/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/200306.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, March 6, 2020, Vol. 24, No. 65 Headlines 1934 BEDFORD: Unsecured Creditors to Get Full Payment Under Plan 2607380 ONTARIO: Gets Initial CCAA Stay; Richter Named Monitor ALL SORTS OF SERVICES: Case Summary & 4 Unsecured Creditors AMERICAN CENTER: April 7 Disclosure Statement Hearing Set APG SUBS: Wants Disclosure Hearing Reset to March 11 ARIZONA CALL-A-TEEN: Gets Conditional Approval to Hire Accountant ARLEN HOUSE: March 31 Plan Confirmation Hearing Set ARMANDO TROCHE: Maldonaldo Represents Jimenez, 3 Others ASPEN LANDSCAPING: April 17 Plan Confirmation Hearing Set AVIANCA HOLDINGS: Carried More Than 2.5M Passengers in January BIG KAY DADDYS: U.S. Trustee Unable to Appoint Committee BLOX INC: Chief Financial Officer Resigns BOY SCOUTS: Proposes Victims Compensation Trust for Abuse Claimants BOY SCOUTS: Section 341(a) Meeting Set for April 15 BRONX MIRACLE: Trustee Hires Tarter Krinsky as Legal Counsel BUFFBURGER #1: U.S. Trustee Unable to Appoint Committee CANBIOLA INC: To Effect 300-to-1 Reverse Stock Split CAPE MIAMI 32: March 31 Plan Confirmation Hearing Set CARMEL MEDICAL: Beltway Surgery Seeks Changes to Disc. Statement CAROLINA CARBONIC: March 26 Plan & Disclosure Hearing Set CCO HOLDINGS: S&P Rates New Senior Unsecured Notes Due 2032 'BB' CENTRAL PALM BEACH SURGERY: US Trustee Unable to Appoint Committee CHARLENE CORP: April 15 Plan Confirmation Hearing Set CHHATRALA GRAND: March 26 Plan Confirmation Hearing Set COLUMBIA NUTRITIONAL: U.S. Trustee Forms 2-Member Committee COMPLETE ROOFING: Case Summary & 12 Unsecured Creditors COMPUWARE CORP: S&P Puts 'B' ICR on Watch Neg. on BMC Acquisition CRAFTWORKS PARENT: In Chapter 11 to Pursue Sale Process CYTOSORBENTS CORP: Approves Compensation Arrangements for Execs. ENVEN ENERGY: S&P Alters Outlook to Negative, Affirms 'B' ICR EVENTIDE CREDIT: Seeks to Hire Forshey & Prostok as Legal Counsel FAIRWAY GROUP: Gets Final Nod on $25-Mil Loan, Cash Collateral Use FAIRWAY HOLDINGS: Stock Transfer Procedures Approved FINANCIAL GRAVITY: Reports $12K Net Loss for Qtr. Ended Dec. 31 FRANK INVESTMENTS: Plan to be Funded by Asset Sale Proceeds FRANK INVESTMENTS: Theatres Mgt. Plan to Be Funded by Settlement FRED'S INC: Creditors' Committee Says Plan Unconfirmable GHOTRA HOSPITALITY: Case Summary & 3 Unsecured Creditors GI DYNAMICS: Elects Director to Fill Vacancy GLOBAL CARE: Voluntary Chapter 11 Case Summary HARTWICK COLLEGE, NY: S&P Lowers Bond Rating to 'BB+' HORIZON GLOBAL: Board Appoints Debra Oler as Director HUSCH & HUSCH: Case Summary & 15 Unsecured Creditors IMAGEWARE SYSTEMS: Appoints Kristin Taylor as President and CEO INDOOR SPORTS: Case Summary & 4 Unsecured Creditors INPIXON: Incurs $34 Million Net Loss in 2019 INTL FCSTONE: S&P Affirms 'BB-' ICR; Outlook Stable JAG VENTURES: April 1 Plan Confirmation Hearing Set JAMES MEDICAL: Unsecured Creditors to Have 3% Recovery Over 5 Years JAZZ IT UP: Hires Buddy D. Ford as Legal Counsel JM GRAIN: March 19 Plan Confirmation Hearing Set JOE’S PLACE: March 26 Plan Confirmation Hearing Set JUNO USA: Unsec. Creditors to Have 15% to 25% Recovery Under Plan LANDMARK ACADEMY, MI: S&P Raises 2010 Bonds Rating to 'BB' LODAN 23 LLC: March 31 Plan Confirmation Hearing Set LSC COMMUNICATIONS: Moody's Cuts CFR to Ca on Limited Default MAGNOLIA LANE: Exclusivity Period Extended to May 28 MANHATTAN COMPANY: Court Confirms Liquidating Plan MARSHAL BROADCASTING: Taps Loeb & Loeb as Special Corporate Counsel MEDICAL DIAGNOSTIC: U.S. Trustee Appoints New Committee Member MERRICK COMPANY: March 26 Plan Confirmation Hearing Set MESA MARKETPLACE: Gets Interim OK to Hire James Portman as Counsel MOBILE MINI: S&P Puts 'BB' ICR on Watch Neg. on WillScot Merger MT. MORRIS GROUP: March 11 Hearing on Bid for Chapter 11 Trustee MUSEUM OF AMERICAN JEWISH: Files Chapter 11 Due to Bond Debt NAKADDU LLC: Court Approves Overstreet Jr. as Chapter 11 Trustee NEW GARDEN: Exclusivity Period Extended to March 13 NEXO WATER: Involuntary Chapter 11 Case Summary NFRASTRUCTURE SOLUTION: Creditors' Committee Formed in ISS Case NUSTAR LOGISTICS: S&P Rates Revenue Bonds 'BB-' OCULAR THERAPEUTIX: Reports Q4 Net Product Revenue of $2.3M OMNIMAX INTERNATIONAL: S&P Cuts ICR to CCC-; Ratings on Watch Neg. PALMER EQUIPMENT: US Trustee Wants Chapter 11 Trustee Appointed PARADOX ENTERPRISES: May Use Cash Collateral on Interim Basis PG&E CORPORATION: L&K 2nd Update on California Counties PIONEER ENERGY: Davis Polk, Haynes Represent Noteholder Group PIONEER ENERGY: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg. PIONEER ENERGY: S&P Cuts ICR to 'D' After Chapter 11 Filing POCMONT PROPERTIES: March 17 Disclosure Statement Hearing Set POCMONT PROPERTIES: Reorganization Plan Has Sale Alternative PORTERS NECK COUNTRY: April 30 Plan Confirmation Hearing Set PVM ELECTRIC: Court Approves Disclosure Statement RADFORD QUARRIES: The Ceciles to Contribute $35,000 to Fund Plan RAYONIER ADVANCED: S&P Downgrades ICR to 'CCC+' RESOLUTE INVESTMENT: S&P Alters Outlook to Neg., Affirms 'B+' ICR REVOLAR TECHNOLOGY: Appoints r2 Advisors as Plan Administrator RIO PROPERTY: Voluntary Chapter 11 Case Summary ROOFTOP GROUP: Creditors' Committee Proposes Reorganization Plan S C BHAIRAB INC: Has Until April 15 to File Plan & Disclosures SANCHEZ ENERGY: Cradey Jewett Represents B.L. Stanley, Terra SM-T.E.H. REALTY: Case Summary & 15 Unsecured Creditors SOUTH PHARMACY: Final Cash Collateral Hearing Set for March 18 STARPLEX CORPORATION: Case Summary & 20 Top Unsecured Creditors STILLWATER 8665: U.S. Trustee Unable to Appoint Committee SUMMIT VIEW: Exclusivity Extended Until Denlinger Case is Resolved THG PROPERTIES: Voluntary Chapter 11 Case Summary TPT GLOBAL: Pays Off Remaining $43K Convertible Debt to Geneva TPT GLOBAL: Pays Off Remaining Balance of Convertible Note to JSJ TRANSPORTER OF ARIZONA: Hires Allen Barnes & Jones as Legal Counsel TRC FARMS: Bankruptcy Administrator Unable to Appoint Committee TRI-STATE PAIN: May Use Cash Collateral Until Confirmation of Plan TUMBLEWEED TINY: Case Summary & 20 Largest Unsecured Creditors UNITI GROUP: S&P Puts 'CCC-' Issuer Credit Rating on Watch Positive VINCE'S AUTOMOTIVE: U.S. Trustee Unable to Appoint Committee VINE OIL: S&P Cuts ICR to CCC- on Likely Below-Par Note Purchases VIP CINEMA: Secures $7M New Equity Financing Under the RSA WARNER CONSTRUCTION: Case Summary & 14 Unsecured Creditors WATKINS NURSERIES: U.S. Trustee Unable to Appoint Committee WD-I ASSOCIATES: Wheeler Entities Object to Disclosure Statement WILLSCOT CORP: S&P Puts 'B+' ICR on Watch Positive on Mobile Merger ZACHAIR LTD: Gets Approval to Hire Streamline as Financial Advisor [^] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles ********* 1934 BEDFORD: Unsecured Creditors to Get Full Payment Under Plan ---------------------------------------------------------------- Debtor 1934 Bedford LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement in connection with the solicitation of acceptances or rejections of the Debtor's Plan of Reorganization dated February 18, 2020. Allowed claims in Classes 1 to 14 will be paid, in full, on the Effective Date. The Debtor intends to object to certain Claims and the Debtor reserves its right to object to any of the Claims. However, pursuant to the Plan the Debtor will place in escrow any disputed amount. General Unsecured Creditors have total claims of approximately $641,000. The holders of Allowed Class 14 Claims will be paid in full on the Effective Date. Holders of equity interests will retain their ownership interest in the Debtor. The Debtor has found a purchaser for the company for $27,250,000. The Offer is subject to better and higher offer. The Plan will be funded from the proceeds of the sale of the Debtor to the Oldham Properties LLC, subject to a higher offer, for $27,250,000. Secured Creditor 1930 Bedford Avenue filed a plan and disclosure statement on February 6, 2020. Not, surprisingly the Secured Creditor Plan favors one party, the Secured Party. The Secured Creditor Plan subjects each class to a waterfall and notably, almost all claims would be subject to the Secured Creditor's alleged priority. A full-text copy of the Disclosure Statement dated Feb. 18, 2020, is available at https://tinyurl.com/v6ovn8j from PacerMonitor at no charge. The Debtor is represented by: Law Office of Rachel S. Blumenfeld PLLC Rachel Blumenfeld 26 Court Street, Suite 2220 Brooklyn, New York 11242 Tel: (718) 858-9600 About 1934 Bedford LLC 1934 Bedford LLC operates and develops a multi-unit building in Brooklyn, New York. An involuntary petition for relief under Chapter 11 of the Bankruptcy Code was filed by creditors Simply Brooklyn Realty, HTC Construction Management, Inc., HTC Plumbing, Inc. against Bedford (Bankr. E.D.N.Y. Case No. 19-44751) on Aug. 2, 2019. On Sept. 12, 2019, Bedford consented to the entry of an order for relief under Chapter 11 of the Bankruptcy Code. The creditors are represented by Rosenberg Musso & Weiner LLP. Wayne Greenwald, P.C. is the Debtor's counsel. 2607380 ONTARIO: Gets Initial CCAA Stay; Richter Named Monitor -------------------------------------------------------------- The Ontario Superior Court of Justice (Commercial List) issued an order ("Initial Order") granting 2607380 Ontario Inc. protection under the Companies' Creditors Arrangement Act. Pursuant to the Initial Order, Richter Advisory Group Inc. was appointed as monitor of the Company. The Initial Order granted by the Court stays all proceedings against the Company until and including March 6, 2020 ("Stay Period") and thereafter, to the extent necessary to complete the restructuring plan, the Company may seek an extension of the Initial Order and the Stay Period. A comeback motion has been scheduled before the Court on March 6, 2020, to seek an extension of the Stay Period and other relief in connection with the CCAA proceedings. A copy of the Initial Order and other material relating to the CCAA proceedings can be obtained from the website of the Monitor at https://www.richter.ca/insolvencycase/2607380-Ontario-Inc/ Additional information in respect of the CCAA proceedings, contact the monitor at: Richter Advisory Group Inc. Monitor for 2607380 Ontario Inc. 181 Bay St., Suite 3510 Bay Wellington Tower Toronto, ON M5J 2T3 Tel: 1-866-585-9751 Fax: 514-934-8603 E-mail: claims@richter.ca Paul van Eyk Tel: (416) 485-4592 E-mail: pvaneyk@richter.ca Shane Connolly Tel: (416) 488-2345 E-mail: sconnolly@richter.ca Lawyers for the Company: Stikeman Elliott LLP Barristers & Solicitors 5300 Commerce Court West 199 Bay Street Toronto, ON M5L 1B9 Elizabeth Pillon Tel: (416) 869-5623 E-mail: lpillon@stikeman.com Sanja Sopic Tel: (416) 869-6825 E-mail: ssopic@stikeman.com Nicholas Avis Tel: (416) 869-5504 E-mail: navis@stikeman.com Lawyers for the Monitor: Bennett Jones LLP 3400 One First Canadian Place PO Box 130 Toronto, ON M5X 1A4 Raj Sahni Tel: (416) 777-4804 E-mail: sahnir@bennettjones.com ALL SORTS OF SERVICES: Case Summary & 4 Unsecured Creditors ----------------------------------------------------------- Debtor: All Sorts of Services of America, Inc. d/b/a Chimney Cricket 1882 Porter Lake Drive, Suite 105 Sarasota, FL 34240 Business Description: Headquartered in Plymouth, MI, All Sorts of Services of America, Inc. -- https://www.chimneycricket.com -- provides masonry work, fireplace, and chimney services, serving the entire Cleveland-Metro and Toledo, OH areas. Chimney Cricket performs all chimney services from the annual sweep and inspection to full chimney rebuilds and new installations. The Company also does stucco repair, interior and exterior masonry and can create any fireplace system. Chapter 11 Petition Date: March 5, 2020 Court: United States Bankruptcy Court Middle District of Florida Case No.: 20-01953 Debtor's Counsel: Richard J. Cole, III, Esq. COLE & COLE LAW, P.A. 46 N. Washington Blvd., Ste. 24 Sarasota, FL 34236 Tel: (941) 365-4055 E-mail: rjc@colecolelaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jon S. Cerrito, Jr., president. A 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/pyc5Ah AMERICAN CENTER: April 7 Disclosure Statement Hearing Set --------------------------------------------------------- Timothy P. Neumann, attorney for Debtor American Center for Civil Justice, Inc., filed with the U.S. Bankruptcy Court for the District of New Jersey a Plan and Disclosure Statement. On Feb. 18, 2020, Judge Christine M. Gravelle ordered that: * A hearing on the adequacy of the Disclosure Statement shall be held before Honorable Christine M. Gravelle on April 7, 2020, at 2:00 pm in Courtroom 3, USBC, 402 East State Street, Trenton NJ 08608. * Written objections to the adequacy of the Disclosure Statement shall be filed no later than 14 days prior to the hearing. A copy of the order dated Feb. 18, 2020, is available at https://tinyurl.com/sxv9s59 from PacerMonitor at no charge. About American Center for Civil Justice American Center for Civil Justice, Inc., is a tax-exempt organization that provides legal services. The organization defends human and civil rights by advocating and aiding lawsuits by victims of oppression, acts of violence and other injustices. American Center for Civil Justice filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 18-15691) on March 23, 2018. In the petition signed by Elie Perr, president, the company estimated $10 million to $50 million in assets and liabilities. The Honorable Christine M. Gravelle presides over the case. Timothy P. Neumann, Esq. , of Broege, Neumann, Fischer & Shaver LLC is the Debtors' counsel. APG SUBS: Wants Disclosure Hearing Reset to March 11 ---------------------------------------------------- Debtors APG Subs, Inc.; CRW Foods, Inc.; HRK Group, Inc.; Ray's Subway, Inc.; and Shore Foods, Inc. filed a motion to reschedule the March 3, 2020 hearing on their Disclosure Statement to March 11, 2020. The debtors have filed a Disclosure Statement and an Amended Disclosure Statement and have had extensive discussions with interested parties including Ms. Katherine Wyatt-Burrows and Xenith Bank. The Debtors would like additional time to try to resolve any differences between the parties which have agreed to reschedule the hearing to March 11, 2020, at 11:00 a.m. A copy of the motion dated Feb. 18, 2020, is available at https://tinyurl.com/v6nas2a from PacerMonitor at no charge. The Debtors are represented by: Marc R. Kivitz Trial Bar No. 02878 Suite 1330 201 North Charles Street Baltimore, MD 2l201 Tel: (410) 625-2300 About APG Subs Inc. APG Subs, Inc., based in Edgewood, MD, and its affiliates sought Chapter 11 protection (Bankr. M.D. Lead Case No. 19-18315) on June 19, 2019. In the petition signed by Raymond Burrows, III, president, the Debtor APG Subs. disclosed total assets of $28,177, and total liabilities of $1,268,112 in both assets and liabilities. The Hon. David E. Rice oversees the case. Marc R. Kivitz, Esq., at the Law Office of Marc R. Kivitz, serves as bankruptcy counsel to the Debtors. ARIZONA CALL-A-TEEN: Gets Conditional Approval to Hire Accountant ----------------------------------------------------------------- Arizona Call-A-Teen Youth Resources, Inc. received conditional approval from the U.S. Bankruptcy Court for the District of Arizona to hire Price Kong & Co., CPAs, P.A., subject to noticing period. The accounting services that Price Kong will render are: a. audit and prepare the financial statements; b. provide uniform guidance procedures and charter school reporting as required; c. prepare related IRS Form 990 and the related state return for Debtor; d. write management letter containing suggestions for improvements in internal controls and accounting procedures as necessary; e. facilitate consultations and other reporting as needed; f. advise proposal of adjusting entries, if any; and g. present the final audit to Debtor no later than January 15th each year. Price Kong will provide the services at the rate of $325 per hour for partners, $220 for managers, $160 per hour for seniors and $120 per hour for staff, plus reimbursement for work-related costs. Price Kong is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Price Kong can be reached at: Tim Hopkins, C.P.A. Price Kong & Co., CPAs, P.A. 5300 N Central Ave, Suite 200 Phoenix, AZ 85012 Tel: (602) 776-6300 About Arizona Call-A-Teen Youth Resources Arizona Call-A-Teen Youth Resources, Inc. (ACYR) -- https://acyraz.org/ -- is a tax-exempt, nonprofit organization that offers services primarily for young people who have either dropped out or are at risk of leaving high school prior to graduation. It provides academic, vocational and employment programs to help individuals discover their potential. Arizona Call-A-Teen Youth Resources sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 19-14311) on Nov. 11, 2019. