/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/200228.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, February 28, 2020, Vol. 24, No. 58 Headlines 10827 STUDEBAKER: Seeks to Extend Exclusivity Period to April 17 1100 STATE STREET: Says Reorganization Plan Is Feasible 131 MANHATTAN DELI: Seeks Sgouras Law Firm as Legal Counsel 160 ROYAL PALM: Court Confirms Third Amended Plan of Liquidation 450 S. WESTERN: Seeks and Wins Interim Nod on Cash Collateral Use 84 ALBANY AVE: Case Summary & 4 Largest Unsecured Creditors 950 MEAT & GROCERY: Voluntary Chapter 11 Case Summary ABR BUILDERS: DOL Questions Plan Releases to Principals ACQUABOUNTY TECHNOLOGIES: Sopica Global Reports 8.3% Stake ACTT RIVER: Unsecureds to Recover At Least 40% Under Plan ADVANCED READY: Committee Taps Cullen and Dykman as Legal Counsel ALGON CORPORATION: Seeks to Extend Exclusivity Period to April 24 ALTA MESA: Equity Holders Seek Appointment of Equity Committee AMNEAL PHARMACEUTICALS: Moody's Lowers CFR to B3, Outlook Stable ANDREW YOUNG: Region Growth Buying Illinois Property for $920K ARRO CORPORATION: Has Final Approval on $2.9M Financing, Cash Use ASBURY GRAIN: Case Summary & 15 Unsecured Creditors ASTRIA HEALTH: Exclusivity Period Extended to June 1 BAHIA DEL SOL: Triangle Asks 10 Days to File Claim Repayment Deal BAYOU STEEL: Exclusivity Period Extended to April 28 BAYOU STEEL: Sale of All Assets to Liberty BSG Closed on Jan. 31 BLACK DOG CHICAGO: Exclusivity Period Extended Until April 1 BLUE PRAIRIE: Exclusivity Period Extended to June 23 BLUE WATER: Unsecured Creditors to Be Paid 100% in 10 Years BODY TRANSIT: Seeks to Hire Philly Business Advisor as Broker BOROWIAK IGA: Proposes Taylor Auctions of Personal Property BRADLEY INVESTMENTS: Has Until April 10 to File Plan & Disclosures BRAND BRIGADE: March 4 Disclosure Statement Hearing Set BRAZORIA HYDROCARBON: Court Confirms Plan of Reorganization BUILDERS FIRSTSOURCE: Moody's Affirms B1 CFR, Outlook Positive CAMBRIAN HOLDING: Exclusivity Period Extended to June 15 CENSO LLC: Asks Court to Extend Exclusivity Period to June 8 CHAPMAN HOUSE: Seeks to Hire Bruner Wright as Legal Counsel CIRCLE BAR T: Wants Until April 13 to File Plan & Disclosures COLT V. LLC: Has Until May 6 to File Plan & Disclosure CONFLUENCE ENERGY: Unsecureds Get 2% of NewCo Revenue for 4 Years CONSOLIDATED AEROSPACE: Moody's Withdraws B2 CFR on Debt Paydown CORAL POINTE: March 9 Disclosure Statement Hearing Set COSI INC: Shifts Focus to Profitable Catering Business DELTA MATERIALS: Asks Court to Extend Exclusivity Period to May 28 DOUBLE L FARMS: IFA Objects to Amended Disclosure Statement DOVETAIL GALLERY: Exclusivity Period Extended to March 11 EP ENERGY: Seeks to Extend Exclusivity Period to April 30 FC BACKGROUND: Court Confirms Plan of Liquidation FLORIDA FIRST: U.S. Trustee Unable to Appoint Committee FORTVILLE APARTMENTS: Cash Use After Feb. 12 Barred FORTVILLE APARTMENTS: Has OK to Use Cash Collateral Thru Feb. 12 FRONTIER COMMUNICATIONS: OKs 2020 Executive Compensation Program GEORGE WASHINGTON: Seeks to Extend Exclusivity Period to April 6 GIVE & GO: Moody's Reviews B3 CFR for Upgrade Over Mondelez Deal GN PLUMBING: Case Summary & 10 Unsecured Creditors GO-GO'S GREEK GRILLE: Gets Final Approval on Cash Collateral Use GRAPHIC TUFTING: U.S. Trustee Unable to Appoint Committee GREGORY L MOLDEN: U.S. Trustee Objects to First Amended Disclosure HAJ PETROLEUM: Case Summary & 17 Unsecured Creditors HELEN REALTY: Seeks to Hire Bruner Wright as Legal Counsel HERMITAGE OFFSHORE: Mackenzie Financial Reports 19.5% Stake HOOK UP CELLULAR: Wants April 7 to File Plan & Disclosure INDUSTRIAL MACHINERY SALES: Cash Use Continued Until March 13 INNOVATIVE WATER: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg. JDR CONSULTING: Court Confirms Plan of Reorganization JETBLUE AIRWAYS: Fitch Raises LT IDR to BB+, Outlook Stable JEWELTEX ENTERPRISES: Seeks to Hire Mitchell Law Firm as Counsel JLD AUTOMOTIVE: March 26 Plan & Disclosures Hearing Set JM GRAIN: Unsecureds Owed $7.5M to Recover $100K in Amended Plan JOHN DAUGHERTY: Case Summary & 20 Largest Unsecured Creditors KAOPU GROUP: BF Borgers Replaces Thayer O'Neal as Accountants LONGHORN SERVICE: Allowed to Continue Using Cash Collateral LUMASTREAM INC: Obtains Interim Approval to Use Cash Collateral MAGNOLIA LANE: Seeks Entry of Fifth-Interim Cash Collateral Order MANNKIND CORP: Incurs $51.9 Million Net Loss in 2019 MANUS SUDDRETH: Silverlake Selling Baltimore Property for $80K MARIZYME INC: Hires Ralph Makar as Chief Executive Officer MDM HOLDINGS: March 23 Plan Confirmation Hearing Set MICHAEL'S GOURMET: Allowed to Use Cash Collateral Through March 10 MICROVISION INC: Appoints New Chief Executive Officer MICROVISION INC: Thomas Walker Resigns as Director MONDORIVOLI LLC: April 8 Disclosure Statement Hearing Set MOONLIGHT AUTOMOTIVE: Interim Cash Use Continued Until March 1 NAJEEB KHAN: Trustee Reports $145K Sale of Jensen Beach Property NCCD-COLLEGE: Moody's Cuts 2015A/B Bonds to Caa1, Outlook Neg. NCK DYNAMICS: Has Until June 5, 2020 to File Plan & Disclosures NEFFGEN FAMILY: Taps Cooper Law Firm as Legal Counsel NEW CITY WASTE: March 11 Plan Confirmation Hearing Set NEW GARDEN: Seeks to Extend Exclusivity Period to March 13 NEW START: Trustee Hires Portfolio to Sell Accounts Receivable NICK'S PIZZA: Judge Issues Final Cash Collateral Order NORPAC FOODS: U.S. Trustee Forms 5-Member Suppliers Committee NORTHWEST CAPITAL: Case Summary & 6 Unsecured Creditors NPB COMPANY: U.S. Trustee Unable to Appoint Committee NSK GROUP: Interim Cash Collateral Use Continued Through April 29 NUTRITION CARE: Court Confirms Plan of Reorganization OLD DOMINION: U.S. Trustee Unable to Appoint Committee ORIGIN AGRITECH: Receives Noncompliance Notice from NASDAQ PENNRIVER COMMUNITY: Court Grants Cash Access Until Feb. 12 PENNRIVER COMMUNITY: Needs to Show Equity Cushion for Cash Access PETROSHARE CORP: Plan Revised; Now Pursuing Assets Sale PG&E CORP: March 10 Disclosure Statement Hearing Set PLATINUM OILFIELD: Seeks Authorization to Use Cash Collateral PRIMESOURCE INC: ENGS Commercial Seeks to Prohibit Further Cash Use PROGISTIC CARRIERS: March 25 Plan & Disclosure Hearing Set PROMENADE ON FIFTH: Proposes a Williams Auction of All Assets RANCHER'S LEGACY: May Continue Using Cash Collateral Until May 8 REVA MEDICAL: Permitted to Use Cash Collateral on Final Basis RICKY TUCKER: Hires Weeks to Auction Berrien County Property RILEY DRIVE: U.S. Trustee Unable to Appoint Committee RIOT BLOCKCHAIN: Outlines 2020 Strategic Priorities RIVERBED TECHNOLOGY: Moody's Alters Outlook on B3 CFR to Negative ROMANS HOUSE: Permitted to Use Cash Collateral on Interim Basis SABBATICAL INC: March 4 Plan Confirmation Hearing Set SANTA FE IMPORTS: Has Authorization on Cash Collateral Use SCHAEFER AMBULANCE: Wants to Move Exclusivity Period to April 1 SHAE MANAGEMENT: U.S. Trustee Unable to Appoint Committee SIGMA LOGISTICS: Has Final Approval to Use Cash Collateral SOUTHERN INYO: Unsec. Creditors to Get 12% in Amended Plan SOUTHERN LIVING: U.S. Trustee Unable to Appoint Committee STAR DETECTIVE: Voluntary Chapter 11 Case Summary STEPHEN MIELE: Sets Bidding Procedures for Bedford Hills Property SUMMIT TERMINAL: U.S. Trustee Unable to Appoint Committee TNS INC: Moody's Affirms B2 Corp. Family Rating, Outlook Stable VILLA TAPIA: Taps Sgouras as Counsel for Non-Bankruptcy Matters VINSICK FOODS: Seeks to Extend Exclusivity Period to April 4 WEST GARDEN: Files Second Motion to Use Cash Collateral WEST GARDEN: Obtains Interim OK to Use Cash Collateral Thru Feb. 12 WEST GARDEN: Required to Show Equity Cushion to Access Cash WHITE STAR: M&M Lien Reserve to be Funded by Contango Transaction WILLIAM THOMAS, JR: Proposes Morris Auction of Tennessee Properties ZDN INC: Cash Use Motion Denied; Gets Temporary Cash Access [^] BOOK REVIEW: Hospitals, Health and People ********* 10827 STUDEBAKER: Seeks to Extend Exclusivity Period to April 17 ---------------------------------------------------------------- 10827 Studebaker, LLC asked the U.S. Bankruptcy Court for the Central District of California to extend to April 17 the period during which only the company can file a Chapter 11 plan. The company said it needs time to refinance and market its multi-unit office building located at 30012 Ivy Glenn Drive, Laguna Niguel, Calif. 10827 Studebaker said it cannot prepare a plan without additional information as to whether it can obtain refinancing sufficient to address the claim of its lender and fund a plan. 10827 Studebaker has received an offer to acquire the property and is currently in negotiations regarding the sales price. About 10827 Studebaker 10827 Studebaker LLC, which is primarily engaged in renting and leasing real estate properties, sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 19-13242) on Aug. 21, 2019. The petition was signed by Robert Clippinger, authorized representative. The Debtor was estimated to have assets and liabilities of $1 million to $10 million as of the bankruptcy filing. Judge Erithe A. Smith oversees the case. SulmeyerKupetz is the Debtor's legal counsel. 1100 STATE STREET: Says Reorganization Plan Is Feasible ------------------------------------------------------- Debtor 1100 State Street LLC filed a Second Modified Disclosure Statement describing the Modified Chapter 11 Plan of Reorganization. This is a reorganization plan. In order words, the Debtor seeks to accomplish payments under the Plan by distributing monies received by the debtor from rents. There are at least two important aspects of a feasibility analysis. The first aspect considers whether the Debtor will have enough cash on hand on the Effective Date of the Plan to pay all the claims and expenses that are entitled to be paid on such date. The Plan Proponent maintains that this aspect of feasibility is satisfied as the Debtor will have $14,000 cash on hand by the effective date. The prior iteration of the Plan provided $11,000 cash on hand. The Debtor believes that this second aspect of the feasibility requirement is met for the following reasons: the Debtor should be able to accrue all amounts necessary going forward to pay all allowed claims in accordance with the Plan. The Debtor expects but cannot guarantee that there will be a substantial capital contribution made by Tyrone Pitts, the principal and sole member of the Debtor. There are no unsecured claims under the Plan. The Debtor has tentatively reached a consensual agreement with Epiphany Fellowship of Camden, Inc. to exchange mutual releases and to terminate tenancy. A full-text copy of the Second Modified Disclosure Statement dated January 30, 2020, is available at https://tinyurl.com/qp94cv3 from PacerMonitor at no charge. Attorneys for Debtor: David A. Kasen, Esquire KASEN & KASEN, P.C. Society Hill Office Park, Suite #3 1874 E. Marlton Pike Cherry Hill, NJ 08034 Tel: (856) 424-4144 Fax: (856) 424-7565 E-mail: dkasen@kasenlaw.com About 1100 State Street 1100 State Street, LLC, owns real estate commonly known as 1100 State Street, Camden, New Jersey. There is one building which is leased to six tenants. The principal of the business is Tyrone Pitts, who is the sole member. 1100 State Street sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 19-15567) on March 19, 2019. The case is assigned to Judge Andrew B. Altenburg Jr. Kasen & Kasen, P.C., is the Debtor's counsel. 131 MANHATTAN DELI: Seeks Sgouras Law Firm as Legal Counsel ----------------------------------------------------------- 131 Manhattan Deli Grocery Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Sgouras Law Firm, PLLC as its legal counsel for non-bankruptcy matters. The firm will assist the Debtor in postpetition matters such as restoring its liquor license and restoring WIC license for Villa Tapia Citi Fresh Supermarket Corp., which is related to the Debtor by common ownership. Sgouras will receive a flat fee of $12,000, payable in 12 monthly installments. Tommy Sgouras, Esq., at Sgouras, disclosed in court filings that his firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Tommy Sgouras, Esq. Sgouras Law Firm, PLLC 32-75 Steinway Street, Suite 207 Astoria, New York 11106 Phone: 646 345-7674 Fax: 646 585-1381 E-mail: contact@sgouraslaw.com About 131 Manhattan Deli Grocery Corp. 131 Manhattan Deli Grocery Corp. is a retail food store, which specializes in a vast array of sandwiches, salads, organic products, vegetarian and vegan products. Based in Brooklyn, N.Y., 131 Manhattan Deli Grocery Corp. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-47702) on Dec. 24, 2019, listing under $1 million in both assets and liabilities. Judge Nancy Hershey Lord oversees the case. Phillip Mahony, Esq., is the Debtor's legal counsel. 160 ROYAL PALM: Court Confirms Third Amended Plan of Liquidation ---------------------------------------------------------------- On Feb. 10, 2020, the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, convened a hearing to consider confirmation of the Third Amended Plan of Liquidation filed by Debtor 160 Royal Palm, LLC. On Feb. 11, 2020, Judge Erik P. Kimball ordered that: * All objections to confirmation of the Plan, including the objections filed by KK-PB Financial, LLC, are overruled. * The Plan is confirmed and approved in all respects. * All Equity Interests in the Debtor are extinguished. * Any escrow agent in possession of the Sale Proceeds shall release such funds to the Debtor or Liquidating Trustee, and, if they have not done so already, the Debtor and LR shall expeditiously execute and transmit all documents and/or notices required to effectuate the timely release of such funds. * The Liquidating Trust Agreement is approved and the Debtor is authorized and directed to execute the Liquidating Trust Agreement and to convey and otherwise transfer all of its assets to the Liquidating Trustee to be held in trust for the benefit of the Liquidating Trust Beneficiaries subject to the term and provisions of the Plan and the Liquidating Trust Agreement. * The Court confirms that the Plan does not convey any Claims or Causes of Action belonging to any holder of an Allowed Unsecured Claim and not belonging to the Debtor’s estate against anyone other than i) the Debtor, (ii) Cary Glickstein, (iii) the Liquidating Trustee, and (iv) the professionals employed by the Debtor, the Liquidating Trust, and the Liquidating Trustee. A full-text copy of the order dated Feb. 11, 2020, is available at https://tinyurl.com/sqp6mnc from PacerMonitor at no charge. The Debtor is represented by: Philip J. Landau, Esq. Eric Pendergraft, Esq. SHRAIBERG, LANDAU & PAGE, P.A. 2385 NW Executive Center Drive, Ste. 300 Boca Raton, FL 33431 Telephone: (561) 443-0800 Facsimile: (561) 998-0047 E-mail: plandau@slp.law ependergraft@slp.law About 160 Royal Palm 160 Royal Palm, LLC is a Florida limited liability company, which owns prime real property consisting of a partially constructed hotel/ condominium located at 160 Royal Palm Way, Palm Beach, Florida. The property is under state court receivership. 160 Royal Palm filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Fla. Case No.18-19441) on Aug. 2, 2018. In the petition signed by Cary Glickstein, sole and exclusive manager, the Debtor disclosed $16,447,759 in total assets and $114,926,976 in total liabilities. The case has been assigned to Judge Erik P. Kimball. The Debtor tapped Philip J. Landau, Esq., at Shraiberg, Landau & Page, P.A., as its counsel; and Greenberg Traurig, P.A. as its special counsel and title agent. No official committee of unsecured creditors has been appointed in the Debtor's case. 450 S. WESTERN: Seeks and Wins Interim Nod on Cash Collateral Use ----------------------------------------------------------------- 450 S. Western, LLC seeks authorization from the U.S. Bankruptcy Court for the Central District of California to use cash collateral April 4, 2020 or such earlier date as the Debtor confirms a chapter 11 plan of reorganization or closes in a sale of substantially all of its assets. The Debtor proposes utilize its cash collateral for its business operations including paying wages, insurance, taxes and license fees, utilities, U.S. Trustee quarterly fees, and other necessary expenses to continue operation of its shopping center. The Debtor believes G450 LLC, Pontis Capital, LLC, Five West Capital, LP, and Evergreen Capital Asset LP. may assert interest in its cash collateral. Accordingly, the Debtor offers to provide the secured creditors with replacement liens in its assets that is acquired after the petition date, including the proceeds thereof, of the same kind, type and nature as the collateral in which the secured creditors held a lien, and to the same extent, validity, and priority as any lien held by the secured creditor in such funds and/or accounts receivables as of the petition date. Pursuant to his interim order, Judge Ernest M. Robles authorized the Debtor to use cash collateral on an interim basis pursuant to the budget. About 450 S. Western 450 S. Western, LLC, is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). 450 S. Western sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 20-10264) on Jan. 10, 2020. At the time of the filing, the Debtor disclosed assets of between $50 million and $100 million and liabilities of the same range. Judge Ernest M. Robles oversees the case. The Debtor tapped Arent Fox, LLP as its legal counsel, and Wilshire Partners of CA, LLC as its financial advisor. The Office of the U.S. Trustee on Feb. 4, 2020, appointed three creditors to serve on the official committee of unsecured creditors in the Debtor's case. 84 ALBANY AVE: Case Summary & 4 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: 84 Albany Ave. Realty Corp. 84 Albany Ave Freeport, NY 11520-4011 Business Description: 84 Albany Ave. Realty Corp. owns in fee simple a commercial building with 24,000 sq. ft. of space located in Freeport, NY, having a current value of $1.05 million. Chapter 11 Petition Date: February 27, 2020 Court: United States Bankruptcy Court Eastern District of New York Case No.: 20-71265 Debtor's Counsel: Bruce H. Bronson, Esq. BRONSON LAW OFFICE, P.C. 480 Mamaroneck Ave Harrison, NY 10528-1621 Tel: (877) 385-7793 E-mail: hbbronson@bronsonlaw.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Robert Bloom, CEO. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/LAAYeV 950 MEAT & GROCERY: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: 950 Meat & Grocery Inc. DBA Food Fair La Gran Marqueta 946-956 Market Street Paterson, NJ 07513 Business Description: 950 Meat & Grocery Inc. owns and operates a supermarket in Paterson, NJ. Chapter 11 Petition Date: February 27, 2020 Court: United States Bankruptcy Court Southern District of New York Case No.: 20-10616 Judge: Hon. Stuart M. Bernstein Debtor's Counsel: Clifford A. Katz, Esq. PLATZER, SWERGOLD, LEVINE, GOLDBERG, KATZ & JASLOAW, LLP 475 Park Avenue South 18th Floor New York, NY 10016 Tel: 212-593-3000 Email: ckatz@platzerlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kent Tavera, president. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors at the time of the filing. A full-text copy of the petition is available for free at PacerMonitor.com at: https://is.gd/f09kKa ABR BUILDERS: DOL Questions Plan Releases to Principals ------------------------------------------------------- The New York State Department of Labor (DOL) submitted its response to the Second Amended Plan and Disclosure Statement of Debtor ABR Builders LLC on January 30, 2020. In its objection, the DEOL points out that he proposed releases to be given to the Debtor's principals Bolek Ryzinski and Lukas Macniac, who DOL believes were also statutory employers and shared the Debtor's statutory liability for unpaid wages, in consideration of promised contributions to the bankruptcy estate, would effectively release them from such personal liability even though the wage claims remain unsatisfied. The DOL's order to comply to its amended proof of claim runs against the Debtor, Mr. Ryzinski and Mr. Macnia. DOL believes that no viable means of fulfilling the purported commitment to pay priority claims in full has been proposed, and should the Second Amended Plan and Disclosure Statement nevertheless be approved, reserves its right to oppose confirmation of such a plan on that basis. A full-text copy of DOL's objection to dated Jan. 30, 2020, is available at https://tinyurl.com/u3upa66 from PacerMonitor at no charge. About ABR Builders ABR Builders -- http://www.abrbuilders.com/-- is a general contractor serving New York City and the adjoining areas. Since its founding in 1995, the Company has constructed high-end residential houses and commercial projects such as private medical clinics. ABR manufactures all custom architectural, structural, and interior components through its in-house resources. At the time of filing, the estimated assets and debts are $1 million to $10 million. ABR Builders LLC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 19-11041) on April 4, 2019. The Debtor was estimated to have $1 million to $10 million in assets and liabilities as of the bankruptcy filing. Leo Fox, Esq., in New York, serves as counsel to the Debtor. ACQUABOUNTY TECHNOLOGIES: Sopica Global Reports 8.3% Stake ---------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, these entities reported beneficial ownership of shares of common stock of AcquaBounty Technologies, Inc. as of Feb. 13, 2020: Shares Percent Beneficially of Reporting Person Owned Class ---------------- ------------ ------- Sopica Special Opportunities Fund LTD 511,192 1.6% Sopica Global Retail Growth Fund LTD 2,650,000 8.3% LLF Financial S.A. 3,161,192 9.9% LLFF is the investment manager of each of SSOF and SGRGF and holds all of the management shares of each of SSOF and SGRGF. As a result, LLFF may be deemed to have voting power and/or investment power over the Common Stock held by SSOF and SGRGF, which is equal to 3,161,192 shares of Common Stock. The percent of class was calculated based on (i) 21,605,322 shares of common stock, par value $0.001, of AquaBounty Technologies, Inc. outstanding as of Nov. 4, 2019, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on Nov. 5, 2019, plus (ii) 10,350,000 shares of Common Stock issued in connection with an offering, including the exercise in full of the underwriters' overallotment option. A full-text copy of the regulatory filing is available for free at: https://is.gd/22Sdll About AcquaBounty Headquartered in Maynard, Massachusetts, AquaBounty Technologies, Inc., is a biotechnology company focused on enhancing productivity and sustainability in the fast-growing aquaculture market. The Company's objective is to ensure the availability of high-quality seafood to meet global consumer demand, while addressing critical production constraints in the most popular farmed species. AquaBounty reported a net loss of $10.38 million in 2018 following a net loss of $9.26 million in 2017. As of Sept. 30, 2019, the Company had $32.96 million in total assets, $6.08 million in total liabilities, and $26.88 million in total stockholders' equity. Wolf & Company, P.C., in Boston, Massachusetts, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 7, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has suffered recurring losses and negative cash flows from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ACTT RIVER: Unsecureds to Recover At Least 40% Under Plan --------------------------------------------------------- Debtor ACTT River Road LLC filed a Second Amended Disclosure Statement describing its Amended Plan of Reorganization. In the event a sale or refinance of the Property occurs prior to the Plan's Maturity Date, any amounts remaining due to the holder of Class 3 Allowed General Unsecured Claim will be paid in accordance with and subject to the approval of the Court. It is estimated that Unsecured Creditors will receive a minimum of 40% percent of their Allowed Claims on or before the Amended Plan Maturity Date. The Property does not have any current operation. Until such time as the Property is sold or refinanced, the Plan will be funded by the Plan Funder. The estimated sum necessary to pre-fund the Plan for a twelve month period is $56,000. This sum will have been deposited by the Plan Funder in the Trust Account for Debtor's Attorney, Silverang, Rosenzweig & Haltzman, LLC prior to confirmation. The Plan Funder's designation of a pre-paid fund to cover the Debtor's adequate protection payments assures the Claimants that they will receive the treatment contemplated hereunder should the Plan extend through the Maturity Date. A full-text copy of the Second Amended Disclosure Statement dated Feb. 11, 2020, is available at https://tinyurl.com/v8jwfne from PacerMonitor at no charge. The Debtor is represented by: SILVERANG, ROSENZWEIG & HALTZMAN, LLC Mark S. Haltzman WOODLANDS CENTER 900 East 8th Avenue, Suite 300 King of Prussia, PA 19406 Tel: (610) 263-0131 Fax: (215) 754-4211 About ACTT River Road ACTT River Road LLC classifies its business as single asset real estate (as defined in 11 U.S.C. Section 101(51B)). Based in Point Pleasant, Pa., ACTT River Road sought protection Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No.19-13789) on June 12, 2019. At the time of the filing, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Mark S. Haltzman, Esq., at Silverang, Rosenzweig & Haltzman, LLC, is the Debtor's counsel. ADVANCED READY: Committee Taps Cullen and Dykman as Legal Counsel ----------------------------------------------------------------- The official committee of unsecured creditors of Advanced Ready Mix Corp. received approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Cullen and Dykman, LLP as its legal counsel. The firm will provide these services in connection with the Chapter 11 cases filed by Advanced Ready Mix and its affiliates: (a) advise the committee of its rights, duties and powers in the Debtors' cases; (b) assist the committee in its consultations with the Debtors; (c) analyze claims of creditors and the Debtors' capital structure and negotiate with holders of claims and equity interests; (d) investigate the acts, conduct, assets, liabilities and financial condition of the Debtors and the operation of their businesses; (e) investigate the liens and claims of holders of the Debtors' pre-bankruptcy debt and prosecute claims or causes of action revealed by such investigation; (f) negotiate with the Debtors or any third party concerning matters related to the assumption or rejection of leases of non-residential real property and executory contracts, asset dispositions, sale of assets, financing, and the terms of a plan of reorganization; (g) advise the committee as to its communications to unsecured creditors; (h) represent the committee at hearings and other proceedings; (i) review and analyze applications, orders, statements of operations and schedules filed with the court and advise the committee as to their propriety; (j) assist the committee in preparing pleadings and applications; and (k) prepare legal papers. The firm's standard hourly rates are: Partner/Counsel $500 - $800 Associate $330 - $575 Paralegal $95 - $175 Cullen and Dykman has agreed to provide discounted hourly rates to the committee as follows: Nathan Dee Partner $600 Elizabeth Aboulafia Partner $500 Michelle McMahon Partner $500 Sophia Hepheastou Associate $395 Elizabeth Aboulafia, Esq., a member of Cullen and Dykman, disclosed in court filings that the firm neither represents nor holds any interest adverse to the Debtors and their bankruptcy estates. Cullen and Dykman can be reached through: Elizabeth M. Aboulafia, Esq. Cullen and Dykman, LLP 100 Quentin Roosevelt Boulevard Garden City, New York 11530 Phone: (516) 357-3700 Email: eaboulafia@cullenllp.com -- and -- Michelle McMahon, Esq. Sophia Hepheastou, Esq. Cullen and Dykman, LLP 44 Wall Street New York, New York 10005 Phone: (212) 510-2296 Email: mmcmahon@cullenllp.com shepheastou@cullenllp.com About Advanced Ready Mix Corp. Advanced Ready Mix Corp. a supplier of ready-mixed concrete in Bayside, N.Y., and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 19-46274) on Oct. 17, 2019. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $500,000 and $1 million. Judge Carla E. Craig oversees the cases. Platzer, Swergold, Levine, Goldberg, Katz & Jaslow, LLP is the Debtor's legal counsel. The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on Jan. 23, 2020. The committee is represented by Cullen and Dykman, LLP. ALGON CORPORATION: Seeks to Extend Exclusivity Period to April 24 ----------------------------------------------------------------- Algon Corporation asked the U.S. Bankruptcy Court for the Southern District of Florida to extend the exclusivity period to file a Chapter 11 plan of reorganization and solicit acceptances for the plan to April 24 and June 23, respectively. The company needs more time to negotiate and structure a transaction that will provide the necessary financing for its reorganization plan as well as to resolve matters with its creditors. Since its bankruptcy case was filed, Algon Corporation has sought alternative financing in order to proceed with a plan of reorganization. It has negotiated various non-disclosure agreements and met with about a half dozen prospective lenders. Much of the problem in finding appropriate financing is that a significant portion of the collateral is located in Mexico, and these prospective lenders, if willing to loan, request extremely high and disqualifying interest rates. Currently, the company is actively engaged in negotiations with a lender and investor to fund a plan. Algon Corporation needs additional time to consummate these discussions, finalize all critical terms, and structure the necessary funding in conjunction with its plan. Also, the company anticipates reviewing its plan with BBVA Compass Bank and Export-Import Bank prior to filing. About Algon Corp Algon Corp -- https://www.algon.com/ -- is a worldwide distributor of raw materials and industrial parts for the pharmaceutical, cosmetic, and food industries. It is located in Miami, Fla. Algon Corp sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-18864) on July 1, 2019. In the petition signed by its president, Alfredo Suarez, the Debtor estimated assets and liabilities of less than $10 million. The case is assigned to Judge Robert A. Mark. The Debtor is represented by Geoffrey S. Aaronson, Esq., at Aaronson Schantz Beiley P.A. ALTA MESA: Equity Holders Seek Appointment of Equity Committee -------------------------------------------------------------- An ad hoc group of equity holders asked the U.S. Bankruptcy Court for the Southern District of Texas to appoint a statutory committee to represent equity holders in the Chapter 11 case of Alta Mesa Resources Inc. In its motion, the ad hoc group, which consists of holders of class A equity securities, said it is necessary to have an independent equity committee to handle the shareholders' interest. "During the past two years, individual shareholders were mute spectators of the inner working of Alta Mesa only to see their entire investments gone with the wind. Their projections during the capital rise and incorporation were a testimony to our belief, they are incapabale to do anything for shareholders," the ad hoc group said. "Even the latest saga of the marketing and sale process affirms our belief that we can't expect the board and the management will do good for shareholders," the ad hoc group further said. The ad hoc group said it believes that there exists a huge potential to monetize the tax loss attributes that will benefit shareholders who lost all their money and that it will get experts once an equity committee is appointed. About Alta Mesa Resources Alta Mesa Resources, Inc., is an independent energy company focused on the development and acquisition of unconventional oil and natural gas reserves in the Anadarko Basin in Oklahoma, and through Kingfisher Midstream, LLC, provides best-in-class midstream energy services, including crude oil and gas gathering, processing and marketing and produced water disposal to producers in the STACK play. Alta Mesa reported $1.4 billion in assets and $864 million in liabilities as of Dec. 31, 2018. Alta Mesa and six affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 19-35133) on Sept. 11, 2019. The Hon. Marvin Isgur is the case judge. The Debtors tapped Porter Hedges LLP and Latham & Watkins LLP as attorneys; and Perella Weinberg Partners LP and its affiliate Tudor Pickering Holt & Co Advisors LP as investment banker. Prime Clerk LLC is the claims agent. AMNEAL PHARMACEUTICALS: Moody's Lowers CFR to B3, Outlook Stable ---------------------------------------------------------------- Moody's Investors Service downgraded the ratings of Amneal Pharmaceuticals, LLC, including the Corporate Family Rating to B3 from B2, Probability of Default Rating to B3-PD from B2-PD, and senior secured term loan rating to B3 from B2. At the same time, Moody's revised the outlook to stable from rating under review. There was no change to Amneal's SGL-2 Speculative Grade Liquidity Rating. This rating action concludes the ratings review for downgrade initiated on November 7th, 2019. The rating downgrade reflects Moody's expectation that while Amneal's earnings will improve in 2020, from trough levels in 2019, debt/EBITDA will remain above 6.5x (inclusive of the recently closed acquisition of AvKare) through 2021. Moody's estimates adjusted debt/EBITDA, pro forma for Avkare was around 7.5x for the twelve months ended December 31, 2019. Earnings will continue to be burdened by operating inefficiencies and erosion on the base generics business. That said, Amneal recently launched generic Nuvaring and Sucralfate, which will more than offset these pressures, leading to earnings growth in 2020. These are high-value product launches because Amneal is first-to-market on both, and Moody's believes there will be limited competition on them in 2020. Beyond 2020, however, there will potentially be competitive entrants on Nuvaring and Sucralfate; and Zomig (2019 revenue of $55 million), a high margin branded product, faces a loss of patent exclusivity in May 2021. As a result, sustaining earnings growth in 2021 will be dependent on bringing new high-value generics to market and substantially improving operating efficiencies. The stable outlook reflects Moody's view that despite earnings growth, Amneal's financial leverage will remain high through 2021. It will take several years to meaningfully improve earnings, specifically to address operational inefficiencies, including failure to supply penalties, suboptimal plant utilization, and excess inventory obsolescence. Ratings downgraded: Amneal Pharmaceuticals, LLC Corporate Family Rating, downgraded to B3 from B2 Probability of Default Rating, downgraded to B3-PD from B2-PD $2.7 billion senior secured bank credit facility, downgraded to B3 (LGD4) from B2 (LGD4) Outlook actions: Outlook, changed to Stable from Rating Under Review RATINGS RATIONALE Amneal's B3 Corporate Family Rating reflects its moderate size and scale by revenue compared to generic pharmaceutical peers, and its high financial leverage. Amneal has significant concentration in the US where it faces earnings volatility due to pricing pressure on its base of existing products and dependence on its pipeline to grow. Moody's believes earnings will return to growth in 2020 as Amneal offsets declines on its base of existing products with uptake from several high-value new products and makes progress on reducing the negative impacts from operational inefficiencies, including failure-to-supply penalties and underutilization of production facilities. Further, free cash flow will be positive in 2020, following negative free cash flow in 2019. Amneal's liquidity remains good, reflected in the SGL-2. Amneal's cash after funding the AvKare acquisition on January 31, 2020 was about $75 million. Moody's expects that Amneal will generate free cash flow of $25-$50 million in 2020 after all debt service requirements, including about $27 million of term loan amortization. Additionally, Amneal's term loans do not have financial maintenance covenants and Amneal has access to a fully undrawn $500 million asset-based revolver that expires in May 2023. There is a springing minimum fixed charge coverage ratio of 1.0 times that is tested only if more than 90% of the revolver is drawn. Moody's does not believe the covenant will be tested over the next twelve months. Social risks are high for Amneal. Amneal is one of the pharmaceutical companies involved in litigation related to its role in the sale of generic opioid products and alleged generic drug price fixing. There are risks that these exposures will result in large future cash outflows. Risks related to governance include Amneal's two material downward earnings guidance revisions in 2019 and subsequent changes to senior management. Amneal's ratings could be upgraded if Moody's expects that debt/EBITDA will be sustained below 6x, combined with a proven ability to more than offset base business declines with new product launches. Amneal's ratings could be downgraded if Amneal is unable to generate free cash flow or if there are material negative developments related to its ongoing opioid or generic drug price fixing litigation. Headquartered in Bridgewater, New Jersey, Amneal Pharmaceuticals, LLC, is a generic pharmaceutical manufacturer with facilities in New York, New Jersey, and India. The company generates all of its revenue in the US. Amneal generated $1.6 billion in revenue for the twelve months ended December 31, 2019. The principal methodology used in these ratings was Pharmaceutical Industry published in June 2017. ANDREW YOUNG: Region Growth Buying Illinois Property for $920K -------------------------------------------------------------- Andrew L. Young asks the U.S. Bankruptcy Court for the Northern District of Illinois to authorize the sale of the real property located in the area bound by: 25th Ave to the north; I-80/94 to the south, Chase St. to the east; and Burr St. to the west "Designated Area"), including but not limited to the 85 parcels identified in Exhibit A to the First Purchase Agreement together with all improvements thereon and all rights and privileges appurtenant thereto, to Region Growth Capital, LLC or its designee for $920,217. On Jan. 28, 2020, following extensive arms-length negotiations, the Debtors entered into the First Purchase Agreement with RGC. The Agreement provides for the sale of the Debtors' right, title and interest in the Property, free and clear of all liens, claims, encumbrances and other interests, for a purchase price of $920,217. The Agreement provides for allocation of the Purchase Price between the Debtors in accordance with their respective interests in the Property: 90% to Andrew Young and 10% to SMS. The other key terms of the First Purchase Agreement are: a. Section 2.3(a) Earnest Money. Within three business days after the execution of the Agreement, the Purchaser will deposit with the Escrow Company, as escrow agent, the sum of $46,196. Within three business days after the Sale Order in form and substance acceptable to the Purchaser and the Sellers becoming a Final Order, the Purchaser will deposit with the Escrow Company, as escrow agent, an additional $92,391. b. Section 2.5 Bankruptcy Court Approval. The First Purchase Agreement requires the Debtors to file a Sale Motion requesting entry of a Sale Order that is acceptable to the Purchase and includes inter alia the following terms: (i) That the sale of the Property will be free and clear of all Encumbrances, (other than Permitted Exceptions) with such Encumbrances attaching to the proceeds of the Sale. (ii) That the sale of the Property will be on an "as is, where is" basis free and clear of all Encumbrances, and without representations or warranties of any kind, nature or description by the Sellers or their respective agents, except as expressly set forth in the Agreement. c. Sections 3.2, 3.3 and 4.2 Due Diligence Period/Closing Date/Title and Survey/Closing Conditions. The Agreement contemplates a Due Diligence Period beginning on the date of the Agreement and ending at 11:59 p.m. (CT) on the date that is 30 days after the date on which the Sale Order acceptable to the Purchaser and the Sellers becomes a Final Order. The Closing Date is the date that is no later than 60 days after the expiration of the Due Diligence Period and assuming all of the conditions in Section 4.2 have been satisfied. In addition to other conditions set forth in the Agreement, the obligation of each of the Debtors, on the one hand, and the Purchaser, on the other hand, to consummate the transaction contemplated under the Agreement will be contingent upon the following: (i) The Bankruptcy Court will have entered the Sale Order on Feb. 28, 2020 in form and substance acceptable to the Purchaser approving the Sale to the Purchaser, and the Sale Order will have become a Final Order. (ii) The Sale Order will have become a Final Order, which will not be subject to appeal or stay on March 13, 2020. (iii) Solely as a Purchaser condition, as of the Closing Date, the Title Company will have delivered to the Purchaser an initialed mark-up of the Title Commitment or a signed pro-forma title policy in the amount of the Purchase Price, updating the effective date to the date of the recording of the deed, irrevocably committing to insure Purchaser as owner of the Property in fee simple, containing no exceptions other than Permitted Exceptions, and including extended coverage over the so-called standard exceptions and all endorsements and affirmative coverage requested by the Purchaser. d. Sections 2.2, 2.3(c) and 2.4, "AS-IS, WHERE-IS" Sale/Assumed Liabilities/Excluded Liabilities/Payment and Escrow for Real Estate Taxes at Closing. Except for the representations and warranties set forth in the First Purchase Agreement or in the documents delivered at Closing, and the provision that the Property is sold free and clear of any Encumbrances, the Purchaser will purchase the Property in its "AS-IS, WHERE-IS" condition. Other than the Assumed Liabilities (i.e., real estate taxes and assessment solely for the 2020 tax year due 2021 with respect to the Property and no other real estate taxes and assessments), the Purchaser will not assume any liabilities of the Debtors. All real estate taxes and assessments that are currently due and owing with respect to the Property will be paid at Closing. The First Purchase Agreement further provides that to the extent the 2019 real estate taxes are not yet due, 105% of the projected amount will be held in escrow from the Sale Proceeds by the Escrow Company and disbursed when such taxes become due and owing, with any remaining amount for 2019 taxes in the Escrow after payment of such taxes to be paid to the Debtors by the Escrow Company. e. Section 4.5 Second Purchase Agreement. Contemporaneously with the First Purchase Agreement, Andrew Young has entered into a separate Agreement of Purchase and Sale with RGC ("Second Purchase Agreement"), which contemplates the sale of seven additional properties located within the Designated Area. The terms and conditions of the Second Purchase Agreement are materially the same as the First Purchase Agreement, provided that the Purchaser is entitled to a 30-day extension of the Due Diligence Period under Second Purchase Agreement in light of a contemplated phase I environmental report and the Purchaser has the right to remove any of the 7 parcels from the sale. The First Purchase Agreement requires that contemporaneously with the Sale Order being entered approving the Agreement, the Sellers will obtain an order acceptable in form and substance to Purchaser approving the Second Purchase Agreement and such sale order approving the Second Purchase Agreement will become a Final Order no later than two business days after the Sale Order approving the Agreement becoming a Final Order. However, the Closing of the Sale pursuant to the Second Purchase Agreement is not a condition of the First Purchase Agreement. f. Section 5.4 Closing Costs. The Agreement provides that Purchaser and the Debtors will each pay their own attorney's fees related to the preparation of the Agreement and the transaction contemplated hereby. The Purchaser will also pay (i) all premiums and charges of the Title Company for the Title Commitment and the owner's policy of title insurance, as ordered by the Purchaser, (ii) the cost of preparing the Survey, as ordered by the Purchaser, (iii) all customary state, county and local recordation fees and transfer taxes, documentary stamp taxes and similar charges, as calculated by the Title Company, if any, applicable to the transfer of the Property to the Purchaser, (iv) all title escrow fees and costs, if any, charged by the Title Company, and (v) any other customary title-related closing cost charged by and payable to the Title Company at Closing. Any other fees and closing costs will be the responsibility of the Debtors, including but not limited to, any cost related to, or as a result of, the Debtors' bankruptcy cases. g. Sections 6 and 7 Representations and Warranties. The Agreement provides for customary representations and warranties regarding the parties' respective power and authority to entire into the contemplated transactions, and disclosures regarding the Property. According to the Lake County Treasurer's website, approximately $280,000 is currently due and owing for real estate taxes and assessments on the Property that is subject to the First Purchase Agreement and the Second Purchase Agreement, including 2018 taxes payable in 2019 and for all prior periods. The 2019 taxes payable 2020 for the Property that is subject to the First Purchase Agreement and the Second Purchase Agreement are estimated at approximately $14,000 based on 105% of the 2018 tax bills. Accordingly, the Purchase Price for the Property ($996,000 in the aggregate) vastly exceeds the outstanding and estimated tax liabilities to be paid or escrowed for at the Closing of the contemplated Sale. The aggregate Purchase Price for the Property that is subject to the First Purchase Agreement and the Second Purchase Agreement also exceeds the aggregate assessed values of such property, which total $327,300 according to the Lake County Assessor's website. The Debtors acknowledge and agree that the net proceeds from the sale of the Property to the Purchaser will be deposited into each of the Debtors' DIP bank accounts in accordance with their respective distributions at closing and held pending further order of the Court authorizing any distributions of such funds. Furthermore, the Debtors will file and serve a report of sale within seven days of the closing, as required by Fed. R. Bankr. P. 6001(f)(1) and Local Rule B-6004-1(c). 23. Both of these provisions are included in the proposed Sale Order. The Agreement requires the Debtors to secure entry of the Sale Order by Feb.y 28, 2020. Therefore, the Debtors request a hearing between Feb. 19, 2020 and Feb. 28, 2020, subject to the Court's availability. A copy of the Agreement is available at https://tinyurl.com/u28t93t from PacerMonitor.com free of charge. Wadsworth, Illinois-based Andrew L. Young filed for Chapter 11 bankruptcy protection on November 23, 2009 (Bankr. N.D. Ill. Case No. 09-44322). Gregory K. Stern, Esq., at Gregory K. Stern, P.C., assists the Company in its restructuring effort. The Company was estimated to have assets at $10 million to $50 million in assets and liabilities at $1 million to $10 million in its Chapter 11 petition. ARRO CORPORATION: Has Final Approval on $2.9M Financing, Cash Use ----------------------------------------------------------------- Judge Janet S. Baer of the U.S. Bankruptcy Court for the Northern District of Illinois issued a final order authorizing Arro Corporation, fka Arro Packaging Company to obtain post-petition financing in the principal amount of up to $2,964,545 from BMO Harris Bank, N.A. The post-petition loan will bear interest equal to the sum of BMO Harris Bank's Base Rate plus 4% per annum, and will be secured by liens on substantially all assets of the Debtor, which liens will be senior to the Debtor's pre-existing secured debt. BMO Harris Bank is granted a valid and perfected first lien an all of the Debtor's personal and real property, provided that the DIP liens will be junior in priority to any valid, perfected and unavoidable liens to the extent that such liens are senior to the pre-petition liens. The Bank is also granted an allowed super priority administrative claim pursuant to Section 364(c)(1) of the Bankruptcy Code with respect to all DIP obligations. The Debtor's authority to use the cash collateral, along with the Bank's willingness to make loans to the Debtor, will terminate upon occurrence of certain events, including: (1) the final indefeasible payment in full in cash of the obligations; (2) the effective date of any confirmed plan of reorganization or liquidation in the Chapter 11 case; (3) the consummation of the sale or other disposition of all or substantially all of the Debtor's assets provided that neither the sale nor orderly liquidation of the Debtor's food processing business will constitute a post-petition default; (4) violation of the Final Order or failure to adhere to the approved budget; (5) dismissal of the Chapter 11 case or its conversion into a case under Chapter 7 of the Bankruptcy Code. About Arro Corporation Arro Corporation -- https://arro.com/ -- provides food contract manufacturing, processing, logistics and warehousing services. It offers custom dry, liquid blending, reprocessing, bulk handling and processing services. Arro Corporation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 19-35238) on Dec. 13, 2019. At the time of the filing, the Debtor disclosed assets of between $10 million and $50 million and liabilities of the same range. The case has been assigned to Judge Janet S. Baer. Adam P. Silverman, Esq., at Adelman & Gettleman, Ltd., is the Debtor's legal counsel. ASBURY GRAIN: Case Summary & 15 Unsecured Creditors --------------------------------------------------- Debtor: Asbury Grain Service, LLC E7716 Cherry Grove Rd Viroqua, WI 54665 Chapter 11 Petition Date: February 26, 2020 Court: United States Bankruptcy Court Western District of Wisconsin Case No.: 20-10564 Judge: Hon. Catherine J. Furay Debtor's Counsel: Galen W. Pittman, Esq. PITTMAN & PITTMAN LAW OFFICES, LLC 712 Main Street La Crosee, WI 54601 Tel: (608) 784-0841 E-mail: Info@PittmanandPittman.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Stuart Nelson, authorized representative. A copy of the petition containing, among other items, a list of the Debtor's 15 unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/eZfK8O ASTRIA HEALTH: Exclusivity Period Extended to June 1 ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Washington granted Astria Health' motion to extend the periods during which the company and its affiliates have the exclusive right to file a Chapter 11 plan of reorganization and solicit acceptances for the plan to June 1 and July 29, respectively. The companies and Piper Sandler & Co., the firm hired to obtain exit financing to support the companies' bankruptcy plan or assist in the sale of their assets, do not expect to get the financing by the time the exclusivity period expires. They have also determined that, with the closure of Astria Regional Medical Center and the elimination of its operational losses, the best chance to maximize value for the system is to extend dates and deadlines associated with the alternative transaction and refinancing options. The companies intend to modify the dates and deadlines to extend the process, including extending the auction date to late April 2020 and the sale hearing to early May 2020 to allow parties in a refinance or an alternative transaction to complete their due diligence. About Astria Health Astria Health and its subsidiaries -- https://www.astria.health/ -- are a nonprofit health care system providing medical services to patients who generally reside in Yakima County and Benton County, Wash., through the operation of Sunnyside, Yakima, and Toppenish hospitals, as well as several health clinics, home health services, and other healthcare services. Collectively, they have 315 licensed beds, three active emergency rooms, and a host of medical specialties. The Debtors have 1,547 regular employees. Astria Health and 12 of its subsidiaries filed for bankruptcy protection (Bankr. E.D.Wash, Lead Case No. 19-01189) on May 6, 2019. In the petitions signed by John Gallagher, president and CEO, the Debtors were each estimated to have assets and liabilities of $100 million to $500 million. Judge Frank L. Kurtz oversees the cases. Bush Kornfeld LLP and Dentons US LLP serve as the Debtors' counsel. Kurtzman Carson Consultants, LLC is the claims and noticing agent. Gregory Garvin, acting U.S. trustee for Region 18, appointed a committee of unsecured creditors on May 24, 2019. The committee retained Sills Cummis & Gross P.C. as its legal counsel; Polsinelli PC, as co-counsel; and Berkeley Research Group, LLC as financial advisor. BAHIA DEL SOL: Triangle Asks 10 Days to File Claim Repayment Deal ----------------------------------------------------------------- Triangle Cayman Asset Co. 2, secured creditor of Bahia del Sol Hotel Corp., asks the U.S. Bankruptcy Court for the District of Puerto Rico for an extension of time of 10 days to allow the parties to finalize, executed and file a settlement agreement as to the repayment of Triangle's claim, in connection with the Debtor's proposed sale of the real property currently known as "Plaza Parguera Hotel" located at La Parguera Ward, Road 304, Km. 3.2, Lajas, Puerto Rico, to Puerto Rico Asset Management, LLC for $1.3 million, subject to overbid. On Aug. 16, 2019, Triangle filed Proof of Claim 9 in the amount of $1,141,306, which repayment is secured with, among other things, property 15,629, located at Road 305, La Parguera, Lajas, where the Debtor operates its hotel business ("Real Estate Property"). During the status conference held on Aug. 21, 2019, the Debtor stated it would be filing a motion to sell the Real Estate Property by Sept. 30, 2019. On Sept. 27, 2019, the Debtor requested an extension to file the motion to sell, which the Court granted, until Oct. 21, 2019. On Oct. 21, 2019, the Debtor and Triangle jointly requested another extension to file the motion to sell because good faith negotiations for the consensual repayment of the Triangle Claim were ongoing. As a result, the Court granted such request until Nov. 22, 2019. On Nov. 22, 2019, the Debtor filed the Motion. Thereafter, Triangle has sought several extensions of time to either finalize an agreement for repayment of the Triangle Claim, or for Triangle to otherwise state its position in connection with the Motion. The current timeframe to do so expires Jan. 30, 2020. The Parties have reached an agreement in principle, and, prior to the Extension of Time, Triangle has circulated a revised draft of the settlement agreement to the Debtor, for the discussion and finalization thereof. In consideration of the above, Triangle needs additional time to allow to finalize, execute and file the same. Thus, it respectfully asks that the Court grants it an additional extension of time of 10 days, to allow the Parties to finalize, execute and file a stipulation as to the repayment of Triangle's claim. About Bahia Del Sol Corporation Bahia Del Sol Hotel Corporation filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 19-03234) on June 5, 2019, estimating under $1 million in both assets and liabilities. The Debtor tapped Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc., as counsel. BAYOU STEEL: Exclusivity Period Extended to April 28 ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware extend the periods during which Bayou Steel BD Holdings, LLC and its affiliates have the exclusive right to file a Chapter 11 plan and to solicit acceptances for such plan to April 28 and June 28, respectively. About Bayou Steel Bayou Steel BD Holdings, LLC is a North American company focused on the production of long carbon steel products. It manufactures beams, angles, channels, flats, round bars and square bars. It was formed in 2016 and is headquartered in La Place, La. Bayou Steel BD Holdings, BD Bayou Steel Investment, LLC and BD LaPlace, LLC sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-12153) on Oct. 1, 2019. At the time of the filing, Bayou Steel BD Holdings had estimated assets of less than $50,000 and liabilities of between $50 million and $100 million. Judge Karen B. Owens oversees the case. The Debtors tapped Polsinelli PC as counsel, and Candlewood Partners, LLC as financial advisor and investment banker. Kurtzman Carson Consultants, LLC is the claims agent. BAYOU STEEL: Sale of All Assets to Liberty BSG Closed on Jan. 31 ---------------------------------------------------------------- Bayou Steel BD Holdings, LLC, and debtor affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a notice of their sale of substantially all assets to Liberty BSG Holdings, Inc. On Oct. 11, 2019, the Debtors filed their Bid Procedures and Sale Motion, asking to sell substantially all of their assets to a successful bidder at an auction. On Nov. 8, 2019, the Court entered the Bidding Procedures Order, and the Debtors commenced an auction on Dec. 18, 2019. At the conclusion of the Auction on Dec. 20, 2019, after consultation with the Official Committee of Unsecured Creditors and Bank of America, N.A., the Debtors selected the Purchaser as the Successful Bidder. On Dec. 26, 2019, the Court the Sale Order, pursuant to which, among other things, it approved the Sale to the Purchaser. The Sale closed on Jan. 31, 2020. The copies of the documents filed in the Debtors' chapter 11 cases, including all documents related to the Sale, may be obtained by visiting the website of Kurtzman Carson Consultants LLC at https://www.kccllc.net/bayousteel. About Bayou Steel Bayou Steel BD Holdings, L.L.C., is a North American company focused on the production of long carbon steel products. The Company manufactures beams, angles, channels, flats, round bars, and square bars. Bayou Steel Group -- https://bayousteelgroup.com/ -- was formed in 2016 and is headquartered in La Place, Louisiana. Bayou Steel BD Holdings, L.L.C., BD Bayou Steel Investment, L.L.C, and BD LaPlace, LLC sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-12153) on Oct. 1, 2019. The Hon. Karen B. Owens is the case judge. The Debtors tapped POLSINELLI PC as counsel; and CANDLEWOOD PARTNERS, LLC, as financial advisor and investment banker. KURTZMAN CARSON CONSULTANTS LLC is the claims agent. BLACK DOG CHICAGO: Exclusivity Period Extended Until April 1 ------------------------------------------------------------ Judge Janet Baer extended the exclusive period for Black Dog Chicago, LLC to file its Chapter 11 plan of reorganization and disclosure statement to April 1 and the period for the company to solicit acceptances for the plan to June 1. Black Dog needs more time to negotiate the sale of its subsidiary Black Dog Solutions, LLC, and negotiate funding for its reorganization plan, according to court filings. About Black Dog Chicago Based in Lyons, Ill., Black Dog Chicago, LLC is a petroleum distribution firm offering gasoline, diesel, oils, lubricants, alternative fuels, hauling and asphalt concrete. It is a successor by merger to Black Dog Chicago Corp. -- http://www.blackdogcorp.com Black Dog Chicago filed a voluntary Chapter 11 petition (Bankr. N.D. Ill. Case No. 19-28245) on Oct. 28, 2019. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Amit Gauri, sole manager and majority membership holder. Judge Janet S. Baer presides over the case. Crane, Simon, Clar and Dan is the Debtor's legal counsel. BLUE PRAIRIE: Exclusivity Period Extended to June 23 ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware extended the period during which only Blue Prairie Brands, Inc. can file a Chapter 11 plan and solicit acceptances for the plan to June 23 and Aug. 23, respectively. The extension will give the company an opportunity to develop the grounds upon which a plan of liquidation can be based. Further, the company needs to know the results of the sale of its intellectual property in order to determine the framework of its plan. During the first few months of its bankruptcy case, Blue Prairie has focused on various issues, which include negotiation for debtor-in-possession financing to pay the bankruptcy professionals it hired to find buyers, and the marketing and sale of its assets, including its intellectual property. The timeline for the sale process contemplates approval of the sale by March 26 and closing on the sale by April 7. About Blue Prairie Brands Blue Prairie Brands, Inc. -- https://blueprairiebrands.com -- is a privately held functional food company dedicated to discovering, developing and bringing to market novel foods and ingredients that benefit the health of consumers. Blue Prairie Brands filed a Chapter 11 petition (Bankr. D. Del. Case No. 19-12285) on Oct. 27, 2019. In the petition signed by Thomas R. Burrows, authorized representative, the Debtor estimated between $1 million and $10 million in both assets and liabilities. Judge Brendan Linehan Shannon oversees the case. Goldstein & Mcclintock LLP is the Debtor's legal counsel. BLUE WATER: Unsecured Creditors to Be Paid 100% in 10 Years ----------------------------------------------------------- Joanne Pollio, plan proponent and equity interest holder, filed the Second Amended Disclosure Statement for Plan of Reorganization for debtor Blue Water Powerboats, Inc., dated Feb. 11, 2020. On the Effective Date, holder of Class 3 Claim General Unsecured Claims will be paid 100% of their claims. Class 3 Claims total $41,387 (after the projected objections analysis, motions and results), which will be paid a total of $41,387 payable $344.89 monthly beginning in month 1 through Month 120 of the Plan. A full-text copy of the Second Amended Disclosure Statement dated Feb. 11, 2020, is available at https://tinyurl.com/sqosscs from PacerMonitor at no charge. Attorneys for Joanne Pollio: Jordan L. Rappaport, Esq. 1300 N. Federal Hwy, #203 Boca Raton, Florida 33432 Tel: (561) 368-2200 About Blue Water Powerboats Blue Water Powerboats, Inc., is a recreational boating lessor that rents boats on a half-day to daily basis to consumer individuals at its offices in Riviera Beach, Florida. Blue Water Powerboats sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-21113) on Sept. 10, 2018. At the time of the filing, the Debtor was estimated to have assets of less than $50,000 and liabilities of less than $500,000. Judge Mindy A. Mora oversees the case. The Debtor tapped David Lloyd Merrill, Esq., at The Associates, as its legal counsel. The Debtor's president, Mark Pollio, is subject to an affiliated bankruptcy case, Case No. 18-21115. BODY TRANSIT: Seeks to Hire Philly Business Advisor as Broker ------------------------------------------------------------- Body Transit, Inc., asked the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to approve the employment of Philly Business Advisor as its broker. The Debtor employed the firm prior to its bankruptcy filing to find a buyer for its assets that were used to operate its business in Pottstown, Pa. The sale closed on Feb. 13, 2020, and the sale proceeds are being held in escrow by the title clerk. The listing agreement provides for a flat fee of $10,000 to be paid to the firm upon the sale of the Debtor's assets. Philly Business is a "disinterested party" and is not an insider of the Debtor, according to court filings. The firm can be reached through: Stan Rubinstein Philly Business Advisor Phone: 484-370-2163 Fax: 484-370-2163 Email: stan@phillybusinessadvisor.com About Body Transit Inc. Body Transit, Inc., which conducts business under the name 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. Body Transit 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 oversees the case. Center City Law Offices, LLC is the Debtor's legal counsel. BOROWIAK IGA: Proposes Taylor Auctions of Personal Property ----------------------------------------------------------- Borowiak Iga Foodliner, Inc., asks the U.S. Bankruptcy Court for the Southern District of Illinois to authorize the public auction sales of personal property located in the closed grocery stores in the following Southern Illinois Cities: Grayville, Illinois; Mt. Carmel, Illinois; Mt. Vernon, Illinois and Centralia, Illinois. The Debtor operates retail grocery stores in southern Illinois and has four closed facilities. It has determined it is the best interest of the estate to sell the equipment and personal property located in the four Closed stores. It desires to sell the Personal Property located in the closed grocery stores in the following Southern Illinois Cities: Grayville, Illinois; Mt. Carmel, Illinois; Mt. Vernon, Illinois and Centralia, Illinois. The Debtor believes it is in the best interest of creditors and the bankruptcy estate that the Personal Property be sold to maximize the value of the estate. It has retained Taylor Auction Services to sell the equipment/personal property at the closed stores. The Debtor has consulted with the two secured creditors who hold a lien on the personal property, and first lien holder Citizens National Bank of Albion, and second lienholder Supervalu have consented to the sale by public auction through Taylor. The Debtor deems a public sale by auction for the property located in Grayville, Illinois be held on March 7, 2020 at 10:00 a.m. at 709 North Court Street, Grayville, Illinois 62844 to be conducted by Taylor will maximize the return to creditors and the estate. It deems a public sale by auction for the property located in Mt. Carmel, Illinois be held on March 28, 2020 at 10:00 a.m. at 915 Walnut Street, Mt. Carmel, Illinois 62863 to be conducted by Taylor will maximize the return to creditors and the estate. It deems a public sale by auction for the property located in Mt. Vernon, Illinois be held on April 25, 2020 at 10:00 a.m. at 500 South 10th Street, Mt. Vernon, Illinois 62864 to be conducted by Taylor will maximize the return to creditors and the estate. The Debtor deems a public sale by auction for the property located in Centralia, Illinois be held on May 30, 2020 at 10:00 a.m. at 1422 East McCord Street, Centralia, Illinois 62801 to be conducted by Taylor will maximize. the return to creditors and the estate. The sale will be free and clear of all liens with the liens to attach to the proceeds. A notice of sale will be filed and distributed to all parties-in-interest with the exact date, place and time of the auction upon approval of the sale motion. All costs and expenses resulting from the sale, including fees and costs of the Debtor's attorney, auctioneer's fees and costs (both subject to Court approval) and U.S. Trustee fees, will be paid first from the proceeds of the sale. The proceed of the sale, after the referenced expenses, will be distributed to the secured creditor Citizens National Bank of Albion ("CNB") as there will be insufficient proceeds to pay off the secured debt of CNB. About Borowiak Iga Foodliner Borowiak IGA Foodliner, Inc., d/b/a Borowiak's IGA, -- https://www.borowiaksonline.com/ -- is a food retailer in Southern Illinois offering canned foods and dry goods, beverages, cocktails, breads, casseroles, and other related products. Borowiak owns and operates three grocery stores located in Albion, Mt. Carmel and Carterville, Ill. Earlier in 2019, Borowiak has closed its stores in Mt. Vernon, Centralia and Grayville. In late 2018, Borowiak closed one store in Lawrenceville. Borowiak sought Chapter 11 protection (Bankr. S.D. Ill. Case No. 19-40699) on Sept. 17, 2019 in Benton, Illinois. In the petition signed by Trevor Borowiak, president, the Debtor disclosed $2,205,931 in assets and $9,097,877 in liabilities. Judge Laura K. Grandy is assigned the Debtor's case. Antonik Law Offices represents the Debtor. On Jan. 16, 2020, the Court appointed Taylor Auction as auctioneer. BRADLEY INVESTMENTS: Has Until April 10 to File Plan & Disclosures ------------------------------------------------------------------ On Feb. 11, 2020, Judge Henry A. Callaway of the U.S. Bankruptcy Court for the Southern District of Alabama ordered Debtor Bradley Investments, Inc. to file a disclosure statement and plan of reorganization by April 10, 2020. The case is set for a further status conference at 8:30 a.m. on April 14, 2020, Courtroom 2, 201 St. Louis Street, Mobile, Alabama 36602. A copy of the order dated Feb. 11, 2020, is available at https://tinyurl.com/r3omu8s from PacerMonitor at no charge. About Bradley Investments Bradley Investments, Inc., which conducts business under the name Timbercreek Golf Club, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 19-12908) on Aug. 22, 2019. At the time of the filing, the Debtor was estimated to have assets of between $1 million and $10 million and liabilities of the same range. The case has been assigned to Judge Henry A. Callaway. The Debtor is represented by Irvin Grodsky, Esq., at Grodsky and Owens. On Sept. 19, 2019, the U.S. Bankruptcy Court for the Southern District of Alabama appointed an Official Committee of Unsecured Creditors. The Committee retained Blakeley LLP as counsel. BRAND BRIGADE: March 4 Disclosure Statement Hearing Set ------------------------------------------------------- A hearing will be held on March 4, 2020, at 2:00 p.m. in Courtroom 1539, 255 East Temple Street, Los Angeles, CA 90012 to consider the motion for an order approving the Disclosure Statement filed by Debtor Brand Brigade, LLC. Any party who wishes to assert an objection to the Disclosure Statement must, not later than 14 days prior to the hearing date set forth above, file a written objection with the Clerk of the Bankruptcy Court and serve such objection on the Office of the United States Trustee, and counsel for the Debtor. As reported in the Troubled Company Reporter, Brand Brigade, LLC, has proposed a reorganization plan. The Debtor will fund the Plan from a combination of cash flow from business operations and money capital contributed by new equity. The Plan provides for the payment of 10% to holders of allowed general unsecured claims, and payment to the sole secured creditor in Class 1 in full, with interest. All administrative and other statutory unsecured priority claims shall be paid in full. A full-text copy of the Disclosure Statement dated Jan. 22, 2020, is available at https://tinyurl.com/vv9q9hj from PacerMonitor.com at no charge. The Debtor is represented by: Daniel H. Reiss Jeffrey S. Kwong LEVENE, NEALE, BENDER, YOO & BRILL L.L.P. 10250 Constellation Blvd., Suite 1700 Los Angeles, CA 90067 Tel: (310) 229-1234 Fax: (310) 229-1244 E-mail: dhr@lnbyb.com jsk@lnbyb.com About Brand Brigade Based in Anaheim, Calif., Brand Brigade LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-16397) on May 31, 2019, listing under $1 million in both assets and liabilities. Jeffrey S. Kwong, sq., at Levene Neale Bender Yoo & Brill LLP, is the Debtor's bankruptcy counsel. Shore Law Offices is the special litigation advisory counsel. BRAZORIA HYDROCARBON: Court Confirms Plan of Reorganization ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, convened a hearing to consider the Plan of Reorganization of debtor Brazoria Hydrocarbon, LLC. On Feb. 11, 2020, Judge Jeffrey P. Norman approved the Disclosure Statement and confirmed the Plan as modified as follows: * In the event of a default under the terms of the Plan, Creditors may exercise, subject to the notice and cure provisions of Article III of the Plan, all rights under non-bankruptcy law and/or seek relief from the Bankruptcy Court. Upon an uncured default, creditors with Allowed Secured Claims in Class 3 may proceed with the enforcement and foreclosure of their respective mineral liens. * Notwithstanding anything to the contrary contained in the Disclosure Statement or Plan, the current holders of the equity of the debtor (Alloyed Anchor Oil & Gas, Inc. and Gerald Sweet) are not contributing any new value in exchange for retaining their equity interests in the Debtor and/or Reorganized Debtor. * The Debtor is authorized and directed, without the necessity of any further approval, to immediately take any action necessary or appropriate to implement, effectuate, and consummate the Plan and any transactions contemplated thereby or by this Order in accordance with their respective terms. * To the extent that there are any inconsistencies as between the terms of this Order and the terms of the Disclosure Statement and/or Plan, the terms of this Order shall control. A full-text copy of the order and plan dated Feb. 11, 2020, is available at https://tinyurl.com/ssayzwp from PacerMonitor 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. BUILDERS FIRSTSOURCE: Moody's Affirms B1 CFR, Outlook Positive -------------------------------------------------------------- Moody's Investors Service affirmed Builders FirstSource, Inc.'s B1 Corporate Family Rating, B1-PD Probability of Default Rating and the B3 rating on the company's senior unsecured notes. Moody's also upgraded the ratings on BLDR's senior secured term loan and senior secured notes to B1 from B2. The rating actions follows the company's announcement that it upsized its unsecured notes due 2030 to $550 million from $500 million. Proceeds from the incremental $50 million were used to call $47.5 million of company's senior secured notes due 2027. The SGL-2 Speculative Grade Liquidity Rating is maintained. The outlook remains positive. The upgrade of the company's senior secured debt to B1 from B2 reflects the expectation of higher recovery rates on those instruments as a result of the decrease in the amount of secured debt and the increase in unsecured debt, which would absorb losses ahead of the secured instruments. The affirmation of the B1 CFR reflects Moody's view that the transaction is not expected to materially impact the credit metrics of the company. The following ratings/assessments are affected by the actions: Upgrades: Issuer: Builders FirstSource, Inc. Senior Secured Bank Credit Facility, Upgraded to B1 (LGD4) from B2 (LGD4) Senior Secured Regular Bond/Debenture, Upgraded to B1 (LGD4) from B2 (LGD4) Affirmations: Issuer: Builders FirstSource, Inc. Probability of Default Rating, Affirmed B1-PD Corporate Family Rating, Affirmed B1 Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD5) Outlook Actions: Issuer: Builders FirstSource, Inc. Outlook, Remains Positive RATINGS RATIONALE BLDR's B1 Corporate Family Rating reflects Moody's expectation that the company will continue to benefit from modest growth in new residential construction, which Moody's expects will grow by 2.0% in 2020 relative to 2019. The company derives about 77% of its annualized revenue from both single-family and multi-family construction. Moody's projects annualized revenue approaching $7.5 billion in 2020, operating margin in the 5.5% - 6.0% range over the next 12 to 18 months, and adjusted debt-to-LTM EBITDA trending towards 2.5x at December 31, 2020. A good liquidity profile, characterized by free cash flow generation throughout the year and revolver availability, further supports the company's credit profile. Although fundamentals are currently sound residential construction is very cyclical. Additionally, BLDR operates in very competitive markets where significant price increases are difficult to achieve, leaving it vulnerable to volatility in lumber prices. Homebuilders exert tremendous pricing pressure on their suppliers and related distributors. These factors pose significant credit risk to BLDR. Governance risk Moody's considers in BLDR's credit profile is a moderate financial strategy, evidenced by improving leverage, no significant share repurchases and no dividends at this time. The company has ten directors on its board, all but one of whom are independent. Three of the ten directors are affiliated with private equity and one member retired from BLDR. Nevertheless, this level of board experience, independence and oversight should help minimize governance risks, including excessive leverage and aggressive acquisitions. The positive outlook reflects Moody's expectations that BLDR will continue to perform well resulting in better credit metrics, such as leverage trending towards 2.5x. No near-term maturities and industry fundamentals that will support growth over the next 18 months further support the positive outlook. The rating could be upgraded if (all ratios include Moody's standard adjustments): -- Debt-to-LTM EBITDA is sustained below 3.0x -- Operating margin is maintained above 5.0% -- A good liquidity profile is preserved -- Ongoing positive trends in end markets support organic growth The rating could be downgraded if: -- Operating margin is trending towards 3.0% -- Debt-to-EBITDA is expected to stay above 4.0x -- The company's liquidity profile deteriorates The Speculative Grade Liquidity Rating of SGL-2 reflects Moody's view that the company will maintain a good liquidity profile over the next twelve to 18 months, generating free cash flow throughout the period and maintaining more than sufficient revolver availability to meet seasonal working capital demands. The principal methodology used in these ratings was Distribution & Supply Chain Services Industry published in June 2018. Builders FirstSource, Inc., headquartered in Dallas, Texas, is a national distributor of lumber, trusses, millwork, and other building products, and a provider of construction services. It generates about 71% of total sales from single-family homebuilders. Revenue for the year ended December 21, 2019 was about $7.3 billion. CAMBRIAN HOLDING: Exclusivity Period Extended to June 15 -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Kentucky extended the period during which Cambrian Holding Company, Inc. and its affiliates have the exclusive right to file a Chapter 11 plan to June 15, and the period during which they can solicit votes to Aug. 13. The companies need additional time to work with creditors and other parties to analyze and resolve issues before a plan could be submitted. Since the court approved the sale of their assets, the companies and the unsecured creditors' committee have been primarily focusing on ensuring that the buyers comply with their obligations. Moreover, the companies and the committee have been reviewing the pending motions seeking payment of administrative expense claims and have been working to ensure payment of any outstanding employee-related obligations. About Cambrian Holding Belcher, Kentucky-based Cambrian Holding Company, Inc. and its subsidiaries produce and process metallurgical coal and thermal coal for use by utility providers and industrial companies located primarily in the eastern United States and Canada. The company began operations in 1991 and, over time, acquired various mines and mining-related assets from major coal corporations. Cambrian Holding Company and 18 of its affiliates each filed a petition seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Lead Case No. 19-51200) on June 16, 2019. At the time of the filing, Cambrian Holding Company had estimated assets and liabilities of less than $50,000. Judge Gregory R. Schaaf oversees the cases. The Debtors tapped Frost Brown Todd, LLC as bankruptcy counsel; Whiteford, Taylor & Preston, LLP as litigation counsel; Jefferies, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. Epiq Corporate Restructuring, LLC is the notice, claims and solicitation agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on June 26, 2019. The committee tapped Foley & Lardner, LLP as legal counsel; Barber Law PLLC as local counsel; and B. Riley FBR, Inc. as financial advisor. CENSO LLC: Asks Court to Extend Exclusivity Period to June 8 ------------------------------------------------------------ Censo, LLC asked the U.S. Bankruptcy Court for the District of Nevada to extend to June 8 the period during which only the company can file a Chapter 11 plan and disclosure statement. The company and its attorney, Corey Beck, Esq., need more time to complete their investigation and obtain court orders valuing the company's investment properties. The attorney has just received appraisals to file and obtain the court orders. Moreover, the attorney plans to negotiate an agreement with secured creditors along with a vote for the plan. About Censo LLC Las Vegas-based Censo LLC filed a Chapter 11 petition (Bankr. D. Nev. Case No. 19-16636) on Oct. 11, 2019. In the petition signed by Melani Schulte, manager, the Debtor was estimated to have $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Judge Mike K. Nakagawa oversees the case. Corey B. Beck, Esq., at the Law Office of Corey B. Beck, P.C., is the bankruptcy counsel. CHAPMAN HOUSE: Seeks to Hire Bruner Wright as Legal Counsel ----------------------------------------------------------- The Chapman House Museum, Inc., seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Bruner Wright, P.A. as its legal counsel. The firm will advise the Debtor of its powers and duties under the Bankruptcy Code and will provide other legal services in connection with its Chapter 11 case. The firm will be paid at these rates: Robert Bruner $400 per hour Byron Wright III $300 per hour Thomas Woodward $400 per hour Paralegal $150 per hour Bruner Wright received the sum of $4,000 as a retainer, of which $1,170 was used to pay for the firm's pre-bankruptcy services. Byron Wright III, Esq., the firm's attorney who will be handling the case, disclosed in court filings that he does not represent any interest adverse to the Debtor. The firm can be reached through: Byron Wright III Bruner Wright, P.A. 2810 Remington Green Circle Tallahassee, FL 32308 Office: (850) 385-0342 Fax: (850) 270-2441 Email: rbruner@brunerwright.com twright@brunerwright.com About The Chapman House Museum The Chapman House Museum, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 20-40070) on Feb. 19, 2020. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $500,001 and $1 million. Bruner Wright, P.A., is the Debtor's legal counsel. CIRCLE BAR T: Wants Until April 13 to File Plan & Disclosures ------------------------------------------------------------- Debtor Circle Bar T Demolition and Grading, LLC, moves the U.S. Bankruptcy Court for the District of South Carolina for an order granting the Debtor's motion to extend the time to file its Disclosure Statement and its Chapter 11 Plan of Reorganization. The case was filed on Aug. 16, 2019. Counsel has the responsibility to prepare and file the Debtor's Disclosure Statement and Chapter 11 Plan of Reorganization. In seeking an extension, the Debtor's counsel explains that: * While counsel was hospitalized on November 18 and 19, 2019, all of the computers in her office crashed and all templates for all of the documents were lost and the three computer persons hired to attempt to recover the documents have not been able to do so. * The loss of important chapter 11 documents have made it more difficult for counsel to prepare the required Disclosure Statement and Chapter 11 Plan of Reorganization. * Counsel is still undergoing medical treatment which includes physical therapy; therefore, she is requesting a 60-day extension of time to prepare and file the debtor's Disclosure Statement and Chapter 11 Plan of Reorganization or until April 13, 2020. A full-text copy of the motion dated February 13, 2020, is available at https://tinyurl.com/wc9a6qf from PacerMonitor at no charge. Attorney for the Debtor: J. Carolyn Stringer, ID#1005 PO Box 25345, Columbia SC 29224-5345 Tel: (803) 786-1405 Fax: (803) 786-1406 E-mail: Jcarolynstringer03@gmail.com About Circle Bar T Demolition Circle Bar T Demolition and Grading, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 19-04350) on Aug. 16, 2019. In the petition signed by Tom Coker Lee, president, the Debtor was estimated to have assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. The case is assigned to Judge David R. Duncan. The Debtor is represented by Eddye L. Lane, Esq., and J. Carolyn Stringer, Esq. No official committee of unsecured creditors has been appointed in the Debtor's case. COLT V. LLC: Has Until May 6 to File Plan & Disclosure ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division (Detroit), held an initial status conference for debtor Colt V., LLC. On Feb. 11, 2020, Judge Mark A. Randon established the following dates and deadlines: * May 4, 2020, is the deadline for creditors who are required by law to file claims. * April 6, 2020, is the deadline for parties to request the debtor to include any information in the disclosure statement. * May 6, 2020, is the deadline for the debtor to file a combined plan and disclosure statement. * June 22, 2020, is the deadline to return ballots on the plan, as well as to file objections to final approval of the disclosure statement and objections to confirmation of the plan. * June 29, 2020, at 11:00 a.m., before the Honorable Mark A. Randon, in Courtroom 1825, 211 West Fort Street, Detroit, Michigan 48226, is the hearing on objections to final approval of the disclosure statement and confirmation of the plan. A full-text copy of the order dated Feb. 11, 2020, is available at https://tinyurl.com/ue6ok2e from PacerMonitor at no charge. About Colt V. LLC Colt V., LLC, owns in fee simple a property located at 6900 Whitmore Lake Rd., Whitmore Lake, Mich., valued by the company at $1.7 million. Colt sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-40179) on Jan. 7, 2020. At the time of the filing, the Debtor disclosed $1,900,000 in assets and $2,817,129 in liabilities. Judge Mark A. Randon oversees the case. David I. Goldstein, Esq., is the Debtor's bankruptcy attorney. CONFLUENCE ENERGY: Unsecureds Get 2% of NewCo Revenue for 4 Years ----------------------------------------------------------------- Debtor Confluence Energy, LLC, filed a Second Amended Plan of Liquidation and a Disclosure Statement. Under the Plan, the Debtor will remain a debtor-in-possession until the Effective Date of the Plan, at which point substantially all of the Debtor's assets will be sold to NewCo. The Plan then provides for the distribution of the proceeds from the sale. The APA calls for a purchase price of $2,800,000, comprised of (a) $1,650,000 in cash to be paid upon closing of the sale, and (b) $750,000 to be satisfied through a ocmbination of a note payable by NewCo in favor of Confluence and the assumption by NewCo of certain debt owed to insiders of the Debtor, including Mark Mathis, Bruce Anderson, Charles Kurtz, and Adam Poe; and (c) NewCo will on an annual basis, during the four year term following the Effective Date of the Plan, pay 2% of its gross revenues for the benefit of holders of Class 9 Claims, estimated to be $400,000. Class 8 secured claim in the amount of $46,176.50 of Jackson County, Colorado Treasurer, will be assumed and paid by NewCo. Class 9 general unsecured claims are paid a percentage of NewCo's Gross revenues for a period of four years following the effective date of the Plan. The Debtor projects that general unsecured creditor claims totaling $14,906,293 will be allowed Class 9 claims, including deficiency claims. A full-text copy of the Second Amended Disclosure Statement dated Jan. 30, 2020, is available at https://tinyurl.com/tnbv6ax from PacerMonitor at no charge. The Debtor is represented by: Aaron A. Garber 2580 W Main Street, Suite 200 Littleton, CO 80120 Tel: 303-296-1999 Fax: 303-296-7600 E-mail: agarber@wgwc-law.com About Confluence Energy Confluence Energy, LLC, manufactures wood pellet for residential and commercial heating use. Founded in 2008, the company provides multiple types of products using biomass materials for a variety of purposes. It is headquartered in Kremmling, Colorado. Confluence Energy sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 18-17090) on Aug. 14, 2018. In the petition signed by Mark Mathis, managing member, the Debtor disclosed $11,204,345 in assets and $14,949,092 in liabilities. Judge Elizabeth E. Brown oversees the case. Aaron A. Garber, Esq., at Buechler & Garber, LLC, serves as the Debtor's bankruptcy counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case. CONSOLIDATED AEROSPACE: Moody's Withdraws B2 CFR on Debt Paydown ---------------------------------------------------------------- Moody's Investors Service withdrew all of its ratings for Consolidated Aerospace Manufacturing, LLC. Ratings Withdrawn: Corporate Family Rating, Withdrawn, previously rated B2 Probability of Default Rating, Withdrawn, previously rated B3-PD Senior Secured Bank Credit Facility rating, Withdrawn, previously B2 (LGD3) Outlook, Withdrawn, previously Stable RATINGS RATIONALE Moody's has withdrawn the ratings due to the recent paydown of the company's senior secured debt. Consolidated Aerospace Manufacturing, LLC is a manufacturer of aerospace fasteners, fittings, and other aerospace parts and components serving commercial aerospace, defense and industrial end-markets. CORAL POINTE: March 9 Disclosure Statement Hearing Set ------------------------------------------------------ On Jan. 6, 2020, debtor Coral Pointe 604, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement and Plan. On Jan. 29, 2020, Judge Laurel M. Isicoff ordered that: * March 9, 2020, at 1:30 P.M., in the United States Bankruptcy Court, 301 North Miami Avenue, Courtroom 7, Miami, FL 33128 is the hearing to consider approval of the Disclosure Statement. * March 2, 2020, is the deadline to file objections to Disclosure Statement. * Feb. 8, 2020, is the deadline for service of order for Disclosure Statement and Plan. A full-text copy of the order dated Jan. 29, 2020, is available at https://tinyurl.com/rxtm24q from PacerMonitor at no charge. About Coral Pointe 604 Coral Pointe 604, LLC, owns a condo unit at Coral Pointe, at 1690 SW 27 Ae. Unit 604, Miami, Florida, rented for $1,600 per month and valued at $175,000. Based in Miami Beach, Florida, Coral Pointe 604, LLC, filed a voluntary petition under Chapter 11 of the US Bankruptcy Code (S.D. Fla. Case No. 18-23013) on Oct. 19, 2018, estimating less than $1 million in assets and liabilities. Joel M. Aresty, Esq., serves as counsel to the Debtor. No official committee of unsecured creditors has been appointed in the Debtor's case. COSI INC: Shifts Focus to Profitable Catering Business ------------------------------------------------------ After recently announcing the closure of 30 of 43 restaurant locations, COSI, Inc., and its affiliates have returned to Chapter 11 bankruptcy to complete their transformation to a primarily catering business. In 2010, Cosi had 142 corporate locations and $106.6 million in restaurant net sales, with approximately $6.9 million of net catering sales. In September 2016, Cosi, then with 72 debtor-owned locations, sought Chapter 11 bankruptcy and emerged from bankruptcy with 44 company-owned locations in May 2017, in a deal where an entity controlled by Milfam, AB Value Partners and AB Opportunity Fund obtained ownership of the business. Throughout 2018 and 2019, the Company continued to face challenges in its business. In early 2018, Lloyd I. Miller, III, principal of Milfam, one of the largest shareholders of COSI, died and Milfam thereafter decided to cease all of its funding support to the company. Cost cutting measures thereafter contributed to a deterioration in the in-store customer traffic trends in Cosi restaurants. In 2019, the company was further affected by overall economic conditions within the "fast-casual restaurant" industry. In late December 2019, the Debtors made the decision to close 30 unprofitable restaurants and lay off employees as part of their prepetition effort to deleverage their balance sheet, bolster liquidity and maximize value for stakeholders. As of the Petition Date, the Debtors now operate 13 Cosi restaurants, all but two of which are heavily involved in the Company's growing catering business. The Debtors also operate three strictly "off-site" kitchens dedicated to the catering business. Also, the Debtors have 16 franchise store locations. As of the Petition Date, the Debtors employ 237 people, 74% of whom work on a part-time basis. As of the Petition Date, the Debtors owe $23.88 million under an exit credit agreement and $6.678 million under roll-up notes, both of which are issued on the 2017 Effective Date. The current Cosi shareholders are: (i) AB Opportunity Fund, LLC (35.90%), (ii) AB Value Partners, L.P. (14.68%), (iii) AB Management LLC (36.92%). At the end of the Debtor's fiscal fourth quarter of 2019, the Debtors had consolidated net sales of $40 million, with net losses of $7 million and cash on hand of $500,000. These aggregate figures, however, do not tell a complete story. Notably, the Company says its catering business has performed well, showing strong sales growth year over year for 2020 year to date, and its remaining "customer-facing" restaurant operations, while now less than the majority of Company revenue, is currently seeing stable sales growth trends for 2020. Since May 2019, Cosi has seen year over year gross monthly revenues in its catering business increase every month for 9 consecutive months. This is the same time Cosi significantly reorganized its business model and shut 70% of its physical store presence. Its low cost kitchen model, that has significantly lower rent structure (50% to 90% less lease costs than Cosi's legacy stores) allows for a catering business within a market to maintain and grow based upon Cosi's sales and marketing abilities along with customer's awareness of the Cosi brand as a reliable catering company that focuses on catering to office meetings and events. The Debtors have filed new Chapter 11 cases to prevent a full shut-down of operations of all of the Company's operations, including the profitable catering business, for the benefit of their stakeholders and to preserve the jobs of nearly 240 employees. About COSI Inc. Cosi, Inc. -- https://www.getcosi.com/ -- and its affiliates 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. Cosi, Inc., and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10417) on Feb. 24, 2020. Cosi, Inc., was estimated to have $10 million to $50 million in assets and liabilities. The Debtors tapped Cozen O'Connor as counsel. Omni Agent Solutions is the claims and noticing agent. DELTA MATERIALS: Asks Court to Extend Exclusivity Period to May 28 ------------------------------------------------------------------ Delta Materials, LLC and Delta Aggregate, LLC asked the U.S. Bankruptcy Court for the Southern District of Florida to extend the periods during which only the companies can file and solicit acceptances for their Chapter 11 plan to May 28 and July 27, respectively. The companies also proposed to extend the deadline for filing their plan and disclosure statement to May 28. The companies need more time to sell their primary asset, which is an aggregate quarry, and to investigate issues raised by secured creditors regarding mineral rights ownership in the quarry, according to court filings. About Delta Materials Delta Materials, LLC and Delta Aggregate, LLC filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code Bankr. S.D. Fla. Lead Case No. 19-13191) on March 12, 2019. Delta Aggregate owns a property located at 9025 Church Road, Felda, Fla., having an appraised value of $22 million. At the time of the filing, Delta Materials' assets totaled $22,006,491 and liabilities totaled $10,377,363. Delta Aggregate had total assets of $22,006,491 and total liabilities of $10,377,363. Judge Erik P. Kimball oversees the cases. The Debtors' counsel is Bradley S. Shraiberg, Esq., at Shraiberg Landau & Page, PA, in Boca Raton, Fla. DOUBLE L FARMS: IFA Objects to Amended Disclosure Statement ----------------------------------------------------------- Intermountain Farmers Association (IFA), a party-in-interest of debtor Double L. Farms, Inc., objects to the First Amended Disclosure Statement filed on Jan. 17, 2020 by the Debtor and states: * The claims of IFA are strictly against the prepetition entity known as Double L Dairy, LLC and the guarantors. IFA has no contractual relationship with either Double L Farms, Inc. nor 3 L Land and Cattle, LLC. * The First Amended Disclosure Statement fails to provide a breakdown and analysis to show which assets and liabilities are attributable to which legal entities (i.e. Double L Farms, Inc., Double L Dairy, LLC, 3 L Land and Cattle, LLC). * The First Amended Disclosure Statement attempts to consolidate or lump together all of the claims of all of the creditors of all three separate legal entities into one large balance due and owing; the Disclosure Statement must be amended to reflect which creditor's claims are attributable to which of the three consolidated entities. * It is improper for the Debtor to reflect that all three of the consolidated legal entities, and the separate assets of each legal entity are now consolidated, and are now responsible for the payment of all of the separate claims of all of the specific creditors. * The First Amended Disclosure Statement fails to disclose financial information of how consolidating the assets and liabilities of the separate entities will be in the best interest of the creditors of the pending liquidation proceeding. A full-text copy of IFA's objection dated Feb. 11, 2020, is available at https://tinyurl.com/vc5tlcw from PacerMonitor at no charge. Intermountain Farmers Association is represented by: Craig W. Christensen RACINE OLSON, LLP P.O. Box 1391 Pocatello, Idaho 83204- 1391 Tel: (208) 232-6101 Fax: (208) 232-6109 E-mail: cwc@racinelaw.net About Double L Farms Double L Farms, Inc.'s farm operation consists of 3,200 acres in Eastern Idaho. It owns approximately 1,777 acres and leases the difference. The farm ground is located primarily in Roberts and Rigby, Idaho. Double L operates a dairy, raises beef cattle, and grows potatoes, barley, wheat, corn and hay. Double L Farms sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 18-40910) on Oct. 9, 2018. In the petition signed by Jared Keith Lewis, president, the Debtor was estimated to have assets of $1 million to $10 million and liabilities of $10 million to $50 million. Judge Joseph M. Meier is the presiding judge. The Debtor tapped Maynes Taggart PLLC as its legal counsel. DOVETAIL GALLERY: Exclusivity Period Extended to March 11 --------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania extended to March 11 the period during which only Dovetail Gallery Limited can file a Chapter 11 plan. Dovetail Gallery sees any recovery from the litigation (Adversary Proceeding No. 19-1030) involving Herman/Stewart Construction and Development, Inc. to be a major source of funding for its bankruptcy plan. So far, the parties involved have reached a tentative mediated settlement of this matter, and a proposed settlement term sheet is now circulating amongst the parties and their legal counsel. Dovetail Gallery also continues to explore the possibility of having non-debtor assets pledged to its plan. The company needs additional time to review and analyze those implications and obtain the proper consents given other non-debtor litigation that also remains pending, according to court filings. About Dovetail Gallery Limited Dovetail Gallery Limited, which conducts business under the names The Dovetail Gallery and Dovetail Gallery, Inc., filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 19-10134) on Feb. 14, 2019. In the petition signed by its president, Gary Cacchione, the Debtor disclosed assets of between $500,001 and $1 million and liabilities of the same range. Judge Thomas P. Agresti oversees the case. The Debtor is represented by Michael P. Kruszewski, Esq., and the Quinn Law Firm. No committee of unsecured creditors has been appointed in the Debtor's case. EP ENERGY: Seeks to Extend Exclusivity Period to April 30 --------------------------------------------------------- EP Energy Corporation asked the U.S. Bankruptcy Court for the Southern District of Texas to extend the periods during which the company and its affiliates have the exclusive right to file a Chapter 11 plan and solicit acceptances to April 30 and June 29, respectively. The companies need more time to complete the solicitation of votes on the plan. Solicitation remains ongoing and the hearing to confirm the plan commenced on Feb. 26. About EP Energy EP Energy Corporation and its direct and indirect subsidiaries(OTC Pink: EPEG) -- http://www.epenergy.com/-- are a North American oil and natural gas exploration and production company headquartered in Houston, Texas. The Debtors operate through a diverse base of producing assets and are focused on the development of drilling inventory located in three areas: the Eagle Ford shale in South Texas, the Permian Basin in West Texas, and Northeastern Utah. EP Energy Corporation and its subsidiaries sought Chapter 11 protection on Oct. 3, 2019, after reaching a deal with Elliott Management Corporation, Apollo Global Management, LLC, and certain other noteholders on a bankruptcy exit plan that would reduce debt by 3.3 billion. The lead case is In re EP Energy Corporation (Bankr. S.D. Tex. Lead Case No. 19-35654). EP Energy was estimated to have $1 billion to $10 billion in assets and liabilities as of the bankruptcy filing. Judge Marvin Isgur oversees the case. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel; Evercore Group L.L.C. as investment banker; and FTI Consulting, Inc. as financial advisor. Prime Clerk LLC is the claims agent. FC BACKGROUND: Court Confirms Plan of Liquidation ------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, held a hearing on the Chapter 11 Plan of Liquidation (Modified January 29, 2020, for Confirmation) and the Disclosure Statement filed by debtor FC Background, LLC d/b/a FC Construction Services. On Jan. 30, 2020, Judge Stacey G. Jernigan ordered that: * All objections to confirmation not withdrawn or otherwise resolved are overruled. * The Disclosure Statement is approved on a final basis. The Plan (as modified) is confirmed, and all terms and conditions set forth in the Plan as modified prior to the Confirmation Hearing are approved. * The Debtor and the Reorganized Debtor are authorized and directed to take any and all actions necessary or appropriate to implement, effectuate, and consummate the Plan, the terms of this Confirmation Order, and the transactions respectively contemplated therein, or otherwise perform their respective duties under the Plan, the Plan Supplements and this Confirmation Order. * The authority to pay the Secured Claims of Gulf Coast Bank and Trust described in Class 1.A of the Plan is recognized to authorize payment of uncontested interest and attorney fees. To the extent that the Debtor is unable to agree to the amount of the attorney fees and expenses related to the claim as of the Effective Date of the Plan, then the Debtor will withhold and reserve sufficient funds to pay any portion of the asserted claim that remains contested. * Unless otherwise required under the Plan or this Confirmation Order, Distributions made by the Reorganized Debtor shall comply with Articles V and VIII of the Plan. Any Unclaimed Property may be held by the Reorganized Debtor and distributed in accordance with the Orders of this Court. * The provisions of the Plan constitute a good faith compromise and settlement of all Claims and controversies resolved under the Plan and is in the paramount interest of creditors considering the probability of the Debtor's success in the various litigation that would be required to resolve the Claims and controversies. A full-text copy of the Order Confirming the Plan dated Jan. 29, 2020, is available at https://tinyurl.com/wstqyfb from PacerMonitor at no charge. The Debtor is represented by: DYKEMA GOSSETT PLLC Mark E. Andrews Aaron M. Kaufman Jane A. Gerber 1717 Main Street, Suite 4200 Dallas, Texas 75201 Tel: (214) 462-6400 Fax: (214) 462-6401 E-mail: mandrews@dykema.com akaufman@dykema.com jgerber@dykema.com About FC Background FC Background, LLC -- http://www.fc-cs.com/-- is a services provider conducting worker screening, badging, tracking, and access control programs on construction projects such as light rail, sports arenas, airports, hospitals, K-12 schools, colleges, universities, and miscellaneous industrial construction. The company is doing business as FC Construction Services. FC Background, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-32037) on June 19, 2019. In the petition signed by its chief executive officer, Ira D. Walker, the Debtor was estimated to have assets of less than $50 million and debt of $50 million. Judge Stacey G. Jernigan is assigned to the case. Mark Edward Andrews, Esq., at Dykema Gossett PLLC, is the Debtor's counsel. The Debtor tapped ClearCap Strategic Advisors, LLC, as broker; Still Burton to prepare its 2018 tax return; and Clifford K. Nkeyasen, PLLC as special counsel. FLORIDA FIRST: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Florida First City Banks, Inc., according to court dockets. Florida First City Banks Florida First City Banks, Inc., a privately held company that operates in the banking industry, sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 20-30037) on Jan. 15, 2020. In the petition signed by Robert E. Bennett Jr., president, the Debtor disclosed total assets of $5,448,525 and total debt of $12,680,735. The Debtor tapped Wilson, Harrell, Farrington, Ford, Wilson, Spain & Parsons, P.A., and Stichter, Riedel, Blain & Postler, P.A. as its legal counsel. FORTVILLE APARTMENTS: Cash Use After Feb. 12 Barred --------------------------------------------------- The Court held a hearing on Feb. 6, 2020, after which debtor Fortville Apartments, LLC, was permitted to use post-petition rents through February 12, 2020 On Feb. 12, 2020, the Court issued a bench opinion regarding the continued use of cash collateral. Judge Mark A. Randon, for reasons stated on the record at the February 12, 2020 hearing, denied Fortville Apartments, LLC's continued use of cash collateral. The Court ruled, however, that: * iBorrow REIT, L.P., or any other creditor who has an interest in the Debtor's property (that secured the prepetition loan) may file an objection to this order, * The Debtor may provide evidence to the Court in an attempt to establish there is a sufficient equity cushion in the property that is not illusory. The Court further ruled that the interim order becomes a final order on February 28, 2020 unless an objection is filed, or the Debtor provides additional evidence, on either case the Court will hold a final hearing on March 2, 2020, at 12:30 p.m. A copy of the order is available free of charge at https://is.gd/VWjUsy from PacerMonitor.com. About Fortville Apartments Fortville Apartments, LLC, is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Fortville Apartments sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-41081) on Jan. 26, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Thomas J. Tucker oversees the case. Zousmer Law Group, PLC is the Debtor's legal counsel. FORTVILLE APARTMENTS: Has OK to Use Cash Collateral Thru Feb. 12 ---------------------------------------------------------------- Fortville Apartments LLC asked the Bankruptcy Court's approval to use cash collateral through and including May 31, 2020 to pay operating expenses. The Debtor proposed to grant a security interest in and lien on the Debtor's post-petition collateral, as adequate protection for use of cash collateral, and to grant the lender an allowed super priority administrative expense against the Debtor's estate to the extent of cash collateral used and not replaced. As of the Petition Date, the Debtor and its debtor affiliates owe iBorrow REIT LP approximately $10,190,000, plus interests and other fees, secured by a mortgage against the Debtor's real property in Lincoln Park, Michigan. A copy of the motion is available for free at https://is.gd/Ip5LvX from PacerMonitor.com. Pursuant to a stipulation between the Debtor and iBorrow REIT LP, Judge Mark A. Randon authorized the Debtor's use of the cash collateral through and including Feb. 12, 2020 to pay post-petition obligations of up to $44,000. A copy of the stipulation at https://is.gd/uikrUs and the related interim order at https://is.gd/SkCNN1 may be accessed from PacerMonitor.com at no charge. About Fortville Apartments Fortville Apartments, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Fortville Apartments sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-41081) on Jan. 26, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Thomas J. Tucker oversees the case. Zousmer Law Group, PLC is the Debtor's legal counsel. FRONTIER COMMUNICATIONS: OKs 2020 Executive Compensation Program ---------------------------------------------------------------- The Compensation Committee of the Board of Directors of Frontier Communications Corporation approved the terms of the Company's executive compensation program for 2020. Under the 2020 program, the Company's named executive officers will be entitled to receive base salary, cash retention awards, performance awards and quarterly bonus plan awards on terms and in amounts substantially consistent with the 2019 executive compensation program. Terms of the Company's 2020 executive compensation program will be set forth in more detail in the Company's Compensation Discussion and Analysis to be filed with the SEC. Among other things, the Compensation Committee approved the following 2020 compensation of the Company's named executive officers. Mr. Han was named president and chief executive officer in December 2019, succeeding CEO Daniel McCarthy, and his compensation under the 2020 program is as set forth and previously disclosed in his Employment Agreement, dated Dec. 3, 3019. Cash Retention Award As in 2019, restricted share awards for the Company's named executives have been converted into an up-front cash retention award with a recapture provision. The 2020 cash retention award will be paid in the first quarter and is subject to a recapture provision that requires repayment in the event of voluntary departure or involuntary termination for cause during a period ending no later than Feb. 28, 2021. Name 2020 Cash Retention Award ---- ------------------------- Bernard Han, President and CEO $2,655,000 Sheldon Bruha, EVP and Chief Financial Officer $900,000 Ken Arndt, EVP and Chief Operations Officer $1,080,000 Steve Gable, EVP and Chief Technology Officer $1,080,000 John Maduri, EVP and Chief Customer Officer $1,400,000 Performance Award As in 2019, the portion of the Company's named executive's compensation that would historically have been paid in the form of performance stock units will be paid through a performance-based cash program. A participant's annual target under this program will be earned and paid fully on a quarterly schedule with quarterly goals based on specific metrics. Quarterly payments under the program will be subject to a recapture provision in the event of voluntary departure or involuntary termination for cause during a period ending no later than Feb. 28, 2021. Name 2020 Performance Award - Annual Target ---- ------------------------ Bernard Han, President and CEO $1,770,000 Sheldon Bruha, EVP and Chief Financial Officer $600,000 Ken Arndt, EVP and Chief Operations Officer $720,000 Steve Gable, EVP and Chief Technology Officer $720,000 John Maduri, EVP and Chief Customer Officer $900,000 Quarterly Bonus Plan Awards As in 2019, the 2020 short-term bonus will be earned and paid fully on a quarterly schedule with quarterly goals based on specific metrics. Quarterly bonus payments under the program will be subject to a recapture provision in the event of voluntary termination or involuntary termination for cause during a period ending no later than Feb. 28, 2021. Name 2020 Quarterly Cash Bonus - Annual Target ---- --------------------------- Bernard Han, President and CEO $2,275,000 Sheldon Bruha, EVP and Chief Financial Officer $550,000 Ken Arndt, EVP and Chief Operations Officer $600,000 Steve Gable, EVP and Chief Technology Officer $550,000 John Maduri, EVP and Chief Customer Officer $625,000 About Frontier Communications Headquartered in Norwalk, Connecticut, Frontier Communications Corporation (NASDAQ: FTR) -- http://www.frontier.com/-- is a provider of communications services to urban, suburban, and rural communities in 29 states. Frontier offers a variety of services to residential customers over its fiber-optic and copper networks, including video, high-speed internet, advanced voice, and Frontier Secure digital protection solutions. Frontier Business offers communications solutions to small, medium, and enterprise businesses. The Company incurred net losses of $643 million in 2018, $1.80 billion in 2017, and $373 million in 2016. As of Sept. 30, 2019, Frontier had $17.56 billion in total assets, $2.74 billion in total current liabilities, $580 million in deferred income taxes, $1.64 billion in pension and other post-retirement benefits, $398 million in other liabilities, $16.30 billion in long-term debt, and a total deficit of $4.10 billion. * * * As reported by the TCR on Aug. 14, 2019, Moody's Investors Service downgraded the corporate family rating of Frontier Communications Corporation to Caa2 from Caa1 and the probability of default rating to Caa3-PD from Caa1-PD. The downgrade of the CFR reflects an updated assessment of the company's probability of default and recovery expectations following weak second quarter 2019 revenue and EBITDA results, continued negative net customer addition trends and reduced expectations regarding cost efficiency programs going forward. As reported by the TCR on Jan. 27, 2020, Fitch Ratings downgraded the Issuer Default Rating of Frontier Communications Corporation and its subsidiaries to 'CC' from 'CCC'. The downgrade of Frontier and its subsidiaries IDRs to 'CC' reflects a default of some kind appears probable. As reported by the TCR on Nov. 20, 2019, S&P Global Ratings lowered the issuer credit rating and issue-level rating on the senior unsecured debt on U.S.-based telecommunications service provider Frontier Communications Corp. to 'CCC-' from 'CCC' based on a higher risk of default following its decision to deplete the availability under its revolving credit facility. GEORGE WASHINGTON: Seeks to Extend Exclusivity Period to April 6 ---------------------------------------------------------------- George Washington Bridge Bus Station Development Venture LLC asked the U.S. Bankruptcy Court for the Southern District of New York to extend the periods during which the company has the exclusive right to file a Chapter 11 plan and solicit acceptances for the plan to April 6 and June 5, respectively. George Washington Bridge said it needs additional time to secure the highest bid for its assets and complete the sale process. The company claims that the results of the sale will dictate the path of its bankruptcy case. A hearing to approve the sale of the company's assets is scheduled for March 11. About George Washington Bridge Bus Station Development Venture LLC 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 Debtor's assets are estimated between $50 million and $100 million, and liabilities between $100 million and $500 million, according to bankruptcy documents. Judge Shelley C. Chapman oversees the case. The Debtor tapped Cole Schotz P.C. as its legal counsel, and BAK Advisors Inc. as its financial advisor. BAK's Bernard A. Katz is the Debtor's sole manager. GIVE & GO: Moody's Reviews B3 CFR for Upgrade Over Mondelez Deal ---------------------------------------------------------------- Moody's Investors Service placed on review for upgrade the Caa1 corporate family rating of Give and Go Prepared Foods Corp., its Caa1-PD probability of default rating and B3 senior secured first lien credit facilities ratings. On Review for Upgrade: Issuer: Give and Go Prepared Foods Corp. Corporate Family Rating, Placed on Review for Upgrade, currently Caa1 Probability of Default Rating, Placed on Review for Upgrade, currently Caa1-PD Senior Secured First Lien Term Loan, Placed on Review for Upgrade, currently B3 (LGD3) Senior Secured First Lien Revolving Credit Facility, Placed on Review for Upgrade, currently B3 (LGD3) Outlook Actions: Issuer: Give and Go Prepared Foods Corp. Outlook, Changed To Rating Under Review From Stable RATINGS RATIONALE The review for upgrade follows Mondelez International, Inc.'s (Mondelez, Baa1 stable) announcement that it reached an agreement to acquire a majority stake in Give & Go from its private equity owner Thomas H. Lee. Moody's expects the outstanding debt at Give & Go to be repaid and to withdraw the ratings concurrently with the closing of the transaction, expected during the second quarter of 2020. The proposed acquisition is credit positive for Give & Go because it will be able to leverage Mondelez's leading global market position, benefiting from the snack giant's expertise, supply chain and customer base. Mondelez's robust scale will also provide Give & Go with liquidity and capital to continue investing to support expansion in its core ISB market and maintain profitability. Give & Go's consolidation into a public company with a strong, investment-grade credit profile and more conservative financial policy is also credit positive. Give & Go, headquartered in Toronto, Ontario, is a manufacturer and distributor of thaw-and-sell sweet baked goods to retailers and foodservice operators in North America. Revenue for the last twelve months ended December 31, 2019 was about $490 million. The principal methodology used in these ratings was Consumer Packaged Goods Methodology published in February 2020. GN PLUMBING: Case Summary & 10 Unsecured Creditors -------------------------------------------------- Debtor: GN Plumbing Corp. 5736 Corporation Circle Fort Myers, FL 33905 Chapter 11 Petition Date: February 26, 2020 Court: United States Bankruptcy Court Middle District of Florida Case No.: 20-01652 Debtor's Counsel: Michael R. Dal Lago, Esq. DAL LAGO LAW 999 Vanderbilt Beach Road Suite 200 Naples, FL 34108 Tel: 239-571-6877 E-mail: mike@dallagolaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Larry G. Ireland, III, president. A copy of the petition containing, among other items, a list of the Debtor's 10 unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/jsgMMl GO-GO'S GREEK GRILLE: Gets Final Approval on Cash Collateral Use ---------------------------------------------------------------- Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the Middle District of Florida authorized Go-Go's Greek Grille, LLC to use the cash collateral subject to the provisions of the Final Order. The Debtor may use cash collateral to pay: (a) amounts expressly authorized by the Court, including payments to the U.S. Trustee for quarterly fees; (b) the current and necessary expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and (c) such additional amounts as may be expressly approved in writing by Secured Creditors. Pawnee Leasing Corporation; Amur Equipment Finance, Inc.; Financial Agent Services; and US Foods, Inc., are each granted a perfected post-petition lien against cash collateral to the same extent and with the same validity and priority as their respective prepetition lien, without the need to file or execute any document as may otherwise be required under applicable non bankruptcy law. Moreover, the Debtor will grant the Secured Creditors access to its business records and premises for inspection. The Debtor will also maintain insurance coverage for its property in accordance with the obligations under the loan and security documents with the Secured Creditors. About Go-Go's Greek Grille Go-Go's Greek Grille LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-10198) on Oct. 28, 2019. At the time of the filing, the Debtor was estimated to have assets of between $100,001 and $500,000 and liabilities of the same range. The case is assigned to Judge Catherine Peek Mcewen. The Debtor is represented by Buddy D. Ford, P.A. The U.S. Trustee did not appoint an official committee of unsecured creditors in the Debtor's case. GRAPHIC TUFTING: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The Office of the U.S. Trustee on Feb. 23, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Graphic Tufting Center Inc. About Graphic Tufting Center Graphic Tufting Center Inc., a privately held company that manufactures carpets and rugs, filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-40033) on Jan. 7, 2020. In the petition signed by Bruce Jeffery Dyer, owner, the Debtor estimated under $50,000 in assets and $1 million to $10 million in liabilities. Cameron M. McCord, Esq., at Jones & Walden, LLC, represents the Debtor as counsel. GREGORY L MOLDEN: U.S. Trustee Objects to First Amended Disclosure ------------------------------------------------------------------ Dave W. Asbach, Acting United States Trustee for Region 5, objects to the adequacy of the First Amended Disclosure Statement dated February 11, 2020 of Debtor Gregory L Molden M.D. Inc. In support thereof, the U.S. Trustee states, as follows: * The Amended Disclosure Statement fails to provide a liquidation analysis, as required by Local Rule 3016-1(11). * The Amended Disclosure Statement fails to provide adequate details regarding the potential auction of the Debtor’s assets, including but not limited to (i) the bid procedures, (ii) credit bidding provisions, and (iii) any plans to further market the property. * The Amended Disclosure Statement fails to state the amount of the funds on hand. The November 2019 monthly operating report states that the undeposited cash on hand amounts to $6,839.36. The December 2019 report is currently past-due. The Debtor should disclose the exact amount of undeposited cash being held by Ms. Jackson to be used in funding the plan. * The Amended Disclosure Statement and Plan call for realtor Kenneth Rayer to sell the Debtor’s office building. While the Debtor filed an application to employ Mr. Rayer, to date, an order approving his employment had not been entered. The Amended Disclosure Statement should clarify Mr. Rayer’s position as an estate professional. * The United States Trustee requests that the Court deny approval of the Disclosure Statement. The United States Trustee additionally requests all other and further relief as the Court deems appropriate. A full-text copy of U.S. Trustee's objection dated Feb. 11, 2020, is available at https://tinyurl.com/vclz6ca from PacerMonitor at no charge. About Gregory L. Molden M.D. Gregory L. Molden M.D. Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. La. Case No. 19-12073) on Aug. 1, 2019, disclosing under $1 million in both assets and liabilities. The Debtor is represented by THE DE LEO LAW FIRM, LLC. HAJ PETROLEUM: Case Summary & 17 Unsecured Creditors ---------------------------------------------------- Debtor: Haj Petroleum, Inc. 96 N La Fox South Elgin, IL 60177 Business Description: Haj Petroleum, Inc. owns and operates a gasoline station in South Elgin, IL. Chapter 11 Petition Date: February 27, 2020 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 20-05403 Judge: Hon. Donald R. Cassling Debtor's Counsel: Richard N. Golding, Esq. THE GOLDING LAW OFFICES, P.C. 500 N. Dearborn St., 2nd Flr. Chicago, IL 60654 Tel: (312) 832-7885 Email: rgolding@goldinglaw.net Total Assets: $46,740 Total Liabilities: $1,100,114 The petition was signed by Mazhar Khan, president. A full-text copy of the petition containing, among other items, a list of the Debtor's 17 unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/SdKyg0 HELEN REALTY: Seeks to Hire Bruner Wright as Legal Counsel ---------------------------------------------------------- Helen Realty Corp. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Bruner Wright, P.A., as its legal counsel. The firm will advise the Debtor of its powers and duties under the Bankruptcy Code and will provide other legal services in connection with its Chapter 11 case. The firm will be paid at these rates: Robert Bruner $400 per hour Byron Wright III $300 per hour Thomas Woodward $400 per hour Paralegal $150 per hour Bruner Wright received the sum of $10,500 as a retainer, of which $1,350 was used to pay for the firm's pre-bankruptcy services. Byron Wright III, Esq., the firm's attorney who will be handling the case, disclosed in court filings that he does not represent any interest adverse to the Debtor. The firm can be reached through: Byron Wright III Bruner Wright, P.A. 2810 Remington Green Circle Tallahassee, FL 32308 Office: (850) 385-0342 Fax: (850) 270-2441 Email: rbruner@brunerwright.com twright@brunerwright.com About Helen Realty Corp. Helen Realty Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 20-40069) on Feb. 19, 2020. At the time of the filing, the Debtor disclosed assets of between $500,001 and $1 million and liabilities of the same range. Bruner Wright, P.A. is the Debtor's legal counsel. HERMITAGE OFFSHORE: Mackenzie Financial Reports 19.5% Stake ----------------------------------------------------------- In an amended Schedule 13G filed with the Securities and Exchange Commission, Mackenzie Financial Corporation disclosed that as of Dec. 31, 2019, it beneficially owns 5,001,507 shares of common stock of Hermitage Offshore Services Ltd., which represents 19.49 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at the SEC's website at: https://is.gd/ctg9Nt About Hermitage Offshore Hermitage Offshore Services Ltd. (previously Nordic American Offshore Ltd.) -- http://www.hermitage-offshore.com/-- is an offshore support vessel company that owns 23 vessels consisting of 10 platform supply vessels, or PSVs, two anchor handling tug supply vessels, or AHTS vessels, and 11 crew boats. The Company's vessels primarily operate in the North Sea or the West Coast of Africa. Nordic American reported a net loss and comprehensive loss of US$197.29 million for the year ended Dec. 31, 2018, following a net loss and comprehensive loss of US$29.33 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had US$197.18 million in total assets, US$149.66 million in total current liabilities, US$94,000 in total non-current liabilities, and US$47.42 million in shareholders' equity. KPMG AS, in Oslo, Norway, the Company's auditor since 2014, issued a "going concern" qualification in its report dated May 15, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has suffered recurring losses from operations and is required to raise additional capital in order to refinance its Initial Credit Facility which raises substantial doubt about its ability to continue as a going concern. On Dec. 2, 2019, the NYSE gave notice to the Company that it is not in compliance with the NYSE's continued listing standards because the Company's average market capitalization over a 30-trading day period and stockholders' equity were each below the NYSE's $50 million minimum. As of Nov. 29, 2019, the average market capitalization of the Company over a 30 trading-day period was approximately $23.7 million and as of Sept. 30, 2019, the Company reported total stockholders' equity of approximately $47.4 million. HOOK UP CELLULAR: Wants April 7 to File Plan & Disclosure --------------------------------------------------------- Debtor Hook Up Cellular, LLC, moves the U.S. Bankruptcy Court for the District of Arizona to extend the date for the filing of a Plan of Reorganization and Disclosure Statement. The Court did order the Plan of Reorganization and Disclosure Statement be filed by Feb. 7, 2020, at the status hearing held on Nov. 18, 2019. The Status Conference Report, dated Nov. 7, 2019, shows that the business operations of the Debtor include the selling of broken cell phone parts to China. For approximately 6 months, the protests in Hong Kong, China, have dramatically resulted in the slowing of such business. The Chinese New Year was from Jan. 22 to Feb. 3, 2020, wherein no business occurred in China. Governmental mandates have caused employees from working due to coronavirus. It is unknown when business revenues from China will again be received by the Debtor. It is requested that the Debtor receive a 2-month extension of time for the filing of the Plan of Reorganization and Disclosure Statement to April 7, 2020. A full-text copy of the Motion dated Feb. 11, 2020, is available at https://tinyurl.com/wkh2qlo from PacerMonitor at no charge. The Debtor is represented by: CARMICHAEL & POWELL, P.C. Donald W. Powell 6225 North 24th Street, #125 Phoenix, Arizona 85016 About Hook Up Cellular Hook Up Cellular, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 19-12995) on Oct. 10, 2019. At the time of the filing, the Debtor had estimated assets of between $50,001 and $100,000 and liabilities of between $100,001 and $500,000. The case is assigned to Judge Daniel P. Collins. The Debtor tapped Donald W. Powell, Esq., at Carmichael & Powell, P.C., as its legal counsel. INDUSTRIAL MACHINERY SALES: Cash Use Continued Until March 13 ------------------------------------------------------------- Judge A. Benjamin Goldgar of the U.S. Bankruptcy Court for the Northern District of Illinois authorized Industrial Machinery Sales & Services, Inc. to use the cash collateral of Byline Bank through March 13, 2020. The hearing on Debtor's motion for the continuing use of cash collateral is continued to March 11 at 10:00 a.m. The Debtor may use cash collateral to pay the ordinary and necessary post petition expenses related to the operation of its machinery sales business, as provided in the budget. Byline Bank is granted valid, perfected and enforceable post-petition replacement liens on all proceeds of existing collateral and all new collateral, to the same extent that it had perfected liens prepetition. The Bank's post-petition lien will be superior in right to any other lien created or arising. In addition, the Debtor will pay $1,700 to Byline Bank on or before the 15th day of each month until further order of the Court or until dismissal or conversion, appointment of a trustee or plan confirmation. A copy of the Order is available for free at https://is.gd/Qj1jCW from Pacermonitor.com About Industrial Machinery Sales Industrial Machinery Sales & Services, Inc., sells industrial machinery, primarily as a manufacturer's representative on a commission basis, and occasionally buys and resells machinery and equipment, as well. Industrial Machinery sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 19-31848) on Nov. 8, 2019 in Chicago, Illinois, listing under $500,000 in assets and under $1,000,000 in liabilities. Judge Benjamin Goldgar is assigned the case. DAVID P. LLOYD, LTD., represents the Debtor. INNOVATIVE WATER: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg. ------------------------------------------------------------------- Moody's Investors Service downgraded Innovative Water Care Global Corporation's Corporate Family Rating to Caa1 from B3 and Probability of Default Rating to Caa1-PD from B3-PD. Moody's also downgraded the first lien senior secured term loan to Caa1 from B3 and the second lien senior secured term loan to Caa3 from Caa2. The outlook is revised to negative from stable. "The downgrade reflects the substantial increase in leverage due to much weaker-than-expected financial performance in the company's Residential segment because of underperformance at one of its largest customers, weather-related issues early last year, and challenges transitioning to a stand-alone company," said Domenick R. Fumai, Moody's Vice President and lead analyst for Innovative Water Care Global Corporation. Downgrades: Issuer: Innovative Water Care Global Corporation Corporate Family Rating, Downgraded to Caa1 from B3 Probability of Default Rating, Downgraded to Caa1-PD from B3-PD GTD Senior Secured 1st Lien Term Loan, Downgraded to Caa1 (LGD4) from B3 (LGD4) GTD Senior Secured 2nd Lien Term Loan, Downgraded to Caa3 (LGD6) from Caa2 (LGD6) Outlook Actions: Issuer: Innovative Water Care Global Corporation Outlook, Revised to Negative from Stable RATINGS RATIONALE The Caa1 CFR is constrained by Moody's adjusted financial leverage approaching 10x for fiscal year 2020 reflecting weaker-than-expected performance versus expectations since the company's carve-out from Lonza Group AG in March 2019. Sigura's lack of scale and diversity in the water treatment industry - the vast majority of revenues are generated from the residential pool and spa chemical segment in North America - is an additional consideration limiting the rating. Customer concentration in the Retail segment, limited organic growth prospects, and limited free cash flow generation are also factors that constrain the rating. The rating is supported by Sigura's strong market share in the pool chemical industry, relatively steady industry fundamentals, and above-average growth prospects for the ICMS segment. While the company will attempt to expand in the water and wastewater treatment industry, this market is more price sensitive and has a larger number of competitors, many of which have greater financial flexibility and resources. The demonstrated stability during a downturn improves its credit profile compared to many other chemical companies. Although the rating factors the company's solid long-term customer relationships, the loss of a major customer would have a material adverse financial impact. Moody's also evaluates environmental, social and governance factors in the rating consideration. As a specialty chemicals company, environmental risks are categorized as moderate. However, the chemical properties of several of its key products, which contain some hazardous or toxic chemicals, could result in future product and environmental liability claims if improperly handled. Governance risks are above-average due to the risks associated with private equity ownership, which include a limited number of independent directors on the board, reduced financial disclosure requirements as a private company and more aggressive financial policies compared to most public companies. The negative outlook reflects Moody's expectations that Sigura's credit metrics will continue to remain very weak for the rating in 2020 as the company addresses operational challenges and transitions to a stand-alone entity. Moody's expects modest improvements in FY 2020 revenue and EBITDA as volumes in the Residential segment gradually recover, the issues with one of its largest customer subside, the new management team is able to execute its operating plan and raw material price inflation moderates. While Moody's forecasts continued elevated leverage of approximately 9.8x in FY 2020, Sigura does not have any immediate refinancing needs and is expected to have ample liquidity to maintain current operations. Moody's would likely consider a downgrade if there is evidence of further deterioration in operating performance, particularly at the company's largest customer, such that available liquidity significantly deteriorates to less than $50 million, loss of a major customer, if free cash flow is meaningfully negative for a sustained period or indications that a distressed debt exchange becomes a more likely scenario. Although not likely in the medium-term, Moody's would consider an upgrade if the company demonstrates material operating performance improvement, including revenue growth at its largest customer towards previous levels, and is able to sustainably reduce financial leverage below 7.5x on a Moody's adjusted basis. Moody's expects Sigura to have adequate liquidity over the next 12 months due to an elevated cash balance, limited free cash flow generation and access to the ABL revolving credit facility. As of September 30, 2019, the company had $32 million of cash and $82 million of availability with no outstanding borrowings under its unrated $125 million ABL revolver. However, based on the cash conversion cycle, this period is typically the highest point of the year in terms of liquidity. Moody's expects cash outflows in the first half of FY 2020 through a combination of balance sheet cash and ABL borrowings with improvements in the third and fourth quarter as working capital becomes a source of cash. The ABL includes a springing fixed charge coverage ratio financial covenant. The debt capital structure is comprised of a $360 million first lien term loan due 2026, rated Caa1, the same as the Caa1 CFR, reflecting the ABL revolver's position in the capital structure with a first lien claim on accounts receivable and inventory and third lien on term loan collateral. The first lien term loan has a first lien claim on the capital stock and fixed assets of the borrower (Innovative Water Care Global Corporation) and its guarantors as well as a second lien on ABL collateral. The second lien term loan has a second lien claim on the capital stock and fixed assets of the borrower (Innovative Water Care Global Corporation) and its guarantors as well as a third lien on ABL collateral. The $100 million second lien term loan, rated two notches below the CFR at Caa3, reflects its effective subordination and preponderance of first lien debt in the capital structure. The first lien and second lien term loans contain no financial covenants, but the ABL revolver contains a springing fixed charge coverage ratio financial covenant. Innovative Water Care Global Corporation (dba Sigura) headquartered in Alpharetta, GA, is a leading producer of pool chemicals for the residential market worldwide (78% of LTM 30 September 2019 revenue), as well as a provider of water care solutions to industrial, commercial, municipal, and surface water clients worldwide (22% of LTM 30 September 2019 revenue). The company operates in two primary segments: Residential and ICMS (Industrial, Commercial, Municipal and Surface). Sigura generated pro forma revenue of approximately $569 million for the last twelve months ended September 30, 2019. The principal methodology used in these ratings was Chemical Industry published in March 2019. JDR CONSULTING: Court Confirms Plan of Reorganization ----------------------------------------------------- Debtor JDR Consulting LLC filed with the U.S. Bankruptcy Court for the Southern District of New York its First Amended Chapter 11 Plan of Reorganization, dated November 22, 2019. On January 30, 2020, Judge James L. Garrity, Jr. ordered that: * The Plan, the provisions of which are incorporated in this Order, is confirmed. * On and after the entry of this Order, the Reorganized Debtor is authorized and empowered to implement and perform those responsibilities, duties, and obligations set forth herein and in the Plan, including, without limitation, making distributions as provided under the Plan. * Title to all assets and property of the estate of the Debtor be and hereby is passed to, and vested in, the Reorganized Debtor free and clear of all Claims, Liens, charges and other rights of creditors arising prior to the entry of this Order except to the extent expressly provided in the Plan. * All stays provided for in the Chapter 11 Case and in existence on the Confirmation Date, shall remain in full force and effect until the completion of all payments required under the Plan. * Pick & Zabicki LLP having consented, any Distribution to Pick & Zabicki LLP on account of its Administrative Claim for approved professional fees and expenses shall be subordinate to and shall only be made to Pick & Zabicki LLP after all other Distributions contemplated to be made on the Effective Date of the Plan have been made. A full-text copy of the Order Confirming the Plan dated Jan. 30, 2020, is available at https://tinyurl.com/u62ye8h from PacerMonitor at no charge. About JDR Consulting JDR Consulting LLC provides software managed information technology services such as "cloud" software systems. Its office is located at 4305 Broadway, Suite 41, New York, New York. JDR Consulting sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 18-13206) on Oct. 24, 2018. At the time of the filing, the Debtor was estimated to have assets of less than $50,000 and liabilities of less than $50,000. Judge James L. Garrity Jr. oversees the case. The Debtor tapped Pick & Zabicki, LLP, as its legal counsel. JETBLUE AIRWAYS: Fitch Raises LT IDR to BB+, Outlook Stable ----------------------------------------------------------- Fitch Ratings upgraded JetBlue Airways Corporation's Long-Term Issuer Default Rating to 'BB+' from 'BB'. The Rating Outlook is Stable. Fitch has also affirmed its ratings on JetBlue's 2013-1 and 2019-1 series of EETCs. The upgrade reflects JetBlue's strong credit metrics, consistent profitability, successful cost containment efforts, and its solid financial flexibility. The rating is also supported by JBLU's continued commitment to a healthy balance sheet. Fitch's primary ratings concerns revolve around heavy capital spending required to fund JBLU's growth strategy and the replacement of its E190 fleet. Higher aircraft related capex is a critical part of JBLU's capacity plans but it will put pressure on FCF through 2024 and will most likely lead to incremental borrowing. These risks are offset by the company's adequate liquidity balance, its growing pool of unencumbered aircraft and its successful track record of growth. Fitch is also monitoring JBLU's increased focus on returning cash to shareholders. Simultaneous pursuit of share repurchases and material investment in aircraft is likely to drive higher leverage over the next several years, though Fitch expects metrics to remain appropriate for the 'BB+' rating. Longer term concerns also include a tough competitive environment in the U.S. caused by rapidly growing ULCCs and financially healthy network carriers. Other risks include cyclicality and the high degree of operating leverage that is typical for the airline industry. KEY RATING DRIVERS Successful Cost Control Efforts: JetBlue has completed the structural cost reduction program that it laid out in 2016, leading to more manageable unit cost increases over the past two years and company forecasts for modestly declining cost per available seat mile excluding fuel (casm-ex) in 2020. Casm-ex was up by 0.8% in 2019, which Fitch considers a solid result given that JBLU had to absorb higher labor costs from the 2018 ratification of a new pilot contract. Fitch expects to see manageable unit cost over the next one to two years as the company sees run-rate benefits from its structural cost program and operates an increasingly efficient fleet as A321 NEOs and eventually A220s play a more prominent role. Cost inflation had been a concern as unit costs had outpaced the industry through much of the past decade. By YE 2019, the company had achieved run-rate cost savings of $314 million through its structural cost program, above its initial target of $250 million-$300 million. The program covered a range of initiatives including integrating technology into a number of areas, driving down airport costs, improving productivity tools surrounding maintenance, and improving contracts with suppliers. Stable Profitability Forecasted: Fitch expects the company to generate flatt-ish operating margins throughout its base case forecast. Fitch's projections include only modestly positive unit revenues over the next several years as a strong demand environment in the U.S. is partly offset by stiff competition among airlines, keeping a lid on more material unit revenue growth. Top-line growth should be supported by the roll-out of JBLU's Fare Options 2.0 (basic economy product to compete with current offerings from network carriers and the ULCC's). Revenue expectations combined with manageable unit costs should keep margins roughly in line with 2018 and 2019 results, which Fitch considers healthy, but below peak levels generated between 2015-2018 after fuel prices collapsed. Fitch's current forecast for 2020 incorporates a jet fuel price of $2.20/gallon, which is conservative to current market prices, potentially creating room for actual results to outperform its expectations. Projected Top Line Growth: Fitch projects top line revenue growth in the mid-to-high single digits annually throughout the forecast based on continuing capacity expansion, a supportive demand environment, and growing non-ticket revenues. Timing around projected growth is made less certain by A321 deliveries that are being delayed due to production issues at Airbus. The upgauging potential and fuel efficiency offered by the A321 should be margin accretive for JetBlue and delivery delays represent a headwind, but they do not materially impact Fitch's forecast or its expectations that JBLU will operate with metrics that are healthy for the 'BB+' rating over time. JBLU received only six of the 13 A321 NEOs that were expected to be delivered in 2019 and it expects to receive a maximum of 11 in 2020, down from 14 that were previously scheduled. Capital Spending and Tariffs: The company's growth and fleet replacement plans will drive significant aircraft deliveries over the next four to five years. JBLU expects to take delivery of nearly 150 aircraft by the end of 2025, consisting of 79 A321 NEOs and 70 A220-300s, representing a sizeable commitment compared to the company's current fleet of 259 planes. However, the timing around deliveries will ultimately slip somewhat due to rolling delays from Airbus. Capex may come in above prior expectations due to the imposition of tariffs on Airbus products. The A220s are not subject to the tariffs and at least some of JBLU's A321s will likely be built in Airbus' Mobile, AL facility, which is exempt from tariffs. Nevertheless, the tariffs could lead to a cumulative impact north of $175 million over the next four years depending on the distribution of where the aircraft are manufactured, and assuming that no deal is struck to reduce or eliminate the tariffs in the meantime. Fitch believes that Airbus is likely to absorb a portion of the cost, though the outcome of any negotiated settlements are uncertain at this time. Higher capital spending is likely to limit or potentially drive negative FCF over the next several years. FCF pressures do not inhibit an upgrade because capital spending in the airline industry tends to be lumpy and uneven due the timing of aircraft deliveries. Fitch notes JetBlue does have some ability to defer future aircraft deliveries if it so choses like the company did in early 2017. Fitch expects FCF to be negative by around $200 million in 2020, down from $293 million in 2019. Fitch's forecast includes conservative assumptions including fuel prices of $2.15/gallon in 2020, flat unit revenue growth, and unit costs at the high end of JetBlue's guidance. Leverage to Rise; Remain Manageable: As of Dec. 31, 2019, Fitch calculates JetBlue's total adjusted debt/EBITDAR at 2.4x, down from 2.8x at YE 2018. Lower leverage was driven primarily by changes to lease accounting rather than a fundamental improvement in the metric. Fitch expects JBLU's leverage to incrementally rise over the next three years driven primarily by debt funded aircraft deliveries. Fitch doesn't view this as a material ratings concern since JBLU's current leverage is modest and Fitch believes that management will continue to prioritize a healthy balance sheet overall. Fitch estimates that adjusted debt/EBITDAR will remain between 2.5x and 2.9x over the intermediate term. Solid Financial Flexibility: Financial flexibility is supported by manageable near-term maturities, solid liquidity and by JBLU's growing base of unencumbered assets. Fitch considers JBLU's unencumbered Airbus A320s and A321s to be high quality assets which should support capital market access in the case of a liquidity crunch. Fitch expects JBLU to further expand its base of unencumbered assets over the coming years as existing aircraft secured debt amortizes. Unencumbered aircraft also provide JBLU with strategic flexibility to reduce capacity if needed. JetBlue's unencumbered asset base as of 2018 stood at 107 aircraft and 44 spare engines. Fitch considers high quality unencumbered aircraft to be a good additional source of financial flexibility. EETC Ratings: 2019-1: The 'AA-' rating on the class AA certificates is supported by a high level of overcollateralization (OC) and high-quality collateral supporting Fitch's expectations that senior tranche holders should receive full principal recovery prior to default even in a severe stress scenario. The rating is one notch below several comparable issuances that Fitch rates at 'AA' primarily due to a higher initial loan to value (LTV). The initial AA tranche LTV, as cited in the prospectus, is 46.5%. Fitch calculates the initial base LTV at 48.6% using appraisal values from independent appraisal firms. Fitch's maximum stress case LTV under its 'AA' stress scenario is 92.1% when stresses are applied two years in the future. Comparable transactions rated at 'AA' typically have initial LTVs of around 40%, and maximum stress scenario LTVs in the mid-to-upper 80% range. Similarly, the 'A' rating on the subordinated certificates is supported by OC sufficient for the tranche to pass Fitch's 'A' level stress scenario. This level of OC provides a sufficient amount of protection for the senior tranche holders. The initial A tranche LTV, as cited in the prospectus, is 61%. Fitch calculates the initial base LTV at 63.7%. Fitch's maximum stress case LTV using its 'A' stress scenario is 89.5% when stresses are applied two years in the future. 2013-1: The 'A+' rating is primarily based on an increasing level of overcollateralization due to the relatively rapid amortization profile of this transaction compared to other EETCs. Fitch calculates the current 'A' tranche LTV at 52.7% using appraisal values from independent appraisal firms. Fitch's maximum stress case LTV (the primary driver for the 'A' tranche rating) through the life of the transaction is 68.9% (when stresses are applied two years in the future). This level of OC provides a more sizeable amount of protection than many EETCs issued by other US airlines that Fitch rates at 'A'. The transaction is backed by 14 Airbus A320-200s delivered between 2002 and 2012. Fitch considers the A320-200 to be a Tier 1 aircraft, though Fitch assumes that the planes migrate to Tier 2 status as they reach 15 years of age (which leads to higher depreciation and values stresses in Fitch's modelling). The oldest aircraft are scheduled to fall out of the collateral pool prior to the transaction's maturity. Two aircraft drop out in March 2021 and four more drop out in March 2022, leaving eight aircraft in the pool for the final year prior to maturity. DERIVATION SUMMARY JetBlue has shown significant improvement in its credit profile over the last five years. Despite the upgrade to 'BB+', the company's leverage metrics remain strong for the rating and mirror those of Delta Airlines (BBB-), and Alaska Air (BBB-). Profitability is in line with similarly rated peers. However, profit margins have come down from above industry-average levels seen in 2015-2018 due to rising costs and tough competition. For 2019, the carrier generated EBIT margins of 10.4% compared to margins of 7.4% for Air Canada and 10.3% for United. JetBlue's network and route diversification still lags behind the big four U.S. carriers, but has strengthened as the carrier has continued to grow. The company has built a more defensible network with a leading market share in each of its three main focus cities (BOS, JFK and FLL) JBLU also offers a compelling product compared to competitors with its relatively generous leg room and in-flight offerings. EETC Derivation: 2019-1 The 'AA-' ratings on the 2019-1 class AA certificates are in line with the British Airways 2018-1 transaction and one notch below several recent transactions issued by American, United and Air Canada. The one-notch differential is primarily driven by modestly higher starting LTV ratios for JetBlue compared to most recent precedents. The 'A' rating on the class A certificates is in line with several other class A certificates issued by United Airlines, American Airlines, and others (i.e. UAL 2018-1, 2016-1 and 2016-2, Air Canada 2017-1, American 2017-2). Stress scenario LTVs for the JBLU 2019-1 class A certificates are comparable to its peer group. 2013-1 The 'A+' rating on the JBLU 2013-1 class A certificates one notch above the ratings on several class A certificates issued by other 'BB' category airlines. The rating differential is primarily driven high levels of OC that causes the JBLU 2013-1 transaction to pass Fitch's 'A' level stress scenario with a material amount of headroom compared to peers. JBLU 2013-1 also benefits from a fast principal paydown period, low tail risk, and the improving strength of JetBlue's credit profile. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer -- Capacity growth in the mid to high-single digits over the forecast period North American Air traffic demand remains steady; -- Some incremental borrowing to fund aircraft deliveries throughout the base case. -- The company continues to return cash to shareholders; -- Jet Fuel ranges from $2.15 per gallon to $2.30 per gallon during the base case. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action -- FCF margins remaining in the low-to-mid-single-digits as a percentage of revenue. -- EBIT margins remaining in the low to mid-teens. -- Sustained commitment to conservative financial policies. -- Adjusted debt/EBITDAR sustained below 2.75x. -- FFO fixed charge coverage remaining above 4x. Developments That May, Individually or Collectively, Lead to Negative Rating Action -- An exogenous shock that causes demand for air travel to drop significantly or a fuel shock that is not adequately offset by rising fares. -- Change in management strategy that favors shareholder returns at the expense of a healthy balance sheet. -- Sustained adjusted debt/EBITDAR above 3.5x. -- FCF margins declining to neutral on a sustained basis or FFO fixed charge coverage falling below 3.5x on a sustained basis. LIQUIDITY AND DEBT STRUCTURE Healthy Liquidity: As of Dec. 31, 2019, JetBlue had cash and cash equivalents balance of $959 million, and short-term investment securities of $369 million. In August 2019, the company upsized its revolving credit facility from $425 million to $550 million, along with extending the maturity out to August 2023. Total liquidity, including the undrawn revolver, is equivalent to 23.2% of LTM revenue, which is near but slightly below the industry average. Debt maturities are well structured and range between $298 million and $341 million annually through 2023, which should be addressable through cash flow from operations and debt financing on future aircraft deliveries. Revolver: The $550 million revolving credit facility is secured by take-off and landing slots at JFK, Newark Liberty, LaGuardia, and Washington Reagan, and is set to mature in August of 2023. JBLU's other facility, which was entered into during 2012, is a $200 million revolving line of credit. The credit facility is renewed annually and secured by investment securities held at Morgan Stanley. Fitch does not include this revolving credit facility in its total liquidity calculation to avoid "double counting" since the facility is secured by the investment securities on the balance sheet that Fitch considers a part of readily available cash. Other: JetBlue's debt primarily consists of secured fixed and floating rate notes backed by aircraft and related assets. Most recently JBLU accessed the EETC market, issuing a $772 million transaction across two tranches in November 2019. The EETC was secured by 25 A321s. . Criteria Variation 2019-1 EETC Rating: Fitch's EETC criteria state that in order for a transaction to achieve ratings in the 'AA' category all aircraft in the transaction must remain under 15 years of age throughout the life of the transaction. In the 2019-1 transaction, three out of the 25 aircraft in the pool just exceed 15 years old by the final distribution date. All other aircraft in the pool remain under 15 years old throughout the transaction. Due to the attractive nature of the overall collateral pool, the small portion of the total pool that exceeds 15 years, and high levels of overcollateralization expected at the time the transaction matures, the age of the collateral does not impact the credit quality of the transaction. SUMMARY OF FINANCIAL ADJUSTMENTS A multiple of 7.5x was used when capitalizing lease expenses to approximate a 7.0x multiple on aircraft rent and 8.0x on other rents. JEWELTEX ENTERPRISES: Seeks to Hire Mitchell Law Firm as Counsel ---------------------------------------------------------------- Jeweltex Enterprises, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire The Mitchell Law Firm, L.P. as its legal counsel. The firm will provide services in connection with the Debtor's Chapter 11 case, which include the preparation of a plan of reorganization and the prosecution of any causes of action that the Debtor may have by way of adversary proceedings that would benefit its bankruptcy estate. Mitchell Law Firm will be paid at these rates: Partners $395 per hour Associates $225 per hour Paralegals $75 - $95 per hour Legal Assistants $75 - $95 per hour The firm received a retainer of $5,238. Mitchell Law Firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Gregory W. Mitchell, Esq. The Mitchell Law Firm, L.P. 12720 Hillcrest Road, Suite 625 Dallas, Texas 75230 Phone: (972) 463-8417 Fax: (972) 432-7540 Email: greg@mitchellps.com About Jeweltex Enterprises Jeweltex Enterprises, Inc., owner of a jewelry store, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Texas Case No. 20-40485) on Feb. 18, 2020. At the time of the filing, the Debtor had estimated assets of between $100,000 and $500,000 and liabilities of between $1 million and $10 million. Judge Brenda T. Rhoades oversees the case. The Mitchell Law Firm, L.P. is the Debtor's legal counsel. JLD AUTOMOTIVE: March 26 Plan & Disclosures Hearing Set ------------------------------------------------------- On Jan. 31, 2020, debtor JLD Automotive Services, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, a Plan and Disclosure Statement. On Feb. 11, 2020, Judge Deborah L. Thorne ordered that: * March 26, 2020, at 10:30 A.M. at Courtroom 613 of the United States Bankruptcy Court, 219 S. Dearborn St., Chicago, Illinois is the combined hearing to consider the approval of the disclosure statement and confirmation of the plan. * March 20, 2020, is fixed as the last date for filing and serving written objections to the disclosure statement. * March 17, 2020, is fixed as the last day for filing ballots accepting or rejecting the plan. * March 20, 2020, is fixed as the last day for filing and serving written objections to confirmation. A full-text copy of the order dated Feb. 11, 2020, is available at https://tinyurl.com/sux99dl from PacerMonitor at no charge. The Debtor is represented by: David P. Lloyd David P. Lloyd, Ltd. 615B S. LaGrange Rd. LaGrange IL 60525 Tel: 708-937-1264 Fax: 708-937-1265 About JLD Automotive Services Founded in 1997, JLD Automotive Services, Inc., operates a car wash and automotive repair center at its current location at 970 Route 22, Fox River Grove, Ill. JLD previously sought bankruptcy protection (Bankr. N.D. Ill. Case No. 18-24948) on Sept. 4, 2018. JLD Automotive Services again sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 19-27408) on Sept. 27, 2019. At the time of the filing, the Debtor disclosed $761,731 in assets and $1,051,767 in liabilities. The case is assigned to Judge Deborah L. Thorne. The Debtor tapped David P. Lloyd, Ltd., as its legal counsel. JM GRAIN: Unsecureds Owed $7.5M to Recover $100K in Amended Plan ---------------------------------------------------------------- Debtor JM Grain, Inc. filed the Disclosure Statement Supplement to reflect certain material changes to Debtor's Amended Disclosure Statement dated December 17, 2019, which was approved by the Court in its order entered on January 21, 2020. The Debtor, FBN CM LLC, and the North Dakota Department of Agriculture entered into a Stipulation Regarding FBN CM LLC’s Motion for Relief from the Automatic Stay and Plan Treatment on February 13, 2020, that required the Debtor to make the numerous modifications to its plan of reorganization. The Amended Plan provides that ND Statutory Receiptholders Bryan Rustad, Ryan Weber and Steve Seidler (total Allowed Claims of $9,052.01) will be paid in full on the Effective Date. The Allowed Claim(s) totaling $647,726.62 for the remaining ND Statutory Receiptholders will be paid pro-rata as follows: (i) $50,000 on May 1, 2020; (ii) $50,000 on August 1, 2020; and (iii) quarterly payments in the sum of $18,257.55. The Amended Plan provides that the Debtor will assume the MPA, as amended, and pay a cure amount to FBN of $150,000 beginning sixty (60) days after Debtor’s closing on a sale of the Arrow Kay Property through a pro-rata amount monthly over the life the Plan. The Amended Plan provides that Class 8 General Unsecured Creditors shall be paid in 10 semi-annual installments of $10,000 beginning on Aug. 15, 2020, and continuing thereafter on Feb. 15th and August 15th for a period of five years. All semi-annual installments to Class 8 will be distributed pro rata among the members of Class 8. Such payments will be in full satisfaction of each Class 8 Allowed Claim. The Debtor estimates there are approximately $7,466,465 in Allowed Claims in Class 8. The Amended Plan provides that on or before the Effective Date, the Interest holders shall contribute cash funds to the Debtor of $300,000 in new value. A full-text copy of the Disclosure Statement Supplement dated February 13, 2020, is available at https://tinyurl.com/sr2aqqn from PacerMonitor at no charge. The Debtor is represented by VOGEL LAW FIRM Caren W. Stanley 218 NP Avenue PO Box 1389 Fargo, ND 58107-1389 Tel: (701) 237-6983 Fax: (701) 476-7676 E-mail: cstanley@vogellaw.com About JM Grain JM Grain Inc. buys and sells pulse crops. JM Grain sources its pulses from over 700 independent farmer-producers growing crops in the fertile fields of Montana and North Dakota. On the web:https://www.jmgrain.com/ JM Grain, Inc., based in Garrison, ND, filed a Chapter 11 petition (Bankr. D.N.D. Case No. 19-30359) on June 25, 2019. In the petition signed by Justin E. Flaten, president, the Debtor estimated up to $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The Hon. Shon Hastings oversees the case. Caren Stanley, partner of Vogel Law Firm, serves as bankruptcy counsel to the Debtor. JOHN DAUGHERTY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: John Daugherty Real Estate, Inc. DBA John Daugherty, Realtors 520 Post Oak Blvd., 6th Floor Houston, TX 77027 Business Description: John Daugherty Real Estate, Inc. -- https://www.johndaugherty.com -- is a licensed real estate broker in Houston, Texas. Chapter 11 Petition Date: February 27, 2020 Court: United States Bankruptcy Court Southern District of Texas Case No.: 20-31293 Judge: Hon. Christopher M. Lopez Debtor's Counsel: Ronald J. Sommers, Esq. NATHAN SOMMERS JACOBS, A PROFESSIONAL CORPORATION 2800 Post Oak Blvd., 61st Floor Houston, TX 77056 Tel: 713-960-0303 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by John A. Daugherty, Jr., chief executive officer. A copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/iQVbyX KAOPU GROUP: BF Borgers Replaces Thayer O'Neal as Accountants ------------------------------------------------------------- Kaopu Group, Inc. dismissed Thayer O'Neal Company, LLC, as the Company's independent registered public accounting firm. The Company's Board of Directors approved Thayer's dismissal on Feb. 20, 2020. The reports of Thayer on the Company's financial statements as of, and for, the years ended Dec. 31, 2017 and 2018 did not contain any adverse opinion or disclaimer of opinion, nor were any those reports qualified or modified as to uncertainty, audit scope or accounting principles except for the following: Thayer issued a going concern qualification in Thayer's report the financial statements as of, and for, the years ended Dec. 31, 2017 and Dec. 31, 2018 respectively, in which Thayer indicated conditions which raised substantial doubt on the Company's ability to continue as a going concern. During the recent fiscal years ended Dec. 31, 2017 and Dec. 31, 2018, and during the subsequent interim periods through Feb. 20, 2020, there have been no (i) disagreements between the Company and Thayer on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to Thayer's satisfaction would have caused Thayer to make reference to the subject matter of the disagreements in connection with its report, or (ii) reportable events defined in Item 304(a)(1)(v) of Regulation S-K. On Feb. 20, 2020, the Company engaged BF Borgers CPA PC as the Company's new independent registered public accounting firm. The Board of Directors approved the engagement of BFB on Feb. 20, 2020. During the recent fiscal years ended Dec. 31, 2017 and Dec. 31, 2018 and during the subsequent interim periods through Feb. 20, 2020, the Company did not consult with BFB regarding (i) the application of accounting principles to any specified transaction, either completed or proposed, (ii) the type of audit opinion that might be rendered on the Company's financial statements, or (iii) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv)) or a reportable event (as defined in Item 304(a)(1)(v)). About Kaopu Group Headquartered in Taichung City, Taiwan (R.O.C.), Kaopu Group, Inc. offers pre-need death care contracts and pre-need and at need funeral services and selling funeral related products to customers. The Company operates its Taiwan death care business primarily through Long Bao Life Technology Co., Ltd. The Company also provides life, property and casualty insurance products and insurance brokerage services to our customers. I n addition, it is actively pursuing business plans focusing on management consulting services and consulting contracts. As of Sept. 30, 2019, the Company had $10.66 million in total assets, $10.13 million in total liabilities, and $523,718 in total stockholders' equity. Thayer O'Neal Company, LLC, in Houston, Texas, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 16, 2019, citing that the Company has suffered recurring losses from operations, has a substantial working capital deficiency and substantial accumulated deficits and comprehensive loss that raise substantial doubt about its ability to continue as a going concern. LONGHORN SERVICE: Allowed to Continue Using Cash Collateral ----------------------------------------------------------- Judge Janice D. Loyd the U.S. Bankruptcy Court for the Western District of Oklahoma inked her approval to an Agreed Final Order authorizing Longhorn Service Company, LLC to use cash collateral. Interbank has agreed to the Debtor's use of cash collateral to pay the ordinary and necessary operating expenses of the Estate's business and assets under the terms and conditions of the Agreed Order. The Debtor's authority to use cash collateral will immediately terminate upon the occurrence of any of the following: (a) Five business days following Interbank's delivery of a notice of breach by the Debtor of any obligations under the Agreed Order, which breach remains uncured; (b) Failure of Capstone Oilfield Disposal Services, LLC to file for bankruptcy on or before Feb. 14, 2020 and immediately seek authority to sell substantially all of its assets (the "SWD Wells") and establish bidding procedures. Upon filing for bankruptcy, Capstone will agree to the following timelines to be incorporated in the Capstone cash collateral order which may be extended only with InterBank's written consent: -- 60-day due diligence/marketing period for the SWD Wells to run from the commencement of the case. -- ids due 10 days after the conclusion of the marketing/diligence period. -- Auction (if multiple bidders) within 10 days. -- Sale hearing within 10 days after auction; (c) Contemporaneously with the entry of the order similar agreed orders Continuing the Use of Cash Collateral and Granting Adequate Protection in the cases of In re Cowboy Pumping Unit Sales & Repair, LLC, Case No. 19-14561-JDL (Chapter 11) and In re P.P.S. Trucking, LLC, Case No. 19-14563 and any default under the Cowboy Order or PPS Order will constitute an Event of Default under the Agreed Order; and (d) Conversion of the case to Chapter 7. The Debtor and Interbank are parties to certain agreements evidencing borrowings by Debtor from Interbank. Interbank asserts approximately $13,000,000 is owed on the Loan Claims as of the Petition Date, secured by first-priority valid and perfected liens on, inter alia, all of the Estate's right, title, present and future interest in the Collateral. Interbank is granted valid, binding, enforceable, and automatically perfected liens co-extensive with Interbank's pre-petition liens, in all currently owned or hereafter acquired property and assets of the Estate, of any kind or nature, whether real or personal, tangible or intangible, wherever located, now owned or hereafter acquired or arising and all proceeds and products thereof, including, without limitation, all cash, goods, accounts receivable, general intangibles, and deposit accounts, which are related to the Collateral, excluding only causes of action arising under chapter 5 of the Bankruptcy Code. In addition, the Debtor will make monthly payments of $12,700 to Interbank commencing Jan. 15, 2020, increasing to $17,000 on March 15, 2020. A copy of the Agreed Final Order is available for free at https://is.gd/td97s3 from Pacermonitor.com About Longhorn Service Co. Longhorn Service Company LLC is a privately held company in the well servicing business serving oil & gas operators. Longhorn Service was established in 1988 by Tom and Randy Holder. Longhorn Service sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 19-14276) on Oct. 18, 2019. The petition was signed by Tom Holder, member. At the time of the filing, the Debtor disclosed assets ranging between $10 million to $50 million and liabilities of the same range. The Debtor is represented by Stephen J. Moriarty, Esq. at FELLERS SNIDER. LUMASTREAM INC: Obtains Interim Approval to Use Cash Collateral --------------------------------------------------------------- LumaStream, Inc., asked the Bankruptcy Court to authorize use of cash collateral to fund its operating expenses and costs of administering its Chapter 11 case. Prior to the Petition Date, the Debtor and E Craftsman Corporation (ECC) executed a certain unconditional guaranty dated August 10, 2015 in conjunction with a forbearance agreement between ECC and LumaStream Canada ULC, an unlimited liability corporation, which is wholly owned by the Debtor. On August 29, 2019, the Debtor and John Windt executed a promissory note in the principal sum of $1,000,000 secured by specific purchase orders with customers and the proceeds thereof, including any accounts receivable, whose security interest in specifically identified accounts receivable is superior to ECC. ECC and Windt may have an interest in the Debtor's cash collateral. As adequate protection, the Debtor proposes to grant to ECC and Windt replacement liens to the same extent, validity, and priority as existed on the Petition Date. A copy of the motion is available at https://is.gd/rV8rcF from PacerMonitor.com free of charge. Judge Catherine McEwen approved the motion on an interim basis, pursuant to an interim order, a copy of which is available for free at https://is.gd/2CR9IZ from PacerMonitor.com. Further hearing on the motion is set for March 10, 2020 at 10:30 a.m. About LumaStream Inc. LumaStream, Inc., is a St. Petersburg, Florida-based manufacturer of low-voltage LED lighting systems for commercial and residential applications. The company filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 20-00999) on Feb. 5, 2020. On the Petition Date, the Debtor estimated between $50 million to $100 million in assets, and between $1 million and $10 million in liabilities. The petition was signed by George Gordon, president. Stichter, Riedel, Blain & Postler, P.A., is the Debtor's counsel. MAGNOLIA LANE: Seeks Entry of Fifth-Interim Cash Collateral Order ----------------------------------------------------------------- Magnolia Lane Condominium Association, Inc., has reached an agreement with Association Financial Services, LLC and the U.S. Trustee for the entry of a Fifth-Interim Order authorizing use cash collateral. AFS and the Debtor have scheduled a mediation for March 20, 2020 with the objective to resolve all matters between the parties and submit a final order on cash collateral. The parties further agreed to a final hearing on cash collateral for April 29, 2020 at 2:00 p.m. A copy of the agreed motion can be accessed at https://is.gd/py17O7 from PacerMonitor.com free of charge. About Magnolia Lane Condominium Association Based in Miami, Fla., Magnolia Lane Condominium Association, Inc., filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 19-24437) on Oct. 28, 2019. In the petition signed by Mercedes Rodriguez, vice president, the Debtor was estimated to have $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Laurel M. Isicoff oversees the case. John P. Arcia, Esq., at John Paul Arcia, P.A., is the Debtor's bankruptcy counsel. MANNKIND CORP: Incurs $51.9 Million Net Loss in 2019 ---------------------------------------------------- MannKind Corporation filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $51.90 million on $63.04 million of total revenues for the year ended Dec. 31, 2019, compared to a net loss of $86.97 million on $27.86 million of total revenues for the year ended Dec. 31, 2018. Total revenues were $63.0 million for the year ended Dec. 31, 2019, reflecting Afrezza net revenue of $25.3 million and collaborations and services revenue of $37.7 million. Afrezza net revenue increased 46% compared to $17.3 million for the year ended Dec. 31, 2018, primarily due to higher product demand, the first sale of Afrezza to the Company's marketing partner in Brazil (Biomm), price increases as well as a more favorable mix of Afrezza cartridges. Collaborations and services revenue increased $27.2 million compared to the full year ended Dec. 31, 2018, which was primarily attributed to the licensing and research agreements with United Therapeutics, both of which began in the fourth quarter of 2018. On a GAAP basis, Afrezza gross profit was $5.2 million for the year ended Dec. 31, 2019, an improvement of $7.3 million or 347% compared to a gross loss of $2.1 million in the same period in 2018, primarily due to an increase of $8.0 million in net revenue and a $2.2 million decrease in inventory write-offs, partially offset by increased costs due to higher sales and an increase of $0.8 million in fees paid to Amphastar for amendments to our insulin supply agreement. As a result, on a non-GAAP basis, gross profit was $8.0 million, or 32%, for the year ended Dec. 31, 2019 compared to a gross loss of $0.1 million, or 1%, for the full year ended Dec. 31, 2018. R&D expenses for the year ended Dec. 31, 2019 were $6.9 million compared to $8.7 million for the year ended Dec. 31, 2018. This decrease of $1.8 million, or 21%, was primarily attributable to a $1.7 million decrease in personnel related costs and a $0.9 million decrease in clinical trial spending, partially offset by increased expenses of $0.2 million related to the development of the Company's BluHale inhalation profiling apparatus and increased facility maintenance and equipment repair costs of $0.5 million. SG&A expenses for the year ended Dec. 31, 2019 were $74.7 million compared to $79.7 million for the year ended Dec. 31, 2018. This decrease of $5.0 million, or 6%, was primarily attributable to a $6.6 million decrease in personnel and employee related costs, decreased consulting costs of $2.5 million and a $1.2 million decrease in stock-based compensation costs, which was partially offset by a $5.6 million increase in costs for television advertising for Afrezza. Interest income increased by $0.5 million, or 99%, for the year ended Dec. 31, 2019 compared to the year ended Dec. 31, 2018, primarily due to a higher average balance on money market funds and short-term investments. Interest expense on debt for the year ended Dec. 31, 2019 was $10.9 million compared to $9.4 million for the year ended Dec. 31, 2018. This $1.5 million increase was primarily attributable to a $3.4 million charge realized as a result of achieving a sales milestone in the third quarter of 2019 under the Company's milestone agreement with Deerfield, partially offset by lower interest as a result of the repayment of the Deerfield credit facility. As of Dec. 31, 2019, the Company had $93.72 million in total assets, $284.25 million in total liabilities, and a total stockholders' deficit of $190.53 million. Cash, cash equivalents, restricted cash, and short-term investments at Dec. 31, 2019 was $50.2 million compared to $71.7 million at Dec. 31, 2018. Deloitte & Touche LLP, in Los Angeles, California, the Company's auditor since 2001, issued a "going concern" qualification in its report dated Feb. 25, 2020, citing that the Company's available cash resources and continuing cash needs raise substantial doubt about its ability to continue as a going concern. Fourth Quarter Results Total revenues were $16.0 million for the fourth quarter of 2019, reflecting Afrezza net revenue of $7.8 million and collaborations and services revenue of $8.2 million. Afrezza net revenue increased 35% compared to $5.7 million in the fourth quarter of 2018, primarily driven by higher product demand and price. Collaborations and services revenue decreased $2.1 million compared to the fourth quarter of 2018, primarily due to lower revenue from the United Therapeutics research agreement, which was substantially completed by the second quarter of 2019. On a GAAP basis, Afrezza gross profit was $3.1 million for the fourth quarter of 2019 compared to $0.7 million in the same period in 2018. Afrezza cost of goods sold for the fourth quarter of 2018 included a fee of $2.0 million recorded in connection with the amendment of the Company's insulin supply agreement with Amphastar. As a result, on a non-GAAP basis, gross profit was $2.7 million or 48% gross margin for the fourth quarter of 2018, compared to a GAAP basis gross margin of 40% for the fourth quarter of 2019. Research and development (R&D) expenses for the fourth quarter of 2019 were $2.0 million compared to $1.1 million for the fourth quarter of 2018. This 82% increase was primarily attributable to an increase of $0.6 million in personnel costs associated with the United Therapeutics research agreement, which was classified as a cost of collaborations and services revenue in 2018, and to an increase of $0.3 million in maintenance costs for the Company's research facility in Danbury, Connecticut. Selling, general and administrative (SG&A) expenses for the fourth quarter of 2019 were $15.7 million compared to $18.0 million for the fourth quarter of 2018. This decrease of $2.3 million, or 13%, was primarily attributable to a $1.7 million decrease in personnel related costs and a $1.1 million decrease in Afrezza marketing costs, partially offset by an increase of $0.5 million in consulting and professional services costs. Interest expense on debt for the fourth quarter of 2019 was $2.3 million compared to $1.7 million for the fourth quarter of 2018. This $0.6 million increase, or 35%, was primarily attributable to the net increase in the Company's debt balance as a result of the Company's debt restructuring in the third quarter of 2019. The net loss for the fourth quarter of 2019 was $14.3 million, or $0.07 per share compared to a $9.8 million net loss in the fourth quarter of 2018 or $0.06 per share. The increase in the net loss of $4.5 million was primarily the result of an increased loss on foreign currency translation of $4.0 million associated with the Company's insulin supply agreement denominated in Euros and of an increase of $0.6 million in interest expense. "We ended 2019 on a strong note with fourth quarter 2019 Afrezza net revenue of $7.8 million, our best quarter to date," said Michael Castagna, chief executive officer of MannKind Corporation. He also noted, "Our collaboration with United Therapeutics on TreT continues to make progress along the clinical and commercial pathways that are expected to set up a filing with the FDA within 12 months." A full-text copy of the Form 10-K is available for free at: https://is.gd/mvVWxx About MannKind Corp MannKind Corporation (NASDAQ: MNKD) -- http://www.mannkindcorp.com/ -- focuses on the development and commercialization of inhaled therapeutic products for patients with diseases such as diabetes and pulmonary arterial hypertension. MannKind is currently commercializing Afrezza (insulin human) Inhalation Powder, the Company's first FDA-approved product and the only inhaled rapid-acting mealtime insulin in the United States, where it is available by prescription from pharmacies nationwide. MannKind is headquartered in Westlake Village, California, and has a state-of-the art manufacturing facility in Danbury, Connecticut. The Company also employs field sales and medical representatives across the United States. MANUS SUDDRETH: Silverlake Selling Baltimore Property for $80K -------------------------------------------------------------- Patapsco Excavating/Silverlake, Inc., an affiliate of W.P.I.P., Inc. and Patapsco Excavating, Inc., asks the U.S. Bankruptcy Court for the District of Maryland to authorize the private sale the real property known as 2500 Lakeland Avenue, Baltimore City, Maryland, Tax ID Numbers 25-040-7492-010, 25-040-7492C-199, 25-040-7492B-024, 25-040-7492A-010, 25-040-7492A-012, to Linked Investments, LLC for $80,000, On Dec. 4, 2018, the Court entered an Order Approving Settlement Agreement, which approved a settlement agreement between Charles R. Goldstein, the Chapter 11 Trustee of the Debtors, and the Business Debtors, on the one hand, and Albion MM, LLC, B.P.I. Patapsco, LLC, EMG Properties, LLC, JACE Note, LLC, SV Holdings Silverlake, LLC, Mark Einstein, and Glen Jensen. Pursuant to the Einstein Settlement, the Property, then owned by SV Holdings Silverlake, LLC, was transferred to Silverlake pursuant to a quitclaim deed, and is property of the consolidated bankruptcy estates. On April 10, 2019, the Court appointed EA Realty Companies as the Real Estate Broker, pursuant to which EA Realty was employed by the Trustee and Silverlake to market and sell the Property. The EA Approval Order further authorized the Trustee and Silverlake to pay EA Realty a fixed fee equal to 10% of the gross proceeds of sale, provided that the motion seeking approval of any such sale would detail the terms for disbursement of the Fixed Fee. Upon information and belief, there are no asserted Encumbrances with respect to the Property. The Property consists of unimproved land in Baltimore City, Maryland. Silverlake entered into an Unimproved Land Contract of Sale with the Purchaser to sell the Property for an aggregate purchase price of $80,000. The parties have executed their Sale Agreement. Silverlake asks that authorization to pay the Fixed Fee to EA Realty, in the amount of $8,000, from the proceeds of sale. Because there are no known Encumbrances with respect to the Property, Silverlake asks that the remaining balance of the sale proceeds be retained by the bankruptcy estates and administered pursuant to the Bankruptcy Code. Silverlake asks to sell the Property through a private sale, as the result of a customary marketing process through a realtor. In light of the nature of the Property, Silverlake asserts that a private sale is reasonable under the circumstances. Silverlake intends to close on the sale as soon as practicable after entry of the Sale Order. The Sale Agreement provides for payment of an earnest money deposit in the amount of $8,000. The deposit will be held in escrow at Exit Results Realty until disbursed in accordance with the Sale Agreement and the Sale Order. The sale will be free and clear of all Encumbrances, with such Encumbrances to attach to the sale proceeds. Finally, Silverlake asks relief from the 14-day stay imposed by Bankruptcy Rule 6004(h), and asks that the Sale Order be immediately enforceable. A copy of the Agreement is available at https://tinyurl.com/rt6o879 from PacerMonitor.com free of charge. About Manus Edward Suddreth Manus Edward Suddreth, the sole shareholder of W.P.I.P., Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. Md. Case No. 13-12978) on Feb. 21, 2013. On Dec. 28, 2016, the Court appointed Joseph J. Bellinger, Jr., as Chapter 11 Trustee. On July 21, 2017, the Court appointed Charles R. Goldstein as Chapter 11 Trustee. On Nov. 6, 2017, the Court entered an order authorizing the Trustee's retention of A&G Realty Partners, LLC, as real estate consultant and advisor. On July 21, 2017, the Court appointed Charles R. Goldstein as the Chapter 11 Trustee. MARIZYME INC: Hires Ralph Makar as Chief Executive Officer ---------------------------------------------------------- Ralph Makar will be joining Marizyme, Inc. on or about April 1, 2020, as chief executive officer, bringing more than 35 years of industry experience to the Company. Mr. Makar is a life sciences executive with both US and global experience in general management, strategic leadership and business development, as well as in raising capital for both startup and established organizations. Ralph has been leading all business and R&D efforts at iDrug Delivery Inc. as president and CEO since December 2017. He continues to serve as executive and board advisor to select organizations. Ralph Makar's efforts have resulted in the exceptional growth of multiple billion dollar blockbuster brands (e.g., Diovan, Lipitor, Voltaren) through innovative strategic leadership supported by securing hundreds of millions of dollars in resources. In addition to his accomplishments in large corporate pharmaceutical organizations, Ralph has also delivered excellence in smaller startup ventures and has managed a public company as CEO. Mr. Nicholas DeVito will resign as interim chief executive officer upon Mr. Makar's arrival and will remain as chief financial officer. "We are fortunate to have such a seasoned pharmaceutical and medical device veteran join the Marizyme team," said James Sapirstein, Marizyme's executive chairman. "Mr. Makar's experience with specialty pharmaceuticals and medical devices brings significant added value to the Company and will help the organization implement our growth strategies and drive the Company forward. We thank Mr. DeVito for his continued leadership and his agreement to remain as our CFO. He has been an invaluable contributor to Marizyme since its inception." "I am excited and honored to be joining Marizyme, Inc. at such an opportune time to build the organization and increase shareholder value," stated Mr. Makar. "The Company has significant potential to develop new products that can benefit patients and improve medical outcomes." The Company has agreed to pay Mr. Makar an annual base salary of $400,000. The Company may increase, but not decrease Mr. Makar's base salary from time to time. Mr. Makar will be eligible to receive an annual cash bonus in an amount up to 40% of the then applicable base salary based (in whole or in part) on Mr. Makar's attainment of certain financial, clinical development, and/or business milestones to be established annually by the Company's board of directors and subject to the Company's board of directors sole discretion. The Company has agreed to Mr. Makar 10-year stock options to purchase up to 750,000 shares of the Company's common stock pursuant to a Company equity incentive plan. These options will vest over a period of three years so long as Mr. Makar is serving as chief executive officer or president on the applicable vesting dates. The stock options shall be exercisable at $2.12 a share, the closing price of the company's common stock on Feb. 18, 2020, the day after the execution date of the Agreement. The Company also agreed to reimburse Mr. Makar for all reasonable and necessary out-of-pocket business expenses and to entitle Mr. Makar to participate in all Company employee benefit plans and related programs on a basis no less favorable than provided to similarly situated senior management employees of the Company. Mr. Makar is also entitled to vacation days in accordance with Company practice and to be covered by our company's directors and officers insurance policies and the Company has agreed to obtain director and officer liability insurance prior to Mr. Makar's employment start date under this Agreement. About Marizyme Headquartered in Fort Collins, Colorado, Marizyme, Inc. (www.marizyme.com), is a development-stage company dedicated to the commercialization of therapies that address the urgent need relating to higher mortality and costs in the acute care space. Specifically, Marizyme will focus its efforts on developing treatments for disease caused by thrombus (stroke, acute myocardial infarctions, or AMIs, and deep vein thrombosis, or DVTs), infections and pain/neurological conditions. Marizyme reported a net loss and comprehensive loss of $248,743 for the year ended Dec. 31, 2018, compared to a net loss and comprehensive loss of $570,506 for the year ended Dec. 31, 2017. As of Sept. 30, 2019, Marizyme had $28.60 million in total assets, $72,583 in total liabilities, and $28.53 million in total equity. K. R. Margetson Ltd., in Vancouver, Canada, the Company's auditor since 2007, issued a "going concern" opinion in its report dated March 1, 2019, citing that the Company has incurred operating losses since inception, which raises substantial doubt about its ability to continue as a going concern. MDM HOLDINGS: March 23 Plan Confirmation Hearing Set ---------------------------------------------------- On Feb. 10, 2020, the U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, convened a hearing on the Amended Disclosure Statement of Debtor MDM Holdings, Inc. dated January 28, 2020. On Feb. 11, 2020, Judge Clifton R. Jessup, Jr. approved the Second Amended Disclosure Statement and established the following dates and deadlines: * March 23, 2020, at 11:30 a.m. before the Honorable Clifton R. Jessup, Jr. at the Federal Building, 400 Well Street, Decatur, Alabama is the hearing on Confirmation of the Plan. * March 16, 2020, by 5:00 p.m. is fixed as the deadline by which the holders of claims and interests against the Debtor must file ballots accepting or rejecting the Plan. * March 16, 2020, by 5:00 p.m. is fixed as the last day by which creditors and parties in interest must file any objections to confirmation of the Plan. * March 19, 2020, by 12:00 p.m., is the deadline for the Debtor to tabulate all acceptances and rejections of the Plan and file a Ballot Summary with the Court. A full-text copy of the order dated February 11, 2020, is available at https://tinyurl.com/w3k9ame from PacerMonitor at no charge. About MDM Holdings MDM Holdings Inc. is a full-service sign company located in Decatur, Alabama. Sole shareholder, Michael McKeon, formed the company in November 2016. The company designs, fabricates and installs most forms of signage including outdoor, indoor and wide format print signs. Its business is currently located at 1950 Central Parkway, in Decatur, Alabama 35601. MDM Holdings, Inc., sought Chapter 11 protection (Bankr. N.D. Ala. Case No. 19-82531) on Aug. 22, 2019, estimating less than $1 million in both assets and liabilities. SPARKMAN, SHEPARD & MORRIS, P.C., is the Debtor's counsel. MICHAEL'S GOURMET: Allowed to Use Cash Collateral Through March 10 ------------------------------------------------------------------ Judge Scott M. Grossman of the U.S. Bankruptcy Court for the Southern District of Florida issued an interim agreed order authorizing Michael's Gourmet Coffee's, Inc. to use cash collateral on an interim basis through March 10, 2020. Any objections to Debtor's use of cash collateral must be served on Debtor's counsel two business days prior to the continued hearing which will be held on March 10, 2020 at 1:30 p.m. The Debtor, as agreed, is authorized to pay TD Bank, N.A. adequate protection in the amount of $500 per month, effective immediately. The order does not contain provision for adequate protection payments for FC Marketplace and Hanmi Bank. A copy of the Order is available at PacerMonitor.com at https://is.gd/PcmBdi at no charge. About Michael's Gourmet Coffee's Based in Pompano Beach, Florida, Michael's Gourmet Coffee's, Inc. sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 19-25705) on Nov 21, 2019. In the petition signed by Joseph Mistretta, president, the Debtor was estimated to have under $1 million in both assets and liabilities. Chad T. Van Horn, Esq., represents the Debtor. MICROVISION INC: Appoints New Chief Executive Officer ----------------------------------------------------- MicroVision, Inc. has appointed Sumit Sharma as the Company's chief executive officer and member of the board of directors. Perry M. Mulligan resigned as chief executive officer for health reasons but will remain on the board. "We are deeply appreciative of Perry's efforts in guiding the company over the last two years and his mentoring of Sumit to assume the CEO role. Perry has been a valued member of the board and management," said Brian Turner, Board Chair. "Sumit has been instrumental in leading the development of our technology and product roadmap and we believe that Sumit is the right person to lead the company moving forward." Preliminary Fourth Quarter 2019 Results MicroVision announced selected financial information about its fourth quarter of 2019. Total revenue in the fourth quarter was approximately $4.6 million, consisting of $4.1 million of product shipments, $0.4 million of contract revenue, and $0.1 million of royalty revenue. Gross profit in the quarter was approximately $1.2 million. Fourth quarter 2019 operating expenses were approximately $4.5 million, and the net loss in the quarter was approximately $3.3 million. Fourth quarter cash used in operations was approximately $4.3 million, and the company had $5.8 million in cash and cash equivalents at Dec. 31, 2019. Due to the COVID-19 (coronavirus), MicroVision's contract manufacturer remained closed for one extra week following the usual Lunar New Year shutdown. Production at its Asian contract manufacturer restarted on February 10 with a reduced workforce. Over the next few weeks, as more workers clear health screening at the factory, and component suppliers restart production, more normal production levels are expected to ensue. MicroVision also said it had been in negotiations to sell its interactive display module to a top-tier North American OEM. The company announced that it was recently informed by the OEM that products using the interactive display module will not be launched in 2020 as the company expected. The OEM may consider interactive display for future products, but the companies are not moving forward at this time with the products and timelines they had been negotiating. "We are surprised and very disappointed by the OEM's decision and are proud of the work we did to ready our interactive display module for production. While we believe our module was well received by the OEM, there were many factors that may have influenced the OEM's decisions regarding use of our module in its overall product line-up at this time," said Sumit Sharma, MicroVision's incoming CEO. "MicroVision is now evaluating options for moving forward in all of our target markets including interactive display, consumer LiDAR and automotive LiDAR. We are exploring licensing of technology and designs and other strategic alternatives for moving forward without orders from the OEM for 2020 delivery. In addition, the company is reducing headcount by approximately 60% to lower operating expenses while retaining core competency as it explores its options." About MicroVision Based in Redmond, Washington, MicroVision, Inc. -- http://www.microvision.com-- is the creator of PicoP scanning technology, an ultra-miniature laser projection and sensing solution for mobile consumer electronics, automotive head-up displays and other applications. The Company's PicoP scanning technology is based on its patented expertise in systems that include micro-electrical mechanical systems (MEMS), laser diodes, opto-mechanics, and electronics and how those elements are packaged into a small form factor, low power scanning engine that can display, interact and sense, depending on the needs of the application. MicroVision reported a net loss of $27.25 million for the year ended Dec. 31, 2018, compared to a net loss of $25.48 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $12.39 million in total assets, $17.36 million in total liabilities, and a total shareholders' deficit of $4.97 million. Moss Adams LLP, in Seattle, Washington, the Company's auditor since 2012, issued a "going concern" qualification in its report on the Company's consolidated financial statements for the year ended Dec. 31, 2018. The auditors noted that the Company has suffered recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. MICROVISION INC: Thomas Walker Resigns as Director -------------------------------------------------- Thomas M. Walker resigned from the board of directors of MicroVision, Inc. on Feb. 19, 2020. Mr. Walker has been a member of MicroVision's board of directors since November 2013. Prior to that, Mr. Walker served as executive vice president of the company from December 2012 through November 2013 and vice president, general counsel and secretary of the company from May 2002 to December 2012. "Tom has been a valuable member of the MicroVision board and was a member of company management for almost 18 years," said Brian Turner, Board Chair. "The board and company have benefited from Tom's dedication, insight and experience. I am very sorry to see Tom resign but understand his decision is driven by important personal commitments. I have enjoyed working with Tom over the years and know he will be missed by all of the board members." "I am proud to have been able to serve on the MicroVision board and executive team," said Tom Walker. "However, family demands and outside obligations conflicted with the time requirements of serving as a director have made it necessary for me to make the hard decision to step down at this time." About MicroVision Based in Redmond, Washington, MicroVision, Inc. -- http://www.microvision.com-- is the creator of PicoP scanning technology, an ultra-miniature laser projection and sensing solution for mobile consumer electronics, automotive head-up displays and other applications. The Company's PicoP scanning technology is based on its patented expertise in systems that include micro-electrical mechanical systems (MEMS), laser diodes, opto-mechanics, and electronics and how those elements are packaged into a small form factor, low power scanning engine that can display, interact and sense, depending on the needs of the application. MicroVision reported a net loss of $27.25 million for the year ended Dec. 31, 2018, compared to a net loss of $25.48 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $12.39 million in total assets, $17.36 million in total liabilities, and a total shareholders' deficit of $4.97 million. Moss Adams LLP, in Seattle, Washington, the Company's auditor since 2012, issued a "going concern" qualification in its report on the Company's consolidated financial statements for the year ended Dec. 31, 2018. The auditors noted that the Company has suffered recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. MONDORIVOLI LLC: April 8 Disclosure Statement Hearing Set --------------------------------------------------------- On Feb. 10, 2020, Debtor Mondorivoli, LLC filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement to accompany the Amended Chapter 11 Plan of Reorganization. On Feb. 11, 2020, Judge Joseph G. Rosania, Jr. ordered that: * 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 is the hearing to consider the adequacy of and to approve the Disclosure Statement. * March 20, 2020, is the deadline to file and serve objections to the disclosure statement. A full-text copy of the order dated Feb. 11, 2020, is available at https://tinyurl.com/um6gwpb from PacerMonitor at no charge. 