolving credit facility of up to $1,000,000. This loan agreement automatically renewed on Aug. 17, 2019. "Based on cash that is available for Company operations and projections of future Company operations, the Company believes that its cash will be sufficient to fund the Company's current operating plan through at least the next 12 months from the date of issuance of the accompanying condensed consolidated financial statements. In the event that operations do not meet expectations, the Company will reduce discretionary expenditures such as additional headcount, new R&D projects, and other variable costs to alleviate the substantial doubt as to the Company's ability to continue as a going concern. The Company may also seek to raise additional capital, however, there can be no assurance that any such actions could be affected on a timely basis or on satisfactory terms or at all, or that these actions would enable the Company to continue to satisfy its capital requirements," said Nephros in its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2019. NEWSCO INTERNATIONAL: U.S. Trustee Forms 5-Member Committee ----------------------------------------------------------- Henry Hobbs Jr., acting U.S. trustee, on Jan. 8, 2020, appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Newsco International Energy Services USA, Inc. The committee members are: (1) Abaco Drilling Technologies, LLC 713 Northpark Central Dr., Ste 400 Houston, TX 77073 James Hanna (202) 674-2009 James.Hanna@abacodrilling.com (2) Phoenix Technology Services USA, Inc. 12329 Cotton Road Houston, TX 77066 Cam Ritchie (713) 337-0600 critchie@phxtech.com (3) IAE International, Inc. 13300 Stonefield Dr. Houston, TX 77014 Dave Howe (281) 209-1383 Dave.howe@iaeintl.com (4) Gator Technologies, LLC 415 Rankin Circle N Houston, TX 77073 Marcus LeBlanc (832) 341-3874 mleblanc@gatortechnologies.net (5) Park City Drilling Tech 800 North Park Central, Suite 100 Houston, TX 77073 Bob Ferguson (832) 566-3066 BFerguson@parkcitydt.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Newsco International Energy Services USA Inc. Established in 1994, Newsco International Energy Services USA Inc. -- www.newsco-drilling.com -- is a global directional drilling and MWD (measurement while drilling) service company. Newsco International Energy Services USA Inc. filed a voluntary petition for Chapter 11 bankruptcy relief (Bankr. S.D. Tex. Case No. 19-36767) on Dec. 4, 2019. In the petition signed by Corey D. Campbell, chief operating officer, the Debtor estimated $1 million to $10 million in both assets and liabilities. Stephen A. Roberts, Esq., at Clark Hill Strasburger, is the Debtor's legal counsel. NICK'S PIZZA: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Nick's Pizza & Pub, Ltd. 990 S. Randall Rd. Elgin, IL 60123 Business Description: Nick's Pizza & Pub, Ltd., an Illinois corporation, is a family dining restaurant offering pizzas, sandwiches, burgers, wraps, soups & salads, munchies, sides, desserts, and beverages. Visit https://www.nickspizzapub.com for more information. Chapter 11 Petition Date: January 8, 2020 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 20-00551 Judge: Hon. Lashonda A. Hunt Debtor's Counsel: Matthew T. Gensburg, Esq. GENSBURG CALANDRIELLO & KANTER, P.C. 200 W. Adams St., Ste. 2425 Chicago, IL 60606 Tel: (312) 263-2200 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Nicholas Sarillo, president. A copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/WsLi17 OFFSHORE MARINE: Gets Interim Approval to Hire Bohman Morse ----------------------------------------------------------- Offshore Marine Contractors, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Bohman Morse, LLC as its special counsel. Bohman Morse will advise the Debtor on maritime law matters. The firm's hourly fees are: Partner (10+ years)/Senior Counsel $290 Partner (5-10 years in practice) $275 Senior Associate (3-10 years in practice) $205 Junior Associate (0-3 years in practice) $175 Paralegal $100 Law Clerk $75 Administrative No Charge Martin Bohman, Esq., a partner at Bohman Morse, disclosed in court filings that the firm does not hold any interest adverse to the Debtor and its bankruptcy estate. Bohman Morse can be reached through: Martin S. Bohman, Esq. Bohman Morse, LLC 650 Poydras, Suite 2710 New Orleans, LA 70130 Phone: 504-930-4030 Fax: 888-217-2744 About Offshore Marine Contractors Offshore Marine Contractors -- http://offshoremarine.net/-- is a family-owned and operated company that provides offshore, self-propelled, and self-elevating liftboats for the petroleum exploration and transportation industries. Offshore Marine Contractors, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 19-13253) on Dec. 4, 2019. In the petition signed by its president, Raimy Eymard, the Debtor disclosed $32,345,576 in assets and $69,280,946 in debts. Judge Meredith S. Grabill oversees the case. The Debtor tapped Stewart Robbins & Brown, LLC as its legal counsel. OHM HOSPITALITY: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The Office of the U.S. Trustee on Jan. 6 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of OHM Hospitality. About OHM Hospitality OHM Hospitality, a privately held company in the traveler accommodation industry, 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. OLD DOMINION: Jan. 29, 2020 Chapter 11 Status Conference Set ------------------------------------------------------------ On Jan. 29, 2020, at 11:00 a.m., the U.S. Bankruptcy Court for the District of Kansas will conduct a preliminary status conference in the case in Room 210, United States Courthouse, 444 SE Quincy, Topeka, Kansas 66683, at which time the managing officer and counsel of Debtor Old Dominion Apparel Corporation are directed to appear. The principal purpose of the status conference is to assist the Court in managing its docket and the case. Parties other than the Debtor's management and its counsel will be allowed to speak briefly about concerns or problems they anticipate may arise in the case, but they will not be allowed to request relief or seek orders on pending motions and proceedings that will be otherwise scheduled. A full-text copy of the order is available at https://tinyurl.com/usthcsu from PacerMonitor.com at no charge. ORIGIN AGRITECH: BF Borgers Replaces BDO as Accountants ------------------------------------------------------- The Audit Committee and the Board of Directors of Origin Agritech Limited decided to engage BF Borgers CPA PC to replace the current independent certified public accounts of the Company, BDO China Shu Lun Pan Certified Public Accountants. The effective date of the end of the BDO engagement was Jan. 2, 2020, and the commencement date of the Borgers engagement was Jan. 3, 2020. The engagement of Borgers was approved by the Audit Committee of the Board of Directors and the Board of Directors. BDO's audit reports on the Company's consolidated financial statements as of and for the fiscal years ended Sept. 30, 2017 and 2018, did not contain an adverse opinion or a disclaimer of opinion, and was not qualified as to uncertainty, audit scope, or accounting principles. The BDO's audit reports on the Company's consolidated financial statements for fiscal years ended Sept. 30, 2017 and 2018, however, contained a modification by BDO raising substantial doubt of the Company's ability to continue as a going concern due to the Company having recurring losses from operations and having a net capital deficiency. During the Company's fiscal year ended Sept. 30, 2018, and the subsequent annual period from Oct. 1, 2018, through Sept. 30, 2019, and the subsequent interim period from Oct. 1, 2019 to Jan. 2, 2020, the date of BDO's termination, (i) there were no disagreements with BDO on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. During the two most recent fiscal years ended Sept. 30, 2018 and 2019, and from Oct. 1, 2019, through Jan. 3, 2020, neither the Company nor anyone acting on its behalf consulted with Borgers regarding either (i) the application of accounting principles to a specific transaction, either completed or proposed; or the type of audit opinion that might be rendered on the Company's financial statements, and no written report was provided to the Company or oral advice was provided that Borgers concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (ii) any matter that was the subject of either a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K). About Origin Founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, Origin Agritech Limited (NASDAQ GS: SEED) -- http://www.originseed.com.cn/-- is an agricultural biotechnology company, specializing in crop seed breeding and genetic improvement, seed production, processing, distribution, and related technical services. Origin operates production centers, processing centers and breeding stations nationwide with sales centers located in key crop-planting regions. Product lines are vertically integrated for corn, rice and canola seeds. Origin Agritech reported a net loss of RMB152.79 million for the year ended Sept. 30, 2018, following a net loss of RMB106.26 million for the year ended Sept. 30, 2017. BDO China Shu Lun Pan Certified Public Accountants LLP, in Shenzhen, The People's Republic of China, the Company's auditor since 2011, issued a "going concern" qualification in its report dated June 3, 2019, on the Company's consolidated financial statements for the year ended Sept. 30, 2018, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. ORTHO-CLINICAL DIAGNOSTICS: Moody's Cuts Rating on Sec. Loans to B2 ------------------------------------------------------------------- Moody's Investors Service downgraded Ortho-Clinical Diagnostics SA's senior secured bank credit facilities ratings to B2 from B1. Moody's also assigned a B2 rating to the company's new $375 million-equivalent EUR term loan B due 2025. Moody's affirmed Ortho's Corporate Family Rating at B3 and the Probability of Default Rating at B3-PD and the Caa2 ratings of the senior unsecured notes due 2022. The outlook remains stable. Ortho intends use the proceeds to refinance a portion of its 6.625% USD notes due 2022 and to pay transaction fees. The downgrade of the secured debt rating to B2 reflects the increase in secured debt and lower level of unsecured debt in the company's capital structure following these transactions. "Moody's views the proposed transaction as credit positive as it is leverage neutral, while extending Ortho's debt maturity profile and aligns the currency of its debt with that of its revenue and profits" said Moody's Vice President Jean-Yves Coupin. Rating Actions: Ortho-Clinical Diagnostics SA Ratings assigned: Senior secured EUR term loan B at B2 (LGD3) Ratings downgraded: Senior secured bank credit facilities to B2 (LGD3) from B1 (LGD3) Ratings affirmed: Corporate Family Rating at B3 Probability of Default Rating at B3-PD Senior unsecured notes at Caa2 (LGD5) The outlook remains stable RATINGS RATIONALE Ortho's B3 Corporate Family Rating reflects Moody's expectation that the company will continue to operate with high financial leverage. Moody's expects Ortho's pro forma adjusted debt to EBITDA to decline modestly to approximately 7.0 times over the next 12-18 months mainly as a result of improving profitability. Moody's also expects Ortho will generate positive free cash flow over the next 12-18 months reflecting management's focus on improving its cost base and a decline in cash integration and restructuring costs Ortho benefits from its large scale and good diversity by customer, product and geography. The recurring nature of approximately 80% of the company's revenues that are generated from the sale of consumables and reagents provides a level of stability to Ortho's operations. In the longer-term, Ortho is positioned to grow earnings through achieving cost efficiencies and further penetrating emerging markets. The stable outlook reflects Moody's view that Ortho will remain highly levered over the year ahead while maintaining a good liquidity profile. Medical device companies face moderate environment 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. With respect to governance, the company has an aggressive financial policy as evidenced by high financial leverage. This reflects Ortho's private equity ownership that may lead to shareholder friendly actions which are detrimental to creditors. The ratings could be upgraded if Ortho consistently generates positive free cash flow and adjusted debt to EBITDA is sustained below 6.0 times while maintaining a good liquidity profile. The ratings could be downgraded if Ortho experiences deterioration in liquidity or is unable to reduce its financial leverage or improve free cash flow. Ortho-Clinical Diagnostics produces in-vitro diagnostics equipment and associated assays and reagents. Ortho's largest segment, Clinical Laboratories, develops clinical chemistry and immunoassay tests, targeting primarily small and medium-sized hospitals. The company's Immunohematology products are used by blood banks and hospitals to determine patient-donor compatibility in blood transfusions. Ortho also develops and markets equipment and assays for blood and plasma screening for infectious diseases. The company's revenues are approximately $1.8 billion. Ortho is owned by the Carlyle Group. The principal methodology used in these ratings was Medical Product and Device Industry published in June 2017. PEAK SERUM: Seeks to Hire Wick & Trautwein as Special Counsel ------------------------------------------------------------- Peak