/raid1/www/Hosts/bankrupt/TCR_Public/200225.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, February 25, 2020, Vol. 24, No. 55
Headlines
121 LANGDON STREET: Seeks to Use Cash Collateral
2045 E HIGHLAND: Unsecured Creditors to Get 22% in 5 Years
2300 PISANI: Hajbi Buying Venice Property for $3 Million
2737 W. FULTON: Hires Strauss Realty as Real Estate Broker
ADVANTAGE SALES: S&P Alters Outlook to Positive, Affirms 'B-' ICR
AERKOMM INC: Hires Daniel Shih as Business Development Consultant
AFFILIATED CREDITORS: Case Summary & 20 Top Unsecured Creditors
AMERICAN AIRLINES: Fitch Assigns BB- Rating to Sr. Unsec. Notes
AMERICAN AIRLINES: S&P Rates New $500MM Sr. Unsecured Notes 'BB-'
ASPEN JERSEY: S&P Assigns B- Issuer Credit Rating; Outlook Stable
B.R. ELLIS TIMBER: Case Summary & 20 Largest Unsecured Creditors
BL RESTAURANTS: BLH Buying All Assets for $82.5M Credit Bid
BODY TRANSIT: Hires J. Gleason Associates as Accountant
BODY TRANSIT: Shaw Buying All North Coventry Assets for $243K
BRAZORIA HYDROCARBON:Court Approves Disclosure Statement
BRUGNARA PROPERTIES: U.S. Asks Court to Void Approved Property Sale
CAH ACQUISITION 1: Trustee's $3.5M Sale to Affinity Approved
CAH ACQUISITION 6: Trustee's $3.4M Sale to Affinity Approved
CAH ACQUISITION 7: Trustee's $400K Sale to TULSA Approved
CARMEL MEDICAL: MIG Objects to Disclosure Statement
CATSKILL DISTILLING: May Use Cash Collateral Thru March 11
CELESTIAL CHURCH: Disc. Statement Hearing Continued to March 12
CITIUS PHARMACEUTICALS: Receives $5.5M From Warrants Exercise
CLOVER TECHNOLOGIES: Prepack Plan Declared Effective Feb. 3, 2020
CORNERSTONE PAVERS: May Use Cash Collateral on Interim Basis
CORNERSTONE PAVERS: Seeks to Hire Kerkman & Dunn as Legal Counsel
COSI INC: Case Summary & 20 Largest Unsecured Creditors
CTI INDUSTRIES: Limits Voting Rights of Series A Preferred Stock
CULTIVATION STATION: Unsecured Creditors to Have 10% Recovery
DAH-ON INC: Court Approves Agreed Final Cash Collateral Order
DAH-ON INC: Has Interim Permission to Use Cash Collateral
DALTON LOGISTICS: Hires HooverSlovacek LLP as Counsel
DEERFIELD DAKOTA: Moody's Assigns 'B3' CFR, Outlook Stable
DELCATH SYSTEMS: Elects Elizabeth Czerepak to Board of Directors
DELEK US HOLDINGS: S&P Affirms 'BB' Long-Term ICR; Outlook Stable
DN ENTERPRISES: Fatbird Buying 2 Omaha Properties for $127K
DUNCAN MORGAN: All Debts to Be Paid in Full in MacGregor Plan
E&E LANDSCAPING: Secured Creditors Unimpaired in Plan
EARLY LEARNING: April 13 Hearing on Disclosure Statement
ENGINEERED INVESTMENTS: Taps Giddens Mitchell as Legal Counsel
ESCONDIDO HOLDINGS: Seeks to Hire Phil Hineman as Counsel
FAMILY RESTAURANTS: Hires Barnes Saly as Accountant
FAYETTE MEMORIAL: Bridge Order Signed Extending Exclusivity Period
FREEDOM FOODS: March 19 Plan & Disclosure Hearing Set
FREEPORT-MCMORAN INC: S&P Rates $1.3BB Aggregate Unsec. Notes 'BB'
GALA SERVICE: Court Ok’s Pentagon Cash Collateral Stipulation
GASPER RICE: Plan & Disclosure Hearing Reset to April 14
GEORGE WASHINGTON: Plan Mulls Sale or Investment
GJ SOUTH LLC: Unsecured Creditors to Recover 12% in Plan
GOLASINSKI HOMES: Supplement to Plan and Disc. Statement
GOOD SAMARITAN: Seeks to Hire Stradley Ronon as Legal Counsel
GRAPHIC PACKAGING: Moody's Rates New $400 Unsec. Notes Ba2
GREEN PHARMACEUTICALS: Unsecureds to Recover 1.38% in Plan
GROWCO INC: Trade Creditors to Get Share of Net Profits
GUITAR CENTER: Moody's Lowers CFR to Caa2 & Alters Outlook to Neg
HARB PROPERTIES: Ohio Objects Cites Plan Discrepancies
HEARTS AND HANDS: Exclusivity Period Extended to May 18
HELIUS MEDICAL: Director Thomas Griffin Won't Run for Re-Election
HERMITAGE INN: Bankruptcy Auction Set for March 20
HIDALGO EMERGENCY: Exclusivity Period Extended Until June 5
ICAGEN INC: Incurs $5.82 Million Net Loss in Third Quarter
INNERSCOPE HEARING: Withdraws Preferred Stock Cert. of Designation
INVICTUS MD: Gets CCAA Initial Stay Until Feb. 24
ISAGENIX WORLDWIDE: S&P Downgrades ICR to 'CCC'; Outlook Negative
JB AND COMPANY: Taps Swan Realty as Broker
JHW CJF: S&P Assigns 'B-' Issuer Credit Rating; Outlook Stable
KETAB CORPORATION: Seeks to Extend Exclusivity Period to May 29
LBJ HEALTHCARE: March 26 Hearing on Disclosure Statement
LICK INDUSTRIES: Unsecureds to Get Income, Sale Proceeds
LIP INC: March 17 Hearing on Disclosure Statement
LNB-002-2013: Judge Denies Further Extension of Exclusivity Periods
LUXURY LIMOUSINE: Unsecured Creditors to Recover 31% in Plan
MARTONE AUTO: Hires Scott J. Goldstein as Bankruptcy Counsel
MATTAMY GROUP: S&P Assigns 'BB' Rating to Senior Unsecured Notes
MEDNAX INC: Moody's Reviews Ba2 CFR for Downgrade
MLW LLC: To Seek Plan Confirmation on March 19
MONDORIVOLI LLC: April 8 Hearing on Disclosure Statement Set
MOTIONLOFT INCL ABC Services to Sell Assets on March 2
NEW CITY WASTE: Arranges $200K Loan; Plan Has 44% for Unsecureds
NEW START: Trustee Hires Portfolio Assurance as Broker
NIAGARA FRONTIER: Court Grants Interim Access to Cash Collateral
NICHOLS EXECUTIVE: Voluntary Chapter 11 Case Summary
NOFALIA INC: Seeks to Hire Barron & Newburger as Counsel
OLEUM EXPLORATION: Taps MacFarlane and Associates as Accountant
ON TIME ELECTRIC: TGB Does Not Consent to Treatment in Plan
P2 UPSTREAM: S&P Withdraws 'B-' Issuer Credit Rating
PANTHERA ENTERPRISES: Exclusivity Period Extended to March 13
PARCELS B AND C: Voluntary Chapter 11 Case Summary
PARK MONROE: Disclosure Motion Hearing Reset to March 18
PEOPLE WHO CARE: Unsecureds Get Nothing Under Plan
PRACTICAL APPROACH: Unsecureds Get Payments for 10 Years
PRO SOUTH: Exclusivity Period Extended to March 2
R & J BENTON: Case Summary & 20 Largest Unsecured Creditors
REDEEMED CHRISTIAN CHURCH: Hires Buddy D. Ford as Legal Counsel
RENT RITE: Court Approves Disclosure Statement
RIVORE METALS: Cincinnati Industrial Buying Assets for $870K
RIVORE METALS: Feb. 26 Deadline to File Plan & Disclosures
ROBERT MICHELENA: Proposes Auction &/Or Private Sale of Assets
ROLLS BROS: May Continue Receivables Financing from AeroFund
RONNA'S RUFF BARK: Court Approves Cash Stipulation with S&T Bank
SAEXPLORATION HOLDINGS: Elects Director to Fill Vacancy
SAEXPLORATION HOLDINGS: Whitebox Advisors Reports 36% Stake
SAMANTHA SANSON CONSULTING: Seeks to Hire Braunco Inc. as Appraiser
SAMHA FOODS: Taps Turner Legal Group as Legal Counsel
STAR CHAIN: Softbrain Buying All Store Assets for $20K
STAR PETROLEUM: Hires Luis Carrasquillo as Financial Consultant
STAR PETROLEUM: Seeks to Hire Charles A. Cuprill as Counsel
STILWATER 8665: Seeks to Hire A. J. Mitchell as Legal Counsel
T&U INVESTMENTS: Seeks to Hire Phil Hineman as Counsel
TOSCA SERVICES: S&P Assigns 'B' ICR; Outlook Stable
VAC FUND HOUSTON: Committee Taps Brinkman Portillo as Legal Counsel
VESTAVIA HILLS: Seeks Court Approval to Hire Special Counsel
VIDANGEL INC: Trustee Hires Berkeley Research as Valuation Advisor
VIDEO CORP: March 3 Auction of All Assets Set
VIDEOMINING CORPORATION: Has Interim OK to Use Cash Thru March 12
VPR BRANDS: DiamondRock Commits to Invest up to $5 Million
W.P. MURPHY INC: Hires Texas Heritage as Real Estate Broker
WARNER MUSIC: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
WESTERN RESERVE: Seeks to Hire PPL Group as Auctioneer
WHITE AND SONS: Agents Put Collateral Up for Sale on March 4
[^] Large Companies with Insolvent Balance Sheet
*********
121 LANGDON STREET: Seeks to Use Cash Collateral
------------------------------------------------
121 Langdon Street Group, LLP, asked the Bankruptcy Court to
authorize use of cash collateral to pay necessary operating
expenses. The Debtor plans to continue its business through a
Chapter 11 case and to propose a plan of reorganization providing
for the sale of the Debtor's real property.
Midland States Bank and Lokre Development Company, as agent for
Todd Bramschreiber, Gwen Means, ME Elmore 1, LLC, and RL Elmore 1,
LLC, hold mortgages against the Debtor's real property and an
assignment of the Debtor's rents associated with the mortgaged real
estate. As of the Petition Date, the Debtor owes Midland
approximately $1,280,000 and Lokre approximately $175,000.
The Debtor proposed to provide Midland and Lokre a replacement lien
on all post-petition rents and proceeds of collateral pursuant to
Section 361(2) of the Bankruptcy Code. A copy of the motion is
available for free at https://is.gd/IACVLf from PacerMonitor.com.
About 121 Langdon Street
121 Langdon Street Group, LLP, is a privately held company whose
principal assets are located at 121 Langdon Street Madison, WI
53703.
121 Langdon Street Group filed a voluntary petition under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 20-10125) on
Jan. 17, 2020. In the petition signed by Harold Langhammer,
partner, the Debtor estimated $1 million to $10 million in both
assets and liabilities. Timothy J. Peyton, Esq. represents the
Debtor as counsel.
2045 E HIGHLAND: Unsecured Creditors to Get 22% in 5 Years
----------------------------------------------------------
Debtor 2045 E. Highland, LLC, filed a Disclosure Statement
describing its First Amended Chapter 11 Plan of Reorganization.
Prior to the commencement of the petition, Debtor and its
principals were parties to a pending civil action with Seacoast
Commerce Bank and Henry Kumagai. The parties are working on a
global settlement agreement with regards to plan treatment, sale of
the commercial property, and settlement of the pending civil
action.
The Plan proposes to treat claims as follows:
* Class 1(a) Seacoast Commerce Bank. Payment of the secured
portion of claim ($2,650,000) in full through a consensual sale of
the collateral to close no later than Feb. 28, 2020. The Debtor
has obtained a cash offer for the sale and all contingencies have
been waived. Any postpetition property tax advances paid directly
by Seacoast Commerce Bank or indirectly by escrow which reduces
Seacoast Commerce Bank's net proceeds from the sale shall be repaid
by Debtor over 5 years with 5% annual interest.
* Class 1(b) Henry Kumagai. Payment of $35,000 in full
satisfaction of secured claim and in resolution of pending
litigation in state court with parties to agreeing to mutual
dismissal of claims with prejudice. Funds shall be paid direct from
Debtor's operating account and not from the proceeds of the sale of
the commercial property.
* Class 3 General Unsecured Claims. General unsecured creditors
will be paid $180,000 which is estimated to pay 22.0% of each
claim. Payments will be made in 60 equal monthly installments
starting on the first day of the first month following the
Effective Date.
The Plan will be funded from Debtor's continued operation. In
addition, the four interest holders of the Debtor will contribute
new value by providing a cash infusion of $20,000 upon the
effective date of the Plan.
A full-text copy of the First Amended Disclosure Statement dated
Feb. 4, 2020, is available at https://tinyurl.com/v8ppu2l from
PacerMonitor at no charge.
The Debtor is represented by:
Ure Law Firm, A.P.C.
Thomas B. Ure
800 West 6th Street, Suite 940
Los Angeles, CA 90017
Telephone: 213-202-6070
Facsimile: 213–202-6075
E-mail: tom@urelawfirm.com
About 2045 E. Highland
2045 E Highland, LLC, owns a tire and auto service shop in San Juan
Capistrano, California.
2045 E Highland, based in San Juan Capistrano, CA, filed a Chapter
11 petition (Bankr. C.D. Cal. Case No. 19-11458) on April 19, 2019.
In the petition signed by Javier Salas, president, the Debtor
disclosed $1,747,600 in assets and $3,367,198 in liabilities. The
Hon. Theodor Albert oversees the case. Thomas B. Ure, Esq., at Ure
Law Firm, serves as bankruptcy counsel to the Debtor.
2300 PISANI: Hajbi Buying Venice Property for $3 Million
--------------------------------------------------------
2300 Pisani, A Nevada Domestic Limited Liability Company, filed
with the U.S. Bankruptcy Court for the Central District of
California a notice of its proposed private sale of the real
property located at 2300 Pisani Pl., Venice, California to Kfir
Hajbi for $3 million, pursuant to their fully executed California
Residential Property Purchase Agreement and Joint Escrow
Instructions, dated Jan. 13, 2020.
The Property is a double that includes a main house and guest
house, with a total of 1,805 sq feet, four bedrooms and three
baths. It is located just off Venice Blvd between Abbott Kinney
and Lincoln Blvd., which is a very popular area less than a mile
from the
Venice Boardwalk.
The Debtor purchased the Property in 2016 with the intention of
demolishing the existing structures and building three, three-story
condominium units with three roof decks and a subterranean garage
totaling 8,575 sq. ft. After the purchase, the Debtor maintained
the Property while working with architects and engineers on the
design and seeking approval from the City of Los Angeles,
Department of City Planning and the Coastal Commission which
resulted in incurring considerable additional expenses.
The Property was listed for sale for a couple months last summer
with a purchase price of $3,795,000. It was very overpriced. The
Property went into foreclosure and was scheduled for sale two weeks
after this case was filed. In filing the case, the Debtor decided
it would be in its best interest and that of creditors to sell the
Property through the Bankruptcy Court. It retained a local real
estate agent familiar with properties in the same area who
apparently considered the value of the comparable properties pined
the value was approximately $2.5 million. However, given the
amount of liens on the Property it could not sell for less than $3
million. It was selected as the listing price as it was not likely
there would be any interest in the Property at any higher than
this amount.
The sale that is the subject of the Motion is for the full amount
of the list price of $3 million, which is over the market price.
This offer, accepted by the Debtor, was made by Buyer, an
investor/creditor of the Debtor, who was involved in the
development project and made the offer to assure he can recoup at
least some of his investment.
The Debtor proposes to sell the Property to the Buyer free and
clear of all liens, claims, rights, interests, and encumbrances.
The RPPA was presented to the Debtor and accepted on Jan. 11, 2020.
The Purchase Price is $3 million with the Buyer and the parties to
pay their own escrow fees. The Buyer has a lien on the Property
for $850,000 which will be used in part as a credit. It will mean
there is no need to pay that lien in its entirety and provide a
significant benefit to the estate and creditors who will all be
paid through the sale. The Buyer made his offer to purchase
through the listing agent/broker and the agent/broker has agreed to
take only one side of the commissions which is 2.5% instead of 5%
which also saves the estate $75,000.
The Debtor has applied to the City of Los Angeles for approval to
demolish the existing structures and develop an 8.575 sq ft.,
three-unit, three-story condominium on the Property. I is waiting
on the approval from the City of Los Angeles. The Debtor obtained
approval for the development from the Coastal Commission but there
has been an appeal by neighbors.
No liabilities will be assumed by the Buyer. All liabilities
against the Property will be paid in full by the $3 million sale
proceeds and/or Buyer's credit.
The Buyer has not paid a deposit as his $850,000 third lien is
being used as his down payment/credit.
The RRPA and Addendum No. 1 acknowledge that approval of the Court
is required and provides that escrow will close 14 days after entry
of the court order of approval. There are no Buyer contingencies
in the RRPA. There is, therefore, no impediment to closing.
The Buyer will accept the purchased assets at the closing "as is,
where is."
The proposed sale to the Buyer pursuant to the terms of the RRPA is
for a private sale. The purchase price is already substantially
over the market price and of substantial benefit as the Buyer has a
credit for the amount of his lien but will have to reduce the
credit significantly in order to assure all creditors are paid. It
is not likely there are any potential purchasers willing to this
much over the already above market price.
The Motion is filed pursuant to LBR 6004(c). The Debtor does not
anticipate any objections as all creditors will be paid from the
sale.
In order to complete the sale in the case, and to not miss the
opportunity presented by the sale to Debtor, the estate and its
creditors, the Debtor respectfully asks that the order on the
Motion be effective immediately, notwithstanding the 14-day stay
imposed by FRBP 6004(h).
A hearing on the Motion is set for Feb. 20, 2020 at 2:00 p.m.
A copy of the Agreement is available at
https://tinyurl.com/yx7lbyar from PacerMonitor.com free of charge.
About 2300 Pisani, A Nevada Domestic
Limited Liability Company
2300 Pisani, A Nevada Domestic LLC, filed a Chapter 11 bankruptcy
petition (Bankr. C.D. Cal. Case No. 20-10057) on Jan. 10, 2020,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Michael Totaro, Esq., at Totaro &
Shanahan.
2737 W. FULTON: Hires Strauss Realty as Real Estate Broker
----------------------------------------------------------
2737 W. Fulton, LLC, seeks authority from the U.S. Bankruptcy Court
for the Northern District of Illinois to employ Strauss Realty,
Ltd., as real estate broker to the Debtor.
2737 W. Fulton requires Strauss Realty to market and sell the
Debtor's real property located at 2737 W. Fulton, Chicago, Illinois
60612.
Strauss Realty will be paid a commission of 4% of the gross sales
price.
Dale Strauss, partner of Strauss Realty, Ltd., assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Strauss Realty can be reached at:
Dale Strauss
STRAUSS REALTY, LTD.
4220 W Montrose Ave
Chicago, IL 60641
Tel: (773) 736-3600
Fax: (773) 736-3601
About 2737 W. Fulton
2737 W. Fulton, LLC, Chicago IL, filed a Chapter 11 petition
(Bankr. N.D. Ill. Case No. 19-28605) on Oct. 8, 2019. In the
petition signed by Yasya Shtayner, manager, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities. The Hon. Carol A. Doyle oversees the case. Ariel
Weissberg, Esq., at Weissberg and Associates, Ltd., serves as
bankruptcy counsel to the Debtor.
ADVANTAGE SALES: S&P Alters Outlook to Positive, Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
U.S.-based Advantage Sales & Marketing Inc. (ASM) and revised the
outlook to positive from negative.
ASM is proposing to refinance its existing debt capital structure
with proceeds from a $350 million asset-based revolver (ABL) ($100
million drawn at close), $1.525 billion senior secured first-lien
U.S. dollar term loan, $300 million senior secured first-lien euro
term loan, $345 million of senior secured notes, and $800 million
of senior unsecured notes. The financial sponsor owners will
contribute an additional $200 million in common equity.
The transaction will be modestly deleveraging and importantly, it
will address the company's large 2021 debt maturities, according to
S&P.
Meanwhile, S&P assigned its 'B-' issuer credit rating to Advantage
Solutions Inc., which is the parent company of the group and will
be the financial reporting entity going forward.
The rating agency assigned its 'B-' issue-level and '3' recovery
ratings to the company's proposed first-lien U.S. dollar term loan,
first-lien euro term loan, and senior secured notes. It also
assigned its 'CCC' issue-level and '6' recovery ratings to the
company's senior unsecured notes.
The outlook revision to positive from negative reflects S&P's view
that the proposed refinancing will strengthen ASM's credit profile,
as it addresses the company's nearing debt maturities and is
modestly deleveraging. The equity contribution from ASM's financial
sponsor owners gives S&P greater confidence that the deal will
close with satisfactory terms. Pro forma for the transaction, S&P
estimates leverage of about 6.6x. S&P expects to withdraw all
outstanding ratings on ASM's existing credit facilities when the
transaction closes. This rating action assumes that the deal closes
substantially on the terms presented to the rating agency,
including the $200 million common equity contribution from the
sponsors.
The positive outlook reflects the potential for a higher rating if
ASM continues to generate positive organic revenue growth and
improves and sustains leverage around 6x or below. An upgrade would
also be predicated on the company completing the transaction on
satisfactory terms.
"We could revise the outlook to stable if we believe ASM will
sustain leverage above 6.5x. This could occur if ASM fails to grow
sales and EBITDA as we expect due to intensifying competition from
peers or weaker industry conditions, which could be a result of
further consolidation among its consumer goods customers, or
accelerated consumer spending shifts toward e-commerce and
private-label products. This could also occur if ASM more
aggressively pursues debt-financed acquisitions," S&P said.
"We could lower the rating if market conditions deteriorate and ASM
cannot complete the refinancing with reasonable terms, resulting in
its capital structure becoming current," the rating agency said.
AERKOMM INC: Hires Daniel Shih as Business Development Consultant
-----------------------------------------------------------------
Aerkomm Inc. entered into a consultant agreement on Feb. 16, 2020,
with Daniel Shih, a co-founder and former shareholder of the
Company and former chief executive officer of Aircom Pacific, Inc.,
the wholly owned operating subsidiary of the Company. During the
past few years, Mr. Shih has stepped back from the Company to
pursue other interests and is no longer a shareholder of the
Company.
Pursuant to the terms of the Agreement, Mr. Shih will provide
services to the Company as a "Business Development Consultant" and
will establish and implement a business development strategy for
the Company. The Company will pay Mr. Shih a monthly retainer of
$10,000 and will reimburse Mr. Shih for actual, necessary and
reasonable air travel expenses incurred by Mr. Shih pursuant to
this Agreement up to a maximum of US$20,000 each calendar month and
for actual, necessary and reasonable travel-related hotel and meal
expenses incurred by Mr. Shih pursuant to this Agreement up to a
maximum of US$10,000 each calendar month. The Agreement with Mr.
Shih will terminate one year from the Effective Date or earlier
under certain circumstances. As an independent contractor and not
an employee of the Company, Mr. Shih will not have any power to
bind the Company or to enter into any contracts on behalf of the
Company or any of its subsidiaries. Mr. Shih will not be
performing, or be expected or obligated to perform, any
broker-dealer, finder, investment banking or investment advisor
functions or services on behalf of the Company or any of its
subsidiaries.
Given Mr. Shih's background in, and knowledge of, the aviation
industry, the Company believes that Mr. Shih will be able to
provide valuable services to the Company at this time.
About Aerkomm
Headquartered in Nevada, USA, Aerkomm Inc. --
http://www.aerkomm.com/-- is a full-service development stage
provider of in-flight entertainment & connectivity (IFEC)
solutions, intended to provide airline passengers with a broadband
in-flight experience that encompasses a wide range of service
options. Those options include Wi-Fi, cellular, movies, gaming,
live TV, and music. The Company plans to offer these core
services, which it is currently still developing, through both
built-in in-flight entertainment systems, such as a seat-back
display, as well as on passengers' own personal devices.
Chen & Fan Accountancy Corporation, in San Jose, California, the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated March 22, 2019, on the Company's
consolidated financial statements for the year ended Dec. 31, 2018,
citing that the Company has suffered recurring loss from operations
that raises substantial doubt about its ability to continue as a
going concern.
As of Sept. 30, 2019, the Company had $51.28 million in total
assets, $3.92 million in total liabilities, and $47.35 million in
total stockholders' equity.
AFFILIATED CREDITORS: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: Affiliated Creditors, Inc.
176 Thompson Lane, Suite 101
Nashville, TN 37211
Business Description: Affiliated Creditors, Inc. --
https://www.affiliatedcreditors.com --
provides innovative debt recovery solutions
for its clients.
Chapter 11 Petition Date: February 22, 2020
Court: United States Bankruptcy Court
Middle District of Tennessee
Case No.: 20-01132
Judge: Hon. Charles M. Walker
Debtor's Counsel: Robert J. Gonzales, Esq.
EMERGELAW, PLC
4000 Hillsboro Pike
Suite 505
Nashville, TN 37215
Tel: 615-953-2629
Email: ecf@emerge.law
Debtor's
Financial
Advisor: TORTOLA ADVISORS, LLC
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $100 million to $500 million
The petition was signed by Roy Arnold Williams, Jr., president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://is.gd/9SbeK5
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Phydata $134,038
Attn: Joy Sweeney
P.O. Box 249
Goodlettsville, TN 37072
Email: joy.sweeney@phydata.com
2. Maury Regional $114,179
Health System
1224 Trotwood Avenue
Columbia, TN 38401
Alex Ross
Email: saross@mauryregional.com
3. Saint Thomas $90,859
Health E1RCM
Attn: Will Reiners
300 20th Ave North
Ste 402
Nashville, TN 37203
Email: wreiners@r1rcm.com
4. Roy A. Williams, Sr. $80,000
317 Queens Dr
Mount Juliet, TN 37122
5. Farsheed Ferdowsi $80,000
9472 Highland Bend Ct
Brentwood, TN 37027
6. Brault $67,135
180 Via Verde Ste. 100
San Dimas, CA 91773
Melissa Hogan
Email: melissah@brault.us
7. Amex Business $40,403
Gold Rewards
c/o Becket & Lee LLP
PO Box 3001
Malvern, PA 19355-0701
Email: abecket@becket-lee.com
8. Williamson Medical Center $40,126
Attn: Rhonda Holt
4321 Carothers Parkway
Franklin, TN 37064
Email: rholt@wmed.org
9. Freemn Webb Company $24,265
3810 Bedford
Avenue Ste 300
Nashville, TN 37215
Email: kirby.davis@freemanwebb.com
10. Lincoln County $12,702
Health System
Attn: Kirby Hedrick
106 Medical Center
Fayetteville, TN 37334
Email: kirby.hedrick@lchealthsystem.com
11. Anatomic & Clinical Lab Asso $10,909
Attn: Teresa
2010 Church St, Suite 615
Nashville, TN 37203
Email: tlemmons@aclapath.com
12. Elmington Property Management $8,744
Attn: Kerri Davis
118 16th Avenue
South Ste 200
Nashville, TN 37203
Email: kdavis@elmingtonpm.com
13. Vanderbilt Medical Center - $8,594
Finance
Attn: Drea Gafffney
3841 Green Hills
Village Dr. Ste
200Nash
Nashville, TN 37215
Email: drea.gaffney@vumc.or
14. Middle Tennessee $6,656
Emergency Physicians
P.O. Box 337
Lafayette, TN 37083
Jessica Nix
Email: jessicanix@epbs1.com
15. Escambia County EMS $5,146
6575 N.W. Street
Pensacola, FL 32505
Tamika Williams
Email: tlwilliams@co.escambia.fl.us
16. Byers & Harvey, Inc. $4,890
Attn: Penny
529 N Second St.
Clarsville, TN 37040
Email: penny@byersandharvey.com
17. Emergency Medical Services $2,474
Attn: Accounting
11111 Classen Dr.
Oklahoma, OK 73103
Kim Ringo
Email: carterl@emsa.net
18. Pathologist Laboratory, P.C. $2,311
4733 Andrew
Jackson Pkwy.
Hermitage, TN 37076
Leah King
Email: lking@plpcpath.com
19. Unity Health $1,982
White County Medi
Attn: Kevin Burton
3214 E Race Avenue
Searcy, AR 72143
Nannette Doughas
Email: nannette.douglas@unityhealth.org
20. Highmark Ridgetop $1,574
Apartments
2009 Layman Rd #97
Athens, TN 37303
Lisa Graham
Email: ridgetop@enfield-group.com
AMERICAN AIRLINES: Fitch Assigns BB- Rating to Sr. Unsec. Notes
---------------------------------------------------------------
Fitch Ratings assigned a 'BB-'/'RR4' rating to American Airlines
Group Inc.'s senior unsecured notes. Fitch's current long-term
Issuer Default Rating for American is 'BB-'. The rating also
applies to and its primary operating subsidiary, American Airlines,
Inc.
KEY RATING DRIVERS
American has issued $500 million in senior unsecured notes. The
proceeds will be used to pre-fund American's pension obligations
and will be in addition to existing planned contributions for 2020.
Fitch views the issuance as credit neutral. Fitch does not include
pension obligations in its leverage calculations so the issuance
has modest negative impact on leverage metrics. This is offset by
pre-funding future cash obligations. Fitch also continues to expect
American's gross debt balance to decline in 2020. The notes will be
guaranteed by American Airlines, Inc., and will rank equally in
right of payment to American's existing unsecured issuances.
American's 'BB-' rating is supported by the company's market
position as one of the largest airlines in the world, a dominant
position in key hubs and prospects for improving FCF and declining
leverage over Fitch's forecast period. However, Fitch considers
some of American's credit metrics to be weak for the rating. Credit
metrics have been pressured over the past two years by a
combination of one-time events including labor issues and the 737
MAX grounding, and by rising labor costs and by an intensely
competitive environment. Fitch expects metrics to improve over the
next 1-2 years as declining capex allows for debt reduction and as
various revenue initiatives continue to take hold.
DERIVATION SUMMARY
American is rated lower than its major network competitors, Delta
(BBB-/Stable), and United (BB/Stable) primarily due to the
company's more aggressive financial policies. American's debt
balance has increased substantially since its exit from bankruptcy
and merger with US Airways in 2013 as it has spent heavily on
renewing its fleet and on share repurchases. As such, American's
adjusted leverage metrics are at the high end of its peer group.
The risk of maintaining a high debt balance is partially offset by
American's substantial cash position. American also has lower
capital spending requirements compared with peers over the next
several years. American's ratings are also supported by the breadth
and depth of its route network, its position as one of the largest
airlines in the world and by strong financial results since its
merger with US Airways. American's ratings are in line with LATAM
and Hawaiian Airlines. LATAM's credit metrics are roughly in line
with American's, though American's credit profile benefits from its
position in a more stable market. Hawaiian's key credit metrics are
stronger than American's, though its ratings incorporate its much
smaller size and geographic concentration.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:
-- Capacity growth of approximately 5% in 2020 and in the low
single-digit range annually thereafter;
-- Slower economic growth for the U.S. over the near term,
translating to slower growth in demand for air travel;
-- Crude prices equating to $55-$60/barrel on average for 2019
and rising modestly thereafter;
-- Low single-digit TRASM growth in 2020 followed by modest
annual growth thereafter;
-- Unit cost growth at close to 4% in 2019, flat in 2020, and
below 2% thereafter;
-- Material debt reduction over the forecast period;
-- Annual share repurchases are assumed to be sized in such a
way to keep liquidity above a target of $7 billion.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
-- Adjusted debt/EBITDAR sustained below 4.0x;
-- FFO fixed-charge coverage sustained around 3.0x;
-- FCF generation above Fitch's base case expectations;
-- Moderating policies toward financial leverage and
shareholder-friendly cash deployment.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
-- Failure to reduce total adjusted debt/EBITDAR by mid-2021;
-- EBITDAR margins deteriorating into the low double-digit
range;
-- Shareholder-focused cash deployment at the expense of a
healthy balance sheet;
-- Liquidity sustained below 15% of LTM revenue.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: American had total unrestricted cash and
short-term investments of $3.8 billion, and $3.2 billion in undrawn
revolver capacity as of Dec. 31, 2019, in line with the airline's
long-term minimum liquidity target of $7 billion. The company aims
to keep liquidity high to offset its high debt balances. Fitch
views liquidity, along with expected generation of significant cash
flow from operations (CFFO), to be more than adequate to cover
upcoming obligations.
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.
AMERICAN AIRLINES: S&P Rates New $500MM Sr. Unsecured Notes 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to American Airlines Group Inc.'s proposed $500
million senior unsecured notes due 2025. The '3' recovery rating
indicates S&P's expectation that lenders would receive meaningful
(50%-70%; rounded estimate: 65%) recovery of their principal in the
event of a payment default. American Airlines Group Inc. is the
parent of American Airlines Inc. The company will use the proceeds
from these notes to fund contributions to its pension plan.Existing
recovery ratings are unchanged. The recovery ratings reflect the
company's greater-than-expected amortization on its secured debt,
which has increased the amount of collateral available for the
unsecured noteholders in a simulated default scenario.
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
-- S&P is maintaining its '1' recovery rating (rounded estimate:
95%) and 'BB+' issue-level rating on American Airlines Inc.'s
senior secured revolvers and term loans.
-- S&P assigned its '3' recovery rating (rounded estimate: 65%)
and 'BB-' issue-level rating to the proposed $500 million senior
unsecured notes due 2025.
-- The recovery rating on American Airlines Inc.'s existing senior
unsecured notes remains unchanged at '3' (rounded estimate: 65%).
-- S&P values the company on a discrete-asset basis as a going
concern using current book values as reported and fair market
values of appraised assets, including routes, slots, and aircraft.
-- S&P's valuations reflect its estimate of the value of the
various assets at emergence from an assumed second reorganization
based on current market appraisals as adjusted for expected
realizations rates in a distressed scenario.
-- The company continues to make material contributions to its
pension plans, which improve S&P's view of its overall recovery
because it assumes that its unfunded other post-employment benefits
(OPEB) and pension will have an unsecured claim at default.
Simulated default assumptions
-- Simulated year of default: 2024
Simplified waterfall
-- Net enterprise value (after 5% admin. costs): $24.7 billion
-- Valuation split (obligors/equipment and aircraft): 45%/56%
-- Value available to first-lien (non-equipment) debt claims
(collateral): $11.0 billion
-- Secured (non-equipment) first-lien debt claims: $7,676 million
--Recovery expectations: 90%-100% (rounded estimate: 95%)
-- Value available to first-lien equipment debt claims
(collateral): $13,698 million
-- Secured equipment first-lien claims: $11,786 million
--Recovery expectations: Not applicable
-- Total value available to unsecured claims: $5,364 million
-- Senior unsecured debt/pari passu unsecured claims: $1,279
million/$6,495 million
--Recovery expectations: 50%-70% (rounded estimate: 65%)
Notes: All debt amounts include six months of prepetition interest.
Collateral value equals asset pledge from obligors after priority
claims plus equity pledge from nonobligors after nonobligor debt.
In some instances, S&P rates debt secured by equipment using its
Enhanced Equipment Trust Certificate criteria, which is not part of
this analysis but is available separately.
ASPEN JERSEY: S&P Assigns B- Issuer Credit Rating; Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned a 'B-' issuer credit rating to Aspen
Jersey Topco LLC and its 'B-' issue-level rating and '3' recovery
rating to the company's first-lien credit facility. The '3'
recovery rating indicates S&P's expectation for meaningful
(50%-70%; rounded estimate: 55%) recovery in the event of default.
The rating actions follow West Street Capital Partners' entry into
a definitive agreement to acquire Aptos Inc. Aspen Jersey, parent
of Aptos, proposed to issue a $300 million first-lien term loan due
in 2027 to partially finance the transaction and establish a new
$40 million revolving credit facility.
"The acquisition of Aptos by Goldman Sachs' merchant banking
division from current sponsor Apax Partners, is viewed as a
financial transaction and does not alter our view of Aptos'
competitive position and overall business risk. Our assessment of
Aptos continues to be constrained by its small scale, narrow end
market focus (exclusively retail), and relatively low recurring
revenue base. In our view, the company's good position in the niche
retail software solutions market, well-diversified customer base
encompassing established retail brands, geographically diverse
revenues, and favorable secular trends partly offset these
weaknesses," S&P said.
The stable outlook reflects initial pro forma leverage of around
8.5x and S&P's expectation that Aspen Jersey will achieve modest
revenue and EBITDA growth over the next 12 months. Although
hardware and license revenues will decline, S&P expects it to
maintain a lower cost structure and sustain growth in software
business, such that leverage will approach the mid-7x area within
12 months.
"We could lower our rating on Aspen Jersey if operational
difficulties lead to EBITDA deterioration and negative cash flow
generation, which would lead us to question the long-term
sustainability of the company's capital structure. This could occur
if software sales decline as a result of significant customer
losses, increased competition from larger players, or technological
shifts that reduce the usefulness of the company's products," S&P
said.
"We are unlikely to raise our rating on Aspen Jersey over the next
12 months given our forecast for leverage in the mid-7x. Longer
term, we could raise the rating if we expect leverage to improve to
and remain below 6x. For this to occur, Aspen Jersey would need to
significantly increase profitability and FOCF while also
demonstrating a financial policy that prioritizes debt repayment
over shareholder returns and acquisitions," the rating agency said.
B.R. ELLIS TIMBER: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: B.R. Ellis Timber, Inc.
82 Greenfield Lane
Whiteville, NC 28472
Business Description: B.R. Ellis Timber, Inc. is a privately held
company in the logging business.
Chapter 11 Petition Date: February 24, 2020
Court: United States Bankruptcy Court
Eastern District of North Carolina
Case No.: 20-00784
Debtor's Counsel: Algernon L. Butler, III, Esq.
BUTLER & BUTLER, L.L.P.
111 N. 5th Avenue
PO Box 38
Wilmington, NC 28401
Tel: 910-762-1908
E-mail: albutleriii@butlerbutler.com
Total Assets: $1,373,900
Total Liabilities: $2,244,568
The petition was signed by Bobby Ray Ellis, Jr., 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/HbVYqn
BL RESTAURANTS: BLH Buying All Assets for $82.5M Credit Bid
-----------------------------------------------------------
BL Restaurants Holding, LLC and its affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to authorize the sale
of substantially all of their assets to BLH Acquisition Co., LLC
for a credit bid of $82.5 million plus assumption of Assumed
Liabilities, subject to overbid.
Also, filed contemporaneously with the is the Debtors' Sale
Procedures Motion. The Sale Procedures Motion seeks approval of,
among other things, the Bidding Procedures and Contracts
Procedures. The Bidding Procedures provide for, among other
things, the requirements for Qualified Bidders to submit Qualified
Bids and participate in an Auction. The Contracts Procedures
provide for, among other things, the deadlines and requirements for
the Debtors to assume and assign executory contracts and unexpired
leases.
In the exercise of their reasonable business judgment, the Debtors
have determined that the most effective way to maximize the value
of their estates for the benefit of their constituents was to seek
bankruptcy protection and to sell their businesses and assets
through a Sale pursuant to section 363 of the Bankruptcy Code. The
sale is supported by the DIP Lenders, who do not object to the use
of their cash collateral and are lending the Debtors additional
amounts under the DIP Facility4 to continue operating post-Petition
Date in the ordinary course of business and to continue and
effectuate the contemplated sale process.
On Sept. 20, 2019, the Debtors engaged Configure Partners, LLC as
their proposed investment banker to locate investors and to market
their assets for sale, to assist in the evaluation of strategic
alternatives. As of the Petition Date, Configure contacted
approximately 101 potential strategic buyers and 153 financial
buyers, out of which 73 executed confidentiality agreements and
received the confidential information memorandum and access to key
documents in an online data room.
Subsequently, the Debtors and its advisors commenced discussions
with the Prepetition First Lien Secured Lenders and the Prepetition
First Lien Secured Agent to serve as a "stalking horse" via a
credit bid. The Debtors were able to conclude these negotiations
and on Jan. 26, 2020 entered into an Asset Purchase Agreement date
Jan. 26, 2020 by and among BL Restaurants Holding, LLC, BL
Restaurant Operations, LLC, BL Restaurant Franchises, LLC, and BL
Hunt Valley, LLC as sellers and BLH AcqCo as the Stalking Horse
Purchaser.
In light of the Debtors' cash position and lack of realistic,
viable alternatives, they, in the exercise of their reasonable
business judgment, determined that the most effective way to
maximize the value of their estates for the benefit of their
stakeholders was to seek bankruptcy protection in order to sell
substantially all of their assets through a Sale pursuant to
section 363 of the Bankruptcy Code. In connection therewith,
Configure continues to market the Debtors' assets postpetition for
sale to potential purchasers other than the Stalking Horse
Purchaser and to solicit Qualified Bids from Qualified Bidders.
As more specifically set forth in the First Day Declaration, as of
the end of 2019, the Company had grown to 110 owned locations and
24 franchised locations through it franchising program, operating
in 26 states and the District of Columbia. After closing 38
under-performing locations, as of the Petition Date the Debtors are
operating 72 owned locations and 24 franchised locations. The
Debtors are offering for sale all of their assets associated with
the operation of their Business.
The key elements of the Sale under the Stalking Horse Agreement
includes, inter alia:
a. Purchaser: BLH Acquisition Co., LLC
b. Sellers: BL Restaurants Holding, LLC; BL Restaurant
Operations, LLC; BL Restaurant Franchises, LLC; and BL Hunt Valley,
LLC
c. Purchase Price (other than Assumed Liabilities): Credit bid
of $82.5 million plus assumption of Assumed Liabilities
d. Purchased Assets: The Buyer will purchase all operating
assets, receivables, cash, licenses, tradenames, trademarks,
Assumed Contracts, equipment and inventory required to operate
retail restaurant operations at the "Operating Locations."
e. Transition Services: To the extent necessary, the Debtors
will allow the Buyer to use various licenses and permits under a
Management Services Agreement for a reasonable time period, and the
Debtors will use reasonable efforts to facilitate the timely
transfer of licenses and permits to the Stalking Horse Purchaser.
f. Due Diligence Condition: There are no conditions with
respect to completion of any due diligence by the Purchaser.
g. Financing Condition: There are no conditions with respect
to obtaining financing to consummate the Sale.
h. Closing Date: May 13, 2020
The Debtors are setting forth in the disclosures the highlighted
terms of the Stalking Horse Agreement:
a. Good Faith Deposit: 10% of the cash component of the
competing bidder's offer
b. Sale Free and Clear of Unexpired Leases: The Debtors are
seeking to sell the Assets free and clear of all Claims, and other
interests, claims, encumbrances, and other interests pursuant to
section 363(f) of the Bankruptcy Code.
c. Credit Bid: The proposed Sale includes a credit bid rights
under section 363(k) of the Bankruptcy Code.
d. Relief from Bankruptcy Rule 6004(h): The Debtors are
requesting relief from the 14-day stay imposed by Rules 6004(h) and
6006(d).
By the Sale Motion, the Debtors askk the entry of an order in a
form to be provided (a) approving the Stalking Horse Agreement (or
an asset purchase agreement to a third party Prevailing Bidder at
Auction) and authorizing the Sale outside the ordinary course of
business, (b) authorizing the Sale free and clear of all Liens,
Claims, Interests, and Encumbrances (other than Permitted Liens and
the Assumed Liabilities), (c) authorizing the assumption and
assignment of certain Assumed Contracts, and (d) granting related
relief.
All parties in interest will receive notice of the sale of the
Purchased Assets pursuant to the Sale Notice and will be provided
with an opportunity to be heard. The Debtors propose to satisfy
all amounts due and owing under the Potential Designated Contracts
in accordance with the Contract Procedures. Thus, the Debtors ask
that the assumption and assignment of the Potential Designated
Contracts be approved.
A copy of the Agreement is available at https://tinyurl.com/sdf5mah
from PacerMonitor.com free of charge.
The Purchaser:
BLH ACQUISITION CO., LLC
Antares Capital L.P.
7000 Central Parkway, Suite 450
Atlanta, GA 30328
Attn: Jonathan E. Balch, Managing Director
E-mail: jonathan.balch@antares.com
- and -
BLH ACQUISITION CO., LLC
Antares Capital L.P.
500 W. Monroe St.
Chicago, IL 60661
Attn: Bradley Kimme
E-mail: Bradley.kimme@antares.com
The Purchaser is represented by:
LATHAM & WATKINS LLP
330 N. Wabash Avenue
Chicago, IL 60611
Attn: James Ktsanes, Esq.
Zachary Judd, Esq.
E-mail: james.ktsanes@lw.com
zachary.judd@lw.com
About BL Restaurants
Founded in 1991, BL Restaurants Holding, LLC operates gastrobars at
various locations including lifestyle centers, traditional shopping
malls, event locations, central business districts and other
stand-alone specialty sites.
BL Restaurants and three affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-10156) on
Jan. 27, 2020. At the time of the filing, the Debtors were
estimated to have assets of between $50 million and $100 million
and liabilities of between $100 million and $500 million. The
petitions were signed by Howard Meitiner, chief restructuring
officer.