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. MOONLIGHT AUTOMOTIVE: Interim Cash Use Continued Until March 1 -------------------------------------------------------------- Judge James M. Carr of the U.S. Bankruptcy Court for the Southern District of Indiana issued a third interim order authorizing Moonlight Automotive, Inc. to use cash collateral for the period through March 1, 2020, in accordance with the budget. Huntington National Bank and First Financial Bank are granted replacement liens in the cash collateral and in the post-petition property of the Debtor of the same nature and to the same extent and in the same priority held in the cash collateral on the Petition Date. In addition, Huntington will receive a claim under section 507(b) of the Bankruptcy Code, but only to the extent of any decrease in value of any properly perfected interest in the cash collateral from and after the Petition Date, subject to a carve-out for the Debtor's professional, if any, as may be agreed to between the Debtor and Huntington or ordered by the Court. The Debtor is also directed to move all of its deposits, other than its account with First Financial Bank, to its Huntington bank account by Feb. 15, 2020 or such date as agreed to between Huntington and the Debtor, and shall begin depositing all post-petition receipts into the Huntington bank account as soon as commercially possible but not later than Feb. 15, 2020. The Debtor shall leave $5,373.02 in the FFB account, which amount is the balance as of the Petition Date. However, the FBB Petition Date Balance will be reduced to cover the Debtor's real estate insurance premiums as they become due in the ordinary course. The Debtor is allowed to immediately reduce the FBB Petition Date Balance by $510.13 for the December premium. A copy of the Third Interim Order is available for free at https://is.gd/bBkNk1 from PacerMonitor.com. About Moonlight Automotive Moonlight Automotive, Inc., operates as an automotive and truck repair shop, including a machine shop to build diesel and gasoline engines. Moonlight Automotive sought Chapter 11 protection (Bankr. S.D. Ind. Case No. 19-09172) on Dec. 16, 2019. The Debtor was estimated to have under $500,000 in assets and under $1 million in liabilities. Judge James M. Carr oversees the case. Hester Baker Krebs LLC is the Debtor's legal counsel. No official committee of unsecured creditors has been appointed in the Debtor's case. NAJEEB KHAN: Trustee Reports $145K Sale of Jensen Beach Property ---------------------------------------------------------------- Mark T. Iammartino, as the Chapter 11 Trustee for the estate of Najeeb Ahmed Khan, filed with the U.S. Bankruptcy Court for the Western District of Michigan a report of sale in connection with the sale of the real property located at 8650 South Ocean Drive, #PH-1, Jensen Beach, Florida to Thomas Harrington for $815,000 Pursuant to the Order Granting Motion for Authority to Sell Real Estate entered on Dec. 15, 2019, the Trustee was granted authority to sell the Property. The Property was sold through broker, Beach Front Mann Realty and Management, Inc., to the Buyer for the agreed purchase price. Filed with the Report is the closing statement (Exhibit A). A copy of the Exhibit A is available at https://tinyurl.com/yx83f8jo from PacerMonitor.com free of charge. About Najeeb Ahmed Khan Najeeb Ahmed Khan sought Chapter 11 protection (Bankr. W.D. Mich. Case No. 19-04258) on Oct. 8, 2019. The Debtor tapped Denise D. Twinney, Esq., and Robert F. Wardrop, II, Esq., at Wardrop & Wardrop. P.C., as counsel. On Oct. 29, 2019, the Court appointed Mark. T. Iammartino, as the Chapter 11 Trustee. On Nov. 1, 2019, the U.S. Trustee appointed an official committee of unsecured creditors. NCCD-COLLEGE: Moody's Cuts 2015A/B Bonds to Caa1, Outlook Neg. -------------------------------------------------------------- Moody's Investors Service downgraded the ratings of New Hope Cultural Education Facilities Finance Corporation TX's Student Housing Revenue Bonds (NCCD-College Station Properties LLC - Texas A&M University Project) Series 2015A and Series 2015B to Caa1 from B3; affecting approximately $353.7 million in outstanding bonds. The outlook remains negative. RATINGS RATIONALE The downgrade to Caa1 is based on the Project's (Park West) continued inability to produce enough income to fully cover operating expenses and debt service payments, which has led to the full use of operational reserves (including capitalized interest and a start-up expense fund) as well as sizeable draws on the debt service reserve fund for both the July 1, 2018 and 2019 payments. Project occupancy levels of 94% for Fall 2019 and 95% for Fall 2018 benefitted from intensive marketing efforts at deeply discounted rent levels that included move-in concessions to fill the units. With rents remaining well below underwritten assumptions due to high overcapacity in the College Station housing submarket, the project faces a prolonged period of severe financial stress that will likely lead to taps on the DSR fund over the near term. In February 2019, the borrower (NCCD-College Station Properties LLC) and the successor trustee (UMB Bank N.A.) executed an Amended and Restated Forbearance and Standstill Agreement, which extends the agreement of the Trustee to forbear (subject to compliance by the Borrower with its terms) from exercising remedies through June 30, 2022. Additionally, amendments to various bond documents were executed which include changes to the flow of funds under the Indenture to allow for the payment of expenses prior to the payments of principal and interest on the Series 2015 Bonds and an extension of the term of the ground lease to the thirty-seventh anniversary of the commencement date from its previous expiration on the thirty-second anniversary. In addition, a marketing agreement between the Texas A&M University System (the university, rated Aaa/Stable) and borrower (NCCD-College Station Properties LLC) effective February 27, 2019 provides for greater linkage between the University's website and Park West, which is located off campus. The rating incorporates a reduced expected recovery given the project's limited ability to raise rates under current market conditions at levels that can fully support the amount of outstanding debt. In Moody's estimate, average rents at Park West would need to grow over 25% by Fall 2020 for it to support operating expenses (excluding subordinated fees and expenses) and provide minimum 1.0 times debt service coverage. The rating also considers the absence of any expressed or implied guaranty from Texas A&M University System to take any actions to avoid a default of the underlying bonds. RATING OUTLOOK The outlook is negative due to the project's inability to generate adequate revenues to fully support the outstanding debt and operating expenses, the expectation of continued draws on the DSR, and limited ability to raise rent levels. FACTORS THAT COULD LEAD TO AN UPGRADE - A material increase in net operating income driven by substantially higher pricing growth - Additional University support FACTORS THAT COULD LEAD TO A DOWNGRADE - Depletion of the DSR - Erosion in occupancy levels leading to lower operating revenues - A sharp increase in operating expenses PROFILE NCCD College Station Properties LLC is a single member limited liability company duly organized and existing under the laws of the State of Texas. National Campus and Community Development Corporation is the sole member of the Borrower. The Corporation is a non-profit corporation duly organized and existing under the laws of the State of Texas and is an exempt organization under 501(c)(3) of the Internal Revenue Code of 1986, as amended. The Borrower was formed exclusively to own the project. METHODOLOGY The principal methodology used in these ratings was Global Housing Projects published in June 2017. NCK DYNAMICS: Has Until June 5, 2020 to File Plan & Disclosures --------------------------------------------------------------- Judge Carol A. Doyle of the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, has ordered debtor NCK Dynamics LLC to file a Plan and Disclosure Statement by June 5, 2020. The case is set for a status on the filing of the plan and disclosure statement on June 18, 2020, at 10:30 a.m. in Courtroom 742, 219 South Dearborn Street, Chicago, Illinois. A copy of the order dated Feb. 11, 2020, is available at https://tinyurl.com/vwvlapo from PacerMonitor at no charge. About NCK Dynamics NCK Dynamics LLC is a privately held company in the car wash business. NCK Dynamics sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 20-03479) on Feb. 6, 2020. At the time of filing, the Debtor was estimated to have assets of up to $50,000 and liabilities of $1 million to $10 million. The case is assigned to Hon. Carol A. Doyle. The Debtor's Counsel is Jason J. Ben, Esq. of GOLDSTEIN & MCCLINTOCK LLLP. NEFFGEN FAMILY: Taps Cooper Law Firm as Legal Counsel ----------------------------------------------------- Neffgen Family Stores, LLC received approval from the U.S. Bankruptcy Court for the District of South Carolina to hire The Cooper Law Firm as its legal counsel. The firm will provide services in connection with the Debtor's Chapter 11 case, which include legal advice regarding its powers and duties under the Bankruptcy Code and the preparation of a plan of reorganization. Cooper will be paid at these rates: Robert Cooper, Esq. $295 per hour Associate Lawyer $195 per hour Paralegals $95 per hour The Debtor paid the firm a retainer in the amount of $50,000, plus $1,717 for court costs. Robert Cooper, Esq., the firm's attorney who will be handling the case, disclosed in court filings that he and his firm are "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert H. Cooper, Esq. The Cooper Law Firm 150 Milestone Way, Ste B Greenville, SC 29615 Tel: 864-271-9911 Email: thecooperlawfirm@thecooperlawfirm.com About Neffgen Family Stores Neffgen Family Stores, LLC is a seller of home goods with various locations in upstate South Carolina. Neffgen Family Stores sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. S.C. Case No. 20-00571) on Feb. 1, 2020. At the time of the filing, the Debtor had estimated assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million. Judge Helen E. Burris oversees the case. The Debtor is represented by The Cooper Law Firm. NEW CITY WASTE: March 11 Plan Confirmation Hearing Set ------------------------------------------------------ Debtors The New City Waste Services, Inc., and City Waste Services of New York, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York a Third Amended Disclosure Statement and Third Amended Chapter 11 Plan of Reorganization dated February 4, 2020. Judge Robert D. Drain ordered that: * The Disclosure Statement is approved as containing adequate information. * The earlier versions and interim forms of the Disclosure Statement and Plan are of no force or effect. * The Debtors are authorized and empowered to distribute the Plan and Disclosure Statement, as it may be modified in accordance with the foregoing, and solicit acceptances or rejections for the Plan. * March 11, 2020, at 10:00 a.m., before the Honorable Robert D. Drain, United States Bankruptcy Judge, at the United States Bankruptcy Courthouse, Southern District of New York (White Plains Division), 300 Quarropas Street, White Plains, New York 10601 is the hearing to consider confirmation of the Plan. * March 5, 2020, at 5:00 p.m., is the deadline to file ballots for accepting or rejecting the Plan. * March 5, 2020, at 5:00 p.m., is the deadline to file objections to confirmation of the Plan. A full-text copy of the Disclosure Statement Approval Order dated Feb. 4, 2020, is available at https://tinyurl.com/ruqz5x4 from PacerMonitor at no charge. 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. The Debtors tapped Rattet Pasternak, LLP, as their legal counsel. NEW GARDEN: Seeks to Extend Exclusivity Period to March 13 ---------------------------------------------------------- New Garden Inc. asked the U.S. Bankruptcy Court for the Eastern District of Massachusetts to extend to March 13 the period during which only the company can file a Chapter 11 plan of reorganization. The company's current exclusive filing period expired on Feb. 14. About New Garden Inc. New Garden, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mass. Case No. 19-11956) on June 6, 2019. The petition was signed by Raymond So, president. At the time of the filing, the Debtor had estimated assets of less than $500,000 and liabilities of less than $1 million. Judge Frank J. Bailey oversees the case. The Debtor is represented by Gary W. Cruickshank. NEW START: Trustee Hires Portfolio to Sell Accounts Receivable -------------------------------------------------------------- John Emmanuel, the Chapter 11 trustee for A New Start Inc., asks the U.S. Bankruptcy Court for the Southern District of Florida to authorize the employment of Portfolio Assurance Group, LLC as a broker to sell patient accounts receivable; and (ii) to approved the anticipated sale and related sale procedures. The Debtor had previously provided outpatient services to individuals recovering from substance abuse and addiction. It was primarily reimbursed for these services through payments from insurance companies. However, the individual patients or their guarantors were also responsible for a portion of the invoices. Although the Trustee is in the process of winding down the Debtor's business, there are still a number of outstanding Patient Accounts Receivable that are property of the estate. The Trustee contacted Portfolio to explore the potential sale of the Patient Accounts Receivable, and was able to negotiate an agreement with Portfolio, subject to Court approval. The Trustee asks to sell certain accounts receivable consisting of payments owed to the Debtor by individuals who previously obtained services from the Debtor (or their guarantors/responsible parties) ("Patient Accounts Receivable"). He believes that the marketing and sale of the Patient Accounts Receivable will result in meaningful proceeds with which to pay creditors of the estate. Portfolio has significant experience in brokering sales of similar medical receivables. Accordingly, the Trustee asks authority to retain Portfolio to serve as a broker and for approval of the anticipated Sale Procedures. If Broker is able to effectuate a successful sale of the Debtor's Patient Accounts Receivable, Broker will be entitled to 20% of the gross proceeds from the sale. To allow Portfolio to effectuate the successful marketing and sale of the Patient Accounts Receivable, the Debtor will upload all necessary account information to a secure website that is complaint with the Health Insurance Portability and Accountability Act of 1996. Portfolio has executed the Business Associate Agreement (Exhibit C), and will comply with all HIPPA and other applicable laws and regulations in the marketing and sale of the Patient Accounts Receivable. Further, all prospective buyers will be required to sign similar Business Associate Agreements before being permitted access to the Secure Data Room to ensure compliance with HIPPA and all other applicable laws and regulations. The Trustee proposes to sell the Patient Accounts Receivable through the marketing and sale efforts of Portfolio pursuant to the Portfolio Agreement and the Sale Procedures (Exhibit D): a. Portfolio will have the exclusive right to sell the Patient Accounts Receivable for a period not to exceed 60 days. This period will commence on the date the Trustee uploads all necessary information to the Secure Data Room. Portfolio may accept bids from any Qualified Bidder (defined below) at any time during the Excusive Period. b. All bidders must qualify to bid. To be a Qualified Bidder a party must do all of the following: i. Disclose any connections to the Debtor or the former principals of the Debtor, relatives of principals of the Debtor, employees of the Debtor, or former employees of the Debtor. ii. Execute a declaration in a form substantially similar to the Declaration. iii. Execute the Business Associate Agreement. iv. Make a deposit of either 10 percent of the purchase price or $50,000, whichever is less. A Qualified Bidder who is not the winning bidder will be entitled to a refund of their deposit. c. The sale will occur pursuant to the terms of the Receivables Purchase and Sale Agreement. The Trustee is authorized to enter into a sale pursuant to terms that are substantially similar to those terms contained in the Purchase and Sale Agreement as Exhibit E. d. Upon the expiration of the Exclusive Period, or such time as Portfolio, in consultation with the Trustee, determines that the bidding is unlikely to continue to achieve higher bids, Portfolio will submit the winning bid to the Trustee for approval. Portfolio will determine the winning bid in accordance with the terms of the Portfolio Agreement. e. The Trustee will then either accept the winning bid submitted by Portfolio or reject the winning bid submitted by Portfolio. f. Once the Trustee receives the recommended winning bid from Portfolio, the Trustee will cause to be filed with the Court Notice. In the event no objection is filed during the Objection Period, the sale of the Patient Accounts Receivable will be considered final upon the expiration of the Objection Period. g. If no objection to the winning bid is filed within the Objection Period, the winning bidder will cause funds sufficient to cover the amount of the winning bid to be transferred to a bank account designated by the Trustee within seven days after expiration of Objection Period. h. If a properly filed objection is filed within the Objection Period, the winning bidder will cause to be escrowed, in an account controlled by the Trustee’s counsel, funds sufficient to cover the amount of the winning bid. i. In the event an objection is filed within the Objection Period and sustained, the winning bidder's deposit will be refunded and the Trustee will ask Court approval of the next highest and best bid. In the exercise of his business judgment, the Trustee believes that the Sale Procedures will maximize the value of the Patient Accounts Receivable to the Estate. A copy of the Exhibits is available at https://tinyurl.com/wx4yhm2 from PacerMonitor.com free of charge. 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 was estimated to have $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. NICK'S PIZZA: Judge Issues Final Cash Collateral Order ------------------------------------------------------ Judge LaShonda A. Hunt of the U.S. Bankruptcy Court for the Northern District of Illinois issued a final order authorizing Nick's Pizza & Pub, Ltd. to use cash collateral pursuant to the budget. The Debtor may use cash collateral to fund its working capital, operating expenses, fixed charges, payroll and all other general corporate purposes arising in the Debtor's ordinary course of business, subject to a 10% budget variance. On Deck Capital Inc., Rewards Network Establishment Services Inc., St. Charles Bank & Trust, and U.S. Foodservice Inc. are each granted with valid and automatically perfected replacement liens and security interests in all tangible and intangible personal property acquired by the Debtor after the Petition Date, in the same nature, extent, priority and validity of each their respective liens as of the Petition Date, in the amount equal to the aggregate diminution in value of the prepetition collateral to the extent of their interests therein. A copy of the Order is available at PacerMonitor.com at https://is.gd/wL9Biu at no charge. About Nick's Pizza & Pub Nick's Pizza & Pub, Ltd., operates two family restaurants, one located in Crystal Lake, Illinois opened in 1995, and another in Elgin, Illinois since 2005. The company sought Chapter 11 petition (Bankr. N.D. Illi. Case No. 20-00551) on Jan. 7, 2020. Gensburg Calandriello & Kanter, P.C., is the Debtor's counsel. NORPAC FOODS: U.S. Trustee Forms 5-Member Suppliers Committee ------------------------------------------------------------- Gregory Garvin, acting U.S. trustee for Region 18, on Feb. 25, 2020, appointed an official unsecured committee of co-op member produce suppliers in the Chapter 11 cases of NORPAC Foods, Inc. and its affiliates The committee members are: 1. Fessler Farms 13009 McKee School Rd. NE Woodburn, OR 97071 Attention: Thomas Fessler Phone: 503-559-1471 Fax: 503-634-2238 Email: tomf@woodburnnursery.com 2. Mari-Linn Farms, Inc. 32920 Harnisch Rd. NE Albany, OR 97321 Attention: Rodney Chambers Phone: 503-559-6430 Email: rkchambers44@gmail.com 3. Daniel Haener 7384 SW Bouchaine Ct. Wilsonville, OR 97070 Attention: Daniel Haener Phone: 503-784-3779 Email: dhaener@comcast.net 4. KJ Farms, Inc. 11690 Hook Rd. NE Mt. Angel, OR 97362 Attention: Ray Eder Phone: 503-932-2506 Fax: 503-845-2329 Email: ray_eder@yahoo.com 5. Dickman Farms Inc. 15829 Mt. Angel-Scotts Mills Rd. NE Silverton, OR 97381 Attention: Corey Dickman Phone: 503-932-5512 Email: coreymdickman@gmail.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About NORPAC Foods Founded in 1924 and headquartered in Salem, Ore., NORPAC Foods, Inc. (www.norpac.com), a farmer-owned cooperative, along with its wholly-owned subsidiaries Hermiston Foods, LLC and Quincy Foods, LLC is an independent, standalone processor of organic and conventional frozen vegetables and fruits in the Pacific Northwest. NORPAC is a cooperative owned by more than 140 members. Quincy and Hermiston are single-member limited liability companies whose sole member is NORPAC. The Debtors own and operate raw processing plants in Brooks and Stayton, Ore., a packaging plant in Salem, Ore., and a raw processing, packaging, and roasting facility in Quincy, Wash. The Debtors have more than 1,125 full-time employees along with up to 1,100 seasonal employees. The Debtors have a diverse supplier base built on an extensive network of more than 220 contract growers made up of family-owned farms (145 farms in Oregon and 75 farms in Washington) spanning more than 40,000 acres. NORPAC Foods, Hermiston Foods and Quincy Foods sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Lead Case No. 19-62584) on Aug. 22, 2019. At the time of the filing, NORPAC Foods disclosed assets of between $100 million and $500 million and liabilities of the same range. The other Debtors had estimated assets of between $10 million and $50 million and liabilities of between $100 million and $500 million. Judge Peter C. McKittrick oversees the cases. The Debtors tapped Tonkon Torp LLP as legal counsel; SierraConstellation Partners LLC as restructuring advisor; and Kurtzman Carson Consultants LLC as noticing agent. The Office of the U.S. Trustee appointed a committee of unsecured creditors on Aug. 30, 2019. The committee tapped Lowenstein Sandler as bankruptcy counsel; Leonard Law Group LLC as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. NORTHWEST CAPITAL: Case Summary & 6 Unsecured Creditors ------------------------------------------------------- Debtor: Northwest Capital Holdings LLC 40 W 439 Laura Ingalls Wilder Road Saint Charles, IL 60175 Business Description: Northwest Capital Holdings LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: February 27, 2020 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 20-05334 Judge: Hon. Jack B. Schmetterer Debtor's Counsel: William J. Factor, Esq. FACTORLAW 105 W. Madison St., Suite 1500 Chicago, IL 60602 Tel: 312-878-6976 Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Edward Streit, manager. A copy of the petition containing, among other items, a list of the Debtor's six unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/wYpbEo NPB COMPANY: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The Office of the U.S. Trustee on Feb. 24, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of NPB Company, Inc. About NPB Company Inc. Founded in 1986, NPB Company, Inc. -- http://newport-blue.com-- offers a selection of men's swimwear, printed tee shirts, fashion knits and woven shirts. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D. Kan. Case No. 19-41542) on Dec. 18, 2019. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Matthew Gray, president. Judge Dale L. Somers oversees the case. The Debtor is represented by Jonathan A. Margolies, Esq., at McDowell Rice Smith & Buchanan. NSK GROUP: Interim Cash Collateral Use Continued Through April 29 ----------------------------------------------------------------- Judge Deborah J. Saltzman of the U.S. Bankruptcy Court for the Central District of California authorized NSK Group, Inc. to use the cash collateral on a further interim basis through April 29, 2020, as set forth in the Motion and the Supplement. The hearing on the Cash Collateral Motion is continued to April 29, 2020 at 1:30 p.m. A copy of the interim order is available at https://is.gd/zSIN4g from PacerMonitor.com free of charge. About NSK Group Inc. NSK Group, Inc., which operates franchise restaurants in Ventura, California and West Hills, California, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 20-10014) on Jan. 3, 2020. In the petition signed by Kambiz Khalili, president, the Debtor was estimated to have less than $50,000 in assets and $100,000 to $500,000 in liabilities. Judge Deborah J. Saltzman is assigned to the case. Bilenka Law Firm represents the Debtor. NUTRITION CARE: Court Confirms Plan of Reorganization ----------------------------------------------------- Debtor Nutrition Care Inc. filed with the U.S. Bankruptcy Court for the District of Puerto Rico, a Plan under Chapter 11 of the Bankruptcy Code on October 11, 2018, and an Amended Disclosure Statement on October 17, 2018. On February 21, 2020, Judge Enrique S. Lamoutte ordered that: * The Amended disclosure statement filed by the debtor on October 17, 2018, is finally approved. * The plan filed by the debtor on October 11, 2018, is confirmed. A copy of the order dated February 11, 2020, is available at https://tinyurl.com/wkh2qlo from PacerMonitor at no charge. About Nutrition Care Nutrition Care, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-00394) on Jan. 29, 2018. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $1 million. Judge Enrique S. Lamoutte Inclan presides over the case. Tomas F. Blanco Perez, Esq., at MRO Attorneys at Law, LLC, is the Debtor's bankruptcy counsel. OLD DOMINION: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The Office of the U.S. Trustee on Feb. 24, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Old Dominion Apparel Corporation. About Old Dominion Apparel Corp. Old Dominion Apparel Corporation is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B). Old Dominion Apparel Corporation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 19-41543) on Dec. 18, 2019. The petition was signed by Matthew Gray, authorized representative. At the time of the filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Dale L. Somers oversees the case. Jonathan A. Margolies, Esq., at Mcdowell Rice Smith & Buchanan, is the Debtor's legal counsel. ORIGIN AGRITECH: Receives Noncompliance Notice from NASDAQ ---------------------------------------------------------- Origin Agritech Ltd. received a letter from the NASDAQ Stock Market on Feb. 19, 2020, notifying the Company that the Company is delinquent with respect to the filing of the Annual Report on Form 20-F for the fiscal year ended Sept. 30, 2019, and that the Company was not in compliance with the requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1). The Company has 60 calendar days (until April 20, 2020) to submit a plan to NASDAQ to regain compliance. If the plan is accepted, the Company can be granted an exception until Aug. 18, 2020, to regain compliance. If NASDAQ does not accept the Company's plan, the Company will have the opportunity to appeal that decision to a hearings panel. The Company's management is pursuing options to address the deficiency. Although the Company plans to file Form 20-F as soon as possible, it will submit a compliance plan on or before the deadline set by NASDAQ. About Origin Founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, Origin Agritech Limited (NASDAQ GS: SEED) -- http://www.originseed.com.cn-- is an agricultural biotechnology company, specializing in crop seed breeding and genetic improvement, seed production, processing, distribution, and related technical services. Origin operates production centers, processing centers and breeding stations nationwide with sales centers located in key crop-planting regions. Product lines are vertically integrated for corn, rice and canola seeds. Origin Agritech reported a net loss of RMB152.79 million for the year ended Sept. 30, 2018, following a net loss of RMB106.26 million for the year ended Sept. 30, 2017. BDO China Shu Lun Pan Certified Public Accountants LLP, in Shenzhen, The People's Republic of China, the Company's auditor since 2011, issued a "going concern" qualification in its report dated June 3, 2019, on the Company's consolidated financial statements for the year ended Sept. 30, 2018, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. PENNRIVER COMMUNITY: Court Grants Cash Access Until Feb. 12 ----------------------------------------------------------- Following a stipulation entered into among Pennriver Community, LLC, the Office of the U.S. Trustee and the Debtor's prepetition lender iBorrow REIT LP relating to the Debtor's use of the lender's cash collateral, Judge Mark A. Randon authorized the Debtor to use up to $44,000 of cash collateral through February 12, 2020 to pay certain postpetition expenses. The Court ruled that the lender is granted a replacement lien in the same amount, priority and extent as it had pre-petition. The lender is also granted an allowed super priority administrative expense against the Debtors' estates to the extent the Debtor use amounts of post-petition rents that are not replaced. A copy of the stipulation at https://is.gd/HLcY5X and of the interim order at https://is.gd/nPmaJM are available from PacerMonitor.com free of charge. About Pennriver Community Pennriver Community, LLC, is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Pennriver Community sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-41082) on Jan. 26, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Mark A. Randon oversees the case. Zousmer Law Group, PLC is the Debtor's legal counsel. PENNRIVER COMMUNITY: Needs to Show Equity Cushion for Cash Access ----------------------------------------------------------------- The Bankruptcy Court denied Pennriver Community, LLC access to cash collateral for reasons stated at the February 12, 2020 hearing. The Court ruled that the Debtor may provide evidence on or before Feb. 27, 2020 to establish there is a sufficient equity cushion in the property that is not illusory. Final hearing on the motion is scheduled on March 2, 2020 at 12:30 p.m. About Pennriver Community Pennriver Community, LLC, is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Pennriver Community sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-41082) on Jan. 26, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Mark A. Randon oversees the case. Zousmer Law Group, PLC is the Debtor's legal counsel. PETROSHARE CORP: Plan Revised; Now Pursuing Assets Sale ------------------------------------------------------- Debtors PetroShare Corp. and CFW Resources, LLC, filed a First Amended Joint Plan and a corresponding Disclosure Statement on Dec. 30, 2019. The Debtors' assets will be sold pursuant to the Plan and will not continue in operations following the consummation of the transactions contemplated under the Plan. The prior iteration of the Plan and Disclosure Statement provided for a reorganization of the Debtor's assets and continuing operations of the Debtor upon emergence. The Debtors have been in negotiations with the Colorado Oil and Gas Conservation Commission (COGCC) concerning fines and penalties assessed prepetition by the COGCC, among other issues, and the Debtors and COGCC have negotiated an agreement that once reduced to writing will be presented to the Bankruptcy Court for approval under Bankruptcy Code Section 9019, and a hearing to approve the agreement will be presented to the Court on the earlier of the passage of the notice period under the rules of the Bankruptcy Court or the Plan Confirmation Hearing. PetroShare acquired the mineral rights in a drilled and completed producing well known as the Ehler 44-4 Well. PetroShare completed the remediation but subsequently learned that there was additional pollution at the well site. PetroShare began additional remediation and filed its report with the COGCC containing its remediation work plan. The COGCC has not yet approved the work plan. Under the work plan it is contemplated that PetroShare will spend in excess of $200,000 to complete the remediation at the Ehler Site. Those funds have been set aside pursuant to Cash Collateral Orders approved by the Bankruptcy Court to complete the remediation once PetroShare's work plan is approved by the COGCC. Administrative Claims (including Professional Compensation Claims) are estimated to be approximately $3.2 million and are set aside and provided for in the Approved Budget. It is not contemplated that the Plan Sponsors will be required to advance any additional funds to pay Allowed Administrative Claims in full. Receipt of a W&E Note from the Plan Sponsors secured by the assets securing such W&E Lienholders' Claim prepetition, with any deficiency claim to be treated as a General Unsecured Claim. Each holder of an Allowed Class 5 General Unsecured Claim will receive its pro rata share of the GUC Recovery Fund (including any pro rata distribution from proceeds resulting from proceeds resulting from any Retained Claims). General unsecured claims are estimated to total $21,759,651, which includes $9.3 million of convertible note claims. The class is slated to recover 6.9% under the Plan. It is anticipated that the amounts budgeted and set aside in the Approved Budget plus the $1.5 million paid by the Plan sponsors to the GUC Recovery Fund shall be sufficient to fund all required payments under the Plan. Any excess will be promptly turned over to the Plan Sponsors. A full-text copy of the Amended Plan dated Dec. 30, 2020, is available at https://tinyurl.com/vt8ktts from PacerMonitor at no charge. The Debtors are represented by: Trey Monsour POLSINELLI PC 1000 Louisiana Street, Suite 6400 Houston, TX 77002 Telephone: (713) 374-1643 E-mail: tmonsour@polsinelli.com - and - Caryn E. Wang 1201 West Peachtree Street NW, Suite 1100 Atlanta, Georgia 30309 Telephone: (404) 253-6016 E-mail: cewang@polsinelli.com About PetroShare Corp. Colorado-based PetroShare Corp. (OTCQB:PRHR) -- http://www.petrosharecorp.com/-- investigates, acquires, and develops crude oil and natural gas properties in the Rocky Mountain or mid-continent portion of the United States, specifically focused in the Denver-Julesburg Basin in northeast Colorado. On Sept. 4, 2019, PetroShare Corp. and affiliate CFW Resources LLC sought Chapter 11 protection (Bankr. D. Colo. Lead Case No. 19-17633). As of June 30, 2019, PetroShare Corp. disclosed $36,927,856 in assets and $45,100,988 in liabilities. The Debtors tapped Polsinelli PC as legal counsel; BMC Group, Inc. as claims and noticing agent; Gordian Group, LLC as investment banker; and MACCO Restructuring Group LLC as financial advisor. Mr. Drew McManigle from MACCO has been retained by the Debtors as chief restructuring officer. PG&E CORP: March 10 Disclosure Statement Hearing Set ---------------------------------------------------- On Feb. 7, 2020, debtors PG&E Corporation and Pacific Gas and Electric Company filed with the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, a disclosure statement for the Joint Chapter 11 Plan of Reorganization dated Jan. 31, 2020, of Debtors and Shareholder Proponents. March 10, 2020, at 10:00 a.m., before the Honorable Dennis Montali, United States Bankruptcy Judge, in Courtroom 17 of the United States Bankruptcy Court for the Northern District of California, San Francisco Division, 450 Golden Gate Avenue, 16th Floor, San Francisco, California 94102 is the hearing to consider approval of the Proposed Disclosure Statement and the relief requested in the Solicitation Procedures Motion. February 28, 2020, is the deadline for the Core Parties to serve any responses or objections to approval of the Proposed Disclosure Statement or any of the relief sought in the Solicitation Procedures Motion. A full-text copy of the notice dated Feb. 11, 2020, is available at https://tinyurl.com/us2ebg9 from PacerMonitor at no charge. The Debtors are represented by: Stephen Karotkin Ray C. Schrock, P.C. Jessica Liou Matthew Goren WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, NY 10153-0119 Tel: 212 310 8000 Fax: 212 310 8007 E-mail: stephen.karotkin@weil.com ray.schrock@weil.com jessica.liou@weil.com matthew.goren@weil.com - and - Tobias S. Keller Jane Kim KELLER & BENVENUTTI LLP 650 California Street, Suite 1900 San Francisco, CA 94108 Tel: 415 496 6723 Fax: 650 636 9251 E-mail: tkeller@kellerbenvenutti.com jkim@kellerbenvenutti.com About PG&E Corporation PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. PG&E Corp. and Pacific Gas employ approximately 24,000 regular employees, approximately 20 of whom are employed by PG&E Corp. Of Pacific Gas' regular employees, approximately 15,000 are covered by collective bargaining agreements with local chapters of three labor unions: (i) the International Brotherhood of Electrical Workers; (ii) the Engineers and Scientists of California; and (iii) the Service Employees International Union. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, said they are facing extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility said it faces an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are serving as PG&E's legal counsel, Lazard is serving as its investment banker and AlixPartners, LLP is serving as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. In order to help support the Company through the reorganization process, PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and their colleagues at AlixPartners will continue to assist PG&E with the reorganization process and related activities. Morrison & Foerster LLP, as special regulatory counsel. Munger Tolles & Olson LLP, as special counsel. The Office of the U.S. Trustee appointed an official committee of creditors on Feb. 12, 2019. The Committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. PLATINUM OILFIELD: Seeks Authorization to Use Cash Collateral ------------------------------------------------------------- Platinum Oilfield Services, LLC, seeks authority from the U.S. Bankruptcy Court for the Eastern District of Oklahoma to use cash collateral for the payment of expenses to continue present operations of its business and to maintain and preserve the bankruptcy estate. The Debtor believes First United Bank and Trust Durant ($550,000 secured debt) and Ford Credit ($76,054.56 secured debt) may hold mortgages or secured debts on certain property of the company. About Platinum Oilfield Services Platinum Oilfield Services, LLC, filed a voluntary Chapter 11 petition (Bankr. E.D. Okla. Case No. 19-81492) on Dec. 31, 2019, and is represented by Teddy J. Abbott, Esq., at Abbott Law Office, LLC. In the petition signed by Lauren Habermehl, president, the Debtor was estimated to have under $1 million in both assets and liabilities. PRIMESOURCE INC: ENGS Commercial Seeks to Prohibit Further Cash Use ------------------------------------------------------------------- ENGS Commercial Finance Co. asked the U.S. Bankruptcy Court for the District of Montana to modify the automatic stay imposed by the Bankruptcy Code, or alternatively, to prohibit or condition Primesource Incorporated's use of cash collateral by requiring the Debtor to make adequate protection payments. ENGS is the holder of a secured claim against the Debtor. ENGS financed Debtor's purchase of a certain 2012 Kenworth truck and three grain trailers. ENGS intends to enforce its security interests in the collateral to pursue its non-bankruptcy remedies. Attorneys for ENGS Commercial: Steven M. Johnson, Esq. Grant Kelly, Esq. CHURCH HARRIS JOHNSON & WILLIAMS PC 114 3rd Street South P.O. Box 1645 Great Falls MT 59403-1645 Telephone: (406) 761-3000 Facsimile: (406) 453-2313 E-mail: sjohnson@chjw.com gkelly@chjw.com About Primesource Inc. Primesource Incorporated sought Chapter 11 protection (Bankr. D. Mont. Case No. 19-61154) on Nov. 14, 2019, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Gary S. Deschenes, Esq., at Deschenes & Associates Law Offices. PROGISTIC CARRIERS: March 25 Plan & Disclosure Hearing Set ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, McAllen Division, has considered the disclosure statement portion of the Combined Plan of Reorganization and Disclosure Statement submitted by Debtor Progistic Carriers, LLC. On January 30, 2020, Judge Eduardo V. Rodriguez ordered that: * The Disclosure Statement filed on Jan. 29, 2020, by the Debtor is conditionally approved. The Debtor is authorized to solicit votes with respect to the Chapter 11 Plan of Reorganization filed on Jan. 29, 2020. * March 18, 2020, at 12:00 noon, is the deadline for filing and serving written objections to confirmation of the Plan and written acceptances or rejections of the plan. * March 25, 2020, at 11:00 a.m., in the United States Bankruptcy Court, 10th Floor, 1701 W. Business Hwy 83, McAllen, Texas 78501, is the evidentiary hearing to consider final approval of the Disclosure Statement and confirmation of the Plan. A full-text copy of the order dated January 30, 2020, is available at https://tinyurl.com/wrlfp5h from PacerMonitor at no charge. About Progistic Carriers Progistic Carriers is a privately held company in the general freight trucking business. Progistic Carriers filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code (Bankr. S.D. Tex. Case No. 19-70327) on Aug. 16, 2019. In the petition signed by Benjamin Cavazos, member, the Debtor disclosed $3,322,681 in assets and $7,302,264 in liabilities. The case is assigned to Judge Eduardo V Rodriguez. Jana Smith Whitworth, Esq. at JS Whitworth Law Firm, PLLC, is the Debtor's counsel. PROMENADE ON FIFTH: Proposes a Williams Auction of All Assets ------------------------------------------------------------- Promenade on Fifth, LLC, asks the U.S. Bankruptcy Court for the Middle District of Florida to authorize the auction sale of substantially all assets ("Lot"). The Debtor is negotiating to employ the services of Williams & Williams Marketing Services, Inc. to auction off the Lot. Williams has over 100 years of real estate marketing experience, has successfully auctioned off more than $12 billion worth of real estate over the past 10 years, and is able to conduct targeted global marketing to ensure interested, qualified bidders put forth their best offers. The Debtor is confident -- if the Motion is granted -- Williams will foster a competitive bidding process, and will accept the highest and best offer for the Lot as determined by the Debtor and Williams. If the Motion is granted, the Debtor will continue its efforts, in coordination with Williams, to schedule and hold the Auction on March 25, 2020. At this time, the Debtor will sell the Lot to the bidder that submits the highest and best offer for the Lot. It believes this to be in its best interest, its estate, and its creditors. Upon completion of the Auction, the Court will hold a hearing for approval of the Lot's sale to the highest and/or best bidder. The Debtor asks that the Final Hearing be scheduled not earlier than April 3, 2020. The Debtor believes that these few extra days may be necessary if there are competing bids that require continued negotiations after the Auction. Assuming the sale of the Lot gets approved at the Final Hearing, the Debtor will need approximately 30 days thereafter to complete the closing. Once the transaction is closed, this case will effectively be complete and all creditors -- upon information and belief -- will be satisfied in full. The Debtor will sell the Lot free and clear of all liens, claims, liabilities, encumbrances and other interests. All such liens will attach to the proceeds of the Auction. Any bid procedures for the Auction will be devised and proposed by Williams. The Bid Procedures proposed by Williams will be appropriate and maximize the value received through the Auction. The Bid Procedures will conform to industry standards and are outlined in the CV that was submitted to the Debtor by Williams (Exhibit A). A copy of the Exhibit A is available at https://tinyurl.com/wouuyst from PacerMonitor.com free of charge. About Promenade on Fifth Founded on May 8, 2017, Promenade on Fifth, LLC is a holding company focused on developing a lot located at 599 River Point Drive, Naples, Fla., which is the company's principal asset. Promenade on Fifth sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-11894) on Dec. 18, 2019. At the time of the filing, the Debtor disclosed assets of between $10 million and $50 million and liabilities of the same range. The Debtor tapped Dal Lago Law as its legal counsel. RANCHER'S LEGACY: May Continue Using Cash Collateral Until May 8 ---------------------------------------------------------------- Judge Michael E. Ridgway of the U.S. Bankruptcy Court for the District of Minnesota inked his approval to a Stipulated Order authorizing Rancher's Legacy Meat Co.'s continued use of cash collateral through May 8, 2020 in accordance with the terms of the budget. James L. Ratcliff, and the Official Committee of Unsecured Creditors agreed to the Debtor's continued access to cash on the following terms and conditions: * The payments designated on line 61 ("Debt service on Ochsner Equipment Note") will be escrowed pending an appropriate adequate protection motion brought by Ochsner or an order of the court otherwise allowing said payments. * The Debtor is authorized and directed to grant adequate protection to Ratcliff and ULF on the terms as set forth in the Motion. The replacement liens granted by the Debtor to Ratcliff and ULF will have the same dignity, priority and effect as their respective prepetition interests, if any. The replacement liens will not attach to any claims arising pursuant to Chapter 5 of the Bankruptcy Code or any asset acquired by the Debtor post-petition. * The Debtor will provide weekly reports to counsel for the Committee. * The weekly reports will also be provided to counsel for Ratcliff pending final determination of the validity of his purported security interest in the adversary proceeding brought by the Debtor and the Committee against Ratcliff in Case No. 19-ap-3095 or as otherwise ordered by the Court in connection with its ruling on Ratcliff's motion for adequate protection. * Ratcliff will be entitled to inspect the premises and audit the books and records of the Debtor upon reasonable request. A copy of the Order is available at PacerMonitor.com at https://is.gd/VBM6jl at no charge. About Rancher's Legacy Meat Rancher's Legacy Meat Co. -- https://rancherslegacy.com/ -- owns and operates an animal slaughtering and processing facility in Vadnais Heights, Minnesota. Rancher's Legacy Meat was built to produce fresh and frozen ground meat in patty and bulk configurations. Rancher's Legacy sought Chapter 11 protection (Bankr. D. Minn. Case No. 19-32928) on Sept. 20, 2019. In the petition signed by Arlyn J. Lomen, president, the Debtor listed total assets of $13,291,000 and total liabilities of $26,897,956 as of the Petition Date. Judge Michael E Ridgway is assigned the case. FOLEY & MANSFIELD P.L.L.P., represents the Debtor. The U.S. Trustee for Region 12 on Sept. 27, 2019, appointed five creditors to serve on the official committee of unsecured creditors in the Chapter 11 case. REVA MEDICAL: Permitted to Use Cash Collateral on Final Basis ------------------------------------------------------------- Judge John T. Dorsey of the U.S. Bankruptcy Court for the District of Delaware issued a final order authorizing REVA Medical, Inc., to use cash collateral pursuant to the budget for the disbursements set forth in the budget. Prior to the Petition Date, the prepetition secured parties comprised of various lenders party thereto, and Goldman Sachs International, as administrative agent, collateral agent and lead arranger, extended to the Debtors certain loans under a senior secured credit facility. As of the Petition Date, approximately $9.7 million in principal amount plus accrued interest, costs and fees is outstanding under the said senior secured credit facility. Also prior to the Petition Date, pursuant to the second amendment to the credit and guarantee agreement among the Debtor, as borrower, Goldman Sachs, as administrative agent for the lenders, and Goldman Sachs Specialty Lending Group, L.P., as a new lender, the Debtor established two additional bank accounts (one bank account to constitute as the payroll account, while the other would receive proceeds of any future loans). The additional bank accounts constitute prepetition collateral. In consideration for its use of the cash collateral, the Debtor grants to GSI, for the benefit of itself and the Senior Secured Lenders, an additional and replacement valid, binding, enforceable, non-avoidable, and automatically perfected postpetition security interest in and liens on all of the rights, title and interest of the Debtor and its estate in, to, and under all present and after-acquired property and assets of the Debtor of any nature whatsoever, whether real or personal, tangible or intangible, wherever located, including, without limitation, all cash and Cash Collateral of the Debtor, and any investment of such cash and Cash Collateral, accounts receivable and other rights to payment, whether arising before or after the Petition Date. In addition, GSI, for the benefit of itself and the Senior Secured Lenders, is granted an allowed superpriority administrative expense claim in the Chapter 11 Case or any Successor Case, for any diminution in the value of the Prepetition Collateral. A copy of the final order is available for free at https://is.gd/azzUGn from PacerMonitor.com. About REVA Medical REVA Medical, Inc. -- https://www.revamedical.com/ -- is a medical device company focused on the development and commercialization of bioresorbable polymer technologies for vascular applications. The Company's products include the Fantom Encore and MOTIV bioresorbable vascular scaffolds for the treatment of coronary artery disease and below-the-knee peripheral artery disease, respectively. REVA is currently selling Fantom Encore in Germany, Switzerland, Austria, the Netherlands, Belgium, Luxembourg, Italy and Turkey and is in the process of commercializing Fantom Encore in seven additional countries. REVA was founded in 2010 and is based in San Diego, California. REVA Medical filed a Chapter 11 petition (Bankr. D. Del. Case No. 20-10072) on Jan. 14, 2020. The Debtor disclosed total assets of $5.9 million and total debt of $104.5 million as of Jan. 13, 2020. The case is assigned to Hon. John T. Dorsey. The Debtor's counsel is Stuart M. Brown, Esq., of DLA PIPER LLP (US). BANKRUPTCY MANAGEMENT SOLUTIONS INC. D/B/A STRETTO is the Debtors' claims and balloting agent. RICKY TUCKER: Hires Weeks to Auction Berrien County Property ------------------------------------------------------------ Ricky Clay Tucker and Ricky Wayne Tucker ask the U.S. Bankruptcy Court for the Middle District of Georgia to authorize the sale of their 344-acre property located in Berrien County, Georgia known as River Farm, TP - 026/6/000, by public auction to be conducted by Weeks Auction Group, Inc. Respondent Summit Bridge National Investments IV, LLC may be served via David A. Garland, Esq., its attorney of record, at Moore, Clarke, DuVall & Rodgers, PC, PO. Drawer 71727, Albany, Georgia 31708-1727. Summit claims an interest in the Property pursuant to deed(s) to secure debt as more particularly set out in Summit's proofs of claim. Specifically, the Property may secure indebtedness to Summit which is in excess of the value of the Property. Respondent Berrien County Tax Commissioner may be served by serving the Hon. Jason Nugent, Tax Commissioner, 201 North Davis Street, Nashville, Georgia 31639. Upon information and belief, Tax Commissioner may claim an interest in the Property for ad valorem taxes on the Property. On Jan. 20, 2020, the Debtors entered into an Agreement with Weeks Auction Group, Inc. ("WAG") for the public auction of the Property by WAG. The Contract provides that WAG will offer the Property for sale at a public auction, with no minimums and no reserves, on at a date and time sufficient to ensure a closing of any sale on April 15, 2020. The auction will require cash down deposit of earnest money on the date of the auction. The amount of such deposit will be determined by WAG and held by WAG in escrow, with the balance due in 30 days or at closing, and in no event later than April 15, 2020. The auction will also require the successful bidder to pay a 10% buyer's premium, in addition to the high bid amount. WAG will be compensated by an 8% commission, which will be calculated based on the total sale price (i.e. bid amount, plus buyer's premium). For purposes of calculating the buyer's premium, Summit's credit bid, if any, will be deemed a bid like any other and subject to the 10% buyer's premium. WAG will pay all advertising and marketing expenses for the auction as set forth in the Contract. The auction will be an absolute auction, without reserve, but the Debtors maintain the right to accept or reject any bid. WAG is a qualified full service auction company. It has substantial experience in marketing and selling real property, both statewide and locally. Indeed, WAG has previously facility in Tifton, Georgia. WAG is a licensed auctioneer and authorized to conduct auctions in Georgia. To the best of the Debtor's knowledge, WAG has had no connection with Debtors, the Debtors' creditors, or any other party-in-interest except as shown on the 2014 Verification of Mark Manley. Neither WAG nor any of the individuals employed by WAG represent any interest adverse to the Debtors or the Bankruptcy Estates in the matters upon which they are to be engaged, and WAG’s employment would be in the best interest of the Bankruptcy Estates. The Debtors ask the Court for an order: a. authorizing them to auction the Property in accordance with the Contract, and authorizing and approving the sale resulting from the auction, with all recorded liens, claims, encumbrances, and other interests of any kind or nature whatsoever on the Property of the Respondents being released and satisfied by Quit Claim Deed or Satisfaction of the applicable recorded instrument at the closing upon payment of the net proceeds of the auction of the Property to the Respondents as their interests appear; b. authorizing disbursal of the proceeds of the sale as follows: I. pay ad valorem taxes assessed against the Property through the closing of the auction, including taxes, if any, owing to Tax Commissioner; 2. pay all usual, customary, and reasonable costs associated with the auction and sale as agreed by the parties to the Contract (including, without limitation, a commission for WAG in accordance with the Contract); 3. pay to the Debtors, care of their counsel at closing, 1% of the gross purchase price, with such proceeds to be held in the trust account of their counsel and applied toward United States Trustee fees that are anticipated to be generated from the distributions contemplated; and 4. pay to Summit the net proceeds from the auction, with such payment constituting the release amount for its liens or interests in the Property; (c) determining the value of the Property being sold securing the liens; (d) authorizing the employment of Weeks Auction Group, Inc., as the Debtors' auctioneer for the proposed auction and sale of the Property; and (e) granting certain other relief as set forth. Finally, the Debtors believe that moving forward with the auction and closing the proposed sale of the Property at the earliest possible date will enhance the value of the sale to creditors. Therefore, they ask that the Court waives the 14-day stay of any order approving the Motion pursuant to F.R.B.P. 6004(h). A copy of the Auction Listing Contract is available at https://tinyurl.com/usj9qeg from PacerMonitor.com free of charge. Ricky Wayne Tucker and Ricky Clay Tucker sought Chapter 11 protection (Bankr. M.D. Ga. Case No. 18-70448) on April 19, 2018. The Debtor tapped Christopher W. Terry, Esq., at Stone and Baxter, LLP as counsel. RILEY DRIVE: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The Office of the U.S. Trustee on Feb. 24, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Riley Drive Entertainment XIX, LLC. About Riley Drive Entertainment XIX Riley Drive Entertainment XIX, LLC, a privately held company that owns and operates restaurants, filed a voluntary Chapter 11 petition (Bankr. D. Kan. Case No. 20-40046) on Jan. 15, 2020. In the petition signed by Scott William Anderson, LLC, managing member, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Dale L. Somers oversees the case. Adam M Mack, Esq., at Mack & Associates, LLC, is the Debtor's legal counsel. RIOT BLOCKCHAIN: Outlines 2020 Strategic Priorities --------------------------------------------------- Riot Blockchain, Inc., has announced updated strategic priorities for 2020, including a more targeted focus on bitcoin mining. Since 2017, Riot has concentrated on developing its cryptocurrency mining operations and investing in blockchain-focused technologies. Historically, the Company has produced newly minted bitcoin (BTC), bitcoin cash (BCH), and litecoin (LTC). In line with the initial strategic objectives, Riot also invested in several companies and internal initiatives with the intent of building and supporting blockchain technologies. Going forward, Riot reinforces its confidence in bitcoin by focusing on bitcoin mining and pursuing opportunities more directly related to bitcoin mining. Cryptocurrency Mining: Riot recently completed a full network upgrade at its Oklahoma City mining facility with the objective to increase operational efficiency and performance. As previously mentioned in a press release issued on Feb. 11, 2020, Riot procured 4,000 S17 miners from Bitmain during December 2019. As of mid-February, the deployment of 4,000 S17s was completed at the Oklahoma City mining facility resulting an overall hashrate of 240 petahash per second ("Ph/s"), consuming approximately 12 megawatts of energy. The Company plans to provide updates on monthly production levels, commencing with a report shortly after the February 2020 production totals are reconciled. Such production updates are anticipated to continue for at least three months. Strategic Partnership: To assist the Company in evaluating its strategic growth opportunities, Riot has engaged XMS Capital Partners. Headquartered in Chicago, XMS is an independent global financial services firm with expertise in M&A and strategic advisory. XMS will help Riot navigate the dynamic bitcoin landscape and advise the Company on potential strategic transactions in bitcoin mining related operations. The Company does not have a defined timeline for any transaction and cannot provide any assurance whether or when a transaction will may be announced or consummated. RiotX Exchange: In order to concentrate its focus on cryptocurrency mining, Riot has opted to sunset further development of Riot's U.S.-based digital currency exchange, known as the RiotX Exchange ("RiotX"), originally initiated in early 2018. Riot considered a number of factors when evaluating the RiotX decision including, but not limited to, the evolving regulatory environment, cybersecurity risks, and the current competitive landscape facing U.S. based cryptocurrency exchanges. Riot is considering opportunities to divest the limited assets associated with the RiotX in the best interest of the Company and its stockholders. About Riot Blockchain Headquartered in Castle Rock, Colorado, Riot Blockchain -- http://www.RiotBlockchain.com/-- is focused on building, operating, and supporting blockchain technologies. Its primary operations consist of cryptocurrency mining, targeted development of a cryptocurrency exchange, and the identification and support of innovations within the sector. Riot Blockchain reported a net loss of $60.21 million in 2018 following a net loss of $19.97 million in 2017. As of Sept. 30, 2019, the Company had $32.98 million in total assets, $4.79 million in total liabilities, and $28.19 million in total stockholders' equity. Marcum LLP, in New York, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 2, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has a significant working capital deficiency, has incurred significant losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. RIVERBED TECHNOLOGY: Moody's Alters Outlook on B3 CFR to Negative ----------------------------------------------------------------- Moody's Investors Service affirmed Riverbed Technology Inc.'s B3 corporate family rating, B2 senior secured and Caa2 senior unsecured debt ratings. The outlook was changed to negative from stable given the uncertain timing of when Riverbed performance will improve given the continued declines in its core WAN-Optimization business. Moody's also affirmed the company's B3-PD probability of default rating. RATINGS RATIONALE The change in outlook reflects the company's deteriorating operating performance, particularly for application acceleration (under the Digital Networking segment) product sales, and the uncertain timing of when Riverbed's performance will improve and generate sustained positive free cash flow. As product sales continue to decline, related maintenance and service revenue on these products are also declining, albeit at a much slower pace. This has resulted in increased leverage (approximately 10x for LTM 9/30/2019) and weak cash flows for Riverbed. Cash flow was further impacted by restructuring expenses to address the lower revenue base. The company's restructuring plan, largely completed in 2019, has the potential to improve margins and reduce leverage over the next 12-18 months to below 8x (including Moody's adjustments), however top-line revenue still remains under pressure. Moody's believes Riverbed has maintained its leading market share in the application acceleration industry, although it remains to be seen how important application acceleration products will be in emerging SD-WAN infrastructures and cloud centric environments. The B3 CFR is driven primarily by the company's very high financial leverage and weak free cash flow offset by the company's relatively large cash balance and strong position in the WAN Optimization and application and performance management software industries. Leverage for the last twelve months ended 09/30/2019 was approximately 10x (including Moody's adjustments) and free cash flow was modestly negative. Though WAN Optimization is still a critical function, demand for new products has declined as customers evaluate their application acceleration needs as more applications and infrastructure migrates to the cloud and SD-WAN ramps up as a potentially disruptive technology. The negative outlook reflects the uncertainty around timing of Riverbed's recovery in the application acceleration product area and ability of the company to refinance its debt well before approaching term loan maturities in April 2022. Given the negative outlook, an upgrade of Riverbed's ratings is unlikely. However, an upgrade could occur if the company can return to sustained revenue and EBITDA growth, reduce leverage to below 7.0x and maintain FCF to debt above 5%. Maintenance of good liquidity would also be required for consideration of an upgrade. The ratings could be downgraded if Riverbed is unable to return to revenue and EBITDA growth, liquidity weakens or free cash flow is expected to remain negative for an extended period of time. The ratings could also be downgraded if the company does not refinance its debt well before its April 2022 debt maturities. Liquidity is adequate based on a cash balance of at least $160 million as of 9/30/2019 and expectations for breakeven to slightly negative free cash flow in FY 2020. Riverbed's $100 million revolving credit facility matures in April 2020. The company does not have sufficient liquidity to refinance its upcoming debt maturities. The company's term loan matures in April 2022 and the senior unsecured notes mature in March 2023. A summary of the action follows: Affirmations: Issuer: Riverbed Technology, Inc. Corporate Family Rating, Affirmed B3 Probability of Default Rating, Affirmed B3-PD Senior Secured Bank Credit Facility, Affirmed B2 (LGD3) Senior Unsecured Regular Bond/Debenture, Affirmed Caa2 (LGD6 from LGD5) Outlook Actions: Issuer: Riverbed Technology, Inc. Outlook, Changed To Negative From Stable Headquartered in San Francisco, CA, Riverbed Technology, Inc. is a leading provider of Wide Area Network (WAN) Optimization and performance monitoring products and services. Riverbed was acquired by private equity funds Thoma Bravo and Teachers' Private Capital in April 2015. Purchase accounting adjusted revenues were over $800 million for the twelve months ended September 30, 2019. The principal methodology used in these ratings was Software Industry published in August 2018. ROMANS HOUSE: Permitted to Use Cash Collateral on Interim Basis --------------------------------------------------------------- Judge Edward L. Morris of the U.S. Bankruptcy Court for the Northern District of Texas authorized Romans House, LLC and Healthcore System Management, LLC to use cash collateral in accord with the budget. The Secured Creditors are granted replacement security liens on and replacement liens on all of Debtors' personal property, whether such property was acquired before or after the Petition Date. Such replacement liens will be equal to any aggregate diminution in value of their respective collateral that occurs from and after the Petition Date. Said replacement liens will be of the same validity and priority as the liens of the Secured Creditors on the respective prepetition collateral. In addition, Romans will pay Pender Capital Asset Based Lending Fund I, LP the sum of $70,000 per month, and Healthcore will make lease payments to Pender in the aggregate sum of $29,000. About Romans House Romans House, LLC, operates Tandy Village Assisted Living, a continuing care retirement community and assisted living facility for the elderly in Fort Worth, Texas. Affiliate Healthcore System Management, LLC, operates Vincent Victoria Village Assisted Living, also an assisted living facility for the elderly. Romans House, LLC, and Healthcore System sought Chapter 11 protection (Bankr. N.D. Tex. Case Nos. 19-45023 and 19-45024) on Dec. 9, 2019. Romans House estimated $1 million to $10 million in both assets and liabilities. Healthcore was estimated to have $1 million to $10 million in assets, and $10 million to $50 million in liabilities. The Hon. Edward L. Morris is the case judge. DeMarco Mitchell, PLLC, is the Debtors' counsel. SABBATICAL INC: March 4 Plan Confirmation Hearing Set ----------------------------------------------------- On Jan. 22, 2020, the U.S. Bankruptcy Court for the Southern District of West Virginia held a hearing to consider approval of Debtor Sabbatical, Inc.'s Amended Disclosure Statement filed by Creditor Peoples Bank. On Jan. 30, 2020, Judge Frank W. Volk ordered that: * The Disclosure Statement filed by the Creditor is approved and the Debtor is authorized to solicit creditors' votes on the Chapter 11 Plan of Reorganization. * Feb. 26, 2020, is fixed as the last day for filing acceptances or rejections of the Creditor’s Chapter 11 Plan of Reorganization. * Feb. 26, 2020, is fixed as the last day for filing with the Court written objections to confirmation of the Creditor's Chapter 11 Plan of Reorganization. * March 4, 2020, at 1:30 p.m., in Bankruptcy Courtroom A, Robert C. Byrd U.S. Courthouse, 300 Virginia Street East, Charleston, West Virginia is the hearing to consider and act upon confirmation of the Creditor's Chapter 11 Plan of Reorganization and any objection thereto timely filed with the Court. A full-text copy of the order dated Jan. 30, 2020, is available at https://tinyurl.com/sggybfn PacerMonitor at no charge. About Sabbatical Inc. Sabbatical, Inc., sought protection under Chapter 11 of the Bankruptcy Code in the Southern District of West Virginia (Huntington) (Case No. 16-30247) on May 18, 2016. The petition was signed by Dennis Johnson, president. The case is assigned to Judge Frank W. Volk. The Debtor was estimated to have both assets and liabilities in the range of $1 million to $10 million. Sabbatical, Inc.'s Chapter 11 case is jointly administered with the other Dennis Johnson cases, with the lead case captioned at 3:16-bk-30227. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case. SANTA FE IMPORTS: Has Authorization on Cash Collateral Use ---------------------------------------------------------- Judge David T. Thuma of the U.S. Bankruptcy Court for the District of New Mexico authorized Santa Fe Imports Inc. to use cash collateral for its actual and necessary post-petition business and administrative expenses as set forth in the Budget. The Debtor will provide Cash Collateral Claimants the following adequate protection for its use of the cash collateral: (a) The Cash Collateral Claimants will continue to have a security interest upon, and the Debtor's obligations thereto will be secured by, a security interest in all assets in which the Cash Collateral Claimants had a lien or security interest as of the Petition Date, with the same validity and priority, and to the same extent, that existed at that time, which will be subject to the same defenses and avoidance powers (if any) as existed on the Petition Date. In addition, the Cash Collateral Claimants will be granted replacement liens against property of the same type as the Pre-Petition Collateral acquired by the Debtor post-petition, to the extent of any reduction or diminution in the value of Cash Collateral Claimants collateral. (b) The Debtor will provide the Cash Collateral Claimants and the Office of the U.S. Trustee with a report detailing its auto sales for the preceding week. These reports will be in lieu of the audits of the Debtor's inventory previously performed by Bank of America, N.A. (BofA), which will no longer be required, except as further set forth in the Order. (c) The Debtor will provide the Cash Collateral Claimants and the Office of the U.S. Trustee with a report detailing its expenses for the preceding week. (d) Upon the sale of any of the Debtor's inventory the purchase of which was financed by BofA or purchased using proceeds from the sales of vehicles financed directly or indirectly by BofA, the Debtor will remit to BofA the amount financed pursuant to Section 1.10 of the Loan Agreement between the Debtor and BofA. (e) BofA may send its agents or representatives to the Debtor's premises without notice to walk the Debtor's lot. However, such agent or representative must announce their presence to the Debtor upon arrival, and that such unannounced visits will not include inspection of records, interviews with the Debtor's staff, or any other inspection beyond a visual inspection of the inventory on the Debtor's premises. (f) No more frequently than once per week, with notice to the Debtor, BofA may conduct a limited scope audit of the Debtor. (g) BofA may have an agent appear at the Debtor's premises, and do a walkthrough of the Debtor's lot to take inventory of the vehicles remaining on the lot, which would not include any act requiring the Debtor to get keys or documents relating to such vehicles. (h) In addition, the Debtor will: (i) timely pay all taxes incurred post-petition; (ii) timely pay all post-petition payroll taxes, unemployment taxes, and New Mexico CRS taxes incurred post-petition; (iii) not conduct any sale out of the ordinary course of its business without further court order; and (iv) maintain insurance as required by the U.S. Trustee. About Santa Fe Imports Santa Fe Imports Inc., which conducts business as Santa Fe Mazda Volvo, is an automobile dealer in Santa Fe, N.M. It offers new and used cars, vans, trucks, sport utility vehicles, parts and accessories. Santa Fe Imports sought Chapter 11 protection (Bankr. D.N.M. Case No. 19-11985) on Aug. 29, 2019 in Albuquerque, New Mexico. In the petition signed by Tersila Sanchez-Careswell, general manager, the Debtor was estimated to have both assets and liabilities at $1 million to $10 million. The Hon. David T. Thuma oversees the Debtor's case. Askew & Mazel, LLC, is the Debtor's bankruptcy counsel. SCHAEFER AMBULANCE: Wants to Move Exclusivity Period to April 1 --------------------------------------------------------------- Schaefer Ambulance Service, Inc. asked the U.S. Bankruptcy Court for the Central District of California to extend the periods during which the company has the exclusive right to file a Chapter 11 plan of reorganization and solicit acceptances for the plan to April 1 and July 1, respectively. Schaefer also seeks extension of the period to either assume or reject unexpired leases of non-residential real property to April 1. Schaefer has sold most of its personal and real properties since it filed for bankruptcy protection. Currently, the company's operations consist primarily of billing and collections on its substantial accounts receivable, finalizing the sale of certain personal property, consolidating patient and client records, and selling the remaining real properties. The company has rejected most leases and vacated from properties it no longer needs as part of its ambulance services, and continues to reduce its workforce to those personnel necessary to maintain its limited operations. About Schaefer Ambulance Service Schaefer Ambulance Services, Inc. -- http://www.schaeferamb.com/-- is an emergency medical services provider specializing in basic life support; paramedic; critical care; neonatal; event standbys; and other specialized medical services. The Company offers ground transport for hospitals, urgent care centers, convalescent homes, physicians, insurance companies, fire departments and private/public events. Schaefer Ambulance was founded by Walter Schaefer in 1932. Schaefer Ambulance Services filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 19-11809) on Feb. 20, 2019. In the petition signed by Leslie Maureen McNeal, treasurer, the Debtor is estimated to have $1 million to $10 million in assets and $1 million to $10 million in liabilities. The case is assigned to Judge Neil W. Bason. Craig G. Margulies, Esq., at Margulies Faith LLP, is the Debtor's counsel. BidMed, LLC, is the asset liquidation broker. SHAE MANAGEMENT: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The Office of the U.S. Trustee on Feb. 23, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Shae Management, Inc. About Shae Management Shae Management, Inc., a property management company in Dalton, Ga., filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 19-42833) on Dec. 2, 2019. In the petition was signed by Mark A. Dyer, president, the Debtor estimated $1 million to $10 million in both assets and liabilities. Cameron M. McCord, Esq., at Jones & Walden, LLC represents the Debtor as counsel. SIGMA LOGISTICS: Has Final Approval to Use Cash Collateral ---------------------------------------------------------- Judge Paul Baisier authorized Sigma Logistics, Inc., to use cash collateral on a final basis pursuant to the budget, which provided for $18,918 in total expenses. The Court ruled that creditors (on whom the second interim order was served) except for (1) the Internal Revenue Service, (2) Georgia Department of Revenue, (3) Apex Capital Corp., and (4) Alabama Department of Revenue are barred from asserting interests in the cash collateral. A copy of the final order is available at https://is.gd/lE9RmB from PacerMonitor.com free of charge. About Sigma Logistics Sigma Logistics, Inc. is a full service logistics provider that specializes in dedicated operations. It is equipped to warehouse dry products and transport both dry and refrigerated products. Sigma Logistics filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Case No. 19-69496) on Dec. 4, 2019. In its petition, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Tarrance Houston, authorized representative. Judge Paul Baisier oversees the case. The Debtor is represented by Leslie M. Pineyro, Esq., at Jones & Walden, LLC. SOUTHERN INYO: Unsec. Creditors to Get 12% in Amended Plan ---------------------------------------------------------- Debtor Southern Inyo Healthcare District filed a Fifth Amended Plan and a corresponding Disclosure Statement. Holders of Professional Claims will be paid in full, on or before December 2021, unless the District elects in its sole discretion to determine a different treatment is appropriate and/or the Holder of a Professional Claim and the District agree on other treatment. Class 1E comprises of the claim of Healthcare Resource Group which shall have an allowed secured claim in the amount of $75,781 pursuant to the agreement between HRG and the District. HRG will be paid the full amount of its claim, $75,781.37, on or before Oct. 15, 2020. Class 1F comprises of the claim of US Foods, Inc. which shall have an allowed secured claim in the amount of $21,324 pursuant to agreement between US Foods and the District. This amount will be paid in three equal monthly installments of $7,108. Holders of Class 4 General Unsecured Claims shall receive 12% of their Allowed Class 4 Claims to be paid in equal monthly installments from the Effective Date through December 2029. Under the Plan, the District will be required to make Cash disbursements totaling approximately $6,783,618 to the holders of Allowed Claims. The District estimates that it will have approximately $597,720 in cash on hand on the Effective Date. A full-text copy of the Fifth Amended Disclosure Statement dated Feb. 11, 2020, is available at https://tinyurl.com/r5zgahh from PacerMonitor at no charge. The Debtor is represented by: WEILAND GOLDEN GOODRICH LLP Jeffrey I. Golden Ryan W. Beall 650 Town Center Drive, Suite 600 Costa Mesa, California 92626 Telephone: 714-966-1000 Facsimile: 714-966-1002 E-mail: jgolden@wgllp.com rbeall@wgllp.com About Southern Inyo Healthcare District Southern Inyo Healthcare District is a special district formed under the California Local Healthcare District Law, Cal. Health and Safety Code Sec. 32000, et seq., located in Lone Pine, California. As of the commencement of its Chapter 9 Case, the District owned and operated three facilities -- namely, an emergency and acute care facility with four beds, a skilled nursing facility with 33 beds, and an out-patient medical clinic. Southern Inyo Healthcare District sought protection under Chapter 9 of the Bankruptcy Code (Bankr. E.D. Cal. Case No.16-10015) on Jan. 4, 2016. The petition was signed by Alan Germany, the CRO. At the time of the filing, Southern Inyo Healthcare District was estimated to have assets and debt of $1 million to $10 million. SOUTHERN LIVING: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The Office of the U.S. Trustee on Feb. 24, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Southern Living for Seniors of Burnsville NC, LLC. About Southern Living for Seniors Southern Living for Seniors of Burnsville NC, LLC, owns and operates an assisted living facility. Based in Dallas, Ga., Southern Living for Seniors of Burnsville NC, LLC, filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 19-42896) on Dec. 14, 2019. In the petition signed by Kenneth Mark Simons, member and manager, the Debtor was estimated to have up to $50,000 in assets and $1 million to $10 million in liabilities. Cameron M. McCord, Esq., at Jones & Walden, LLC, is the Debtor's legal counsel. STAR DETECTIVE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Star Detective & Security Agency Incorporated 813 E 75th St. Chicago, IL 60619-1901 Business Description: Star Detective & Security Agency Incorporated -- https://starsecurityinc.com -- offers both armed and unarmed security guard services serving real estate developers, financial institutions, offices & commercial buildings, residential buildings, and hospitals. The Company also provides international expertise in all forms of corporate investigations. Chapter 11 Petition Date: February 26, 2020 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 20-05300 Judge: Hon. David D. Cleary Debtor's Counsel: Karen Jackson Porter, Esq. PORTER LAW NETWORK 230 West Monroe St. Suite 240 Chicago, IL 60606 Tel: 312-372-4400 E-mail: porterlawnetwork@gmail.