Serum, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wick & Trautwein, LLC as its special counsel. The firm will advise the Debtor on corporate legal issues. Kevin Ward, Esq., the firm's attorney who will be providing the services, will charge an hourly fee of $200. Mr. Ward disclosed in court filings that his firm neither holds nor represents any interest adverse to the interest of the Debtor's estate and creditors. Wick & Trautwein can be reached through: Kevin W. Ward, Esq. Wick & Trautwein, LLC 323 South College Avenue #3 Fort Collins, CO 80524 Toll Free: 866-686-1410 Phone: 970-237-5694 Fax: 970-482-8929 About Peak Serum Headquartered in Wellington, Colo., Peak Serum is a privately owned and independent supplier of life science laboratory products. Its core focus is Fetal Bovine Serum (FBS) for cGMP / clinical trial research and diagnostics applications. The Company offers a wide range of 100% US Origin and USDA-Approved FBS products for all levels of research compliance. Peak Serum sought Chapter 11 protection (Bankr. D. Colo. Case No. 19-19802) on Nov. 13, 2019. At the time of filing, the Debtor recorded total assets at $956,300 and total liabilities at $3,580,644. The petition was signed by Thomas Kutrubes, president and chief executive officer. Judge Joseph G. Rosania Jr. oversees the case. Wadsworth Garber Warner Conrardy, P.C. is the Debtor's legal counsel. PEN INC: Reports $343K Net Loss for Quarter Ended June 30 --------------------------------------------------------- PEN Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $342,909 on $651,639 of total revenues for the three months ended June 30, 2019, compared to a net loss of $20,802 on $1.37 million of total revenues for the three months ended June 30, 2018. For the six months ended June 30, 2019, the Company reported a net loss of $391,148 on $1.41 million of total revenues compared to a net loss of $41,320 on $2.81 million of total revenues for the same period during the prior year. As of June 30, 2019, the Company had $1.49 million in total assets, $1.96 million in total liabilities, and a total stockholders' deficit of $465,544. The Company had a net loss of $53,135 and $687,068 for the years ended Dec. 31, 2018 and 2017. The Company had an accumulated deficit, a stockholders' deficit and a working capital deficit of $7,031,518, $465,544 and $646,297, respectively, at June 30, 2019. The Company said these factors raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. PEN Inc. said, "Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. During 2018 and continuing in the first two quarters of 2019, management has taken measures to reduce operating expenses. Although the Company has historically raised capital from sales of equity, there is no assurance that it will be able to continue to do so." A full-text copy of the Form 10-Q is available for free at the SEC's website at: https://is.gd/4jgHq2 About PEN Inc. Headquartered in Miami, Florida, PEN develops, commercializes and markets consumer and industrial products enabled by nanotechnology that solve everyday problems for customers in the optical, transportation, military, sports and safety industries. The Company's primary business is the formulation, marketing and sale of products enabled by nanotechnology including the ULTRA CLARITY brand eyeglass cleaner, CLARITY DEFOGIT brand defogging products and CLARITY ULTRASEAL nanocoating products for glass and ceramics. The Company also sells an environmentally friendly surface protector, fortifier, and cleaner. The Company's design center conducts product development services for government and private customers and develops and sells printable inks and pastes, thermal management materials, and graphene foils and windows. PEN was formed in 2014, and is the successor to Applied Nanotech Holdings Inc. that had been formed in 1989. In the combination that created PEN, Nanofilm, Ltd. acquired Applied Nanotech Holdings, Inc. PENGROWTH ENERGY: Closes Plan of Arrangement with Cona Resources ---------------------------------------------------------------- Pengrowth Energy Corporation confirms the closing of the plan of arrangement involving Pengrowth, Cona Resources Ltd. (the "Purchaser"), Waterous Energy Fund (Canadian) LP, Waterous Energy Fund (US) LP, Waterous Energy Fund (International) LP, and the holders of common shares and secured debt of Pengrowth, as previously announced by Pengrowth on Oct. 31, 2019. Pursuant to the Arrangement, the Purchaser has acquired all of the outstanding Pengrowth common shares in exchange for the cash consideration of $0.05 per share, along with a right to each shareholder's pro-rata portion of any proceeds with respect to an ongoing litigation matter with Grand Valley Resources Corp. as a dividend in kind. As part of the Arrangement, the GVR Litigation and any proceeds with respect to the GVR Litigation, less applicable costs, will be assigned to a litigation trustee to be held in trust for former shareholders of the Company. All outstanding options of Pengrowth were cancelled prior to the closing of the Arrangement for nil consideration. All secured debt of Pengrowth has been repaid pursuant to the Arrangement. Registered Pengrowth shareholders, who have not already done so, should submit their certificates or DRS Advice representing their Pengrowth shares along with a completed letter of transmittal to the depositary, Computershare Trust Company of Canada, in order to receive the Share Consideration. Holders of Pengrowth common shares who hold their shares through a broker, investment dealer or other intermediary should follow the instructions by such broker, investment dealer or other intermediary. In connection with the completion of the Arrangement, the common shares of Pengrowth are expected to be de-listed from the Toronto Stock Exchange at the close of trading on Jan. 8, 2020. About Pengrowth Pengrowth Energy Corporation -- http://www.pengrowth.com/-- is a Canadian energy company focused on the sustainable development and production of oil and natural gas in Western Canada from its Lindbergh thermal oil property and its Groundbirch Montney gas property. The Company is headquartered in Calgary, Alberta, Canada and has been operating in the Western Canadian basin for more than 30 years. The Company's shares trade on both the Toronto Stock Exchange under the symbol "PGF" and on the OTCQX under the symbol "PGHEF". Pengrowth reported a net loss and comprehensive loss of C$559.3 million in 2018, following a net loss and comprehensive loss of C$683.8 million in 2017. As of Sept. 30, 2019, Pengrowth had C$1.10 billion in total assets, C$1.07 billion in total liabilities, and C$27 million in shareholders' equity. KPMG LLP, in Calgary, Canada, the Company's auditor since 1988, issued a "going concern" qualification in its report dated March 5, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has significant uncertainties relating to its ability to meet its financial obligations on scheduled debt maturities and comply with certain debt covenants that raise substantial doubt about its ability to continue as a going concern. PHX INVESTMENT: Bankr. Administrator Unable to Appoint Committee ---------------------------------------------------------------- The U.S. bankruptcy administrator on Jan. 6, 2020, disclosed in a filing with the U.S. Bankruptcy Court for the Southern District of Alabama that no official committee of unsecured creditors has been appointed in the Chapter 11 case of PHX Investment Group LLC. About PHX Investment Group PHX Investment Group, LLC, a real estate investment company, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 19-14154) on Nov. 25, 2019. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Henry A. Callaway oversees the case. The Debtor is represented by Barry A. Friedman, Esq., at Friedman, Poole & Friedman, P.C. PHYTO-PLUS INC: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Phyto-Plus Inc., according to court dockets. About Phyto-Plus Inc. Phyto-Plus Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-10837) on Nov. 14, 2019. At the time of the filing, the Debtor disclosed assets of between $100,001 and $500,000 and liabilities of the same range. Judge Michael G. Williamson oversees the case. Buddy D. Ford, P.A. is the Debtor's legal counsel. PLH GROUP: Moody's Lowers CFR to B3, Outlook Stable --------------------------------------------------- Moody's Investors Service downgraded the Corporate Family Rating of PLH Group, Inc. to B3 from B2 and the Probability of Default Rating to B3-PD from B2-PD. Concurrently, Moody's also downgraded the Senior Secured Bank Credit Facility of PLH Infrastructure Services, Inc. to B3 from B2. The outlook is stable. The ratings downgrade reflects Moody's expectation that leverage will remain elevated in 2020 after weaker than projected operating performance in 2019 drove leverage to approximately 8.7x as of September 2019 (including Moody's standard pension and lease adjustments). PLH has been negatively impacted by lower than anticipated pipeline revenue in the first half of 2019 due to increased competition. In addition, the bankruptcy of PG&E in January 2019 resulted in delayed recovery of receivables. Finally, Moody's projects only a modest improvement in free cash flow in 2020, to approximately $9 million, after being negative for the last twelve months ended September 30, 2019. Summary of Moody's Actions: Issuer: PLH Group, Inc. Corporate Family Rating downgraded to B3, from B2 Probability of Default Rating downgraded to B3-PD, from B2-PD Issuer: PLH Infrastructure Services, Inc. Senior Secured Bank Credit Facility downgraded to B3 (LGD3), from B2 (LGD3) Outlook Actions: Issuer: PLH Group, Inc. Outlook, remains stable Issuer: PLH Infrastructure Services, Inc. A stable outlook was assigned RATINGS RATIONALE PLH's B3 CFR is constrained by the company's high financial leverage and low interest coverage. Moody's expects adjusted Debt/EBITDA of 6.1x and EBITA interest coverage of 0.9x by the end of 2020, which is an improvement over 2019 but still weak. The company's liquidity profile is adequate, with modest operating cash flow relative to capital expenditures and mandatory debt amortization. The rating also reflects end market cyclicality, particularly in the oil and gas sector, high customer concentration and meaningful competitive pressures. Furthermore, PLH has thin margins when excluding revenue streams from its emergency restoration business, which can be unpredictable. Finally, PLH is small in size and scale, and is operating in an industry with substantial reinvestment requirements needed to remain competitive. These factors are counterbalanced by the strong demand drivers within the company's end markets that will continue to support investment in the electric grid and in pipelines. A significant portion of PLH's revenues are derived from master service agreements, which can help provide a relatively stable source of cash flow and help mitigate the volatility of capital and economic cycles. PLH has a backlog of projects valued at $1.2 billion at the end of Q3 2019, which should help improve free cash flow, repay debt in 2020 and produce much stronger results. PLH has a highly experienced management team with public company and energy sector experience which should help support the company's efforts to grow and diversify over time. Governance considerations, which Moody's take into account in assessing PLH's credit quality, relate primarily to the company's status as a privately owned entity. PLH's two largest stakeholders, Energy Capital Partners and Blue Mountain Capital, collectively own 54% of the company and each has board representation. Given the private equity ownership, Moody's expects PLH's financial policy to favor shareholders over creditors as evidenced by its high leverage. However, in the near-term the company foresees no dividend distribution and targets deleveraging instead. The stable outlook reflects Moody's expectations that credit metrics will remain relatively weak despite earnings improvement in 2020 and that PLH will maintain adequate liquidity over the next 12-18 months. The ratings could be upgraded should the company improve margins, generate funds from operations (cash flow from operations before working capital changes) in excess of 15% of outstanding debt, produce comfortably positive free cash flow in excess of $20 million annually, and sustain debt-to-EBITDA below 5.0x. The ratings could be downgraded if there is further deterioration of operating performance, such that funds from operations (cash flow from operations before working capital changes) is sustained below 10% of outstanding debt, or debt-to-EBITDA remains above 6.0x. A deterioration in liquidity, including a reduction in the underlying cushion to financial covenant test levels, could also result in a downgrade. The principal methodology used in these ratings was Construction Industry published in March 2017. PLH Group, Inc., headquartered in Irving, Texas, is an infrastructure construction company serving the electric power and energy pipeline industries. The company provides a broad spectrum of services, both in new construction as well as maintenance and repair to private contractors, utilities and midstream customers. PLH currently serves customers in 38 U.S. states and three Canadian provinces. Revenue and adjusted EBITDA for the twelve months ended September 30, 2019 was $1.1 billion and $54 million, respectively. PORTERS NECK COUNTRY: Special Committee Seeks to Hire Counsel ------------------------------------------------------------- The special committee