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $500,000 and $1 million. Judge Madeleine C. Wanslee oversees the case. The Debtor tapped Keery McCue, PLLC as its legal counsel. ARLEN HOUSE: March 31 Plan Confirmation Hearing Set --------------------------------------------------- On Feb. 12, 2020, the U.S. Bankruptcy Court for the Southern District of Florida conducted a hearing to consider approval of the Disclosure Statement filed by debtor Arlen House East 715, LLC. On Feb. 18, 2020, Judge A. Jay Cristol ordered that: * The Disclosure Statement is approved and the limited objection by Arlen House Condo Assoc is overruled subject to correction of clerical error in any subsequent orders where it was erroneously called Roney Plaza. * March 31, 2020, at 2:00 PM in the United States Bankruptcy Court, C. Clyde Atkins US Courthouse, 301 N. Miami Avenue, Courtroom 7, Miami, FL 33128 is the hearing to consider confirmation of the Plan. * March 10, 2020, is the last day for filing and serving fee applications. * March 17, 2020, is the last day for filing and serving objections to confirmation of the Plan. * March 17, 2020, is the last day for filing a ballot accepting or rejecting the Plan. A copy of the order dated Feb. 18, 2020, is available at https://tinyurl.com/sj6c346 from PacerMonitor at no charge. About Arlen House East 715 Based in Miami Beach, Florida, Arlen House East 715, LLC, filed a voluntary petition under chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-16263) on May 24, 2018, listing under $1 million in both assets and liabilities. The petition was signed by Laurent Benzaquen, authorized representative of the Debtor. The Debtor tapped Joel M. Aresty, Esq., at Joel M. Aresty, P.A., as counsel. ARMANDO TROCHE: Maldonaldo Represents Jimenez, 3 Others ------------------------------------------------------- Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, attorney Harold A. Frye Maldonado submitted a verified statement to disclose that it is representing Giovanna Ferrer Jimenez, Delia Aleman Acevedo, Raquel Negron Aleman, and Amarilys Oliveras Vega, in the Chapter 11 cases of Armando Troche Oliveri and Katherine Davila Morales. On or about Feb. 20, 2020, the undersigning attorney was retained to represent creditor Giovanna Ferrer Jimenez in the above-captioned Chapter 11 Case. On or about Feb. 28, 2020 Delia Aleman Acevedo, Raquel Negron Aleman, and Amarilys Oliveras Vega, retained the services of the undersigning attorney to represent them in the same case. Attorney Harold A. Frye Maldonado represents the above mentioned Creditors in the above captioned Chapter 11 Case and in Chapter 7, case number 20-00300 (Centro Citopatologico Del Caribe Inc.) The Creditors are the only creditors or other parties in interest in the above captioned Chapter 11 Case for which attorney Harold A. Frye Maldonado is required to file a Verified Statement pursuant to Rule 2019. As of March 4, 2020, the lists of Creditor's and their disclosable economic interests are: Giovanna Ferrer Jimenez PO Box 35000 PMB 20141 Canovanas, PR 00729 * Nature of Claim or Interest: Labor Law Claim * Amount of Claim or Interest: $22,120.20 Delia Aleman Acevedo Calle 16 Z-11 Jardines de Country Club Carolina, PR 00983 * Nature of Claim or Interest: Labor Law Claim * Amount of Claim or Interest: $14,024.00 Raquel Negron Aleman Ave. Gilberto Monroig 1961 San Juan, PR 00912 * Nature of Claim or Interest: Labor Law Claim * Amount of Claim or Interest: $18,341.51 Amarilys Oliveras Vega 114 Urb. Valles de Santa Olaya Bayamon, PR 00956 * Nature of Claim or Interest: Labor Law Claim * Amount of Claim or Interest: $22,978.15 The Firm can be reached at: Harold A. Frye Maldonado, Esq. PO Box 366973 San Juan, Puerto Rico 00936 Tel: (787)668-3022 Fax: (800)204-0744 Email: frye.maldonado@gmail.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/eqNQAA About Armando Troche Oliveri and Katherine Davila Morales The Chapter 11 case is In re Armando Troche Oliveri and Katherine Davila Morales (Banks. D.P.R. Case No. 19-07179). ASPEN LANDSCAPING: April 17 Plan Confirmation Hearing Set --------------------------------------------------------- On Feb. 17, 2020, debtor Aspen Landscaping Contracting, Inc., filed with the U.S. Bankruptcy Court for the District of New Jersey the First Amended Disclosure Statement referring to First Amended Plan of Reorganization. On Feb. 18, 2020, Judge Vincent F. Papalia approved the Disclosure Statement and established the following dates and deadlines: * March 20, 2020, is fixed as the last date for IMG Business Advisors (IMG) to accept offers and expressions of interest from potential purchasers of the Debtor, its stock or its assets, in whole or in part. * March 30, 2020, is fixed as the last date for IMG to accept final offers from potential purchasers of the Debtor, its stock or its assets, in whole or in part. * April 9, 2020, is fixed as the last day for filing written acceptances or rejections of the Plan. * April 9, 2020, is fixed as the last day for filing and serving written objections to confirmation of the Plan. * April 17, 2020, at 10:00 a.m. is the hearing on confirmation of the Debtor's Plan. A full-text copy of the Disclosure Statement Approval Order dated Feb. 18, 2020, is available at https://tinyurl.com/st7lrwu from PacerMonitor at no charge. Counsel for Aspen Landscaping: McMANIMON, SCOTLAND & BAUMANN, LLC Richard D. Trenk Robert S. Roglieri 75 Livingston Avenue, Second Floor Roseland, New Jersey 07068 Tel: (973) 622-1800 E-mail: rtrenk@msbnj.com rroglieri@msbnj.com About Aspen Landscaping Contracting Aspen Landscaping Contracting, Inc. -- https://www.aspennj.net/ --is a landscaping contractor located in Union, New Jersey serving commercial and residential clients. The company offers wetland mitigation, planting, hydroseeding, irrigation, railroad spraying, tree removal/pruning/clearing, erosion control/soil stabilization, soil procurement and grading, and landfill work. Aspen Landscaping Contracting sought Chapter 11 protection (Bankr. D.N.J. Case No. 19-31885) on Nov. 20, 2019 in Newark, New Jersey. In the petition was signed by Maria A. Fuentes, president, the Debtor was listed with total assets at $2,429,468 and total liabilities at $2,510,983. Judge Vincent F. Papalia oversees the case. MCMANIMON, SCOTLAND & BAUMANN, LLC, is the Debtor's counsel. SAX, LLP, serves as accountant to the Debtor. AVIANCA HOLDINGS: Carried More Than 2.5M Passengers in January -------------------------------------------------------------- In January, the subsidiary companies of Avianca Holdings S.A. transported 2,518,718 passengers, a 9.5% decrease compared to January 2019. Capacity, measured in ASKs (available seat kilometers), decreased 9.1%, while passenger traffic, measured in RPKs (revenue passenger kilometers), decreased 11.5%. The load factor for the month was 81.3%, a decrease of 223 bps compared to the same period in 2019. Domestic markets in Colombia, Peru and Ecuador In January, the subsidiary airlines of Avianca Holdings transported in these markets a total of 1,469,674 passengers, a 5.9% decrease compared to January 2019. Capacity (ASKs) decreased 9.5%, while passenger traffic (RPKs) decreased 10.2%. The load factor for the month was 83.0%, an increase of 65 bps compared to the same period in 2019. International markets In January, the affiliated airlines of Avianca Holdings transported 1,049,044 passengers on international routes, a 14.0% decrease compared to January 2019. Capacity (ASKs) decreased 9.0%, while passenger traffic (RPKs) decreased 11.7%. The load factor for the month was 80.9%, a decrease of 256 bps compared to the same period in 2019. About Avianca Holdings Avianca Holdings S.A. -- http://www.avianca.com/-- is a Panama-based company engaged, through its subsidiaries, in the provision of air transportation services for passengers and commercial purposes. With a fleet of 175 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. Avianca reported a net loss of US$893.99 million for the year ended Dec. 31, 2019, compared to net profit of US$1.14 million the year ended Dec. 31, 2018. KPMG S.A.S., in Bogota, Colombia, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 26, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the controlling shareholder of the Company obtained a loan and pledged its shares in Avianca Holdings S.A. as security for this loan agreement (the loan agreement), which requires compliance with certain covenants by the controlling shareholder, including compliance with the Company financial ratios. Breach of these covenants provides the lender the right to enforce the security, leading to a change of control over the Company. A change of control over the Company would breach covenants included in some loan and financing, aircraft rental, and other agreements of the Company, which in turn could trigger early termination or cancelation of these contracts. On April 10, 2019, the Company was informed by the controlling shareholder and its lender, that there was a non-compliance with covenants established in the controlling shareholder's loan agreement, and no waiver was in place; thus, there is a potential risk of change of control. The auditors said this circumstance raises a substantial doubt about the Company's ability to continue as a going concern. * * * As reported by the TCR on Dec. 19, 2019, Fitch Ratings upgraded Avianca Holdings' Long-Term Foreign and Local Currency Issuer Default Ratings to 'CCC+' from 'RD'. The upgrades follow Avianca's announcement that it has completed its debt restructuring, including receipt of a US$250 million convertible secured stakeholder facility loan from United Airlines, Inc. (BB/Stable) and Kingsland Holdings Limited. BIG KAY DADDYS: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The Office of the U.S. Trustee on March 3, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Big Kat Daddys LLC. About Big Kat Daddys Big Kat Daddys, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 20-30274) on Jan. 16, 2020, listing under $1 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. The Law Office of Nima Taherian is the Debtor's legal counsel. BLOX INC: Chief Financial Officer Resigns ----------------------------------------- Nancy Zhao resigned as chief financial officer of Blox, Inc. The Company thanked Ms. Zhao for her contribution and services over the past five years as a CFO of the Company. The Company is currently looking for a new CFO. Warrants Expiry Date Extension On Feb. 28, 2020, Blox has extended the term of 87,543,750 share purchase warrants from Feb. 27, 2020 to Feb. 27, 2021. The share purchase warrants are exercisable at a price of $0.05 per share. About Blox Blox Inc. is primarily engaged in acquiring and exploring mineral properties plus the development of mineral resources for mining with the intent of applying green innovation plus renewable energy and technology to traditional mining methods. Blox reported a net loss of $11.61 million for the year ended March 31, 2019, compared to a net loss of $1.49 million for the year ended March 31, 2018. As of Dec. 31, 2019, the Company had $1.13 million in total assets, $764,844 in total liabilities, and $364,542 in total stockholders' equity. Morgan & Company LLP, in Vancouver, Canada, the Company's auditor since 2013, issued a "going concern" qualification in its report dated June 27, 2019, citing that the Company incurred losses from operations since inception, has not attained profitable operations and is dependent upon obtaining adequate financing to fulfill its operating activities. These conditions raise substantial doubt about the Company's ability to continue as a going concern. BOY SCOUTS: Proposes Victims Compensation Trust for Abuse Claimants ------------------------------------------------------------------- Debtors Boy Scouts of America and Delaware BSA, LLC, filed with the U.S. Bankruptcy Court for the District of Delaware a Chapter 11 Plan of Reorganization and a Disclosure Statement on Feb. 18, 2020. The Plan provides for the reorganization of the Debtors as a going concern and will enable them to continue the BSA's mission. The Plan contemplates the establishment of a Victims Compensation Trust for the benefit of holders of Abuse Claims, making distributions to holders of General Unsecured Claims, restructuring certain of the Debtors' prepetition Secured Claims, and entering into the Exit Facility. On the Effective Date of the Plan, the Debtors will establish a trust for the benefit holders of Abuse Claims. The Victims Compensation Trust will assume liability for all Abuse Claims and hold, administer and distribute Trust Assets for the benefit of holders of Abuse Claims. Holders of prepetition trade debt and other General Unsecured Claims, which do not include Abuse Claims, will receive pro-rata shares of the GUC Plan Distribution, which will be funded by Cash on hand and the proceeds of the Exit Facility. The BSA believes the ongoing publicity surrounding such claims has encouraged many victims to come forward in advance of this filing, and has been made aware of approximately 1,400 additional claims of Abuse. The BSA is aware of approximately 1,700 pending or asserted claims of Abuse against the BSA or a Local Council. To the extent claims of Abuse have not been asserted, the BSA encourages individuals to submit proofs of such claims prior to the BSA's requested bar date. The Debtors began taking measures to consolidate and stay all pending abuse litigation against the BSA, Local Councils, and Chartered Organizations. The BSA has removed to federal district court all Abuse Claims pending in state courts throughout the country against the BSA and/or the Local Councils and Chartered Organizations. The Debtors will also be filing a motion with the District Court to transfer all of the removed abuse actions to that court. The Debtors also are commencing an adversary proceeding seeking a preliminary injunction against the continued prosecution of Abuse Claims. The Debtors, or the Reorganized Debtors, shall fund Plan Distributions using Cash on hand and the proceeds of the Exit Facilities. A full-text copy of the Disclosure Statement dated Feb. 18, 2020, is available at https://tinyurl.com/vu56bvs from PacerMonitor at no charge. Counsel for the Debtors: SIDLEY AUSTIN LLP James F. Conlan Thomas A. Labuda Michael C. Andolina Matthew E. Linder One South Dearborn Street Chicago, Illinois 60603 Telephone: (312) 853-7000 - and - SIDLEY AUSTIN LLP Jessica C. K. Boelter Alex R. Rovira Andrew P. Propps 787 Seventh Avenue New York, New York 10019 Telephone: (212) 839-5300 - and - MORRIS, NICHOLS, ARSHT & TUNNELL LLP Derek C. Abbott Joseph C. Barsalona II Eric W. Moates Paige N. Topper 1201 North Market Street, 16th Floor P.O. Box 1347 Wilmington, Delaware 19899-1347 Telephone: (302) 658-9200 About the Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets at least $500 million in liabilities as of the bankruptcy filing. The Debtors tapped SIDLEY AUSTIN LLP as general bankruptcy counsel; MORRIS, NICHOLS, ARSHT & TUNNELL LLP as Delaware counsel; and ALVAREZ & MARSAL NORTH AMERICA, LLC as financial advisor. OMNI AGENT SOLUTIONS is the claims agent. BOY SCOUTS: Section 341(a) Meeting Set for April 15 --------------------------------------------------- The U.S. Trustee for Region 3 will convene a meeting of creditors of Boy Scouts of America and Delaware BSA LLC on April 15, 2020, at 1:00 p.m. (Prevailing Eastern Time), J. Caleb Boggs Federal Building, 844 King Street, 3rd Floor, Room 3209, Wilmington, Delaware 19801. The meeting may be continued or adjourned to a later date. If so, the date will be on the court docket. The Debtor's representative must attend the meeting to be questioned under oath. Creditors may attend, but are not required to do so. About the Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets at least $500 million in liabilities as of the bankruptcy filing. The Debtors tapped Sidley Austion LLP as general bankruptcy counsel; Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel; and Alvarez & Marsal North America LLC as financial advisor. Omni Agent Solutions is the claims agent. BRONX MIRACLE: Trustee Hires Tarter Krinsky as Legal Counsel ------------------------------------------------------------ Deborah Piazza, the Chapter 11 trustee of Bronx Miracle Gospel Tabernacle Word of Faith Ministries, Inc. received approval from the U.S. Bankruptcy Court for the Southern District of New York to hire her own firm, Tarter Krinsky & Drogin LLP, as her legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: (i) preserve the value of the Debtor's real property located at 2910 Barnes Ave., Bronx, New York; (ii) obtain a sale of the property and a carveout for the benefit of the Debtor's estate; (iii) prepare and file pleadings; (iv) investigate the Debtor's operations and flow of monies; (v) investigate whether the trustee has causes of action against third parties which could result in a recovery of monies for the benefit of creditors; and (vi) prepare all necessary motions, applications, orders and other legal documents that may be required under the Bankruptcy Code in connection with the Debtor's case. Tarter Krinsky's hourly rates are: Partners $530 to $725 Associates or Counsels $338 to $665 Legal assistant $260 to $325 Deborah Piazza, Esq., a partner at Tarter Krinsky, attests that her firm is a "disinterested person," as defined in Section 101(14) of the Bankruptcy Code. The counsel can be reached through: Deborah J. Piazza, Esq. Scott S. Markowitz, Esq. Tarter Krinsky & Drogin LLP 1350 Broadway, 11th Floor New York, NY 10018 Tel: (212) 216-8000 Email: dpiazza@tarterkrinsky.com smarkowitz@tarterkrinsky.com About Bronx Miracle Gospel Tabernacle Bronx Miracle Gospel Tabernacle Inc. -- http://www.bronxmiracle.org -- is a not-for-profit religious corporation in Bronx, New York. The Debtor previously sought bankruptcy protection on May 22, 2017 (Bankr. S.D.N.Y. Case No. 17-11395). The Debtor sought bankruptcy protection (Bankr. S.D.N.Y. Case No. 19-12447) on July 28, 2019. In the petition signed by Rev. Dr. Keith Elijah Thompson, pastor, the Debtor estimated $1 million to $10 million in both assets and liabilities. Barak P. Cardenas, Esq. at Cardenas Islam & Associates, PLLC, serves as the Debtor's counsel. Deborah Piazza was appointed as the Debtor's Chapter 11 trustee. The trustee is represented by Tarter Krinsky & Drogin LLP. BUFFBURGER #1: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The Office of the U.S. Trustee on March 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of BuffBurger #1, L.P.. About BuffBurger #1 BuffBurger #1, L.P. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 20-30689) on Jan. 28, 2020. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Christopher M. Lopez oversees the case. The Debtor tapped John Akard Jr., Esq., as its legal counsel. CANBIOLA INC: To Effect 300-to-1 Reverse Stock Split ---------------------------------------------------- Canbiola, Inc. (now known as Can B Corp) filed an amendment to its Articles of Incorporation with the Florida Secretary of State to effect a 300-to-1 reverse stock split of its issued and outstanding, but not authorized, shares of Common Stock, as reported in the Company's definitive Schedule 14C filed with the Securities and Exchange Commission on Dec. 13, 2019. About Canbiola Headquartered in Hicksville New York, Canbiola, Inc. -- http://www.canbiola.com/-- develops, produces, and sells products and delivery devices containing CBD. Cannabidiol ("CBD") is one of nearly 85 naturally occurring compounds (cannabinoids) found in industrial hemp (it is also contained in marijuana). The Company's products contain CBD derived from Hemp and include products such as oils, creams, moisturizers, isolate, and gel caps. In addition to offering white labeled products, Canbiola has developed its own line of proprietary products, as well as seeking synergistic value through acquisitions of products and brands in the Hemp industry. Canbiola reported a net loss and comprehensive loss of $4.11 million for the year ended Dec. 31, 2018, following a net loss and comprehensive loss of $2.14 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, Canbiola had $6.76 million in total assets, $282,518 in total liabilities, and $6.48 million in total stockholders' equity. BMKR LLP, in Hauppauge, NY, the Company's auditor since 2014, issued a "going concern" qualification in its report dated April 15, 2019, citing that the Company incurred a net loss of $4,112,277 during the year ended Dec. 31, 2018, and as of that date, had an accumulated deficit of $18,768,753. The company is in arrears with certain vendor creditors which, among other things, cause the balances to become due on demand. The Company is not aware of any alternate sources of capital to meet such demands, if made. The auditor said the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. CAPE MIAMI 32: March 31 Plan Confirmation Hearing Set ----------------------------------------------------- On Feb. 12, 2020, the U.S. Bankruptcy Court for the Southern District of Florida conducted a hearing to consider approval of the disclosure statement filed by Debtor Cape Miami 32 LLC (DE). On Feb. 18, 2020, Judge A. Jay Cristol approved the disclosure statement and established the following dates and deadlines: * March 31, 2020, at 2:00 p.m. in the United States Bankruptcy Court, C. Clyde Atkins US Courthouse, 301 N. Miami Avenue, Courtroom 7, Miami, FL 33128 is the hearing to consider confirmation of the Plan. * March 10, 2020, is the last day for filing and serving fee applications. * March 17, 2020, is the last day for filing and serving objections to confirmation of the plan. * March 17, 2020, is the last day for filing a ballot accepting or rejecting the plan. A copy of the Disclosure Statement Approval Order dated Feb. 18, 2020, is available at https://tinyurl.com/szdtd54 from PacerMonitor at no charge. About Cape Miami 32 LLC (DE) Headquartered in Miami Beach, Florida, Cape Miami 32 LLC (DE) filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 18-17592) on June 25, 2018. In the petition signed by Yonel Devico, MGM, the Debtor was estimated to have assets between $50,000 and $100,000 and liabilities between $100,000 and $500,000. Joel M. Aresty, Esq., at Joel M. Aresty P.A., serves as the Debtor's bankrupty counsel. No official committee of unsecured creditors has been appointed in the case. CARMEL MEDICAL: Beltway Surgery Seeks Changes to Disc. Statement ---------------------------------------------------------------- Beltway Surgery Centers, L.L.C., objects to the Disclosure Statement filed by debtor Carmel Medical Office Building, LLC, dated Jan. 22, 2020. According to Beltway, the Debtor's Disclosure Statement does not clearly describe the means for implementation of the Debtor Plan, misstates key facts and misrepresents other facts. It, therefore, lacks the information necessary for creditors to make an informed decision on the Debtor Plan and should not be approved as submitted, Beltway tells the Court. Beltway expects any plan to expressly preserve Beltway's statutory rights to possession of the Leased Premises. Beltway has statutory rights to continued possession of the Leased Premises. Beltway avers that the Debtor's proposal to convert the Beltway Lease to a sublease is a not-so-thinly-veiled effort to circumvent Beltway's rights, made clear by the fact that the sublease structure is not necessary to accomplish Debtor's goals. The only conceivable reason why the Debtor Plan proposes to convert the Beltway Lease to a sublease is to seek to circumvent Beltway’s rights. The Debtor's Disclosure Statement, according to Beltway, should accurately reflect that Beltway has the right to exercise three consecutive one-year terms under the Beltway Lease to extend the term to and including Feb. 28, 2023. Beltway also notes that the Disclosure Statement contains misrepresentations asserting that Beltway has refused to negotiate in good faith. Contrary to the Debtor's allegations in the Debtor Disclosure Statement, Beltway has tried to engage Debtor and representatives of potential buyers regarding the terms of a potential extension of the Beltway Lease or execution of a new lease. Beltway requests the Court require, as a condition for approval of the Debtor Disclosure Statement, that Debtor amend the Debtor Disclosure Statement to address the issues raised. A full-text copy of Beltway's objection to disclosure dated February 18, 2020, is available at https://tinyurl.com/rw3rfeo from PacerMonitor at no charge. Counsel for Beltway Surgery: FAEGRE DRINKER BIDDLE & REATH LLP Dustin R. DeNeal Elizabeth M. Little 600 E. 96th Street, Suite 600 Indianapolis, IN 46240 Telephone: (317) 569-9600 Facsimile: (317) 569-4800 E-mail: dustin.deneal@faegredrinker.com About Carmel Medical Office Building Carmel Medical Office Building, LLC, is a Single Asset Real Estate Debtor, as defined in 11 U.S.C. Section 101(51B). The Company owns in fee simple a real property located at 10601 North Meridian Street Indianapolis, having a current value of $5.3 million (based on offer received in 2019). Carmel Medical Office Building, based in Carmel, IN, filed a Chapter 11 petition (Bankr. S.D. Ind. Case No. 19-03536) on May 15, 2019. In the petition signed by Zakir H. Khan, president, the Debtor disclosed $6,125,000 in assets and $6,667,625 in liabilities. The Hon. James M. Carr oversees the case. Jeffrey M. Hester, Esq., a partner at Hester Baker Krebs LLC, is the Debtor's bankruptcy counsel. CAROLINA CARBONIC: March 26 Plan & Disclosure Hearing Set --------------------------------------------------------- On Feb. 17, 2020, debtor Carolina Carbonic & Hydrotesting, Inc., filed with the U.S. Bankruptcy Court for the Middle District of North Carolina, Greensboro Division, a Disclosure Statement of the Plan of Reorganization. On Feb. 18, 2020, Judge Catharine R. Aron conditionally approved the Disclosure Statement and established the following dates and deadlines: * March 19, 2020, is fixed as the last date for filing and serving written objections to the Disclosure Statement. * March 26, 2020, at 11:00 a.m. in the U.S. Bankruptcy Court, 302 East Pettigrew Street, Suite 280, Durham, North Carolina 27701 is the hearing on confirmation of the Plan and final approval of Disclosure Statement. * March 19, 2020, is fixed as the last day for filing written acceptances or rejections of the Plan. * March 19, 2020, is fixed as the last day for filing and serving written objections to the confirmation of the Plan. A copy of the order dated Feb. 18, 2020, is available at https://tinyurl.com/tp6b25x from PacerMonitor at no charge. About Carolina Carbonic Carolina Carbonic and Hydrotesting, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 19-10899) on Aug. 20, 2019. At the time of the filing, the Debtor was estimated to have assets of less than $1 million and liabilities of less than $100,000. Judge Catharine R. Aron is assigned to the case. The Law Firm of Ivey, McClellan, Gatton & Siegmund is the Debtor's counsel. CCO HOLDINGS: S&P Rates New Senior Unsecured Notes Due 2032 'BB' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '5' recovery rating to CCO Holdings LLC's proposed senior unsecured notes due 2032. The '5' recovery rating indicates S&P's expectation for modest (10%-30%; rounded estimate: 25%) recovery in a simulated default. The company's parent, Charter Communications Inc., also announced that it plans to issue an add-on to its existing 4.5% senior unsecured notes due 2030. S&P's ratings on the existing notes are unaffected by the add-on. The company will use the proceeds from the add-on and the new issuance for general corporate purposes, which may include repaying debt and funding share repurchases. S&P's 'BB+' issuer credit rating on Charter Communications is unaffected because the rating agency expects the transaction to be relatively leverage neutral. It continues to expect Charter to maintain a debt-to-EBITDA ratio at the higher end of the company's 4.0x-4.5x target range as it repurchases about $8 billion-$10 billion of its shares in 2020. S&P believes the company's EBITDA will expand by 6%-8% in 2020 on increasing demand for high-margin internet services and elevated political ad revenue, which will offset its lower-margin video subscriber losses of about 3%-4%. S&P does not expect the new coronavirus to have a material effect on Charter's operating performance. In fact, it is possible that fear of the virus could lead to increased demand for home broadband if outdoor events are cancelled and people become reluctant to travel. CENTRAL PALM BEACH SURGERY: US 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 cases of Central Palm Beach Surgery Center Ltd. and CPBS Management, LLC, according to court dockets. About Central Palm Beach Surgery Center and CPBS Management Central Palm Beach Surgery Center Ltd. and CPBS Management LLC, owners of an ambulatory surgery center in West Palm Beach, Fla., filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 20-11127) on Jan. 28, 2020. The petitions were signed by Jonathan Cutler, authorized member. Central Palm disclosed $7,115,518 in assets and $12,270,801 in liabilities. Judge Mindy A. Mora oversees the cases. Robert C. Furr, Esq., at Furr & Cohen, P.A., is the Debtors' legal counsel. CHARLENE CORP: April 15 Plan Confirmation Hearing Set ----------------------------------------------------- On Jan. 23, 2020, debtor Charlene Corporation filed with the U.S. Bankruptcy Court for the District of Maryland, at Greenbelt, a Disclosure Statement referring to a Plan. On Feb. 18, 2020, Judge Thomas J. Catliota approved the Disclosure Statement and established the following dates and deadlines: * March 31, 2020, is fixed as the last day of filing written acceptances or rejections of the Plan. * April 15, 2020, at 10:30 a.m. is fixed for the hearing on confirmation of the Plan to take place in Courtroom 3E of the U.S. Bankruptcy Court, U.S. Courthouse, 6500 Cherrywood Lane, Greenbelt, Maryland 20770. * March 31, 2020, is fixed as the last day for filing and serving written objections to confirmation of the Plan. A copy of the order dated Feb. 18, 2020, is available at https://tinyurl.com/uzxdon2 from PacerMonitor at no charge. About Charlene Corporation Charlene Corporation is in the retail business of gold and jewelry sales, and operates its business exclusively within leased space located at the Langley Park Plaza Shopping Center, 7923 New Hampshire Ave., Hyattsville, MD20783. It is solely owned by Ms. Xuan Hoang T. Nguyen, (Ms. Nguyen) who has solely owned the business since 2015. Based in Hyattsville, Maryland, Charlene Corporation sought Chapter 11 protection (Bankr. D. Md. Case No. 19-22991) on Sept. 30, 2019, listing under $1 million in both assets and liabilities. Michael S. Woll, Esq. at Woll & Woll, P.A., represents the Debtor. CHHATRALA GRAND: March 26 Plan Confirmation Hearing Set ------------------------------------------------------- Debtors Chhatrala Grand Rapids, LLC and Bhogal Enterprises, LLC, filed with the U.S. Bankruptcy Court for the Western District of Michigan their Third Amended Disclosure Statement. On Feb. 18, 2020, Judge John T. Gregg approved the Disclosure Statement and established the following dates and deadlines: * March 19, 2020, is the deadline to file all Ballots. * March 19, 2020, is the deadline to file objections to the Plan. * March 26, 2020, at 9:00 a.m. in Courtroom C at the United States Bankruptcy Court for the Western District of Michigan, One Division Ave., N., Grand Rapids, Michigan 49503 is the hearing regarding confirmation of the plan. * March 24, 2020, at 12:00 p.m. is the deadline for the Plan Proponent to file a brief in support of confirmation. A copy of the order dated February 18, 2020, is available at https://tinyurl.com/sru5kt3 from PacerMonitor at no charge. About Chhatrala Grand Rapids and Bhogal Enterprises Chhatrala Grand Rapids, LLC, and its affiliate Bhogal Enterprises, LLC, operate hotels and motels. Chhatrala Grand and Bhogal Enterprises sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Lead Case No.19-03908) on Sept. 16, 2019. At the time of the filing, Chhatrala Grand had estimated assets of less than $50,000 and liabilities of between $10 million and $50 million while Bhogal Enterprises had estimated assets of less than $50,000 and liabilities of between $100,000 and $500,000. The cases are assigned to Judge John T. Gregg. The Debtors are represented by Mark H. Shapiro, Esq., at Steinberg Shapiro & Clark. COLUMBIA NUTRITIONAL: U.S. Trustee Forms 2-Member Committee ----------------------------------------------------------- Gregory Garvin, acting U.S. trustee for Region 18, on March 3, 2020, appointed two creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Columbia Nutritional, LLC. The committee members are: (1) ESM Technologies, LLC dba Stratum Nutrition Attn: Elaine Burr 2213 Missouri Avenue Carthage, Missouri 64836 Phone: 417-358-4822 Fax: 417-358-4944 eburr@stratumnutrition.com (2) AIDP, Inc. Attn: Mark Thurston 19525 E. Walnut Drive S. City of Industry, CA 91748 Phone: 626-964-6910 Fax: 626-964-4160 m.thurston@aidp.