The Debtors tapped Klehr Harrison Harvey Branzurg LLP as legal
counsel; Configure Partners LLC as investment banker; Carl Marks
Advisory Group LLC as restructuring advisor; and Epiq Bankruptcy
Solutions Inc as notice and claims agent.
BODY TRANSIT: Hires J. Gleason Associates as Accountant
-------------------------------------------------------
Body Transit, Inc., d/b/a Rascals Fitness, has filed an amended
application with the U.S. Bankruptcy Court for the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania seeking approval to
hire J. Gleason Associates, LLC.
Body Transit requires J. Gleason Associates to prepare certain
projections and business valuations in support of the Debtor's
Motion to Approve the Sale of one of its locations and in support
of the Debtor's Cash Collateral Motion which were prepared and
filed on January 27, 2020.
J. Gleason Associates will be paid based upon its normal and usual
hourly billing rates. The firm will also be reimbursed for
reasonable out-of-pocket expenses incurred.
Jacqueline M. Gleason, partner of J. Gleason Associates, LLC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
J. Gleason Associates can be reached at:
Jacqueline M. Gleason
J. GLEASON ASSOCIATES, LLC
20 Mulberry Lane
Gilbertsville, PA 19525
Tel: (610) 347-5004
About Body Transit Inc.
d/b/a Rascals Fitness
Body Transit, Inc., d/b/a Rascals Fitness, is a locally owned and
operated fitness center offering gym memberships. Rascals Fitness
offers sports-specific training for youth and specializes in
goal-oriented fitness, such as weight loss and toning. Marc
Polignano founded the company in 2007.
The company filed a Chapter 11 petition (Bankr. E.D. Pa. Case No.
20-10014) on Jan. 2, 2020. In the petition signed by Marc
Polignano, president, the Debtor was estimated to have between
$50,000 and $100,000 in assets, and between $10 million and $50
million in liabilities. Judge Eric L. Frank is assigned to the
case. Center City Law Offices, LLC, serves as the Debtor's
counsel.
BODY TRANSIT: Shaw Buying All North Coventry Assets for $243K
-------------------------------------------------------------
Body Transit, Inc., doing business as Rascal Fitness, asks the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to
authorize the sale of its assets located in Pottstown, Pennsylvania
at the Suburbia Shopping Center with an address of 54-58 Glocker
Way, North Coventry Township, Pottstown, Pennsylvania, to James
Shaw or one of his soon to be formed entities for $243,000.
The Debtor is a Pennsylvania corporation in the business of
operating three health and fitness clubs in Montgomery County,
Pennsylvania. The first location is in Collegeville, Pennsylvania
at the Collegeville Shopping Center with an address of 222 East
Main Street, Collegeville, Pennsylvania. The second location is in
Limerick Township, Pennsylvania at the Ridge Plaza Shopping Center
with an address of 463 West Ridge Pike, Limerick, Pennsylvania.
The third location is the North Coventry Location.
The North Coventry Location is owned by Suburbia Shopping Center,
L.P. and managed by Gambone Management Co.
On Oct. 31, 2014 and other times thereafter, the Debtor entered
into four loans with Bucks County Bank, which was later acquired by
First Bank. The First Bank Loans total approximately $1,463,500 in
the aggregate. On Nov. 3, 2014, First Bank filed a UCC Financing
Statement with the Commonwealth of Pennsylvania to perfect liens
upon all personal property of the Debtor, including the equipment
used in the Debtor's business. The Debtor currently still owes
$1,064,820 on the four different loans to First Bank. The Debtor
owes an unknown and potentially disputed amount to the North
Coventry Landlord.
The Debtor has struggled with above market rent and outlandish CAM
charges at the Limerick Location as well as fierce competition from
certain fitness franchises like Planet Fitness. It had been
working with proposed undersigned counsel to wait to file the
chapter 11 until (a) the Debtor had entered into a lease amendment
with 451 West Ridge Pike, L.P., the Debtor's Limerick, Pennsylvania
landlord; (b) the Debtor had entered into a new and more affordable
equipment lease with Univest Bank and Trust Co.'; (c) the Debtor's
proposed sale of its assets located at North Coventry Location; and
(d) the enactment of the Small Business Reorganization Act of 2019
in February 2020.
In the fall of 2019, the principal of the Debtor negotiated with
other potential buyers for the assets located in the North Coventry
Location. Each potential buyer offered less than the current
proposed Buyer. On Nov. 15, 2019, the Debtor entered into a Letter
of Intent with the Buyer as part of the North Coventry Sale.
On Jan. 2, 2020, the Debtor's bank accounts were surprisingly
levied two days before its payroll was scheduled. The Limerick
Landlord had obtained a confession of judgment in Montgomery County
without serving the Debtor's proposed counsel, as requested, and
without properly serving the corporate Debtor at its registered
corporate address. The Debtor's proposed counsel was then forced
to file an emergency chapter 11 petition late on the evening of
Jan. 2, 2020 in order for the Debtor's payroll funds to be released
and thereby scrapped its plans to file an orderly chapter 11
sometime after the enactment of the Small Business Reorganization
Act. As a result of the emergency chapter 11, the Debtor suffered
irreparable harm from the loss of many part-time employees and the
potential loss of the Buyer for the North Coventry Sale.
Pursuant to the Letter of Intent for the North Coventry Sale, the
Debtor and Mr. Shaw were to sign an Asset Purchase Agreement on
Jan. 15, 2020. In spite of his nervousness over the emergency
chapter 11 filing, Mr. Shaw received a pre-approval for an SBA loan
on Jan. 13, 2020, pursuant to the terms of the Letter of Intent.
The APA was signed on Jan. 16, 2020 pursuant to the Letter of
Intent, albeit somewhat delayed due to Mr. Shaw's nervousness
relating to the emergency bankruptcy filing.
Pursuant to the APA, Mr. Shaw or his related entity is to purchase
the physical assets of the North Coventry Location including the
equipment, inventory and customer lists, but not the Rascal's
Fitness name or the Rascal's Fitness reputation and good will
("North Coventry Assets"). The APA also seeks to acquire all
interests in the North Coventry Lease pursuant to an assignment and
assumption under 11 U.S.C. Section 365. The Closing pursuant to
the APA is scheduled for Feb. 14, 2020.
The Debtor asks Court authority to sell substantially all of its
North Coventry Assets except its name, good will and the personal
possessions of Mr. Polignano, the principal of the Debtor, free and
clear of all liens, claims, encumbrances and interests. The Debtor
also asks to assume and assign all leases and contracts for the
North Coventry Location only, including the North Coventry Lease.
A portion of the sale proceeds will be applied the to the lien of
First Bank up to the value of the equipment collateral.
The sale of the North Coventry Assets will benefit the Debtor and
the secured creditors of the Debtor and such sale could create a
pool of funds for unsecured creditors.
A copy of the LOI is available at https://tinyurl.com/uyczcjz from
PacerMonitor.com free of charge.
About Body Transit
Body Transit, Inc., dba Rascals Fitness, is a locally owned and
operated fitness center offering gym memberships. Rascals Fitness
offers sports-specific training for youth and specializes in
goal-oriented fitness, such as weight loss and toning. Marc
Polignano founded the company in 2007.
The company filed a Chapter 11 petition (Bankr. E.D. Pa. Case No.
20-10014) on January 2, 2020. In the petition signed by Marc
Polignano, president, the Debtor estimated between $50,000 and
$100,000 in assets, and between $10 million and $50 million in
liabilities. Judge Eric L. Frank is assigned to the case. Center
City Law Offices, LLC, serves as the Debtor's counsel.
BRAZORIA HYDROCARBON:Court Approves Disclosure Statement
--------------------------------------------------------
Judge Jeffrey P. Norman has ordered that the Disclosure Statement
of Brazoria Hydrocarbon, LLC is APPROVED, and the Chapter 11 Plan
is CONFIRMED.
The Plan of Reorganization under chapter 11 of the Bankruptcy Code
proposes to pay creditors of Brazoria Hydrocarbon from future
income.
Class 3 Secured Claims totaling $2,135,665 are impaired. The
Debtor is committed to pay $150,000 per month to pay the allowed
claims on a pro rata basis. These allowed claims will all be paid
principal plus 6% interest. The first monthly payment will be made
in April 2020. The Debtor expects production revenue will begin at
the end of the first quarter of 2020.
General Unsecured Claims totaling $796,713 will be paid in full on
a pro rata basis in equal monthly payments after the secured
creditors set out in Class 3 have been paid in full with the
anticipated $150,000 per month. The payments will be due and
payable on the 15th day of the full calendar month after the
allowed secured claims are paid in full. There will be no interest
paid on the allowed general unsecured claims.
Insiders will not be paid any prepetition claims during the term of
the Plan and their claims will be discharged upon confirmation of
the Plan.
This Plan of Reorganization will be funded by the Reorganized
Debtor through future business income of the Debtor. The current
management will remain in control.
A full-text copy of the Disclosure Statement dated Feb. 10, 2020,
is available at https://tinyurl.com/svg8zw9 from PacerMonitor.com
at no charge.
About Brazoria Hydrocarbon
Brazoria Hydrocarbon, LLC is a private company in Hempstead, Texas,
in the hydrocarbon gases business.
Brazoria Hydrocarbon sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 19-32170) on April 17,
2019. At the time of the filing, the Debtor had estimated assets
of between $1 million and $10 million and liabilities of between $1
million and $10 million. The case has been assigned to Judge
Jeffrey P Norman. The Debtor is represented by The Law Office of
Margaret M. McClure.
No official committee of unsecured creditors has been appointed in
the Debtor's case.
BRUGNARA PROPERTIES: U.S. Asks Court to Void Approved Property Sale
-------------------------------------------------------------------
The United States asks the U.S. Bankruptcy Court for the Northern
District of California relief under Fed. R. Civ. P. 60(b)(4) from
the order authorizing Janina M. Hoskins, the duly appointed and
acting Chapter 7 Trustee of the estate of Brugnara Properties VI,
LLC ("BPVI"), to sell the real property at 224 Sea Cliff Avenue,
San Francisco, California to from Dolphin Real Estate, LLC for
$13.5 million, together with the Buyer agreeing to pay the transfer
tax which will be owed to the City and County of San Francisco upon
the closing of the transaction in the approximate sum of $375,000.
As grounds for the relief, the United States submits that the Court
has no subject-matter jurisdiction over the equitable interest in
that property, as that interest is property of Luke and Kay
Brugnara, not the Debtor in the case, BPVI. Consequently, the
Court’s order authorizing the Chapter 7 Trustee to sell those
interests is void.
In the alternative, if the Court denies the requested Rule 60(b)(4)
relief, the United States respectfully asks that the Court,
pursuant to Fed. R. Civ. P. 59(e), made applicable in contested
matters by Fed. R. Bankr. P. 9023, amend its Oral Sale Order to
require that all proceeds from the sale of 224 Sea Cliff remain in
escrow pending a final order determining whether BPVI’s
bankruptcy estate includes the equitable interest in that property.
If the Court concludes that the relief sought by the Motion is
premature because the Court has not yet issued a written order
granting the Chapter 7 Trustee's sale motion, the United States
respectfully asks that the Court treat its Motion as having been
filed immediately upon entry of the Court's written order.
On Dec. 16, 2019, the Chapter 7 Trustee in the case moved to sell
all of the interests -- legal and equitable -- in the Property. In
an oral ruling on Jan. 10, 2020, the Court stated that it would
grant the Sale Motion.
BPVI acquired title to 224 Sea Cliff from Brugnara Properties V,
LLC ("BPV") on Oct. 21, 2002. Though BPVI claims that it assumed
debt in connection with that transfer, in fact the pertinent debt
had been satisfied before BPVI took title. BPVI paid nothing to
BPV in connection with the transfer. Luke Brugnara signed the deed
conveying 224 Sea Cliff from BPV to BPVI; Luke admitted that when
he caused BPVI to take title to 224 Sea Cliff, he was aware that he
faced substantial claims for income tax and child support. Luke
and Kay Brugnara are the only people who have ever been owners or
officers of BPVI. Though BPVI has had various bank accounts, the
Brugnaras treated those accounts as their personal bank accounts.
Since BPVI took title to 224 Sea Cliff, Luke and Kay and their
children are the only people who have lived at 224 Sea Cliff.
During that time, Luke and Kay repeatedly paid their living
expenses with proceeds of loans to BPVI that were secured by 224
Sea Cliff.
There can be no question that BPVI is a mere nominee owner of 224
Sea Cliff and that Luke and Kay are its equitable owners. These
facts undisputedly establish that Luke and Kay exercised active and
substantial control over 224 Sea Cliff despite that it is titled in
the name of BPVI and that, consequently, BPVI holds title as the
nominee of Luke and Kay. Luke and Kay, therefore, own the
equitable interest in 224 Sea Cliff. As such, Section 363 of the
Bankruptcy Code does not authorize BPVI's Chapter 7 Trustee to sell
those interests.
To the extent the Court finds that res judicata does not bind the
Chapter 7 Trustee to the Court's determination that BPVI holds
legal title to 224 Sea Cliff as a nominee for Luke and Kay, the
Court should still vacate its Oral Sale Order and allow the parties
to present evidence (or to move for summary judgment) on whether
BPVI's bankruptcy estate includes the equitable interest in 224 Sea
Cliff.
BPVI's estate does not own the equitable interest in Sea Cliff.
The Court has already found that those interests belong to Luke and
Kay Brugnara. The Court therefore has no subject-matter
jurisdiction over those interests, as those interests are not part
of the Debtor's bankruptcy estate. Any order purporting to
authorize the Chapter 7 Trustee to sell the equitable interests in
224 Sea Cliff is therefore void.
About Brugnara Properties VI
Brugnara Properties VI, a company San Francisco, California,
sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Cal. Case No. 17-30501) on May 22, 2017. Katherine Brugnara,
president, signed the petition.
At the time of the filing, the Debtor was estimated to have assets
and liabilities of $10 million to $50 million.
Ruth Elin Auerbach, Esq., who has an office in San Francisco,
California serves as the Debtor's legal counsel.
Janina M. Hoskins was appointed Chapter 11 Trustee of Brugnara
Properties VI. The Trustee hired Dentons US LLP, as counsel, and
Bachecki, Crom & Co., LLP, Certified Public Accountants, as
accountant.
On Sept. 17, 2010, the Debtor sought bankruptcy protection (Bankr.
N.D. Cal. Case No. 10-33637), which case was converted to a Chapter
7 liquidation. The Debtor filed another Chapter 11 case on Dec.
31, 2014 (Bankr. N.D. Cal. Case No. 14-31867), which has been
dismissed by a judge.
CAH ACQUISITION 1: Trustee's $3.5M Sale to Affinity Approved
------------------------------------------------------------
Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the
Eastern District of North Carolina authorized Thomas W. Waldrep,
Jr., the duly appointed Chapter 11 Trustee in the case of CAH
Acquisition Co. #1, LLC, doing business as Washington County
Hospital, to sell all real property and associated personal
property of the Debtor, to Affinity Health Partners, LLC for $3.5
million.
The Sale Hearing was held on Jan. 16, 2020.
The Trustee did not receive any bids seeking to compete with the
Stalking Horse Bidder; accordingly, the Auction, which had been
scheduled for Dec. 19, 2019, in Charlotte, North Carolina, did not
occur.
The Agreement and all of the terms and conditions thereof are
approved.
The sale is free and clear of all Liens, Claims, Encumbrances and
other interests of any kind or nature whatsoever (except as
otherwise provided in the Order and/or the Agreement), including
but not limited to, successor or successor-in-interest liability
and Claims, with such Liens, Claims, Encumbrances and other
interests to attach to the proceeds of the Sale.
Upon the closing of the Sale, the Trustee and the Purchaser will or
will cause any escrow agent or title company to disburse and apply
the proceeds of the Sale in the following priority:
a. First, all debt and obligations owed to First Capital under
its various prepetition and post-petition loan documents except
with respect to attorneys' fees;
b. Second, to a reserve established by the Trustee for the
payment of First Capital's legal fees, which will be paid upon
approval of such fees by the Court;
c. Third, regular and customary costs of sale as allocated in
the Agreement, including any fees and expenses payable to Sherwood
Partners, Inc. as well as the past due ad valorem taxes set forth
on Schedule 7 of the Agreement; and
d. Finally, the balance, if any, to the Trustee for later
disbursement pursuant to further Court order.
The amounts reflected in Paragraph 35.a will be paid indefeasibly
to First Capital at Closing. With the exception of the
disbursement to First Capital, all the disbursements set forth are
subject to disgorgement in the event the Court later determines
such disbursements improvident. Upon Closing, the Purchaser will
take title to and possession of the Transferred Assets subject only
to any interests and/or obligations expressly provided for in the
Order and/or the Agreement.
After the Closing has occurred in accordance with the Agreement and
the Order, a certified copy of the Order may be filed with the
appropriate clerk and/or recorded with the recorder to act to
cancel any liens and other Encumbrances of record except with
respect to any interests expressly provided for in the Order and/or
the Agreement.
For the avoidance of doubt, notwithstanding anything to the
contrary in the Sale Order or the Agreement, the Trustee and the
Purchaser have agreed that for purposes of the case only the
Debtor's Medicare provider agreement and Medicaid provider
agreement will not be
sold pursuant to Section 363 of the Bankruptcy Code free and clear
of any successor liability but will be assumed and assigned,
including, without limitation, any and all liability arising from
or under the Medicare provider agreement or the Medicaid provider
agreement, pursuant to and in accordance with Section 365 of the
Bankruptcy Code and the Medicare Statute, the Medicaid Statute, the
regulations promulgated under either the Medicare Statute or the
Medicaid Statute, CMS' Medicare policies and procedures, and
federal or state Medicaid policies and procedures.
Pursuant to Sections 365(a), (b), (c), and (f) of the Bankruptcy
Code, the Trustee, on behalf of the Debtor, is authorized to assume
and assign the Assumed Executory Contracts, which are referred to
as the Assumed Contracts in the APA, subject to the procedures
provided.
The Assumed Executory Contracts identified on Schedule 2.7 of the
Agreement are deemed assumed by the Trustee and assigned to the
Purchaser effective as of the Closing Date, except that the Trustee
will serve the Amended Cure Notice on all of the contract
counterparties to the Assumed Executory Contracts within three days
of the Closing Date. Such contract counterparties will have 14
days from the date of service of the Amended Cure Notice to object
to the assumption and assignment of the Assumed Executory Contracts
to the Purchaser.
The Order will take effect immediately, will not be stayed, and the
Court finds and concludes that good cause exists to waive any
applicable stay provided under Bankruptcy Rules 6004(g), 6004(h),
6006(d), 7062, 9014, or otherwise. Accordingly, any such stay is
waived, and the Trustee and the Purchaser are authorized to close
the Sale immediately upon entry of the Order in accordance with and
subject in all respects to the terms and conditions of the
Agreement.
The Order constitutes a final and appealable order within the
meaning of 28 U.S.C. Section 158(a) notwithstanding Bankruptcy
Rules 6004(h) and 6006(d).
A copy of the Agreement is available at https://tinyurl.com/uoskm5d
from PacerMonitor.com free of charge.
About Washington County Hospital
CAH Acquisition Company #1, LLC d/b/a Washington County Hospital,
is a Delaware limited liability company that owns a for-profit
25-bed hospital and Rural Health Clinic on a 20-acre campus located
at 958 US Hwy 64 East, Plymouth, North Carolina. It purchased the
Hospital from Washington County, North Carolina on June 1, 2007.
On Feb. 19, 2019, three creditors of CAH Acquisition Company #1,
LLC -- Medline Industries, Inc.; Robert Venable, M.D.; and
Washington County, North Carolina -- filed an involuntary petition
for relief under Chapter 7 of Title 11 of the United States Code in
the United States Bankruptcy Court for the Eastern District of
North Carolina. On March 15, 2019, the Bankruptcy Court entered
its order converting the Debtor's case to a case under Chapter 11
of the Bankruptcy Code.
The case is jointly administered along with six other critical
access hospitals under the Debtor's Chapter 11 Case. On Feb. 22.
2019, during the pendency of the Chapter 7 portion of the Debtor's
case, Thomas W. Waldrep, Jr., was appointed as interim trustee for
the Debtor. On March 15, 2019, upon conversion of the case, Thomas
W. Waldrep, Jr., was appointed as Chapter 11 Trustee for the Debtor
pursuant to Section 1104 of the Bankruptcy Code. No official
committee of unsecured creditors was appointed in this case.
The Trustee's own firm, WALDREP LLP, serves as counsel in the
Chapter 11 case.
Sherwood Partners, Inc., was appointed as sales agent to the
Trustee on Oct. 23, 2019.
CAH ACQUISITION 6: Trustee's $3.4M Sale to Affinity Approved
------------------------------------------------------------
Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the
Eastern District of North Carolina authorized Thomas W. Waldrep,
Jr., the duly appointed Chapter 11 Trustee in the case of CAH
Acquisition Co. #6, LLC, doing business as I-70 Community Hospital,
to sell all real property and associated personal property of the
Debtor, to Affinity Health Partners, LLC for $3.4 million.
The Sale Hearing was held on Jan. 16, 2020.
The Agreement and all of the terms and conditions thereof are
approved.
Prior to the closing of the Sale, the Trustee will provide to the
Bank for its review and approval the settlement statement for the
Sale detailing all amounts to be charged to or credited to Seller
at the Closing. The Settlement Statement will be subject to the
Bank's approval, which will not be unreasonably withheld.
Upon the Closing, the Trustee and the Purchaser will or will cause
any escrow agent or title company to disburse and apply the
proceeds of the Sale, pursuant to Section 3.5 of the Settlement
Agreement, in the following priority:
a. First, to the Bank for all amounts due and owing under the
Trustee Loans;
b. Second, the sum of $200,000 less the amount of the Trustee
Loans Payment will be paid to the Trustee for the Estate Proceeds,
of which $68,534 will be immediately disbursed by the Trustee to
Nusbaum/White;
c. Third, $125,250 to the Trustee for the Trustee Commission;
and
d. Fourth, the remaining amount of the proceeds of the Sale
will be disbursed to the Bank in satisfaction of its lien on the
Hospital.
The sale proceeds will not be used to pay any amounts due to
Sherwood; provided, however, that the Trustee is authorized to make
a payment to Sherwood from the Estate Proceeds upon the entry of a
final order of this Court approving the payment of any fees, costs
and expenses to Sherwood. As set forth in the Settlement
Agreement, any payment to Sherwood will not be deducted from the
amounts to be paid to the Bank.
Pursuant to Sections 365(a), (b), (c), and (f) of the Bankruptcy
Code, the Trustee, on behalf of the Debtor, is authorized to assume
and assign executory contracts. However, the Trustee will not
assume, nor will he assign, any executory contracts pursuant to the
transactions contemplated.
The Order will take effect immediately, will not be stayed, and the
Court finds and concludes that good cause exists to waive any
applicable stay provided under Bankruptcy Rules 6004(g), 6004(h),
6006(d), 7062, 9014, or otherwise. Accordingly, any such stay is
waived, and the Trustee and the Purchaser are authorized to close
the Sale immediately upon entry of this Order in accordance with
and subject in all respects to the terms and conditions of the
Agreement.
The Order constitutes a final and appealable order within the
meaning of 28 U.S.C. Section 158(a) notwithstanding Bankruptcy
Rules 6004(h) and 6006(d).
The Order will be the Court's determination that all Liens, Claims,
Encumbrances, and other interests have been unconditionally
released, discharged, and terminated from the Transferred Assets
with all such Liens, Claims, Encumbrances, and other interests
attaching only to the sale proceeds of the Transferred Assets with
the same priority, validity, force, and effect, if any, as they now
have in or against the Assets subject to all claims and defenses
the Debtor, the Trustee, and other parties-in-interest may possess
with respect thereto.
A copy of the Agreement is available at https://tinyurl.com/u2w4f2p
from PacerMonitor.com free of charge.
About CAH Acquisition Company 6
CAH Acquisition Company 6, LLC d/b/a I-70 Community Hospital, owns
a for-profit 15-bed hospital and rural health clinic located at 105
Hospital Drive, Sweet Springs, Missouri.
CAH Acquisition Company 6 sought Chapter 11 protection (Bankr.
E.D.N.C. Case No. 19-01300) on March 14, 2019. Affiliates of the
Debtor simultaneously filed voluntary Chapter 11 petitions.
The Hon. Joseph N. Callaway is the case judge.
SPILMAN THOMAS & BATTLE, PLLC, is the Debtors' counsel.
On March 15,2019, Thomas W. Waldrep, Jr., was appointed as Chapter
11 Trustee for the Debtors. The Trustee's own firm, WALDREP LLP,
serves as counsel in the Chapter 11 cases.
Sherwood Partners, Inc., was appointed as Sales Agent to the
Trustee on Oct. 23, 2019.
CAH ACQUISITION 7: Trustee's $400K Sale to TULSA Approved
---------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Greenville Division, convened a hearing upon the motion
for an order establishing bidding procedures and approving Sale
Free and Clear of All Liens, Claims, Interests, and Encumbrances
filed on Nov. 6, 2019, by Thomas W. Waldrep, Jr., Chapter 11
trustee for Debtor CAH Acquisition Company 7, LLC d/b/a Prague
Community Hospital.
On Jan. 4, 2020, Judge Joseph N. Callaway ordered that the sale
pursuant to an asset purchase agreement between the Debtor and
purchaser Transcendental Union with Love and Spiritual Advancement
is approved.
The Debtor does not have the resources to continue to operate
within the confines of a bankruptcy case and will likely experience
cash-flow and financing issues if the sale is not approved. There
is insufficient time to obtain confirmation of the Trustee's
Amended Chapter 11 plan, filed on October 17, 2019 prior to the
Sale. The Court approved and expedited a post-petition marketing
period in recognition of this reality. The marketing in the case
was conducted by the sales agent to the Trustee, Sherwood
Partners, Inc.
In accordance with the Bidding Procedures Order, potential bidders
were required to submit bids by 5:00 p.m. Eastern Time on Dec. 12,
2019. The Trustee received three bids from bidders deemed to be
qualified pursuant to the Bidding Procedures Order: TULSA,
Cohesive, and Rural Wellness Fairfax, Inc.
The Trustee, with the assistance of Sherwood, conducted an auction
of the Debtor's assets on Dec. 19, 2019 in Charlotte, North
Carolina. At the close of bidding, the Trustee determined that
TULSA's bid of $400,000, plus 100% of accounts receivable
constituted the highest and best offer. The Trustee designated
Cohesive as the backup bidder.
A full-text copy of the Sale Order dated Feb. 4, 2020, is available
at https://tinyurl.com/qp9ytlv from PacerMonitor at no charge.
About Prague Community Hospital
CAH Acquisition Company 7, LLC d/b/a Prague Community Hospital is a
Delaware limited liability company that owns a for-profit, 15-bed
hospital at 1322 Klabzuba Avenue, Prague, Oklahoma 74864. The
Company is currently owned by two members, HMC/CAH Consolidated,
Inc. (20% membership) and Health Acquisition Company, LLC (80%
membership).
CAH Acquisition Company 7, along with numerous other affiliated
entities, filed a previous voluntary Chapter 11 bankruptcy case
(Bankr. W.D. Mo. Case No. 11-44745) on Oct. 10, 2011 and won
confirmation of its Chapter 11 plan in December 2012.
The Company again sought Chapter 11 protection (Bankr. E.D.N.C.
Case No. 19-01298) on March 21, 2019. The Debtor was estimated to
have assets of $0 to $50,000 and liabilities of $1 million to $10
million.
The case is jointly administered along with six other critical
access hospitals under the Chapter 11 case of CAH Acquisition
Company #1, LLC d/b/a Washington County Hospital (Case
No.19-00730).
The Hon. Joseph N. Callaway is the case judge.
SPILMAN THOMAS & BATTLE, PLLC, is the Debtors' counsel.
Thomas W. Waldrep, Jr., was appointed as Chapter 11 Trustee for the
Debtors. The Trustee's own firm, WALDREP LLP, serves as counsel in
the Chapter 11 case.
Sherwood Partners was appointed as Sales Agent to the Trustee on
Oct. 23, 2019.
CARMEL MEDICAL: MIG Objects to Disclosure Statement
---------------------------------------------------
MIG Guilford Reserves, LLC, submitted its objection to the
Disclosure Statement filed by Carmel Medical Office Building, LLC.
MIG acknowledges that if the Debtor proposed to sell the Real
Estate for an amount sufficient to pay secured creditors in full,
the Plan would be fair and equitable without the necessity of
credit bidding. That is not, however, what the Plan proposes.
Rather, the Plan proposes that during the six-month period during
which the Real Estate will be marketed and sold the Debtor will not
accept an offer for an amount less than the "sum of all claims in
Classes 1-8." This does not account for the costs of the sale
(which have not been disclosed), and therefore while an accepted
offer could be more than the "sum" of all claims, the ultimate
distribution could be less.
MIG points out that because the Plan potentially allows for the
sale of the Real Estate without payment in full of secured claims
and without the right of secured creditors to credit bid at the
sale, the Disclosure Statement does not provide adequate
information to secured creditors regarding their rights under the
Bankruptcy Code or for them to adequately assess their treatment
under the Plan.
According to MIG, the Disclosure Statement does not contain any
information regarding JLL's anticipated compensation. This
omission makes it difficult for creditors to assess the costs and
benefits of voting for the Plan, and the Disclosure Statement
therefore cannot be approved.
Counsel for MIG Guilford Reserves:
Andrew T. Kight
JACOBSON HILE KIGHT LLC
The Elliott House
108 E. 9th Street
Indianapolis, Indiana 46202
Telephone: (317) 608-1130
Email: akight@jhklegal.com
About Carmel Medical Office Building
Carmel Medical Office Building, LLC, is a Single Asset Real Estate
Debtor, as defined in 11 U.S.C. Section 101(51B). The Company
owns in fee simple a real property located at 10601 North Meridian
Street Indianapolis, having a current value of $5.3 million (based
on offer received in 2019).
Carmel Medical Office Building, based in Carmel, IN, filed a
Chapter 11 petition (Bankr. S.D. Ind. Case No. 19-03536) on May 15,
2019. In the petition signed by Zakir H. Khan, president, the
Debtor disclosed $6,125,000 in assets and $6,667,625 in
liabilities. The Hon. James M. Carr oversees the case. Jeffrey M.
Hester, Esq., a partner at Hester Baker Krebs LLC, is the Debtor's
bankruptcy counsel.
CATSKILL DISTILLING: May Use Cash Collateral Thru March 11
----------------------------------------------------------
Judge Cecelia G. Morris authorized Catskill Distilling Co., Ltd.,
to use cash collateral (in which Jeff Bank has interest) in the
ordinary course of business up to and including March 11, 2020.
A copy of the order is available free of charge at
https://is.gd/p6iczv from PacerMonitor.com.
According to the case docket, a further hearing on the motion will
be held on March 10, 2020 at 11 a.m.
About Catskill Distilling Company
Catskill Distilling Company, Ltd. is a distillery in Bethel, N.Y.,
owned and run by Stacy Cohen.
Catskill Distilling Company filed a petition under Chapter 11 of
the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-36861) on Nov. 19,
2019. In the petition signed by Stacy Cohen, president, the Debtor
was estimated to have $1 million to $10 million in both assets and
liabilities.
Michelle L. Trier, Esq., at Genova & Malin, is the Debtor's legal
counsel.
CELESTIAL CHURCH: Disc. Statement Hearing Continued to March 12
---------------------------------------------------------------
Judge Lori S. Simpson has ordered that a hearing on Disclosure
Statement of Celestial Church of Christ "Luli Parish" scheduled for
Feb. 26, 2020, is continued on March 12, 2020 at 10:00 a.m. in
Courtroom 3D of the U.S. Bankruptcy Court, U.S. Courthouse, 6500
Cherrywood Lane, Greenbelt, Maryland 20770.
About Celestial Church of Christ
Celestial Church of Christ "Luli Parish", based in Capital Heights,
MD, filed a Chapter 11 petition (Bankr. D. Md. Case No. 19-13690)
on March 20, 2019. The Hon. Lori S. Simpson oversees the case. In
the petition signed by Rev. Charles Agbaza, JP, pastor, the Debtor
was estimated to have $1 million to $10 million in assets and
$500,000 to $1 million in liabilities. Charles M. Maynard, Esq.,
at the Law Offices of Charles M. Maynard, L.L.C., serves as
bankruptcy counsel to the Debtor.
CITIUS PHARMACEUTICALS: Receives $5.5M From Warrants Exercise
-------------------------------------------------------------
Citius Pharmaceuticals, Inc., previously entered into a warrant
exercise agreement with several existing accredited investors to
exercise certain warrants to purchase up to an aggregate of
3,712,218 shares of common stock having an existing exercise price
of $0.77 and 2,586,455 shares of common stock at a reduced exercise
price of $1.02. In consideration for the immediate exercise of the
warrants for cash, the exercising holders received new unregistered
warrants to purchase up to an aggregate of 6,298,673 shares of
common stock at an exercise price of $1.02 per share, exercisable
commencing six months following the issuance and which have a term
of exercise equal to five years. The warrants are adjustable in
certain circumstances.
The offering closed on Feb. 19, 2020. The gross proceeds to the
Company from the exercise of the warrants was approximately $5.5
million, prior to deducting placement agent fees and estimated
offering expenses.
The Company issued an aggregate of 4,425,098 shares of common stock
at the closing. The Company received payment in full for an
additional 1,873,575 shares, but such shares were not issued, but
instead are pre-funded and can only be issued when the holder
provides notice to the Company that some or all of the shares can
be issued without the holder beneficially owning in excess of 9.99%
of the Company's then outstanding shares on a post-issuance basis.
H.C. Wainwright & Co. acted as the exclusive placement agent for
the offering. Pursuant to an amended and restated letter agreement
dated Feb. 14, 2020, at the closing of the transaction, the Company
issued to H.C. Wainwright & Co. warrants to purchase up to an
aggregate of 440,907 shares, which is 7.0% of the aggregate number
of shares issued to the investors upon the exercise of the warrants
in the offering. The Placement Agent Warrants have identical terms
to the investor warrant except that the exercise price is $1.275
per share.
About Citius
Headquartered in Cranford, NJ, Citius Pharmaceuticals, Inc. --
http://www.citiuspharma.com/-- is a specialty pharmaceutical
company dedicated to the development and commercialization of
critical care products targeting unmet needs with a focus on
anti-infectives, cancer care and unique prescription products.
Citius reported a net loss of $15.56 million for the year ended
Sept. 30, 2019, a net loss of $12.54 million for the year ended
Sept. 30, 2018, and a net loss of $10.38 million for the year ended
Sept. 30, 2017. As of Dec. 31, 2019, the Company had $24.98
million in total assets, $4.61 million in total liabilities, and
$20.37 million in total stockholders' equity.
Wolf & Company, P.C., in Boston, Massachusetts, the Company's
auditor since 2014, issued a "going concern" qualification in its
report dated Dec. 16, 2019, citing that the Company has suffered
recurring losses and negative cash flows from operations and has a
significant accumulated deficit. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
CLOVER TECHNOLOGIES: Prepack Plan Declared Effective Feb. 3, 2020
-----------------------------------------------------------------
On Jan. 22, 2020, the Honorable Karen B. Owens, United States
Bankruptcy Judge for the United States Bankruptcy Court for the
District of Delaware entered an order confirming the First Amended
Joint Prepackaged Chapter 11 Plan of Reorganization of Clover
Technologies Group, LLC and its Debtor Affiliates and approving the
Disclosure Statement.
The Effective Date of the Plan occurred on Feb. 3, 2020. Each of
the conditions precedent to consummation of the Plan enumerated in
Article IX of the Plan have been satisfied or waived in accordance
with the Plan and the Confirmation Order.
Pursuant to the Confirmation Order, the release, injunction, and
exculpation provisions in Article VIII of the Plan are now in full
force and effect.
Requests for payment of Professional Fee Claims must be filed and
served on the Debtors or Reorganized Debtors by March 19, 2020,
which is the date 45 days after the Effective Date.
A full-text copy of the notice dated February 4, 2020, is available
at https://tinyurl.com/vtj79hu from PacerMonitor at no charge.
The Debtors are represented by:
Domenic E. Pacitti
Michael W. Yurkewicz
KLEHR HARRISON HARVEY BRANZBURG LLP
919 N. Market Street, Suite 1000
Wilmington, Delaware 19801
Telephone: (302) 426-1189
Facsimile: (302) 426-9193
E-mail: dpacitti@klehr.com
myurkewicz@klehr.com
- and -
Morton R. Branzburg
KLEHR HARRISON HARVEY BRANZBURG LLP
1835 Market Street, Suite 1400
Philadelphia, Pennsylvania 19103
Telephone: (215) 569-3007
Facsimile: (215) 568-6603
E-mail: mbranzburg@klehr.com
- and -
Joshua A. Sussberg, P.C.
Matthew C. Fagen
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
E-mail: joshua.sussberg@kirkland.com
matthew.fagen@kirkland.com
About Clover Technologies
Clover Technologies Group, LLC, et al. --http://www.clovertech.com/
-- collect and recycle electronic devices and provide aftermarket
management services for mobile device carriers, manufacturers,
retailers, insurance providers and enterprise businesses. Formed
through organic growth and strategic acquisitions, the Debtors and
their non-debtor affiliates operate repair centers in North America
and abroad and provide services in over 120 countries.
Clover Technologies Group, LLC and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 19-12680) on Dec. 16,
2019. Clover Technologies was estimated to have $100 million to
$500 million in assets and liabilities.
The Debtors tapped Kirkland & Ellis LLP as counsel; Klehr Harrison
Harvey Branzburg LLP as local bankruptcy counsel; Alvarez & Marsal
North America, LLC, a restructuring advisor; Jefferies LLC as
investment banker; and Bankruptcy Management Solutions, Inc., as
claims agent.
CORNERSTONE PAVERS: May Use Cash Collateral on Interim Basis
------------------------------------------------------------
Cornerstone Pavers, LLC sought permission from the Bankruptcy Court
to use cash collateral in which Community State Bank and surety
West Bend Mutual Insurance Company may have interest.
In 2019, the Debtors obtained two loans from the Bank for
$1,750,000 and $750,000. The Debtors were in frequent contact with
the surety to discuss anticipated claims on the bonds issued by the
surety for jobs. As of the Petition Date, two creditors had made
claims on the bonds issued by the surety but the surety had not
made any payments.
The Debtor proposed to grant the Bank, on an interim basis, a
replacement lien of the same priority to the same extent and in the
same collateral as the Bank had pre-petition. A copy of the motion
is available for free at https://is.gd/S9Xudh from
PacerMonitor.com.
Pursuant to a Court minute and order, Judge G. Michael Halfenger
granted the motion on an interim basis. A copy of the minute order
is available at https://is.gd/Howfh8 from PacerMonitor.com free of
charge.
The Court will hold an evidentiary hearing on March 6, 2020 at 10
a.m.
About Cornerstone Pavers
Cornerstone Pavers, LLC -- https://www.cornerstonepaversusa.com/ --
is a heavy and highway concrete paving company that has performed a
wide variety of concrete paving, patching, grading, sidewalk and
curb & gutter work as a prime contractor and as a subcontractor
since its incorporation in 2005.
The Debtor filed a Chapter 11 petition (Bankr. E.D. Wis. Case No.
20-20882) on Feb, 4, 2020. On the Petition Date, the Debtor was
estimated to have between $1 million and $10 million in both assets
and liabilities. The petition was signed by Christopher C. Cape,
manager. Judge Katherine M. Perhach oversees the case. Kerkman &
Dunn is the Debtor's counsel.
CORNERSTONE PAVERS: Seeks to Hire Kerkman & Dunn as Legal Counsel
-----------------------------------------------------------------
Cornerstone Pavers, LLC and Burlington Pavers Leasing, LLC seek
authority from the U.S. Bankruptcy Court for the Eastern District
of Wisconsin to hire Kerkman & Dunn as their legal counsel.
The firm will provide these services in connection with the
Debtors' Chapter 11 cases:
a. advise the Debtors of their duties and powers under the
Bankruptcy Code;
b. advise the Debtors on the conduct of the case, including
the legal and administrative requirements of operating in Chapter
11;
c. attend meetings and negotiate with representatives of the
creditors and other parties;
d. prosecute actions on behalf of the Debtors, defend actions
commenced against them and represent their interests in
negotiations concerning litigation in which they are involved;
e. prepare pleadings and appear before the court;
f. advise the Debtors in connection with any potential sale of
assets;
g. assist the Debtors in preparing, negotiating and
implementing a plan, and advise them with respect to the rejection
or reformulation of the plan;
h. assist the Debtors in state court actions related to
judgments and collection actions initiated by or against the
Debtors that are necessary for their reorganization; and
i. provide other legal services, including analyzing the
Debtors' leases and contracts and the validity of liens against
them, and advising the Debtors on transactional and litigation
matters.
Kerkman & Dunn's hourly rates are:
Jerome R. Kerkman $475
Evan P. Schmit $375
Gregory M. Schrieber $350
Nicholas W. Kerkman $225
Non-Attorney Paraprofessionals $125
Kerkman & Dunn is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Jerome R. Kerkman, Esq.
Kerkman & Dunn
839 N. Jefferson St., Suite 400
Milwaukee, WI 53202-3722
Phone: 414.277.8200
Facsimile: 414.277.0100
Email: jkerkman@kerkmandunn.com
About Cornerstone Pavers
Cornerstone Pavers, LLC -- https://www.cornerstonepaversusa.com/ --
is a heavy and highway concrete paving company that has performed a
wide variety of concrete paving, patching, grading, sidewalk and
curb and gutter work as a prime contractor and as a subcontractor
since its incorporation in 2005.
Burlington Pavers Leasing, LLC --
https://www.cornerstonepaversusa.com -- is a division of
Cornerstone USA and has a wide variety of trucks, trailers and
equipment that are available for rent.
Cornerstone Pavers and Burlington Pavers Leasing, LLC sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.
Wis. Lead Case No. 20-20882) on Feb. 4, 2020. At the time of the
filing, Cornerstone Pavers disclosed assets of between $1 million
and $10 million and liabilities of the same range. Burlington
Pavers had estimated assets of between $500,000 and $1 million and
liabilities of between $1 million and $10 million.
Judge Katherine M. Perhach oversees the cases. Jerome R. Kerkman,
Esq., at Kerkman & Dunn, represents the Debtors as legal counsel.
COSI INC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Lead Debtor: Cosi, Inc.
500 Rutherford Ave., Suite 130
Charlestown, MA 02129
Business Description: The Debtors operate fast-casual restaurants
under the COSI brand. COSI features
flatbread made fresh throughout the day and
specializes in a variety of made-to-order
hot and cold sandwiches, salads, bowls,
breakfast wraps, bagels, melts, soups,
flatbread pizzas, snacks, desserts, and a
large offering of handcrafted, coffee-based,
and specialty beverages. For more
information, visit https://www.getcosi.com/
Chapter 11 Petition Date: February 24, 2020
Court: United States Bankruptcy Court
District of Delaware
Seven affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Cosi, Inc. (Lead Case) 20-10417
Xando Cosi Maryland, Inc. 20-10418
Cosi Sandwich Bar, Inc. 20-10419
Hearthstone Associates, LLC 20-10420
Hearthstone Partners, LLC 20-10421
Cosi Restaurant Holdings LLC 20-10422
Cosi Franchise Holdings LLC 20-10423
Debtors'
Counsel: Mark E. Felger, Esq.
Simon E. Fraser, Esq.
Gregory F. Fischer, Esq.
COZEN O'CONNOR
1201 N. Market St., Ste. 1001
Wilmington, DE 19801
Tel: (302) 295-2000
Fax: (302) 295-2013
Email: mfelger@cozen.com
sfraser@cozen.com
gfischer@cozen.com
Cosi, Inc.'s
Estimated Assets: $10 million to $50 million
Cosi, Inc.'s
Estimated Liabilities: $10 million to $50 million
The petitions were signed by Vicki Baue, secretary, V.P. & general
counsel, COO.
A copy of COSI Inc.'s petition is available for free at
PacerMonitor.com at:
https://is.gd/9uWFAB
List of Debtors' 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Gordon Food Service Trade Debt $1,226,531
3301 N.W. 125th Street
Miami, FL 33167
2. US Foods Trade Debt $170,000
9399 West Higgins Road
Suite 500
Des Plaines, IL 60018
3. Carlyle Baltimore $159,309
Holdings LLC
PO Box 76361
Baltimore, MD 21275
4. Trumball Insurance Company $155,000
(The Hartford)
PO Box 660916
Dallas, TX
75266-0916
5. AAC South Station Electricity $145,683
Property LLC
PO Box 785172
Philadelphia, PA
19178-5172
6. Vanguard Archives, LLC $142,132
420 S. 3th Street
Saint Charles, IL 60174
7. Staples Trade Debt $136,465
Dept. BOS
PO Box 415256
Boston, MA
02241-5256
8. Rudin Mgmt. Inc. $135,073
345 Park Ave.
New York, NY
10154-0101
9. Marketplace Logan LLC $131,648
75 Park Plaza
Boston, MA 02116
10. BRI 1864-230W $124,612
Monroe, LLC
PO Box 310608
Des Moines, IA
50331-0608
11. The Art Institute of Chicago $114,043
Attn: Treasury Department
111 South Michigan Ave.
Chicago, IL 60603
12. TS Boston Core Holdings LP $110,958
125 High Street
PO Box 419505
Boston, MA
02241-9505
13. AETNA $100,309
AETNA Hartford
P.O. Box 88863
Chicago, IL
60695-1863
14. 1700 Market Street Assoc LP $95,416
P.O. Box 823865
Philadelphia, PA
19182
15. Sid Wainer & Son $76,680
2301 Purchase Street
New Bedford, MA
02746
16. C&B Realty 3 LLC $76,589
1520 Northern Blvd
Manhasset, NY
11030-3006
17. Mills Building Associates $76,130
601 Thirteenth Street
Suite 300 North
Washington, DC
20005
18. North Dearborn $73,800
Building Company LP
250 Broadway, Suite 3001
New York, NY 10007
19. B.E. Realty Limited $72,900
Partnership
2 Charlesgate West
Boston, MA
02215-3552
20. 6056 Leasehold Company $72,271
c/o Newmark & Co.