representing former members of Porters Neck Country Club, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Stubbs & Perdue, P.A. as its legal counsel. Stubbs & Perdue will serve as the primary advocate, spokesman and agent for the special committee. The firm will provide these legal services in connection with the Debtor's Chapter 11 case: a. the administration of the bankruptcy case and the exercise of oversight with respect to the Debtor's affairs; B. advising the special committee of its powers and duties under the Bankruptcy Code; C. preparation of motions, reports and other pleadings; D. court appearances; E. negotiating, formulating, analyzing and responding to any plan of reorganization or liquidation; F. negotiating, formulating, scrutinizing and analyzing any proposed sale of the Debtor's assets; and G. communicating with the committee's constituents and former members. The firm's hourly fees are: Trawick Stubbs Jr. $475 Laurie Biggs $375 Matthew Buckmiller $375 John King $350 William Kroll $325 Joseph Frost $300 Blake Boyette $300 The hourly rates for paraprofessionals range from $65 to $175. Laurie Biggs, Esq., an associate at Stubbs & Perdue, disclosed in court filings that he and his firm are "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. Stubbs & Perdue can be reached through: Laurie B. Biggs, Esq. Stubbs & Perdue, P.A. 9208 Falls of Neuse Road, Suite 201 Raleigh, NC 27615 Phone: 919-870-6258 About Porters Neck Country Club Porters Neck Country Club, Inc. -- https://www.portersneckcountryclub.com/ -- is a full-service country club, boasting an 18-hole, Tom Fazio-designed golf course, in Wilmington, North Carolina. The club, which promotes a family-oriented environment, also has seven state-of-the-art Har-Tru tennis courts, a swimming complex, a fitness center and dining facilities. Porters Neck Country Club sought Chapter 11 protection (Bankr. E.D.N.C. Case No. 19-04309) on Sept. 19, 2019, in Wilmington, N.C. The Debtor was estimated to have $1 million to $10 million in assets and liabilities as of the bankruptcy filing. The Hon. Joseph N. Callaway is the case judge. Hendren Redwine & Malone, PLLC is the Debtor's counsel. On Dec. 17, 2019, a special committee was formed to represent former members of Porters Neck Country Club, Inc. who hold equity membership certificates. The committee is represented by Laurie B. Biggs, Esq., at Stubbs & Perdue, P.A. PRIDE TRUCK: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The Office of the U.S. Trustee on Jan. 8, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Pride Truck Wash LLC. About Pride Truck Wash Pride Truck Wash, LLC is a privately held company that provides automotive washing and polishing services at its facility located in Shepardsville, Kentucky. The company filed a Chapter 11 petition Date (Bankr. S.D. Ind. Case No. 19-08369) on Nov. 8, 2019 in Indianapolis, Indiana. In the petition signed by Jay Bryant, president, the Debtor reported total assets at $283,307, and total liabilities at $2,696,966. Judge Jeffrey J. Graham is the presiding judge. KC Cohen, Lawyer, PC, is the Debtor's counsel. PSP HAULING: Allowed to Use Cash Collateral on Final Basis ---------------------------------------------------------- Judge Kevin R. Huennekens of the U.S. Bankruptcy Court for the Eastern District of Virginia signed a final order authorizing PSP Hauling LLC to use cash collateral. People's United Equipment Finance Corp; John Deere Construction and Forestry Company; Financial Pacific Leasing; and Celtic Bank Corporation (serviced by Blue Vine Capital, Inc.), are all known secured creditors that may claim blanket liens against the Debtor's assets. The Secured Parties are granted fully perfected security interests in and replacement liens upon all of the Debtor's now owned or hereafter acquired equipment, inventory, accounts, general intangibles, chattel paper and fixtures, and all other assets of any kind or nature, whether existing pre-petition or created/acquired post-petition and all proceeds arising therefrom, to the same extent and priority as each lien and security interest of each Secured Party existed immediately prior to the Petition Date. The Debtor will make monthly payments to People's United in the amounts of $8,273 and $1,860, respectively, which amounts will be applied as People's United deems appropriate to the balances due under the People's United Notes. The Debtor will also make monthly payments to the remaining Secured Parties as follows: (a) John Deere: $4,000; (b) Financial Pacific: $400; and (c) Blue Vine/Celtic: $2,033. The preliminary hearing on People's United Relief from Stay Motion is continued to Jan. 22, 2020 at 1:00 p.m. About PSP Hauling PSP Hauling LLC filed a voluntary Chapter 11 Petition (Bankr. E.D. Vir. Case No. 19-35286) on October 8, 2019, listing under $1 million in both assets and liabilities, and is represented by Robert B. Easterling, Esq., at the Law Firm of Robert B. Easterling. The Hon. Kevin R. Huennekens presides over the case. The Petition was signed by Sonya Burnetta Brooks, president. R3D HOLDINGS: Seeks Authorization to Use Cash Collateral -------------------------------------------------------- R3D Holdings, Inc., asks the U.S. Bankruptcy Court for the Middle District of Florida to authorize its use of cash collateral in accordance with the Budget for payment of necessary and ordinary business expenses related to its operations and to provide related adequate protection. The Debtor also requests permission to: (i) exceed any line item on the budget by an amount equal to 10% of each such line item; or (ii) to exceed any line item by more than 10% so long as the total of all amounts in excess of all line items for the Budget do not exceed 10% in the aggregate of the total budget. Homebanc, N.A. and Fitness MGMT of Florida, successor to ACA Brandon, Inc., may claim blanket liens against the Debtor's assets. The Debtor estimates that the collective claims of the Secured Creditors totaled approximately $1,193,049. About R3D Holdings R3D Holdings, Inc., d/b/a Fitness for $10 -- https://www.fit410brandon.com/ -- is a family owned company in the health club business. Fitness for $10 features 24/7 access, state-of-the-art cardio equipment, strength training equipment, functional training equipment, and small group training classes. R3D filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-11676), on Dec. 11, 2019. At the time of filing, the Debtor had $188,472 in assets and $1,466,273 in liabilities. The petition was signed by Ronald J. Knish, president. The Debtor is represented by Buddy D. Ford, Esq. at Buddy D. Ford, P.A. REAVANS GILBERT: Creditor Seeks to Prohibit Cash Collateral Use --------------------------------------------------------------- GVA Pro LLC requests the U.S. Bankruptcy Court for the Northern District of Texas to prohibit Reavans Gilbert LLC's use of cash collateral without permission from GVA or order of the Court. GVA also asks the Court to require the Debtor to segregate the cash collateral into a separate account and provide an accounting of cash collateral received. The Debtor executed a Promissory Note payable to the order of GVA in the original principal amount of $3,900,000, secured by a duly recorded Deed of Trust covering the property, locally known as 4203 Gilbert Avenue, Dallas, Texas. The Deed of Trust provides that Debtor collaterally assigned all present and future rent from the Property and its proceeds. Accordingly, the rents generated from the Property constitute the cash collateral of GVA. GVA has not authorized use of the cash collateral and does not consent to Debtor's use of the cash collateral. The Debtor has not requested the Court's permission to use the cash collateral. Accordingly, Debtor may not use cash collateral unless GVA consents or the court authorizes the debtor to use cash collateral after notice and a hearing Counsel for GVA Pro LLC: C. Daniel Roberts, Esq. C. DANIEL ROBERTS, P.C. 1602 E. Cesar Chavez Austin, Texas 78702 Telephone: (512) 494-8448 Facsimile: (512) 494-8712 E-mail: droberts@cdrlaw.net About Reavans Annex Reavans Annex, LLC and Reavans Lake Avenue, LLC classify their business as single asset real estate (as defined in 11 U.S.C. Section 101(51B). Meanwhile, Reavans Gilbert LLC is an investment company, including hedge fund or pooled investment vehicle (as defined in 15 U.S.C. Section 80a-3). Reavans Annex, Reavans Gilbert and Reavans Lake Avenue sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case Nos. 19-33704, 19-33705 and 19-33707) on Nov. 4, 2019. At the time of the filing, Reavans Annex had estimated assets of between $1 million and $10 million and liabilities of between $500,000 and $1 million. Reavans Gilbert had estimated assets of between $10 million and $50 million and liabilities of between $500,000 and $1 million. Reavans Lake had estimated assets of between $1 million and $10 million and liabilities of between $100,000 and $500,000. The cases have been assigned to Judge Harlin DeWayne Hale. The Debtors tapped Joyce W. Lindauer Attorney, PLLC as their legal counsel. REEFTON LLC: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Reefton, LLC 14015 Van Ness Ave. Gardena, CA 90249 Business Description: Reefton, LLC owns in fee simple a property located at 5816 Reefton Ct., Calabasas, CA 91302 valued by the company at $3 million. It also has leasehold interests in commercial warehouses located at 18310, 18314-5, and 18316 Oxnard, Street, Tarzana, CA 91356 valued at $125,000. Chapter 11 Petition Date: January 8, 2020 Court: United States Bankruptcy Court Central District of California Case No.: 20-10181 Judge: Hon. Vincent P. Zurzolo Debtor's Counsel: Matthew Abbasi, Esq. ABBASI LAW CORPORATION 8889 West Olympic Blvd. Suite 240 Beverly Hills, CA 90211 Tel: (310) 358-9341 E-mail: matthew@malawgroup.com Total Assets: $3,625,000 Total Liabilities: $2,228,566 The petition was signed by Fahd Soliman, manager. The Debtor stated it has no unsecured creditors. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/zmkyMv ROAN HOLDINGS: Changes Ticker Symbol Following Change of Name ------------------------------------------------------------- China Lending Corporation's trading symbol for ordinary shares will be changed to "RAHGF" from "CLDOF," and its trading symbol for warrants will be changed to "RONWF" from "CLDCF", both on the OTC Pink Open Market and effective as of market open on Jan. 8, 2020. The trading symbol changes follow the Company's previously disclosed name change to Roan Holdings Group Co., Ltd. from China Lending Corporation. The new name will also be effective on the OTC as of market open on Jan. 8, 2020. The new Cusips of the Company's ordinary shares and warrants are G7606D 115 and G7606D 107, respectively. Mr. Liu Zhigang, chief executive officer of Roan, stated, "This name change is a company milestone that highlights an important stage in our business upgrade plan to become an integrated non-bank financial corporation. Such transformation underscores the diversification of our business and expansion of our service capabilities throughout lending, asset management, supply chain financing, and business factoring. Additionally, this name change also marks the first of many steps we plan to make in growing our client base throughout the Yangtze River Delta Economic Zone via strengthened leadership and quality, dependable services. As we continue to solidify our position in the financial industry and accelerate our growth, we expect to move closer towards our goal of relisting on the Nasdaq Capital Market." About Roan Holdings Founded in 2009, Roan (formerly known as China Lending) is a non-bank financial corporation and provides comprehensive financial services to micro-, small- and medium-sized enterprises, and individuals. Roan is engaged in asset management, supplier chain financing, and business factoring. Roan has moved its headquarter from Urumqi, the capital of Xinjiang Autonomous Region, to Hangzhou, the capital of Zhejiang province. China Lending reported a net loss US$94.13 million for the year ended Dec. 31, 2018, compared to a net loss of US$54.78 million for the year ended Dec. 31, 2017. As of June 30, 2019, the Company had US$55.40 million in total assets, US$108.26 million in total liabilities, $9.99 million in convertible redeemable Class A preferred shares, and a total deficit of $62.85 million. Friedman LLP, in New York, the Company's auditor since 2017, issued a "going concern" qualification in its report dated April 26, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has incurred significant losses and is uncertain about the collection of its loans receivables and extension of defaulted loans. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ROBERT GROUP: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: The Robert Group LLC 23-67 19th Street Astoria, NY 11105 Business Description: The Robert Group LLC is engaged in renting and leasing real estate properties. The company owns in fee simple a two-family residential building located in Astoria, New York having a current value of $1.16 million. Chapter 11 Petition Date: January 9, 2020 Court: United States Bankruptcy Court Eastern District of New York Case No.: 20-40138 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Steven Amshen, Esq. PETROFF AMSHEN LLP 1795 Coney Island Avenue, Third Floor Brooklyn, NY 11230 Tel: 718-336-4200 E-mail: bankruptcy@lawpetroff.com Total Assets: $1,165,100 Total Liabilities: $926,499 The petition was signed by Robert Angona, principal. The Debtor stated it has no unsecured creditors. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/Uh23Uv ROCKWOOD SERVICE: Moody's Assigns B2 CFR, Outlook Stable -------------------------------------------------------- Moody's Investors Service assigns a B2 Corporate Family Rating and a B2-PD Probability of Default Rating to Rockwood Service Corporation. In addition, Moody's assigned a B2 rating to Rockwood's proposed $75 million senior secured revolving credit facility and its $430 million senior secured term loan. These ratings are commensurate with the corporate family rating since the revolver and the term loan will share in the same collateral package and will account for the preponderance of the debt in the company's capital structure. The proceeds from the term loan will be used to fund a significant portion of the acquisition of Rockwood Service Corporation by funds affiliated with American Securities LLC. The ratings outlook is stable. The ratings have been assigned pending the receipt and review of final documentation. This is the first time Moody's has rated Rockwood Service Corporation. "Rockwood's strong competitive position and the recurring nature of its revenues along with its moderate pro forma leverage ratio of about 4.5x support its B2 corporate family rating. Nevertheless, its relatively small size and the cyclicality of its end markets will limit its upside ratings potential," said Michael Corelli, Moody's Vice President -- Senior Credit Officer and lead analyst for Rockwood Service Corporation. Assignments: Issuer: Rockwood Service Corporation Probability of Default Rating, Assigned B2-PD Corporate Family Rating, Assigned B2 Senior Secured Term Loan, Assigned B2 (LGD3) Senior Secured Revolving Credit Facility, Assigned B2 (LGD3) Outlook: Issuer: Rockwood Service Corporation Stable Outlook Assigned RATINGS RATIONALE Rockwood's B2 corporate family rating reflects its moderate financial leverage, ample interest coverage, strong market position with only a few sizeable competitors and the recurring nature of most of its revenues since it provides safety critical, non-discretionary testing and inspection services. The company believes it has the largest share of the North American market for nondestructive testing which evaluates industrial equipment to ensure asset integrity and to comply with regulatory requirements. This is a safety critical service that companies in the refining, petrochemical, pipeline, power, paper & pulp and industrial sector regularly utilize to increase the lifespan of equipment and to avoid costly downtime and accidents. In addition, Rockwood provides nested crews working full-time at customer sites that complete routine maintenance and repair services and it also completes turnaround services. These services are provided to a mostly blue-chip customer base and generate relatively consistent revenue streams. Rockwood's rating is constrained by its relatively small scale, moderate customer concentration and the cyclicality of its end markets. Rockwood will be impacted by weakness in the end markets it serves even though it generates most of its revenues from maintenance and testing services, since new project work will ebb and customer spending on maintenance and testing could weaken in a downturn. The company's acquisitive history and the likelihood it will pursue additional deals in the future is also reflected in the rating. Moody's anticipates that Rockwood will continue to benefit from relatively stable economic growth and steady demand from the energy sector markets it serves along with an increased focus on asset integrity due to aging pipeline, power and industrial sector infrastructure. The company should also be aided by an increased focus on environmental and social issues including employee and customer safety, accident avoidance and compliance with environmental regulations. Therefore, Moody's expects the company to produce around $700 million - $750 million in revenues over the next 12 months, and it should continue to have low-to-mid-double digit EBITDA margins due to its track record and strong market position. That should result in an adjusted leverage ratio (Debt/EBITDA) in the range of 4.0x - 4.5x and an interest coverage ratio (EBITA/Interest Expense) of 2.5x - 3.0x. These metrics will be strong for the B2 corporate family rating, but the assigned rating also reflects Rockwood's relatively small size and the cyclicality of its end markets. Rockwood is expected to maintain good liquidity and will have no meaningful debt maturities prior to the maturity date of the proposed revolver in January 2025. The company is expected to maintain a modest cash balance and full availability on its $75 million revolver, which is expected to be undrawn at closing. The company should consistently produce positive free cash flow since it has relatively low capital spending needs and a highly variable cost structure. The stable ratings outlook presumes the company's operating results will moderately improve over the next 12 to 18 months and it will maintain credit metrics that support its rating. The rating could be upgraded if the company sustains its profit margins, enhances its scale and end market diversity, reduces its leverage below 4.0x and produces FFO/Debt of at least 15% on a sustained basis. However, its relatively small scale will limit its upside ratings potential. Negative rating pressure could develop if the company has a weaker than expected operating performance that results in a material deterioration in its credit metrics. The leverage ratio rising above 5.5x or the interest coverage ratio persisting below 2.0x could lead to a downgrade. A significant reduction in borrowing availability or liquidity could also result in a downgrade. Rockwood Service Corporation, headquartered in Houston, Texas, provides non-destructive testing, rope access services, lab testing, engineering and nested operations and maintenance crews to the refining, petrochemical, pipeline, power, paper & pulp and industrial sectors. The company produced revenues of about $700 million during the twelve months ended September 30, 2019. Funds affiliated with American Securities have agreed to acquire Rockwood and will be the majority owner of the company after the acquisition is completed. The principal methodology used in these ratings was Construction Industry published in March 2017. ROMANS HOUSE: Judge Enters Agreed Cash Collateral Order ------------------------------------------------------- Judge Edward L. Morris of the U.S. Bankruptcy Court for the Northern District of Texas entered an agreed order authorizing Romans House, LLC and Healthcore System Management, LLC to use cash collateral of Secured Creditors. The Debtors' right to use Cash Collateral under the Interim Order will expire on the earlier of: (a) the entry of a subsequent interim cash collateral order; or (b) the entry of a Final Order. Healthcore operates under a lease agreement with Pender West Credit 1 REIT, LLC. The Debtors and Debtors' principals are a party to a certain settlement agreement with Pender West, Pender Capital Asset Based Lending Fund 1, LP, and Pender Capital Management, LLC, and the Lease is a product of said Settlement Agreement. Romans and Pender West are both parties to a loan agreement, pursuant to which Romans executed a Promissory note in favor of Pender West in the original principal sum of $9,450,000, which note accrues interest at the contract rate of 11% per annum. Pender West and the Internal Revenue Service assert valid and perfected security interests in substantially all of Romans' personal property. Pender West and Toprock Funding dba Chrome Capital assert valid and perfected security interests in substantially all of Healthcore's personal property. The Secured Creditors are granted replacement security liens on and replacement liens on all of the Debtors' personal property, whether such property was acquired before or after the Petition Date. Such Replacement Liens will be equal to the aggregate diminution in value of the respective Collateral, if any, that occurs from and after the Petition Date. The Replacement Liens will be of the same validity and priority as the liens of the Secured Creditors on the respective prepetition Collateral. The Replacement Liens are exclusive of any avoidance actions available to the Debtors' bankruptcy estate and the proceeds thereof. As additional adequate protection, Romans will pay Pender a monthly payment of $70,000, and Healthcore will make lease payments to Pender in the aggregate sum of $29,000 The Debtors will continue to provide financial reporting to Pender in the same manner as was provided prior to the Petition Date. The Debtors will maintain its Debtor‐In‐Possession Account(s) in accordance with the orders of the Court applicable thereto as well as the regulations of the Office of the U.S. Trustee. About Romans House and HSM Romans House, LLC and Healthcore System Management, LLC operate continuing care retirement community and assisted living facility for the elderly. Romans House and Healthcore sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 19-45023), on Dec. 9, 2019. The petitions were signed by Rhoda Salvador, managing member. At the time of filing, the Debtor was estimated to have $1 million to $10 million in assets and $1 million to $10 million in liabilities. The cases are assigned to Judge Edward L. Morris. The Debtors are represented by Robert DeMarco, Esq., at DEMARCO MITCHELL, PLLC. RONNA'S RUFF: Interim Cash Collateral Use Allowed Until Jan. 16 --------------------------------------------------------------- Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the Western District of Pennsylvania authorized Ronna's Ruff Bark Trucking, Inc. to utilize cash collateral in the operation of its business until Jan. 16, 2020 in accordance with the Budget. The Debtor owes S&T Bank the current outstanding balance of approximately $898,637, secured by substantially all of the Debtor's assets The Commonwealth of Pennsylvania Department of Labor & Industry has entered a lien against the Debtor in the aggregate amount of $6,440 in the Court of Common Pleas of Clarion County, Pennsylvania at Case No. 2019-01196. The Debtor is directed to make post-petition adequate protection payments to: (a) S&T Bank of interest only, at the contractual interest rate of 5.25%, in the amount of $3,787.66 per month; and (b) the PA Dept. of Labor & Industry in the amount of $312 per month. The Debtor will also provide S&T Bank and the PA Dept. of Labor & Industry access to Debtor's records and financial information as they may reasonably request in addition to the monthly financial reports required by the U.S. Trustee. The final hearing on Debtor's continued use of cash collateral will be held on Jan. 16 at 11:00 a.m. Objections are due by Jan. 13. Ronna's Ruff Bark Trucking, Inc., a privately held company in the skidding logs business, filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 19-11167) on Nov. 25, 2019. In the petition signed by Erick Merryman, owner, the Debtor was estimated to have $1 million to $10 million in assets and liabilities. The case is assigned to Judge Thomas P. Agresti. The Debtor is represented by QUINN, BUSECK, LEEMHUIS, TOOHEY & KROTO, INC. SAMSON OIL: Extends CEO's Employment Until March 31 --------------------------------------------------- Samson Oil and Gas USA, Inc. entered into an amendment to Employment Agreement with Terence M. Barr in order to amend that certain Amended and Restated Employment Agreement dated Jan. 1, 2018 between Mr. Barr and Samson USA. Under the terms of the Amendment, Mr. Barr and Samson USA agreed to extend the term of Mr. Barr's employment as president and chief executive officer of Samson USA and Samson Oil & Gas Limited to March 31, 2020. The remaining terms of the Employment Agreement remain in effect, including terms relating to compensation. About Samson Oil Headquartered in Perth, Western Australia, Samson Oil & Gas Limited -- http://www.samsonoilandgas.com/-- is an independent energy company primarily engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties, primarily with a focus in Montana and North Dakota. Samson Oil reported a net loss of $7.15 million for the fiscal year ended June 30, 2019, compared to a net loss of $6.04 million for the fiscal year ended June 30, 2018. As of Sept. 30, 2019, the Company had $38.19 million in total assets, $48.51 million in total liabilities, and a total stockholders' deficit of $10.32 million. Moss Adams LLP, in Denver, Colorado, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Oct. 15, 2019, citing that the Company is in violation of its debt covenants, incurred a net loss from operations, has cash outflows from operations, and its current liabilities exceed its current assets as of and for the year ended June 30, 2019. These conditions raise substantial doubt about its ability to continue as a going concern. SHERIDAN HOLDING: Wants to Maintain Exclusivity Through July 13 --------------------------------------------------------------- Sheridan Holding Company II, LLC and its affiliated debtors request the U.S. Bankruptcy Court for the Southern District of Texas for an extension of the exclusive period to file and solicit a plan of reorganization by 180 days through and including July 13, 2020 and Sept. 9, 2020, respectively. The Court has confirmed the Debtors' plan within the existing exclusivity period, which maximizes the value of the Debtors' estates and has the overwhelming support of all of the Debtors' creditor constituencies. Despite this significant progress, the Debtors are