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 Columbia Nutritional Columbia Nutritional, LLC -- https://www.columbianutritional.com/ -- is a contract manufacturer of dietary supplements based in the Pacific Northwest. Columbia Nutritional filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wa. Case No. 20-40353) on Feb. 6, 2020. In the petition signed by COO Brea Viratos, the Debtor was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Brian D. Lynch oversees the case. Thomas W. Stilley, Esq., at Sussman Shank LLP, serves as the Debtor's legal counsel. COMPLETE ROOFING: Case Summary & 12 Unsecured Creditors ------------------------------------------------------- Debtor: Complete Roofing and Construction LLC 5754 State Road 542 West, #5 Winter Haven, FL 33880 Business Description: Complete Roofing and Construction LLC is a privately held company that offers all types of roofing systems to both residential and commercial clients. Complete Roofing is a Florida State Certified Roofing Contractor. Chapter 11 Petition Date: March 4, 2020 Court: United States Bankruptcy Court Middle District of Florida Case No.: 20-01915 Debtor's Counsel: David W. Steen, Esq. DAVID W. STEEN, P.A. PO Box 270394 Tampa, FL 33688-0394 Tel: (813) 251-3000 E-mail: dwsteen@dsteenpa.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Donald Eric Deese, owner/CEO. A full-text copy of the petition containing, among other items, a list of the Debtor's 12 unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/AptIvN COMPUWARE CORP: S&P Puts 'B' ICR on Watch Neg. on BMC Acquisition ----------------------------------------------------------------- S&P Global Ratings placed all of its ratings on Compuware Corp., including its 'B' issuer credit rating, on CreditWatch negative. The CreditWatch placements are based on Compuware Corp.'s announcement of an agreement to be acquired by BMC Software Inc. and the pending completion of the announced transaction. The company has not disclosed financial terms of the acquisition. "We will monitor developments related to the announced acquisition and will resolve the CreditWatch placement when we have additional clarity around the completion of the transaction and/or changes to Compuware's capital structure. We may lower or withdraw our ratings on Compuware subsequent to the close of this transaction," S&P said. CRAFTWORKS PARENT: In Chapter 11 to Pursue Sale Process ------------------------------------------------------- CraftWorks Parent and its subsidiaries sought Chapter 11 protection saying that its 261 restaurants and breweries nationwide will remain open while they pursue a buyer for the business. CraftWorks also signed a deal with its senior lender to reduce its debt by more than 60% and for the senior lender to act as "stalking horse" bidder in the sale process. The Debtors are operators and franchisors of steakhouses and craft beer brewery restaurants in the U.S. with more than 330 locations (including 77 franchised) in 39 states and the District of Columbia and abroad in Taiwan. The 77 franchise locations are not included in the proceedings and continue to operate as usual. The Debtors employ more than 18,000 team members and corporate and other support staff, including at restaurants nationwide and at offices located in Nashville, Tennessee, and Broomfield, Colorado. Their core brands include several nationally recognized brands, such as (a) Logan's Roadhouse, (b) Old Chicago Pizza & Taproom, (c) Gordon Biersch Brewery Restaurant and (d) Rock Bottom Restaurant and Brewery, as well as various other specialty brands, each with a strong local presence. In addition to operating restaurants, the Debtors have a profitable franchising unit that licenses their operations in approximately 71 locations across the country and six locations in Taiwan. In 2019, the Debtors generated more than approximately $720.0 million in revenue and approximately $31.5 million in adjusted pro forma EBITDA and served over 65,000,000 meals. At a time when nearly all casual dining restaurants in the U.S. are struggling due to macro- and microeconomic factors, such as rising wages, increased competition and online third-party food delivery platforms, the Debtors have managed to continue to drive the profitability of their best performing stores in both their core and specialty brands. The Debtors have focused on providing their loyal customer base with perfectly crafted experiences in unique and highly differentiated restaurants that are simply not available at many of their competitors. In connection with this focus on their core customer, the Debtors worked to enhance the quality and selection of food, added new menus, launched an improved guest service platform, and re-aligned their operating management teams to meet and exceed guest expectations. These factors plus other locally-branded concepts drive high customer satisfaction and repeat business. Despite management's best effort, their strong brands and loyal customer base, the Debtors have been negatively impacted by an overleveraged capital structure and low levels of liquidity that dates back to their acquisition of Logan's Roadhouse in November 2018. This lack of liquidity materially reduced the Debtors' ability to fund necessary capital expenditures and investment in their restaurants that would allow the business to flourish. At the same time, the challenging casual dining industry made it difficult to remain profitable. In particular, the costs of rent due under the Debtors' long-term real property leases -- one of the Debtors' largest monthly expenses -- along with other market pressures such as higher wages and other costs, further strained the Debtors' liquidity and hampered their ability to fund the necessary cash to sustain their operations. As a means to strengthen their business, the Debtors worked with their longstanding real estate advisor, Hilco Real Estate, LLC, to analyze their lease portfolio and to assist with renegotiating leases and obtaining rent concessions. After consulting with Hilco and their other advisors, the Debtors closed 37 underperforming and otherwise unprofitable stores in the weeks prior to filing these Chapter 11 Cases in a positive step towards optimizing their footprint. In addition, the Debtors instituted certain corporate initiatives resulting in transaction related synergies stemming from the Logan's Acquisition in 2018 and have created a more efficient corporate structure, internal enterprise and operational mechanisms that streamlined operations and cut costs. Thus, unlike many other restaurants and retailers that filed for chapter 11 protection without a plan to start fixing their business, the Debtors are already well underway with their turnaround strategy and are well-positioned to move forward in a positive direction. These operational fixes, however, have not been enough to overcome the strain on the Debtors' liquidity caused by their saturated balance sheet. These issues came to a head in late 2019 and early 2020 when the Debtors lacked sufficient cash to make the required interest payment under their Prepetition First Lien Credit Agreement and had breached or were going to breach certain financial covenants thereunder. As a means to stabilize the situation, the Debtors worked with their advisors, including Katten Muchin Rosenman LLP, as restructuring counsel, and M-III Partners, L.P., as financial advisor, to find a value-maximizing solution that would fix the Debtors' balance sheet, provide necessary liquidity, and allow the Debtors' restaurants to continue operating in the ordinary course, enabling them to save more than 18,000 jobs, continue business relationships with their landlords, vendors, and franchise partners and serve their millions of loyal customers. In effort to maximize value as part of these restaurant closings, the Debtors have filed a motion for procedures to sell furniture, fixtures and equipment located the recently closed stores as well as certain "quota" licenses related to the closing stores. In such motion, the Debtors are also requesting permission to transfer such property and equipment to the applicable landlord in full or partial satisfaction of such landlord's administrative expense claims and unsecured claims. With the assistance of their advisors, the Debtors entered into a forbearance agreement with their Prepetition First Lien Lenders, who are affiliates of Fortress, that provided a necessary breathing spell and permitted the Debtors to regroup and evaluate all options. Thereafter, the Debtors, their Board of Managers of Debtor CraftWorks Parent, LLC and their advisors worked around the clock to analyze all possible restructuring scenarios. As a result of this process, the Board, in consultation with the Debtors' management and advisors, determined that a sale and auction process for substantially all of the Debtors' assets in chapter 11 would be the best way to maximize value for all stakeholders. Most importantly, that sale process is supported by the Prepetition First Lien Lenders, who have committed to provide $23.0 million of critical and necessary new money loans under the proposed DIP Facility, which amount after taking into account the roll-up and letter of credit facility, totals $142.7 million. The financing provided by the DIP Facility allows the Debtors to fund these Chapter 11 Cases and their operations while they market their assets and seek to consummate a sale transaction. In addition, the Prepetition First Lien Lenders also agreed to submit a "stalking horse" bid for substantially all of the Debtors' assets, subject to an auction and sale process pursuant to which the Debtors can select the highest or otherwise best offer as determined in their business judgment. That sale process is already underway as the Debtors' investment banker, Configure Partners, LLC -- Configure Partners -- has contacted more than 268 parties prior to the Petition Date, including by sending a teaser to more than 239 parties and a confidential information memorandum to more than 27 parties that have executed a customary nondisclosure agreement. The Board understands its fiduciary duties to the Debtors' estates and intends to fulfill those duties in a manner that maximizes value for all stakeholders. In that regard, it is the Debtors' intention to file a chapter 11 plan and disclosure statement in the near term while the sale process is ongoing. The Debtors believe that simultaneously pursuing both the sale and plan processes is the best way to achieve a global and value-maximizing resolution to these Chapter 11 Cases that benefits all stakeholders. Thus, the Debtors filed the Chapter 11 Cases to complete the open and competitive sale process begun prior to the Petition Date for the sale of substantially all of their assets with their Prepetition First Lien Lenders serving as the stalking horse bidder. The Debtors intend to maintain their current operations while this sale process is ongoing and also pursue confirmation of a chapter 11 plan as they believe that is the value-maximizing result for the Chapter 11 Cases and in the best interests of all of their stakeholders. $235.4M of Outstanding Debt As of the Petition Date, the Debtors had approximately $235.4 million in outstanding debt: 1. First Lien Loans – Term Loan and Revolving Line of Credit from Fortress Credit Co LLC, as agent, with $131.7 million outstanding; 2. First Lien Loans – Letters of Credit, from Wells Fargo Bank, National Association, with $4.7 million outstanding; 3. Second Lien Loans – Term Loan, from Wells Fargo Bank, National Association, as agent, with $35.0 million outstanding; 4. Seller Notes from Roadhouse Holding Inc., with $30.0 million outstanding; and 5. Recovery Note from Wells Fargo Bank, National Association, with $34.0 million outstanding. About CraftWorks CraftWorks Parent, LLC and its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware On March 3, 2020. The cases are pending before the Honorable Brendan L. Shannon. The lead case is In re CraftWorks Parent (Bankr. D. Del. Lead Case No. 20-10475). CraftWorks Parent, LLC, and its affiliated entities are operators and franchisors of steakhouses and craft beer brewery restaurants in the U.S. with more than 330 locations in 39 States and the District of Columbia and abroad in Taiwan as of the bankruptcy filing date. CraftWorks employs more than 18,000 team members and corporate and other support staff, including at its restaurants nationwide and at offices located in Nashville, Tennessee and Broomfield, Colorado. Its four largest "core" brands are (a) Logan's Roadhouse, (b) Old Chicago Pizza & Taproom, (c) Gordon Biersch Brewery Restaurant, and (d) Rock Bottom Restaurant and Brewery. In addition, CraftWorks operates unique one-off "specialty" restaurants such as Big River Grille & Brewing Works and ChopHouse & Brewery. CraftWorks was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. The Company filed the proceedings to implement an agreement with its senior lender that is expected to reduce its debt by more than 60%, strengthen liquidity, and better position its popular brands for long-term growth. The Company has filed a motion requesting approval of a "stalking horse" asset purchase agreement with its senior lender and a competitive bidding process under Section 363 of the Bankruptcy Code. The Debtors tapped KLEHR HARRISON HARVEY BRANZBURG LLP as counsel; CONFIGURE PARTNERS, LLC, as investment banker; and M-III ADVISORY PARTNERS, LP as financial advisor. PRIME CLERK LLC is the claims agent. HILCO REAL ESTATE, LLC, is the real estate advisor, and KEKST CNC is the communications advisor. CYTOSORBENTS CORP: Approves Compensation Arrangements for Execs. ---------------------------------------------------------------- The Compensation Committee of the Board of Directors of CytoSorbents Corporation approved the following annual base salaries, cash bonuses and incentive equity awards for its executive officers: Restricted 2020 Base Cash Stock Stock Salary Bonus Options Units Name/Position (4) (5)(6) (5)(7) ------------- ---------- ------- -------- --------- Phillip P. Chan, MD, PhD President and CEO $455,520(1) $99,645 80,000 60,000 Vincent J. Capponi Chief Operating Officer $386,770(2) $57,258 68,000 54,100 Kathleen P. Bloch Chief Financial Officer $349,460(3) $50,876 60,000 43,000 (1) Represents approximately a 4.0% increase in annual base salary; effective as of Jan. 1, 2020. (2) Represents approximately a 6.4% increase in annual base salary; effective as of Jan. 1, 2020. (3) Represents approximately a 8.2% increase in annual base salary; effective as of Jan. 1, 2020. (4) The cash bonuses will be paid by the Company to the executive officers in March 2020 in accordance with the Company's payroll. (5) Grant date was Feb. 28, 2020. (6) The shares underlying the stock options vest as to one- quarter of the award on each of the date of grant, the first anniversary of the date of grant, the second anniversary of the date of grant and the third anniversary of the date of grant, subject to the executive officer's continued service with the Company as of the applicable vesting date. (7) The restricted stock units vest as to one-third of the award on each of the date of the grant, the first anniversary of the date of the grant, and the