Real Estate, Inc.
125 Park Avenue
11th Floor
New York, NY 10017
CTI INDUSTRIES: Limits Voting Rights of Series A Preferred Stock
----------------------------------------------------------------
CTI Industries Corporation filed on Feb. 13, 2020, an Amended and
Restated Certificate of Designation of its Series A Convertible
Preferred Stock with the Secretary of State of the State of
Illinois, which is available for free at the SEC's website at:
https://is.gd/e53KoF
Pursuant to the Amended and Restated Certificate of Designation,
the voting rights of the Series A Preferred was limited to a
maximum of 12.5 votes per share.
About CTI
Headquartered in Lake Barrington, Illinois, CTI Industries
Corporation -- http://www.ctiindustries.com/-- designs,
manufactures and distributes metalized and latex balloon products
throughout the world and operates systems for the production,
lamination, coating and printing of films used for food packaging
and other commercial uses and for conversion of films to flexible
packaging containers and other products.
CTI reported a net loss of $3.74 million for the year ended Dec.
31, 2018, following a net loss of $1.78 million for the year ended
Dec. 31, 2017. As of Sept. 30, 2019, the Company had $32.90
million in total assets, $28.16 million in total current
liabilities, $2.79 million in total long-term liabilities, and
$1.95 million in total equity.
Plante & Moran, PLLC, in Chicago, Illinois, the Company's auditor
since 2007, issued a "going concern" qualification in its report
dated April 15, 2019, citing that the Company has suffered net
losses from operations and liquidity limitations that raise
substantial doubt about its ability to continue as a going concern.
CULTIVATION STATION: Unsecured Creditors to Have 10% Recovery
-------------------------------------------------------------
Debtor The Cultivation Station, Inc., filed with the U.S.
Bankruptcy Court for the Eastern District of Michigan, Detroit, a
Combined Plan and Disclosure Statement.
Holders of allowed Class 1 Unsecured Claims will receive
approximately 10% distribution on account of its allowed claim,
exclusive of any post-petition interest, from the proceeds paid in
by the Debtor to fund the Plan. Class 1 holders will be paid
monthly payments of $118 beginning in the first month of the plan
until the 60th month of the plan.
This Plan of Reorganization provides for the continued operation of
The Cultivation Station, Inc. under existing management. The
Debtor will retain all of its property and will operate its
business during the period of the Plan. The funds for implementing
and carrying out the Plan shall be provided by the Debtor's
continued operation of the business.
A full-text copy of the Combined Plan and Disclosure Statement
dated Feb. 4, 2020, is available at https://tinyurl.com/vr4xu3f
from PacerMonitor at no charge.
The Debtor is represented by:
Don Darnell P55268
8080 Grand St., Ste. 1-A
Dexter, Michigan 48130
Tel: 734-424-5200
E-mail: dondarnell@darnell-law.com
About Cultivation Station
The Cultivation Station Inc. is a Michigan corporation formed in
2010, with principal place of business at 22520 Rosedale, St. Clair
Shores, Mich. It operates three retail locations for gardening
supplies. Robert Diefenderfer is the owner and the president of the
company.
The Cultivation Station sought Chapter 11 protection (Bankr. E.D.
Mich. Case No. 19-53993) on Oct. 1, 2019. At the time of the
filing, the Debtor had estimated assets of less than $50,000 and
liabilities of between $100,001 and $500,000. Judge Maria L.
Oxholm oversees the case. Darnell, PLLC is the Debtor's legal
counsel.
DAH-ON INC: Court Approves Agreed Final Cash Collateral Order
-------------------------------------------------------------
Judge Brenda T. Rhoades authorized Dah-On, Inc., to use cash
collateral pursuant to an amended budget to be able to continue
operating its business. The amended budget provided for $39,947.50
in total operating expenses.
The Court ruled that any funds budgeted but not spent will be
reserved by the Debtor and will not be spent without prior approval
of the participating secured creditors or prior Court permission
with notice to the participating secured creditors and an
opportunity for hearing.
A copy of the agreed final order is available for free at
https://is.gd/leOPF8 from PacerMonitor.com.
About Dah-On Inc.
Dah-On, Inc., a company that operates a liquor store known as S&K
Beverages in Plano, Texas, filed a voluntary petition under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 20-40116) on
Jan. 10, 2020. In the petition signed by Young Jin Jun, president,
the Debtor estimated $100,000 to $500,000 in assets and $1 million
to $10 million in liabilities. Judge Brenda T. Rhoades oversees
the case. Jamie Kirk, Esq., at Hayward & Associates PLLC, is the
Debtor's legal counsel.
DAH-ON INC: Has Interim Permission to Use Cash Collateral
---------------------------------------------------------
Dah-On, Inc., d/b/a S&K Beverages, asked the Bankruptcy Court to
authorize its use of cash collateral.
The Debtor has three creditors with an alleged interest in cash
collateral all of which have filed UCC financing statements to
perfect a secured interest in the Debtor's assets: (1) First
Intercontinental Bank, (2) RNDC, Texas, LLC (Republic National
Distributing Company), and(3) Lucky Wong, Inc.
As adequate protection, the Debtor proposes to provide the UCC
creditors (i) super priority claims, pursuant to Sections 361(2),
363(c)(2), 364(d)(1), 503(b)(1), 507(a)(2) and 507(b) of the
Bankruptcy Code, and (ii) replacement liens on all property of the
Debtor, with said liens to be subordinate only to the liens of any
applicable taxing authority and subject to a carve-out for
professional fees and fees owed to the United States Trustee,
pursuant to the budget.
A copy of the motion is available for free at https://is.gd/RRZUb9
from PacerMonitor.com.
The Court has granted the Debtor access to cash collateral
beginning January 10, 2020 through February 7, 2020. The secured
creditors are granted a perfected replacement lien, security
interest and claim against the Debtor's assets which are acquired
with cash collateral, to the same extent, validity and priority as
those liens existed immediately prior to the filing of the
petition.
A copy of the interim order is available for free at
https://is.gd/zldwYg from PacerMonitor.com.
About Dah-On Inc.
Dah-On, Inc., a company that operates a liquor store known as S&K
Beverages in Plano, Texas, filed a voluntary petition under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 20-40116) on
Jan. 10, 2020. In the petition signed by Young Jin Jun, president,
the Debtor was estimated to have $100,000 to $500,000 in assets and
$1 million to $10 million in liabilities. Judge Brenda T. Rhoades
oversees the case. Jamie Kirk, Esq., at Hayward & Associates PLLC,
is the Debtor's legal counsel.
DALTON LOGISTICS: Hires HooverSlovacek LLP as Counsel
-----------------------------------------------------
Dalton Logistics, Inc., seeks authority from the U.S. Bankruptcy
Court for the Southern District of Texas to employ HooverSlovacek
LLP, as counsel to the Debtor.
Dalton Logistics requires HooverSlovacek LLP to:
a. assist, advise and represent the Debtor relative to the
administration of the Chapter 11 case;
b. assist, advise and represent the Debtor in analyzing its
assets and liabilities, investigate the extent and
validity of liens, and participate in and review any
proposed asset sales or dispositions;
c. attend meetings and negotiate with the representatives of
creditors;
d. assist the Debtor in the preparation, analysis and
negotiation of any Chapter 11 plan and disclosure statement
accompanying any such plan;
e. take all necessary action to protect and preserve the
interests of the Debtor;
f. appear, as appropriate, before the Bankruptcy Court, the
Appellate Courts, and other Courts in which matters may be
heard and to protect the interests of the Debtor before
said Courts and the United States Trustee;
g. handle litigation that arises regarding claims asserted
against the Debtor or its assets; and
h. perform all other necessary legal services in the
bankruptcy case.
HooverSlovacek LLP will be paid at these hourly rates:
Deirdre Carey Brown $425
Melissa Haselden $400
Curtis McCreight $340
Brendetta Scott $345
Angeline V. Kell $310
Vianey Garza $290
Legal Assistants/Paralegals/Law Clerks $115 to $160
On January 31, 2020, a retainer of $5,000 was received by
HooverSlovacek LLP via wire transfer from Jack Robinson Grayson
into trust for pre and post-petition bankruptcy services to be
provided to the Debtor. On February 3, 2020, before the Debtor's
bankruptcy case was filed, HooverSlovacek LLP applied $1,601.55 of
the prepetition retainer for legal services and expenses provided
in conjunction with the bankruptcy preparation, leaving the balance
of $3,398.45.
HooverSlovacek LLP will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Melissa A. Haselden, partner of HooverSlovacek LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
HooverSlovacek LLP can be reached at:
Melissa A. Haselden, Esq.
HOOVERSLOVACEK LLP
5051 Westheimer, Suite 1200
Houston, TX 77056
Tel: (713) 977-8686
Fax: (713) 977-5395
E-mail: haselden@hooverslovacek.com
About Dalton Logistics
Dalton Logistics, Inc. is a privately held company in the general
freight trucking industry.
Dalton Logistics, Inc., based in Kingwood, TX, filed a Chapter 11
petition (Bankr. S.D. Tex. Case No. 20-30902) on Feb. 3, 2020. In
the petition signed by Richard Meredith, president, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities. The Hon. David R. Jones oversees the case. Melissa
A. Haselden, Esq., at HooverSlovacek LLP, serves as bankruptcy
counsel.
DEERFIELD DAKOTA: Moody's Assigns 'B3' CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned the following ratings to
Deerfield Dakota Holding LLC (new), a holding corporation that
wholly owns Duff & Phelps Corporation (Duff & Phelps): B3 Corporate
Family Rating, B3-PD Probability of Default Rating, B2 instrument
rating to the new first-lien credit facilities, and Caa2 instrument
rating to the new senior unsecured notes. Proceeds from the new
term loan and notes will be used to fund the acquisition of Duff &
Phelps by a global investor consortium led by funds managed by
Stone Point Capital, and refinance approximately $1.7 billion of
outstanding debt. The outlook is stable. Existing ratings will be
withdrawn upon closing of the new credit facilities.
In January 2020, the consortium led by Stone Point and Further
Global announced an agreement to acquire a majority ownership stake
in Duff & Phelps from Permira Funds, which will maintain a minority
stake. The acquisition will be financed with proceeds from i) a new
$1,550 million first-lien senior secured term loan (including a
EUR300 Euro tranche), ii) a new $450 million senior unsecured notes
issuance, iii) rolled equity from current owners, and iv) new
equity from the investor consortium led by Stone Point. The new
credit facilities also include a $200 million first-lien senior
secured revolving credit facility, which is expected to be undrawn
at closing. The acquisition is expected to close in 2Q 2020.
Assignments:
Issuer: Deerfield Dakota Holding, LLC (NEW)
Probability of Default Rating, Assigned B3-PD
Corporate Family Rating, Assigned B3
Senior Secured Bank Credit Facility, Assigned B2 (LGD3)
Senior Unsecured Regular Bond/Debenture, Assigned Caa2 (LGD6)
Outlook Actions:
Issuer: Deerfield Dakota Holding, LLC (NEW)
Outlook, Assigned Stable
RATINGS RATIONALE
The B3 Corporate Family Rating reflects Duff & Phelp's highly
leveraged capital structure with 2019 debt/EBITDA above 8x (Moody's
adjusted, pro forma for the transaction and recent acquisitions).
Its leverage calculation includes standard adjustments and its view
of M&A transaction costs as partially recurring, given that
inorganic growth is core to the company's business model. Weak free
cash flow to debt is also a key credit constraint, with FCF/debt of
2.1% (Moody's adjusted) as of the 12-month period ending September
2019. Free cash flow to debt will remain weak over the next 12-24
months as a result of the incremental burden from higher pro forma
interest expense and transaction costs. Moody's expectation for
aggressive financial policies and additional debt-funded M&A also
weighs on the rating. In addition, the company faces strong
competition against large, well-capitalized peers in the valuation,
corporate finance, risk advisory and other consulting services
market.
These risks are partially offset by Duff & Phelps' well-known brand
and entrenched network of customer relationships, which provide
revenue stability. While Duff & Phelps' client fees are typically
not contractually recurring, a large proportion of existing
assignments require periodic reviews, resulting in recurring
contributions to revenue. The company's new business services
segment, comprising mainly the recently acquired assets of Prime
Clerk and Lucid, create a new technology-enabled revenue stream
that provides a sticky and counter-cyclical source of revenue. The
new business lines will benefit from cross-selling opportunities
across the company's client base, given the complementary or
adjacent nature of these services. Duff & Phelps has reduced its
exposure to economic cycles over the last 10 years through
acquisitions of non-cyclical and counter-cyclical assets, such as
Kroll, Prime Clerk and Lucid. Moody's expects the firm's revenue to
continue to diversify away from legacy corporate finance advisory
fees and focus on a diversified portfolio of consulting and
services with lower cyclicality.
The ratings for the individual debt instruments incorporate Duff &
Phelps' overall probability of default, reflected in the B3-PD, and
the loss given default assessments for the individual instruments.
The first-lien credit facilities, consisting of the $200 million
revolver expiring in 2025 and the $1,550 million term loan maturing
in 2027, are rated B2, one notch above the B3 CFR, with a loss
given default assessment of LGD3. The B2 first-lien instrument
ratings reflect their relative size and senior position ahead of
the senior unsecured notes. The $450 million senior unsecured
notes, due 2028, are rated Caa2, two notches below the CFR, with a
loss given default assessment of LGD6. The Caa2 senior unsecured
rating reflects its junior ranking as well as its relative size
within the capital structure.
Liquidity is good, supported by a $30 million pro forma cash
balance at closing, a $200 million revolving facility (which is
expected to remain undrawn) and expected FCF/debt in the 2.0% -
3.5% range. The revolver includes a 8x springing senior secured
leverage covenant when 35% or more of the revolver is drawn,
Moody's anticipates the company will remain in compliance with the
covenant.
The stable outlook reflects the expectation that revenue will grow
organically in the mid single-digits over the next 12-24 months,
with stronger growth in the cyber security, risk advisory and
business services segments partially offset by slower growth in the
valuation and corporate finance divisions. Top line growth will
drive deleveraging towards 7x, but free cash flow is expected to
remain low due to high transaction costs, with FCF/debt in the 2.0%
- 3.5% range over the next 12 months.
The ratings could be downgraded if increased competition or
cyclical pressure result in declining organic revenue and lower
profitability. Aggressive financial policies or debt-financed
acquisitions causing debt to EBITDA to be sustained above 7.5x or
EBITDA to interest to decline below 1.0x, or a material weakening
in free cash flow and liquidity, could also pressure the ratings.
The ratings could be upgraded if the company demonstrates a
commitment to more balanced financial policies, sustaining its debt
to EBITDA ratio below 6.0x and EBITDA to interest above 2.0x,
combined with good liquidity and free cash flow to debt above 5%.
Increasing scale and evidence of strong and sustainable organic
revenue growth and improving margins would benefit credit metrics
and create upward rating momentum.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
Deerfield Dakota Holding, LLC is the holding company of Duff &
Phelps, a global consulting services firm. Duff & Phelps operates
in four main business segments: valuation advisory; governance,
risk, investigations and disputes; corporate finance; and business
services. The company generated approximately $1.1 billion of
revenue in 2019.
DELCATH SYSTEMS: Elects Elizabeth Czerepak to Board of Directors
----------------------------------------------------------------
Elizabeth Czerepak has been elected as a member of the Delcath
Systems, Inc.'s Board of Directors effective Feb. 14, 2020.
Ms. Czerepak has more than 35 years of financial leadership and
strategy development experience across the pharmaceutical and
biotechnology fields. Ms. Czerepak recently served as the chief
financial officer and chief business officer of Genevant Sciences,
Inc. Prior experience includes CFO roles at other biotechnology
companies, including Altimmune, Inc., Isarna Therapeutics, and
Cancer Genetics where she played a key role in achieving
Altimmune's public listing through reverse merger and Cancer
Genetics's IPO and subsequent uplisting to Nasdaq. She also has
extensive experience in biotech venture capital investment as a
Managing Director at JP Morgan/Bear Stearns, where she led
investments in 13 biotechs, with a key role in raising hundreds of
millions in private financings and achieving exits through IPOs and
acquisitions.
Elizabeth began her career serving in senior and executive level
positions for 18 years at BASF (Knoll) Pharmaceuticals, Hoffmann-La
Roche, and Merck & Co. Her major pharma executive level experience
includes M&A, licensing, business development and finance. She
received a B.A., magna cum laude in Spanish and Mathematics
Education from Marshall University and an MBA from Rutgers
University.
"We look forward to Elizabeth's contributions, especially her
expertise in the capital markets," commented Jennifer Simpson,
Ph.D., M.S.N., C.R.N.P., president & chief executive officer.
Roger G. Stoll, Ph.D., Chairman of the Board of Delcath added, "We
are pleased to welcome Elizabeth to the Delcath Board. Elizabeth's
broad and relevant experience in finance, venture capital and
pharmaceutical operations complements our Board of Directors'
skills and experiences, and we are confident she will provide
valuable perspectives as we strive to enhance value to our
stockholders."
About Delcath Systems
Headquartered in New York, Delcath Systems, Inc. --
http://www.delcath.com-- is an interventional oncology company
focused on the treatment of primary and metastatic liver cancers.
The Company's investigational product -- Melphalan Hydrochloride
for Injection for use with the Delcath Hepatic Delivery System
(Melphalan/HDS) -- is designed to administer high-dose chemotherapy
to the liver while controlling systemic exposure and associated
side effects. The Company has been enrolling a global Registration
clinical trial for Patients with Hepatic Dominant Ocular Melanoma
(OM) called The FOCUS Trial and have initiated a global Phase 3
clinical trial for intrahepatic cholangiocarcinoma (ICC) called The
ALIGN Trial. Melphalan/HDS has not been approved by the U.S. Food
& Drug Administration (FDA) for sale in the U.S. In Europe, its
system is marketed under the trade name Delcath Hepatic CHEMOSAT
Delivery System for Melphalan (CHEMOSAT) and has been used at major
medical centers to treat a wide range of cancers of the liver.
Since January 2019 CHEMOSAT is marketed under an exclusive
licensing agreement with medac, a privately held multi-national
pharmaceutical company headquartered in Germany and specializing in
the treatment and diagnosis of oncological, urological and
autoimmune diseases.
Delcath reported a net loss of $19.22 million for the year ended
Dec. 31, 2018, following a net loss of $45.12 million for the year
ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $18.89
million in total assets, $37.72 million in total liabilities, and a
total stockholders' deficit of $18.82 million.
Marcum LLP, in New York, New York, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
June 14, 2019, on the consolidated financial statements for the
year ended Dec. 31, 2018, citing that the Company has a working
capital deficiency, has incurred 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.
DELEK US HOLDINGS: S&P Affirms 'BB' Long-Term ICR; Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on Brentwood, Tenn.-based downstream energy company Delek US
Holdings Inc., with a stable outlook. S&P also affirmed its 'BB+'
issue-level rating, with a'2' recovery rating on the company's
senior secured term loan.
Delek's focus on growing its Midstream business strengthens its
competitive position. S&P expects Delek to continue to grow its
logistics operations, as its recent investment in the Wink to
Webster Pipeline joint venture (WTWP; 15% interest) and the Red
River Pipeline joint venture (33%) further increases its access to
lower-cost crudes. The rating agency expects the company's
Midstream assets to contribute approximately 35% of total EBITDA
(up from 20%-25% currently). Excluding Delek, the WTWP is backed by
investment-grade owners, and S&P expects it to be operational on
time and within budget the first half of 2021. S&P views Delek's
plans to expand its Midstream business as positive for credit
quality because it provides greater diversification, and more
stable revenues compared with the volatile crude oil refining
business segment.
The stable rating outlook reflects S&P's expectation the company
will maintain strong liquidity while further growing its Midstream
business operations resulting in adjusted leverage in the 1.5x-2x
range over the next two years.
"We could lower the rating due to a prolonged period of weak crack
spreads or operational under performance such that leverage is
sustained above 3.5x. This could also occur if the company pursues
a more aggressive financial policy," S&P said.
"Higher ratings are unlikely within the next year or so due to the
company's limited scale and asset diversity. We could consider
higher ratings if the company materially improves its scale while
maintaining consolidated leverage below 2x during mid-cycle
commodity price conditions," the rating agency said.
DN ENTERPRISES: Fatbird Buying 2 Omaha Properties for $127K
-----------------------------------------------------------
DN Enterprises, Inc., asks the U.S. Bankruptcy Court for the
District of Nebraska to authorize the sale of its investment
properties located at: (i) 2420 South 8th St., Omaha, Nebraska for
$65,000; and (ii) 1912 South 12th St., Omaha, Nebraska for $62,000,
to Fatbird Properties, LLC.
The Debtor is an owner of approximately 35 residential investment
properties located across Omaha, Nebraska, that it offers for rent
to the general public. Its operations date back to the mid-2000's.
The Debtor is owned by Gilbert Navarro. In 2018, Mr. Navarro filed
for divorce from his spouse, Christina Navarro. At the time of the
Divorce, Mr. Navarro was incarcerated in a federal penitentiary
pursuant to a plea bargain entered in a federal criminal case
involving Mr. Navarro and several other individuals. During Mr.
Navarro's incarceration, the Debtor was operated by Mr. Navarro's
brother, Robert Navarro.
During the early part of Mr. Navarro's divorce proceeding, Mrs.
Navarro and Robert Navarro (empowered by a power of attorney for
Mr. Navarro) agreed to have Maxim Realty Group, LLC as a receiver /
property manager for the Debtor's properties. Following his early
release from prison in 2018, Mr. Navarro desired to retake control
of the Debtor from Maxim, under whose management the Debtor's
operations suffered. In addition to the temporary loss of control
of the Debtor's operations, First State Bank initiated non-judicial
foreclosures of its properties. These events lead to the filing of
the case.
On Nov. 1, 2018, following a joint or unopposed motion to terminate
the receivership, the District Court for Douglas County entered an
order terminating Maxim's role as receiver of the Debtor's
properties. Thereafter, Mr. Navarro retook control ofthe Debtor's
operations and have begun the process of preparing unrented
properties for rent. The Debtor believes its operations can earn
approximately $25,000 in gross monthly income.
Nevertheless, the Debtor intends to rebuild its operations to its
former income producing potential. To that end, it has renovated
and rented a number of vacant homes, thus increasing its value and
income.
The Debtor desires to sell the Properties described pursuant to the
terms of the Purchase Agreements. It has conferred with its Real
Estate Broker and submits that the Purchase Agreements represents a
fair market purchase prices for the properties.
To the best of the Debtor's knowledge, neither the Buyer nor its
members, associates, or professional employees have a direct or
indirect relation to the Debtor or the case. The Buyer has agreed
to pay Debtor the sum of $65,000 for the property located at 2420
South 8th St, Omaha, NE 68108, and the sum of $62,000 for the
property located at 1912 South 12th St., Omaha, NE 68108.
According to the Douglas County assessor, the property located at
2420 South 8th St., Omaha, NE 68108 is assessed at $39,500, and the
property located at 1912 South 12th St., Omaha, NE 68108 is
assessed at $31,700.
The Debtor can project that there will be closing costs, real
estate commissions, and other administrative expense claims
associated with the Sale of the Properties and the bankruptcy case.
At this time, and by the Motion, the Debtor asks approval and
authority to deduct from the gross proceeds received by the estate
at closing: (i) the Debtor's share of necessary closing costs; (ii)
the Real Estate Broker's commission and fees pursuant to the
Debtor's listing agreement; and (iii) the sum of $5,000 for
administrative expenses incurred by the estate. The balance of the
proceeds received by the Debtor will be paid to First State Bank,
as first lien holder, to reduce the principal balance of Debtor's
outstanding obligations owed to the bank.
At this time, the Debtor cannot reasonably determine the amount of
taxable income it may realize from the Sale. However, it is
possible that it will incur taxable income as a result of the Sale.
The Debtor obtained limited title reports on the Properties from
Nebraska Title Co. The report indicates the following liens or
notices of record:
a. 1912 S. 12th Street, Omaha, NE 68108:
i. Multiple Deeds of Trust and Assignments of Rent in
favor of First State Bank;
ii. Judgment entered in Douglas County Court on November
14, 2016, captioned Martin Cordoba and Holly Cordoba, Plaintiff
-vs- DN Enterprise, Inc., Defendant, in Case CI-16-9444;
transcribed to the District Court of Douglas County, Nebraska on
Oct. 17, 2017 in Case No. CI -17-8877;
iii. Case No. CI-18-10251 in the District Court of
Douglas County, Nebraska captioned Patricia Daniels, Plaintiff -vs-
Robert Navarro and DN Enterprises Inc, Defendant. Case Pending;
iv. Weed Complaint levied Jan. 23, 2018, as Complaint # 04225-01 -
Sold on Tax Sale Certificate No. 19-01064; and
v. Weed Assessment billed September 17, 2019, as
Complaint # 19541050 - ASSESSMENT PENDING.
b. 2420 S. 8th Street, Omaha, NE 68108:
i. Multiple Deeds of Trust and Assignments of Rent in
favor of First State Bank;
ii. Judgment entered in Douglas County Court on Nov. 14,
2016, captioned Martin Cordoba and Holly Cordoba, Plaintiff -vs- DN
Enterprise, Inc., Defendant, in Case CI-16-9444; transcribed to the
District Court of Douglas County, Nebraska on Oct. 17, 2017 in Case
No. CI -17-8877;
iii. Case No. CI-18-10251 in the District Court of Douglas
County, Nebraska captioned Patricia Daniels, Plaintiff -vs- Robert
Navarro and DN Enterprises Inc, Defendant. Case Pending; and
iv. Tree Removal Complaint levied February 6, 2018, as
Complaint # 04230-01; Sold on Tax Sale Certificate No. 19-02126.
The Debtor asks authority to convey the Properties to the Buyer
free and clear of all liens, claims, interests, and encumbrances.
In order to permit the Sale to proceed as expeditiously as possible
and to avoid further degradation or loss of value to the
Properties, good cause exists to waive the 14-day stay provided in
Rule 6004(h).
A copy of the Agreement is available at https://tinyurl.com/usfavhb
from PacerMonitor.com free of charge.
About DN Enterprises Inc.
DN Enterprises, Inc., owns and operates approximately 35
residential properties as rental investments. DN Enterprises
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Neb. Case No. 18-81526) on Oct. 20, 2018. At the time of the
filing, the Debtor estimated assets of $1 million to $10 million
and liabilities of $1 million to $10 million. The case is assigned
to Judge Thomas L. Saladino. Dvorak Law Group, LLC, is the
Debtor's counsel.
DUNCAN MORGAN: All Debts to Be Paid in Full in MacGregor Plan
-------------------------------------------------------------
Bannor Michael MacGregor filed a Plan of Reorganization for Duncan
Morgan LLC.
The Plan contemplates a reorganization of the Debtor's obligations.
In accordance with the Plan, the Debtor intends to satisfy
creditor claims from: (i) converting certain claims to equity; (ii)
selling excess property; (iii) leveraging real property; (iv)
rental income from certain excess property; and/or (v) loans to the
Debtor or cash calls from owners.
The Debtor's liabilities will be paid according to the priorities
of the Bankruptcy Code.
Under the Plan, all debts will be paid in full.
A full-text copy of the Disclosure Statement dated February 10,
2020, is available at https://tinyurl.com/sn34nuv from
PacerMonitor.com at no charge.
Attorney for Bannor Michael MacGregor:
WILLIAM H. KROLL
STUBBS PERDUE
9208 Falls of Neuse Road, Suite 201
Raleigh, North Carolina 27615
TEL: (919) 870-6258
FAX: (919) 870-6259
wkroll@stubbsperdue.com
About Duncan Morgan
Duncan Morgan LLC is primarily engaged in renting and leasing real
estate properties.
Duncan Morgan sought Chapter 11 protection (Bankr. E.D.N.C. Case
No. 19-03113) on Oct. 10, 2019. The Debtor was estimated to have
$1 million to $10 million in assets and liabilities as of the
bankruptcy filing.
The Hon. David M. Warren is the case judge.
J.M. Cook, Esq., is the Debtor's counsel.
Kevin L. Sink was appointed as Chapter 11 trustee on Aug. 21, 2019.
The Chapter 11 Trustee can be reached at:
Kevin L. Sink
NICHOLLS & CRAMPTON, PA.
P.O. Box 18237
Raleigh, NC 27619
Telephone: 919-781-1311
Facsimile: 919-782-0465
E-mail: ksink@nichollscrampton.com
On Dec. 31, 2019, the Court appointed Jeff Horton of Allen Tate
Realty as the realtor for the Trustee.
E&E LANDSCAPING: Secured Creditors Unimpaired in Plan
-----------------------------------------------------
E&E Landscaping Company filed a Combined Plan of Reorganization and
Disclosure Statement that provides for the restructuring of the
debt of E&E Landscaping.
The proposed Plan intends to pay 1st Constitution Bank over sixty
months at $4,717 a month. Monthly plan payments will come from
rental income. The Plan will also be funded by the sale of real
property located at 140 Friendship Road, Chesterfield, New Jersey,
which the Debtor's principal has a 25 percent ownership interest.
The Disclosure Statement indicates that there are no unsecured
claims.
A full-text copy of the Combined Plan of Reorganization and
Disclosure Statement dated Feb. 12, 2020, is available
at https://tinyurl.com/r9nptfe from PacerMonitor.com at no
charge.
About E&E Landscaping Co.
E&E Landscaping Co., Inc. owns a property located at
Bordentown-Georgetown Road, Chesterfield, N.J., which is valued by
the company at $1.6 million.
The Debtor previously filed a Chapter 11 petition (Bankr. D.N.J.
Case No. 17-30237) on Oct. 4, 2017.
E&E Landscaping sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 19-22355) on June 21, 2019.
In the petition signed by Lothar Ehrich, president, the Debtor was
estimated to have $1,600,000 in total assets and $327,984 in total
liabilities. The case is assigned to Judge Christine M. Gravelle.
The Debtor is represented by Brian W. Hofmeister, Esq., at the Law
Firm of Brian W. Hofmeister, LLC.
EARLY LEARNING: April 13 Hearing on Disclosure Statement
--------------------------------------------------------
Judge Lori S. Simpson has ordered that the hearing to consider the
approval of the Disclosure Statement of Early Learning Language
Academies, LLC will be held in Courtroom 3D of the U.S. Bankruptcy
Court, U.S. Courthouse, 6500 Cherrywood Lane, Greenbelt, Maryland
20770, April 13, 2020 at 10:00 a.m.
March 13, 2020 is fixed as the last day for filing and serving
written objections to the Disclosure Statement.
About Early Learning Language Academies
Debtor, Early Learning Language Academies, LLC is a for-profit
Maryland limited liability company, d/b/a as Whole Kids Academy
("WKA") with its principal place of business in Rockville,
Maryland. WKA is a Spanish immersion preschool dedicated to
providing care, education and enrichment to children from birth
through pre-kindergarten. The company is wholly owned by John
("Duke") Esler, who along with his wife Crystal, handle all facets
of the operations.
Early Learning Language Academics sought Chapter 11 protection
(Bankr. D. Md. Case No. 19-20397) on Aug. 2, 2019. Richard L.
Gilman, Esq., at GILMAN & EDWARDS, LLC, is the Debtor's counsel.
ENGINEERED INVESTMENTS: Taps Giddens Mitchell as Legal Counsel
--------------------------------------------------------------
Engineered Investments, LLC received approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to hire
Giddens, Mitchell & Associates, P.C. as its legal counsel.
Giddens will advise the Debtor of its powers and duties in the
continued management of its property, and will provide other legal
services in connection with its Chapter 11 case.
The firm's hourly rates are:
Kenneth Mitchell, Esq. $250
Bobby Giddens, Esq. $250
Paralegals $75
Giddens does not represent interests adverse to the Debtor and its
bankruptcy estate, according to court filings.
The firm can be reached through:
Kenneth Mitchell, Esq.
Giddens, Mitchell & Associates, P.C.
3951 Snapfinger Parkway, Suite 555
Decatur, GA 30035
Phone: (770) 987 7007
About Engineered Investments
Based in Stone Mountain, Ga., Engineered Investments, LLC filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Ga. Case No. 20-61777) on Jan. 31, 2020, listing under $1
million in both assets and liabilities. Kenneth Mitchell, Esq., at
Giddens, Mitchell & Associates, P.C., is the Debtor's legal
counsel.
ESCONDIDO HOLDINGS: Seeks to Hire Phil Hineman as Counsel
---------------------------------------------------------
Escondido Holdings, LLC, seeks authority from the U.S. Bankruptcy
Court for the District of Arizona to employ The Law Office of Phil
Hineman, P.C., as counsel to the Debtor.
Escondido Holdings requires Phil Hineman to:
a. give the Debtor legal advice with respect to their
reorganization;
b. represent the Debtor in connection with negotiations
involving secured and unsecured creditors;
c. represent the Debtor at hearings set by the Court in
Debtors' bankruptcy case; and
d. prepare necessary applications, motions, answers, orders,
reports or other legal papers necessary to assist in the
Debtor's reorganization.
Phil Hineman will be paid at these hourly rates:
Phil Hineman, $350
Legal Assistants/Paralegals $75 to $150
Phil Hineman will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Phil Hineman, partner of The Law Office of Phil Hineman, P.C.,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Phil Hineman can be reached at:
Phil Hineman, Esq.
LAW OFFICE OF PHIL HINEMAN, P.C.
220 S. Second Avenue
Yuma, AZ 85364
Telephone: (928) 341-9600
Facsimile: (928) 341-9601
E-mail: phineman@hineman.com
About Escondido Holdings
Escondido Holdings, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D. Ariz. Case No. 20-01019) on Jan. 30, 2020, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by Phil Hineman, Esq., at The Law Office of Phil
Hineman, P.C.
FAMILY RESTAURANTS: Hires Barnes Saly as Accountant
---------------------------------------------------
Family Restaurants of Cambria, Inc., seeks authority from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to employ
Barnes Saly & Company, P.C., as accountant to the Debtor.
Family Restaurants requires Barnes Saly to prepare and file its
sales tax returns, annual tax returns, and other financial matters
including but not limited to accounting and bookkeeping services so
as to be in compliance with local, state, and federal tax
requirements and regulations.
Family Restaurants will be paid based upon its normal and usual
hourly billing rates. The firm will also be reimbursed for
reasonable out-of-pocket expenses incurred.
Barnes Saly holds a pre-petition claim against the Debtor in the
amount of $4,364.07. Upon entry of an Order approving the within
application, Barnes Saly has agreed to waive its pre-petition claim
against the Debtor.
To the best of the Debtor's knowledge the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.
Barnes Saly can be reached at:
Barnes Saly & Company, P.C.
637 Ferndale Avenue, Suite 100
Johnstown, PA 15905
Tel: (814) 288-1544
About Family Restaurants of Cambria
Family Restaurants of Cambria, Inc., filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa.
Case No. 20-70047) on Jan. 31, 2020, listing under $1 million in
both assets and liabilities. Kevin J. Petak, Esq., at Spence,
Custer, Saylor, Wolfe & Rose, LLC, is the Debtor's legal counsel.
FAYETTE MEMORIAL: Bridge Order Signed Extending Exclusivity Period
------------------------------------------------------------------
Judge Jeffrey Graham of the U.S. Bankruptcy Court for the Southern
District of India signed a bridge order extending the period during
which Fayette Memorial Hospital Association, Inc. has the exclusive
right to file a Chapter 11 plan of reorganization through and
including the date on which he enters an order on the association's
pending exclusivity extension motion.
The motion filed on Jan. 30 seeks to extend the exclusivity periods
to file the association's plan and solicit acceptances for the plan
to Feb. 27 and April 29, respectively. Creditors have until today
to file their objections to the motion.
About Fayette Memorial Hospital Association
Founded in 1913, Fayette Memorial Hospital Association, Inc. --
https://www.fayetteregional.org/ -- is a multi-faceted health care
organization in Connersville, Indiana. It offers ambulatory care,
cancer care, care pavilion, dermatology, diagnostic imaging,
emergency care, express care, facial and cosmetic procedures,
hospice care, laboratory services, pediatrics, physical therapy and
rehabilitation, among other services.
Fayette Memorial Hospital Association sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
18-07762) on Oct. 10, 2018. In the petition signed by CEO Randall
White, the Debtor estimated assets of $10 million to $50 million
and liabilities of $10 million to $50 million. The case is
assigned to Judge Jeffrey J. Graham. The Debtor tapped Fultz
Maddox Dickens PLC as its legal counsel.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors. The committee retained Fox Rothschild LLP as
its legal counsel.
FREEDOM FOODS: March 19 Plan & Disclosure Hearing Set
-----------------------------------------------------
Judge Kathleen H. Sanberg of the U.S. Bankruptcy Court for the
District of Minnesota conditionally approved the disclosure
statement filed by debtor Freedom Foods, d/b/a Kids Against Hunger
on Feb. 4, 2020, and established the following dates and
deadlines:
* March 19, 2020, at 2:00 p.m., in Courtroom No. 8 West, United
States Courthouse, 300 South Fourth Street, Minneapolis, Minnesota
is the hearing to consider final approval of the Disclosure
Statement and confirmation of the Plan.
* Seven days prior to the hearing is the last day to timely
deliver an objection, and ten days prior to the hearing is the last
day to timely mail an objection.
* March 19, 2020, which is the first date set for the hearing on
confirmation, is fixed as the last day to file a complaint
objecting to the Debtor's discharge.
* Five days prior to the hearing is fixed as the last day to
timely file the ballots to accept or reject the plan.
A full-text copy of the order dated February 4, 2020, is available
at https://tinyurl.com/r43kpvw from PacerMonitor at no charge.
About Freedom Foods
Freedom Foods, which was organized in 2015 to engage in the
distribution of nutrition-rich food products for individuals and
families in need, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Minn. Case No. 19-31112) on April 11,
2019. At the time of the filing, the Debtor had estimated assets
of less than $50,000 and liabilities of less than $1 million. The
case has been assigned to Judge Kathleen H. Sanberg. The Debtor
tapped Joseph W. Dicker PA as its legal counsel.
FREEPORT-MCMORAN INC: S&P Rates $1.3BB Aggregate Unsec. Notes 'BB'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '3'
recovery rating to Phoenix-based miner Freeport-McMoRan Inc.'s new
$700 million senior unsecured notes due 2028 and $600 million
senior unsecured notes due 2030. The '3' recovery rating indicates
S&P's expectation for meaningful (50%-70%; rounded estimate: 60%)
recovery in the event of a payment default.
The company will use the proceeds from these notes to fund tender
offers to repurchase portions of its outstanding 4.00% senior notes
due 2021, 3.55% senior notes due 2022, 3.875% senior notes due
2023, and 4.55% senior notes due 2024, and pay associated fees and
expenses.
S&P expects Freeport's adjusted debt leverage to be in the
3.0x-3.5x range in 2020 as it ramps up the transition to
underground mining at its Grasberg mine. This transition will
require $1.0 billion-$1.5 billion of annual capital spending and
S&P expects the company's operating costs to remain elevated until
the end of 2020.
GALA SERVICE: Court Ok’s Pentagon Cash Collateral Stipulation
---------------------------------------------------------------
Judge James L. Garrity Jr., approved the stipulation to use cash
collateral between Debtors Gala Service Corp., and Linden Cab
Corp., with Pentagon Federal Credit Union, successor-in-interest by
merger to Progressive Credit Union,
Pursuant to the stipulation:
(a) Pentagon Federal consents to the Debtors' use of cash
collateral to pay for the ordinary and necessary post-petition
operating expenses pursuant to the proposed monthly budget.
(b) the Debtors will remain current on all post-petition
obligations arising out of its ownership and/or operation of the
collateral, including all payments due to the Taxi Improvement Fund
(TIF) and Metropolitan Transportation Authority and all fines,
summonses, tickets, or other fees.
(c) each of the Debtors will remit to the creditor an adequate
protection payment in the amount of $1,000 beginning on August 1,
2019, and continuing thereafter. Beginning on September 1, 2019,
and continuing thereafter, Debtor Gala will remit to the creditor
$2,200.
A copy of the stipulated order is available at https://is.gd/TCZ8Go
from PacerMonitor.com.
About Gala Service Corp.
and Linden Cab Corp.
Gala Service Corp., and Linden Cab Corp., are privately held
companies in the taxi and limousine service industry. The Debtors,
in separate filings, sought Chapter 11 protection on March 26,
2019. The Debtors' cases were jointly administered on July 18,
2019.
In the petitions signed by Mitchell Cohen, president, Debtor Linden
Cab disclosed $317,368 in assets and $1,403,699 in liabilities.
Gala Service disclosed $310,468 in assets and $1,404,752 in
liabilities.
The Hon. James L. Garrity Jr. oversees the case.
Gary C. Fischoff, Esq., at Berger Fischoff Shumer Wexler & Goodman,
LLP, serves as bankruptcy counsel to the Debtor.
GASPER RICE: Plan & Disclosure Hearing Reset to April 14
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, convened a hearing to consider the emergency
motion for continuance of debtor Gasper Rice Resources, Ltd.'s
Combined Disclosure Statement and confirmation hearing filed by
Woodforest National Bank.
On Feb. 4, 2020, Judge Eduardo V. Rodriguez granted the Motion and
ordered that:
* The Confirmation and Disclosure Statement Hearing (which is
currently scheduled for February 24, 2020, at 1:30 pm) is reset to
April 14, 2020, at 2:00 pm. Woodforest shall be responsible for
filing notice.
* Woodforest agrees that the Debtor may continue to use
Woodforest's Cash Collateral through and until the Confirmation and
Disclosure Hearing.
* Debtor will be allowed to use up to $3,000 per month of
Woodforest's Cash Collateral in order to rent a compressor to
rework the Waters' Well.
* Woodforest's ballot deadline and objection deadlines are
extended to March 20, 2020.
A full-text copy of the order dated Feb. 4, 2020, is available at
https://tinyurl.com/vk8uvou from PacerMonitor at no charge.
Attorneys for Woodforest National Bank:
Lloyd A. Lim
Rachel I. Thompson
REED SMITH LLP
811 Main Street, Suite 1700
Houston, Texas 77002-6110
Telephone: (713) 469-3800
Facsimile: (713) 469-3899
E-mail: llim@reedsmith.com
E-mail: rithompson@reedsmith.com
Attorney for Debtor:
Margaret Maxwell McClure
909 Fannin, Suite 3810
Houston, TX 77010
Tel: (713) 659-1333
Fax: (713) 658-0334
E-mail: margaret@mmmcclurelaw.com
About Gasper Rice Resources
Gasper Rice Resources, Ltd. -- http://www.gasperrice.com/-- is a
Texas limited partnership in the oil and gas extraction industry.
It operates wells primarily located in the Gulf Coast of Texas and
participates as a non-operator in properties located in Texas,
Louisiana, Oklahoma and Mississippi.
Gasper Rice Resources sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-31371) on March 11,
2019. At the time of the filing, the Debtor disclosed $2,116,190
in assets and $2,484,425 in liabilities. The case is assigned to
Judge Eduardo V. Rodriguez. The Debtor is represented by the Law
Office of Margaret M. McClure.
GEORGE WASHINGTON: Plan Mulls Sale or Investment
------------------------------------------------
George Washington Bridge Bus Station Development Venture LLC filed
a Chapter 11 plan that contemplates a restructuring of the Debtor
through either (a) an orderly liquidation under the Asset Sale
Restructuring, or (b) a Plan Investment Restructuring.
The Debtor, with the consent of the Senior Lenders, will determine
by March 11, 2020 whether it will pursue an Asset Sale
Restructuring or a Plan Investment Restructuring.
Bernard A. Katz, the Debtor's sole and independent manager, has
approved the Plan and believes the Plan is in the best interests of
the Debtor's Estate. As such, the Debtor recommends that all
Holders of Claims entitled to vote accept the Plan.
The Debtor contemplates two separate and distinct possible paths
forward under its Plan, the Asset Sale Restructuring and the Plan
Investment Restructuring. The Plan includes a "toggle" feature
which will determine whether the Debtor completes the Asset Sale
Restructuring or the Plan Investment Restructuring. The Plan thus
provides the Debtor with the necessary discretion to negotiate the
precise terms of its ultimate emergence from Chapter 11.
The Asset Sale Restructuring contemplates the following
transactions:
* The Debtor will conduct one or more Asset Sales to sell
substantially all of the Debtor’s assets.