continuing to negotiate the necessary documentation for the plan to become effective, including finalizing the terms of the exit facilities and the transition services agreement. While the Debtors fully anticipate that the effective date will occur, the current exclusivity period -- set to expire on Jan. 13, 2020 -- could potentially expire prior to the plan becoming effective. About Sheridan Holding Company II Sheridan Holding Company II LLC--http://www.sheridanproduction.com/ -- is an independent oil and natural gas company with production and development activities in the Rocky Mountains, West Texas, and New Mexico. Sheridan and its debtor-affiliates comprise one of three private placement oil and gas investment funds in the Sheridan group, all under the common management of non-debtor Sheridan Production Partners Manager, LLC. The Debtors' assets are primarily mature producing properties with long-lived production, relatively shallow decline curves, and lower-risk development opportunities. Sheridan Holding Company II, LLC, and certain affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 19-35198) on Sept. 15, 2019, to seek confirmation of a prepackaged plan of reorganization that would reduce debt by $900 million. The Debtors are estimated to have $100 million to $500 million in assets and at least $1 billion in liabilities as of the bankruptcy filing. The Hon. Marvin Isgur is the case judge. The Debtors tapped Kirkland & Ellis LLP as general bankruptcy counsel; Jackson Walker L.L.P. as local bankruptcy counsel; Evercore Group L.L.C. as investment banker; and AlixPartners, LLP as restructuring advisor. Prime Clerk LLC is the claims agent. SOLUTIONS BY DESIGN: Hasn't Filed Application for Final Decree -------------------------------------------------------------- Judge Brian K. Tester on Dec. 19, 2019, entered an order directing debtor Solutions by Design Inc. to show cause within 21 days, why the case should not be dismissed for noncompliance with the final order approving Disclosure Statement and Confirming Plan entered on Sept. 4, 2019 as to the requirements of PR LBR 3022-1 of the Application for a Final Decree. Failure to timely reply to this order, the case will be dismissed without further notice or hearing. An order is due by Jan. 9, 2020. About Solutions By Design Solutions By Design Inc., filed a Chapter 11 bankruptcy petition(Bankr. D.P.R. Case No. 18-06886) on Nov. 28, 2018, disclosing under $1 million in assets and liabilities. The case has been assigned to Judge Brian K. Tester. The Debtor is represented by Nilda M. Gonzalez Cordero, Esq., at Gonzalez Cordero Law Offices. STEAKHOUSE HOLDINGS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------- The Office of the U.S. Trustee on Jan. 8, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Steakhouse Holdings LLC. About Steakhouse Holdings Steakhouse Holdings LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 19-68250) on Nov. 12, 2019. At the time of the filing, the Debtor had estimated assets of between $50,001 and $100,000 and liabilities of between $500,001 and $1 million. Judge Jeffery W. Cavender oversees the case. Benjamin J. Cohen, Esq., at Price-Co Law Group, LLC is the Debtor's legal counsel. STORMBREAK RANCH-FW: Case Summary & 3 Unsecured Creditors --------------------------------------------------------- Debtor: Stormbreak Ranch-FW, LP d.b.a. Beyond the Storm P.O. Box 691521 Houston, TX 77269 Business Description: Stormbreak Ranch-FW, LP is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Company owns in fee simple a property located in Waelder, Texas valued at $4.4 million (based on professional valuation). Chapter 11 Petition Date: January 7, 2020 Court: United States Bankruptcy Court Western District of Texas Case No.: 20-10040 Judge: Hon. Christopher H. Mott Debtor's Counsel: Ryan Lott, Esq. THE LOTT FIRM 100 Congress Avenue Austin, TX 78701 E-mail: thelottfirm@gmail.com Total Assets: $4,475,905 Total Liabilities: $4,508,267 The petition was signed by Daniel J. Parish, manager. A copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/err442 SUNESIS PHARMACEUTICALS: Given July 6 to Comply with Nasdaq Rule ---------------------------------------------------------------- Sunesis Pharmaceuticals, Inc., on Jan. 7, 2020, requested and was granted a second 180-calendar day compliance period, or until July 6, 2020, to demonstrate compliance with Nasdaq Stock Market LLC Listing Rule 5550(a)(2). If the Company does not regain compliance with the Rule by July 6, 2020, the Staff will provide written notification to the Company that its common stock will be subject to delisting. At that time, the Company may appeal the Staff's delisting determination to a Nasdaq Hearings Panel. The Company would remain listed pending the Panel's decision. There can be no assurance that, if the Company does appeal the delisting determination by the Staff to the Panel, that such appeal would be successful. Sunesis previously received a written notice from Nasdaq indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) as the Company's closing bid price for its common stock was below $1.00 per share for the last 30 consecutive business days. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted a 180-calendar day compliance period, or until Jan. 6, 2020, to regain compliance with the minimum bid price requirement. The Company is considering actions that it may take in response to this notification in order to regain compliance with the continued listing requirements. These options include effecting a reverse stock split. About Sunesis Pharmaceuticals Headquartered in San Francisco, California, Sunesis -- http://www.sunesis.com/-- is a biopharmaceutical company developing novel targeted inhibitors for the treatment of hematologic and solid cancers. Sunesis has built an experienced drug development organization committed to improving the lives of people with cancer. The Company is focused on advancing its novel kinase inhibitor pipeline, with an emphasis on its oral non-covalent BTK inhibitor vecabrutinib. Vecabrutinib is currently being evaluated in a Phase 1b/2 study in adults with chronic lymphocytic leukemia and other B-cell malignancies that have progressed after prior therapies. Sunesis incurred a net loss of $26.61 million in 2018 following a net loss of $35.45 million in 2017. As of Sept. 30, 2019, the Company had $41.61 million in total assets, $9.31 million in total liabilities, and $32.29 million in total stockholders' equity. Ernst & Young LLP, in San Jose, California, the Company's auditor since 1998, issued a "going concern" qualification in its report dated March 7, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has suffered recurring losses from operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. TALBOTS INC: Moody's Alters Outlook on 'B2' CFR to Stable --------------------------------------------------------- Moody's Investors Service changed The Talbots, Inc.'s outlook to stable from positive. At the same time Moody's affirmed the company's ratings, including the B2 Corporate Family Rating, B2-PD Probability of Default Rating, and B2 rating on the company's first lien senior secured term loan. The change in outlook to stable from positive reflects Moody's view that the ongoing investments needed to sustain Talbots' market position and grow revenue amid intensifying competition in the specialty apparel retail sector and the consumer shift to online spending will pressure operating margins. Moody's believes this will result in stable free cash flow generation relative to debt levels, which Moody's projects will be at around 5% in the next 12-18 months. In addition, the company's relatively small scale with narrow customer demographic and product focus, and a more discerning consumer, increases the risks of revenue or earnings volatility related to fashion risks, or a slowdown in consumer spending. Moody's believes these business risks and modest projected free cash flow generation position the ratings appropriately at the B2 level, despite the company's moderate leverage and continued focus on debt repayment. Moody's affirmed the CFR, PDR and term loan ratings based on an expectation that Talbots will maintain moderate leverage and good liquidity, allowing for continued investment to meet evolving customer needs with a differentiated value proposition. Affirmations: Issuer: Talbots, Inc. (The) Corporate Family Rating, Affirmed B2 Probability of Default Rating, Affirmed B2-PD Gtd Senior Secured First Lien Term Loan, Affirmed B2 (LGD3) Outlook Actions: Issuer: Talbots, Inc. (The) Outlook, Changed To Stable From Positive RATINGS RATIONALE Talbots' B2 CFR broadly reflects the company's relatively small scale coupled with its narrow customer demographic and product focus on apparel for women aged 45-65, which factors increase the risk of revenue and earnings volatility. The inherent fashion risk, growing competition in the specialty women's apparel category also leads to volatility particularly during weak economic periods. The shift in consumer spending online requires investment to continually improve the overall omnichannel shopping experience and to shorten product development cycles in order to sustain competitive service and distribution capabilities and avoid revenue and cash flow erosion. The company's ownership by a private equity sponsor also constrains the rating because of the elevated risk of shareholder friendly financial strategies. However, the company's rating benefits from its well-established brand name and loyal customer base, with a history of over 70 years operating in the women's apparel sector. The rating also reflects the company's multi-channel strategy with its sizable ecommerce business and good geographic diversification in its brick and mortar segment. The company's moderate credit metrics with leverage on a debt/EBITDA basis at 4.0x and interest coverage on an EBIT/interest basis at around 1.8x for the twelve months period ending November 2, 2019, provide cushion and help mitigate the potential for variation of projected results, which also support the rating. Moody's expects credit metrics to modestly improve in the next 12-18 months, driven by debt repayment and stable earnings. Talbots' liquidity is good, characterized by moderate free cash flow generation of $40-$50 million, unused capacity on the $185 million revolver expiring in October 2022, and lack of maturities until 2022. Good liquidity provides the company with the financial flexibility to invest in its multi-channel strategy and customer experience initiatives. The stable outlook reflects Moody's expectations for modest comparable store sales growth, a stable EBITDA margin, $40-$50 million of annual free cash flow, and good liquidity. Ratings could be upgraded if the company sustainably achieves revenue and earnings growth driven by consistently positive comparable same store sales, while reinvesting in the business. Quantitatively, a ratings upgrade will also require debt/EBITDA sustained below 4.0x, EBIT/interest maintained above 2.0x, and free cash flow/debt increasing to 10%, while maintaining at least good liquidity and financial policies that support credit metrics around these levels. Ratings could be downgraded if operating performance deteriorates, financial strategies become more aggressive, debt/EBITDA is above 5.0x, or EBIT/interest is below 1.25x. Ratings could also be downgraded if free cash flow weakens, or liquidity deteriorates. Headquartered in Hingham, Massachusetts, The Talbots, Inc. is a multi-channel retailer of women's apparel, focusing on the 45-65 year old demographic. Talbots was acquired by Sycamore Partners in August 2012. The company is private and does not publicly disclose its financials. Talbots operated about 544 stores and reported revenue for the twelve-months ended November 2, 2019 of approximately $1.3 billion. The principal methodology used in these ratings was Retail Industry published in May 2018. TARRANT COUNTY: CRO Says Plan Satisfies Best Interests Test ----------------------------------------------------------- Louis E. Robichaux IV, Chief Restructuring Officer (CRO) of debtor Tarrant County Senior Living Center, Inc. (d/b/a The Stayton at Museum Way), says the Court should approve the Disclosure statement and confirm the First Amended Prepackaged Plan of Reorganization of the Debtor. Robichaux has been advised of the requirements for confirmation of the Plan under Section 1129 of the Bankruptcy Code by the Debtor's legal advisors. Based upon, among other things, his involvement in the negotiation of the Plan Support Agreement and the prepetition solicitation process as well as his discussions with the Debtor's advisors, he believes that the Plan was developed and negotiated in good faith, complies with the applicable provisions of the Bankruptcy Code, is feasible, and is in the best interests of Creditors. In order to address its financial condition, the Debtor, SQLC, Lifespace, the Trustee, and the Steering Committee negotiated the terms of the (i) Plan Support Agreement, (ii)Second Forbearance Agreement, (iii) Affiliation Agreement, and (iv) Liquidity Support Agreement, that together with the Bond Refinancing, provide for the Refinancing Transaction. As contemplated by the Plan Support Agreement, the parties negotiated the terms of the Plan which seeks to implement the Bond Refinancing and provides, among other things, that (i) all General Unsecured Claims of the Debtor will be paid in the ordinary course of business as if the Chapter 11 Case had not commenced; (ii) all Executory Contracts