second anniversary of the date of the grant, subject to the executive officer's continued service with the Company as of the applicable vesting date. The adjustments to base salary were made in connection with each such executive officer's annual performance review. The cash bonuses, stock options and restricted stock units were awarded at the discretion of the Compensation Committee, in recognition of the Company's 2019 performance and the performance of each executive officer. Each stock option and restricted stock unit has a 10-year term and each option has a strike price of $6.03, the closing price of the Company's common stock as reported on the NASDAQ Capital Market on the date of the grant. About CytoSorbents Based in Monmouth Junction, New Jersey, CytoSorbents Corporation is engaged in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb is approved in the European Union with distribution in 55 countries around the world, as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" that could otherwise cause massive inflammation, organ failure and death in common critical illnesses. These are conditions where the risk of death is extremely high, yet no effective treatments exist. Cytosorbents reported a net loss of $17.21 million for the year ended Dec. 31, 2018, compared to a net loss of $8.46 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $28.68 million in total assets, $21.95 million in total liabilities, and $6.73 million in total stockholders' equity. WithumSmith+Brown, PC, in East Brunswick, New Jersey, the Company's auditor since 2004, issued a "going concern" qualification in its report on the Company's consolidated financial statements for the year ended Dec. 31, 2018, noting that the Company sustained net losses for the years ended Dec. 31, 2018, 2017 and 2016. Furthermore, the Company believes it will have to raise additional capital to fund its planned operations for the twelve month period through March 2020. These matters raise substantial doubt regarding the Company's ability to continue as a going concern. ENVEN ENERGY: S&P Alters Outlook to Negative, Affirms 'B' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed all ratings on EnVen Energy Corp., including the 'B' issuer credit rating. The outlook revision follows S&P's assessment of the effect of lower commodity prices and missed production targets by EnVen, resulting in weaker-than-anticipated credit ratios and negative free cash flow generation. Under its new assumptions, S&P expects the company's funds from operations (FFO) to debt will average in the mid- to high-30% range and debt to EBITDA in the low-2.0x range over the next two years. S&P's adjusted debt figures include both asset retirement obligations as well as the companys preferred notes. Additionally high decline rates and short offshore life span requires continued investment, limiting the company's ability to reduce capital expenditures (capex). The negative outlook reflects S&P's expectation that Enven's credit measures will weaken such that FFO to debt will average approximately in the mid- to high-30% range over the next two years. "We could lower our rating on EnVen if we expect that its FFO to debt will approach 30% without a near-term remedy or the company fails to extend its reserve-based credit facility due January 2022. This would most likely occur if commodity prices weaken, the company is unable to meet our oil production growth expectations, or EnVen engages in debt-funded acquisitions rather than issuing equity as it has in the past," S&P said. "We could return the outlook to stable if the company is able to recover production to prior forecasted levels and generates free cash flow. This would most likely occur if commodity prices strengthened significantly or it acquires fully developed assets through the use of primarily equity," the rating agency said. EVENTIDE CREDIT: Seeks to Hire Forshey & Prostok as Legal Counsel ----------------------------------------------------------------- Eventide Credit Acquisitions, LLC seeks authority from the U.S. Bankruptcy Court for the Northern District of Texas to hire Forshey & Prostok, LLP as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. advise the Debtor of its rights, powers and duties in the operation and management of its business and assets; b. assist in the negotiation and documentation of agreements, debt restructurings and related transactions; c. review the nature and validity of liens asserted against the property of the Debtor and advise the Debtor concerning the enforceability of such liens; d. advise the Debtor concerning the action that it might take to collect and recover property; e. prepare legal documents and review all financial reports to be filed in the Debtor's case; and f. assist the Debtor in the formulation, negotiation and promulgation of one or more plans of reorganization and related documents. Forshey & Prostok will be paid at these hourly rates: Jeff Prostok $675 Lynda L. Lankford $485 Other Attorneys $375 - $450 Paralegal, Legal Assistants $150 - $195 Forshey & Prostok will also be reimbursed for work-related expenses incurred. Jeff Prostok, Esq., a partner at Forshey & Prostok, assured the court that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Forshey & Prostok can be reached at: Jeff P. Prostok, Esq. Forshey & Prostok, LLP 777 Main St., Suite 1290 Fort Worth, TX 76102 Tel: (817) 877-8855 Fax: (817) 877-4151 Email: jprostok@forsheyprostok.com About Eventide Acquisitions Eventide Acquisitions, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 20-40349) on Jan. 28, 2020. At the time of the filing, the Debtor had estimated assets of between $50 million and $100 million and liabilities of between $1 million and $10 million. Judge Edward L. Morris oversees the case. The Debtor tapped Forshey & Prostok, LLP and Loeb & Loeb, LLP as its legal counsel. The Office of the U.S. Trustee appointed creditors to serve on the official committee of unsecured creditors in the Debtor's case. The committee is represented by Cole Schotz P.C. FAIRWAY GROUP: Gets Final Nod on $25-Mil Loan, Cash Collateral Use ------------------------------------------------------------------ Judge James L. Garrity, Jr., of the U.S. Bankruptcy Court for the Southern District of New York issued a final order authorizing Fairway Group Holdings Corp., and its debtor affiliates to borrow up to an aggregate outstanding principal amount of not greater than $25.0 million at any one time outstanding under the DIP financing agreement entered between the Debtors and certain of their prepetition secured lenders. Ankura Trust Company, LLC, as administrative agent and collateral agent, for the benefit of itself and the DIP lenders, (i) is granted continuing, valid, binding, enforceable, non-avoidable, and automatically and properly perfected post-petition security interests in and liens on all real and personal property, with respect to the DIP obligation and; (ii) an allowed super-priority administrative expense claim in each of the Chapter 11 cases (and any successor cases) with priority over any and all administrative expense claims and unsecured claims against the Debtors or their estates. In addition, the Debtors are authorized to use the cash collateral, pursuant to the budget, until the DIP termination date. As adequate protection, the Prepetition Secured Parties are granted continuing, valid, binding, enforceable and perfected post-petition security interests in and liens on the DIP collateral solely to the extent against any aggregate diminution in value of their interests in the prepetition collateral. The adequate protection liens, subject to the carve-out and otherwise junior only to (1) permitted liens and (2) the DIP liens, will be senior to all other security interests in, liens on, or claims against any of the DIP collateral. The Prepetition Secured Parties are also granted allowed superpriority administrative expense claims, d to the extent provided by Section 507(b) of the Bankruptcy Code. A copy of the Final Order is available for free at http://bankrupt.com/misc/nysb20-10161-199.pdf About Fairway Group Fairway Group -- https://www.fairwaymarket.com/ -- is a food retailer operating 14 supermarkets across the New York, New Jersey and Connecticut tri-state area, including two with freestanding wine and liquor stores (the Stamford and Pelham locations) and two with in-store wine and liquor stores (the Woodland Park and Paramus locations). The company's flagship store is located at Broadway and West 74th Street, on the Upper West Side of Manhattan, featuring a cafe, Sur la Route, and state of the art cooking school. Fairway's stores emphasize an extensive selection of fresh, natural, and organic products, prepared foods, and hard-to-find specialty and gourmet offerings, along with a full assortment of conventional groceries. Fairway Group Holdings Corp. and 25 affiliated companies sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-10161) on Jan. 23, 2020. In the petitions signed by CEO Abel Porter, the Debtors were estimated to have $100 million to $500 million in assets and liabilities. Judge James L. Garrity, Jr., is assigned to the cases. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel; Peter J. Solomon and Mackinac Partners, LLC as financial advisor; and Omni Agent Solutions as claims, noticing and solicitation agent. FAIRWAY HOLDINGS: Stock Transfer Procedures Approved ---------------------------------------------------- The U.S. Bankruptcy Court for the District of New York entered an order establishing procedures with respect to direct and indirect transfers of interests in Fairway Group Holdings Corp. and its subsidiaries. In certain circumstances, the procedures restrict transactions involving, and require notices of the holdings of and proposed transactions by, any person, group of persons, or entity that is or, as a result of such a transaction, would be come a substantial stockholder of the common stock issued by the Debtors. For purposes of the procedures, a "substantial stockholder" is any person or entity that beneficially owns, directly or indirectly at least 38,500 shares of common stock. Any prohibited acquisition of other transfer of common stock will be null and void ab initio and may lead to contempt, compensatory damages, punitive damages, or sanctions being imposed by the Court. About Fairway Group Fairway Group -- https://www.fairwaymarket.com/ -- is a food retailer operating 14 supermarkets across the New York, New Jersey and Connecticut tri-state area, including two with freestanding wine and liquor stores (the Stamford and Pelham locations) and two with in-store wine and liquor stores (the Woodland Park and Paramus locations). The company's flagship store is located at Broadway and West 74th Street, on the Upper West Side of Manhattan, featuring a cafe, Sur la Route, and state of the art cookingschool. Fairway's stores emphasize an extensive selection of fresh, natural, and organic products, prepared foods, and hard-to-find specialty and gourmet offerings, along with a full assortment of conventional groceries. Fairway Group Holdings Corp. and 25 affiliated companies sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-10161) on Jan. 23, 2020. In the petitions signed by CEO Abel Porter, the Debtors were estimated to have $100 million to $500 million in assets and liabilities. Judge James L. Garrity, Jr., is assigned to the cases. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel; Peter J. Solomon and Mackinac Partners, LLC as financial advisor; and Omni Agent Solutions as claims, noticing and solicitation agent. FINANCIAL GRAVITY: Reports $12K Net Loss for Qtr. Ended Dec. 31 --------------------------------------------------------------- Financial Gravity Companies, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $12,042 on $841,750 of total revenue for the three months ended Dec. 31, 2019, compared to a net loss of $199,372 on $999,265 of total revenue for the three months ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $2.05 million in total assets, $552,384 in total current liabilities, $249,494 in total non-current liabilities, and $1.25 million in total stockholders' equity. As of Dec. 31, 2019, the Company had cash and cash equivalents of $45,229. The increase of $9,176 in cash and cash equivalents from Sept. 30, 2019 was due to net cash used in operating activities of $5,768 and net cash used in investing activities of $3,770, and net cash provided by financing activities of $18,714. Net cash used in operating activities was $5,768 for the three months ended Dec. 31, 2019, compared to $7,250 net cash used in operating activities for the three months ended Dec. 31, 2018. The net cash provided by operating activities for the three months ended Dec. 31, 2019 was due to net loss of $12,042 adjusted primarily by the following: (1) depreciation and amortization of $26,022, stock based compensation of $7,085, decrease in Right of use of lease asset of $23,166, increase in accounts payable of $45,605, increase in prepaid expenses of $27,254, an decrease in accrued expenses of $30,013, an decrease in deferred revenue of $28,048, decrease in trade accounts receivable of $12,877 and a decrease in the Lease liability $23,136. Net cash provided by financing activities was $18,714 for the three months ended Dec. 31, 2019, compared to net cash provided by financing activities of $70,798 for the three months ended Dec. 31, 2018. Financing activities for the three months ended Dec. 31, 2019 consisted primarily of proceeds from the sale of common stock of $25,000, $1,502 in proceeds from the line of credit; offset with payments made to reduce the Company's debt obligations in the amount of $7,788. A full-text copy of the Form 10-Q is available for free at: https://is.gd/fOUrOD About Financial Gravity Headquartered in Allen, Texas, Financial Gravity Companies, Inc. is a parent company of financial services companies including brokerage, wealth management, estate planning, family office services, risk management, business and personal tax planning, business consulting, and financial advisor services. Financial Gravity reported a net loss of $623,485 for the year ended Sept. 30, 2019, compared to a net loss of $1.52 million for the year ended Sept. 30, 2018. Whitley Penn LLP, in Dallas, Texas, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Dec. 30, 2019, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. FRANK INVESTMENTS: Plan to be Funded by Asset Sale Proceeds ----------------------------------------------------------- Frank Investments, Inc., and its debtor-affiliates filed a First Amended Chapter 11 Plan of Liquidation on Feb. 14, 2020. Class 3 consists of Allowed General Unsecured Claims. In full satisfaction, each holder of an Allowed Class 3 Claim will receive Distributions on a pro rata basis with the Holders of all Allowed Claims in this Class 3 from available cash on deposit from time to time with the Debtor, the Liquidating Debtor and/or Plan Administrator, up to the full amount of each Allowed Claim, from Liquidating Assets net of post-Confirmation fees and expenses incurred in connection with the implementation and consummation of the Plan. Equity interests in the Debtor are owned by Bruce Frank (75.0%) and Deborah Frank (25.0%). Holders of Class 5 Equity Interests will not receive or retain any property under the Plan. All holders of Equity Interests in the Debtor shall be extinguished on the Effective Date. All Assets and Liquidating Assets shall vest in the Liquidating Debtor but not limited to that of holders of Claims and holders of Equity Interests. The Liquidating Debtor and/ or Plan Administrator and/or shall litigate, prosecute, settle, abandon or otherwise resolve or dispose of Actions and own, hold, manage and ultimately liquidate the remaining assets. The Debtor intends to sell its real properties and certain assets appurtenant or related thereto, free and clear of all liens, claims and encumbrances, through the Auctions and/ or Sales. Unless otherwise set forth in a sale procedures order entered by the Bankruptcy Court, the holders of claims secured by the Real Properties shall be entitled to credit bid at the sales of the applicable Real Properties. The Plan will be funded primarily by the proceeds from the Sales, the Banyan Proceeds, the