* Selection by the Debtor of the Plan Administrator who will act
in the fiduciary capacity as a board of managers. As of the
Effective Date, the Plan Administrator would become the sole
manager and officer of the Reorganized Debtor and act to wind down
the business affairs of the Debtor and Reorganized Debtor;
* The Debtor pays outstanding Claims in accordance with the
Bankruptcy Code's priority scheme and the Waterfall;
* The Plan Administrator will establish each of the Distribution
Reserve Accounts in accordance with Article IX of the Plan and
administer the distribution thereof to Holders of Allowed Claims;
* Vesting of all assets of the Debtor not sold inthe Asset Sale
in Reorganized Debtor for the purpose of liquidating the Estate;
and
* Interests in the Debtor being canceled and extinguished.
The Plan contemplates the following transactions under the Plan
Investment Restructuring:
* The issuance of the New GWB Interests to the Plan Sponsor;
* The investment by the Plan Sponsor of the Plan Sponsor
Investment in exchange for 100 percent of the NEW GWB Interests;
* The Plan Sponsor Investment being utilized to fund the
Distribution Reserve Accounts, the Professional Fee Escrow Account
and Cash for working capital of the Reorganized Debtor and,
thereafter, to the Senior Secured Lender;
* The entrance by the Reorganized Debtor into the Exit
Facilities;
* The creation of a Creditor Recovery Trust to pursue Causes of
Action; and
* Interests in the Debtor being canceled and extinguished.
Class 6 General Unsecured Claims are IMPAIRED. If the Plan
Investment Restructuring occurs, solely to the extent the
Diminution in Value Claims are paid in full, satisfaction of each
Holder of an Allowed General Unsecured Claim shall receive their
Pro Rata share of the Creditor Recovery Trust Interests. If the
Asset Sale Restructuring occurs, each Holder of a General Unsecured
Claim shall receive their Pro Rata share of (a) any remaining Net
Asset Sale Proceeds pursuant to the Waterfall until such Allowed
General Unsecured Claims are paid in full, (b) solely to the extent
the Diminution in Value Claims are paid in full, (i) the net
proceeds from any Causes of Action received by the Plan
Administrator after the Effective Date, and (ii) the Creditor
Recovery Trust Interests, if any. The Disclosure Statement still
has blanks as to the projected amount of unsecured claims, and the
the projected recovery under the Plan.
A full-text copy of the Disclosure Statement dated Feb. 10, 2020,
is available at https://tinyurl.com/ws9qgyu from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Michael D. Sirota
Warren A. Usatine
Ryan T. Jareck
Mark Tsukerman
Rebecca W. Hollander
COLE SCHOTZ P.C.
1325 Avenue of the Americas, 19th Floor
New York, New York 10019
Telephone: (212) 752-8000
Facsimile: (212) 752-8393
About George Washington Bridge
George Washington Bridge Bus Station Development Venture LLC is the
entity contracted to renovate the George Washington Bridge Bus
Station in New York. The bus station was reopened in 2016
following a delayed and costly renovation. As part of the deal,
the company was granted a 99-year lease to operate and maintain the
retail portion of the bus station.
George Washington Bridge Bus Station Development Venture LLC sought
Chapter 11 protection (Bankr. S.D.N.Y. Case No. 19-13196) on Oct.
7, 2019.
The company's assets are estimated between $50 million and $100
million, and liabilities between $100 million and $500 million,
according to bankruptcy documents.
The Hon. Shelley C. Chapman is the case judge.
Cole Schotz P.C. is the Debtor's counsel. BAK Advisors Inc., is
the Debtor's financial advisor, and BAK's Bernard A. Katz is
presently serving as the Debtor's sole manager.
GJ SOUTH LLC: Unsecured Creditors to Recover 12% in Plan
--------------------------------------------------------
GJ South LLC filed a reorganization plan that provides for GJ South
to continue to manage and operate its property.
GJ South proposes to pay creditors from the rental income generated
by the Property.
The Plan provides that all Allowed Unsecured Claims will receive a
pro rata distribution from GJ South's operating income.
CurtisCorrado is by far GJ South's largest unsecured creditor.
Unsecured creditors of GJ South will receive a total distribution
of $14,400 which will paid at $300 per month for four years. GJ
South has approximately $115,000 in unsecured creditor claims,
including general unsecured tax claims. The proposed distribution
to unsecured creditors is approximately a 12% distribution.
A full-text copy of the Disclosure Statement dated Feb. 12, 2020,
is available at https://tinyurl.com/tbyayo2 from PacerMonitor.com
at no charge.
Attorney for Debtor:
GUY B. HUMPHRIES
1801 Broadway, Suite 1400
Denver, Colorado 80202
Tel: (303) 832-0029
Fax: (303) 292-3661
E-mail: Guyhumphries@msn.com
About GJ South LLC
GJ South LLC was formed for the sole purpose of acquiring and
managing the real property located at 914 South Avenue, Grand
Junction, Colorado (the "Property"). GJ South acquired the
Property on July 31, 2018, for a purchase price of $439,000. The
Property is an industrial property that is 3/4 of a block incentral
Grand Junction. The Property contains two buildings and alarge
gravel yard. The sole member of GJ South is Jessica McKay.
GJ South LLC filed a Chapter 11 bankruptcy petition (Bankr. D.
Colo. Case No. 19-16511) on July 30, 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. Judge
Elizabeth E. Brown oversees the case. The Debtor is represented by
Guy B. Humphries, at Guy Humphries, Attorney At Law.
GOLASINSKI HOMES: Supplement to Plan and Disc. Statement
--------------------------------------------------------
Golasinski Homes LLC, filed Feb. 7, 2020, supplements to the Plan
of Reorganization and Disclosure Statement. The supplement
reflects changes that have occurred since the filing of the Plan of
Reorganization and Disclosure Statement on Sept. 29, 2019:
* Paragraph III (E), Present Condition and Post-Petition
Operations of the Debtor is supplemented as follows:
On January 31, 2020 the Debtor-in-Possession successfully
concluded the refinancing of the real properties at 1803 and 1822
Tannehill in the aggregate amount of $848,250.00. The new lender is
Housemax Funding, LLC. As a conditition to the refinancing, the new
lender required that the title to the properties be conveyed to the
prior owners, William and Jeanne Golasinski, who are the interest
holders of the Debtor-in-Possession. Two separate deeds of trust
were executed in favor of Housemax Funding, LLC. One deed of trust
is in the amount of $594,500.00 secured by the real property at
1822 Tannehill, Houston, TX 77008. The other deed of trust is in
the amount of $253,750.00 secured by the real property at 1803
Tannehill, Houston, TX 77008.
The proceeds of the refinancing loan were disbursed as follows.
The prior lienholder, Seguro Assets LLC, was paid $815,450.00 which
represented a settlement amount of $790,000.00 of their debt plus
reimbursement of their payment of the 2019 real property taxes they
paid in January 2020 to Harris County, Texas. A payment of
$7,500.00 was made to Recon Construction LLC as a settlement of
their lien on the real property at 1822 Tannehill. The balance of
the loan proceeds were for the payment of the loan closing costs.
* Paragraph III (G) Anticipated Litigation is supplement as
follows:
As to Recon Construction, LLC, the parties have agreed to
settle the debt for the payment of $7,500.00 at the closing of the
refinancing loan. Recon Construction, LLC was paid $7,500.00 at the
loan closing and they released their lien against the real property
at 1822 Tannehill. In consideration of the settlement amount, the
Debtor hereby releases any claims it may have against Recon
Construction, LLC arising out of its Mechanics and Materialmen’s
Lien against the Debtor. Since the settlement agreement resolves
the dispute with Recon Contruction, LLC, the Debtor will not
undertake further litigation against Recon Construction, LLC.
As to Seguro Assets, LLC, the Debtor and Seguro Assets, LLC,
the parties had entered into an agreement that Seguro Assets, LLC
would accept the amount of $790,000.00 in full settlement of its
debt. Subsequently, Seguro Assets, LLC was paid the amount of
$790,000.00 and it released its lien against the real properties at
1803 and 1822 Tannehill. In consideration of the settlement amount,
the Debtor and the members of the Debtor hereby release any claims
they may have against Seguro Assets, LLC arising out of the loan it
made to the Debtor. Since the settlement agreement resolves any
dispute the Debtor may have against Seguro Assets LLC, the Debtor,
its affiliates and principals will not undertake further litigation
against Seguro Assets, LLC.
A full-text copy of the Supplements to the Plan of Reorganization
and Disclosure Statement dated Feb. 10, 2020, is available
at https://tinyurl.com/s86oggc from PacerMonitor.com at no
charge.
Attorney for the Debtor:
David L. Venable
13201 Northwest Freeway, Suite 800
Houston, TX 77040
Tel: (713) 956-1400
Fax: (713) 983-8285
E-mail: david@dlvenable.com
About Golasinski Homes
Golasinski Homes LLC owns in fee simple three real estate
properties in Harris County, Texas, with a total current value of
$1.41 million. Golasinski Homes sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Case No. 19-33035) on
June 2, 2019. At the time of the filing, the Debtor disclosed
$1,410,129 in assets and $1,004,609 in liabilities. The case has
been assigned to Judge Jeffrey P. Norman. David L. Venable, Esq.,
is the Debtor's bankruptcy attorney.
GOOD SAMARITAN: Seeks to Hire Stradley Ronon as Legal Counsel
-------------------------------------------------------------
Good Samaritan LutheranHealth Care Center, Inc. and Kenwood Manor,
Inc. seek authority from the U.S. Bankruptcy Court for the Northern
District of New York to hire Stradley Ronon Stevens & Young LLP as
their legal counsel.
Stradley will provide these services in connection with the
Debtors' Chapter 11 cases:
a. advise the Debtors of their powers and duties in the
continued operation of their businesses and management of their
properties;
b. participate in negotiations, prepare pleadings and appear
in court in connection with the sale of the Debtors' assets;
c. participate in negotiations to achieve successful
reorganization of the Debtors;
d. prepare and pursue confirmation of a bankruptcy plan and
approval of a disclosure statement;
e. prepare legal papers and appear in court;
f. investigate the assets, liabilities and financial condition
of the Debtors that may be required under local, state or federal
law or by court orders; and
g. provide counseling and representation with respect to
financing, the assumption or rejection of executory contracts and
leases and other bankruptcy-related matters.
The firm's regular hourly rates for its professionals range from
$220 to $310 and they will be billed to the Debtors at 10 percent
discount, with the exception of Deborah Reperowitz, Esq., whose
hourly rate will be discounted by 15 percent.
The Debtors paid the firm a retainer in the amount of $350,000.
Stradley is a "disinterested person" within the meaning of section
101(14) of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Deborah A. Reperowitz, Esq.
Stradley Ronon Stevens & Young, LLP
100 Park Avenue, Suite 2000
New York, NY 10017
Phone: 212-812-4124
Fax: 646-682-7180
About Good Samaritan Lutheran
Health Care Center
Good Samaritan LutheranHealth Care Center, Inc. --
http://www.goodsamvillage.org/-- operates a 120-bed nonprofit
skilled nursing facility certified by the New York State Department
of Health under Article 28 of the Public Health Law. It operates
under the name Bethlehem Commons Care Center.
Good Samaritan Lutheran Health Care Center, Inc. and Kenwood Manor,
Inc. filed separate Chapter 11 bankruptcy petitions (Bankr.
N.D.N.Y. Lead Case No. 19-12215) on Dec. 12, 2019. The petitions
were signed by Thomas Roemke, secretary of Good Samaritan's Board
of Directors.
At the time of the filing, Good Samaritan had estimated assets of
between $1 million and $10 million and liabilities of between $10
million and $50 million. Kenwood Manor disclosed assets of between
$1 million and $10 million and liabilities of the same range.
Judge Robert E. Littlefield Jr. oversees the cases. The Debtors
tapped Stradley Ronon Stevens & Young, LLP as their legal counsel.
GRAPHIC PACKAGING: Moody's Rates New $400 Unsec. Notes Ba2
----------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Graphic
Packaging International, LLC's new $400 million senior unsecured
notes due in 2028. The proceeds of the note offering will be used
to repay a portion of the revolver borrowings, fund transaction
related fees and expenses and for general corporate purposes. Pro
forma for the new $400 million debt issuance, leverage increases to
3.3 times as adjusted by Moody's from 2.9 times in the twelve
months ended December 2019. The modest increase in leverage is
within its current expectations for the rating as the company
embarks on a $600 million mill investment and also funded the first
redemption of partnership units from International Paper Company
(Baa2 stable).
The company's unsecured notes are rated Ba2, one notch below the
Ba1 corporate family rating, due to their effective subordination
to the sizable senior secured debt. The proposed 2028 notes, the
existing 2027 notes and senior secured credit facilities are
guaranteed by Graphic Packaging International Partners, LLC, a
holding company that owns the obligor and operating subsidiaries.
The existing senior unsecured notes due in 2021, 2022 and 2024 are
guaranteed by Graphic Packaging Holding Company, another holding
company. Moody's views guarantees as similar and rates both new and
existing unsecured notes the same.
Assignments:
Issuer: Graphic Packaging International, LLC
Gtd Senior Unsecured Regular Bond/Debenture, Assigned Ba2 (LGD5)
RATINGS RATIONALE
The Ba1 corporate family rating is supported by the company's
scale, its leading market position in a consolidated industry and
modest growth expectations driven by substitution from plastic into
paper-based packaging. Following the combination with International
Paper's consumer packaging business in January 2018, Graphic
Packaging is the largest North American producer of coated
unbleached kraft paperboard and coated recycled paperboard and the
second largest producer of solid bleached sulfate board. Graphic
Packaging also has the largest network of converting plants among
North American paperboard producers, which allows it to convert 68%
of the board it produces and pass through cost increases on a
contractual basis, albeit with a lag. The credit profile also
reflects expectation of modest leverage (3.3x-3.5x on a Moody's
adjusted basis) but some deterioration in cash flow over the next
two years as the company embarks on a $600 million new mill
investment, while also funding the redemption of International
Paper's partnership units in the company (Moody's assumes IP will
fully exit in 2022). Its leverage assumption is based on no further
increases in dividends and no additional share repurchases under
current share repurchase authorization ($462 million remaining
under current authorization) and projected modest earnings growth
driven by higher volume, ongoing operational improvements and
fairly benign input cost inflation. The credit profile is
constrained by exposure to volatile recycled fiber costs (less than
a third of production capacity) and expectations of continued
acquisitions to supplement organic growth as management targets
increasing revenue by about 60% to reach $10 billion in 2025.
Graphic Packaging's SGL-2 speculative grade liquidity rating
indicates good liquidity. The company maintains low cash balances
and relies on internally generated cash and a large revolver for
its liquidity. Graphic Packaging had approximately $153 million of
cash on hand as of December 2019, and it generates over $1 billion
of EBITDA. The largest cash use over the next two years will be
capital expenditures and redemption of IP partnership units, as
interest expense is around $150 million, the company has terminated
its largest pension plan and its cash taxes are low. The company
does not expect to be a meaningful U.S. federal cash taxpayer until
2024 due to available net operating losses, other tax attributes,
tax benefits associated with planned capital projects and the
anticipated reduction in IP's investment in the partnership. The
company has nearly full availability on its $1.45 billion U.S.
senior secured revolving credit facility pro forma for the $400
million note issuance. The company also has approximately $110
million availability under its senior secured international credit
facilities. The next maturity is $425 million notes due in April
2021, followed by $250 million of notes due in November 2022.
Moody's expects the company to refinance the 2021 maturity or repay
with revolver borrowings next year. The revolver and $1.4 billion
of term loans are due in 2023. The company's credit agreement has a
total leverage ratio covenant of 4.25 times as well as an interest
coverage covenant of 3 times. The leverage covenant steps up to 4.5
times for four quarters for an allowed acquisition so long as there
at least one quarter between four quarter periods when leverage
does not exceed 4.25x. Moody's expects the company will remain in
compliance with its debt covenants over the next 12 months. Graphic
Packaging also uses various receivables securitization arrangements
to fund working capital.
As a manufacturing company, Graphic Packaging is moderately exposed
to environmental risks such as air and water emissions, and social
risks such as labor relations and health and safety issues. The
company has established expertise in complying with these risks,
and has incorporated procedures to address them in their
operational planning and business models. The company projects to
spend $10 million to $35 million on capital projects to maintain
compliance with environmental laws in 2020-2022, primarily for the
waste water treatment system upgrades at the Augusta, Georgia and
Texarkana, Texas mills. These capital expenditures are not material
to credit quality given the company's strong cash from operations.
The company does not have any large environmental liabilities.
Consumers view the company's paper-based packaging as more
environmentally friendly than plastic packaging, which could
support demand for Graphic Packaging's products going forward.
Moreover, approximately one-third of Graphic Packaging products are
from recycled fiber, which are viewed as more sustainable. However,
paper cups have resin based coating and therefore are not fully
recyclable and the company also manufactures plastic-based
packaging such as lids for cups and bowls. Graphic Packaging is
investing to produce a paper cup with a plant-based biodegradable
coating as a more environmentally friendly offering.
Graphic Packaging is a public company with well-established
governance structures and historically balanced capital allocation
approach within its stated leverage target. The company set new
growth targets in 2019 to reach $10 billion of revenues by 2025
from $6.2 billion on organic growth and strategic acquisitions,
while also increasing its EBITDA margins and maintaining its 2.5-3
times net leverage target.
The stable ratings outlook reflects expectations that Graphic
Packaging will grow its earnings and manage balance sheet within
its leverage target over the next 12 to 18 months as it embarks on
a new mill investment.
For the ratings to be upgraded to the investment grade level, the
company's management would need to publicly commit to maintaining
investment-grade financial policies and achieve an unsecured
capital structure. The company would also need to maintain
debt/EBITDA below 3 times, maintain EBITDA margin above 16% and
retained cash flow to debt above 20%.
The ratings could be downgraded if operating performance and credit
metrics deteriorate such as debt/EBITDA rises to 4 times and
retained cash flow to debt falls below 15% (on sustained basis).
The ratings could also be downgraded if the Kalamazoo mill
investment encounters significant cost overruns or delays, and the
company undertakes a large debt-financed acquisition or
shareholder-friendly actions that stress its credit metrics and
cash flow generation.
Headquartered in Atlanta, GA, Graphic Packaging is one of North
America's leading manufacturers of CUK, CRB and SBS paperboard
packaging for food, food service, beverages and consumer goods.
Graphic Packaging generated sales of approximately $6.2 billion for
the twelve months ended December 31, 2019.
The principal methodology used in this rating was Paper and Forest
Products Industry published in October 2018.
GREEN PHARMACEUTICALS: Unsecureds to Recover 1.38% in Plan
----------------------------------------------------------
Green Pharmaceuticals, Inc., submitted a Third Amended Chapter 11
Plan.
Holders of Class 3 general unsecured claims totaling $3,922,991
will receive $1,000 per month from month 7 to month 60. Total
payout will be 1.38% of reconciled claims.
If Class 3 votes to reject Plan, then Ms. De Rivel will seek to
override the rejecting vote of C3 by infusing new value monies, the
sum of $50,000 to be infused into the Debtor to pay administrative
claims. The Debtor and Ms. De Rivel will move under Sec.
1129(b)(b)(2)(B). If the Court determines that $50,000 is a
sufficient amount to be new value, than the Court may confirm the
Plan over the rejection by C3 (provided that the Court determines
that the Plan otherwise is confirmable) and Ms. De Rivel will be
issued 100% of the stock in the reorganized Debtor. Class 3 shall
then receive the distribution of the $54,000 during months 7 to 60.
Class 5 Dominique and Christian De Rivel, holders 100% of the
Debtor's stock. If Class 3 votes to reject the Plan and if the
Court determines that the new value contributions is sufficient,
then Ms. De Rivel will receive 100% of the stock in the reorganized
Debtor. If the Court determines that the new value contribution
does not constitute sufficient new value, then members of this
class will receive no distribution subject to the buyback provision
treatment found in the treatment box for Class 3.
The Plan will be funded by the Debtor's business operations. The
Debtor anticipates having monies of $25,000 on hand at the Plan's
Effective Date from ongoing operations. In the event the Court
confirms the Plan over the rejecting vote of Class 3, then Ms. De
Rivel will infuse $50,000 of new value monies into the Debtor for
the purpose of paying administrative claims.
A full-text copy of the Third Amended Chapter 11 Plan dated
February 10, 2020, is available at https://tinyurl.com/yx5l7r2f
from PacerMonitor.com at no charge.
Attorneys for Debtor:
Steven R. Fox, SBN 138808
W. Sloan Youkstetter, SBN 296681
THE FOX LAW CORPORATION, INC.
17835 Ventura Blvd., Suite 306
Encino, CA 91316
Tel: (818)774-3545
Fax: (818)774-3707
E-mail: srfox@foxlaw.com
About Green Pharmaceuticals
Green Pharmaceuticals, Inc. -- https://www.snorestop.com/ -- is a
privately held company in Camarillo, California offering its
flagship brand SnoreStop, an easy-to-use sprays and tablets that
help people to experience a good night's sleep. SnoreStop the only
medically proven over-the-counter natural solution to snoring that
is not a device.
Green Pharmaceuticals, based in Camarillo, CA, filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 18-12087) on Dec. 19, 2018. In
the petition signed by Dominique De Rivel, president and CEO, the
Debtor disclosed $380,735 in assets and $3,951,007 in liabilities.
The Hon. Deborah J. Saltzman oversees the case. Steven R. Fox,
Esq., at The Fox Law Corporation, Inc., serves as bankruptcy
counsel.
GROWCO INC: Trade Creditors to Get Share of Net Profits
-------------------------------------------------------
GrowCo, Inc., filed a First Amended Plan of Reorganization and a
Disclosure Statement.
Class 1 secured claims of the VitaNova entities, totaling $381,941,
are impaired. Under the Plan, the Class 1 Claims together with
VitaNova's Allowed Administrative Claim will be paid out of the
Debtor's Net Profits Fund after any Allowed Claims of a higher
priority (including, but not limited to, any other Allowed
Administrative Claims and any Allowed Priority Tax Claims) but
before any Allowed Claims of a lower priority.
Parties to executory contracts and unexpired leases in Class 2 are
IMPAIRED. Without admitting the existence of any executory
contracts, to the extent the following agreements are executory
contracts, the Debtor assumes each: (a) any GrowCo, Inc. Common
Stock Purchase Warrants which have not expired by the Confirmation
Date; and (b) any Senior Note Exchange Agreements between Debtor
and investors that have not expired by the Confirmation Date.
Trade creditors in Class 3 are IMPAIRED. Allowed Class 3 Claims
shall be paid their respective pro rata share of the Debtor's Net
Profits Fund pari passu with the holders of Allowed Class 4, 6, 7,
8, 9, and 10 Claims after any Allowed Claims of a higher priority
(including, Class 1 Claims, Class 2 Claims, Allowed Administrative
Claims and Allowed Priority Tax Claims) but before any Allowed
Claims of a lower priority. Distributions to Class 3 claimants
shall not exceed the amount of the Allowed Unsecured Claims plus
interest at 2.5 percent per annum.
Class 4 investors who are parties to the Note Purchase Agreement
Dated April 15, 2015 (the "April 2015 Offering"); Class 6 investors
who invested under the March 15, 2016 Memorandum of Terms (the
"March 2016 Offering"); Class 7 investors who are parties to the
2016 Note Purchase Agreement; Class 8 investors under the
Memorandum of Terms dated June 6, 2016 (the "June 2016 Offering");
Class 9 parties who invested under the Memorandum of Terms dated
February 15, 2017 (the "February 2017 Offering") and Class 10
parties who invested under a Memorandum of Terms dated June 5, 2017
(the "June 2017 Offering") will be paid 100% of principal and
accrued contract interest through December 31, 2019, and interest
at the rate of 2.5% per annum from January 1, 2020 until paid in
full. Allowed classes shall receive their pro rata share of the
Debtor's Net Profits Fund pari passu with the holders of other
claims after any Allowed Claims of a higher priority (including
Class 1 Claims, Allowed Administrative Claims and Allowed Tax
Claims) but before any Allowed Claims of a lower priority.
Payments and distributions under the Plan will be funded from
payments received from GCP 1 and GCP 2. There are two sources of
payments from GCP 1. The first source is the debt obligation owed
by GCP 1 pursuant to the promissory note dated July 1, 2017 in the
amount of $446,404 and with a maturity date of July 1, 2019.
Approximately $1,206,017 is now due under this note with accrued
default and non-default interest and penalties. The second source
of payment from GCP 1 will be distributions on account of GrowCo's
common membership interests. GCP 1 expects to receive income from
its tenant RWR and from the construction of extraction facilities
within the greenhouse that will enable RWR to convert seeds to
finished product in-house, thereby increasing its income stream.
A full-text copy of the Disclosure Statement dated Feb. 12, 2020,
is available at https://tinyurl.com/tm3mupb from PacerMonitor.com
at no charge.
About GrowCo Inc.
GrowCo, Inc., was incorporated on May 4, 2014 by John R. McKowen as
the funding vehicle for two large scale commercial greenhouse
operations in Pueblo, Colorado. It was originally intended that
the greenhouses would be leased to commercial marijuana growers. It
was also intended that after the greenhouses were operational,
GrowCo would provide financial management services for tenants who
would lease the greenhouses. GrowCo was originally organized as a
wholly-owned subsidiary of Two Rivers Water and Farming Company.
Three related entities were also created between 2014 and the
bankruptcy filing: GCP 1 was formed to own the first greenhouse;
GCP 2 was formed to own the second greenhouse; and GCP SU was
formed to provide additional capital for the greenhouse buildouts.
GrowCo, Inc., sought Chapter 11 protection (Bankr. D.D.C. Case No.
19-10512) on Jan. 24, 2019. At the time of filing, the Debtor was
estimated to have assets and debt are $1 million to $10 million.
The case is assigned to Hon. Joseph G. Rosania Jr. The Debtor is
represented by:
WADSWORTH GARBER WARNER CONRARDY, P.C.
David V. Wadsworth
David J. Warner
2580 W. Main St., Suite 200
Littleton, CO 80120
Tel: (303) 296-1999
Fax: (303) 296-7600
GUITAR CENTER: Moody's Lowers CFR to Caa2 & Alters Outlook to Neg
-----------------------------------------------------------------
Moody's Investors Service downgraded Guitar Center Inc.'s corporate
family rating to Caa2 from Caa1, probability of default rating to
Caa2-PD from Caa1-PD and senior secured notes rating to Caa2 from
Caa1. Concurrently, Moody's affirmed the company's Caa3 senior
unsecured notes rating. The ratings outlook was changed to negative
from stable.
The downgrades reflect the rising probability of a balance sheet
restructuring as a result of GCI's approaching 2021 maturities,
high leverage and limited cash flow generation.
"While Guitar Center has reported modest growth in comparable sales
and EBITDA over the past three years, and is a solid operator with
a leading position in the niche musical instruments space, leverage
remains high and cash flow is limited even after two distressed
exchanges," said Raya Sokolyanska, Moody's vice president and lead
analyst for Guitar Center.
Downgrades:
Issuer: Guitar Center Inc.
Corporate family rating, downgraded to Caa2 from Caa1
Probability of default rating, downgraded to Caa2-PD from Caa1-PD
Senior secured regular bond/debenture, downgraded to Caa2 (LGD3)
from Caa1 (LGD4)
Affirmations:
Issuer: Guitar Center Inc.
senior unsecured regular bond/debenture, affirmed Caa3 (LGD5)
Outlook Actions:
Issuer: Guitar Center Inc.
Outlook, changed to negative from stable
RATINGS RATIONALE
GCI's Caa2 CFR reflects Moody's view that the company faces an
elevated risk of debt restructuring. Moody's-adjusted debt/EBITDA
was 7.1 times as of November 2, 2019 (based on both
Moody's-adjusted metrics and management gross debt/EBITDA
calculations) and Moody's-adjusted EBIT/interest expense was 0.7
times. Moody's expects that debt/EBITDA will decline to 6.7 times
at fiscal year end 2019, as a result of seasonal revolver paydown
and EBITDA improvement - only slightly below the 2018 distressed
exchange level. In Moody's view, leverage is unlikely to decline
further over the next 12-18 months because low- to mid-single digit
projected growth in comparable sales and adjusted EBITDA will
continue to be offset by the increasing unsecured pay-in-kind notes
balance. The company has near-dated debt maturities. The
asset-based revolver's springing expiration is in July 2021, the
senior secured notes mature in October 2021, followed by the
unsecured notes in April 2022. While overall liquidity is adequate
over the next 12 months supported by modestly positive projected
free cash flow, GCI relies heavily on its revolver and will have
limited remaining availability in the peak seasonal borrowing
period. In addition, the rating incorporates the highly
discretionary nature of demand for musical instruments, which would
result in material earnings and cash flow declines if consumer
spending weakens from currently high levels. Further, in order to
sustain its brand value, GCI needs to continuously reinvest in its
stores, technology, marketing and infrastructure, as well as social
factors including robust data protection and workforce treatment.
The ratings benefit from GCI's leading market position and very
strong brand awareness within the highly fragmented specialty
retailing segment for musical instrument sales and rentals. GCI's
revenue and earnings increases over the past several years, which
resulted from the successful implementation of strategic
initiatives and the economic recovery, also support the ratings.
The negative rating outlook reflects the risk that the company may
not be able to refinance its debt at par in an economical fashion
in advance of the maturities becoming current.
The ratings could be downgraded if the company does not make
material progress in refinancing its debt maturities over the next
several months. A deterioration in operating performance or
liquidity could also lead to a downgrade.
The ratings could be upgraded if the company addresses its debt
maturities, while continuing to demonstrate earnings stability. An
upgrade would require EBIT/interest expense above 1 time and
adequate liquidity.
Guitar Center Inc. is the largest retailer of music products in the
United States based on revenues. The company operates stores and
websites under the Guitar Center and Music & Arts brands, and the
Musician's Friend website. GCI has been controlled by Ares Partners
following a distressed exchange in 2014. Revenues for the twelve
months ended November 2, 2019 were approximately $2.3 billion.
The principal methodology used in these ratings was Retail Industry
published in May 2018.
HARB PROPERTIES: Ohio Objects Cites Plan Discrepancies
------------------------------------------------------
The State of Ohio, Department of Taxation ("ODT") objects to Harb
Properties, LLC's Disclosure Statement and Plan because it fails to
comply with 11 U.S.C. Secs. 1125 and 1129 and states the
following:
ODT points out that the disclosure statement and plan are
inconsistent in their classification and treatment of claims.
There are discrepancies between Part 2: Classification of Claims
and Interests and Part 3: Treatment of Claims and Interests. This
will need to be corrected to allow creditors the opportunity to
accurately access their proposed treatment.
ODT further points out that the disclosure statement and plan fail
to define a Government Claims Bar Date.
Attorney for ODT:
Lindsey Hall (0075152)
Keith D. Weiner (0029000)
Keith D. Weiner & Associates Co., L.P.A.
75 Public Square, 4th Floor
Cleveland, Ohio 441 13
Tel (216) 771—6500
E-mail: bankruptcy@weinerlaw.com
About Harb Properties
Harb Properties, LLC, owns, maintains, and rents investment
residential real estate. The company was founded by John and Elham
Harb.
Harb Properties, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ohio Case No. 18-10436) on Jan. 26,
2018. Judge Jessica E. Price Smith oversees the case. Harb
Properties' case is consolidated with the case of John and Elham
Harb (Case No. 18-17112).
HEARTS AND HANDS: Exclusivity Period Extended to May 18
-------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington
extended the exclusive periods for Hearts and Hands of Care, Inc.
to file its Chapter 11 plan of reorganization and obtain
confirmation of the plan to May 18 and Aug. 14, respectively.
Hearts and Hands of Care said it needs time to evaluate its
litigation with the State of Alaska DHSS, analyze filed proofs of
claim, and negotiate with claimants.
The state filed three claims totaling over $3.4 million based on
its ongoing litigation with Hearts and Hands of Care. Currently,
the company's attorneys are currently formulating and negotiating a
settlement with the state, according to court filings.
About Hearts and Hands of Care
Hearts and Hands of Care, Inc. is a home and community-based waiver
services agency which is certified for and provides waiver-funded
services. HHOC provides both habilitative and non-habilitative
services to support individuals with a variety of disabilities, as
well as their families. The agency provides services to
approximately 212 recipients.
Hearts and Hands of Care sought Chapter 11 protection (Bankr. D.
Alaska Case No. 19-00230) on July 22, 2019. In the petition signed
by CEO Kisha Smaw, the Debtor was estimated to have assets of at
least $50,000 and liabilities at $1 million to $10 million. Judge
Gary Spraker oversees the case. Peyrot and Associates P.C. is the
Debtor's legal counsel.
HELIUS MEDICAL: Director Thomas Griffin Won't Run for Re-Election
-----------------------------------------------------------------
Mr. Thomas Griffin notified the Board of Directors of Helius
Medical Technologies, Inc. of his intent not to run for reelection
at the Company's 2020 annual meeting of stockholders. His term as
director of the Company will conclude at the Annual Meeting. Mr.
Griffin's decision not to run for reelection is not due to any
disagreement with the Company on any matter relating to the
Company's operations, policies or practices, according to a Form
8-K filed with the Securities and Exchange Commission.
About Helius Medical Technologies
Helius Medical Technologies -- http://www.heliusmedical.com/-- is
a neurotech company focused on neurological wellness. The
Company's purpose is to develop, license and acquire unique and
non-invasive platform technologies that amplify the brain's ability
to heal itself. The Company's first product in development is the
Portable Neuromodulation Stimulator (PoNSTM).
Helius reported a net loss of $28.62 million for the year ended
Dec. 31, 2018, compared to a net loss of $28.02 million for the
year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had
$12.88 million in total assets, $4.06 million in total liabilities,
and $8.82 million in totla stockholders' equity.
BDO USA, LLP, in Philadelphia, Pennsylvania, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 14, 2019, citing that the Company has incurred
substantial net losses since its inception, has an approximate
accumulated deficit of $95.0 million as of Dec. 31, 2018 and the
Company expects to incur further net losses in the development of
its business. These conditions raise substantial doubt about its
ability to continue as a going concern.
HERMITAGE INN: Bankruptcy Auction Set for March 20
--------------------------------------------------
Keen-Summit Capital Partners LLC and TPW Real Estate LLC have been
retained by Berkshire Bank to act as their real estate sales
advisor for the real property and personal property with respect to
the 363 sale of the Haystack Ski Mountain & The Hermitage
Club/Development owned by Hermitage Inn Real Estate Holding Company
LLC and Hermitage Club, LLC.
Each person wishing to bid on the real estate, the barnstormer lift
or the real estate and the barnstormer lift together must deliver a
bid to Raymond J. Obuchowski, Chapter 7 Trustee of the Debtors, by
5 p.m. (Eastern Standard Time) on March 16, 2020, via mail and
email to:
a) By Regular Mail:
Raymond J. Obuchowski
Obuchowski Law Office
PO Box 60
Bethel, VT 05032
Email: ray@oeblaw.com
b) By Overnight Delivery
Raymond J. Obuchowski
Obuchowski Law Office
1542 Vermont Route 107
Royalton, Vermont
Email: 05068 ray@oeblaw.com
An auction will take place on March 20, 2020 at 10:00 a.m. (Eastern
Time) at 151 West St., Rutland, Vermont.
TPW Real Estate can be reached at:
TPW Real Estate LLC
Tel: 802-366-1429
Keen-Summit Capital can be reached at:
Keen-Summit Capital Partners LLC
Tel: 646-381-9222
About Hermitage Inn Real Estate
Hermitage Inn Real Estate Holding Company, LLC, and Hermitage Club,
LLC, filed a Chapter 11 petition (Bankr. D. Conn. Lead Case No.
19-20903) on May 28, 2019. The Hon. James J. Tancredi oversees the
case. Douglas S. Skalka, Esq., at Neubert Pepe & Monteith, P.C.,
serves as bankruptcy counsel to the Debtor.
In the petitions signed by James R. Barnes, manager, Hermitage Inn
estimated assets of $50 million to $100 million and liabilities of
the same range; and Hermitage Club estimated assets of $1 million
to $10 million and liabilities of $10 million to $50 million.
HIDALGO EMERGENCY: Exclusivity Period Extended Until June 5
-----------------------------------------------------------
Judge David Jones of the U.S. Bankruptcy Court for the Southern
District of Texas extended the exclusivity period during which
Hidalgo County Emergency Service Foundation can file a plan to June
5. The company can solicit votes on such plan until July 5.
Hidalgo requested the extension to preserve the status quo until it
has the information it needs to conduct plan negotiations. During
the exclusivity period, the company intends to continue to use its
"good faith efforts" to improve cash flow while at the same time
working towards a viable plan of reorganization.
About Hidalgo County Emergency
Service Foundation
Hidalgo County Emergency Service Foundation, which conducts
business under the names South Texas Air Med and Hidalgo County
EMS, is an Edinburg, Texas-based provider of emergency ambulatory
services.
Hidalgo County Emergency Service Foundation filed for Chapter 11
bankruptcy protection (Bankr. S.D. Tex. Case No. 19-20497) on Oct.
8, 2019, listing $1 million to $10 million in both assets and
liabilities. The petition was signed by Kenneth B. Ponce, sole
managing member.
Judge David R. Jones oversees the case. Lawyers at Jordan, Holzer
& Ortiz, P.C., is the Debtor's legal counsel.
No official committee of unsecured creditors has been appointed in
the Debtor's case.
ICAGEN INC: Incurs $5.82 Million Net Loss in Third Quarter
----------------------------------------------------------
Icagen, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q reporting a net loss available to
common stockholders of $5.82 million on $3.60 million of revenue
for the three months ended Sept. 30, 2019, compared to a net loss
available to common stockholders of $2.33 million on $3 million of
revenue for the same period in 2018.
For the nine months ended Sept. 30, 2019, the Company reported a
net loss available to common stockholders of $11.14 million on
$10.96 million of revenue compared to a net loss available to
common stockholders of $9.62 million on $10.46 million of revenue
for the nine months ended Sept. 30, 2018.
As of Sept. 30, 2019, the Company had $13.04 million in total
assets, $39.41 million in total liabilities, and a total
stockholders' deficit of $26.36 million.
Icagen said, "We have a history of operating losses and net losses
since inception and we have primarily funded our operations through
sales of our unregistered equity securities and cash flows
generated from government contracts and grants, settlement of
lawsuits and more recently from debt funding and commercial
customers. Although, we are generating revenue from commercial
customers, we continue to experience losses and are currently
unable to satisfy our debt obligations. To date, we have never
generated sufficient cash from operations to pay our operating
expenses. We have received $29,750,000 from Sanofi and despite the
$2,250,000 we expect to derive from Icagen-T for services provided
to Sanofi over the next nine months, we expect our expenses to
remain at current levels and may continue to exceed such revenue.
During the nine months ended September 30, 2019, we raised an
additional $500,000 in subordinated promissory notes, and a further
$2,000,000 in short term notes. Subsequent to September 30, 2019,
we borrowed an additional $3,000,000 from the Creditor. During the
year ended December 31, 2018, we raised an additional $2,800,000
through the issuance of shares of our Series C Preferred stock, an
additional $500,000 through the issuance of Bridge Notes and a
further $15,250,000 in Term Loans of which $10,200,000 was utilized
to settle convertible debt outstanding. As of September 30, 2019,
despite our fund raising efforts mentioned in the preceding
sentence, we had not generated sufficient additional revenue from
operations to pursue our business strategy, to respond to new
competitive pressures or to take advantage of opportunities that
may arise. These factors raised substantial doubt about our
ability to continue as a going concern. As a result, our
independent registered public accounting firm included an
explanatory paragraph in its report on our consolidated financial
statements as of and for the year ended December 31, 2018 with
respect to this uncertainty. We anticipate that our current cash
and cash equivalents, including cash derived from the Series C
Preferred Stock issued, the term loans and the bridge notes will
not be sufficient to meet our operating needs for the following 12
months from February 14, 2020 without additional revenue derived
from operations, collaborations or financings. If we should
require additional capital, we may consider multiple alternatives,
including, but not limited to, additional equity financings, debt
financings and/or funding from partnerships or collaborations.
There can be no assurance that we will be able to complete any such
transactions on acceptable terms or otherwise."
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/Vxb3IP
About Icagen
Durham, North Carolina-based Icagen, Inc. -- http://www.icagen.com/
-- is a drug discovery company with a focus in neuroscience and
rare disease. The Icagen platform is unique as it integrates its
current state of the art drug discovery engine along with an
artificial intelligence (AI) computational platform that enables an
accelerated path to drug discovery.
Icagen reported a net loss of $13.04 million for the year ended
Dec. 31, 2018, compared to a net loss of $6.11 million for the year
ended Dec. 31, 2017.
RBSM LLP, in New York, NY, the Company's auditor since 2013, issued
a "going concern" qualification in its report dated April 12, 2019,
citing that the Company has incurred recurring operating losses
which has resulted in an accumulated deficit of approximately $47
million at Dec. 31, 2018. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
INNERSCOPE HEARING: Withdraws Preferred Stock Cert. of Designation
------------------------------------------------------------------
InnerScope Hearing Technologies, Inc., filed a Certificate of
Withdrawal of Certificate of Designation on Feb. 11, 2020, for the
Company's Series A Preferred Stock, pursuant to which the prior
designation of the Company's Series A Stock was cancelled.
On Feb. 12, 2020, the Company filed an Amended and Restated
Certificate of Designation with the State of Nevada of the
Company's Series B Preferred Stock. The voting rights and
conversion rights associated with the Preferred Stock were amended
whereby each share of Preferred Stock shall entitle the holder
thereof to have voting rights equal to four times the sum of all
the number of shares of other classes of Company capital stock
eligible to vote on all matters submitted to a vote of the
stockholders of the Company, divided by the number of shares of
Preferred Stock issued and outstanding at the time of voting.
On Feb. 12, 2020, the Company filed a Certificate of Designation
for the Series C Preferred Stock with the Secretary of State of
Nevada. The Series C COD designates 10,000,000 shares of the
Company's authorized preferred stock as Series C Preferred Stock.
The price of each share of Series C Preferred Stock shall be set by
the Board of Directors. Each share of Series C Preferred Stock
shall be convertible, at any time at the sole election of the
holder, into the number of shares of the Common Stock that are
equal to 300% of the price paid for a share of Series C Preferred
Stock, divided by the Market Price of the Common Stock, as that
term is defined in the Series C COD.
On Feb. 12, 2020, the Company filed a Certificate of Designation
for the Series D Preferred Stock with the Secretary of State of
Nevada. The Series D COD designates 5,000,000 shares of the
Company's authorized preferred stock as Series D Preferred Stock.
The price of each share of Series D Preferred Stock shall be set by
the Board of Directors. Each share of Series D Preferred Stock
shall be convertible, at any time at the sole election of the
holder, into the number of shares of the Common Stock that are
equal to 200% of the price paid for a share of Series D Preferred
Stock, divided by the Market Price of the Common Stock, as that
term is defined in the Series D COD.
On Feb. 12, 2020, the Company filed a Certificate of Designation
for Series E, F and G Preferred Stock with the Secretary of State
of Nevada. Each Company has designated 250,000 shares for each
Series. Shares of each Series of the E, F and G Preferred Stock
may only be issued to the former shareholders of one corporation,
limited liability company or other company or business entity that
is being acquired by the Corporation, or to other persons or
entities specifically listed in the agreement to acquire the
Acquired Company which is the subject of each of the Series E, F
and G Preferred Series, which agreement(s) shall have been ratified
by a majority of the Board of Directors. The price of each share
of Series E, F and G Preferred Stock shall be set, and can be
changed, by the Board of Directors through ratification of the
Acquisition Agreement. Shares of Series E, F and G Preferred Stock
shall have conversion rights as delineated by the terms of their
respective Acquisition Agreement.
(a) For all matters involving the corporate structure or
disposition of the Acquired Company, the voting rights are as
follows:
i. If at least one share of Series of Preferred Stock issued in the
Acquisition Agreement is issued and outstanding, then the total
aggregate issued shares of that Series Preferred Stock at any given
time, regardless of their number, shall have voting rights equal to
80% of the voting rights of the entire Corporation.
ii. Each share of that Series Preferred Stock which is issued and
outstanding shall have the voting rights equal to 80% of the voting
rights of the entire Corporation, divided by the number of shares
of that Series Preferred Stock issued and outstanding at the time
of voting.
(b) For all matters not involving the corporate structure or
disposition of the Acquired Company, the voting rights are as
follows:
i. For matters in which Nevada law requires that the shares of this
Series have the right to vote, each share of that Series Preferred
Stock shall have one vote.
ii. For all other matters in which shares of that Series Preferred
Stock are legally permitted, but not required, to vote, the shares
of that Series Preferred Stock shall have no voting
rights.
About InnerScope
Headquartered in Roseville, CA, InnerScope -- http://www.innd.com/
-- is a technology driven company with scalable Business to
Business ("BTB") and Business to Consumer ("BTC") solutions. The
Company offers a BTB SaaS based Patient Management System (PMS)
software program, designed to improve operations and communication
with patients. InnerScope also offers a Buying Group experience
for audiology practice, enabling owners to lower product costs and
increase their margins. The Company will compete in the DTC
(Direct-to-Consumer) markets with its own line of "Hearables", and
"Wearables", including APPs on the iOS and Android markets. The
company also has opened 5 retail hearing device clinics and plans
on using management's unique and successful talents on acquiring
and opening additional audiological brick and mortar clinics to be
owned and operated by the company.
InnerScope reported a net loss of $4.58 million for the year ended
Dec. 31, 2018, compared to a net loss of $1.91 million for the year
ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $4.22
million in total assets, $8.20 million in total liabilities, and a
total stockholders' deficit of $3.98 million.