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Dominique A. Wallace, sole shareholder. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors at the time of the filing. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/YQ2Kwj STEPHEN MIELE: Sets Bidding Procedures for Bedford Hills Property ----------------------------------------------------------------- Stephen Miele and Catherine Miele ask the U.S. Bankruptcy Court for the Southern District of New York to authorize the bidding procedures in connection with the auction sale of the real property known as and located at 191 Broad Brook Road, Bedford Hills, New York. The Debtors own the Property, which is a five-bedroom, 8-bathroom, 8,554 Sq. Ft. single family house. On Sept. 19, 2019, U.S. Bank Trust, N.A., as Trustee for LSF9 Master Participation Trust, by Caliber Home Loans, Inc., the first mortgagee on the Property, filed a motion for modification of the automatic stay, asking to complete its foreclosure sale of the Property. The Debtors filed an objection to the Lift Stay Motion. On Nov. 14, 2020, the Debtors filed the Plan and Disclosure Statement in Connection with the Plan with the Court. As the principal means of implementation of the Plan, the Debtors, through their retained broker, International Properties Group ("IPG"), will market and sell the Property, through a public auction pursuant to the Bid Procedures to be held on the proposed date of June 9, 2020. By the Motion, the Debtors ask entry of an order (a) approving certain bidding procedures for, and notice of the Sale and the Terms and Conditions of Sale; (b) establishing a procedure for conducting the Sale process; (c) approving the form, time and scope of notice of the Sale, and (d) granting related relief, including entry of an order authorizing and approving the Sale of the Property to the bidder(s) making the highest or best offer, free and clear of Liens, with such Liens to attach to the proceeds of the Sale. The proposed Bidding Procedures provide, in part, for: (a) a minimum bid, in the amount of $3.25 million; (a) a deposit of 10% of the amount offered; and (b) an increase of the deposit by the successful bidder within two business days after the auction to bring the total deposit to 10% of the highest offered purchase price. Subject to approval of the Motion, the auction will be held on June 9, 2020 at the Offices of Shafferman & Feldman LLP, 137 Fifth Avenue, 9th Floor, New York, New York 10010. Registration will commence at 10:00 a.m. The Debtors reserve the right to change the location, date and/or time of the Auction Sale and the Property will be offered for inspection by appointment at reasonable times, requested by an interested party to the Auctioneer, which will make such arrangements. The auction will be governed by the Bidding Procedures approved by the Court. The Debtors reserve the right to change the date, time, and location of the auction after it has been scheduled, and provided that appropriate notice is given to creditors and interested parties. The Debtors' obligation to pay a commission to the Auctioneer will be the subject of a separate application to be heard by the Court upon appropriate notice. The Debtors are also asking to sell the Property, "As Is" "Where Is" without any representations or warranties of any kind. Subsequent to the Sale, the Debtors intend to seek confirmation of the successful bidder(s). The successful purchaser must close title to the Property on a date that is 30 calendar days after the entry of an order approving the sale of the Property to the Successful Bidder by the Bankruptcy Court although such date may be extended solely by the Debtors, in their discretion. No transaction will be deemed final until approved by the Court. The Debtors ask that in conjunction with the Sale, he be permitted to assign to the successful purchaser(s) any existing executory contracts and unexpired leases relating to the Property. The sale of the Property is necessary and integral to the implementation of the Plan. Consequently, the Debtors respectfully submit that the sale of the Property and distribution of the proceeds through the Plan falls within the scope of the exemption provided for under Bankruptcy Code Section 1146(c). A hearing on the Motion is set for March 13, 2020 at 10:00 a.m. Objections, if any, must be filed no later than 5:00 p.m. seven days prior to the Hearing Date. A copy of the Bidding Procedures is available at https://tinyurl.com/v5bl9q7 from PacerMonitor.com free of charge. Stephen Miele and Catherine Miele sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 19-23329) on July 18, 2019. The Debtors tapped Joel Shafferman, Esq., at Shafferman & Feldman, LLP, as counsel. SUMMIT TERMINAL: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The Office of the U.S. Trustee on Feb. 25, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Summit Terminal, LLC. About Summit Terminal Summit Terminal, LLC, is engaged in activities related to real estate whose principal assets are located at 5104 N. Ocean Blvd Myrtle Beach, SC 29572. The company previously sought bankruptcy protection on July 18, 2019 (Bankr. D. N.J. Case No. 19-23948). Summit Terminal, based in New York, NY, filed a Chapter 11 petition (Bankr. D.S.C. Case No. 20-00093) on Jan. 6, 2020. In the petition signed by Franklin I. Ogele, president, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Richard A. Steadman, Jr., Esq., at Steadman Law Firm, P.A., is the Debtor's bankruptcy counsel. TNS INC: Moody's Affirms B2 Corp. Family Rating, Outlook Stable --------------------------------------------------------------- Moody's Investors Service affirmed TNS, Inc.'s B2 Corporate Family Rating and B2-PD Probability of Default rating, as well as the B1 Senior Secured Credit Facility rating. The outlook remains stable. Outlook Actions: Issuer: TNS, Inc. Outlook, Remains Stable Affirmations: Issuer: TNS, Inc. Probability of Default Rating, Affirmed B2-PD Corporate Family Rating, Affirmed B2 Senior Secured Bank Credit Facility, Affirmed B1 (LGD3) RATINGS RATIONALE The ratings are constrained by the Company's relatively small scale, private equity ownership, and a financial policy which tolerates moderate leverage, which is approximately 5.2x (Moody's adjusted as of the last quarter end). Additionally, the Company's network and dial-up services are weakly positioned, and declining as the underlying legacy technologies are phased out with migration to newer technology. Moody's expects these parts of the business to continue to be a drag on revenues, earnings, and cash flows in the immediate future. TNS benefits from a global business, with a large and diverse set of customers, across a wide range of industries. It has a mostly recurring revenue model featuring multi-year fixed-price and volume-based contracts, which allows for great visibility and predictability. It has a very competitive network, with scale, capacity, flexibility, reliability and interoperability with all carrier networks, optimizing its market position as an agnostic service provider. The Company has several growth engines, including its mobile caller identification services (Cequint) and IP services which are both growing organically, providing an offset to weakness in other parts of business. The credit profile is also supported by a stable margin profile, and good liquidity. The senior secured credit facility is rated B1 (LGD3). The instrument rating is based on the B2-PD Probability of Default rating and an average family recovery rate of 50% at default, which is typical for the single class of bank debt in the capital structure and covenant-lite terms. The uplift in the instrument rating, relative to the CFR, reflects unsecured non-debt obligations and the expectation for material secured debt repayment with free cash flow. Absent a change in the CFR, an increase in secured debt balances would likely pressure the B1 secured debt rating. The stable outlook incorporates Moody's view that TNS will produce $400-$425 million in revenue and near $130-$140 million in EBITDA over the next 12-18 months, on EBITDA margins near 33%. Levered free cash flows will be near 8% of debt (assuming average borrowing costs over 6%, and after capex near 10% of revenue). Moody's projects leverage will improve, falling to near 4x by the end of 2021, with gross debt of approximately $560 million, net of voluntary and mandatory repayment. Its outlook assumes TNS will maintain stable operating performance and good liquidity. Moody's would consider a positive rating action if leverage (Moody's adjusted debt/EBITDA) was sustained below 4.0x, and free cash flow to debt (Moody's adjusted) was sustained above 10%. An upgrade would also be considered if scale was larger, a more conservative financial policy was adopted, or there is a substantial and favorable change in the business model. Moody's would consider negative rating action if leverage (Moody's adjusted Debt/EBITDA) was sustained above 5.75x. A loss of a major customer, unfavorable change in liquidity, or weaker than expected operating performance could also lead to a downgrade. TNS is owned and controlled by private equity firm Siris Capital Group, LLC. Koch Equity Development LLC, and MSD Capital, L.P. are also minority investors. The company's private equity ownership presents risks, including moderate leverage and an aggressive growth strategy, evidenced by recent debt funded acquisitions that pushed leverage higher. Moody's expects TNS to have good liquidity over the next 12 months, supported by positive operating cash flow, covenant-lite loans, and a favorable maturity profile with the nearest maturity due 2022 (excluding the revolver). Transaction Network Services, Inc., headquartered in Reston Virginia, is an independent global provider of data communications and network interoperability solutions to enterprises and telecommunication carriers. It manages three operating segments including Payments Solutions, Financial Solutions, and Telecom Solutions. For the last 12 months ended September 30, 2019 total revenues were approximately $349 million. TNS is owned and controlled by the private equity firm Siris Capital Group, LLC. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. VILLA TAPIA: Taps Sgouras as Counsel for Non-Bankruptcy Matters --------------------------------------------------------------- Villa Tapia Citi Fresh Supermarket Corp. received approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Sgouras Law Firm, PLLC as its legal counsel for non-bankruptcy matters. The firm will assist the Debtor in post-petition matters such as restoring its WIC license and restoring the liquor license for 131 Manhattan Deli Grocery Corp., which is related to the Debtor by common ownership. Sgouras will receive a flat fee of $12,000, payable in 12 monthly installments. Tommy Sgouras, Esq., at Sgouras, disclosed in court filings that his firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Tommy Sgouras, Esq. Sgouras Law Firm PLLC 32-75 Steinway Street, Suite 207 Astoria, New York 11106 Phone: 646 345-7674 Fax: 646 585-1381 Email: contact@sgouraslaw.com About Villa Tapia Citi Fresh Supermarket Corp. Based in Brooklyn, N.Y., Villa Tapia Citi Fresh Supermarket Corp. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20-40357) on Jan. 20, 2020, listing under $1 million in both assets and liabilities. Judge Elizabeth S. Stong oversees the case. Phillip Mahony Esq. is the Debtor's legal counsel. VINSICK FOODS: Seeks to Extend Exclusivity Period to April 4 ------------------------------------------------------------ Vinsick Foods Inc. asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend to April 4 the period during which it has the exclusive right to file a Chapter 11 plan of reorganization. Vinsick Foods amended its Chapter 11 petition to a small business designation but the plan deadlines were not updated on the docket to reflect the said designation. Accordingly, Vinsick Foods requested the court to issue an order clarifying that the company is subject to the 180-day exclusivity period under Section 1121(e) of the Bankruptcy Code. About Vinsick Foods Vinsick Foods, Inc., which conducts business under the name Fox's Pizza, is a business organized andexisting within the Commonwealth of Pennsylvania. Vinsick Foods filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 19-23938) on Oct. 7, 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 Gregory L. Taddonio oversees the case. Thompson Law Group, P.C. is the Debtor's legal counsel. WEST GARDEN: Files Second Motion to Use Cash Collateral ------------------------------------------------------- West Garden Club, LLC filed a second motion to use cash collateral in which pre-petition lender, iBorrow REIT LP, has interest in order to pay operating expenses of its business. As of the Petition Date, the Debtor, along with its affiliated debtors, owe iBorrow REIT approximately $10,190,000, plus interest and other fees, which loan amount the lender claims to aggregate $13,778,786.77. The Debtor represents that the lender is adequately protected due to a significant equity cushion of over $4 million. A copy of the second cash collateral motion is available for free at https://is.gd/LC7VpL from PacerMonitor.com. Judge Mark A. Randon, in a separate document, ruled that parties-in-interest must file objections no later than Feb. 28, 2020. Hearing on the motion is scheduled for March 2, 2020 at 12:30 p.m. A copy of the order is available at https://is.gd/i7PY6i from PacerMonitor.com free of charge. About West Garden Club West Garden Club, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-41080) on Jan. 26, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Mark A. Randon oversees the case. Zousmer Law Group, PLC, is the Debtor's legal counsel. WEST GARDEN: Obtains Interim OK to Use Cash Collateral Thru Feb. 12 ------------------------------------------------------------------- West Garden Club, LLC, asked the Bankruptcy Court to authorize, through and including May 31, 2020, use of cash collateral in which iBorrow REIT LP, as prepetition lender, has interest. As of the Petition Date, the Debtor owes the lender approximately $10,190,000. A copy of the motion is available for free at https://is.gd/8hVQEO from PacerMonitor.com. Thereafter, pursuant to a stipulation entered into among the Debtor, the Office of the U.S. Trustee and iBorrow REIT, L.P., Judge Mark A. Randon authorized the Debtor's use of up to $44,000 of cash collateral through February 12, 2020 to pay postpetition obligations for utilities, snow removal and payroll. The Court ruled that the lender is granted a replacement lien in the same amount, priority and extent as it had pre-petition. A copy of the interim order is available for free at https://is.gd/MjP7W7 from PacerMonitor.com. About West Garden Club West Garden Club, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-41080) on Jan. 26, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Mark A. Randon oversees the case. Zousmer Law Group, PLC, is the Debtor's legal counsel. WEST GARDEN: Required to Show Equity Cushion to Access Cash ----------------------------------------------------------- Judge Mark A. Randon denied West Garden Club LLC further access to cash collateral for reasons stated on record at the February 12, 2020 hearing. The Court ruled that on or before Feb. 27, 2020, the Debtor may provide evidence to the Court to establish that there is, in the property securing the Debtor's prepetition obligation, a sufficient equity cushion that is not illusory. A copy of the order is available at https://is.gd/IfRPIr from PacerMonitor.com free of charge. About West Garden Club West Garden Club, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-41080) on Jan. 26, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Mark A. Randon oversees the case. Zousmer Law Group, PLC, is the Debtor's legal counsel. WHITE STAR: M&M Lien Reserve to be Funded by Contango Transaction ----------------------------------------------------------------- White Star Petroleum Holdings, LLC, and its debtor affiliates filed a First Amended Disclosure Statement for their Joint Chapter 11 Plan of Liquidation. On. September 30, 20219, the Court approved a sale of substantially all assets to Contango Oil & Gas Company for $132.5 million. Upon the consummation of the sale to Contango and pursuant to the Sale Order, the Debtors established a reserve (the "M&M Lien Reserve") for distribution on account of allowed M&M Lien Claims secured by M&M Liens. The M&M Lien Reserve was funded with the proceeds from the Contango transaction in an amount equal to the full asserted amount of all M&M Lien Claims. If an M&M Lien Claim is Allowed as a Senior M&M Lien Claim, then such Allowed Senior M&M Lien Claim shall be classified as an Allowed Class 2 Other Secured Claim and the Distribution Agent will distribute out of the M&M Lien Reserve to the Holder of such Claim the Distribution to which such Holder is entitled to in accordance with Article 4.2.2(b) of the Plan. If an M&M Lien Claim is Allowed as a Junior M&M Lien Claim, then such Allowed Junior M&M Lien Claim shall be classified as an Allowed Class 4 General Unsecured Claim and the Holder of such Claim will receive a Distribution, if any, in accordance with Article 4.2.4(b) of the Plan and will not receive any Distribution from the M&M Lien Reserve. The M&M Lien Reserve has been established in the amount of $28.536 million. The M&M Lien Reserve shall be maintained in an amount equal to the sum of (i) for each Allowed Senior M&M Lien Claim, the amount of such Allowed Senior M&M Lien Claim which has not been paid and (ii) for each M&M Lien Claim that has not been Allowed or been deemed not Allowed, the amount set forth for such M&M Lien Claim in the M&M Lien Reserve Schedule that shall be maintained until such M&M Lien Claim is resolved. The Plan reflects the Debtors' position that absent the Settlement, there would be no distributable value from unencumbered assets available to Holders of Allowed General Unsecured Claims. The Debtors believe that absent the Settlement, there would be no recovery to Holders of Allowed General Unsecured Claims under any alternative chapter 11 plan or chapter 7 liquidation. Under the Plan, holders of Class 4 general unsecured claims owed $381,777,429 will recover 0.3%. In exchange for its Allowed General Unsecured Claim:(i) each Holder of an Allowed General Unsecured Claim, other than a Holder of an RBL Deficiency Claim, shall receive its Pro Rata share of the Unsecured Claim Pool; and (ii) if Litigation Trust Distributable Cash is available for Distribution, each Holder of an Allowed General Unsecured Claim, other than a Holder of an RBL Deficiency Claim, shall receive its Pro Rata share of 50% of Litigation Trust Distributable Cash and each Holder of an RBL Deficiency Claim shall receive its Pro Rata share of 50% of Litigation Trust Distributable Cash. A full-text copy of the First Amended Disclosure Statement dated Feb. 11, 2020, is available at https://tinyurl.com/vtfd4e4 from PacerMonitor at no charge. The Debtors are represented by: John D. Dale GABLEGOTWALS 1100 ONEOK Plaza 100 West 5th Street Tulsa, Oklahoma 74103-4217 Tel: (918) 595-4800 Fax: (918) 595-4990 E-mail: jdale@gablelaw.com - and - Craig M. Regens GABLEGOTWALS One Leadership Square 211 North Robinson Oklahoma City, Oklahoma 73102 Tel: (405) 568-3313 Fax: (405) 235-2875 E-mail: cregens@gablelaw.com - and - Andrew G. Dietderich Brian D. Glueckstein Alexa J. Kranzley SULLIVAN & CROMWELL LLP 125 Broad Street New York, New York 10004 Telephone: (212) 558-4000 Facsimile: (212) 558-3588 E-mail: dietdericha@sullcrom.com gluecksteinb@sullcrom.com kranzleya@sullcrom.com About White Star Petroleum Holdings White Star Petroleum Holdings, LLC and its subsidiaries -- http://www.wstr.com/-- are engaged in the acquisition, development, exploration and production of oil, natural gas and natural gas liquids located in the Mid-Continent region in the United States. The Debtors are headquartered in Oklahoma City and employ 169 people. As of December 2018, the Debtors owned 315,000 net leasehold acres, primarily in Creek, Dewey, Garfield, Lincoln, Logan, Noble, and Payne counties of Oklahoma. White Star Petroleum Holdings, LLC, and its subsidiaries sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11179) on May 28, 2019. The cases were transferred to the U.S. Bankruptcy Court for the Western District of Oklahoma on June 21, 2019. White Star Petroleum Holdings' case was assigned a new case number (Case No. 19-12521). At the time of the filing, the Debtors were estimated to have assets of between $500 million and $1 billion and liabilities of between $100 million and $500 million. Judge Janice D. Loyd oversees the cases. The Debtors tapped Sullivan & Cromwell LLP as bankruptcy counsel; Morris, Nichols, Arsht & Tunnell LLP as Sullivan's co-counsel; Guggenheim Securities, LLC, as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Kurtzman Carson Consultants LLC as claims and noticing agent. WILLIAM THOMAS, JR: Proposes Morris Auction of Tennessee Properties ------------------------------------------------------------------- Michael Collins, the Chapter 11 Trustee of William H. Thomas, Jr., asks the U.S. Bankruptcy Court for the District of Tennessee to authorize the auction sales of the real property, along with any attached personal property, as shown on Exhibit B, to be conducted by Morris Realty & Auction Group, LLC. The Auction Properties are: 1) Egner Property (Orr Rd.) in Fayette County, Tennessee identified as asset 1.3 (Page 2) on the Debtor's Schedule A/B at Dkt Entry No. 39. This property is subject to a lien of the Bank of Fayette County in the approximate amount of $234,989. 2) The Eads Property (Washington Rd.) in Shelby County, Tennessee identified as asset 1.7 (Page 4) on the Debtor's Schedule A/B at Dkt Entry No. 39. This property is not subject to a lien. 3) The Skyview Lots in Shelby County, Tennessee identified as asset 1.12 (Page 7) on the Debtor's Schedule A/B at Dkt Entry No. 39. This property is not subject to a lien. Prior to the appointment of the Trustee, the Debtor generally serviced his secured debts, paid his employees' wages, employment taxes, and health insurance, and paid other costs of operating his business, including property taxes. However, due to decreased lease revenue from his billboard and barge businesses, the Debtor has become delinquent on his property taxes and the post-petition wages and health insurance provided to his employees. Pursuant to the Order Approving Expedited Motion of the Chapter 11 Trustee for Order (I) Authorizing the Trustee to Obtain Post-Petition Secured Financing and (II) Modifying the Automatic Stay entered on June 21, 2019, the Trustee obtained authorization to obtain post-petition secured financing in the amount of $125,000 in order to satisfy delinquent property taxes and post-petition wages. The Debtor's insufficient cash flow has continued resulting in his inability to cover his property tax expenses and other operating and administrative expenses. The Debtor owes approximately $14,000 in county and city property taxes for the 2019 tax year. Additionally, the Debtor owes recurring payroll-related liabilities and other recurring obligations and is currently not generating enough income monthly to cover those obligations. Finally, he owes $250,000 in attorneys' fees related to the bankruptcy case from prior to the Trustee's appointment, and, subject to bankruptcy Court approval, will have an additional $160,000 or more of trustee and attorneys' fees to be paid for time periods after the Trustee's appointment. The Trustee has received $87,320 from the Tennessee Department of Transportation ("TDOT") as a result of the recent Sixth Circuit ruling. The Trustee anticipates receiving an additional payment of approximately $340,000 in further funds from TDOT. These amounts are sufficient to cover the outstanding attorneys’ fees and anticipated fees of the Trustee and his professionals. However, additional funds are needed to cover the accruing unpaid property taxes and other expenses of the estate. Additionally, the Trustee will be proposing a plan of reorganization under which funding will be needed to satisfy the claims that are to be paid on the effective date of the plan, including U.S. Trustee fees, convenience class fees, and other administrative expenses. The Internal Revenue Service also holds a pre-petition claim in the amount of approximately $147,000, which must be paid within 5 years of the Petition Date. Since the Petition date was in June 2016, by the time this case is confirmed, the IRS debt will have to be paid in full over a period of approximately one year. Accordingly, the Trustee, in the exercise of his business judgment, has determined that it will be necessary to generate approximately $250,000 in cash to ensure that all the administrative expenses can be paid and funds are available to confirm the plan. Even if the Trustee's plan is ultimately not confirmed, the liquidation of the Auction Properties will be necessary in order to fund the payment of administrative claims that have accrued and will continue to accrue in the case. The Trustee has determined, in the exercise of his business judgment, that liquidation of the Auction Properties is appropriate in order to raise the cash needed to pay administrative expenses of the estate and fund the Trustee's plan. The sale of the Auction Properties will also reduce the property tax burden on the estate. He has further determined, in his business judgment, that a well-advertised auction sale is the best way to quickly and efficiently obtain fair market value for the Auction Properties. The Trustee asks that the Court authorizes auction sale of the Auction Properties. He further asks that the Court approves Morris to conduct the auction process, free and clear of Interests, with any Interests attaching to the proceeds of the sale of the relevant Auction Property. Morris proposes to charge a non-estate buyer's premium of 10% to be retained by Morris and not included in the funds to be turned over to the Trustee. By the Motion, the Trustee asks Court approval to compensate Morris in this manner without the need for further application to and approval of the Court. The amount of commission received by Morris will be disclosed by the Trustee in a Report of Sale to be filed after the auction sale is closed. A copy of the Exhibit B is available at https://tinyurl.com/s5kfz8g from PacerMonitor.com free of charge. About William H. Thomas, Jr. William H. Thomas, Jr. is a resident of Perdido Key, Florida. He is an attorney licensed to practice in the State of Tennessee and owns various real estate and business interests, including the ownership and operation of various advertising billboards and raw land. William H. Thomas, Jr. sought Chapter 11 protection (Bankr. D. Tenn. Case No. 16-27850-DSK) on June 2, 2016. On Jan. 24, 2019, the Court appointed Michael Collins as the Chapter 11 Trustee. ZDN INC: Cash Use Motion Denied; Gets Temporary Cash Access ----------------------------------------------------------- ZDN Inc., d/b/a Blackjack Pizza, sought permission from the Bankruptcy Court to use cash collateral to pay the necessary operating expenses of its business. The Debtor intends to use cash collateral on an interim basis until final hearing on the cash collateral motion, and further use for six months from the date of the final hearing. The Debtor proposed to provide a replacement lien on all post-petition accounts and cash equivalents to the extent of diminution in the value of the collateral arising from the use of the cash collateral. As of the Petition Date, the Debtor owes Independent Bank approximately $132,129 and Rapid Finance approximately $117,025. Both loans are secured by a lien on substantially all of the Debtor's assets. A copy of the motion is available for free at https://is.gd/9JhwRS from PacerMonitor.com. Judge Elizabeth E. Brown denied the motion without prejudice to the Debtor filing amended pleading(s) seeking approval to use cash collateral in order to pay pre-petition wages, and seeking another expedited hearing. The Court, however, granted the Debtor temporary permission to use cash collateral to pay food and beverage vendors only, pending a further hearing. A copy of the order is available for free at https://is.gd/Wtlt1d from PacerMonitor.com. About ZDN Inc. ZDN Inc., d/b/a BlackJack Pizza, owns and operates a pizza store in Firestone, Colorado. The company filed a Chapter 11 petition (Bankr. D. Col. Case No. 20-10887) on Feb. 10, 2020. Holland Law Office P.C. is the Debtor's counsel. [^] BOOK REVIEW: Hospitals, Health and People --------------------------------------------- Author: Albert W. Snoke, M.D. Publisher: Beard Books Softcover: 232 pages List Price: $34.95 Order your personal copy today at http://www.beardbooks.com/beardbooks/hospitals_health_and_people.html Hospitals, Health and People is an interesting and very readable account of the career of a hospital administrator and physician from the 1930's through the 1980's, the formative years of today's health care system. Although much has changed in hospital administration and health care since the book was first published in 1987, Dr. Snoke's discussion of the evolution of the modern hospital provides a unique and very valuable perspective for readers who wish to better understand the forces at work in our current health care system. The first half of Hospitals, Health and People is devoted to the functional parts of the hospital system, as observed by Dr. Snoke between the late 1930's through 1969, when he served first as assistant director of the Strong Memorial Hospital in Rochester, New York, and then as the director of the Grace-New Haven Hospital in Connecticut. In these first chapters, Dr. Snoke examines the evolution and institutionalization of a number of aspects of the hospital system, including the financial and community responsibilities of the hospital administrator, education and training in hospital administration, the role of the governing board of a hospital, the dynamics between the hospital administrator and the medical staff, and the unique role of the teaching hospital. The importance of Hospitals, Health and People for today's readers is due in large part to the author's pivotal role in creating the modern-day hospital. Dr. Snoke and others in similar positions played a large part in advocating or forcing change in our hospital system, particularly in recognizing the importance of the nursing profession and the contributions of non-physician professionals, such as psychologists, hearing and speech specialists, and social workers, to the overall care of the patient. Throughout the first chapters, there are also many observations on the factors that are contributing to today's cost of care. Malpractice is just one example. According to Dr. Snoke, "malpractice premiums were negligible in the 1950's and 1960's. In 1970, Yale-New Haven's annual malpractice premiums had mounted to about $150,000." By the time of the first publication of the book, the hospital's premiums were costing about $10 million a year. In the second half of Hospitals, Health and People, Dr. Snoke addresses the national health care system as we've come to know it, including insurance and cost containment; the role of the government in health care; health care for the elderly; home health care; and the changing role of ethics in health care. It is particularly interesting to note the role that Senator Wilbur Mills from Arkansas played in the allocation of costs of hospital-based specialty components under Part B rather than Part A of the Medicare bill. Dr. Snoke comments: "This was considered a great victory by the hospital-based specialists. I was disappointed because I knew it would cause confusion in working relationships between hospitals and specialists and among patients covered by Medicare. I was also concerned about potential cost increases. My fears were realized. Not only have health costs increased in certain areas more than anticipated, but confusion is rampant among the elderly patients and their families, as well as in hospital business offices and among physicians' secretaries." This aspect of Medicare caused such confusion that Congress amended Medicare in 1967 to provide that the professional components of radiological and pathological in-hospital services be reimbursed as if they were hospital services under Part A rather than part of the co-payment provisions of Part B. At the start of his book, Dr. Snoke refers to a small statue, Discharged Cured, which was given to him in the late 1940's by a fellow physician, Dr. Jack Masur. Dr. Snoke explains the significance the statue held for him throughout his professional career by quoting from an article by Dr. Masur: "The whole question of the responsibility of the physician, of the hospital, of the health agency, brings vividly to mind a small statue which I saw a great many years ago.it is a pathetic little figure of a man, coat collar turned up and shoulders hunched against the chill winds, clutching his belongings in a paper bag-shaking, tremulous, discouraged. He's clearly unfit for work-no employer would dare to take a chance on hiring him. You know that he will need much more help before he can face the world with shoulders back and confidence in himself. The statuette epitomizes the task of medical rehabilitation: to bridge the gap between the sick and a job." It is clear that Dr. Snoke devoted his life to exactly that purpose. Although there is much to criticize in our current healthcare system, the wellness concept that we expect and accept today as part of our medical care was almost nonexistent when Dr. Snoke began his career in the 1930's. Throughout his 50 years in hospital administration, Dr. Snoke frequently had to focus on the big picture and the bottom line. He never forgot the importance of Discharged Cured, however, and his book provides us with a great appreciation of how compassionate administrators such as Dr. Snoke have contributed to the state of patient care today. Albert Waldo Snoke was director of the Grace-New Haven Hospital in New Haven, Connecticut from 1946 until 1969. In New Haven, Dr. Snoke also taught hospital administration at Yale University and oversaw the development of the Yale-New Haven Hospital, serving as its executive director from 1965-1968. From 1969-1973, Dr. Snoke worked in Illinois as coordinator of health services in the Office of the Governor and later as acting executive director of the Illinois Comprehensive State Health Planning Agency. Dr. Snoke died in April 1988. ********* 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 ***