and unexpired leases, including the Residency Agreements, will be assumed pursuant to section 365 of the Bankruptcy Code; and (iii) the Debtor will release certain parties, including, without limitation, the Trustee, the Steering Committee, Lifespace, and the Issuer. The Plan contemplates that Holders of General Unsecured Claims, to the extent a Holder of an Allowed General Unsecured Claim against the Debtor does not agree to a different treatment of such Claim, will (i) continue to be paid or treated in the ordinary course of business as if this Chapter 11 Case had not been commenced, or (ii) such Holder will receive such other treatment so as to render such General Unsecured Claim Unimpaired. Robichaux IV believes that the Plan satisfies -- by a substantial margin -- the "best interests test" because the Liquidation Analysis reflects that Holders of Claims or Interests will not receive or retain property on account of their Claim or Interests if the Debtor was liquidated under chapter 7 of the Bankruptcy Code on the Effective Date that is more than such Holders will receive under the Plan. A full-text copy of the CRO's declaration is available at https://tinyurl.com/s2tzqc3 from PacerMonitor.com at no charge. The Debtor is represented by: Andrew B. Zollinger DLA Piper LLP (US) 1900 North Pearl Street, Suite 2200 Dallas, Texas 75201 Telephone: (214) 743-4500 Facsimile: (214) 743-4545 E-mail: andrew.zollinger@dlapiper.com - and - Thomas R. Califano DLA Piper LLP (US) 1251 Avenue of the Americas New York, New York 10020-1104 Telephone: (212) 335-4500 Facsimile: (212) 335-4501 E-mail: thomas.califano@dlapiper.com - and - Rachel Nanes DLA Piper LLP (US) 200 South Biscayne Boulevard, Suite 2500 Miami, Florida 33131 Telephone: (305) 423-8563 Facsimile: (305) 675-8206 E-mail: rachel.nanes@dlapiper.com About Tarrant County Senior Living Center Incorporated in 2006, Tarrant County Senior Living Center, Inc., doing business as The Stayton at Museum Way --https://www.thestayton.com/ -- is a not-for-profit corporation that has built a senior living retirement community in Fort Worth, Texas. Stayton operates a continuing care retirement community that offers its senior residents a continuum of care in a campus-style setting, providing living accommodations and related health care and support services to a target market of individuals aged 62 and older. Stayton sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-33756) on Nov. 5, 2019. In the petition signed by CRO Louis E. Robichaux IV, the Debtor was estimated to have assets ranging between $100 million and $500 million and liabilities of the same range. The Hon. Stacey G. Jernigan is the case judge. The Debtor tapped DLA Piper LLP (US) as bankruptcy counsel; Gilmore Bell, Esq., as bond counsel; Louis E. Robichaux IV at Ankura Consulting Group, LLC as chief restructuring officer; and EPIQ Corporate Restructuring, LLC as claims and solicitation agent. TATUNG COMPANY: Seeks to Extend Exclusivity Period to April 28 -------------------------------------------------------------- Tatung Company of America, Inc. asked the U.S. Bankruptcy Court for the Central District of California to extend the Debtor's exclusive periods to file a plan of reorganization and obtain acceptances of a plan for approximately three months, to and including April 28, 2020 and June 26, 2020, respectively. The Debtor contends it was required to devote a substantial amount of time during the months following the Petition Date to stabilize its business operations in order to allow the Debtor the ability to assess its financial situation and prepare and file a feasible plan. Now that the Debtor has stabilized its business operations and once the Debtor has emerged from the busy holiday season, the Debtor will be able to focus on determining an exit strategy for its case and preparing a plan (hopefully in conjunction with the Committee). However, until the Debtor determines its exit strategy, the Debtor will not be in a position to file a plan by the current exclusivity deadline of Jan. 28, 2020. The Debtor anticipates that after the holiday season it will engage in discussions with the Committee regarding the terms of the draft plan before such a plan can be finalized. The Debtor is hopeful that it will be able to work with the Committee to draft a plan that has the consent and support of the Committee, and file such Plan with the Court within the next 90 days or so. Thus, the Debtor requires additional time to conduct such discussions and negotiations and to finalize and file a feasible plan. The Debtor also requires additional time to allow the Claims Bar Date (which the Court has established as Jan. 17, 2020) to pass so that the Debtor may carefully analyze the amount, validity, and extent of the claims asserted against the Debtor and formulate plan terms which are feasible and fully address the universe of claims asserted against it in the case. About Tatung Company of America Tatung Company of America, Inc., distributes technology products for computers and electronics original equipment manufacturers. The Company manufactures personal computer monitors, home appliances, point-of-sale equipment, air conditioners, coolers, and purifiers. Tatung Company of America sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-21521) on Sept. 30, 2019. In the petition signed by CRO Jason Chen, the Debtor was estimated to have assets ranging between $10 million to $50 million and liabilities of the same range. Judge Neil W. Bason is assigned to the case. LEVENE, NEALE, BENDER, YOO & BRILL L.L.P serves as the Debtor's counsel. TEAM HEALTH: Fitch Affirms 'B-' LongTerm IDR, Outlook Negative -------------------------------------------------------------- Fitch affirmed the ratings of Team Health Holdings, Inc., including the company's Long-Term Issuer Default Rating at 'B-'. The ratings apply to $3.5 billion of debt at Sept. 30, 2019. The Rating Outlook is Negative. KEY RATING DRIVERS Payor Dispute Weighs on Credit Profile: The Negative Rating Outlook reflects the expectation that a contract dispute with large commercial health insurer, UnitedHealth Group (UNH), will weigh on Team Health's financial cushion relative to the 'B-' rating during 2020. This will leave the company with less flexibility to absorb other negative industry developments, which potentially include federal legislation regulating balance or surprise billing, costs related to heightened litigation and legislative advocacy efforts, and ongoing secular headwinds to volumes of lower acuity emergency department (ED) patient volumes. Fitch believes that Team Health's credit profile can withstand these pressures, due to positive FCF generation, limited near-term debt maturities, and the potential to adjust the cost structure to offset the effects of the UNH dispute. High Financial Leverage: Fitch-calculates leverage of 8.5x at Sept. 30, 2019. High leverage is the result of a Blackstone sponsored leveraged buyout (LBO) in early 2017 and a historically acquisitive posture. The company more than doubled leverage in late 2015 to fund the $1.6 billion acquisition of IPC, a national provider of outsourced acute care hospitalist and post-acute care providers. IPC has proven difficult to integrate with contract losses and physician retention issues weighing on margins and EBITDA growth. Acquisitions since the LBO have been smaller and focused on the core ED staffing business. Modest deleveraging over the last year has resulted from debt pay down. A combination of positive FCF and divestiture proceeds has funded scheduled amortization of the term loan as well as buying back some bonds in the open market. Decent FCF Generation: Cash generation is expected to be decent for the 'B-' rating category, with FFO fixed charge coverage sustained above 1.5x through the forecast period. In the LTM period ended Sept. 30, 2019, the company produced $141 million of FCF, representing a 3% FCF margin. Low working capital and capital spending requirements and the expectation of no dividend payments to the private equity owner in the near-term support this relatively strong FCF. Fitch's ratings case forecast for Team Health incorporates an expectation that heightened costs for litigation and legislative advocacy costs will extend into 2020. Despite these headwinds, the level of FCF could support some deleveraging through debt pay down in excess of required amortization on the company's term loans. Leading Position in Growing Markets: Team Health is one of a few national providers of outsourced healthcare staffing, providing scale and scope for contracting with consolidating acute care hospital systems and commercial health insurers. Leading scale affords good growth opportunities, both organic and inorganic in nature. Nearly all of Team Health's revenues are sourced from contracted physician and other healthcare services. Concentration is heaviest in ED staffing services and patient ED volumes have been soft across the physician staffing industry since 2017. Given the challenges inherent in rapidly adjusting staffing levels, this has weighed on Team Health's margins and cash generation. Operating Trends Improve Slightly: LTM EBITDA at Sept. 30, 2019 was roughly flat versus the prior year period, partly reflecting the divestitures of the medical scribes business in 4Q18 and the Colorado anesthesia operations in 1Q19. During the first nine months of 2019, Team Health experienced a year-over-year improvement in same contract results in the hospital segment and the operating EBITDA margin expanded. Based on Fitch's ratings case forecast, which assumes that the recent trend of improvement in operating trends is sustained but does not accelerate, Fitch thinks the company could absorb a $50 million reduction in EBITDA related to the UNH contract dispute in 2020-2021 without tripping the FCF and FFO fixed-charge coverage negative rating sensitivities. The rating sensitivities are meant to operate both individually and collectively, and in this scenario the company would be above the 8.0x leverage sensitivity. However, Fitch notes that debt prepayment facilitated by FCF generation could help the company remain below the negative leverage sensitivity during the forecast period. DERIVATION SUMMARY Team Health's 'B-' rating reflects the company's high financial leverage, secular headwinds to growth in ED patient volumes, and lingering challenges integrating a large acquisition in the post-acute care segment that dates back to 2015. Team Health's credit profile benefits from good depth and competitive scale relative to peers Mednax (not rated) and Envision Healthcare Corp. (not rated) in service lines where physician staffing companies have a large presence, including emergency medicine and anesthesia. The financial profiles of Team Health and some of its peers reflect private equity investment in the physician staffing segment. Team Health is owned by Blackstone following a 2017 leveraged buyout, and Envision was purchased by KKR & Co. in 2018. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: -- The UNH dispute amounts to a $50 million headwind to the topline during 2019-2021, while the underlying organic growth in the business otherwise hovers around 2%; -- The $50 million headwind falls to EBITDA, resulting in a 100bps contraction in the EBITDA margin by the end of 2021; -- Capital intensity of 0.6%; -- FCF is positive through the forecast period; -- No additional M&A or divestitures and debt repayment is limited to required amortization on the term loan aside from amounts already prepaid in 2019; -- Gross debt/EBITDA is maintained above 8.0x over the ratings horizon. FFO fixed charge coverage remains above 1.5x. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action -- A high degree of certainty that gross debt/EBITDA after dividends to associates and minorities will be sustained below 7.0x; -- FFO fixed charge coverage of at least 2x; -- Profit margin stabilization evidencing that the company has successfully addressed soft organic operating trends with cost containment measures; -- Generation of consistently positive FCF, with FCF margin of at least 1%-2%. Developments That May, Individually or Collectively, Lead to Negative Rating Action -- An expectation that gross debt/EBITDA after dividends to associates and minorities will be durably above 8.0x; -- FFO fixed charge coverage below 1.5x; -- A FCF deficit that requires incremental debt funding; -- An acceleration of weak organic operating trends resulting in continued deterioration in margins. LIQUIDITY AND DEBT STRUCTURE Adequate Source of Liquidity: Sources of liquidity, including cash on hand of $325 million as of Sept. 30, 2019 and a $400 million cash flow revolver are adequate for day-to-day operational needs. Availability on the revolver is $391 million as of Sept. 30, 2019, net of $9 million letters of credit. Positive FCF: LTM FCF at Sept. 30, 2019 was $141 million, up from $114 million as of Sept. 30, 2018. Fitch expects FCF to remain positive. As a service provider that mainly utilizes clients' buildings and equipment, Team Health does not require large capital expenditures. Capex tends to be less than 1% of revenue. Manageable Debt Maturities: No material debt is due until the term loan maturity in 2024; the revolver matures in 2022. Term loan amortization is modest at only 1% or about $29 million per year. The term loan is subject to a cash flow sweep provision, but the definition of excess FCF allows for deductions for capital expenditures, permitted investments and acquisitions, so Fitch does not expect the provision to drive deleveraging. Limited Covenant Concerns: Financial maintenance covenants are limited to a springing test that only applies to the revolver. Compliance with the covenant, which requires first lien net debt to consolidated EBITDA of no greater than 7.8x, is only required when 35% of the available capacity on the $400 million revolver is drawn. Fitch thinks the company can maintain compliance with the covenant even if headwinds related to commercial payor disputes escalate during the forecast period. Debt Issue Ratings: The 'B+'/'RR2' ratings for Team Health's senior secured revolver and senior secured term loan reflect Fitch's expectation of recovery of outstanding principal in the 71%-90% range under a bankruptcy scenario. The 'CCC'/'RR6' rating on the senior unsecured notes reflect Fitch's expectation of recovery in the 0%-10% range. The recovery assumed for the senior unsecured notes is due to a concession payment by the senior secured creditors. Fitch estimates an enterprise value (EV) on a going concern basis of $2.4 billion for Team Health, after a deduction of 10% for administrative claims. The EV assumption is based on post-reorganization EBITDA after dividends to associates and minorities of $374 million and a 7x multiple. The post-reorganization EBITDA estimate is 10% lower than Fitch's 2019 forecasted EBITDA for Team Health. The primary drivers of this estimate are negative implications of commercial payor contract disputes, and assumed ongoing deterioration in the profitability of the hospitalist business. The 7x multiple used for Team Health reflects a stressed multiple versus the approximately 11x EBITDA Blackstone paid for the company in 2017. More recently, KKR paid about 10x EBITDA for Team Health's staffing industry peer, Envision Healthcare Corp. The 7x multiple is closely aligned with historical observations of healthcare industry bankruptcy emergence multiples. In a recent study, Fitch determined that the median exit multiple in 17 historical healthcare and pharmaceutical industry bankruptcies was 6.5x. The recovery analysis assumes the $400 million available on the revolver is fully drawn and includes this amount in the senior secured claims. Senior secured claims also include a $150 million private term loan. 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. TMH has an ESG Relevance Score of 4 for Exposure to Social Impacts due to societal and regulatory pressures to contain growth in healthcare spending in the U.S. This dynamic has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. TNT UNDERGROUND: Wants Until Feb. 3 to File Plan & Disclosures -------------------------------------------------------------- Debtor TNT Underground Utilities, Inc., filed a motion for an extension of time to file its Disclosure Statement and Chapter 11 Plan. On Nov. 13, 2019, the Debtor retained Harper, Rains, Knight & Co., P.A. as its CPA to prepare the Monthly Operating Reports. The completion of these reports are essential to supporting the feasibility of the Chapter 11 Plan. The Debtor requests that the Court enter an order granting it an additional 46 days until and including Feb. 3, 2020, in which to file its Disclosure Statement and Plan. A full-text copy of the Motion is available at https://tinyurl.com/t2fldge from PacerMonitor.com at no charge. The Debtor is represented by: Eileen N. Shaffer Post Office Box 1177 Jackson, Mississippi 39215-1177 Tel: (601) 969-3006 E-mail: eshaffer@eshaffer-law.com About TNT Underground Utilities TNT Underground Utilities, Inc., a power line and telecommunications infrastructure construction contractor, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 19-02966) on Aug. 19, 2019. At the time of the filing, the Debtor estimated assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million. The case is assigned to Judge Neil P. Olack. Eileen Shaffer, Esq., an attorney based in Jackson, Miss., is serving as counsel to the Debtor. TOPAZ VILLAS: Hires Corral Tran Singh as Bankruptcy Counsel ----------------------------------------------------------- Topaz Villas, LP seeks permission from the U.S. Bankruptcy Court for the Southern District of Texas to employ Corral Tran Singh, LLP as counsel for the Debtor. Topaz Villas is a Texas limited partnership incorporated on February 26, 2014. Topaz's day to day operations are overseen by its general partner, Topaz Villas Development GP, LLC, whose sole member is Ronald Lozoff. Topaz GP has managed Topaz's financial affairs since the partnership's inception. Mr. Lozoff initially contacted CTS on or about November 25, 2019 to discuss Topaz's financial distress and imminent foreclosure scheduled for December 3, 2019. Topaz retained CTS on November 27, 2019, to prepare its Chapter 11 bankruptcy filing and to perform due diligence. The professional services to be rendered on behalf of Topaz by CTS pursuant to 11 U.S.C. section 327 include: a) Analyzing the financial situation, and rendering advice and assistance to the Debtor; b) Advising the Debtor with respect to its rights, duties, and powers as a debtor in this case; c) Representing the Debtor at all hearings and other proceedings; d) Preparing and filing all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers as necessary to further the Debtor's interests and objectives; e) Representing the Debtor at any meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; f) Representing the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding where the rights of the Debtor may be litigated or otherwise affected; g) Preparing and filing a Disclosure Statement and Chapter 11 Plan of Reorganization; h) Assisting the Debtor in analyzing the claims of the creditors and in negotiating with such creditors; and i) Assisting the Debtor in any matters relating to or arising out of the captioned case. Attorneys at CTS who may work on the Debtor's case along with their respective hourly rates are: Brendon Singh, Esq., at $375.00 per hour Susan Tran Adams, Esq., at $350.00 per hour Adam Corral, Esq., at $360 per hour Additionally, Topaz has agreed to pay for the reasonable and necessary expenses incurred in rendering legal services to Topaz, including, but not limited to, postage, photocopying, long distance charges, depositions, and filing fees. CTS has received a pre-petition retainer in the amount of $10,000.00 remitted on December 2, 2019 and has applied $3,904.00 towards pre-petition attorney's fees. Topaz will provide post-petition retainer of $2,000.00 every 30 days following the Filing Date. CTS attests that the firm is not an insider to Topaz, nor does it have any direct or indirect relationship to, connection with, or interest in its estate that would make its interests materially adverse to the interests of the estate or of any class of creditors or equity security holders. CTS is a disinterested person within the meaning of section 101(14) of the Bankruptcy Code. The firm may be reached at: Adam Corral, Esq. Susan Tran Adams, Esq. Brendon Singh, Esq. Corral Tran Singh, LLP 1010 Lamar St., Suite 1160 Houston, TX 77002 Tel: (832) 975-7300 Fax: (832) 975-7301 Email: Susan.Tran@ctsattorneys.com About Topaz Villas Topaz Villas, LP is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Topaz Villas filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 19- 36697) on December 2, 2019. The Hon. Jeffrey P. Norman oversees the case. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Ronald Lozoff, manager, Topaz Villas Development GP, LLC. The Debtor is represented by Susan Tran Adams, Esq., at Corral Tran Singh, LLP. TOPAZ VILLAS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The Office of the U.S. Trustee on Jan. 7, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Topaz Villas, LP. About Topaz Villas Topaz Villas, LP is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Topaz Villas sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 19-36697) on Dec. 2, 2019. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Jeffrey P. Norman oversees the case. The Debtor is represented by Susan Tran Adams, Esq., at Corral Tran Singh, LLP. TRANSOCEAN INC: Moody's Rates New $750MM Unsec. Notes 'Caa1' ------------------------------------------------------------ Moody's Investors Service assigned a Caa1 rating to Transocean Inc.'s proposed new $750 million senior priority guaranteed unsecured notes due 2027. The New PGNs will be unsecured, but will be guaranteed by certain Transocean subsidiaries and its parent company Transocean Ltd. The New PGNs will be pari passu to the existing $2.25 billion PGNs which are rated Caa1. The net proceeds from the proposed offering will be used to refinance, repurchase and/or redeem certain indebtedness, and/or for general corporate purposes. All other ratings for the company, including its B3 Corporate Family Rating remain unchanged. The outlook remains negative. LGD Adjustment: Issuer: Transocean Inc. Senior Unsecured Notes, Adjusted to (LGD6) from (LGD5) Assignments: Issuer: Transocean Inc. Senior Unsecured Notes, Assigned Caa1 (LGD4) RATINGS RATIONALE The New PGNs and existing PGNs are rated Caa1, reflecting the secured debt to which the PGNs are subordinated and the PGNs' priority claim to the unsecured notes to which PGNs are senior, because of the guarantees from Transocean's intermediate holding company subsidiaries, effectively giving these notes a priority claim to the assets held by Transocean's operating and other subsidiaries. Transocean's B3 CFR reflects the company's very high financial leverage which could worsen unless there is more improvement in offshore drilling activity, and its improving contracted revenue backlog through acquisitions and new contracts, albeit at lower dayrates and margins. The company is obligated to spend approximately $860 million through 2021 to take the delivery of two rigs currently under construction, one of which currently does not have a drilling contract. Transocean benefits from its superior revenue backlog of approximately $11 billion, and the company's measures to maintain high levels of revenue efficiency, reduce operating costs, address debt maturities and enhance operational utilization of its active rigs. Although the company has managed to improve average fleet utilization through 2019, maintaining it well above 80% year-to-date, a meaningful portion of the utilization comes from relatively shorter-term contracts. For the company to improve its credit profile, it needs to capitalize on the apparent supply/demand rationalization in the deepwater and ultra-deepwater segment to sign new long-term contracts at higher than prevailing dayrates. Transocean announced in December 2018 the signing of a new five-year drilling contract for one of the rigs under construction with Chevron USA, Inc., a subsidiary of Chevron Corporation (Aa2 stable). The drilling contract has an estimated backlog of approximately $830 million and is scheduled to begin in the second half of 2021. The company's very good liquidity and the absence of significant near-term maturities mitigate default risk notwithstanding high financial leverage. However, for Transocean's credit profile to improve, the early signs of improving fundamentals in the offshore sector need to sustain. The rating outlook is negative, reflecting the continued oversupply of deepwater and ultra-deepwater rigs. The outlook could be changed to stable if further signs of offshore recovery are sustained and translate into a strengthening of Transocean's backlog from more profitable contracts, stable EBITDA and less negative free cash flow. The ratings could be downgraded if interest coverage (EBITDA/Interest) approaches 1x. A material loss of backlog, significant negative free cash flow or weakening of liquidity could also pressure the ratings. An upgrade is unlikely in the near term, given the lack of substantial recovery in dayrates and low likelihood of reduction in high financial leverage. If Transocean can achieve sequential increases in EBITDA in an improving offshore drilling market while maintaining good liquidity and the company's interest coverage exceeds 2x, an upgrade could be considered. The principal methodology used in these ratings was Global Oilfield Services Industry Rating Methodology published in May 2017. Transocean Inc. is a wholly-owned subsidiary of Transocean Ltd., a leading international offshore drilling contractor operating in every major offshore producing basin around the world. VILLA ABRIGO: Case Summary & 2 Unsecured Creditors -------------------------------------------------- Debtor: Villa Abrigo at Celeste, LLC 248 NE 1st Ave Delray Beach, FL 33444 Business Description: Villa Abrigo at Celeste, LLC is a privately held company based in Delray Beach, Florida. Chapter 11 Petition Date: January 9, 2020 Court: United States Bankruptcy Court Southern District of Florida Case No.: 20-10285 Debtor's Counsel: Brian K. McMahon, Eq. BRIAN K. MCMAHON 1401 Forum Way, 6th Floor West Palm Beach, FL 33401 Tel: 561-478-2500 E-mail: briankmcmahon@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Horrell, manager member. A copy of the petition containing, among other items, a list of the Debtor's two unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/m9hYJh WALL TO WALL: Delays Plan to Continue Talks on Assets Sale ---------------------------------------------------------- Wall to Wall Tile & Stone, LLC and its debtor affiliates asked the U.S. Bankruptcy Court for the District of Oregon to extend the period within which they have the exclusive right to file a plan to Feb. 28 and the period for the Debtors to obtain acceptance of said plan