D. Brooks and Associates CPA's, P.A., in Palm Beach Gardens,
Florida, the Company's auditor since 2015, issued a "going concern"
qualification in its report dated April 16, 2019, citing that the
Company has incurred a net loss of $4,585,117 for the year ended
Dec. 31, 2018. Additionally, the Company has a working capital
deficit of $3,088,957 and an accumulated deficit of $6,372,129 as
of Dec. 31, 2018. These and other factors raise substantial doubt
about the Company's ability to continue as a going concern.
INVICTUS MD: Gets CCAA Initial Stay Until Feb. 24
-------------------------------------------------
Invictus MD Strategies Corp., Greener Pastures MD Ltd., Acreage
Pharms Ltd. and 2015059 Alberta Ltd. ("Invictus Group") sought and
obtained an Initial Order of the Supreme Court of British Columbia
pursuant to the Companies’ Creditors Arrangement Act.
PricewaterhouseCoopers Inc. LIT was appointed as monitor for the
CCAA Proceedings.
As a result of the CCAA filing, all creditors are stayed from
commencing or continuing any proceedings against the Invictus until
Feb. 24, 2020, subject to any extensions that the Court may grant
upon further application by the Invictus Group.
A Court hearing is scheduled for Feb. 24, 2020. At the hearing,
the Invictus Group will be seeking Court approval on the following
matters:
1) Extension of the initial stay of proceedings to May 29, 2020;
2) Approval of the Interim Lending Facility;
3) Approval of the Sales, Investment and Solicitation Process;
4) Engagement of a Chief Restructuring Officer; and
5) Approval of the Key Employee Retention Plan.
For more information on the proceeding, contact
Kiran Chahal
Tel: +1 604-806-7787
Fax: +1 604-806-7806
The monitor can be reached at:
PricewaterhouseCoopers Inc.
Attn: Michelle Grant
1400-250 Howe St
Vancouver, BC V6C 3S7
Tel: 604-806-7184
Email: Michelle.grant@pwc.com
Material documents pertaining to these CCAA Proceedings are
available on the Monitor's website at
https://www.pwc.com/ca/invictus.
Invictus MD Strategies Corp. -- https://www.invictus-md.com/ --
operates a cannabis company.
ISAGENIX WORLDWIDE: S&P Downgrades ICR to 'CCC'; Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
Isagenix Worldwide Inc. to 'CCC' from 'CCC+'. At the same time, S&P
lowered its issue-level rating on Isagenix's $415 million senior
secured bank facility, which consists of a $40 million revolving
credit facility and $375 million term loan facility, to 'CCC' from
'B-'. S&P revised the recovery rating to '3' from '2', indicating
its expectation for meaningful (50%-70%, rounded estimate: 65%)
recovery in the event of default.
The downgrade reflects S&P's expectation for continued
deterioration in operating performance for the combined company
post Zija acquisition, reduced liquidity, and the likelihood that
company could default absent an unforeseen positive development.
Although the Zija acquisition is a leveraged-neutral transaction,
Isagenix funded the transaction with a substantial draw on its
revolver. Pro forma for the transaction, availability under the
company's $40 million revolver expiring in 2023 is only $8.8
million, excluding letters of credit. The substantial draw on the
revolver further weakened the company's liquidity position and
reduced flexibility. Zija is a MLM company that offers plant-based
supplements and wellness products. Zija's sales and EBITDA has been
declining by a double-digit percentage rate in the past two years
partly due to mismanagement. Though Zija's product offerings are
complementary to Isagenix's existing product portfolio, and it
currently has a small presence in Japan where Isagenix does not
currently operate, S&P expects industry headwinds to continue to
pressure the combined company's topline and EBITDA in 2020, though
recognize some cost savings are probable. S&P expects credit
metrics to continue to deteriorate with EBITDA interest coverage in
the low-1x area by the end of 2020. It believes the company is
likely to default without an unforeseen positive development.
The negative outlook reflects the potential for a lower rating if a
default, distressed exchange, or redemption appears to be
inevitable within six months.
"We could lower the ratings if the company cannot slow the rate of
revenue and EBITDA decline, leading to continued performance
shortfall and weaker free cash flow. We could also lower our
ratings if we believe Isagenix is likely to engage in a distressed
exchange in the next six months or if the company makes further
debt repurchases meaningfully below par in conjunction with
deteriorating operating performance, particularly if we deem the
cumulative amount to be material," S&P said.
"We could take a positive rating action if we believe that a
default is less likely in the next 12 months. This could occur if
Isagenix is able to turnaround its declining business, stabilize
its revenue and associate base, improve profits and free cash flow
and EBITDA interest coverage approaches 2x," the rating agency
said.
JB AND COMPANY: Taps Swan Realty as Broker
------------------------------------------
JB and Company Chevron LLC filed an amended application seeking
authority from the U.S. Bankruptcy Court for the District of New
Mexico to hire Swan Realty as its real estate and business broker.
Swan Realty will assist in the marketing of the Debtor's liquor
license, business and the associated real estate owned by Johnny
and Nancy Gonzales for a commission of 5 percent of the sales price
the firm is able to negotiate unless Juan Cisneros or an entity he
owns is the purchaser, in which case the commission is further
reduced to $5,000. The firm will also receive reimbursement for
costs and gross receipts tax.
Rob Swan is the firm's real estate broker who will be providing the
services. He does not represent any interest adverse to the Debtor
and its bankruptcy estate, according to court filings.
The firm can be reached at:
Rob Swan
Swan Realty
112 W Main St.
P.O. Box 422
Red River, NM 87558
Fax: 575-613-1805
Email: swanrealtyredriver@gmail.com
About JB and Company Chevron
Based in Questa, N.M., JB and Company Chevron LLC, filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
D.N.M. Case No. 19-11504) on June 24, 2019, listing under $1
million in assets and $500,001 to $1 million in liabilities. Judge
Robert H. Jacobvitz oversees the case. The Debtor is represented
by Michael K. Daniels, Esq.
JHW CJF: S&P Assigns 'B-' Issuer Credit Rating; Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned a 'B-' issuer credit rating to
U.S.-based JHW CJF Holdings, Inc., parent company of operating
subsidiary C.J. Foods, Inc., which will be the borrower of the
company's proposed senior secured credit facility.
S&P also assigned a 'B-' issue level rating and '3' recovery rating
to the company's proposed $325 million senior secured first-lien
credit facilities, reflecting its expectation of a meaningful
recovery in the event of a payment default (50%-70%; rounded
estimate: 50%).
The ratings on C.J. Foods reflect the company's narrow business
focus in the pet food contract and private-label manufacturing
industry and customer concentration. C.J. Foods is a leading
contract manufacturer of dry super premium pet foods in the U.S.
with operations and distribution primarily located in the central
U.S. ANI is a highly complementary acquisition that adds wet super
premium capabilities, treats, and plants on the West and East
coasts, bringing the company's total production facility count to
twelve plants from seven. Combined, the company will be one of the
largest super premium dry pet food contract manufacturer within the
$32.4 billion pet food and treat space. There are meaningful
barriers to entry as the super premium pet food manufacturing
business requires significant capital investment to achieve scale
and meet food safety standards. The company is highly susceptible
to changes in pet food trends including dietary guidelines and must
adapt quickly to changing customer demands.
The company has customer concentration, albeit they are high
quality, large customers. S&P believes that CJ's revenues and
earnings are vulnerable to major customers moving production
in-house. It estimates the company's largest five customers
contribute a meaningful proportion of gross pro forma sales in
2020. In fiscal 2019 a major customer transitioned some
manufacturing in-house resulting in mid-single-digit percent sales
decline for fiscal 2019 from fiscal 2018. The company was able to
secure new customers to largely replace lost volumes over the next
several months, although this full volume ramp is not expected
until the end of fiscal 2020. Additionally, the company is
susceptible to the performance of its major customers. S&P
forecasts mid-single-digit sales decline in fiscal 2020 due to
anticipated lower volumes.
The company reprices to its customers quarterly, which mitigates
some longer term commodity cost inflation, but exposes it to
shorter-term volatility . The company does not have volume
commitments with its customers, which leaves it vulnerable if it
loses key customers or its customers move production in-house.
The company has ample dry food production capacity, which reduces
the need for future capital expenditures and reduces integration
risk associated with the ANI acquisition. The company will be
seeking to achieve synergies through reducing overlapping expenses
and leveraging its scaled purchasing, which will be a driver of
EBITDA margin improvement in fiscal 2021.
Pro forma leverage following the close of the transaction will be
high and S&P expects financial policy to be aggressive. S&P
expects the transaction to close with pro forma leverage of around
8.5x-9.0x for the 12 months ended Dec. 31, 2019, inclusive of its
treatment of the company's preferred shares as a debt-like
instrument and 6x-6.5x excluding the preferred shares.
Pro forma for this transaction, the company will have $105 million
of preferred stock outstanding. The preferreds have an 8%
paid-in-kind (PIK) rate, which S&P acknowledges are not a call on
cash and are deeply subordinated to any funded debt. The majority
of this stock is held by J.H. Whitney and a small portion by
selling shareholders of acquired companies. S&P views the company's
preferred stock as 100% debt because it believes that its majority
shareholders, the company's financial sponsors, will likely seek a
return on the instrument and there is no stapling between the
company's preferred and common stock in which the preferred and
common stock can be sold separately.
"We expect some deleveraging to around 8x from near 9x at deal
close inclusive of the preferred shares, and around 6x excluding
the preferred shares, and free cash flow generation of below $10
million through fiscal 2020, due to the decline in revenues and
costs incurred to realize over $4 million in synergies. However, we
do expect the company to deleverage to around the 7x range
including the preferred shares, and 4.5x-5x without the preferred
shares, at the end of fiscal 2021 as cost synergies are realized
and revenues recover from a lost customer," S&P said.
"We believe that the financial sponsor ownership could restrict
leverage from declining below 5x for an extended period as we
believe it would prioritize cash deployment for capital projects
and restructuring activities, acquisitions, or dividends over debt
repayment. Given the fragmented nature of the industry, we expect
CJ to continue to be acquisitive to increase its scale in the
industry," the rating agency said.
Industry dynamics are favorable and should support longer-term
earnings growth and cash flow generation. The pet food industry
grew at a compound annual growth rate (CAGR) of about 3.0% from
2013 through 2018, while the super premium segment grew at a CAGR
of 5.2% over the same period. S&P expects consumers' increasing
humanization of their pets to result in growth in overall pet food
sales and greater growth in the super premium segment. S&P believes
the company is well positioned to capture industry growth given its
significant scale and capabilities, as well as its longstanding
relationships with top customers, with an average tenure of over 10
years.
Additionally, the combined company has a private-label business
which should benefit from 5% CAGR private-label industry growth
over 2015-2018 (Source: Nielsen). CJ looks to capture growth as pet
specialty stores and food drug and mass retailers look to capture
share in the super premium segment, increase foot traffic to
stores, and expand earnings. This business further diversifies the
company's customer base and leverages its fixed overhead, which
should improve the company's margins over time.
The stable outlook reflects S&P's expectation that the company will
maintain pro forma leverage around 8x-9x, inclusive of its
treatment of the preferred shares as debt-like instruments. S&P
expects leverage will be around 6x without this treatment, over the
next 12 months as some one-time costs roll off, it replaces some
lost volumes due to a major customer shifting production in-house,
while generating positive free cash flow.
"We could lower the ratings if operating performance deteriorates
such that we believe the capital structure is no longer
sustainable, the company does not generate free cash flow, or
liquidity becomes constrained. We believe this could happen if the
company loses its top customers without being able to replace lost
revenues, or if it adopts a more aggressive financial policy,
incurring additional debt to fund acquisitions or dividends," S&P
said.
"We could raise the ratings if the company continues to generate
organic revenue growth, wins significant new business, repays more
debt, and adopts a more conservative financial policy. These
factors result in leverage sustained below 7x inclusive of our
treatment of the preferred shares as debt, and positive free cash
flow generation of above $10 million," the rating agency said.
KETAB CORPORATION: Seeks to Extend Exclusivity Period to May 29
---------------------------------------------------------------
Ketab Corporation asked the U.S. Bankruptcy Court for the Central
District of California to extend the period during which it has the
exclusive right to file a Chapter 11 plan to May 29, and the period
to solicit acceptances for the plan to Aug. 27.
The company requires additional time to seek withdrawal of three
priority claims, which were already paid in full: (i) Internal
Revenue Service's priority claim of approximately $21,083; (ii)
California Franchise Tax Board's priority claim of approximately
$887; (iii) California Dept. of Tax and Fee Admin.'s priority claim
of approximately $943. Once these claims are resolved, the company
estimates that the only remaining debts of its estate will be the
general unsecured debt (approximately $675,279) and a nominal
secured claim of the Los Angeles County Treasurer and Tax Collector
$275.
About Ketab Corporation
Ketab Corp. -- http://www.ketab.com/-- is a book store in Los
Angeles, Calif., offering a selection of Persian, Farsi and Iranian
books, music and movies.
Ketab Corporation sought Chapter 11 protection (Bankr. C.D. Cal.
Case No. 19-12500) on Oct. 2, 2019. In the petition signed by
Bijan Khalili, president, the Debtor was estimated to have assets
and liabilities of $1 million to $10 million. Judge Deborah J.
Saltzman oversees the case. The Debtor tapped Resnik Hayes Moradi,
LLP as bankruptcy counsel; the Law Offices of Tony Forberg as
special counsel; and Financial Consultant Assoc. Inc. as
accountant.
LBJ HEALTHCARE: March 26 Hearing on Disclosure Statement
--------------------------------------------------------
A hearing on the adequacy of the First Amended Disclosure Statement
filed by LBJ HEALTHCARE PARTNERS, INC., will be held on March 26,
2020 at 11 a.m. in Court room 1368, Roybal Federal Building, 255 E.
Temple Street, Los Angeles, CA 90012.
Under the Plan CLASS #2a nominal unsecured claims (these include
“nominal” claims of $800 or less, and any larger unsecured
claims whose claimant agreed to reduce its claim to this amount)
will be paid the nominal amount on the Effective Date, or as soon
as practicable thereafter. Estimated total payments are $791.22.
CLASS #2b general unsecured claims will each be paid 10% of its
claim beginning the first relevant date after the Effective Date
over 15 years in equal monthly instalments, due on the first day of
each calendar month with interest at the rate of 3% per annum.
The Debtor is an ongoing care facility. Its operations and
projections, which will provide the primary source of funding.
A full-text copy of the First Amended Joint Disclosure Statement
and Plan of Reorganization dated February 12, 2020, is available
at https://tinyurl.com/sr2nu7p from PacerMonitor.com at no
charge.
Attorney for the Debtor:
Robert M. Aronson
LAW OFFICE OF ROBERT M. ARONSON
444 S. Flower St., Suite 1700
Los Angeles, CA 90071
Telephone: (213) 688-8945
Facsimile: (213) 688-8948
E-mail: robert@aronsonlawgroup.com
About LBJ Healthcare Partners
Headquartered in Whittier, Calif., LBJ Healthcare Partners Inc.,
formerly doing business as Bayshore Villa Healthcare Partners,
Inc., filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal.
Case No. 16-15197) on April 21, 2016, disclosing $49,370 in assets
and $1.27 million in liabilities. The petition was signed by Brian
Buenviaje, president and CEO.
Judge Vincent P. Zurzolo oversees the case.
Robert M. Aronson, Esq., at the Law Office of Robert M. Aronson,
serves as the Debtor's bankruptcy counsel.
Constance Doyle was appointed patient care ombudsman for the
Debtor. Subsequently, Tamar Terzian was appointed as the PCO on
February 21, 2018.
LICK INDUSTRIES: Unsecureds to Get Income, Sale Proceeds
--------------------------------------------------------
Debtor, Lick Industries, LLC, filed a Second Amended Combined Plan
and Disclosure Statement.
The Second Amended Plan and Disclosure Statement provides that the
Debtor will continue to remit to the Office of the United States
Trustee all appropriate post confirmation monthly reports for the
relevant time periods, and continue to remit in full all quarterly
fee payments owed and/or due based on all disbursements, until this
Bankruptcy Case is closed by Court Order, converted or dismissed.
The Debtor intends to pay Class 5 General Unsecured Claims on a pro
rata basis to the extent funds become available from (1) the sale
of at 637 S. Connecticut Ave., Royal Oak, MI 48067, and (2)
recovery of Debtor's claim against Rockies Renovations, LLC (see
Paragraph (D)(2), infra). The total amount of estimated claims in
the class amounts to $206,598.
The Plan will be funded by the sale of real estate. Prior to
submission of this Plan, Debtor has hired a realtor to list and
sell, following proper notice and court approval, 637 S.
Connecticut Ave, Royal Oak, MI 48067 The initial listing price for
the property shall be $749,900. The Debtor will re-evaluate the
sale price every calendar month, commencing on the Effective Date,
in consultation with the realtor and with Wells Fargo.
The Debtor will consult with the realtor and the secured creditors
to determine whether the offer received reasonably reflects a
satisfactory sale price, given prevailing market conditions. If the
Debtor finds the offer acceptable, it shall file a motion for
approval of such sale pursuant to 11 U.S.C. Sec. 363.
The Debtor was one of several individuals and entities defrauded by
Rockies Renovations, LLC in the past several years. However,
collection has proven difficult. The judgment debtor has
long-since ceased operations, leaving a long list of claims against
it, but no assets to speak of. The Debtor's counsel has and
continues to undertake efforts to locate the judgment debtor's
principal to determine if any other avenues of collection exist.
Recently, the Debtor's counsel believed it had located the judgment
debtor's principal, Mr. Christopher Bidigare. Debtor's counsel
issued a subpoena requesting documents and testimony from Mr.
Bidagare. Subsequently, Debtor's counsel was contacted by attorneys
for Mr. Bidigare who claimed that he was not the principal of the
judgment debtor, but unfortunately shared the same name with that
individual. The Debtor and its counsel continue to seek
alternative forms of recovery from the judgment debtor. The
Debtor's principal continues to cooperate and coordinate with other
victims of Rockies Renovations, LLC, seeking to locate Mr. Bidigare
and obtain some recovery.
The Debtor shall contribute its projected disposable income in the
aggregate amount of $19,200 over the plan duration, payable in four
semi-annual installments of $4,800, to be divided pro-rata among
the General Unsecured Creditors.
A full-text copy of the Second Amended Combined Plan and Disclosure
Statement dated February 12, 2020, is available
at https://tinyurl.com/yx565hok from PacerMonitor.com at no
charge.
Attorneys for Lick Industries:
Anthony J. Miller (P71505)
OSIPOV BIGELMAN P.C.
20700 Civic Center Drive, Suite 420
Southfield, MI 48076
Tel: (248) 663-1804
Fax: (248) 663-1801
E-mail: am@osbig.com
About Lick Industries
Lick Industries, LLC, is a Michigan Limited Liability Company in
the business of purchasing residential real estate in need of
repairs, completing such repairs, and subsequently selling the
rehabilitated real estate for a profit.
Lick Industries filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-51017) on July 30,
2019, estimating under $1 million in both assets and liabilities.
Yuliy Osipov, Esq., at Osipov Bigelman, P.C., represents the
Debtor.
LIP INC: March 17 Hearing on Disclosure Statement
-------------------------------------------------
The hearing to consider approval of the Disclosure Statement filed
by LIP, INC., et al., will be held at 9:00 o'clock a.m. on March
17, 2020, at the U.S. Bankruptcy Court for Middle District of
Tennessee, Courtroom Three, Second Floor, Customs House, 701
Broadway, Nashville, Tennessee 37203.
March 11, 2020 is fixed as the last day for filing and serving
written objections to the Disclosure Statement.
LIP, Inc., LIP II, Inc., and LIP III, Inc., each filed a Plan of
Reorganization and a Disclosure Statement.
The Debtors' revenues after the Petition Date have been largely as
expected. MM Franklin and MM Broadway finished 2019 with higher
revenues than 2018, while MM Vanderbilt had results similar to
2018. The Debtors' businesses are highly seasonal, as decreased
tourism during the winter months results in lower sales. The
return of spring and summer should be a boon to the Debtors'
operations, which is why the Debtors' Plans contemplate a July 1,
2020 effective date. Each Debtor anticipates that it will be able
meet or exceed its projections on a go-forward basis.
The Plans propose to treat claims as follows:
* Class 1 Priority Claims Other Than Priority Tax Claims. Each
person or entity holding a Class 1 Claim shall be paid the Allowed
Amount of such Claim in cash, in full, on the latest of: (i) the
Effective Date; (ii) the date such Claim is allowed by Final Order;
or (iii) the date such payment is due under applicable law. Each
Disputed Priority Claim shall become an Allowed Priority Claim only
upon entry of, and only to the extent such claim is allowed by, a
Final Order.
* Class 2 Allowed Secured Claim of Cornerstone Bank. The Class 2
Claim shall be satisfied by the Debtors’ resumption of monthly
payments to Cornerstone Bank pursuant to the parties’
pre-petition agreements, subject to the modifications in the Plan.
* Class 3 Allowed Secured Claim of FC Marketplace, LLC. The Class
3 Claim shall be satisfied by the Debtors’ resumption of monthly
payments to FC Marketplace pursuant to the parties’ pre-petition
agreements, subject to the modifications in the Plan.
* Class 4 Allowed Unsecured Claims of Chris Hope and Capstone
Business Advisors. The Class 4 claims consist of the allowed
unsecured claims owed jointly and severally by all of the Debtors.
The Class 4 claims shall be Allowed in full. The principal balance
of the Class 4 Claims shall bear interest from the Effective Date
at a rate of two percent (2%) per annum. Beginning on the first
business day of the first month one year after the Effective Date,
Debtor shall commence making amortized payments of principal and
interest.
As to Mellow Mushroom Vanderbilt (LIP I) Remaining Classes:
* CLASS 5 ALLOWED, DEEMED UNSECURED CLAIM OF CAN CAPITAL. The
Class 5 Claim shall be satisfied by Debtor's continuance of monthly
payments to the Class 5 Claimant pursuant to the parties'
prepetition loan agreements, except as modified herein.
* CLASS 6 GENERAL UNSECURED CLAIMS. This Class consists of all
Allowed Unsecured Claims against Debtor, other than those creditors
holding a Claim in Classes 4, 7 or 9. Beginning on the first
business day of the first month one year after the Effective Date,
Debtor shall make equal monthly amortized payments of principal and
interest sufficient to pay the Allowed Class 6 Claims in full over
a period of 24) months. The principal balance of the Class 6 Claims
shall bear interest from the Effective Date at a rate of two
percent (2%) per annum.
* CLASS 7 – ADMINISTRATIVE CONVENIENCE CLASS. This Class
consists of all Claims held by holders of Allowed Unsecured Claims
to which each individual creditor is owed less than an aggregate of
$1,000 on all Claims against Debtor’s estate. Debtor shall pay,
in full, each holder of a Class 7 Claim on the Effective Date.
CLASS 9 – INSIDER CLAIMS AND OWNERSHIP INTERESTS. This Class
consists of all Claims held by insiders of Debtor, which Claims
shall be Allowed in full. Debtor shall make no distributions to any
holders of Claims in this Class.
As to Mellow Mushroom Franklin (LIP II) Remaining Classes:
* CLASS 5 ALLOWED, SECURED CLAIM OF FRANKLIN SYNERGY BANK. The
Class 5 Claim shall be satisfied by the Debtor’s resumption of
monthly payments to Franklin Synergy Bank pursuant to the
parties’ pre-petition agreements, subject to the modifications in
the Plan.
* CLASS 6 ALLOWED, DEEMED UNSECURED CLAIM OF WASHINGTON BUSINESS
BANK. The Class 6 Claim shall be satisfied by Debtor’s
continuance of monthly payments to the Class 6 Claimant pursuant to
the parties’ pre-petition loan agreements, except as modified
herein.
* CLASS 7 GENERAL UNSECURED CLAIMS. This Class consists of all
Allowed Unsecured Claims against Debtor, other than those creditors
holding a Claim in Classes 4, 6, 8 or 9. Beginning on the first
business day of the first month one year after the Effective Date,
Debtor shall make equal monthly amortized payments of principal and
interest sufficient to pay twenty percent (20%) of the Allowed
Class 7 Claims over a period of twenty-four (24) months. The
remaining eighty percent (80%) of the Class 7 Claims shall be paid
over a period of six years, concluding on the ninth anniversary of
the Effective Date. The principal balance of the Class 7 Claims
shall bear interest from the Effective Date at a rate of two
percent (2%) per annum.
* CLASS 8 ADMINISTRATIVE CONVENIENCE CLASS. This Class consists
of all Claims held by holders of Allowed Unsecured Claims to which
each individual creditor is owed less than an aggregate of $1,000
on all Claims against Debtor’s estate. Debtor shall pay, in full,
each holder of a Class 8 Claim on the Effective Date.
* CLASS 9 INSIDER CLAIMS AND OWNERSHIP INTERESTS. This Class
consists of all Claims held by insiders of Debtor, which Claims
shall be Allowed in full. Debtor shall make no distributions to any
holders of Claims in this Class.
As to Mellow Mushroom Broadway (LIP III) Remaining Classes:
* CLASS 5 ALLOWED, SECURED CLAIM OF RHONDA WHITE. The Class 5
Claim shall be satisfied by the Debtor’s resumption of monthly
payments to Rhonda White pursuant to the parties’ pre-petition
agreements, subject to the modifications in the Plan.
* CLASS 6 ALLOWED SECURED CLAIM OF MARLIN BUSINESS BANK. The
Class 6 Claim of Marlin Business Bank consists of Debtor's secured
lease of certain restaurant equipment and fixtures, which Debtor
intends to assume and execute any and all purchase options at the
conclusion of the lease. The Debtor does not believe that it owes
any cure amounts at present and will remain current prior to the
Effective Date. Beginning on the Effective Date, Debtor shall
continue to pay its regular monthly lease payment to Marlin
Business Bank of approximately $3,800.
* CLASS 7 GENERAL UNSECURED CLAIMS. This Class consists of all
Allowed Unsecured Claims against Debtor, other than those creditors
holding a Claim in Classes 4, 8 or 9. The principal balance of the
Class 7 Claims shall bear interest from the Effective Date at a
rate of two percent (2%) per annum. Beginning on the first business
day of the first month one year after the Effective Date, Debtor
shall commence making amortized payments of principal and
interest.
* CLASS 8 ADMINISTRATIVE CONVENIENCE CLASS. This Class consists
of all Claims held by holders of Allowed Unsecured Claims to which
each individual creditor is owed less than an aggregate of $1,000
on all Claims against Debtor’s estate. Debtor shall pay, in full,
each holder of a Class 8 Claim on the Effective Date.
* CLASS 9 INSIDER CLAIMS AND OWNERSHIP INTERESTS. This Class
consists of all Claims held by insiders of Debtor, which Claims
shall be Allowed in full. Debtor shall make no distributions to any
holders of Claims in this Class.
Cash generated from Debtors' continued operations will generate
sufficient cash flow to make all payments due under the Plan.
A full-text copy of the Consolidated Disclosure Statement dated
February 12, 2020, is available at https://tinyurl.com/rwfq3dq
from PacerMonitor.com at no charge.
Attorneys for Debtors:
Griffin S. Dunham
Alex Payne
DUNHAM HILDEBRAND, PLLC
2416 21st Avenue South, Suite 303
Nashville, Tennessee 37212
Tel: 629.777.6529
E-mail: alex@dhnashville.com
About LIP Inc.
LIP, Inc., doing business as Mellow Mushroom Vanderbilt, and its
subsidiaries are privately held companies that operate in the
restaurant industry. LIP and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Lead
Case No. 19-05784) on Sept. 9, 2019. In the petitions signed by
Mark Clark, president, the Debtors were each estimated to have
assets ranging between $100,000 and $500,000 and liabilities
ranging between $1 million and $10 million. Dunham Hilderbrand,
PLLC is the Debtors' counsel.
LNB-002-2013: Judge Denies Further Extension of Exclusivity Periods
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
denied LNB-002-2013, LLC's motion to extend the exclusivity periods
to file its Chapter 11 plan and solicit acceptances for the plan to
April 27 and June 27, respectively.
LNB-002-2013's current exclusive filing period expires on March 27.
About LNB-002-2013 LLC
LNB-002-2013, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-20502) on Aug. 28,
2018. In the petition signed by Laurent Benzaquen, manager LNB
Capital LLC, the Debtor estimated assets of less than $50,000 and
liabilities of less than $500,000. The Debtor tapped Joel M.
Aresty P.A. as its legal counsel. No official committee of
unsecured creditors has been appointed in the case.
LUXURY LIMOUSINE: Unsecured Creditors to Recover 31% in Plan
------------------------------------------------------------
Luxury Limousine Service, Inc., submitted an Amended Chapter 11
Plan and an Amended Disclosure Statement
General unsecured creditors in Class 4 will receive a pro rata
distribution equal to 31% of their allowed claims, as set forth in
the Plan, to be distributed after payment of the secured claims, as
allowed, have concluded, by proportionate monthly or quarterly
payment at Debtor's discretion.
Holders of general unsecured claims in Class 4 are impaired. The
Debtor will treat the claim of Titus Leasing (Claim 7) as general
unsecured claim in the amount of $19,195 and avoid the lien. The
lien is unsecured as Debtor owns no real estate. The Secured
Creditor Claim filed by Titus Leasing will be, for the purposes of
the Chapter 11 Plan, treated as unsecured as the judgment is
limited to the value of Debtor's assets and is therefore not
secured and the lien will be avoided. An objection to claim will
be filed by the Debtor. The treatment and consideration to be
received by holders of Class 4 allowed claims shall be in full
settlement, satisfaction, release and discharge of their respective
claims and liens.
Each Class 4 allowed claim will receive 31% of their respective
allowed claim to be paid in deferred cash payments starting after
the payment of Class 1 through 3 Claims and concluding April 1,
2025 in monthly or quarterly payments at the Debtor’s discretion.
Class 4 payments will start after the payment of the secured
claims have been completed.
The holders of Class 5 equity interests will retain their interests
and are not entitled to vote.
Payments and distributions under the Plan will be funded by
Debtor's continued operation as transportation service company.
A full-text copy of the Fourth Amended Disclosure Statement dated
February 12, 2020, is available at https://tinyurl.com/tbklans
from PacerMonitor.com at no charge.
Counsel for the Debtor:
Stephen V. Bottiglieri, Esquire
BOTTIGLIERI LAW, LLC
66 Euclid Street, Suite C
Woodbury, NJ 08096
p/f 888-793-0373
steve@bottiglierilaw.com
About Luxury Limousine Service
Luxury Limousine Service, Inc., sought protection under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 18-13574) on May
31, 2018. In the petition signed by Perry Camerlengo, president,
the Debtor was estimated to have assets of less than $1 million and
liabilities of less than $1 million. The Debtor tapped Bottiglieri
Law, LLC, as its legal counsel.
MARTONE AUTO: Hires Scott J. Goldstein as Bankruptcy Counsel
------------------------------------------------------------
Martone Auto Collision Inc., seeks authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
the Law Offices of Scott J. Goldstein, LLC, as bankruptcy counsel
to the Debtor.
Martone Auto requires Scott J. Goldstein to:
(a) advise the Debtor with respect to his powers and duties as
the Debtor and debtor-in-possession in the continued
management and operation of his businesses and properties;
(b) attend meetings and negotiating with representatives of
creditors and other parties-in-interest, and advising and
consulting on the conduct of the cases, including all of
the legal and administrative requirements of operating in
chapter 11;
(c) take all necessary action to protect and preserve the
Debtor' estates, including the prosecution of actions on
his behalf, the defense of any actions commenced against
those estates, negotiations concerning litigation in which
the Debtor may be involved, and objections to claims
filed against the estates;
(d) prepare, on behalf of the Debtor, motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estates;
(e) prepare and negotiate on the Debtor' behalf plan(s) of
reorganization, disclosure statement(s), and all related
agreements and/or documents, and taking any necessary
action on behalf of the Debtor to obtain confirmation of
such plan(s);
(f) advise the Debtor in connection with any sale of assets;
(g) perform other necessary legal services and providing other
necessary legal advice to the Debtor in connection with
these chapter 11 cases; and
(h) appear before the Bankruptcy Court, any appellate courts,
and the United States Trustee, and protecting the
interests of the Debtor' estates before such courts and
the U.S. Trustee.
Scott J. Goldstein will be paid at these hourly rates:
Partners $350
Associates $200
Clerks/Paralegals $150
Scott J. Goldstein will be paid a retainer in the amount of
$15,000.
Scott J. Goldstein will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Scott J. Goldstein, partner of the Law Offices of Scott J.
Goldstein, LLC, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.
Scott J. Goldstein can be reached at:
Scott J. Goldstein, Esq.
LAW OFFICES OF SCOTT J. GOLDSTEIN, LLC
280 West Main Street
Denville, NJ 07834
Tel: (973) 453-2838
Fax: (973) 453-2869
E-mail: sig@sgoldsteinlaw.com
About Martone Auto Collision Inc.
Martone Auto Collision, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. S.D.N.Y. Case No. 20-22222) on Feb. 11, 2020,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Scott J. Goldstein, Esq., at the Law
Offices of Scott J. Goldstein, LLC.
MATTAMY GROUP: S&P Assigns 'BB' Rating to Senior Unsecured Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '3'
recovery rating to Mattamy Group Corp.'s proposed US$500 million
senior unsecured notes due 2030, and its C$225 million senior
unsecured notes due 2028. The '3' recovery rating indicates S&P's
expectation for meaningful (50%-70%; rounded estimate: 60%)
recovery in the event of payment default. S&P expects the company
to use the net proceeds of this offering to repurchase or redeem
all of its outstanding 2025 notes and pay related fees and
expenses.
The issuer credit rating on Mattamy Group Corp. is 'BB' and the
outlook is positive.
Ratings List
Mattamy Group Corp.
Issuer Credit Rating BB/Positive/--
Senior Unsecured BB
Recovery Rating 3(60%)
New Rating
Mattamy Group Corp.
Senior Unsecured
CAD225 mil sr nts due 2028 BB
Recovery Rating 3(60%)
US$500 mil sr nts due 2030 BB
Recovery Rating 3(60%)
MEDNAX INC: Moody's Reviews Ba2 CFR for Downgrade
-------------------------------------------------
Moody's Investors Service placed MEDNAX, Inc.'s Ba2 Corporate
Family Rating, the Ba2-PD Probability of Default Rating and the Ba2
unsecured global note ratings on review for downgrade. There is no
change to the company's SGL-1 Speculative Grade Liquidity Rating.
The review follows the company's announcement that UnitedHealth
Group Incorporated (A3 long-term issuer rating) will unilaterally
terminate its in-network contracts with MEDNAX in four states
between March 1, 2020 and September 1, 2020. These contracts
represent approximately 2% of MEDNAX's annual revenues. MEDNAX's
contracts with UnitedHealth across all states represent
approximately 10%-12% of its annual revenue.
Moody's believes that the two companies will eventually agree on
modified contract terms. However, the modified contracts are likely
to come with materially lower reimbursement rates for MEDNAX, which
will reduce profitability. Further, a drawn-out negotiation process
may lead to disruption to hospital customers and contract losses.
Moody's review will focus on the potential range of outcomes from
the modified contract terms as well as any actions the company may
take to offset impact of any revised terms.
Ratings placed under review for downgrade:
MEDNAX, Inc.
Corporate Family Rating, placed on review for downgrade,
currently at Ba2
Probability of Default Rating, placed on review for downgrade,
currently Ba2-PD
$750 million unsecured global notes maturing 2023, placed on
review for downgrade, currently Ba2 (LGD4)
$1.0 billion unsecured global notes maturing 2027, placed
on review for downgrade, currently Ba2 (LGD4)
Outlook Actions:
Outlook changed to rating under review from stable
RATINGS RATIONALE
Prior to considering the review for downgrade, MEDNAX's Ba2
Corporate Family Rating reflects the company's strong market
position in neonatology and anesthesiology, moderate leverage and
its exposure to the evolving regulatory environment surrounding
reimbursements. The rating also reflects MEDNAX's elevated leverage
with debt/EBITDA expected to remain above 3.5x for the next year,
though with downside risk if the company is forced to take
significant reimbursement cuts. The company's high service
concentration in its two largest specialties -- neonatology and
anesthesiology -- which comprise approximately 71% of revenue is
also constraining factor for the rating. MEDNAX's rating is
supported by good customer diversity, favorable healthcare services
outsourcing market trends, very good liquidity and acquisition
integration. The company's financial policy will remain balanced as
it uses free cash flow and continues with the tuck-in acquisition
strategy and share buybacks.
As a provider of physician staffing services, MEDNAX faces
significant social risk. Several legislative proposals have been
introduced in the US Congress that aim to eliminate or reduce the
impact of surprise medical bills. Surprise medical bills are
received by insured patients who receive care from providers
outside of their insurance networks, usually in emergency
situations. Moody's believes physician staffing companies like
MEDNAX would be adversely affected if these proposals are enacted.
The company's SGL-1 Speculative Grade Liquidity Rating reflects
Moody's expectations that MEDNAX will maintain very good liquidity
over the next year. The company had approximately $113 million of
unrestricted cash and revolver availability of approximately $1.2
billion as of December 31, 2019. Moody's expects that the company
will generate positive free cash flow in the next 12 months,
although the size of the company's free cash flow could vary
significantly based on how the UnitedHealth contract issues
evolves.
The ratings could be downgraded if MEDNAX's faces continued
reimbursement, volume, or payor mix pressures that will weaken
operating performance. Quantitatively, ratings could be downgraded
if Moody's determines that the company's debt/EBITDA will be
sustained above 3.5 times.
Based in Sunrise, FL, MEDNAX, Inc. is a leading provider of
physician services including newborn, anesthesia, maternal-fetal,
radiology and teleradiology, pediatric cardiology and other
pediatric subspecialty services. The company's national network is
comprised of more than 4,325 affiliated physicians who provide
clinical care in 39 states and Puerto Rico. MEDNAX also provides
teleradiology services in all 50 states, the District of Columbia
and Puerto Rico through a network of affiliated radiologists.
Revenues are approximately $3.5 billion.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
MLW LLC: To Seek Plan Confirmation on March 19
----------------------------------------------
Judge Erik P. Kimball has ordered that the Disclosure Statement
filed by MLW, LLC, is CONDITIONALLY APPROVED.
The consolidated hearing on final approval of the Disclosure
Statement and confirmation of the Chapter 11 Plan will be on March
19, 2020 at 10:30 a.m. in United States Bankruptcy Court,
Courtroom B, 8th Floor, 1515 North Flagler Drive, West Palm Beach,
Florida 33401.
The deadline for filing objections to claims will be on March 5,
2020
The deadline for filing ballots accepting or rejecting plan will be
on March 12, 2020.
The deadline for filing objections to confirmation of the Plan will
be on March 16, 2020.
The deadline for fiilng objections to final approval of the
Disclosure Statement will be on March 16, 2020.
About MLW LLC
MLW, LLC is the fee simple owner of a real property located at
10207 100th St., South Boynton Beach, Fla. It valued the property
at $1 million.
MLW sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Fla. Case No. 18-14567) on April 18, 2018. In the
petition signed by Mark L. Woolfson, managing member, the Debtor
disclosed $1.06 million in assets and $1.22 million in liabilities.
Judge Erik P. Kimball presides over the case.
The Debtor tapped Furr & Cohen, P.A. as its bankruptcy counsel, and
Nason, Yeager, Gerson, White & Lioce, PA as its special counsel.
The Debtor hired Pavlik Realty LLC and the firm's principal
Mitchell Pavlik to either sell or secure a tenant for the Florida
property.
MONDORIVOLI LLC: April 8 Hearing on Disclosure Statement Set
------------------------------------------------------------
A Disclosure Statement was filed by Mondorivoli, LLC. A hearing
will be held on the adequacy of such Disclosure Statement on
Wednesday, April 8, 2020 at 1:30 p.m., in Courtroom B, United
States Bankruptcy Court for the District of Colorado, United States
Custom House, 721 19th Street, Denver Colorado 80202.
Any objections to the Disclosure Statement shall be made in writing
and the original of the objection shall be filed and served on or
before March 20, 2020.
The Debtor's counsel:
K. Jamie
BUECHLER LAW OFFICE, LLC
999 18th Street, Suite 1230-S
Denver, CO 80202
Tel: (720) 381-0045
Fax: (720) 381-0382
E-mail: Jamie@KJBlawoffice.com
About Mondorivoli LLC
Mondorivoli LLC, a real estate investment company in Durango,
Colo., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Colo. Case No. 19-16157) on July 18, 2019. At the time
of the filing, Mondorivoli had estimated assets of between $10
million and $50 million and liabilities of between $1 million and
$10 million. The case has been assigned to Judge Joseph G. Rosania
Jr. Mondorivoli is represented by Buechler Law Office, LLC.
MOTIONLOFT INCL ABC Services to Sell Assets on March 2
------------------------------------------------------
ABC Services Group Inc. is soliciting competing offers to sell the
remaining assets of MotionLoft Inc., which was engaged in the
manufacture and sale of ViMo -- artificial intelligence computer
vision technology, a weatherized sensor that accurately captures
the movement of pedestrian and vehicle in real time for
municipalities, commercial property owners and retailers.
To participate in the sale, bidders must submit written copies of
their bd to seller no later than 5:00 p.m. (PST) on March 2, 2020.
Information on the sale process, visit the seller's website at
https://bit.ly/2Tk0rIN. Further information on the sale, contact:
Charles Klaus
ABC Services Inc.
Tel: (949) 922-1211
E-mail: chuck@abcservices.group
MotionLoft Inc. -- https://motionloft.com/ -- provides an end to
end solution, used indoors and outdoors, to capture movement of
people and vehicles and turns it into actionable information.
NEW CITY WASTE: Arranges $200K Loan; Plan Has 44% for Unsecureds
----------------------------------------------------------------
Debtors The New City Waste Services, Inc. and City Waste Services
of New York, Inc. filed a Third Amended Joint Plan of
Reorganization and a corresponding Disclosure Statement on Feb. 4,
2020.
The Debtors determined that proposing a Plan which provided for
a lump sum distribution on the Effective Date would have the
greatest likelihood of being accepted by creditors. To that end,
the Debtors have obtained a commitment for an unsecured loan in
the amount of $200,000 from Recycle Track Systems, a sanitation
brokerage company which the Debtors have transacted business with
for many years.
The Confirmation Loan enables the Debtors to emerge from Chapter 11
and helps ensure the Debtors' continued viability, which is a
significant source of business for the Confirmation Lender.
Neither the Confirmation Lender, nor its principal Greg Letteri,
are insiders or affiliates of the Debtors. The loan will be
payable, with interest, over a period of four years and will be
personally guaranteed by the holders of the Equity Interests of
NCW.
The Plan will be funded with (a) the Debtors' Cash on hand on the
Confirmation Date, (b) the personal "new value" contribution from
the Equity Interest holders of NCW in the amount of $1.5 million,
(c) the Confirmation Loan and (d) Cash generated from the ongoing
operations of the Reorganized Debtors. These funds are expected to
be enough to pay all Allowed Administrative and Priority Claims
in full, as well as to fund an approximate 44% Pro Rata
distribution to the holders of Allowed Class 2 Unsecured Claims,
and the Reorganized Debtors shall effectuate all payments due under
the Plan.
The Bankruptcy Court has scheduled a hearing to consider
confirmation of the Plan for March 11, 2020, at 10:00 a.m. (the
Confirmation Hearing).
On April 4, 2019, a stipulation was filed by the Debtors
substituting Kirby Aisner & Curley, LLP, as counsel for the Debtors
for DelBello, Donnellan, Weingarten, Wise & Wiederkehr, LLP. An
application to formally approve the retention of substitute counsel
was filed on Nov. 18, 2019, and an order authorizing such retention
was entered on Dec. 18, 2019.
A full-text copy of the Third Amended Disclosure Statement dated
Feb. 4, 2020, is available at https://tinyurl.com/uoms5dk from
PacerMonitor at no charge.
Attorneys for the Debtors:
KIRBY AISNER & CURLEY LLP
Erica R. Aisner, Esq
700 Post Road, Suite 237
Scarsdale, New York 10583
Tel: (914) 401-9500
About The New City Waste Services
Headquartered in Yorktown Heights, New York, The New City Waste
Services, Inc., filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 12-22578) on March 20, 2012, with estimated
assets of less than $50,000 and estimated liabilities of $1 million
to $10 million.
New City's affiliate City Waste Services of New York also filed for
Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No.12-22579)
on March 19, 2012. The petitions were signed by James T. Tesi,
secretary and treasurer.
Judge Robert D. Drain oversees the cases.
Kirby Aisner & Curley, LLP, is presently serving as the Debtors'
counsel.
NEW START: Trustee Hires Portfolio Assurance as Broker
------------------------------------------------------
John Emmanuel, the Chapter 11 trustee for A New Start Incorporated,
received approval from the U.S. Bankruptcy Court for the Southern
District of Florida to hire Portfolio Assurance Group, LLC, as its
broker.
The firm will assist in the sale of the Debtor's patient accounts
receivable. Proceeds from the sale will be used to pay creditors.
The firm will get 20 percent of the gross proceeds as commission.
Portfolio Assurance is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Gary Brown
Portfolio Assurance Group, LLC
3208 Songwood Drive, #205
Edmond, OK 73003
About A New Start Inc.