Debtor's cash on hand as of the Effective Date and Net Proceeds, if any. A full-text copy of the First Amended Plan dated Feb. 14, 2020, is available at https://tinyurl.com/qmwpupe from PacerMonitor at no charge. The Debtor is represented by: Bradley S. Shraiberg, Esq. Patrick Dorsey, Esq. Shraiberg, Landau & Page, P.A. 2385 N.W. Exec. Ctr. Dr., Ste. 300 Boca Raton, FL 33431 Telephone: (561) 443-0800 Facsimile: (561) 998-0047 E-mail: bshraiberg@slp.law E-mail: pdorsey@slp.law About Frank Investments Frank Investments Inc., Frank Theatres Management LLC and Frank Entertainment Companies, LLC, are affiliates of Rio Mall, LLC, which sought bankruptcy protection (Bankr. S.D. Fla. Case No. 18-17840) on June 28, 2018. Rio Mall, LLC, owns and operates commercial real property that comprises the shopping center known as Rio Mall located at 3801 Route 9 South, Rio Grande, N.J. Frank Investments and its debtor-affiliates sought Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 18-20019) on Aug. 17, 2018. At the time of the filing, Frank Investments and Frank Entertainment had estimated assets of between $10 million and $50 million and liabilities of the same range. Frank Theaters had estimated assets of between $10 million and $50 million and liabilities of between $50 million and $100 million. Bradley S. Shraiberg, Esq., at Shraiberg Landau & Page, P.A., is the Debtors' bankruptcy counsel. No official committee of unsecured creditors has been appointed. FRANK INVESTMENTS: Theatres Mgt. Plan to Be Funded by Settlement ---------------------------------------------------------------- Frank Theatres Management, LLC, a debtor-affiliate of Frank Investments Inc., et al., has proposed with the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, a proposed Chapter 11 Plan of Liquidation. Frank Theatres is affiliated with a number of entities that owned and operated movie theaters. Frank Theatres served as a common paymaster to said entities. The primary means by which the Debtor anticipates funding the Plan are proceeds from a settlement with Las Olas Riverfront, L.P., which the Court approved on Oct. 17, 2019. The proceeds are finite, and there is no reason a chapter 7 trustee would distribute the proceeds in a manner that would increase distributions to creditors, especially when taking chapter 7 trustee and professional fees into account. The Plan Proponent believes that it will be able to provide the payments contemplated under the Plan based on the fact that the Plan provides for the liquidation of the Debtor and its Assets. According to the Disclosure Statement, Class 3 consists of Allowed General Unsecured Claims. In full satisfaction, each holder of an Allowed Class 3 Claim shall receive Distributions on a pro rata basis with the Holders of all Allowed Claims in this Class 3 from available cash on deposit from time to time with the Debtor and/or Plan Administrator, up to the full amount of each Allowed Claim, from Liquidating Assets net of post-Confirmation fees and expenses incurred in connection with the implementation and consummation of the Plan. Class 4 consists of the Allowed Bancorp Deficiency Claim. In full satisfaction, each holder of an Equity Interest in the Debtor shall receive Distributions on a pro rata basis, and in accordance with prepetition priority and classes of such Equity Interests, with the Holders of all Allowed Equity Interests in this Class 4 from available cash on deposit from time to time with the Debtor and/or the Plan Administrator, up to the full amount of such Allowed Equity Interest, from Liquidating Assets net of post-Confirmation fees and expenses incurred in connection with the implementation and consummation of the Plan. The Plan Proponent believes that each holder of an Allowed Claim will receive or retain under the Plan property of a value, as of the Effective Date, that is not less than the value such holder would receive or retain if the Debtor was liquidated under Chapter 7 of the Bankruptcy Code on such date. A full-text copy of the disclosure statement dated February 16, 2020, is available at https://tinyurl.com/vas59fc from PacerMonitor at no charge. The Debtor is represented by: Bradley S. Shraiberg, Esq. Patrick Dorsey, Esq. Shraiberg, Landau & Page, P.A. 2385 N.W. Exec. Ctr. Dr., Ste. 300 Boca Raton, FL 33431 Telephone: (561) 443-0800 Facsimile: (561) 998-0047 E-mail: bshraiberg@slp.law E-mail: pdorsey@slp.law About Frank Investments Frank Investments Inc., Frank Theatres Management LLC and Frank Entertainment Companies, LLC are affiliates of Rio Mall, LLC, which sought bankruptcy protection (Bankr. S.D. Fla. Case No. 18-17840) on June 28, 2018. Rio Mall, LLC, owns and operates commercial real property that comprises the shopping center known as Rio Mall located at 3801 Route 9 South, Rio Grande, N.J. Frank Investments and its debtor-affiliates sought Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 18-20019) on Aug. 17, 2018. At the time of the filing, Frank Investments and Frank Entertainment had estimated assets of between $10 million and $50 million and liabilities of the same range. Frank Theaters had estimated assets of between $10 million and $50 million and liabilities of between $50 million and $100 million. Bradley S. Shraiberg, Esq., at Shraiberg Landau & Page, P.A., is the Debtors' bankruptcy counsel. No official committee of unsecured creditors has been appointed. FRED'S INC: Creditors' Committee Says Plan Unconfirmable -------------------------------------------------------- The Official Committee of Unsecured Creditors objects to the motion of Fred's, Inc. and its debtor affiliates for an order approving the Debtors' proposed Disclosure Statement with respect to the Joint Chapter 11 Plan. In support of the objection, the Committee states as follows: * The Disclosure Statement cannot be approved because the Plan it describes is patently unconfirmable. Permitting the Debtors to go forward with the solicitation process would serve only to waste estate resources. Accordingly, because the Debtors have proposed a Plan that cannot be confirmed, the Motion should be denied. * The Liquidating Trustee will be working solely for the benefit of Holders of General Unsecured Claims, and the Committee should be the party that ultimately selects the Liquidating Trustee. The Disclosure Statement does not provide any justification for the Debtors being granted the right to select the Liquidating Trustee along with the Committee. * The Releases provided under the Plan are impermissible and should be removed from the Plan prior to wasting the Estates' resources in the solicitation process. Removal now will also save substantial Estate resources that will be incurred in litigating these Releases at the Plan’s confirmation hearing. * Given the Debtors' Plan seeks the substantive consolidation of the Debtors' estates without any factual basis or legal justification, the Disclosure Statement cannot be approved because it describes a patently unconfirmable Plan. * The Disclosure Statement should provide a meaningful description of the distributions to general unsecured creditors. A full-text copy of the Official Committee of Unsecured Creditors' objection to disclosure dated Feb. 18, 2020, is available at https://tinyurl.com/vy8yq74 from PacerMonitor at no charge. Counsel for the Official Committee Unsecured Creditors: WOMBLE BOND DICKINSON (US) LLP Matthew P. Ward, Esq. Ericka F. Johnson, Esq. 1313 North Market Street, Suite 1200 Wilmington, DE 19801 Telephone: (302) 252-4320 Facsimile: (302) 252-4330 E-mail: matthew.ward@wbd-us.com ericka.johnson@wbd-us.com - and - LOWENSTEIN SANDLER LLP Jeffrey L. Cohen, Esq. Lindsay Sklar, Esq. 1251 Avenue of the Americas New York, New York Telephone: (212) 262-6700 E-mail: jcohen@lowenstein.com lsklar@lowenstein.com - and - Michael Kaplan, Esq. Nicole Fulfree, Esq. Colleen Maker, Esq. One Lowenstein Drive Roseland, New Jersey Telephone: (973) 597-2502 E-mail: mkaplan@lowenstein.com nfulfree@lowenstein.com cmaker@lowenstein.com About Fred's Inc. Since 1947, Fred's, Inc. (NASDAQ:FRED) -- http://www.fredsinc.com/ -- has been an integral part of the communities it serves throughout the southeastern United States. Fred's mission is to make it easy AND exciting to save money. Its unique discount value store format offers customers a full range of value-priced everyday items, along with terrific deals on closeout merchandise throughout the store. Fred's, Inc., and its subsidiaries sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-11984) on Sept. 9, 2019 in Delaware. In the petitions signed by Joseph M. Anto, CEO, the Debtors disclosed $474,774,000 in assets and $380,167,000 in liabilities as of May 4, 2019. The Hon. Christopher S. Sontchi oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as counsel; Kasowitz Benson Torres LLP as general bankruptcy counsel; Akin Gump Strauss Hauer & Feld LLP as special counsel; Epiq Bankruptcy Solutions LLC as claims and noticing agent; and Berkeley Research Group, LLC, as financial advisor. GHOTRA HOSPITALITY: Case Summary & 3 Unsecured Creditors -------------------------------------------------------- Debtor: Ghotra Hospitality, LLC fdba Clarion Inn & Suites (OK269); fdba Holiday Inn Express; dba Oyo Hotel 4400 Highland Blvd. Oklahoma City, OK 73108-1816 Business Description: Ghotra Hospitality, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). It owns in fee simple a real property in Oklahoma City, OK, having a current value of $6.45 million. Chapter 11 Petition Date: March 5, 2020 Court: United States Bankruptcy Court Western District of Oklahoma Case No.: 20-10736 Debtor's Counsel: Gary D. Hammond, Esq. HAMMOND & ASSOCIATES, P.L.L.C 512 N.W. 12th Street Oklahoma City, OK 73103 Tel: (405) 216-0007 E-mail: gary@okatty.com Total Assets: $6,907,217 Total Liabilities: $5,184,845 The petition was signed by Lakhwinder S. Multani, manager. A copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/g3IFVt GI DYNAMICS: Elects Director to Fill Vacancy -------------------------------------------- Effective Feb. 28, 2020, the Board of Directors of GI Dynamics, Inc. increased the size of the Board from four to five directors and elected Dr. Praveen Tyle, Ph.D. to fill such vacancy and serve as a Class III director to serve until the 2020 Annual Meeting of Stockholders and thereafter in accordance with the Company's Bylaws until his successor is duly elected and qualified or his earlier resignation, removal or death. In relation to potential committee appointments, it is currently proposed that Dr. Tyle will join the Company's compensation committee, possibly as chair, and become a member of the audit committee. Dr. Tyle will be compensated for his service on the Board pursuant to the terms and conditions of a board member agreement. Pursuant to the Board Member Agreement and the Policy, the Company will pay to Dr. Tyle an annual retainer of $50,000, plus any annual committee fees, if any. In addition, on Feb. 28, 2020, the Board granted, subject to stockholder approval, Dr. Tyle non-qualified stock options to purchase 30,000 shares of the Company's common stock, par value $0.01 per share, at an exercise price equal to the fair market value per share as of the grant date, which Options shall fully vest on the one year anniversary of the grant date, subject to Dr. Tyle's continued service on the Board. In the event of a change of control of the Company, the Options shall become vested in full. In addition, Dr. Tyle will enter into the Company's standard indemnification agreement. About GI Dynamics GI Dynamics, Inc. -- http://www.gidynamics.com/-- is a clinical stage medical device company focused on the development and commercialization of EndoBarrier, a medical device intended for treatment of patients with type 2 diabetes and obesity. GI Dynamics reported a net loss of $8.04 million in 2018 following a net loss of $10.89 million in 2017. As of Sept. 30, 2019, the Company had $5.17 million in total assets, $7.19 million in total liabilities, and a total stockholders' deficit of $2.02 million. Moody, Famiglietti & Andronico, LLP, in Tewksbury, Massachusetts, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 12, 2019, citing that the Company has incurred operating losses since inception and at Dec. 31, 2018, has an accumulated deficit and working capital deficiency. These matters raise substantial doubt about the Company's ability to continue as a going concern. GLOBAL CARE: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Global Care Stillwater, LLC d/b/a La Quinta Inn & Suites Stillwater 5285 West 6th Ave Stillwater, OK 74074 Business Description: Global Care Stillwater, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). It owns a tract of land in Stillwater, OK, having a current value of $5.41 million. Chapter 11 Petition Date: March 5, 2020 Court: United States Bankruptcy Court Western District of Oklahoma Case No.: 20-10735 Debtor's Counsel: Gary D. Hammond, Esq. HAMMOND & ASSOCIATES, PLLC 512 N.W. 12th Street Oklahoma City, OK 73103 Tel: (405) 216-0007 E-mail: gary@okatty.com Total Assets: $5,728,779 Total Liabilities: $5,181,003 The petition was signed by Lakhwinder S. Multani, manager. The Debtor filed an empty list of its 20 largest unsecured creditors. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/kjSNXR HARTWICK COLLEGE, NY: S&P Lowers Bond Rating to 'BB+' ----------------------------------------------------- S&P Global Ratings lowered its long term rating on Hartwick College, N.Y.'s revenue debt to 'BB+' from 'BBB-'. The outlook is stable. "The downgrade reflects the college's lower incoming freshmen enrollment relative to historical levels in the past few years and increased tuition discounting, which is extremely high at 60% for fiscal 2019, which has led to declining net tuition revenue and operating deficits, despite the college's utilization of extraordinary endowment draws," said S&P Global Ratings credit analyst Gauri Gupta. The decline in enrollment and increased discounting has led to declining total net revenue. At the same time, due to the college's investment in strategic initiatives and efforts to improve its enterprise profile, total expenses have increased, leading to continued deficits, which in S&P's view are material. The college also expects to generate full accrual operating deficits over the next few years as it works through its enrollment challenges and implements several strategies, which in S&P's view adds pressure to the financial profile. While S&P recognizes that the balance sheet resources, especially relative to operations, remain sufficient relative to debt primarily due to the college's low total outstanding debt, in its view, the continued pressure on operations and sustained deficits are no longer commensurate with the higher rating. The stable outlook reflects S&P's expectation that over the next two-years, Hartwick's strategies to stabilize enrollment will yield positive results such that incoming freshmen classes will slowly grow to historical levels coupled with growth in total FTE. However, S&P recognizes that as managements works through its strategies and implements its initiatives, it will continue to experience operating deficits for the next few years as projected by management, albeit narrower year over year until fiscal 2022. S&P does not expect the college to issue additional debt and expects it to maintain its financial resources at least at the current levels. HORIZON GLOBAL: Board Appoints Debra Oler as Director ----------------------------------------------------- Horizon Global Corporation's Board of Directors increased the size of the Board from eight to nine directors, and appointed Debra S. Oler as a director, effective immediately. Ms. Oler was also appointed to the Board's Compensation Committee and Corporate Governance and Nominating Committee. John C. Kennedy, Chair of Horizon Global's Board of Directors, stated, "We are pleased to announce Deb's appointment to the Board. Deb is a proven leader with substantial commercial experience, including, notably, in the aftermarket and e-commerce sales channels. We look forward to Deb's immediate contributions to the Board." Ms. Oler served as senior vice president/president, North American sales and service for W.W. Grainger, Inc., a global supplier of maintenance, repair and operating supplies