to April 28, 2020. The Debtors are in continuing negotiations with a prospective purchaser for the acquisition of substantially all of their assets pursuant to either a sale under 11 U.S.C. section 363 or a plan of reorganization. About Wall to Wall Tile & Stone Based in Vancouver, Washington, Wall to Wall Tile & Stone, LLC -- http://walltowallcountertops.com/-- a granite and quartz stones supplier, and two affiliates filed a voluntary Chapter 11 petitions (Bankr. D. Oregon Lead Case No. 19-32600) on July 16, 2019. At the time of filing, Wall to Wall Tile & Stone's estimated assets and liabilities were $10 million to $50 million. The cases are assigned to Hon. David W. Hercher. The Debtors are represented by Timothy J. Conway, Esq., Michael W. Fletcher, Esq., Albert N. Kennedy, Esq., and Ava L. Schoen, Esq., at Tonkon Torp LLP, in Portland, Ore. The U.S Trustee for Region 18 on July 26, 2019, appointed four creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Pachulski Stang Ziehl & Jones LLP as its legal counsel, and Arch & Beam Global, LLC as its financial advisor. WESTERN MIDSTREAM: Moody's Assigns Ba1 Rating to New Sr. Notes -------------------------------------------------------------- Moody's Investors Service assigned Ba1 ratings to Western Midstream Operating, LP's proposed offerings of senior notes. Proceeds from the new notes will be used to refinance WES Operating's $3.0 billion term loan. All existing ratings of WES Operating, including the Ba1 Corporate Family Rating, and the developing outlook are unchanged. WES Operating's general partner is owned by Western Midstream Partners, LP (NR), a publicly traded master limited partnership, which also owns a 98% limited partnership interest in WES Operating. "The proposed notes offering will refinance WES Operating's $3.0 billion term loan and is leverage neutral," commented Andrew Brooks, Moody's Vice President. "The rating's developing outlook reflects the evolving structure of WES Operating's future ownership, governance and financial policies following Occidental Petroleum Corporation's (OXY) August 8 acquisition of Anadarko Petroleum Corporation, the owner of WES's general partner, and subsequent amendments to WES's partnership agreement which have expanded limited partner unitholders' rights." Assignments: Issuer: Western Midstream Operating, LP Senior Unsecured Notes Assigned Ba1 (LGD4) RATINGS RATIONALE The proposed senior notes have been rated Ba1, consistent with the ratings of WES Operating's existing senior notes. The new notes are unsecured and have no subsidiary guarantees, consistent with WES Operating's other senior notes and its committed revolving credit facility. The new notes will, however, afford prospective noteholders with structural protection and compensation to the extent a change of control prompts a downgrade of WES Operating's rating(s). The senior notes are rated the same as the CFR since all of the partnership's debts are pari passu. WES Operating's Ba1 CFR reflects its high proportion of fee-based revenues that provide cash flow stability, good commodity and basin diversification. The partnership's direct commodity price exposure is limited, but it does have exposure to fluctuations in production volumes, particularly in its large gathering business. The partnership has solid growth visibility from organic projects tied to its operations in the Delaware and DJ Basins. While many of its credit attributes could support a Baa3 rating, the longer-term structure of OXY's ownership and control of WES must first be resolved. WES Operating's financial leverage has increased over the first nine-months of 2019 as heavy capital spending and the purchase of assets from Anadarko in February 2019 increased its outstanding debt while EBITDA growth faltered because of a slower than expected volume ramp up in the Delaware Basin. However, WES Operating's Debt/EBITDA could decline to around 4x in 2020 should WES meet its updated EBITDA guidance in 2020 whose midpoint is $1,925 million. Assuming OXY retains control of WES with WES Operating's credit metrics returning to their historical levels (Debt/EBITDA at or under 4x with 1.2x distribution coverage), WES Operating could be upgraded to Baa3. However, if all or a portion of the general partner ownership and/or a large limited partner stake in WES was sold to a third party, the new ownership would have to be clearly supportive of investment grade financial policies. WES Operating's Ba1 CFR could be downgraded if Debt/EBITDA rises above 5x or if distribution coverage falls below 1x. If the rating of its primary counterparty, OXY, were to fall below Ba1 then WES Operating's ratings could be downgraded. Moody's expects WES Operating to maintain adequate liquidity into 2020, consistent with its SGL-3 rating, primarily reflecting its borrowing capacity on its $2 billion unsecured bank revolving credit facility, which is scheduled to mature in February 2025. The notes issuance will refinance the $3 billion term loan that matures in December 2020, and WES Operating has no significant senior notes maturing prior to 2021. WES Operating's revolving credit facility is unsecured and has a financial maintenance covenant limiting leverage (Debt/ EBITDA) to 5x. WES Operating had ample headroom for compliance under the covenant at September 30, with $160 million drawn. None of its assets are encumbered so the partnership could sell assets to raise cash for liquidity if that became necessary. The principal methodology used in these ratings was Midstream Energy published in December 2018. A 98% limited partner interest in WES Operating is owned by Western Midstream Partners, LP, a publicly traded master limited partnership. WES Operating provides midstream energy services primarily to OXY as well as other third-party oil and gas producers and customers. WES also owns a 100% equity interest in Western Midstream Operating GP, LLC, which holds the non-economic general partner interest in WES Operating. OXY controls WES through its ownership of Western Midstream Holdings, LLC, WES's general partner. WOODS AT BEAR CREEK: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------- The Office of the U.S. Trustee on Jan. 7, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of The Woods at Bear Creek LLC. About Woods at Bear Creek The Woods at Bear Creek, LLC -- https://thewoodsatbearcreek.com -- owns and operates an upscale glamping resort designed to connect and nurture families and individuals in a nature setting with full-service features and activities. It is located on 750 acres of forested hills and meadows in Cattaraugus County, N.Y. The Woods at Bear Creek sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. N.Y. Case No. 19-12517) on Dec. 5, 2019. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Carl L. Bucki oversees the case. Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese & Weishaar, P.C., is the Debtor's legal counsel. YCO FOSTER CARE: Feb. 4, 2020 Plan Approval Hearing Set ------------------------------------------------------- Debtor YCO Foster Care, Inc., filed with the U.S. Bankruptcy Court for the Western District of Oklahoma an application for ex parte order finding that the combined disclosure statement and plan of reorganization provides adequate information. On Dec. 19, 2019, Judge Janice D. Loyd granted the application and established the following dates and deadlines: * Jan. 16, 2020, is the last day by which holders of claims and interests may accept or reject the Plan; * Jan. 16, 2020, is the last day for filing objections to the Plan; and * A hearing is set for Feb. 4, 2020, at 9:30 a.m. before Honorable Judge Loyd, 2nd-floor courtroom, for the Court to consider final approval of the Plan. The Debtor is represented by: Gary D. Hammond MITCHELL & HAMMOND An Association of Professional Entities 512 N.W. 12th Street Oklahoma City, OK 73103 Tel: 405.216.0007 Fax: 405.232.6358 E-mail: gary@okatty.com About YCO Foster Care YCO Foster Care Inc. is a provider of therapeutic foster care services. The Company is the fee simple owner of a property located at 3304 E. 3rd Street Tulsa, Oklahoma valued at $140,000. YCO Foster Care filed a Chapter 11 bankruptcy petition (Bankr. W.D. Okla. Case No. 19-13511) on Aug. 27, 2019 in Oklahoma City. In the petition signed by Robert Lobato, owner, the Debtor disclosed total assets amounting to $190,550 and total liabilities amounting to $1,226,344. Judge Janice D. Loyd is assigned the Debtor's case. The Debtor's counsel is MITCHELL & HAMMOND. YCO FOSTER CARE: Unsecureds to Get 100% Without Interest in 5 Years ------------------------------------------------------------------- Debtor YCO Foster Care, Inc., filed with the U.S. Bankruptcy Court for the Western District of Oklahoma a combined disclosure statement and plan of reorganization. General unsecured creditors are classified in Class 3 and will receive a distribution of 100% of their allowed claims. The Debtor estimates that the total amount of all unsecured claims is approximately $781,068. Unsecured creditors holding allowed claims will receive distributions on a quarterly basis. The Debtor intends to make quarterly distributions to the unsecured creditors over a five- year period. The unsecured creditors' claims will not accrue interest. Robert Lobato will retain his 100% interest in Debtor. Payments and distributions under the Plan will be funded by the ongoing income from the operation of the debtor. The Debtor expects to make the foregoing payments due under the Plan pursuant to the income available from the operations of the business after payment of all ongoing and required operational expenses of the business. A full-text copy of the combined plan and disclosure is available at https://tinyurl.com/u5am7oc from PacerMonitor.com at no charge. The Debtor is represented by: Gary D. Hammond MITCHELL & HAMMOND An Association of Professional Entities 512 N.W. 12th Street Oklahoma City, OK 73103 Tel: 405.216.0007 Fax: 405.232.6358 E-mail: gary@okatty.com About YCO Foster Care YCO Foster Care Inc. is a provider of therapeutic foster care services. The Company is the fee simple owner of a property located at 3304 E. 3rd Street Tulsa, Oklahoma valued at $140,000. YCO Foster Care filed a Chapter 11 bankruptcy petition (Bankr. W.D. Okla. Case No. 19-13511) on Aug. 27, 2019 in Oklahoma City. In the petition signed by Robert Lobato, owner, the Debtor disclosed total assets amounting to $190,550 and total liabilities amounting to $1,226,344. Judge Janice D. Loyd is assigned the Debtor's case. The Debtor's counsel is MITCHELL & HAMMOND. [^] BOOK REVIEW: THE SUCCESSFUL PRACTICE OF LAW ----------------------------------------------- Author: John E. Tracy Publisher: Beard Books Soft cover: 470 pages List Price: $34.95 Order a copy today at https://is.gd/fSX7YQ Originally published in 1947, The Successful Practice of Law still ably serves as a point of reference for today's independent lawyer. Its contents are based on a series of non-credit lectures given at the University of Michigan Law School, where the author began teaching after 26 years of law practice. His wisdom and experience are manifest on every page, and will undoubtedly provide guidance for today's hard-pressed attorney. The Successful Practice of Law provides timeless fundamental guidelines for a successful practice. It is intended neither as a comprehensive reference work, nor as a digest of law. Rather, it is a down-to-earth guide designed to help lawyers solve everyday problems -- a ready-to-tap source of tested proven methods of building and maintaining a sound practice. Mr. Tracy talks at length about developing a client base. He contends that a firemen's ball can prove just as useful as an exclusive party at the country club in making contacts with future clients. He suggests seeking work from established firms as a way to get started before seeking collections work out of desperation. In his chapter on keeping clients, Mr. Tracy gives valuable lessons in people skills: "(I)f a client tells you he cannot sleep nights because of worry about his case, you will ease his mind very much by saying, 'Now go home and sleep. I am the one to do the worrying from now on.'" 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Mr. Tracy advises against playing golf with one's client every time he asks: "My advice would be to accept his invitation the first time, but not the second, possibly the third time but not the fourth." Other topics discussed by Mr. Tracy, with the same practical, sound advice, include fixing fees, drafting legal instruments, examining an abstract of title, keeping an office running smoothly, preparing a case for trial, and trying a jury case. But some of best counsel he offers is the following: You cannot afford to overlook the fact that you are in the practice of law for your lifetime; you owe a duty to your client to look after his interests as if they were your own and your professional future depends on your rendering honest, substantial services to your clients. Every sound lawyer will tell you that straightforward conduct is, in the end, the best policy. That kind of advice never ages. John E. Tracy was Professor Emeritus and Member of University of Michigan Law School Faculty from 1930 to 1969. Professor Tracy practiced law for more than a quarter century in Michigan, New York City, and Chicago before joining the Law School faculty in 1930. He retired in 1950. He was born in 1880. He died in December 1969. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2020. 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 ***