A New Start Incorporated -- https://anewstartincfl.com/ -- is a
treatment center in Palm Beach County, Fla., providing outpatient
treatment for substance abuse and chemical dependency disorders in
adult clients. An outpatient program allows clients to continue
working or attending school while receiving treatment and support
from the company's program and team of specialists.
A New Start Incorporated filed a voluntary Chapter 11 petition
(Bankr. S.D. Fla. Case No. 19-13294) on March 14, 2019. In the
petition signed by Eugene Sullivan, chief executive officer, the
Debtor estimated $1 million to $10 million in assets and $100,000
to $500,000 in liabilities. Judge Erik P. Kimball oversees the
case.
The Debtor tapped the Law Office Angelo A. Gasparri as legal
counsel; Quintairos Prieto Wood & Boyer, P.A. as special counsel;
and Smyth and Hauck, PA as accountant.
John D. Emmanuel was appointed as the Debtor's Chapter 11 trustee.
The trustee is represented by Buchanan Ingersoll & Rooney, PC.
NIAGARA FRONTIER: Court Grants Interim Access to Cash Collateral
----------------------------------------------------------------
Judge Michael J. Kaplan extended Niagara Frontier Country Club,
Inc.'s authority to use cash collateral on an interim basis,
pursuant to the interim budget, pending a final hearing on the
motion.
The Court ruled that each of M&T Bank and Richard Elia is granted
roll-over or replacement liens granting security to the same
extent, in the same priority, and with respect to the same assets,
as served as collateral for the debt to the extent of cash
collateral actually used.
A copy of the 14th interim order is available for free at
https://is.gd/W3Ppo5 from PacerMonitor.com.
Judge Kaplan further extended the Debtor's authority to use cash
collateral pursuant to a 15th interim order a copy of which is
available at https://is.gd/Fhvpax from PacerMonitor.com free of
charge.
About Niagara Frontier Country Club
Niagara Frontier Country Club, Inc. --
http://niagarafrontiergolfclub.com/-- is a private,
membership-based golf club located in Youngstown, New York. The
18-hole Niagara Frontier course at the Niagara Frontier Country
Club facility features 6,236 yards of golf from the longest tees
for a par of 70.
Niagara Frontier Country Club sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 18-11695) on Aug. 30,
2018. In the petition signed by Henry Sandonato, president, the
Debtor was estimated to have assets of $1 million to $10 million
and liabilities of $1 million to $10 million. Judge Michael J.
Kaplan oversees the case.
NICHOLS EXECUTIVE: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Nichols Executive Enterprises, Inc.
11301 W Olympic Blvd Ste 485
Los Angeles, CA 90064
Business Description: Nichols Executive Enterprises, Inc. owns a
single family home located at 2200 Nichols
Canyon Rd, Los Angeles, CA 90046 valued at
$2.27 million.
Chapter 11 Petition Date: February 24, 2020
Court: United States Bankruptcy Court
Central District of California
Case No.: 20-12002
Judge: Hon. Barry Russell
Debtor's Counsel: Anthony O. Egbase, Esq.
A.O.E. LAW & ASSOCIATES
The World Trade Center
350 S. Figueroa Street, Suite 189
Los Angeles, CA 90071
Tel: 213-620-7070
E-mail: info@aoelaw.com
Total Assets: $2,274,600
Total Liabilities: $400,000
The petition was signed by Shawn Sheppard, chief executive
officer.
The Debtor stated it has no unsecured creditors.
A copy of the petition is available for free at PacerMonitor.com
at:
https://is.gd/SKiBlJ
NOFALIA INC: Seeks to Hire Barron & Newburger as Counsel
--------------------------------------------------------
Nofalia, Inc., seeks authority from the U.S. Bankruptcy Court for
the Western District of Texas to employ Barron & Newburger, PC, as
counsel to the Debtor.
Nofalia, Inc. requires Barron & Newburger to:
a. advise the Debtor of its rights, powers, and duties as a
debtor-in-possession continuing to manage its assets;
b. review the nature and validity of claims asserted against
the property of the Debtor and advise the Debtor concerning
the enforceability of such claims;
c. prepare on behalf of the Debtor all necessary and
appropriate applications, motions, pleadings, draft orders,
notices, schedules, and other documents and review all
financial and other reports to be filed in the Chapter 11
case;
d. advise the Debtor concerning and prepare responses to,
applications, motions, complaints, pleadings, notices, and
other papers which may be filed in the Chapter 11 case;
e. counsel the Debtor in connection with the formulation,
negotiation, and promulgation of a plan of reorganization
and related documents;
f. perform all other legal services for and on behalf of the
Debtor which may be necessary and appropriate in the
administration of the Chapter 11 case and the Debtor's
business; and
g. work with professionals retained by other parties in
interest in the bankruptcy case to attempt to obtain
approval of a consensual plan of reorganization of the
Debtor.
Barron & Newburger will be paid at these hourly rates:
Attorneys $275 to $500
Support Staff $40 to $100
Barron & Newburger received a retainer of $4,700. Stephen Truesdell
paid the retainer from his personal funds on February 12, 2020.
Barron & Newburger applied $2,450 of such amount to pre-petition
fees. As of the petition date, Barron & Newburger is holding $2,250
and is not owed for fees and expenses incurred prior to the date of
filing. The Debtor has agreed to pay an additional retainer of
$10,000 once post-petition financing is funded.
Barron & Newburger will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Stephen W. Sather, partner of Barron & Newburger, PC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Barron & Newburger can be reached at:
Stephen W. Sather, Esq.
BARRON & NEWBURGER, PC
7320 N. Mopac Expy., Ste. 400
Austin, TX 78731
Tel: (512) 476-9103
E-mail: ssather@bn-lawyers.com
About Nofalia Inc.
Nofalia, Inc., based in Austin, TX, filed a Chapter 11 petition
(Bankr. W.D. Tex. Case No. 20-10212) on Feb. 13, 2020. In the
petition signed by Stephen Truesdell, authorized representative,
the Debtor disclosed $13,600,550 in assets and $7,675,266 in
liabilities. The Hon. Tony M. Davis oversees the case. Stephen W.
Sather, Esq., at Barron & Newburger, PC, serves as bankruptcy
counsel.
OLEUM EXPLORATION: Taps MacFarlane and Associates as Accountant
---------------------------------------------------------------
Oleum Exploration, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Pennsylvania to hire MacFarlane
and Associates PC to substitute for Melton & Melton, LLP.
MacFarlane will assist the Debtor in preparing and filing tax
returns and related matters. In addition, the Debtor is
contemplating the implementation of various transactions under a
Chapter 11 plan of reorganization including the merger of the
Debtor with its affiliate, Oleum Texas Exploration, LLC, and the
conversion of the merged entity to a new C corporation to be
formed. MacFarlane has greater expertise in such transactions and
has greater substantive experience in restructuring transactions
generally than the Debtor's former accountant.
MacFarlane has no existing relationship with the Debtor, Oleum
Texas and their respective members, managers and employees,
according to court filings.
The firm can be reached through:
Michael MacFarlane, CPA
MacFarlane and Associates PC
2219 Sawdust Rd Suite 902
The Woodlands, TX 77380
Phone: 281-719-5312
About Oleum Exploration
Oleum Exploration, LLC, a production and exploration company
operating in Gulf Coast Basin, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 19-00664) on Feb.
16, 2019. At the time of the filing, the Debtor disclosed
$2,164,154 in assets and $10,400,625 in liabilities. The case has
been assigned to Judge Robert N. Opel II. The Debtor tapped
Kurtzman Stead, LLC as its bankruptcy counsel, and Gray Reed &
McGraw LLP as its special counsel.
ON TIME ELECTRIC: TGB Does Not Consent to Treatment in Plan
-----------------------------------------------------------
Texas Gulf Bank, N.A. (TGB) objects to approval of the Disclosure
Statement and to confirmation of Chapter 11 Plan of debtor On Time
Electric, Inc.
TGB's claim is secured by certain real property owned by the
Debtor’s affiliate, Godstone Ranch Real Estate, LLC. Godstone is
also in bankruptcy before the Court.
Godstone has its property for sale and that sale, if it is
consummated, will significantly reduce TGB's claim. However, until
that sale is approved by the Court; and closed approval of the
Debtor's current Disclosure Statement and confirmation of this
Debtor's proposed Plan is premature, TGB tells the Court.
TGB adds that it has a secured proof of claim on file of $782,902,
Claim No.2, filed on Oct. 18, 2019. Yet the Debtor's plan
contemplates only paying $426,725. The Debtor's Plan does
reference a possible sale of the Godstone real property but how
that would effect the On Time Plan is not entirely clear.
Presently, the amount of TGB's claim is undetermined for both
Disclosure Statement and Confirmation purposes.
TGB files this objection to preserve its rights in that Godstone
has filed an emergency motion to sell its real property. Until
that event occurs, TGB cannot consent to its treatment under the
Debtor's current plan.
A full-text copy of Texas Gulf's objection to disclosure and plan
dated February 4, 2020, is available at https://tinyurl.com/vb5es9c
from PacerMonitor at no charge.
Attorneys for Texas Gulf Bank:
HIRSCH & WESTHEIMER, P.C.
Michael J. Durrschmidt
Brian A. Buescher
1415 Louisiana, Floor 36
Houston, Texas 77002
Telephone: 713-220-9165
Facsimile: 713-223-9319
E-mail: mdurrschmidt@hirschwest.com
bbuescher@hirschwest.com
About On Time Electric
On Time Electric Inc., a full-service electrical contractor in
Houston, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Tex. Case No. 19-33152) on June 3, 2019. At the time
of the filing, the Debtor had estimated assets of less than
$500,000 and liabilities of between $1 million and $10 million.
The case has been assigned to Judge Jeffrey P. Norman. Michael
Hardwick Law, PLLC, is the Debtor's bankruptcy counsel.
P2 UPSTREAM: S&P Withdraws 'B-' Issuer Credit Rating
----------------------------------------------------
S&P Global Ratings withdrew the 'B-' issuer credit rating and
issue-level ratings on P2 Upstream Acquisition Co. These include
the 'B' rating and '2' recovery rating on the company's first-lien
term loan due in 2020, and the 'CCC' rating and '6' recovery rating
on the company's second-lien term loan due in 2021. S&P withdrew
the ratings at the company's request.
PANTHERA ENTERPRISES: Exclusivity Period Extended to March 13
-------------------------------------------------------------
Judge Patrick Flatley of the U.S. Bankruptcy Court for the Northern
District of West Virginia extended the exclusivity period during
which Panthera Enterprises, LLC can file a Chapter 11 plan to March
13 and the period to solicit acceptances for the plan to May 10.
About Panthera Enterprises
Panthera Enterprises, LLC, formerly known as TENX Group LLC,
provides electrical work and services. Based in Old Fields, W.Va.,
Panthera Enterprises filed for Chapter 11 bankruptcy protection
(Bankr. N.D. W.Va. Case No. 19-00787) on Sept. 13, 2019, listing
between $10 million and $50 million in assets and liabilities.
Judge Patrick M. Flatley oversees the case. The Debtor is
represented by Robert S. Bernstein, Esq. at Bernstein-Burkley, P.C.
PARCELS B AND C: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Parcels B and C, LLC
7200 5th Street
Key West, FL 33040
Business Description: Parcels B and C, LLC
Chapter 11 Petition Date: February 24, 2020
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 20-12423
Judge: Hon. Laurel M. Isicoff
Debtor's Counsel: Brian S. Behar, Esq.
BEHAR, GUTT & GLAZER, P.A.
DCOTA, Suite A-350
1855 Griffin Road
Fort Lauderdale, FL 33004
Tel: 305-931-3771
E-mail: bsb@bgglaw.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Walter Galnovatch, authorized member.
A copy of the petition is available for free at PacerMonitor.com
at:
https://is.gd/jDQwge
PARK MONROE: Disclosure Motion Hearing Reset to March 18
--------------------------------------------------------
The hearing with respect to the motion for an order approving
Disclosure Statement for 984-988 Greene Avenue Housing Development
Fund Corporation, a debtor affiliate of Park Monroe Housing
Development Fund Corporation and Northeast Brooklyn Partnership,
currently scheduled for Feb. 12, 2020, at 3:00 p.m., has been
adjourned to March 18, 2020, at 2:30 p.m. The objection deadline
with respect to the Motion, currently scheduled for Feb. 5, 2020,
is extended to March 11, 2020.
A full-text copy of the notice dated Feb. 4, 2020, is available at
https://tinyurl.com/umgvzcd from PacerMonitor at no charge.
The Debtors are represented by:
ARCHER & GREINER, P.C.
Allen G. Kadish
Harrison H.D. Breakstone
630 Third Avenue
New York, New York 10017
Tel: (212) 682-4940
E-mail: akadish@archerlaw.com
hbreakstone@archerlaw.com
About Park Monroe Housing Development
Park Monroe Housing Development Fund Corporation is a
not-for-profit and tax-exempt corporation that develops a housing
project for persons of low income, pursuant to Section 573 of
Article XI of the New York Private Housing Finance Law. The
Company's primary tangible assets are located at 477 Saratoga
Avenue a/k/a 1352-1354 East New York Avenue, Brooklyn, N.Y.; 1350
Park Place, Brooklyn, N.Y.; 180 Grafton Street, Brooklyn, N.Y.; 257
Mother Gaston Boulevard, Brooklyn, N.Y.; and 249-251 Mother Gaston
Boulevard, Brooklyn, N.Y.
984-988 Greene Avenue Housing Development Fund is a not-for-profit
corporation whose tangible assets are properties located at 984-988
Greene Avenue, Brooklyn, N.Y. Its assets are used consistent with
its charitable purposes of providing affordable housing units for
families of low income in the central sections of Brooklyn, N.Y.
Northeast Brooklyn Partnership is a for-profit partnership whose
primary tangible assets are properties located at 409 Kosciuszko
Street, Brooklyn, N.Y.; 403 Kosciuszko Street, Brooklyn, N.Y.; 399
Kosciuszko Street, Brooklyn, N.Y.; 397 Kosciuszko Street, Brooklyn,
N.Y.; 675 Halsey Street, Brooklyn, N.Y.; and 671 Halsey Street,
Brooklyn, N.Y.
Park Monroe and its affiliates sought Chapter 11 protection (Bankr.
E.D.N.Y. Case Nos. 19-40820 to 19-40823) on Feb. 11, 2019. The
petitions were signed by Jeffrey E. Dunston, president and CEO. At
the time of filing, the Debtors were each estimated to have assets
and liabilities under $10 million. The Debtors are represented by
Allen G. Kadish, Esq., of Archer & Greiner, P.C.
PEOPLE WHO CARE: Unsecureds Get Nothing Under Plan
--------------------------------------------------
People Who Care Youth Center, Inc., filed a First Amended Chapter
11 Plan and a corresponding Disclosure Statement on Feb. 12, 2020.
The Debtor will obtain a loan from Val-Chris Investments, Inc.,
which will serve as exit financing to fund the Plan payments on the
Effective Date. The proceeds of the Loan will pay off secured claim
classes 1, 3, and 4, and the Lender shall have a lien that is in
first position and is superior in priority to Class 2 except as
otherwise described in the treatment of the Class 2 claim and lien.
After the Effective Date, the Debtor will pay down debts in
through the Plan with operating income.
If the Loan does not close in a reasonable period of time, as an
alternative to the Exit Financing, the Debtor will close the
alternative loan, which shall serve as exit financing (the
"Alternative Exit Financing") to fund the Plan payments within 90
days of the Effective Date. The terms of the closing of the
Alternative Exit Financing require that the Debtor first exits
bankruptcy, therefore, the proceeds will not be available until
after the Debtor emerges as a "Reorganized Debtor" after the
Effective Date. The proceeds from the Alternative Loan will pay
off secured claim classes 1, 2, 3 and 4, and the Alternative Lender
shall have a lien (the "Alternative Exit Financing Lien") that and
will be in first position against the Property. After the Effective
Date, the Debtor will pay down debts through the Plan with
operating income as set forth in the budget projections.
The Debtor will continue to receive commercial rental income from
the 1512 Property, as set forth in the budget. Additionally, the
Debtor will open child daycare services by the second quarter of
2020. The Debtor will start with approximately 15 children.
Thereafter, the Debtor will add another 15 children over a period
of 60 days after start. The Debtor projects between $500 and $750
per child per month, depending on how many hours each particular
child needs.
The Class 7 Allowed General Unsecured Claim of California
Department of Parks and Recreation, in the amount of $562,500, will
have its claim reduced at the rate of $37,500 per year for every
year in accordance with the Addendum to AIRCRE Standard Industrial
Commercial Single Tenant Lease- Gross dated March 15, 2019 for the
property known as 1512 W. Slauson Avenue, Los Angeles, California
90047 (“Lease”).
Class 8 Claims All Allowed General Unsecured Claims (Other than the
Class 7 Claim) in the amount of $47,356.39 is impaired. The
holders of Class 8 claims will receive nothing on account of their
Class claims.
The Disclosure Statement hearing is scheduled for
Date: February 19, 2020
Time: 11:00 a.m.
Place: Courtroom 1675
255 East Temple Street
Los Angeles, CA 90012
A full-text copy of the Disclosure Statement dated February 12,
2020, is available at https://tinyurl.com/str73vh from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
DAVID B. GOLUBCHIK
JOHN-PATRICK M. FRITZ
LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
10250 Constellation Boulevard, Suite 1700
Los Angeles, California 90067
Telephone: (310) 229-1234
Facsimile: (310) 229-1244
E-mail: DBG@LNBYB.COM
JPF@LNBYB.COM
About People Who Care Youth Center
People Who Care Youth Center, Inc., is a non-profit corporation
that provides child daycare to low-income working parents in South
Central Los Angeles. Its primary asset is a commercial real
property building located at 1502 and 1512 West Slauson Avenue, Los
Angeles, California.
People Who Care Youth Center sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-10290) on Jan.
10, 2018. In the petition signed by CEO Michelle McArn, the Debtor
was estimated to have assets of $100,000,001 to $500 million and
liabilities of $500,001 to $1 million. Judge Sheri Bluebond
presides over the case. Levene, Neale, Bender, Yoo & Brill L.L.P.
is the Debtor's counsel.
PRACTICAL APPROACH: Unsecureds Get Payments for 10 Years
--------------------------------------------------------
Debtor Practical Approach Pediatrics, PLLC filed with the U.S.
Bankruptcy Court for the Western District of Texas, San Antonio
Division, a Plan of Reorganization and a Disclosure Statement.
Holders of general unsecured claims of under $30,000 in Class 6
will receive a monthly payment of $670.80 to begin 180 days from
the effective date of the plan for 10 years.
Holders of general unsecured claims of over $30,000 in Class 7 will
receive a monthly payment of $500.72 to begin 180 days from the
effective date of the plan and continue for 10 years.
Holders of contingent General Unsecured claims in Class 8 will
receive a monthly payment of $800 to begin 180 days from the
effective date of the plan for ten years.
Equity security holders Dr. Olutola Adetona and Dr. Omolola Adetona
in Class 9 will retain the shares in the Debtor.
The Plan is based upon the distribution to the creditors by the
Debtor by means of one or more of the following: (a) cash presently
held by the Debtor and cash to be acquired through the operation of
its business; (b) collection of accounts receivable; (c) the sale
of the Debtor's assets; (d) loans; (e) contributions by Dr. Olutola
Adetona and Dr. Omolola Adetona; (f) recoveries from the Debtor's
insurance carriers and from its software/computer servicers.
Dr. Adetona, to the extent he has not already done so, will
contribute at least $100,000 at the rate of $10,000 in new money
per year commencing one year from the date of Plan Confirmation.
This is in addition to the $20,000 which Dr. Olutola Adetona
obtained from Mr. David Trotter which was used to pay the Debtor's
counsel's fees and expense in this case and which should be
considered an equity contribution (new value) to the debtor.
A full-text copy of the Disclosure Statement dated Feb. 4, 2020, is
available at https://tinyurl.com/tn8oy5k from PacerMonitor at no
charge.
The Debtor is represented by:
LAW OFFICES OF MARTIN SEIDLER
11107 Wurzbach Road, Suite 504
San Antonio, Texas 78230
Tel: (210) 694-0300
Fax: (210) 690-9886
E-mail: Marty@Seidlerlaw.com
About Practical Approach Pediatrics
Practical Approach Pediatrics, LLC filed a Chapter 11
petition(Bankr. W.D. Tex. Case No. 19-50566), on March 12, 2019.
In the petition signed by its managing member, Olutola Adetona, the
Debtor was estimated to have under $500,000 in both assets and
liabilities. Judge Craig A. Gargotta oversees the case. The
Debtor is represented by Martin Warren Seidler, Esq., at the Law
Offices of Martin Seidler.
PRO SOUTH: Exclusivity Period Extended to March 2
-------------------------------------------------
Judge Brenda Rhoades of the U.S. Bankruptcy Court for the Eastern
District of Texas extended the exclusivity period during which Pro
South, Inc. can file a disclosure statement and Chapter 11 plan to
March 2.
The company has until May 1 to confirm its plan.
About Pro South
Pro South, Inc., a logging contractor that operates a woodyard and
sawmill in Booneville, Miss., sought Chapter 11 protection (Bankr.
E.D. Tex. Case No. 19-42427) on Sept. 4, 2019. In the petition
signed by CEO Roderick Kagy, the Debtor estimated assets at
$500,000 to $1 million, and liabilities at $1 million to $10
million. Judge Brenda T. Rhoades oversees the case. Joyce W.
Lindauer Attorney, PLLC, is the Debtor's legal counsel.
R & J BENTON: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: R & J Benton Grading, Inc.
866 Fincherville Rd
Jackson, GA 30233-3420
Business Description: R & J Benton Grading, Inc.
is a Georgia corporation providing
excavation services including land clearing,
lot preparation and development work for
residential and commercial clients.
Chapter 11 Petition Date: February 21, 2020
Court: United States Bankruptcy Court
Middle District of Georgia
Case No.: 20-50346
Judge: Hon. James P. Smith
Debtor's Counsel: Robert M. Matson, Esq.
AKIN WEBSTER & MATSON, PC
544 Mulberry St Ste 400
Macon, GA 31201-8257
E-mail: rmatson@akin-webster.com
Total Assets as of Dec. 31, 2019: $1,004,524
Total Liabilities as of Dec. 31, 2019: $1,232,187
The petition was signed by Joshua Benton, 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:
https://is.gd/qKcTTo
REDEEMED CHRISTIAN CHURCH: Hires Buddy D. Ford as Legal Counsel
---------------------------------------------------------------
The Redeemed Christian Church of God-Throne of Grace, Inc. seeks
approval from the U.S. Bankruptcy Court for the Middle District of
Florida to hire Buddy D. Ford, P.A. as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. advise the Debtor of its powers and duties in the continued
operation of the business and management of the property of the
estate;
b. prepare and file schedules of assets and liabilities,
statement of affairs and other documents required by the court;
c. represent the Debtor at the Section 341 creditor's
meeting;
d. advise the Debtor of its responsibilities in complying with
the U.S. Trustee's guidelines and reporting requirements and with
the rules of the court;
e. prepare legal papers and appear at hearings; and
f. represent the Debtor in negotiation with its creditors in
the preparation of a Chapter 11 plan.
The firm's standard hourly rates are:
Buddy Ford, Esq. $425
Sr. Associate Attorneys $375
Jr. Associate Attorneys $300
Paralegals $150
Jr. Paralegals $100
Prior to the commencement of the bankruptcy case, the Debtor paid
Buddy D. Ford an advance fee of $12,000. The firm will also be
reimbursed for work-related expenses incurred.
Buddy Ford, Esq., attests that his firm does not represent any
interest adverse to the Debtor and its estate.
The firm can be reached through:
Buddy D. Ford, Esq.
Jonathan A. Semach, Esq.
Heather M. Reel, Esq.
BUDDY D. FORD, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Tel: (813) 877-4669
Fax: (813) 877-5543
E-mail: Buddy@TampaEsq.com
Jonathan@tampaesq.com
Heather@tanoaesq.com
About The Redeemed Christian Church
of God-Throne of Grace Inc.
The Redeemed Christian Church of God-Throne of Grace, Inc. filed
for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No.
20-00956) on Feb. 3, 2020, listing under $1 million in assets and
liabilities. Buddy D. Ford, P.A. is the Debtor's legal counsel.
RENT RITE: Court Approves Disclosure Statement
----------------------------------------------
Judge Thomas B. McNamara has ordered that the Disclosure Statement
filed by RENT RITE SUPERKEGS WEST, LTD, Debtor, is APPROVED.
Ballots accepting or rejecting the Plan must be submitted by the
holders of all claims or interests entitled to vote on the Plan on
or before 5:00 p.m. on March 26, 2020, to Debtor’s counsel.
Any objection to confirmation of the Plan shall be filed and served
on or before March 26, 2020.
A hearing for consideration of confirmation of the Plan and such
objections is set for Thursday, April 9, 2020, at 1:30 p.m. before
the
undersigned Judge in the United States Bankruptcy Court for the
District of Colorado, Courtroom E, U.S. Custom House, 721 19th
Street, Denver, Colorado.
About Rent Rite SuperKegs
Headquartered in Denver, Colorado, Rent Rite SuperKegs West Ltd.
leases warehouse space to tenants. It owns a warehouse building
located at 3850 to 3900 E. 48th Ave., Denver, Colo.
The Debtor first filed for Chapter 11 protection (Bankr. D. Colo.
Case No. 12-31592) on Oct. 18, 2012.
Rent Rite SuperKegs West sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 17-21236) on Dec. 11,
2017. In the petition signed by Thomas S. Wright, president, the
Debtor was estimated to have assets and liabilities of $1 million
to $10 million. Judge Thomas B. McNamara oversees the case. The
Debtor hired Weinman & Associates, P.C., as counsel, and Allen
Vellone Wolf Helfrich & Factor P.C., as special counsel.
The Office of the U.S Trustee appointed an official committee of
unsecured creditors on Feb. 2, 2018. The committee retained Appel,
Lucas & Christensen, P.C., as its legal counsel.
RIVORE METALS: Cincinnati Industrial Buying Assets for $870K
------------------------------------------------------------
Rivore Metals, LLC, asks the U.S. Bankruptcy Court for the Eastern
District of Michigan to authorize the sale of the assets to
Cincinnati Industrial Auctioneers, Inc. for $870,000, subject to
adjustments, subject to higher and better offers.
Objections, if any, must be filed within 21 days of service of the
Motion.
During the pendency of the case, the Debtor has determined in the
exercise of its business judgment to effectuate an orderly
liquidation of its assets for the benefit of the bankruptcy estate.
Along with its professionals, including its financial advisor, the
Debtor sought to maximize the return on the sale of its assets.
The Debtor has received the following offer to purchase those
assets identified in the asset purchase agreement:
a. Purchaser: Cincinnati Industrial Auctioneers, Inc.
b. Offer: $870,000, subject to adjustments as disclosed in the
APA
c. Assets: Those assets attached to the APA as Schedule 1(a),
subject to those assets on Schedule 1(z) that are not present at
Debtor's premises on the Closing Date the Closing Date, and the
Debtor informs the Buyer that the Alternate Transaction has
occurred prior to the Closing Date.
d. In the event that Debtor enters into an Alternate
Transaction, immediately upon the closing of such Alternate
Transaction Seller will pay Buyer a Break-up Fee in the amount of
$30,000.
e. Bid protections: Through the date that is five business
days after the date on which the Sale Order is entered, the Debtor
may solicit and accept offers from potential buyers for the Assets
other than the Buyer. If prior to the Offer Expiration Date, the
Debtor, in its sole discretion, determines that it has received an
offer that is at least $910,000, the Debtor may elect to accept the
Higher Offer and accordingly enter into a purchase agreement with
such buyer, provided that the purchase agreement for such Alternate
Transaction is executed by the Debtor prior to the Closing Date and
the Debtor informs the Buyer that the Alternate Transaction has
occurred prior to the Closing Date.
The Debtor submits that the Sale of the Assets should be free and
clear of any and all liens, claims, encumbrances and interests.
PNC Bank, N.A., has consented to the Sale and is adequately
protected as its lien will transfer to the proceeds thereof.
Moreover, the Debtor has sent this Motion to any purported
lienholders. If such lienholders do not object to the proposed
Sale, then their consent should reasonably be presumed.
Accordingly, the Debtor asks that unless an entity asserting a lien
or encumbrance on any of the
Assets timely objects to the Motion, such entity will be deemed to
have consented to the Sale.
While the Debtor is confident that its efforts have yielded fair
and reasonable consideration for the Assets, adequate "market
exposure" and an ability to obtain higher and better offers will
provide additional support.
A copy of the APA is available at https://tinyurl.com/wau767z from
PacerMonitor.com free of charge.
The Purchaser:
CINCINNATI INDUSTRIAL AUCTIONEERS, INC.
305 Barclay Circle, Suite 1003
Rochester Hills, MI 48307
About Rivore Metals
Rivore Metals, LLC -- http://www.rivore.com/-- is a metals trading
and project management company with offices in the United States
and Canada offering full service trading operations to
international specialized markets for ferrous and non-ferrous scrap
metals.
Rivore Metals, LLC, filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-53795) on Sept.
27, 2019. In the petition signed by Konstantinos C. Marselis,
president, the Debtor was estimated to have up to $50,000 in assets
and $1 million to $10 million in liabilities.
The case is assigned to Judge Thomas J. Tucker.
Charles D. Bullock, Esq. at Stevenson & Bullock, P.L.C., is the
Debtor's counsel.
The U.S. Trustee for Region 9 appointed a committee of unsecured
creditors on Oct. 15, 2019.
RIVORE METALS: Feb. 26 Deadline to File Plan & Disclosures
----------------------------------------------------------
Judge Thomas J. Tucker has ordered that the Rivore Metals, LLC, is
granted an extension of time, until no later than February 26,
2020, to file an amended combined plan and disclosure statement
that is consistent with the Order filed Feb. 5, 2020, entitled
"Order Requiring Debtor to Amend Disclosure Statement".
The Debtor is granted an extension of time, until no later than
February 26, 2020, to file a redlined version of the amended
combined plan and disclosure statement, showing the changes the
Debtor has made to the “Combined Plan of Liquidation and
Disclosure Statement of Rivore Metals, LLC”.
About Rivore Metals
Rivore Metals, LLC -- http://www.rivore.com/-- is a metals trading
and project management company with offices in the United States
and Canada offering full service trading operations to
international specialized markets for ferrous and non-ferrous scrap
metals.
Rivore Metals filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-53795) on Sept. 27,
2019. In the petition signed by Konstantinos C. Marselis,
president, the Debtor was estimated to have up to $50,000 in assets
and $1 million to $10 million in liabilities.
The case is assigned to Judge Thomas J. Tucker.
Charles D. Bullock, Esq. at Stevenson & Bullock, P.L.C., is the
Debtor's counsel.
The U.S. Trustee for Region 9 appointed a committee of unsecured
creditors on Oct. 15, 2019.
ROBERT MICHELENA: Proposes Auction &/Or Private Sale of Assets
--------------------------------------------------------------
Robert Marcus Michelena asks the U.S. Bankruptcy Court for the
Southern District of Texas to authorize the public auction and/or
private sale of of the following assets: (a) Shotgun - Browning
Citori 20 guage 12478 pr 163, Winchester Ranger L1610827, Remington
870 r591579a, Remington 870 RS94573A, Stoeger Stage 380318, CZ
Over/Under, CZ Over/Under, 30 Carbine Universal 33583448, 30
carbine 6715495, AK Romanian 1971-c2-4826, AK Sporter, Colt M4
CJC007910, Pistols Ruger Single six, Kimber 9mm k03249, Ruger 500
47-99719, XDM Armory 40 MG15 2420, XDM Armory 45 US 748221, Glock
22 40 cal CRU 201US, Glock 19 9mm DNN 453, Kimber 10mm KF05680,
Smith & Wesson 41 N902203571, Ruger 44 530-18373, Smith & Wesson 44
N749349, Gen Tec Ruger 22 214-63908 Silenced, Rifles: Rem
700-7mm-08 F6233751, Rem 700 22-250 E67-10046, Rem 700 308
e6469619, Rem 700338-06 E6530399, Rem 700 221 Fireball 56475723,
Browning 22 Hornet 4723369, Rem 700 350, Rem 7787071, Rem 700 220
Swift C6759927, Browning 300 31357MV351, Ruger 223 78344041, Lever
Guns: Winchester 357, and Marlin 45-70; and (b) as picked up by
Daniel Jennings, Auctioneer, on Jan. 17, 2020 - Remington 700 .388
SN #D6801104, and CZ Wingshooter 20ga SN #12P1677.
The sale will be 21 days after filing of the Application to Sell,
or upon entry of the Court Order.
The property will be advertised for sale online at
http://elcoauctions.hibid.com/. The sale will free and clear of
all liens, with all valid and unavoidable liens to attach to the
proceeds of sale.
The auction will be conducted by National Auctioneers &
Liquidators, Inc. License No. 12078. The Auctioneer's compensation
is 15% of the gross sales price with a 10% buyer's premium to be
retained by the auctioneer if sold by auction or 10% of the gross
sales price, plus reasonable expenses, if brokered and/or if sold
by individual sale.
The Trustee filed an Application to Employ Auctioneer (National
Auctioneers & Liquidators, Inc.) on Jan. 22, 2020. And an Order
approving his employment has not been entered. The Trustee asks to
pay such commissions, together with all expenses of sale, out of
the gross auction proceeds, upon receipt thereof.
The subject property is property of the bankruptcy estate and is
being sold free and clear of liens and other interests, including
all interests of the Debtor, with all other valid and unavoidable
liens to attach to the proceeds. There are no warranties, express
or implied, and the Property is being sold "as-is and where-is."
Concurrently with the filing of this Application, the trustee will
mail to all creditors the notice (Exhibit A), pursuant to
Bankruptcy Rule 2002 and Local Rule 2002. If no timely objections
are filed, the Court should enter its order approving the sale,
approving payment of fees and expenses to National Auctioneers &
Liquidators, Inc., and finding that the property is wholly owned by
the bankruptcy estate.
The Trustee does not believe that Debtor's bankruptcy estate will
suffer any negative tax consequences as a result of the subject
sale, or that only nominal taxes will be incurred as a result of
the sale.
Robert Marcus Michelena sought Chapter 11 protection (Bankr. S.D.
Tex. Case No. 19-70068) on March 4, 2019. The Debtor tapped
Richard O. Habermann, Esq., as counsel.
ROLLS BROS: May Continue Receivables Financing from AeroFund
------------------------------------------------------------
Rolls Bros Logistics Inc., sought permission from the U.S.
Bankruptcy Court for the Middle District of Georgia to obtain
post-petition receivables financing from AeroFund Financial
Financial, Inc., pursuant to an Agreement for Purchase of Accounts,
in order to fund its daily operations.
Since July 2015, the Debtor has financed its invoices through
AeroFund. AeroFund pays the Debtor 95% of each invoice and charges
.8% on uncollected invoices every eight days. Due to its long-term
agreement with AeroFund, the Debtor has developed and maintains a
steady stream of income which funds the daily operations of the
Debtor's trucking business.
A copy of the motion is available for free at https://is.gd/pgaKll
from PacerMonitor.com.
Judge Austin E. Carter approved the motion on an interim basis,
pending final hearing on the motion. A copy of the order is
available free of charge at https://is.gd/xAlMfP from
PacerMonitor.com.
A final hearing is scheduled for March 11, 2020 at 2 p.m.
About Rolls Bros Logistics Inc.
Rolls Bros Logistics Inc., is a logistics provider offering
trucking and third-party logistics management to provide long haul
and regional highway load transport, domestic ports and
international drayage intermodal, less-than-truckload, specialized,
and flatbed services.
The company filed a Chapter 11 petition (Bankr. M.D. Ga. Case No.
20-10098) on January 24, 2020. In the petition signed by James
Patrick Rolls, CEO, the Debtor estimated up to $50,000 in assets,
and between $1 million and $10 million in liabilities. Zalkin
Revell, PLLC is the Debtor's counsel.
RONNA'S RUFF BARK: Court Approves Cash Stipulation with S&T Bank
----------------------------------------------------------------
Ronna's Ruff Bark Trucking, Inc., entered into a stipulation with
S&T Bank relating to the Debtor's use of S&T Bank's cash
collateral.
The parties stipulate and acknowledge that:
* the Debtor owes S&T Bank, as of the Petition Date, these loan
balances:
(a) $107,406.19 under Loan I, (b) $9,922.25 under Loan II, (c)
$158,730.83 under Loan III, d) $16,092.59 under Loan IV, (e)
$164,411.14 under Loan V, (f) $178,957.35 under Loan VI, (g)
$67,038.05 on Loan VII, (h) $12,554.67 under Loan VIII, (i)
$191,358.66 on Loan XI, and (j) $30,095.85 under Loan X.
* the Debtor's obligations to S&T Bank are secured by perfected,
first priority liens on substantially all of the assets of the
Debtor.
* the Debtor will continue making post-petition adequate
protection payments to the Pennsylania Dept. of Labor & Industry in
the amount of $312.00 per month. The Pennsylvania Dept. of Labor
and Industry filed a secured proof of claim in the amount of
$5,933.81 in the Debtor's case.
* S&T Bank and the Debtor have agreed to the Debtor's use of
cash collateral in which S&T Bank holds an interest to the extent
of the amounts stated in the budget.
The Court approved the stipulation, according to the dockets.
About Ronna's Ruff Bark Trucking
Ronna's Ruff Bark Trucking, Inc., is a privately held company in
the skidding logs business.
Ronna's Ruff Bark Trucking, based in Shippenville, PA, 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 both assets and
liabilities. The Hon. Thomas P. Agresti is the presiding judge.
Michael S. JanJanin, Esq., at Quinn Buseck Leemhuis Toohey & Kroto,
Inc., serves as bankruptcy counsel.
SAEXPLORATION HOLDINGS: Elects Director to Fill Vacancy
-------------------------------------------------------
The Board of Directors of SAExploration Holdings, Inc., elected
Jacob Mercer to fill a vacancy on the Board. Mr. Mercer was
elected effective immediately and will serve as a director until
the next annual meeting of the stockholders of the Company or until
his earlier death, resignation or removal. In addition, the Board
appointed Mr. Mercer as a member of the Compensation Committee of
the Board.
Mr. Mercer, age 45, is a partner, Head of Special Situations and
Restructuring at Whitebox Advisors LLC. Prior to joining Whitebox
in 2007, Mr. Mercer worked for Xcel Energy as assistant treasurer
and managing director. Before joining Xcel Energy, he was a senior
credit analyst and principal at Piper Jaffray and a research
analyst at Voyageur Asset Management. Mr. Mercer also served as a
logistics officer in the United States Army. He previously served
as a member of the Board from July 2016 to June 2019. Mr. Mercer
currently serves on the board of director of A. M. Castle & Co.
(2017 – present) (OTCQB:CTAM) and formerly served on the boards
of directors of Platinum Energy Solutions (2013-2017) (formerly
NYSE: FRAC), and Par Pacific Holdings, Inc., formerly Par Petroleum
Corporation (2012-2015) (NYSE: PARR). Mr. Mercer holds a BA with a
double major in economics and business management from St. John's
University. He also holds the Chartered Financial Analyst (CFA)
designation. The Company believes that Mr. Mercer is qualified to
serve on its Board based on his investment and financial
expertise.
Whitebox nominated Mr. Mercer to serve as a director on the Board
in accordance with the Company's Third Amended and Restated
Certificate of Incorporation, as amended, and its Second Amended
and Restated Bylaws, as amended, which provide Whitebox with the
right to nominate a successor to a director previously nominated by
Whitebox (and no longer on the Board) for so long Whitebox holds
(together with its affiliates) at least 10% of the Company's
outstanding common stock.
As of Feb. 19, 2020, Whitebox and/or one or more of its affiliates
beneficially own approximately 36.1% of the Company's common stock
(including shares issuable upon the exercise of the Company's
Series C, D, E and F Warrants) and own approximately $24.0 million
in aggregate principal amount of the Company's 6% Senior Secured
Convertible Notes due 2023. In addition, as of Feb. 19, 2020,
Whitebox and/or one or more of its affiliates holds approximately
$8.2 million and $11.2 million of the indebtedness outstanding
under the Company's credit facility and its senior loan facility,
respectively.
About SAExploration Holdings
SAExploration Holdings -- http://www.saexploration.com/-- is a
full–service global provider of seismic data acquisition,
logistical support, processing and integrated reservoir geosciences
services to its customers in the oil and natural gas industry. In
addition to the acquisition of 2D, 3D, time–lapse 4D and
multi–component seismic data on land, in transition zones between
land and water, and offshore in depths reaching 3,000 meters, the
Company offers a full–suite of logistical support and data
processing and interpretation services utilizing its proprietary,
patent–protected software. The Company operates crews around the
world that are supported by over 135,000 owned land and marine
channels of seismic data acquisition equipment and other leased
equipment as needed to complete particular projects.
SAExploration reported a net loss attributable to the company of
$83.60 million in 2018 following a net loss attributable to the
company of $40.75 million in 2017. As of Sept. 30, 2019,
SAExploration had $106.77 million in total assets, $30.08 million
in total current liabilities, $103.36 million in long-term debt and
finance leases, $4.32 million in other long-term liabilities, and
a total stockholders' deficit of $30.99 million.
SAEXPLORATION HOLDINGS: Whitebox Advisors Reports 36% Stake
-----------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, these entities reported beneficial ownership of shares
of common stock of SAExploration Holdings as of Feb. 17, 2020:
Shares Percent
Beneficially of
Reporting Person Owned Class
---------------- ------------ -------
Whitebox Advisors LLC 2,336,725 36.08%
Whitebox General Partner LLC 2,336,725 36.08%
Whitebox Multi-Strategy Partners, LP 1,431,195 25.41%
Whitebox Credit Partners, LP 449,460 9.53%
Whitebox Asymmetric Partners, LP 347,027 7.51%
The percent of class is calculated based on 4,299,670 Shares
outstanding as of Jan. 27, 2020, as provided in the Issuer's Form
10-Q filed on Feb. 7, 2020.
A full-text copy of the regulatory filing is available for free
at:
https://is.gd/KDczog
About SAExploration Holdings
SAExploration Holdings -- http://www.saexploration.com/-- is a
full–service global provider of seismic data acquisition,
logistical support, processing and integrated reservoir geosciences
services to its customers in the oil and natural gas industry. In
addition to the acquisition of 2D, 3D, time–lapse 4D and
multi–component seismic data on land, in transition zones between
land and water, and offshore in depths reaching 3,000 meters, the
Company offers a full–suite of logistical support and data
processing and interpretation services utilizing its proprietary,
patent–protected software. The Company operates crews around the
world that are supported by over 135,000 owned land and marine
channels of seismic data acquisition equipment and other leased
equipment as needed to complete particular projects.
SAExploration reported a net loss attributable to the company of
$83.60 million in 2018 following a net loss attributable to the
company of $40.75 million in 2017. As of Sept. 30, 2019,
SAExploration had $106.77 million in total assets, $30.08 million
in total current liabilities, $103.36 million in long-term debt and
finance leases, $4.32 million in other long-term liabilities, and a
total stockholders' deficit of $30.99 million.
SAMANTHA SANSON CONSULTING: Seeks to Hire Braunco Inc. as Appraiser
-------------------------------------------------------------------
Samantha Sanson Consulting Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Braunco, Inc. as appraiser.
The firm will provide these services:
a. conduct an appraisal of the Debtor's tangible assets and a
valuation of its business enterprise and good will to assess any
offer the Debtor may receive for its assets;
b. assist the Debtor in the formulation, preparation, and
execution of a program to create and implement a sales platform to
maximize the value of its tangible assets and good will; and
c. assess and analyze offers for the assets.
Braunco will be paid a flat fee of $9,750. In case the firm's
representatives are called upon to testify or to analyze any other
valuation or appraisal, they will be paid an hourly fee of $425.
Braunco is a disinterested person within the meaning of 11 U.S.C.
Section 101(14), according to court filings.
The firm can be reached through:
Todd Wohl
Braunco, Inc.
1230 Rosecrans Ave, Suite 160
Manhattan Beach, CA 90266
Phone: 866-568-6638
About Samantha Sanson Consulting
Established in 1999, Samantha Sanson Consulting Inc. was created by
Samantha Sanson to provide consulting and advisory services to the
adult entertainment and performance industry.
Samantha Sanson Consulting filed a voluntary Chapter 11 petition
(Bankr. E.D. Cal. Case No. 19-24428) on Dec. 10, 2019, and is
represented by J. Bennett Friedman, Esq., at Friedman Law Group,
P.C. At the time of the filing, the Debtor had estimated assets of
less than $50,000 and liabilities of between $100,001 and $500,000.
Judge Barry Russell oversees the case.
SAMHA FOODS: Taps Turner Legal Group as Legal Counsel
-----------------------------------------------------
Samha Foods, Co., LLC and Quality Meats, Inc. received approval
from the U.S. Bankruptcy Court for the District of Nebraska to hire
Turner Legal Group, LLC as their legal counsel.
The firm will provide services in connection with the Debtors'
Chapter 11 cases, which include legal advice regarding their powers
and duties in the continued operation of their businesses and
management of their affairs, and the preparation of a plan of
reorganization and other legal documents.
Turner will charge an hourly fee of $300. The firm received a
retainer of $15,000.
Turner is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Patrick Turner, Esq.