for businesses and institutions, from 2014 until her retirement at the end of 2019. Ms. Oler joined Grainger in 2002 and held several roles with increasing responsibility from 2002 to 2014. Ms. Oler currently serves on the board of directors of Pool Corporation, a position she has held since Oct. 30, 2018. As a non-employee director, Ms. Oler will receive compensation in the same manner as the Company's other non-employee directors, which compensation the Company disclosed in its definitive proxy statement for its 2019 annual meeting of stockholders filed with the Securities and Exchange Commission on May 24, 2019. In addition, Ms. Oler will receive a one-time cash payment in the amount of $50,000 in connection with her appointment as a director of the Company. About Horizon Global Horizon Global -- http://www.horizonglobal.com/-- is a designer, manufacturer, and distributor of a wide variety of custom-engineered towing, trailering, cargo management and other related accessory products in North America, Australia and Europe. The Company serves OEMs, retailers, dealer networks and the end consumer. Horizon Global reported net losses of $204.9 million in 2018, $4.77 million in 2017, and $12.66 million in 2016. As of Sept. 30, 2019, Horizon Global had $466 million in total assets, $427.25 million in total liabilities, and $38.75 million in total shareholders' equity. * * * As reported by the TCR on Dec. 16, 2019, S&P Global Ratings affirmed the 'CCC' issuer credit rating on Horizon Global Corp. and revised the outlook to negative from developing. The outlook revision to negative reflects S&P's view that despite recent debt reduction and temporary improvement in liquidity, Horizon's credit metrics and liquidity remain quite weak and could worsen as the rating agency expects the company to generate negative free flow. As reported by the TCR on June 18, 2019, Moody's Investors Service downgraded Horizon Global Corporation's Corporate Family Rating to C from Caa3. The downgrade reflects Moody's expectations that modest earnings improvement will not be sufficient to reduce leverage to a sustainable level and that the sale of the Asia-Pacific segment will, while reducing secured leverage, increase total leverage and create greater reliance on a quick turnaround in the more weakly performing U.S. and European operations to diminish restructuring risk. HUSCH & HUSCH: Case Summary & 15 Unsecured Creditors ---------------------------------------------------- Debtor: Husch & Husch, Inc. DBA Husch Brothers DBA Husch & Sons 8031 Branch Road Harrah, WA 98933 Business Description: Husch & Husch, Inc. -- http://www.huschandhusch.com-- is family owned and operated agricultural chemical and fertilizer company located in Harrah, Washington. It provides conventional and organic fertilizers, micro nutrient technology, and chemicals to help make lawn, garden, agronomic crops, and fruit trees grow to their full potential. Husch & Husch was founded in 1937 by Pete Husch. Chapter 11 Petition Date: March 4, 2020 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 20-00465 Debtor's Counsel: Dan O'Rourke, Esq. SOUTHWELL & O'ROURKE 421 W. Riverside Avenue Suite 960 Spokane, WA 99201 Tel: 509-624-0159 Email: dorourke@southwellorourke.com Total Assets: $12,284,732 Total Liabilities: $5,966,019 The petition was signed by Allen Husch, chief financial officer. A full-text copy of the petition is available for free at PacerMonitor.com at: https://is.gd/fTMVQc List of Debtor's 15 Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Arnold Willig Notice $0 Hacker & Willig, Inc., P.S. 520 Pike Street Suite 2500 Seattle, WA 98101 2. David Cowan Deposit $4,266 2644 Wilson Highway Grandview, WA 98930 3. Deanna Husch Various $546,651 PO Box 413 Unsecured Loans Harrah, WA 98933 in last 3 years 4. Deanna Husch Unpaid Dividend $260,789 PO Box 413 Harrah, WA 98933 5. Double R Farms Deposit $53,426 8491 Branch Rd Harrah, WA 98933 6. Ed Boob $0 70 Deering Road Wapato, WA 98951 7. Helena Agri $900,000 Enterprises, LLC PO Box 742558 Los Angeles, CA 90074-2558 8. Husch Properties, LLC $0 PO Box 160 Harrah, WA 98933 9. Kelley Husch Loan $180,752 30 Reagon Road Wapato, WA 98951 10. Olson Bros. Deposit $29,362 46002 N District Line Rd Prosser, WA 99350 11. Pat Leneave $200,000 40 Martin Lane Harrah, WA 98933 12. Pride Packing Deposit $2,089 560 N Lateral B Rd Wapato, WA 98951 13. Rowe Farms Deposit $1,217 70 Locust Lane Naches, WA 98937 14. Ste Michelle Wine $4,422 PO Box 1976 WoodInville, WA 98072 15. Zecchino Farms Deposit $3,272 1431 Satus Lonhouse Rd Granger, WA 98932 IMAGEWARE SYSTEMS: Appoints Kristin Taylor as President and CEO --------------------------------------------------------------- Kristin A. Taylor has been appointed as president and chief executive officer of ImageWare Systems, Inc. In her new role, Kristin will assume day-to-day leadership of the company with goals to increase earnings and expand the products and platforms. Jim Miller, who served as CEO of ImageWare Systems, is now appointed as executive chairman of the Board. All leadership appointments are effective on March 2, 2020. "Kristin's demonstrated results in leading sizable efforts to drive revenue and growth, her creative vision in reimagining businesses, as well as significant relationships with the global analyst community, are essential to our plans for worldwide recognition as a technology leader in identity management," said Jim Miller. "The Board and I are confident in our choice of Kristin to lead ImageWare forward and become the company we all know it can be. I look forward to working with Kristin and continuing my work with ImageWare Systems as Executive Chairman of the Board." "I'm excited to be joining a pioneer in the field of identity management. Since creating the first digital booking platform for US law enforcement nearly 20 years ago, ImageWare has built an unparalleled and patented biometric identity assurance platform used by governments, airlines, national transportation agencies, and enterprises," said Taylor. "ImageWare has incredible intellectual property, exceptional people and great potential." Taylor is an innovative technology leader with over twenty years of experience spanning sales, business development, go-to-market strategies, and analyst and public relations, for leading global technology firms. She started her career in the technology sector with AT&T/Lucent. She spent twelve years at Qualcomm leading the development of the company's first computing product, and spurring the creation of a computing division. Kristin is considered an expert in the field of strategic analyst relations, guiding companies in how to drive revenue through key analyst relationships. Kristin recently held executive roles at both MediaTek and IBM where she served as Vice President, Worldwide Analyst Relations. The Company and Ms. Taylor intend to enter into an agreement that provides, among other things, for an annual base salary of $330,000 for a period of 24 months. The Employment Agreement is also anticipated to provide for the grant of a stock option to purchase 1.75 million shares of the Company's common stock par value $0.01 per share, which stock option shall vest in three equal annual installments beginning one year from the date of issuance. In the event of termination of her employment other than by reason of death or disability, or for cause, the employment agreement is also anticipated to provide Ms. Taylor with certain severance payments , including continuation of her salary for the greater of one year or the remaining term under her employment agreement. About ImageWare Systems Headquartered in San Diego, CA, ImageWare Systems, Inc. -- http://www.iwsinc.com/-- is a developer of mobile and cloud-based identity management solutions, providing two-factor, biometric and multi-factor cloud-based authentication solutions for the enterprise. The company delivers next-generation biometrics as an interactive and scalable cloud-based solution. ImageWare brings together cloud and mobile technology to offer two-factor, biometric, and multi-factor authentication for smartphone users, for the enterprise, and across industries. ImageWare reported a net loss available to common shareholders of $16.46 million for the year ended Dec. 31, 2019, compared to a net loss available to common shareholders of $13.71 million. As of Sept. 30, 2019, the Company had $11.76 million in total assets, $8.66 million in total liabilities, $8.71 million in series C convertible redeemable preferred stock, and a total shareholders' deficit of $5.61 million. Mayer Hoffman McCann P.C., in San Diego, California, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 27, 2019, citing that the Company has incurred recurring operating losses and is dependent on additional financing to fund operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. INDOOR SPORTS: Case Summary & 4 Unsecured Creditors --------------------------------------------------- Debtor: Indoor Sports Group Corp. 636 S Broadway Yonkers, NY 10705-3752 Business Description: Indoor Sports Group Corp. -- http://uscgymnasticsandbaseball.com-- offers gymnastics and baseball training in Yonkers, NY. Chapter 11 Petition Date: March 4, 2020 Court: United States Bankruptcy Court Southern District of New York Case No.: 20-22347 Judge: Hon. Robert D. Drain Debtor's Counsel: H. Bruce Bronson, Esq. BRONSON LAW OFFICE, P.C. 480 Mamaroneck Ave Harrison, NY 10528-1621 Tel: (877) 385-7793 E-mail: hbbronson@bronsonlaw.net Total Assets: $119,000 Total Liabilities: $4,192,000 The petition was signed by Andres Diaz, president. 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/jAVNj1 INPIXON: Incurs $34 Million Net Loss in 2019 -------------------------------------------- Inpixon filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $33.98 million on $6.30 million of revenues for the year ended Dec. 31, 2019, compared to a net loss of $24.56 million on $3.75 million of revenues for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $21.22 million in total assets, $15.17 million in total liabilities, and $6.05 million in total stockholders' equity. Marcum LLP, in New York NY, the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 3, 2020, 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. Recent Key Milestones * Acquired Vancouver-based, Locality Systems Inc., expanding the product offering to include Radio Frequency (RF) augmentation of video surveillance systems * Acquired Toronto based, Jibestream, Inc., adding a dynamic and interactive mapping platform into the suite of solutions and expanding the customer base to include customers such as the entertainment and retail center, American Dream, as well as Mall of America, the Pentagon, San Francisco Airport and others * Acquired assets from GTX Corp., expanding the Company's intellectual property portfolio and solution offerings to include GPS technologies and delivering seamless indoor and outdoor positioning services * Deployed indoor mapping solution with a leading national retailer to enhance shopper experiences * Announced plans for an ultra-wideband (UWB) module to deliver centimeters-level positional accuracy for people and assets, leading to the expansion of collaboration efforts with Mist Systems, a Juniper Networks company * Received a Notice of Allowance for a U.S. patent covering a method of storing and analyzing data, further expanding Inpixon's intellectual property portfolio * Announced the release of IPA Connector for IBM MaaS360 with Watson integration to enable enhanced location-based mobile device security * Joined the VMware Technology Alliance Partner Program to collaborate with VMware to deliver innovative solutions to enforce mobile device security policies based on a device's specific location including deactivation of phone features in a no-phone zone using Inpixon's IPA AirWatch Connector * Recognized as a Visionary in the 2020 Gartner Magic Quadrant for Indoor Location Services, Global Nadir Ali, chief executive officer of Inpixon, stated, "We are pleased with our fiscal 2019 results, and our successful completion of a number of key acquisitions that are allowing us to expand our footprint within the industry, as one of the only companies that can offer an end-to-end solution for indoor intelligence. Our ability to couple video surveillance capabilities with our indoor positioning system, as well as a dynamic and interactive mapping solution with a high-performance analytics engine, allows us to offer our customers near real-time insights about their indoor spaces. In turn, this provides customers with visibility, security and business intelligence in a comprehensive way that we do not believe is currently offered by other providers in the indoor positioning market. In addition, we believe that the recent recognition by Gartner, a highly respected independent research firm, of Inpixon as a Visionary in their Magic Quadrant for Indoor Location Services, Global, serves as a significant acknowledgment of the capabilities of our platform, including the impact of our recent enhancements as an industry-leading technology." "As we look towards 2020, we look forward to building on the opportunities for continued growth that our achievements last year have allowed us to realize, not only through the addition of new customers and expansion of existing relationships, but also by increasing our market outreach efforts to further establish Inpixon as a leading provider of indoor intelligence solutions. We intend to continue to devote resources to optimizing our product and service offerings with a product development roadmap that includes expanding the use of UWB technology to deliver centimeters-level positional accuracy for people and assets, interacting with worldwide 5G deployments and enhancing our positioning capabilities to offer an even better indoor experience. We are excited about the possibilities to be driven from some of our recent partnership and collaboration efforts with VMWare, IBM Maas360, MobileIron and our recently announced collaboration efforts with Mist Systems to integrate our UWB technology into Mist's enterprise wireless infrastructure solutions." "As a result of our recent initiatives, revenue for the year ended December 31, 2019 increased by 68% as compared to 2018. Our revenue growth reflects acquired revenue as well as organic growth as we expand our customer base and ecosystem of partners and distributors globally. At the same time, our gross profit margin increased to 74% for 2019, versus 71% last year. We believe the growth experienced and milestones achieved in 2019, as well as our prospects for 2020, will enable us to drive shareholder value. We look forward to providing further updates along the way." A full-text copy of the Form 10-K is available for free at the SEC's website at: https://is.gd/MptNwk About Inpixon Headquartered in Palo Alto, California, Inpixon (Nasdaq: INPX) is an indoor intelligence company that specializes in capturing, interpreting and giving context to indoor data so it can be translated into actionable intelligence. The company's indoor location and data platform ingests diverse data from IoT, third-party and proprietary sensors designed to detect and position all active cellular, Wi-Fi, UWB and Bluetooth devices, and uses a proprietary process that ensures anonymity. Paired with a high-performance data analytics engine, patented algorithms, and advanced mapping technology, Inpixon's solutions are leveraged by a multitude of industries to do good with indoor data. This multidisciplinary depiction of indoor data enables users to increase revenue, decrease costs, and enhance safety. Inpixon customers can boldly take advantage of location awareness, analytics, sensor fusion and the Internet of Things (IoT) to uncover the untold stories of the indoors. INTL FCSTONE: S&P Affirms 'BB-' ICR; Outlook Stable --------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating on INTL FCStone Inc. with stable outlook. The rating affirmation follows INTL's announcement of its acquisition of GAIN Capital Holdings Inc. for $236 million in an all-cash, debt-financed transaction. The company plans to issue $350 million senior secured second-lien notes to finance the acquisition and redeem GAIN's existing $92 million of convertible notes. "We are affirming our ratings on INTL and maintained the stable outlook because we do not expect the transaction to erode its capital funding or liquidity. We recognize the potential longer-term benefit of adding GAIN's capabilities and customers, and INTL's track record of integrating and improving efficiency of acquired firms," S&P said. "Our ratings on INTL continue to reflect the firm's diversified mix of business, including one of the largest independent commodities and commodities-related financial products trading firms in the U.S., good earnings, and adequate liquidity, as well as our view that overall risked-based capitalization is a moderate weakness given the company's loss history and focus on growth," the rating agency said. GAIN is a U.S.