Turner Legal Group, LLC
139 S. 144th Street, #665
Omaha, NE 68010
Email: pturner@turnerlegalomaha.com
About Samha Foods Co.
Based in Omaha, Samha Foods, Co., LLC and Quality Meats, Inc.
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Neb. Lead Case No. 19-80424) on March 18, 2019. At the time of
filing, the Debtors estimated $1,000,001 to $10 million in both
assets and liabilities. Judge Thomas L. Saladino oversees the
case. Patrick Turner, Esq., at Turner Legal Group, LLC, is the
Debtor's legal counsel.
STAR CHAIN: Softbrain Buying All Store Assets for $20K
------------------------------------------------------
Star Chain, Inc. and US Star 18, LLC, ask the U.S. Bankruptcy Court
for the Northern District of Georgia to authorize private sale of
substantially all their assets to Softbrain, Inc. for $20,000.
Because of insufficient liquidity to operate the store associated
with US Star 18, LLC, the Debtor has closed it down. As a result,
the Debtors believe it is prudent to sell the assets and assign the
franchise agreements associated with such stores. The store is a
Yogli Mogli franchised location that sells frozen yogurt.
Pursuant to the Asset Purchase Agreement, the Debtor is selling
substantially all of the assets associated with the store
associated with US Star 18 and assuming and assigning the
associated franchise agreement with U-Swirl International, Inc. In
exchange, Softbrain is paying the Debtor $20,000. The landlord of
the Debtor, Four Plus Corp., previously obtained stay relief.
The Debtor understands that Landlord will enter into a new lease
with the Buyer. Given the exigencies of time associated with the
sale of the Purchased Assets, and the fact that the store is
already cleared, the Debtor believes that their decision to enter
into the Asset Purchase Agreement there is a sound business
justification for granting the Motion would be in best interests of
creditors
and the Debtor's estate.
Upon information and belief, Wallis State Bank has a first priority
security interest in the assets of the Debtor, including the FF&E.
Wallis State Bank, to the Debtor's knowledge, does not have a lien
on the Lease or the Franchise Agreement. There are no other
pre-petition UCC-1 Financing Statements filed that have not been
satisfied. Kalamata Capital Group filed UCC-1 File No.
038-2019-005128 in March of 2019. Prior to the Petition Date, the
Debtor received a UCC-Termination Statement and confirmation from
Kalamata that its UCC-1 Financing Statement was terminated and
satisfied in full.
There are various closing condition deadlines in section 8 of the
Asset Purchase Agreement and right to terminate deadlines in
section 9 of Asset Purchase Agreement. The Closing Condition
Deadlines include the following: (a) Jan. 24, 2020: deadline to
file the Motion; (b) Jan. 27, 2020: deadline for the entry of an
order scheduling the sale hearing on Jan. 31, 2020 and setting an
objection deadline on Jan. 30, 2020; (c) Feb. 3, 2020: deadline for
the entry of the Sale Order. The Right to Terminate Deadlines
include the following: (a) Feb. 29, 2020: closing deadline (subject
to the adjustment provisions of section 9.1(a)) and (b) Feb. 3,
2020: deadline for the entry of the Sale Order.
The APA requires a good faith deposit of $10,000, which is
currently being held in the Debtors' counsel's escrow account.
The Debtors have determined that a sale of the Purchased Assets
pursuant to the APA will be the most effective way to maximize the
value of their bankruptcy estates for the benefit of their
creditors in view of the limitation in time authoring to sell the
Purchase Asset. Indeed, absent approval of a prompt sale of the
Acquired Assets to the Purchaser, the Debtors will be evicted from
the premises and months may go by before a new tenant could be
found by the Landlord. As such, they believe that they have
demonstrated a sound business justification for the relief
requested in the Motion.
Adequate assurance of future performance will be presented at the
Sale Hearing. If necessary, the Debtors will adduce facts at the
sale hearing to refute any objection, demonstrating the financial
wherewithal of the Purchaser, and its willingness and ability to
perform under the executory contracts to be assumed and assigned.
Furthermore, to the extent that any defaults exist under any
executory contract that is to be assumed and assigned in connection
with the sale of the Purchased Assets, the Purchaser or the Debtors
will cure any such default contemporaneously with or as soon as
practicable after consummation of an assumption and assignment of
such executory contract or unexpired lease.
The Debtors ask the Court to approve the Asset Purchase Agreement
as a private sale pursuant to Rule 6004(e) of the Bankruptcy Rules.
Given the exigencies of time and the Debtors' questionable ability
to sell the Purchased Assets to another bidder, the Debtors believe
that a private sale is prudent.
The Debtors ask that the Sale Order be effective immediately by
providing that the 14-day stays applicable under Rules 6004(h) and
6006(d) of the Bankruptcy Rules be waived.
US Star 18 is a party to a lease agreement with Four Plus Corp. for
the property located at 3600 Dallas Highway, Suite 290, Marietta,
Georgia. On Jan. 16, 2020, the Court entered an order granting
stay relief to the Landlord to take possession of the Premises.
Out of an abundance of caution, the Debtor askss that, as a part of
the order approving the sale, that the Lease be formally rejected
as of the date stay relief was granted.
On Jan. 22, 2020, the Debtor contacted U-Swirl International, Inc.
and confirmed that it owed no royalties.
Finally, the Debtors ask an emergency hearing on its requested
relief because they could be irreparably harmed if the sale is not
consummated prior to Feb. 1, 2020. The Buyer and the Landlord plan
to enter into a new lease effective Feb. 1, 2020. There are
limited interested parties to this transaction and time is of the
essence to consummate the sale. The Buyer expects the full use of
the Premises by February 1, 2020 if it is going to be responsible
for paying rent for the month of February. The Debtors
respectfully ask that the Court sets a hearing prior to Feb. 1,
2020.
A copy of the Agreement is available at https://tinyurl.com/todremd
from PacerMonitor.com free of charge.
About Star Chain
Star Chain, Inc., is a Georgia-based company that operates as the
management company for all affiliated "US Star" debtors. The
affiliated "US Star" debtors operate approximately four dozen
restaurants with franchisors Captain D's, Checkers, Newk's, and
Yogli Mogli. The Debtors' membership interests are owned by the
same person, Omer Casurluk. The Debtors have common secured
creditors and are part of one business operation.
On Oct. 2, 2019, Star Chain, Inc., as Lead Debtor, and 26 other
affiliates sought Chatper 11 protection (Bankr. N.D. Ga. Lead Case
No. 19-65768) in Atlanta, Georgia. In the petition signed by Omer
Casurluk, manager, Star Chain, Inc., was estimated to have assets
at $1 million to $10 million, and liabilities at $10 million to $50
million. The Hon. Wendy L. Hagenau is the case judge. Wiggam &
Geer, LLC is counsel to the Debtors. Rountree Leitman & Klein,
LLC, is Wiggam & Geer's co-counsel.
STAR PETROLEUM: Hires Luis Carrasquillo as Financial Consultant
---------------------------------------------------------------
Star Petroleum, Corp., seeks authority from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ CPA Luis
Carrasquillo & CO. P.S.C., as financial consultant to the Debtor.
Tecnicentros Mundial requires Luis Carrasquillo to:
-- assist the Debtor in the financial restructuring of its
affairs by providing advice in strategic planning;
-- prepare the Debtor's Plan of Reorganization, Disclosure
Statement and business plan; and
-- participate in negotiations with the Debtor's creditors.
Luis Carrasquillo will be paid at these hourly rates:
Partners $175
Senior CPAs $85 to $125
Administrative Support $45
Luis Carrasquillo will be paid a retainer in the amount of
$12,500.
Luis Carrasquillo will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Luis R. Carrasquillo, a partner at CPA Luis R. Carrasquillo & Co.,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Luis Carrasquillo can be reached at:
Luis R. Carrasquillo
CPA LUIS R. CARRASQUILLO & CO., P.S.C.
28th Street, TI-26
Caguas, PR 00725
Tel: (787) 746-4555
Fax: (787) 746-4564
E-mail: luis@cpacarrasquillo.com
About Star Petroleum Corp.
Star Petroleum, Corp., based in Toa Alta, PR, filed a Chapter 11
petition (Bankr. D.P.R. Case No. 20-00558) on Feb. 5, 2020. In the
petition signed by Sami Abraham, president, the Debtor disclosed
$6,782,500 in liabilities. CHARLES A. CUPRILL, PSC LAW OFFICES,
serves as bankruptcy counsel.
STAR PETROLEUM: Seeks to Hire Charles A. Cuprill as Counsel
-----------------------------------------------------------
Star Petroleum, Corp., seeks authority from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Charles A. Cuprill,
P.S.C., Law offices, as counsel to the Debtor.
Star Petroleum requires Charles A. Cuprill to represent and provide
legal services to the Debtor in the Chapter 11 bankruptcy
proceedings.
Charles A. Cuprill will be paid at the hourly rate of $350. The
Firm will be paid a retainer in the amount of 12,500. It will also
be reimbursed for reasonable out-of-pocket expenses incurred.
Charles A. Cuprill, partner of Charles A. Cuprill, P.S.C., Law
offices, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.
Charles A. Cuprill can be reached at:
Charles A. Cuprill Hernandez, Esq.
CHARLES A. CUPRILL, PSC LAW OFFICES
356 Fortaleza Street, Second Floor
San Juan, PR 00901
Tel: (787) 977-0515
E-mail: ccuprill@cuprill.com
About Star Petroleum, Corp.
Star Petroleum, Corp., based in Toa Alta, PR, filed a Chapter 11
petition (Bankr. D.P.R. Case No. 20-00558) on Feb. 5, 2020. In the
petition signed by Sami Abraham, president, the Debtor disclosed
$6,782,500 in liabilities. CHARLES A. CUPRILL, PSC LAW OFFICES,
serves as bankruptcy counsel.
STILWATER 8665: Seeks to Hire A. J. Mitchell as Legal Counsel
-------------------------------------------------------------
Stillwater 8665, LLC seeks authority from the U.S. Bankruptcy Court
for the Northern District of Georgia to hire the Law Offices of A.
J. Mitchell as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a) prepare schedules, pleadings and applications;
b) conduct examinations;
c) advise the Debtor of its rights and duties, consult and
represent the Debtor with respect to a Chapter 11 plan, perform
legal services incidental and necessary to the day-to-day operation
of its business; and
d) take all actions incidental to the proper preservation and
administration of the Debtor's estate and business.
The firm has stated present fee rates of $250 per hour for
attorneys and $70 per hour for legal assistants.
The Law Offices of A. J. Mitchell does not represent interests
adverse to the Debtor, according to court filings.
The firm can be reached through:
A. J. Mitchell, Esq.
Law Office Of A. J. Mitchell, LLC
2330 Scenic Hwy S
Snellville, GA 30078
Phone: 770-972-6623
Email: aj@ajmitchell-law.co
About Stillwater 8665
Based in Dawsonville, Ga., Stillwater 8665, LLC filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Ga. Case No. 20-20224) on Feb. 3, 2020, listing under $1
million in both assets and liabilities. A. J. Mitchell, Esq., at
the Law Office Of A. J. Mitchell, LLC, is the Debtor's legal
counsel.
T&U INVESTMENTS: Seeks to Hire Phil Hineman as Counsel
------------------------------------------------------
T&U Investments, LLC, seeks authority from the U.S. Bankruptcy
Court for the District of Arizona to employ The Law Office of Phil
Hineman, P.C., as counsel to the Debtor.
T&U Investments requires Phil Hineman to:
a. give the Debtor legal advice with respect to their
reorganization;
b. represent the Debtor in connection with negotiations
involving secured and unsecured creditors;
c. represent the Debtor at hearings set by the Court in
Debtors' bankruptcy case; and
d. prepare necessary applications, motions, answers, orders,
reports or other legal papers necessary to assist in the
Debtor's reorganization.
Phil Hineman will be paid at these hourly rates:
Phil Hineman, $350
Legal Assistants/Paralegals $75 to $150
Phil Hineman will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Phil Hineman, partner of The Law Office of Phil Hineman, P.C.,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Phil Hineman can be reached at:
Phil Hineman, Esq.
LAW OFFICE OF PHIL HINEMAN, P.C.
220 S. Second Avenue
Yuma, AZ 85364
Telephone: (928) 341-9600
Facsimile: (928) 341-9601
E-mail: phineman@hineman.com
About T&U Investments
T&U Investments, LLC, based in Yuma, AZ, filed a Chapter 11
petition (Bankr. D. Ariz. Case No. 20-01214) on Feb. 5, 2020. In
the petition signed by Shirley Tuffly, managing member, the Debtor
disclosed $4,268,083 in assets and $2,008,312 in liabilities. Phil
Hineman, Esq., at The Law Office of Phil Hineman, P.C., serves as
bankruptcy counsel.
TOSCA SERVICES: S&P Assigns 'B' ICR; Outlook Stable
---------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to Tosca
Services LLC. At the same time, S&P assigned its 'B' issue-level
rating and '3' recovery rating (rounded estimate: 50%) to its
proposed credit facility.
Tosca has acquired Polymer Logistics L.V. (Polymer) and is seeking
to issue a $325 million first-lien term loan, inclusive of a $75
million delayed-draw, due 2027. The term loan proceeds, along with
an equity contribution of $188 million from Apax Partners, will
fund the acquisition and refinance the company's existing debt.
S&P's 'B' issuer credit rating on Tosca reflects its limited
geographic diversity, high capital expenditure supporting organic
growth, and small-scale narrow focus relative to peers S&P rates
similarly. Partially offsetting these factors are its strong
position in the reusable plastic containers space, stable EBITDA
margins, and low leverage compared with other financial
sponsor-owned companies.
The stable outlook reflects S&P's expectation for relatively
favorable end-market conditions, driven by stable economic growth
and healthy demand for food and beverage products sold in grocery
stores and retailers internationally, which will allow the company
to improve its profitability and reduce leverage. S&P expects
leverage to be in the 4x area at the end of 2020, factoring in a
draw on the delayed draw term loan, and to improve further due to
international expansion given its Polymer business, and new
contract wins.
"We could lower our rating on Tosca over the next 12 months if we
expect the company's debt-to-EBITDA ratio to increase and remain at
6x or more. This could occur if demand for the company's services
declines, and it loses contracts with suppliers and retailers,
which causes substantial EBITDA margin contraction, or if it
pursues significant debt-financed acquisitions or dividends to its
sponsor," S&P said.
"Although unlikely, we could raise our rating on Tosca if the
company is able to increase its scale, expands its geographic
footprint, and improves leverage below 4x for a sustained period,
inclusive of future potential acquisitions and shareholder
returns," the rating agency said.
VAC FUND HOUSTON: Committee Taps Brinkman Portillo as Legal Counsel
-------------------------------------------------------------------
The official committee of unsecured creditors of VAC Fund Houston,
LLC seeks approval from the U.S. Bankruptcy Court for the District
of Nevada to hire Brinkman Portillo Ronk, APC as its legal
counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
(a) advise the committee of its powers and duties under the
Bankruptcy Code;
(b) assist the committee in investigating the acts, conduct,
assets, liabilities, and financial condition of the Debtor, the
operation of the Debtor's business, potential claims and any other
matters relevant to the case, to the sale of assets or to the
formulation of a plan of reorganization;
(c) participate in the formulation of a reorganization plan;
(d) provide legal advice as necessary with respect to any
disclosure statement and plan filed in the Debtor's case;
(e) prepare legal papers and appear in court; and
(f) assist the committee in requesting the appointment of a
trustee or examiner should such action be necessary.
The firm will be paid at these hourly rates:
Daren Brinkman $685
Laura Portillo $595
Kevin Ronk $545
Kelsi Hunt $390
Associate Attorneys $330
Paralegals/Law Clerks $175
Brinkman is "disinterested" within the meaning of Section 101(14)
of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Daren R. Brinkman, Esq.
Brinkman Portillo Ronk, APC
4333 Park Terrace Drive, Suite 205
Westlake Village, CA 91361
Tel: 818-597-2992
Fax: 818-597-2998
Email: firm@brinkmanlaw.com
About VAC Fund Houston
VAC Fund Houston, LLC, a Nevada-based company engaged in activities
related to real estate, filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
19-17670) on Dec. 2, 2019, disclosing $15,948,556 in assets and
$17,369,695 in liabilities. The petition was signed by Christopher
Shelton, trustee of VAC Fund Houston Trust, manager of Debtor.
Judge Mike K. Nakagawa oversees the case. Christopher R. Kaup,
Esq., at Tiffany & Bosco, P.A., is the Debtor's legal counsel.
The U.S. Trustee for Region 17 appointed a committee of unsecured
creditors on Jan. 15, 2020. The committee is represented by
Brinkman Portillo Ronk, APC.
VESTAVIA HILLS: Seeks Court Approval to Hire Special Counsel
------------------------------------------------------------
Vestavia Hills, Ltd. seeks approval from the U.S. Bankruptcy Court
for the Southern District of California to hire a special counsel.
The Debtor proposes to employ Elisabeth Eisner, Esq., to negotiate
and document the sale of its real property and business. The
attorney's role will be limited to the purchase and sale documents
involved in the sale process and will not duplicate the work to be
performed by the Debtor's bankruptcy counsel. She will be paid an
hourly fee of $550.
Ms. Eisner neither represents nor holds any interest materially
adverse to the Debtor and its bankruptcy estate, according to court
filings.
Ms. Eisner holds office at:
Elisabeth Eisner, Esq.
4040 Porte De Palmas, Unit 32
San Diego, CA 92122-5140
Phone: (858) 750-2072
Fax: (858) 457-1120
Email: eeisner@eeisner.com
About Vestavia Hills
Vestavia Hills, Ltd., which conducts business under the name Mount
Royal Towers, operates a continuing care retirement community and
assisted living facility for the elderly in Vestavia Hills, Ala.
It offers individualized senior living options for a convenient
community lifestyle and provides personalized nursing care.
Vestavia Hills sought Chapter 11 protection (Bankr. S.D. Cal. Case
No. 20-00018-11) on Jan. 3, 2020. The Debtor disclosed $18,531,957
in assets and $29,742,790 in liabilities as of the bankruptcy
filing. Judge Louise Decarl Adler oversees the case. Sullivan
Hill Rez & Engel is the Debtor's legal counsel.
VIDANGEL INC: Trustee Hires Berkeley Research as Valuation Advisor
------------------------------------------------------------------
George Hofmann, the Chapter 11 trustee for Vidangel, Inc., received
approval from the U.S. Bankruptcy Court for the District of Utah to
hire Berkeley Research Group as his valuation advisor.
Berkeley will provide these services in connection with the
Debtor's Chapter 11 case:
a. assist in the valuation of the Debtor as a "going concern"
business;
b. assist in determining the "liquidation value" of the
Debtor;
c. provide expert testimony if needed; and
d. advise the trustee on other financial matters that may
arise with respect to the Debtor's estate and a potential Chapter
11 plan.
Paul Shields and Jared Funk, the firm's accountants who are
anticipated to provide most of the services, will charge $375 per
hour and $315 per hour, respectively.
Mr. Shields disclosed in a court filing that his firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Paul Shields, CPA
Berkeley Research Group, LLC
201 S. Main, Suite 450
Salt Lake City, UT 84111
Phone: 801-321-0076
Fax: 801-355-9926
About Vidangel Inc.
Based in Provo, Utah, VidAngel, Inc., is an entertainment platform
empowering users to filter language, nudity, violence, and other
content from movies and TV shows on modern streaming devices such
as iOS, Android, and Roku. The company's newly launched service
empowers users to filter via their Netflix, Amazon Prime, and HBO
on Amazon Prime accounts, as well as enjoy original content
produced by VidAngel Studios. Its signature original series, Dry
Bar Comedy, now features the world's largest collection of clean
standup comedy, earning rave reviews from fans nationwide.
VidAngel filed a Chapter 11 petition (Bankr. D. Utah Case No.
17-29073) on Oct. 18, 2017. In the petition signed by CEO Neal
Harmon, the Debtor was estimated to have $1 million to $10 million
in both assets and liabilities.
Judge Kevin R. Anderson oversees the case.
The Debtor tapped Parsons Behle & Latimer, as bankruptcy counsel;
Durham Jones & Pinegar, Baker Marquart LLP, Stris & Maher LLP and
Call & Jensen, P.C. as special counsel; and Tanner LLC as auditor
and advisor. The Debtor also hired economic consulting expert
Analysis Group, Inc.
George Hofmann was appointed as the Debtor's Chapter 11 trustee.
Cohne Kinghon, P.C. is the trustee's bankruptcy counsel. The
trustee also hired Call & Jensen, P.C., TraskBritt, P.C., Call &
Jensen, P.C., and Magleby Cataxinos & Greenwood, P.C. as special
counsel.
VIDEO CORP: March 3 Auction of All Assets Set
---------------------------------------------
Judge Christine M. Gravelle of the U.S. Bankruptcy Court for the
District of New Jersey authorized Video Corp. of America's bidding
procedures in connection with the sale of substantially all assets
to York Telecom Corp., through its wholly-owned subsidiary
York-VCA, LLC, for $4.6 million, subject to higher and better
offers.
The Bidding Procedures will govern the solicitation of bids for the
sale of the Assets.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Feb. 28, 2020 at 4:00 p.m. (ET)
b. Initial Bid: No less than $4,725,000
c. Deposit: No less than 10% of the proposed purchase price
d. Auction: If more than one Qualified Bid is submitted by
the Bid Deadline, the Debtor will conduct an auction at 10:00 a.m.
on March 3, 2020 at the offices of the Debtor's proposed bankruptcy
counsel, Wasserman, Jurista & Stolz, PC, located at 110 Allen Rd.,
Ste. 304, Basking Ridge, New Jersey, 07920. The Bid Procedures
approved pursuant to the Order, will apply to all bidding at the
auction.
e. Bid Increments: $50,000
f. Sale Hearing: March 6, 2020 at 11:00 a.m. (ET)
g. Sale Objection Deadline: March 4, 2020
h. Closing: The closing on the sale must occur no later than
April 1, 2020.
i. The York-VCA bids at the Auction will be entitled to credit
bid on a dollar for dollar basis the amount of the expense
reimbursement of $75,000.
The Notice of the results of the Auction will be served upon all
the Notice Parties.
The Notice of the Motion and the Sale Hearing will be good and
sufficient, and no other further notice will be required, if given
as follows: within two days after entry of the Bidding Procedures
Order, the Debtor will serve notice of the sale hearing date, along
with the Bidding Procedures Order, and Bidding Procedures, upon all
interested parties.
Not later than seven days prior to the Sale Objection Deadline, the
Debtor, or its professionals, will file a certification with
respect to the marketing efforts taken by the Debtor or its
professionals prior to the Petition Date.
Not later than seven days prior to the Bid Deadline, any employment
agreement between York-VCA and David Berlin, or lease agreement
between York-VCA and the Debtor's landlord, will be provided to
Potential Bidders and the Objection Notice Parties.
To the extent applicable, the Notice requirements of Bankruptcy
Rule 6004(a) are waived. Notwithstanding the possible
applicability of the provisions of Bankruptcy Rule 6004 or any
applicable provision of the Local Rules, the Order will not be
stayed for 14 days after the entry hereof, but will be effective
and enforceable immediately upon entry.
A copy of the Agreement and the Bidding Procedures is available at
https://tinyurl.com/rwn3t8k from PacerMonitor.com free of charge.
About Video Corporation
Video Corporation of America offers full-scale design, engineering,
project management, fabrication, installation and support services
for AV, broadcast and post-production applications.
Video Corporation of America sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. N.J. Case No. 20-11768) on Feb. 3,
2020. At the time of the filing, the Debtor estimated assets of
$8,107,684 and liabilities of $11,158,360. The petition was signed
by David Berlin, president.
Hon. Christine M. Gravelle presides over the case.
Daniel M. Stolz, Esq., of Wasserman, Jurista & Stolz, P.C., is the
Debtor's counsel.
VIDEOMINING CORPORATION: Has Interim OK to Use Cash Thru March 12
-----------------------------------------------------------------
VideoMining Corporation sought and obtained interim permission from
the Bankruptcy Court to use, through and including March 12, 2020,
the cash collateral in which White Oak Business Capital, Inc., and
Enterprise Bank each holds an interest.
White Oak Business Capital is a secured creditor in the Debtor's
estate and holds a first lien security interest in the Debtor's
accounts receivable. White Oak holds a second lien security
interest in all of the Debtor's other assets. White Oak has a claim
in the approximate amount of $1,365,000.
Enterprise Bank is also a secured creditor in the Debtor's estate
and holds a first position security interest in all assets of the
Debtor except for the Debtor's accounts receivable. Enterprise has
subordinated its interest in the Debtor's accounts receivable to
White Oak. Enterprise has a claim in the approximate amount of
$607,000 against the Debtor. Affiliates of the Debtor are also
obligated on the indebtedness to Enterprise.
A copy of the motion is available for free at https://is.gd/7FbB6G
from PacerMonitor.com.
The Court ruled, among others, that:
* the secured creditors' pre-petition liens are continued
post-petition to the same extent, priority and validity as existed
before the Petition Date.
* in the event the Debtor seeks entry of an order authorizing
DIP financing, the Debtor must try its best efforts to file a
motion to obtain the DIP loan to be returnable on March 12, 2020 at
3:30 p.m., unless required on a more emergent basis.
* the Debtor will promptly pay White Oak 30% of the collected
amount of all pre-petition receivables and post-petition
receivables created prior to entry of the DIP order.
A copy of the Interim Order is available at https://is.gd/x6Hkcq
from PacerMonitor.com at no charge.
About VideoMining Corporation
VideoMining Corporation -- http://www.videomining.com-- is an
in-store behavior analytics for Consumer Packaged Goods (CPG)
manufacturers and retailers. VideoMining's analytics platform
utilizes a patented suite of sensing technologies to capture
in-depth shopper behavior data. These previously unmeasured
insights are then integrated with multiple other data sources such
as transactions, planograms, product mapping, loyalty and
promotions to fuel comprehensive solutions for optimizing shopper
experience and sales performance.
The company filed a Chapter 11 petition (Bankr. W.D. Pa. Case No.
20-20425) on February 4, 2020. In the petition signed by Rajeev
Sharma, CEO, the Debtor estimated between $10 million and $50
million in assets and between $1 million and $10 million in
liabilities.
Robert O Lampl Law Office is the Debtor's counsel.
VPR BRANDS: DiamondRock Commits to Invest up to $5 Million
----------------------------------------------------------
VPR Brands, LP, entered into an Equity Purchase Agreement with
DiamondRock, LLC pursuant to which, upon the terms and subject to
the conditions thereof, the Investor committed to purchase shares
of the Company's common units at an aggregate purchase price of up
to $5,000,000 over the course of the commitment period.
Pursuant to the terms of the Equity Purchase Agreement, the
commitment period will commence upon the initial effective date of
the Form S-1 Registration Statement planned to be filed to register
the Put Shares in accordance with the Registration Rights Agreement
and will end on the earlier of (i) the date on which the Investor
has purchased Put Shares from the Company pursuant to the Equity
Purchase Agreement equal to the Maximum Commitment Amount, (ii) the
date on which there is no longer an effective registration
statement for the Put Shares, (iii) 24 months after the initial
effectiveness of the Registration Statement planned to be filed to
register the Put Shares in accordance with the Registration Rights
Agreement as further described below, or (iv) written notice of
termination by the Company to the Investor (which will not occur at
any time that the Investor holds any of the Put Shares).
From time to time over the term of the Equity Purchase Agreement,
commencing on the date on which a registration statement
registering the Put Shares becomes effective, the Company may, in
its sole discretion, provide the Investor with a put notice to
purchase a specified number of the Put Shares subject to the
limitations and contained in the Equity Purchase Agreement. Within
two trading days of the date that the Put Notice is deemed
delivered pursuant to terms of the Equity Purchase Agreement, the
Company shall deliver, or cause to be delivered, to the Investor,
the estimated amount of Put Shares equal to the investment amount
indicated in the Put Notice divided by the "Initial Pricing" per
share, as such term is defined in the Equity Purchase Agreement as
DWAC Shares. Within two trading days following the Put Date, the
Investor shall pay the Investment Amount to the Company by wire
transfer of immediately available funds.
At the end of the five trading days following the clearing date
associated with the applicable Put Notice, the purchase price shall
be computed as 85% of the average daily volume weighted average
price of the Company's common units during the Valuation Period and
the number of Put Shares shall be determined for a particular put
as the Investment Amount divided by the Purchase Price. If the
number of Estimated Put Shares (Investment Amount divided by
Initial Pricing) initially delivered to the Investor is greater
than the number of Put Shares (Investment Amount divided by
Purchase Price) purchased by the Investor pursuant to such Put,
then, within two trading days following the end of the Valuation
Period, the Investor shall deliver to the Company any excess
Estimated Put Shares associated with such put. If the number of
Estimated Put Shares (Investment Amount divided by Initial Pricing)
delivered to the Investor is less than the Put Shares purchased by
the Investor pursuant to a put, then within two trading days
following the end of the Valuation Period the Company shall deliver
to the Investor by wire transfer of immediately available funds
equal to the difference between the Estimated Put Shares and the
Put Shares issuable pursuant to such put.
The Put Amount Requested pursuant to any single Put Notice must
have an aggregate value of at least $25,000, and cannot exceed the
lesser of (i) $250,000, or (ii) 150% of the average daily trading
value of the common units in the five trading days immediately
preceding the Put Notice.
In order to deliver a Put Notice, certain conditions set forth in
the Equity Purchase Agreement must be met. In addition, the
Company is prohibited from delivering a Put Notice if: (i) the sale
of Put Shares pursuant to such Put Notice would cause the Company
to issue and sell to the Investor, or the Investor to acquire or
purchase, a number of shares of the Company's common units that,
when aggregated with all shares of common units purchased by the
Investor pursuant to all prior Put Notices issued under the Equity
Purchase Agreement, would exceed the Maximum Commitment Amount; or
(ii) the issuance of the Put Shares would cause the Company to
issue and sell to Investor, or the Investor to acquire or purchase,
an aggregate number of shares of common units that would result in
the Investor beneficially owning more than 4.99% of the issued and
outstanding shares of the Company's common units.
If the value of the Put Shares based on the Purchase Price
determined for a particular put would cause the Company to exceed
the Maximum Commitment Amount, then within two trading days
following the end of the Valuation Period the Investor shall return
to the Company the surplus amount of Put Shares associated with
such put. If the number of the Put Shares (Investment Amount
divided by Purchase Price) determined for a particular put exceeds
the Beneficial Ownership Limitation, then within two trading days
following the end of the Valuation Period the Investor shall return
to the Company the surplus amount of Put Shares associated with
such put. Concurrently, the Company shall return within two trading
days following the end of the respective Valuation Period to the
Investor, by wire transfer of immediately available funds, the
portion of the Investment Amount related to the portion of Put
Shares exceeding the Beneficial Ownership Limitation.
Further pursuant to the Equity Purchase Agreement, the Company
agreed that if the Securities and Exchange Commission declares the
Registration Statement for the Put Shares effective, then during
the 12 month period immediately following the date the SEC declares
the Registration Statement for the Put Shares effective, upon any
issuance by the Company or any of its subsidiaries of common units
or common units equivalents for cash consideration, indebtedness or
a combination of units thereof, the Investor shall have the right
to participate in up to an amount of the Subsequent Financing (that
is not an "Exempt Issuance" as such term is defined in the Equity
Purchase Agreement), equal to 50% of the Subsequent Financing on
the same terms, conditions and price provided for in such
Subsequent Financing; provided, however, where (i) the person or
persons through or with whom such Subsequent Financing is proposed
to be effected will not agree to such participation by the Investor
and (ii) the Investor will not agree to finance the total amount of
such Subsequent Financing in lieu of the person or persons through
or with whom such Subsequent Financing is proposed to be effected,
the Investor shall have no right to participate in such Subsequent
Financing.
Further pursuant to the Equity Purchase Agreement, the Company
agreed to reserve a sufficient number of shares of its common units
for the Investor pursuant to the Equity Purchase Agreement and all
other contracts between the Company and the Investor.
The Equity Purchase Agreement contains customary representations,
warranties, covenants and conditions for a transaction of this type
for the benefit of the parties.
About VPR Brands
Headquartered in Ft. Lauderdale, FL, VPR Brands --
http://www.VPRBrands.com/-- is a technology company whose assets
include issued U.S. and Chinese patents for atomization-related
products, including technology for medical marijuana vaporizers and
electronic cigarette products and components. The Company is also
engaged in product development for the vapor or vaping market,
including e-liquids, vaporizers and electronic cigarettes (also
known as e-cigarettes) which are devices which deliver nicotine and
or cannabis and cannabidiol (CBD) through atomization or vaping,
and without smoke and other chemical constituents typically found
in traditional products.
VPR Brands reported a net loss of $973,740 for the year ended Dec.
31, 2018, compared to a net loss of $1.61 million for the year
ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $1.24
million in total assets, $2.22 million in total liabilities, and a
total partners' deficit of $979,238.
Prager Metis CPA's LLC, in Hackensack, New Jersey, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated May 6, 2019, citing that the Company has a net loss of
$973,740 for the year ended Dec. 31, 2018 and has an accumulated
deficit of $8,599,384 and a working capital deficit of $601,617 at
Dec. 31, 2018. These factors, among others, raise substantial
doubt regarding the Company's ability to continue as a going
concern.
W.P. MURPHY INC: Hires Texas Heritage as Real Estate Broker
-----------------------------------------------------------
W.P. Murphy, Inc., seeks authority from the U.S. Bankruptcy Court
for the Western District of Texas to employ Texas Heritage Brokers,
Inc., as real estate broker.
The Debtor operated a ready mix plant in Bexar County, Texas. The
ready mix plant includes a batch plant, equipment, machinery,
furniture, fixtures, and trucks.
W.P. Murphy, Inc. requires Texas Heritage to market and sell the
ready mix plan operated by the Debtor.
Texas Heritage will be paid a commission of 6% of the sales price.
Carlos J. Klutts, president of Texas Heritage Brokers, Inc.,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Texas Heritage can be reached at:
Carlos J. Klutts
TEXAS HERITAGE BROKERS, INC.
P.O. Box 5729
Austin, TX 78763
Tel: (830) 776-1480
About W.P. Murphy
W.P. Murphy, Inc., which conducts business under the names Murphy
Readymix Concrete and William P. Murphy Inc., is a manufacturer of
ready-mixed concrete.
W.P. Murphy filed a Chapter 11 petition (Bankr. W.D. Tex. Case No.
20-50145) on Jan. 22, 2020. In the the petition, signed by Kelly
T. Murphy Perez, president, the Debtor reported $1,736,050 in total
assets and $4,762,941 in total liabilities. Judge Craig A.
Gargotta oversees the case. The Law Offices of Dean W. Greer
represents the Debtor.
WARNER MUSIC: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed all of its ratings on Warner Music Group Corp. (WMG),
including its 'BB-' issuer credit rating.
The outlook revision reflects S&P's expectations that WMG will
continue to benefit from secular strength for streaming services,
with revenue growth in the mid- to high-single-digit percentages
and adjusted leverage in the low-4x area over the next 12 months.
The outlook revision also reflects the company's strong cash flow
generation that could keep discretionary cash flow (DCF) to debt
above 5% on a consistent basis, depending on WMG's financial policy
following its upcoming IPO.
The positive outlook reflects S&P's expectations that WMG's
adjusted leverage will improve to the low-4x area over the next 12
months, supported by sustained music industry growth as digital
streaming services proliferate.
"We could raise our issuer credit rating on WMG once the company
maintains adjusted leverage below the mid-4x area on a consistent
basis after the completion of its IPO. An upgrade would also depend
on WMG continuing to benefit from secular growth trends in the
music industry while maintaining or increasing market share," S&P
said.
"We could revise our outlook to stable if we expect adjusted
leverage to remain above the mid-4x area on a sustained basis. This
could occur if operating performance deteriorates, leading to
lower-than-expected EBITDA growth, or if the company pursues a more
aggressive financial policy, including undertaking large
debt-financed acquisitions or distributions," the rating agency
said.
WESTERN RESERVE: Seeks to Hire PPL Group as Auctioneer
------------------------------------------------------
Western Reserve Water Systems Inc. seeks authority from the U.S.
Bankruptcy Court for the Northern District of Ohio to employ PPL
Group LLC, as auctioneer to the Debtor.
Western Reserve requires PPL Group to assist the Debtor in
connection with the sale of personal property and inventory owned
by the Debtor.
PPL Group will be paid at as follows:
-- a commission of 10%, less expenses not to exceed $50,000
and thereafter to hold an action at no commission to
Debtor.
-- Onsite Auction buyers and Pre-Sale Buyers will be charged
15% Buyer’s Premium that will be retained by Auctioneer.
-- Online Auction buyers will be charged 18% Buyer’s Premium,
with 15% retained by Auctioneer and 3% retained exclusively
by the online service provider.
Barrett Arthur, partner of PPL Group LLC, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
PPL Group can be reached at:
Barrett Arthur
PPL GROUP LLC
105 Revere Drive, Suite C
Northbrook, IL 60062
Tel: (224) 927-5318
E-mail: barret@pplgroupllc.com
About Western Reserve Water Systems
Western Reserve Water Systems, Inc. --
http://www.westernreservewater.com/-- is an industrial water
service company offering a wide range of equipment, services,
parts, and consulting services for the industrial process water and
high purity water user. Western Reserve Water Systems services are
supplied to various industries, such as power generation, chemical
processing, auto, steel, food & beverage, pharmaceutical, hospital,
medical, laboratory and light industrial and commercial markets.
The Company's service center and regeneration facility is currently
located in Cleveland, Ohio, with satellite service locations in
Cincinnati, Ohio, and Terre Haute, Indiana.
Western Reserve Water Systems sought Chapter 11 protection (Bankr.
N.D. Ohio Case No. 19-11864) on April 1, 2019. In the petition
signed by Michael Eiermann, president, the Debtor disclosed total
assets at $10,285,282 and $4,306,486 in total debt. The case is
assigned to Judge Jessica E. Price Smith. The Debtor tapped Glenn
E. Forbes, Esq., at Forbes Law, LLC, as counsel.
WHITE AND SONS: Agents Put Collateral Up for Sale on March 4
------------------------------------------------------------
Whited and Sons LLC, Windhaven Select LLC, Windhaven Underwriters
LLC, Clutch Analytics LLC and Wind Windhaven Insurance Holdings
Corporation, have failed to comply with the terms and conditions of
a certain credit agreement dated March 4, 2019, by and among the
borrowers, lenders party thereto from time to time, Midtown Madison
Management LLC, as administrative agent and collateral agent for
lenders, and other documents and agreements related there to,
including a certain guarantee and collateral agreement dated March
4, 2019, by and among other Clutch Wholesale Insurance Agency LLC,
Windhaven Top Insurance Holdings LLC, Windhaven National Holding
Company, Winhaven Insurance Services LLC, Winhaven Claims
Management LLC and The Earth Insurance Group LLC, the borrowers and
agent, and a certain trademark security agreement dated March 4,
2019, by and among Clutch Analytics LLC, The Earth Insurance Group
LLC and agent, with the other transaction documents.
A portion of the collateral will be up for sale to the highest
qualified bidder at a public sale on March 4, 2020, at 12:00 p.m.
(Eastern Daylight Time) at the offices of Hogan Lovells US LLP, 390
Madison Avenue, New York, New York 10017.
Inquiries regarding the sale, if any, should contact:
Peter A. Ivanick
Hogan Lovells US LLP
90 Madison Avenue
New York, New York 10017
Tel: (212) 918-5560
Fax: (212) 918-3100
E-mail: peter.ivanick@hoganlovells.com
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABBVIE INC ABBV US 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB TE 59,441.0 (8,226.0) 2,673.0
ABBVIE INC ABBV AV 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB GZ 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB TH 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB QT 59,441.0 (8,226.0) 2,673.0
ABBVIE INC ABBVEUR EU 59,441.0 (8,226.0) 2,673.0
ABBVIE INC 4AB GR 59,441.0 (8,226.0) 2,673.0
ABBVIE INC ABBV SW 59,441.0 (8,226.0) 2,673.0
ABBVIE INC ABBV* MM 59,441.0 (8,226.0) 2,673.0
ABBVIE INC-BDR ABBV34 BZ 59,441.0 (8,226.0) 2,673.0
ABSOLUTE SOFTWRE ALSWF US 105.1 (46.5) (26.7)
ABSOLUTE SOFTWRE ABT CN 105.1 (46.5) (26.7)
ABSOLUTE SOFTWRE OU1 GR 105.1 (46.5) (26.7)
ABSOLUTE SOFTWRE ABT2EUR EU 105.1 (46.5) (26.7)
ADVANZ PHARMA CO ADVZ CN 1,593.8 (11.0) 246.2
ADVANZ PHARMA CO CXREUR EU 1,593.8 (11.0) 246.2
ADVANZ PHARMA CO 3ZJ GR 1,593.8 (11.0) 246.2
ADVANZ PHARMA CO CXRXF US 1,593.8 (11.0) 246.2
AGENUS INC AJ81 GZ 174.8 (178.0) (25.8)
AGENUS INC AJ81 QT 174.8 (178.0) (25.8)
AGENUS INC AJ81 TH 174.8 (178.0) (25.8)
AGENUS INC AGENEUR EU 174.8 (178.0) (25.8)
AGENUS INC AJ81 GR 174.8 (178.0) (25.8)
AGENUS INC AGEN US 174.8 (178.0) (25.8)
AGILITI INC AGLY US 745.0 (67.7) 17.3
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMERICA'S CAR-MA CRMT US 597.9 (246.7) 425.9
AMERICA'S CAR-MA HC9 GR 597.9 (246.7) 425.9
AMERICA'S CAR-MA CRMTEUR EU 597.9 (246.7) 425.9
AMERICAN AIR-BDR AALL34 BZ 59,995.0 (118.0) (10,105.0)
AMERICAN AIRLINE AAL TE 59,995.0 (118.0) (10,105.0)
AMERICAN AIRLINE A1G SW 59,995.0 (118.0) (10,105.0)
AMERICAN AIRLINE A1G GZ 59,995.0 (118.0) (10,105.0)
AMERICAN AIRLINE AAL11EUR EU 59,995.0 (118.0) (10,105.0)
AMERICAN AIRLINE AAL AV 59,995.0 (118.0) (10,105.0)
AMERICAN AIRLINE A1G QT 59,995.0 (118.0) (10,105.0)
AMERICAN AIRLINE AAL US 59,995.0 (118.0) (10,105.0)
AMERICAN AIRLINE AAL* MM 59,995.0 (118.0) (10,105.0)
AMERICAN AIRLINE A1G GR 59,995.0 (118.0) (10,105.0)
AMERICAN AIRLINE A1G TH 59,995.0 (118.0) (10,105.0)
AMYRIS INC AMRS US 128.1 (208.1) (103.8)
AMYRIS INC 3A01 TH 128.1 (208.1) (103.8)
AMYRIS INC AMRSEUR EU 128.1 (208.1) (103.8)
AUTODESK I - BDR A1UT34 BZ 5,036.6 (171.5) (1,133.4)
AUTODESK INC AUD GR 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSK US 5,036.6 (171.5) (1,133.4)
AUTODESK INC AUD TH 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSKEUR EU 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSK TE 5,036.6 (171.5) (1,133.4)
AUTODESK INC AUD GZ 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSK AV 5,036.6 (171.5) (1,133.4)
AUTODESK INC ADSK* MM 5,036.6 (171.5) (1,133.4)
AUTODESK INC AUD QT 5,036.6 (171.5) (1,133.4)
AUTOZONE INC AZ5 TH 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZ5 GR 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZ5 GZ 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZO AV 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZ5 TE 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZO* MM 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZO US 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZOEUR EU 12,700.5 (1,776.1) (711.3)
AUTOZONE INC AZ5 QT 12,700.5 (1,776.1) (711.3)
AVID TECHNOLOGY AVID US 266.2 (172.9) (17.8)
AVID TECHNOLOGY AVD GR 266.2 (172.9) (17.8)
AYR STRATEGIES I AYR/A CN 472.9 224.2 5.2
BABCOCK & WILCOX BW US 672.6 (290.1) (160.6)
BENEFITFOCUS INC BNFTEUR EU 328.1 (27.1) 107.3
BENEFITFOCUS INC BNFT US 328.1 (27.1) 107.3
BENEFITFOCUS INC BTF GR 328.1 (27.1) 107.3
BEYONDSPRING INC BYSI US 34.1 22.3 21.9
BIOCRYST PHARM BCRX* MM 90.5 (41.3) (3.4)
BJ'S WHOLESALE C BJ US 5,478.1 (104.5) (509.4)
BJ'S WHOLESALE C 8BJ GR 5,478.1 (104.5) (509.4)
BJ'S WHOLESALE C 8BJ QT 5,478.1 (104.5) (509.4)
BLOOM ENERGY C-A 1ZB TH 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A BE US 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A 1ZB GR 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A BE1EUR EU 1,169.9 (11.1) 196.6
BLOOM ENERGY C-A 1ZB QT 1,169.9 (11.1) 196.6
BLUE BIRD CORP BLBD US 360.9 (67.9) 29.9
BOEING CO-BDR BOEI34 BZ 133,625.0 (8,300.0) 4,917.0
BOEING CO-CED BA AR 133,625.0 (8,300.0) 4,917.0
BOEING CO-CED BAD AR 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BA TE 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BAEUR EU 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BA EU 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BCO GR 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BOE LN 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BCO TH 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BOEI BB 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BA US 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BA SW 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BA* MM 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BAUSD SW 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BCO GZ 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BA AV 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BCO QT 133,625.0 (8,300.0) 4,917.0
BOEING CO/THE BA CI 133,625.0 (8,300.0) 4,917.0
BOMBARDIER INC-B BBDBN MM 24,972.0 (5,911.0) (1,832.0)
BRAINSTORM CELL BCLI US 6.5 (12.2) (14.3)
BRAINSTORM CELL BCLIEUR EU 6.5 (12.2) (14.3)
BRAINSTORM CELL GHDN GR 6.5 (12.2) (14.3)
BRINKER INTL BKJ GR 2,503.7 (568.9) (328.1)
BRINKER INTL EAT US 2,503.7 (568.9) (328.1)
BRINKER INTL BKJ QT 2,503.7 (568.9) (328.1)
BRINKER INTL EAT2EUR EU 2,503.7 (568.9) (328.1)
BRP INC/CA-SUB V B15A GR 3,804.7 (558.4) (140.4)
BRP INC/CA-SUB V DOOO US 3,804.7 (558.4) (140.4)
BRP INC/CA-SUB V B15A GZ 3,804.7 (558.4) (140.4)
BRP INC/CA-SUB V DOOEUR EU 3,804.7 (558.4) (140.4)
BRP INC/CA-SUB V DOO CN 3,804.7 (558.4) (140.4)
CADIZ INC CDZI US 73.5 (86.6) 13.3
CADIZ INC CDZIEUR EU 73.5 (86.6) 13.3
CADIZ INC 2ZC GR 73.5 (86.6) 13.3
CAMPING WORLD-A CWH US 3,441.0 (65.6) 470.8
CAMPING WORLD-A C83 GR 3,441.0 (65.6) 470.8
CAMPING WORLD-A CWHEUR EU 3,441.0 (65.6) 470.8
CAMPING WORLD-A C83 TH 3,441.0 (65.6) 470.8
CAMPING WORLD-A C83 QT 3,441.0 (65.6) 470.8
CASTLE BIOSCIENC CSTL US 113.2 82.3 100.6
CATASYS INC CATS US 24.5 (17.7) 11.5
CATASYS INC HY1N GR 24.5 (17.7) 11.5
CATASYS INC CATSEUR EU 24.5 (17.7) 11.5
CATASYS INC HY1N GZ 24.5 (17.7) 11.5
CBIZ INC CBZ US 1,400.8 (535.7) 137.8
CBIZ INC XC4 GR 1,400.8 (535.7) 137.8
CBIZ INC CBZEUR EU 1,400.8 (535.7) 137.8
CDK GLOBAL INC C2G QT 2,935.9 (627.0) 314.0
CDK GLOBAL INC CDK* MM 2,935.9 (627.0) 314.0
CDK GLOBAL INC C2G TH 2,935.9 (627.0) 314.0
CDK GLOBAL INC CDKEUR EU 2,935.9 (627.0) 314.0
CDK GLOBAL INC C2G GR 2,935.9 (627.0) 314.0
CDK GLOBAL INC CDK US 2,935.9 (627.0) 314.0
CEDAR FAIR LP 7CF GR 2,581.1 (10.0) (30.0)
CEDAR FAIR LP FUN1EUR EU 2,581.1 (10.0) (30.0)
CEDAR FAIR LP FUN US 2,581.1 (10.0) (30.0)
CHEWY INC- CL A CHWY US 858.7 (389.5) (445.2)
CHOICE HOTELS CZH GR 1,386.7 (23.5) (89.3)
CHOICE HOTELS CHH US 1,386.7 (23.5) (89.3)
CINCINNATI BELL CBBEUR EU 2,619.0 (127.6) (114.7)
CINCINNATI BELL CBB US 2,619.0 (127.6) (114.7)
CINCINNATI BELL CIB1 GR 2,619.0 (127.6) (114.7)
CLOVIS ONCOLOGY C6O GR 716.9 (87.5) 307.1
CLOVIS ONCOLOGY CLVS US 716.9 (87.5) 307.1
CLOVIS ONCOLOGY C6O QT 716.9 (87.5) 307.1
CLOVIS ONCOLOGY C6O TH 716.9 (87.5) 307.1
CLOVIS ONCOLOGY CLVSEUR EU 716.9 (87.5) 307.1
COGENT COMMUNICA CCOI US 932.3 (190.5) 388.1
COGENT COMMUNICA OGM1 GR 932.3 (190.5) 388.1
COGENT COMMUNICA CCOIEUR EU 932.3 (190.5) 388.1
COMMUNITY HEALTH CYH US 15,609.0 (1,639.0) 1,145.0
COMMUNITY HEALTH CG5 GR 15,609.0 (1,639.0) 1,145.0
COMMUNITY HEALTH CG5 QT 15,609.0 (1,639.0) 1,145.0
COMMUNITY HEALTH CYH1EUR EU 15,609.0 (1,639.0) 1,145.0
COMMUNITY HEALTH CG5 TH 15,609.0 (1,639.0) 1,145.0
CYTOKINETICS INC KK3A GR 187.4 (19.9) 155.0
CYTOKINETICS INC KK3A TH 187.4 (19.9) 155.0
CYTOKINETICS INC CYTKEUR EU 187.4 (19.9) 155.0
CYTOKINETICS INC KK3A QT 187.4 (19.9) 155.0
CYTOKINETICS INC CYTK US 187.4 (19.9) 155.0
DELEK LOGISTICS DKL US 767.8 (142.5) 4.4
DELEK LOGISTICS D6L GR 767.8 (142.5) 4.4
DENNY'S CORP DENN US 460.4 (138.1) (42.8)
DENNY'S CORP DENNEUR EU 460.4 (138.1) (42.8)
DENNY'S CORP DE8 GR 460.4 (138.1) (42.8)
DIEBOLD NIXDORF DBD SW 3,790.6 (506.3) 292.4
DIEBOLD NIXDORF DBD US 3,790.6 (506.3) 292.4
DIEBOLD NIXDORF DBD GR 3,790.6 (506.3) 292.4
DIEBOLD NIXDORF DBDEUR EU 3,790.6 (506.3) 292.4
DIEBOLD NIXDORF DLD TH 3,790.6 (506.3) 292.4
DIEBOLD NIXDORF DLD QT 3,790.6 (506.3) 292.4
DINE BRANDS GLOB DIN US 1,997.5 (239.8) (14.7)
DINE BRANDS GLOB IHP GR 1,997.5 (239.8) (14.7)
DOCEBO INC DCBO CN 20.3 (18.6) (12.9)
DOLLARAMA INC DOL CN 3,696.2 (112.7) (28.1)
DOLLARAMA INC DR3 GR 3,696.2 (112.7) (28.1)
DOLLARAMA INC DLMAF US 3,696.2 (112.7) (28.1)
DOLLARAMA INC DOLEUR EU 3,696.2 (112.7) (28.1)
DOLLARAMA INC DR3 GZ 3,696.2 (112.7) (28.1)
DOLLARAMA INC DR3 TH 3,696.2 (112.7) (28.1)
DOLLARAMA INC DR3 QT 3,696.2 (112.7) (28.1)
DOMINO'S PIZZA EZV TH 1,382.1 (3,415.8) 333.8
DOMINO'S PIZZA EZV GR 1,382.1 (3,415.8) 333.8
DOMINO'S PIZZA DPZ US 1,382.1 (3,415.8) 333.8
DOMINO'S PIZZA EZV SW 1,382.1 (3,415.8) 333.8
DOMINO'S PIZZA DPZEUR EU 1,382.1 (3,415.8) 333.8
DOMINO'S PIZZA DPZ AV 1,382.1 (3,415.8) 333.8
DOMINO'S PIZZA DPZ* MM 1,382.1 (3,415.8) 333.8
DOMINO'S PIZZA EZV GZ 1,382.1 (3,415.8) 333.8
DOMINO'S PIZZA EZV QT 1,382.1 (3,415.8) 333.8
DOMO INC- CL B DOMO US 217.9 (25.2) 38.6
DOMO INC- CL B 1ON GR 217.9 (25.2) 38.6
DOMO INC- CL B 1ON GZ 217.9 (25.2) 38.6
DOMO INC- CL B DOMOEUR EU 217.9 (25.2) 38.6
DOMO INC- CL B 1ON TH 217.9 (25.2) 38.6
DUNKIN' BRANDS G DNKN US 3,920.0 (588.0) 324.9
DUNKIN' BRANDS G 2DB GR 3,920.0 (588.0) 324.9
DUNKIN' BRANDS G 2DB TH 3,920.0 (588.0) 324.9
DUNKIN' BRANDS G 2DB GZ 3,920.0 (588.0) 324.9
DUNKIN' BRANDS G 2DB QT 3,920.0 (588.0) 324.9
DUNKIN' BRANDS G DNKNEUR EU 3,920.0 (588.0) 324.9
EMISPHERE TECH EMIS US 5.2 (155.3) (1.4)
EVERI HOLDINGS I G2C TH 1,567.6 (72.0) 10.3
EVERI HOLDINGS I G2C GR 1,567.6 (72.0) 10.3
EVERI HOLDINGS I EVRI US 1,567.6 (72.0) 10.3
EVERI HOLDINGS I EVRIEUR EU 1,567.6 (72.0) 10.3
FRONTDOOR IN FTDR US 1,217.0 (218.0) 116.0
FRONTDOOR IN FTDREUR EU 1,217.0 (218.0) 116.0
FRONTDOOR IN 3I5 GR 1,217.0 (218.0) 116.0
GOGO INC GOGO US 1,280.4 (382.8) 195.1
GOGO INC G0G TH 1,280.4 (382.8) 195.1
GOGO INC GOGOEUR EU 1,280.4 (382.8) 195.1
GOGO INC G0G GR 1,280.4 (382.8) 195.1
GOGO INC G0G QT 1,280.4 (382.8) 195.1
GOLDEN STAR RES GSC CN 374.1 (32.1) (16.6)
GOOSEHEAD INSU-A GSHD US 44.4 (27.9) 7.6
GOOSEHEAD INSU-A 2OX GR 44.4 (27.9) 7.6
GOOSEHEAD INSU-A GSHDEUR EU 44.4 (27.9) 7.6
GRAFTECH INTERNA EAF US 1,526.2 (691.1) 462.4
GRAFTECH INTERNA G6G TH 1,526.2 (691.1) 462.4
GRAFTECH INTERNA EAFEUR EU 1,526.2 (691.1) 462.4
GRAFTECH INTERNA G6G GR 1,526.2 (691.1) 462.4
GRAFTECH INTERNA G6G QT 1,526.2 (691.1) 462.4
GRAFTECH INTERNA G6G GZ 1,526.2 (691.1) 462.4
GREEN PLAINS PAR GPP US 105.7 (75.7) (138.4)
GREEN PLAINS PAR 8GP GR 105.7 (75.7) (138.4)
GREENSKY INC-A GSKY US 897.1 (66.5) 268.8
H&R BLOCK INC HRB TH 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRB US 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRB GR 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRB QT 2,756.7 (75.7) (662.5)
H&R BLOCK INC HRBEUR EU 2,756.7 (75.7) (662.5)
HANGER INC HNGR US 801.4 (14.2) 95.2
HANGER INC HO8 GR 801.4 (14.2) 95.2
HANGER INC HNGREUR EU 801.4 (14.2) 95.2
HCA HEALTHC-BDR H1CA34 BZ 45,058.0 (565.0) 3,439.0
HCA HEALTHCARE I 2BH GR 45,058.0 (565.0) 3,439.0
HCA HEALTHCARE I 2BH TH 45,058.0 (565.0) 3,439.0
HCA HEALTHCARE I HCA US 45,058.0 (565.0) 3,439.0
HCA HEALTHCARE I HCA* MM 45,058.0 (565.0) 3,439.0
HCA HEALTHCARE I 2BH TE 45,058.0 (565.0) 3,439.0
HCA HEALTHCARE I HCAEUR EU 45,058.0 (565.0) 3,439.0
HERBALIFE NUTRIT HOO GR 2,678.6 (390.0) 523.8
HERBALIFE NUTRIT HLF US 2,678.6 (390.0) 523.8
HERBALIFE NUTRIT HOO GZ 2,678.6 (390.0) 523.8
HERBALIFE NUTRIT HLFEUR EU 2,678.6 (390.0) 523.8
HERBALIFE NUTRIT HOO QT 2,678.6 (390.0) 523.8
HEWLETT-CEDEAR HPQ AR 33,467.0 (1,193.0) (5,116.0)
HEWLETT-CEDEAR HPQC AR 33,467.0 (1,193.0) (5,116.0)
HILTON WORLDWIDE HLTEUR EU 14,957.0 (472.0) (778.0)
HILTON WORLDWIDE HLT* MM 14,957.0 (472.0) (778.0)
HILTON WORLDWIDE HLT US 14,957.0 (472.0) (778.0)
HILTON WORLDWIDE HLTW AV 14,957.0 (472.0) (778.0)
HILTON WORLDWIDE HI91 TE 14,957.0 (472.0) (778.0)
HILTON WORLDWIDE HI91 TH 14,957.0 (472.0) (778.0)
HILTON WORLDWIDE HI91 GR 14,957.0 (472.0) (778.0)
HOME DEPOT - BDR HOME34 BZ 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD TE 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDI TH 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDI GR 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD US 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD* MM 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDUSD SW 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDI GZ 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD AV 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC 0R1G LN 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDEUR EU 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HDI QT 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD SW 52,309.0 (1,082.0) 1,609.0
HOME DEPOT INC HD CI 52,309.0 (1,082.0) 1,609.0
HOME DEPOT-CED HDD AR 52,309.0 (1,082.0) 1,609.0
HOME DEPOT-CED HDC AR 52,309.0 (1,082.0) 1,609.0
HOME DEPOT-CED HD AR 52,309.0 (1,082.0) 1,609.0
HOVNANIAN ENT-A HOV US 1,881.4 (489.8) 786.3
HOVNANIAN ENT-A HOVEUR EU 1,881.4 (489.8) 786.3
HOVNANIAN ENT-A HO3A GR 1,881.4 (489.8) 786.3
HP COMPANY-BDR HPQB34 BZ 33,467.0 (1,193.0) (5,116.0)
HP INC 7HP TH 33,467.0 (1,193.0) (5,116.0)
HP INC 7HP GR 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ US 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ TE 33,467.0 (1,193.0) (5,116.0)
HP INC 0J2E LI 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ* MM 33,467.0 (1,193.0) (5,116.0)
HP INC HPQUSD SW 33,467.0 (1,193.0) (5,116.0)
HP INC HPQEUR EU 33,467.0 (1,193.0) (5,116.0)
HP INC 7HP GZ 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ AV 33,467.0 (1,193.0) (5,116.0)
HP INC HWP QT 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ SW 33,467.0 (1,193.0) (5,116.0)
HP INC HPQ CI 33,467.0 (1,193.0) (5,116.0)
IAA INC IAA US 2,079.9 (186.9) 181.7
IAA INC 3NI GR 2,079.9 (186.9) 181.7
IAA INC IAA-WEUR EU 2,079.9 (186.9) 181.7
IGM BIOSCIENCES IGMS US 269.9 254.6 241.7
IGM BIOSCIENCES 1K0 GR 269.9 254.6 241.7
IGM BIOSCIENCES 1K0 GZ 269.9 254.6 241.7
IGM BIOSCIENCES IGMSEUR EU 269.9 254.6 241.7
IMMUNOGEN INC IMU TH 235.7 (76.1) 158.3
IMMUNOGEN INC IMU GZ 235.7 (76.1) 158.3
IMMUNOGEN INC IMGNEUR EU 235.7 (76.1) 158.3
IMMUNOGEN INC IMGN* MM 235.7 (76.1) 158.3
IMMUNOGEN INC IMU QT 235.7 (76.1) 158.3
IMMUNOGEN INC IMU GR 235.7 (76.1) 158.3
IMMUNOGEN INC IMGN US 235.7 (76.1) 158.3
INSEEGO CORP INO TH 158.7 (38.3) (119.3)
INSEEGO CORP INO QT 158.7 (38.3) (119.3)
INSEEGO CORP INSG US 158.7 (38.3) (119.3)
INSEEGO CORP INO GR 158.7 (38.3) (119.3)
INSEEGO CORP INSGEUR EU 158.7 (38.3) (119.3)
INSEEGO CORP INO GZ 158.7 (38.3) (119.3)
IRONWOOD PHARMAC IRWD US 402.7 (93.3) 265.9
IRONWOOD PHARMAC I76 GR 402.7 (93.3) 265.9
IRONWOOD PHARMAC I76 TH 402.7 (93.3) 265.9
IRONWOOD PHARMAC I76 QT 402.7 (93.3) 265.9
IRONWOOD PHARMAC IRWDEUR EU 402.7 (93.3) 265.9
JACK IN THE BOX JBX GR 1,690.3 (841.2) (196.0)
JACK IN THE BOX JACK US 1,690.3 (841.2) (196.0)
JACK IN THE BOX JBX GZ 1,690.3 (841.2) (196.0)
JACK IN THE BOX JBX QT 1,690.3 (841.2) (196.0)
JACK IN THE BOX JACK1EUR EU 1,690.3 (841.2) (196.0)
JOSEMARIA RESOUR JOSES I2 18.7 (16.4) (20.9)
JOSEMARIA RESOUR JOSE SS 18.7 (16.4) (20.9)
JOSEMARIA RESOUR NGQSEK EU 18.7 (16.4) (20.9)
JOSEMARIA RESOUR JOSES EB 18.7 (16.4) (20.9)
JOSEMARIA RESOUR JOSES IX 18.7 (16.4) (20.9)
L BRANDS INC LTD GR 10,630.0 (1,238.0) 383.0
L BRANDS INC LTD TH 10,630.0 (1,238.0) 383.0
L BRANDS INC LB US 10,630.0 (1,238.0) 383.0
L BRANDS INC LBRA AV 10,630.0 (1,238.0) 383.0
L BRANDS INC LBEUR EU 10,630.0 (1,238.0) 383.0
L BRANDS INC LB* MM 10,630.0 (1,238.0) 383.0
L BRANDS INC LTD QT 10,630.0 (1,238.0) 383.0
L BRANDS INC-BDR LBRN34 BZ 10,630.0 (1,238.0) 383.0
LA JOLLA PHARM LJPC US 149.1 (35.2) 90.4
LA JOLLA PHARM LJPP TH 149.1 (35.2) 90.4
LA JOLLA PHARM LJPP QT 149.1 (35.2) 90.4
LA JOLLA PHARM LJPP GR 149.1 (35.2) 90.4
LENNOX INTL INC LII US 2,034.9 (170.2) 118.2
LENNOX INTL INC LXI TH 2,034.9 (170.2) 118.2
LENNOX INTL INC LII* MM 2,034.9 (170.2) 118.2
LENNOX INTL INC LII1EUR EU 2,034.9 (170.2) 118.2
LENNOX INTL INC LXI GR 2,034.9 (170.2) 118.2
MASCO CORP MSQ TH 5,027.0 (56.0) 1,163.0
MASCO CORP MSQ GZ 5,027.0 (56.0) 1,163.0
MASCO CORP MAS US 5,027.0 (56.0) 1,163.0
MASCO CORP MSQ GR 5,027.0 (56.0) 1,163.0
MASCO CORP MSQ QT 5,027.0 (56.0) 1,163.0
MASCO CORP MAS1EUR EU 5,027.0 (56.0) 1,163.0
MASCO CORP MAS* MM 5,027.0 (56.0) 1,163.0
MCDONALDS - BDR MCDC34 BZ 47,510.8 (8,210.3) (63.1)
MCDONALDS CORP MCD TE 47,510.8 (8,210.3) (63.1)
MCDONALDS CORP MDO TH 47,510.8 (8,210.3) (63.1)
MCDONALDS CORP MCD SW 47,510.8 (8,210.3) (63.1)
MCDONALDS CORP MCD US 47,510.8 (8,210.3) (63.1)
MCDONALDS CORP MDO GR 47,510.8 (8,210.3) (63.1)
MCDONALDS CORP MCD* MM 47,510.8 (8,210.3) (63.1)
MCDONALDS CORP MCDUSD SW 47,510.8 (8,210.3) (63.1)
MCDONALDS CORP MCDEUR EU 47,510.8 (8,210.3) (63.1)
MCDONALDS CORP MDO GZ 47,510.8 (8,210.3) (63.1)
MCDONALDS CORP MCD AV 47,510.8 (8,210.3) (63.1)
MCDONALDS CORP 0R16 LN 47,510.8 (8,210.3) (63.1)
MCDONALDS CORP MDO QT 47,510.8 (8,210.3) (63.1)
MCDONALDS CORP MCDUSD EU 47,510.8 (8,210.3) (63.1)
MCDONALDS CORP MCD CI 47,510.8 (8,210.3) (63.1)
MCDONALDS-CEDEAR MCD AR 47,510.8 (8,210.3) (63.1)
MCDONALDS-CEDEAR MCDC AR 47,510.8 (8,210.3) (63.1)
MCDONALDS-CEDEAR MCDD AR 47,510.8 (8,210.3) (63.1)
MERCER PARK BR-A MRCQF US 408.6 (2.8) 4.1
MERCER PARK BR-A BRND/A/U CN 408.6 (2.8) 4.1
MICHAELS COS INC MIKEUR EU 3,845.1 (1,631.8) 259.2
MICHAELS COS INC MIK US 3,845.1 (1,631.8) 259.2
MICHAELS COS INC MIM GR 3,845.1 (1,631.8) 259.2
MILESTONE MEDICA MMD PW 1.3 (12.4) (13.3)
MILESTONE MEDICA MMDPLN EU 1.3 (12.4) (13.3)
MOTOROLA SOL-BDR M1SI34 BZ 10,642.0 (683.0) 739.0
MOTOROLA SOL-CED MSI AR 10,642.0 (683.0) 739.0
MOTOROLA SOLUTIO MTLA TH 10,642.0 (683.0) 739.0
MOTOROLA SOLUTIO MTLA GR 10,642.0 (683.0) 739.0
MOTOROLA SOLUTIO MOT TE 10,642.0 (683.0) 739.0
MOTOROLA SOLUTIO MSI US 10,642.0 (683.0) 739.0
MOTOROLA SOLUTIO MSI1EUR EU 10,642.0 (683.0) 739.0
MOTOROLA SOLUTIO MTLA GZ 10,642.0 (683.0) 739.0
MOTOROLA SOLUTIO MOSI AV 10,642.0 (683.0) 739.0
MOTOROLA SOLUTIO MTLA QT 10,642.0 (683.0) 739.0
MSCI INC 3HM GR 4,204.4 (76.7) 1,181.0
MSCI INC MSCI US 4,204.4 (76.7) 1,181.0
MSCI INC 3HM SW 4,204.4 (76.7) 1,181.0
MSCI INC 3HM QT 4,204.4 (76.7) 1,181.0
MSCI INC 3HM GZ 4,204.4 (76.7) 1,181.0
MSCI INC MSCI* MM 4,204.4 (76.7) 1,181.0
MSG NETWORKS- A MSGN US 784.8 (623.0) 212.8
MSG NETWORKS- A 1M4 GR 784.8 (623.0) 212.8
MSG NETWORKS- A 1M4 QT 784.8 (623.0) 212.8
MSG NETWORKS- A MSGNEUR EU 784.8 (623.0) 212.8
MSG NETWORKS- A 1M4 TH 784.8 (623.0) 212.8
N/A BJEUR EU 5,478.1 (104.5) (509.4)
NATHANS FAMOUS NATH US 104.9 (64.2) 77.8
NATHANS FAMOUS NFA GR 104.9 (64.2) 77.8
NATHANS FAMOUS NATHEUR EU 104.9 (64.2) 77.8
NATIONAL CINEMED XWM GR 1,130.0 (121.2) 134.8
NATIONAL CINEMED NCMI US 1,130.0 (121.2) 134.8
NATIONAL CINEMED NCMIEUR EU 1,130.0 (121.2) 134.8
NAVISTAR INTL IHR TH 6,917.0 (3,723.0) 1,377.0
NAVISTAR INTL NAVEUR EU 6,917.0 (3,723.0) 1,377.0
NAVISTAR INTL NAV US 6,917.0 (3,723.0) 1,377.0
NAVISTAR INTL IHR GR 6,917.0 (3,723.0) 1,377.0
NAVISTAR INTL IHR QT 6,917.0 (3,723.0) 1,377.0
NAVISTAR INTL IHR GZ 6,917.0 (3,723.0) 1,377.0
NESCO HOLDINGS I NSCO US 739.0 (15.8) 28.3
NEUROBO PHARMACE NRBO US 2.0 (1.0) (1.0)
NEW ENG RLTY-LP NEN US 243.7 (38.2) -
NOVAVAX INC NVV1 TH 164.8 (189.8) 67.4
NOVAVAX INC NVV1 GZ 164.8 (189.8) 67.4
NOVAVAX INC NVAXEUR EU 164.8 (189.8) 67.4
NOVAVAX INC NVAX US 164.8 (189.8) 67.4
NOVAVAX INC NVV1 GR 164.8 (189.8) 67.4
NRG ENERGY NRA TH 9,527.0 (1,552.0) 623.0
NRG ENERGY NRA GR 9,527.0 (1,552.0) 623.0
NRG ENERGY NRA QT 9,527.0 (1,552.0) 623.0
NRG ENERGY NRGEUR EU 9,527.0 (1,552.0) 623.0
NRG ENERGY NRG US 9,527.0 (1,552.0) 623.0
NUNZIA PHARMACEU NUNZ US 0.1 (3.2) (2.5)
OMEROS CORP OMER US 91.3 (139.9) 17.0
OMEROS CORP 3O8 GR 91.3 (139.9) 17.0
OMEROS CORP 3O8 QT 91.3 (139.9) 17.0
OMEROS CORP 3O8 TH 91.3 (139.9) 17.0
OMEROS CORP OMEREUR EU 91.3 (139.9) 17.0
OPTIVA INC RKNEF US 87.7 (16.1) 18.5
OPTIVA INC OPT CN 87.7 (16.1) 18.5
OPTIVA INC RKNEUR EU 87.7 (16.1) 18.5
OPTIVA INC RE6 GR 87.7 (16.1) 18.5
OPTIVA INC 3230510Q EU 87.7 (16.1) 18.5
PAPA JOHN'S INTL PZZA US 730.6 (69.4) (27.5)
PAPA JOHN'S INTL PP1 GR 730.6 (69.4) (27.5)
PAPA JOHN'S INTL PZZAEUR EU 730.6 (69.4) (27.5)
PAPA JOHN'S INTL PP1 GZ 730.6 (69.4) (27.5)
PHATHOM PHARMACE PHAT US 79.7 (152.5) (129.8)
PHILIP MORRI-BDR PHMO34 BZ 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN PM1 TE 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN 4I1 TH 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN PM1EUR EU 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN PMI SW 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN PM1 EU 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN 4I1 GR 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN PM US 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN PM1CHF EU 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN 0M8V LN 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN PMOR AV 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN 4I1 GZ 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN PMIZ IX 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN PMIZ EB 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN PM* MM 42,875.0 (9,599.0) 1,681.0
PHILIP MORRIS IN 4I1 QT 42,875.0 (9,599.0) 1,681.0
PLANET FITNESS-A 3PL QT 1,420.2 (442.1) 170.3
PLANET FITNESS-A PLNT1EUR EU 1,420.2 (442.1) 170.3
PLANET FITNESS-A PLNT US 1,420.2 (442.1) 170.3
PLANET FITNESS-A 3PL TH 1,420.2 (442.1) 170.3
PLANET FITNESS-A 3PL GR 1,420.2 (442.1) 170.3
POSTMEDIA NETWOR PNC/A CN 354.6 (115.3) 33.6
POSTMEDIA NETWOR PNC/B CN 354.6 (115.3) 33.6
POWER SOLUTIONS PSIX US 289.9 (18.6) (4.6)
QUANTUM CORP QNT2 GR 165.3 (195.5) (16.1)
QUANTUM CORP QMCO US 165.3 (195.5) (16.1)
QUANTUM CORP QTM1EUR EU 165.3 (195.5) (16.1)
RADIUS HEALTH IN RDUS US 227.5 (24.3) 155.6
RADIUS HEALTH IN 1R8 TH 227.5 (24.3) 155.6
RADIUS HEALTH IN 1R8 QT 227.5 (24.3) 155.6
RADIUS HEALTH IN RDUSEUR EU 227.5 (24.3) 155.6
RADIUS HEALTH IN 1R8 GR 227.5 (24.3) 155.6
RECRO PHARMA INC REPH US 167.7 (19.9) 71.4
RECRO PHARMA INC RAH GR 167.7 (19.9) 71.4
REVLON INC-A RVL1 GR 3,059.5 (1,227.5) 134.3
REVLON INC-A REV US 3,059.5 (1,227.5) 134.3
REVLON INC-A RVL1 TH 3,059.5 (1,227.5) 134.3
REVLON INC-A REVEUR EU 3,059.5 (1,227.5) 134.3
RH RH US 2,362.0 (63.2) (344.2)
RH RHEUR EU 2,362.0 (63.2) (344.2)
RH RH* MM 2,362.0 (63.2) (344.2)
RH RS1 GR 2,362.0 (63.2) (344.2)
RIMINI STREET IN RMNI US 121.3 (130.1) (99.3)
ROSETTA STONE IN RST US 206.9 (10.6) (66.4)
ROSETTA STONE IN RS8 TH 206.9 (10.6) (66.4)
ROSETTA STONE IN RS8 GR 206.9 (10.6) (66.4)
ROSETTA STONE IN RST1EUR EU 206.9 (10.6) (66.4)
SATSUMA PHARMACE STSA US 127.5 118.1 120.6
SATSUMA PHARMACE 1LV GR 127.5 118.1 120.6
SATSUMA PHARMACE STSAEUR EU 127.5 118.1 120.6
SBA COMM CORP 4SB GZ 9,759.9 (3,651.0) (714.0)
SBA COMM CORP SBAC US 9,759.9 (3,651.0) (714.0)
SBA COMM CORP 4SB GR 9,759.9 (3,651.0) (714.0)
SBA COMM CORP SBAC* MM 9,759.9 (3,651.0) (714.0)
SBA COMM CORP SBACEUR EU 9,759.9 (3,651.0) (714.0)
SBA COMM CORP 4SB QT 9,759.9 (3,651.0) (714.0)
SBA COMM CORP SBJ TH 9,759.9 (3,651.0) (714.0)
SBA COMMUN - BDR S1BA34 BZ 9,759.9 (3,651.0) (714.0)
SCIENTIFIC GAMES TJW GZ 7,809.0 (2,108.0) 849.0
SCIENTIFIC GAMES SGMS US 7,809.0 (2,108.0) 849.0
SCIENTIFIC GAMES TJW GR 7,809.0 (2,108.0) 849.0
SCIENTIFIC GAMES TJW TH 7,809.0 (2,108.0) 849.0
SEALED AIR CORP SEE US 5,765.2 (196.2) 127.1
SEALED AIR CORP SDA GR 5,765.2 (196.2) 127.1
SEALED AIR CORP SEE1EUR EU 5,765.2 (196.2) 127.1
SEALED AIR CORP SDA TH 5,765.2 (196.2) 127.1
SEALED AIR CORP SDA QT 5,765.2 (196.2) 127.1
SELECTA BIOSCIEN 1S7 GR 39.5 (4.9) 6.6
SELECTA BIOSCIEN SELBEUR EU 39.5 (4.9) 6.6
SELECTA BIOSCIEN SELB US 39.5 (4.9) 6.6
SERES THERAPEUTI MCRB1EUR EU 124.2 (32.2) 47.3
SERES THERAPEUTI MCRB US 124.2 (32.2) 47.3
SERES THERAPEUTI 1S9 GR 124.2 (32.2) 47.3
SHELL MIDSTREAM 49M GR 2,019.0 (749.0) 313.0
SHELL MIDSTREAM 49M TH 2,019.0 (749.0) 313.0
SHELL MIDSTREAM SHLX US 2,019.0 (749.0) 313.0
SIRIUS XM HOLDIN RDO TH 11,149.0 (736.0) (2,290.0)
SIRIUS XM HOLDIN SIRI US 11,149.0 (736.0) (2,290.0)
SIRIUS XM HOLDIN RDO GR 11,149.0 (736.0) (2,290.0)
SIRIUS XM HOLDIN SIRIEUR EU 11,149.0 (736.0) (2,290.0)
SIRIUS XM HOLDIN RDO GZ 11,149.0 (736.0) (2,290.0)
SIRIUS XM HOLDIN SIRI AV 11,149.0 (736.0) (2,290.0)
SIRIUS XM HOLDIN RDO QT 11,149.0 (736.0) (2,290.0)
SIX FLAGS ENTERT 6FE GR 2,882.5 (186.9) 36.5
SIX FLAGS ENTERT SIXEUR EU 2,882.5 (186.9) 36.5
SIX FLAGS ENTERT 6FE TH 2,882.5 (186.9) 36.5
SIX FLAGS ENTERT 6FE QT 2,882.5 (186.9) 36.5
SIX FLAGS ENTERT SIX US 2,882.5 (186.9) 36.5
SLEEP NUMBER COR SNBR US 806.0 (159.4) (434.4)
SLEEP NUMBER COR SL2 GR 806.0 (159.4) (434.4)
SLEEP NUMBER COR SNBREUR EU 806.0 (159.4) (434.4)
STARBUCKS CORP SRB TH 27,731.3 (6,759.1) (2,775.8)
STARBUCKS CORP SBUX* MM 27,731.3 (6,759.1) (2,775.8)
STARBUCKS CORP SRB GR 27,731.3 (6,759.1) (2,775.8)
STARBUCKS CORP SBUX TE 27,731.3 (6,759.1) (2,775.8)
STARBUCKS CORP SBUXEUR EU 27,731.3 (6,759.1) (2,775.8)
STARBUCKS CORP SBUX IM 27,731.3 (6,759.1) (2,775.8)
STARBUCKS CORP SBUXUSD SW 27,731.3 (6,759.1) (2,775.8)
STARBUCKS CORP SRB GZ 27,731.3 (6,759.1) (2,775.8)
STARBUCKS CORP SBUX AV 27,731.3 (6,759.1) (2,775.8)
STARBUCKS CORP 0QZH LI 27,731.3 (6,759.1) (2,775.8)
STARBUCKS CORP SRB QT 27,731.3 (6,759.1) (2,775.8)
STARBUCKS CORP SBUX US 27,731.3 (6,759.1) (2,775.8)
STARBUCKS CORP SBUX SW 27,731.3 (6,759.1) (2,775.8)
STARBUCKS CORP SBUX CI 27,731.3 (6,759.1) (2,775.8)
STARBUCKS-BDR SBUB34 BZ 27,731.3 (6,759.1) (2,775.8)
STARBUCKS-CEDEAR SBUXD AR 27,731.3 (6,759.1) (2,775.8)
STARBUCKS-CEDEAR SBUX AR 27,731.3 (6,759.1) (2,775.8)
TAILORED BRANDS TLRDEUR EU 2,540.4 (64.5) 238.1
TAILORED BRANDS WRM TH 2,540.4 (64.5) 238.1
TAILORED BRANDS WRM GZ 2,540.4 (64.5) 238.1
TAILORED BRANDS WRM QT 2,540.4 (64.5) 238.1
TAILORED BRANDS TLRD US 2,540.4 (64.5) 238.1
TAILORED BRANDS WRM GR 2,540.4 (64.5) 238.1
TAILORED BRANDS TLRD* MM 2,540.4 (64.5) 238.1
TAUBMAN CENTERS TU8 GR 4,515.5 (177.4) -
TAUBMAN CENTERS TCO US 4,515.5 (177.4) -
TAUBMAN CENTERS TCO2EUR EU 4,515.5 (177.4) -
TELA BIO INC TELA US 23.1 (15.0) 11.3
TG THERAPEUTICS TGTX US 93.3 (25.8) 0.2
TG THERAPEUTICS NKB2 TH 93.3 (25.8) 0.2
TG THERAPEUTICS NKB2 GR 93.3 (25.8) 0.2
TG THERAPEUTICS NKB2 QT 93.3 (25.8) 0.2
TRANSDIGM GROUP TDG US 18,156.0 (4,299.0) 3,302.0
TRANSDIGM GROUP T7D GR 18,156.0 (4,299.0) 3,302.0
TRANSDIGM GROUP TDG* MM 18,156.0 (4,299.0) 3,302.0
TRANSDIGM GROUP T7D TH 18,156.0 (4,299.0) 3,302.0
TRANSDIGM GROUP T7D QT 18,156.0 (4,299.0) 3,302.0
TRANSDIGM GROUP TDGEUR EU 18,156.0 (4,299.0) 3,302.0
TRIUMPH GROUP TG7 GR 2,625.4 (532.9) 212.9
TRIUMPH GROUP TGI US 2,625.4 (532.9) 212.9
TRIUMPH GROUP TGIEUR EU 2,625.4 (532.9) 212.9
TUPPERWARE BRAND TUP US 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP GR 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP SW 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP TH 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP1EUR EU 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP GZ 1,335.9 (185.0) (116.2)
TUPPERWARE BRAND TUP QT 1,335.9 (185.0) (116.2)
UBIQUITI INC 3UB GR 667.1 (292.1) 324.7
UBIQUITI INC UI US 667.1 (292.1) 324.7
UBIQUITI INC 3UB GZ 667.1 (292.1) 324.7
UBIQUITI INC UBNTEUR EU 667.1 (292.1) 324.7
UNISYS CORP UIS1 SW 2,405.8 (1,117.4) 266.1
UNISYS CORP UIS US 2,405.8 (1,117.4) 266.1
UNISYS CORP UISEUR EU 2,405.8 (1,117.4) 266.1
UNISYS CORP UISCHF EU 2,405.8 (1,117.4) 266.1
UNISYS CORP USY1 TH 2,405.8 (1,117.4) 266.1
UNISYS CORP USY1 GR 2,405.8 (1,117.4) 266.1
UNISYS CORP USY1 GZ 2,405.8 (1,117.4) 266.1
UNISYS CORP USY1 QT 2,405.8 (1,117.4) 266.1
UNITI GROUP INC CSALUSD EU 5,031.2 (1,436.8) -
UNITI GROUP INC 8XC TH 5,031.2 (1,436.8) -
UNITI GROUP INC UNIT US 5,031.2 (1,436.8) -
UNITI GROUP INC 8XC GR 5,031.2 (1,436.8) -
VALVOLINE INC 0V4 TH 2,297.0 (196.0) 373.0
VALVOLINE INC VVVEUR EU 2,297.0 (196.0) 373.0
VALVOLINE INC 0V4 GR 2,297.0 (196.0) 373.0
VALVOLINE INC 0V4 QT 2,297.0 (196.0) 373.0
VALVOLINE INC VVV US 2,297.0 (196.0) 373.0
VECTOR GROUP LTD VGR GR 1,486.7 (628.7) 27.5
VECTOR GROUP LTD VGR US 1,486.7 (628.7) 27.5
VECTOR GROUP LTD VGREUR EU 1,486.7 (628.7) 27.5
VECTOR GROUP LTD VGR TH 1,486.7 (628.7) 27.5
VECTOR GROUP LTD VGR QT 1,486.7 (628.7) 27.5
VENUS CONCEPT IN VERO US 20.7 (21.8) (8.7)
VENUS CONCEPT IN 0RR1 TH 20.7 (21.8) (8.7)
VENUS CONCEPT IN HAIREUR EU 20.7 (21.8) (8.7)
VENUS CONCEPT IN 0RR1 GR 20.7 (21.8) (8.7)
VERISIGN INC VRS TH 1,854.0 (1,490.1) 313.4
VERISIGN INC VRS GR 1,854.0 (1,490.1) 313.4
VERISIGN INC VRSN US 1,854.0 (1,490.1) 313.4
VERISIGN INC VRS SW 1,854.0 (1,490.1) 313.4
VERISIGN INC VRSN* MM 1,854.0 (1,490.1) 313.4
VERISIGN INC VRSNEUR EU 1,854.0 (1,490.1) 313.4
VERISIGN INC VRS GZ 1,854.0 (1,490.1) 313.4
VERISIGN INC VRS QT 1,854.0 (1,490.1) 313.4
VTV THERAPEUTI-A 5VT TH 9.3 (8.8) (10.5)
VTV THERAPEUTI-A VTVT US 9.3 (8.8) (10.5)
W&T OFFSHORE INC UWV GR 1,027.1 (257.8) (27.3)
W&T OFFSHORE INC WTI1EUR EU 1,027.1 (257.8) (27.3)
W&T OFFSHORE INC UWV TH 1,027.1 (257.8) (27.3)
W&T OFFSHORE INC WTI US 1,027.1 (257.8) (27.3)
WATERS CORP WAZ TH 2,557.1 (216.3) 1,245.4
WATERS CORP WAT US 2,557.1 (216.3) 1,245.4
WATERS CORP WAZ GR 2,557.1 (216.3) 1,245.4
WATERS CORP WAT* MM 2,557.1 (216.3) 1,245.4
WATERS CORP WAZ QT 2,557.1 (216.3) 1,245.4
WATERS CORP WATEUR EU 2,557.1 (216.3) 1,245.4
WAYFAIR INC- A W US 3,007.6 (682.4) 237.0
WAYFAIR INC- A 1WF QT 3,007.6 (682.4) 237.0
WAYFAIR INC- A 1WF GZ 3,007.6 (682.4) 237.0
WAYFAIR INC- A 1WF GR 3,007.6 (682.4) 237.0
WAYFAIR INC- A WEUR EU 3,007.6 (682.4) 237.0
WESTERN UNIO-BDR WUNI34 BZ 8,758.5 (39.5) (171.1)
WESTERN UNION WU US 8,758.5 (39.5) (171.1)
WESTERN UNION W3U GR 8,758.5 (39.5) (171.1)
WESTERN UNION W3U TH 8,758.5 (39.5) (171.1)
WESTERN UNION WU* MM 8,758.5 (39.5) (171.1)
WESTERN UNION W3U GZ 8,758.5 (39.5) (171.1)
WESTERN UNION WUEUR EU 8,758.5 (39.5) (171.1)
WESTERN UNION W3U QT 8,758.5 (39.5) (171.1)
WIDEOPENWEST INC WOW US 2,469.0 (267.5) (95.5)
WIDEOPENWEST INC WU5 TH 2,469.0 (267.5) (95.5)
WIDEOPENWEST INC WU5 GR 2,469.0 (267.5) (95.5)
WIDEOPENWEST INC WU5 QT 2,469.0 (267.5) (95.5)
WIDEOPENWEST INC WOW1EUR EU 2,469.0 (267.5) (95.5)
WINGSTOP INC WING1EUR EU 166.1 (209.4) (2.7)
WINGSTOP INC WING US 166.1 (209.4) (2.7)
WINGSTOP INC EWG GR 166.1 (209.4) (2.7)
WINMARK CORP GBZ GR 48.5 (3.1) 12.6
WINMARK CORP WINA US 48.5 (3.1) 12.6
WORKHORSE GROUP WKHSEUR EU 28.0 (38.4) (20.5)
WORKHORSE GROUP 1WO TH 28.0 (38.4) (20.5)
WORKHORSE GROUP 1WO GZ 28.0 (38.4) (20.5)
WORKHORSE GROUP 1WO GR 28.0 (38.4) (20.5)
WORKHORSE GROUP WKHS US 28.0 (38.4) (20.5)
WW INTERNATIONAL WW US 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WW6 GR 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WW6 GZ 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WTW AV 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WTWEUR EU 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WW6 QT 1,516.4 (719.9) (35.9)
WW INTERNATIONAL WW6 TH 1,516.4 (719.9) (35.9)
WYNDHAM DESTINAT WD5 TH 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WYND US 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WD5 QT 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WYNEUR EU 7,563.0 (570.0) 499.0
WYNDHAM DESTINAT WD5 GR 7,563.0 (570.0) 499.0
YELLOW PAGES LTD YMI GR 326.9 (16.7) 75.2
YELLOW PAGES LTD YEUR EU 326.9 (16.7) 75.2
YELLOW PAGES LTD Y CN 326.9 (16.7) 75.2
YELLOW PAGES LTD YLWDF US 326.9 (16.7) 75.2
YUM! BRANDS -BDR YUMR34 BZ 5,231.0 (8,016.0) (14.0)
YUM! BRANDS INC TGR TH 5,231.0 (8,016.0) (14.0)
YUM! BRANDS INC TGR GR 5,231.0 (8,016.0) (14.0)
YUM! BRANDS INC YUM* MM 5,231.0 (8,016.0) (14.0)
YUM! BRANDS INC YUMUSD SW 5,231.0 (8,016.0) (14.0)
YUM! BRANDS INC TGR GZ 5,231.0 (8,016.0) (14.0)
YUM! BRANDS INC YUM AV 5,231.0 (8,016.0) (14.0)
YUM! BRANDS INC TGR TE 5,231.0 (8,016.0) (14.0)
YUM! BRANDS INC YUM US 5,231.0 (8,016.0) (14.0)
YUM! BRANDS INC YUMEUR EU 5,231.0 (8,016.0) (14.0)
YUM! BRANDS INC TGR QT 5,231.0 (8,016.0) (14.0)
YUM! BRANDS INC YUM SW 5,231.0 (8,016.0) (14.0)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 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 ***