-based holding company for U.S., U.K., and other international regulated futures commission merchant and foreign exchange dealer subsidiaries that provide trade execution services in foreign exchange, contracts for difference and exchange-based products including futures, to retail and other clients. GAIN's performance has been weak, including negative EBITDA in 2019, but INTL believes it can address this by cutting costs and moving the company onto its scaled platform. INTL also expects to realize $100 million of capital synergies in the first year from consolidation of regulated subsidiaries, which it will use to pay down the new debt. INTL sees revenue synergies coming from offering GAIN's capabilities to its existing customer base and vice versa. "The stable outlook reflects our expectations that INTL will successfully integrate GAIN and meet its projected cost and capital reduction targets, as well as maintain a RAC ratio above 8%, gross stable funding ratio above 100%, and liquidity coverage above 1x. We also expect INTL to limit its acquisition activity while it incorporates GAIN, and to continue to focus on growth and avoiding outsized losses," S&P said. Over the next 12 months, S&P could lower the ratings if: -- The company's operating performance deteriorates; -- S&P expects the RAC ratio to fall below 8%; or -- Liquidity deteriorates. Over the same time horizon, S&P could raise its ratings if: -- The company establishes a track record of solid operational performance; -- It avoids material losses; and -- It continues to build capital to support a RAC ratio sustainably above 10%. JAG VENTURES: April 1 Plan Confirmation Hearing Set --------------------------------------------------- On Jan. 6, 2020, Debtor JAG Ventures, Inc. filed with the U.S. Bankruptcy Court for the Middle District of Georgia a Disclosure Statement. On Feb. 18, 2020, Judge James P. Smith ordered that: * The Disclosure Statement is approved and the Debtor and parties in interest may now solicit acceptance or rejection of the Debtor's Plan of Reorganization. * March 25, 2020, is the deadline to file all ballots accepting or rejecting the Plan. * March 25, 2020, is the deadline to file any objection to confirmation of the Plan. * April 1, 2020, at 11:00 a.m. in 433 Cherry Street, Macon, GA Courtroom A, is the hearing for the consideration of confirmation of the Plan and any objections to confirmation of the Plan. A copy of the Order dated Feb. 18, 2020, is available at https://tinyurl.com/rqjnvnp from PacerMonitor at no charge. About JAG Ventures JAG Ventures, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 15-52745) on Nov. 30, 2015. The petition was signed by Ronald D. Bartlett, authorized individual. The Debtor estimated assets and liabilities in the range of $1 million to $10 million. The Debtor is represented by Wesley J. Boyer, Esq., at Katz, Flatau & Boyer, L.L.P. JAMES MEDICAL: Unsecured Creditors to Have 3% Recovery Over 5 Years ------------------------------------------------------------------- Debtor James Medical Equipment, Ltd., filed with the U.S. Bankruptcy Court for the Western District of Kentucky, Bowling Green Division, for its Chapter 11 Plan of Reorganization and a Disclosure Statement on Feb. 18, 2020. Holders of Class 12 Allowed General Unsecured Claims will be made from the Debtor's future net income. The Debtor believes that claims in the class will receive a distribution equal to 3 percent of their allowed claims. Allowed Claims in the class will receive quarterly payments starting the first business days that is 90 days after the Effective Date of the Plan over a period of 60 consecutive months. Class 14 consists of the allowed interests in the Debtor. All membership Interests in the Debtor are presently held by: Mark Hinkle: 36%; Vicky Webb: 28%; the William Milby's chapter 7 Trustee: 36%. Upon the Effective Date, all prepetition equity interests will be void and 100% of the ownership interest of the Debtor will vest in Mr. Hinkle in exchange for his obligation to provide the Debtor with new value. Upon entry of the Confirmation Order, the Debtor will continue to operate its business and manage its assets, which will generate income projected to be sufficient for the Debtor to meet its ongoing expenses and obligations contemplated under the Plan. Mark Hinkle, within 90 days after the Effective Date, will contribute $50,000 of new value into the Debtor, which represents funds that Mr. Hinkle, reasonably anticipates will be available from the sale of one of his properties. The Debtor's anticipated future revenues and expenses are based on the trends in its affairs and performance in the 12 months since the Petition Date, as evidenced by the Monthly Operating Reports of record in the Chapter 11 Case, the Debtor believes that its revenues will be sufficient to meet its obligations under the Plan, pay its future expenses, and grow its operations. A full-text copy of the Disclosure Statement dated Feb. 18, 2020, is available at https://tinyurl.com/w7ctxzc from PacerMonitor at no charge. The Debtor is represented by: DAVID M. CANTOR WILLIAM P. HARBISON JOSEPH H. HADDAD SEILLER WATERMAN LLC Meidinger Tower – 22nd Floor 462 S. Fourth Street Louisville, Kentucky 40202 Telephone: (502) 584-7400 Facsimile: (502) 583-2100 E-mail: cantor@derbycitylaw.com About James Medical Equipment James Medical Equipment, Ltd.'s line of business includes renting or leasing medical equipment. The company was founded in 1979 and is based in Campbellsville, Ky. James Medical Equipment filed a voluntary Chapter 11 petition(Bankr. W.D. Ky. Case No. 19-10187) on March 1, 2019. At the time of the filing, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Judge Joan A. Lloyd oversees the case. The Debtor tapped David M. Cantor, Esq., at Seiller Waterman LLC, as its legal counsel. JAZZ IT UP: Hires Buddy D. Ford as Legal Counsel ------------------------------------------------ Jazz It Up Barber & Beauty Salon, Inc. received approval from the U.S. Bankruptcy Code for the Middle District of Florida to hire Buddy D. Ford, P.A. as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. advise the Debtor of its powers and duties in the continued operation of the business and management of the property of the estate; b. prepare and file schedules of assets and liabilities, statement of affairs, and other documents required by the court; c. represent the Debtor at the Section 341 creditor's meeting; d. advise the Debtor of its responsibilities in complying with the U.S. trustee's guidelines and reporting requirements and with the rules of the court; g. prepare legal papers and appear at hearings; h. protect the interest of the Debtor in all matters pending before the court; and i. represent the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan. The firm's standard hourly rates are: Buddy Ford, Esq. $425 Sr. Associate Attorneys $375 Jr. Associate Attorneys $300 Paralegals $150 Jr. Paralegals $100 Prior to the commencement of the bankruptcy case, the Debtor paid Buddy D. Ford an advance fee of $5,500. The firm will also be reimbursed for work-related expenses incurred. Buddy Ford, Esq., attests that his firm does not represent any interest adverse to the Debtor and its estate. The firm can be reached through: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. Buddy D. Ford, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 E-mail: Buddy@TampaEsq.com Jonathan@tampaesq.com Heather@tanoaesq.com About Jazz It Up Barber Jazz It Up Barber & Beauty Salon, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-01161) on Feb. 11, 2020, listing under $1 million in both assets and liabilities. Buddy D. Ford, Esq., at Buddy D. Ford, P.A. represents the Debtor as legal counsel. JM GRAIN: March 19 Plan Confirmation Hearing Set ------------------------------------------------ On Dec. 17, 2019, debtor JM Grain, Inc., filed with the U.S. Bankruptcy Court for the District of North Dakota its First Disclosure Statement referring to its Plan of Reorganization. The Debtor supplemented its disclosure statement on Feb. 13, 2020, by including the terms of the joint stipulation with FBN CM LLC and the North Dakota Department of Agriculture. The Debtor also outlined other changes to its plan of reorganization in the supplement to its disclosure statement. On Feb. 14, 2020, Judge Shon Hastings approved the Disclosure Statement and supplement and established the following dates and deadlines: * March 12, 2020, is the deadline to transmit ballots for acceptance or rejection of the Amended Debtor's Plan of Reorganization. * March 12, 2020, is the deadline to file written objections to confirmation of the Amended Debtor's Plan of Reorganization. * March 17, 2020, is the deadline for the Debtor to file a written response to the objections. * March 19, 2020, at 10:00 a.m. in Courtroom #3, Second Floor, Quentin N. Burdick United States Courthouse, 655 First Avenue North, Fargo, North Dakota is the hearing on confirmation of the Amended Debtor's Plan of Reorganization. A copy of the Disclosure Statement Order dated Feb. 14, 2020, is available at https://tinyurl.com/rlqvzmt from PacerMonitor at no charge. 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 was estimated to have 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. JOE’S PLACE: March 26 Plan Confirmation Hearing Set ----------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York held a hearing to consider the Third Amended Disclosure Statement and Fifth Amended Plan of Reorganization dated Feb. 14, 2020, filed by debtor Joe's Place of the Bronx, Inc. On Feb. 18, 2020, Judge Martin Glenn approved the Disclosure Statement and ordered that: * March 19, 2020, at 5:00 p.m. is the deadline to deliver all ballots of holders of claims to be counted for voting purposes. * March 19, 2020, is fixed as the last date by which written objections to the confirmation of the Plan. * March 26, 2020, at 10:00 a.m., before the Honorable Martin Glenn, at the United States Bankruptcy Court, One Bowling Green, New York, New York 10004 is the hearing on confirmation of the Debtor’s Plan. A copy of the order dated Feb. 18, 2020, is available at https://tinyurl.com/rlx2mfn from PacerMonitor at no charge. The Debtor is represented by: Norma E. Ortiz ORTIZ & ORTIZ, L.L.P. 32-72 Steinway Street Astoria, New York 11103 Tel: (718) 522-1117 Fax: (718) 596-1302 About Joe's Place of the Bronx Joe's Place of the Bronx, NY, Inc. filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 17-11542) on June 2, 2017. In the petition was signed by Jose L. Torres, president, the Debtor was estimated to have $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The Hon. Martin Glenn is the presiding judge. Ortiz & Ortiz, LLP, represents the Debtor. JUNO USA: Unsec. Creditors to Have 15% to 25% Recovery Under Plan ----------------------------------------------------------------- Juno USA, LP and its debtor affiliates filed the Disclosure Statement for the First Amended Joint Plan of Reorganization and Liquidation dated February 18, 2020. The Plan provides that all Holders of Allowed Administrative Claims and Allowed Other Priority Claims will be paid in full. Such payments will be funded by the proceeds of the DIP Facility, which, in turn, will be repaid in full with the proceeds of the Plan Sponsor Contribution. Up to $100,000 of Allowed Other Priority Claims, not otherwise paid from the proceeds of the DIP Facility, may be funded from the Plan Sponsor Contribution. Under the Plan, general unsecured creditors will receive (i) its pro-rata share of the GUC Settlement Amount and (ii) its Pro Rata share of the Settlement Trust Amount, except in the cases of those Debtors that are liquidating under the terms of the Plan, the claims shall not be discharged. The Disclosure Statement says the estimated percentage recovery for the class is 15-25%. On the Effective Date, the Plan Sponsor shall distribute the Plan Sponsor Contribution as follows: (i) to the Distribution Agent to fund (A) all Allowed DIP Facility Claims, and (B) all outstanding Allowed Administrative Claims, Priority Tax Claims, and Other Priority Claims not otherwise paid from the proceeds of the DIP Facility in the amount of $100,000; and (ii) to the Settlement Trust in the amount of $775,000. The Confirmation Hearing on the Plan is scheduled to commence at 10:30 a.m. on March 25, 2020, before the United States Bankruptcy Court for the District of Delaware. A full-text copy of the first amended joint plan dated February 18, 2020, is available at https://tinyurl.com/vk7odxf from PacerMonitor at no charge. Counsel to the Debtors: CHIPMAN BROWN CICERO & COLE, LLP William E. Chipman, Jr. Mark L. Desgrosseilliers Mark D. Olivere Hercules Plaza 1313 North Market Street, Suite 5400 Wilmington, Delaware 19801 Telephone: (302) 295-0191 Facsimile: (302) 295-0199 E-mail: chipman@chipmanbrown.com desgross@chipmanbrown.com olivere@chipmanbrown.com About Juno USA Juno USA, LP also known as Juno Lab, L.P., was a ride-hailing, mobile application-based transportation network company that operated in New York, New York, where its headquarters are located. Juno launched its mobile application and began offering its services in early 2016. Prior to the Chapter 11 filing, Juno shut down its US operations. The company's Web site is https://gojuno.com Juno and five debtor affiliates sought Chapter 11 protection(Bankr. D. Del. Lead Case No. 19-12484) on Nov. 19, 2019. In the petition signed by CRO Melissa S. Kibler, the Debtors were each estimated to have $1 million to $10 million in assets, and $100 million to $500 million in liabilities. The case has been assigned to Judge Mary F. Walrath. The Debtors tapped Chipman Brown Cicero & Cole, LLP as bankruptcy counsel; Mackinac Partners, LLC as financial advisor; and Omni Agent Solutions as notice, claims and balloting agent. LANDMARK ACADEMY, MI: S&P Raises 2010 Bonds Rating to 'BB' ---------------------------------------------------------- S&P Global Ratings raised its rating to 'BB' from 'BB-' on the Michigan Public Educational Facilities Authority's (Landmark Academy Project) series 2010 limited obligation revenue and refunding bonds, issued for Landmark Academy (LA). At the same time, S&P assigned its 'BB' rating to the school's series 2020 bonds. The outlook is stable. "The upgrade reflects our view of the school's improved enrollment in fall 2019, with management expecting a modest increase for fall 2020," said S&P Global Ratings credit analyst Brian Marshall. "It also reflects LA's ability to maintain liquidity levels more in line with those of 'BB' rated peers at about 80 days' cash on hand for the past three audited years with officials expecting similar results in fiscal 2020," Mr. Marshall added. This is coupled with improved lease-adjusted maximum annual debt service (MADS) coverage for the past two fiscal years with pro forma lease-adjusted MADS coverage of 1.49x, which is also more reflective of 'BB' rated peers. In S&P's opinion, the 'BB' rating on the school's bonds better reflects LA's stabilizing enrollment trends, recent successful charter renewal in 2019, favorable liquidity, and pro forma MADS coverage for the rating level, coupled with the school's successful execution of LA's strategy to maintain the school debt service ratios in line with the 20% per-pupil state aid target. The 'BB' rating reflects S&P's view of the school's: -- Solid pro forma MADS coverage for the rating level at 1.49x; -- Historically healthy liquidity for the rating level at 80 days' or more cash on hand in each of the past three audited years, with similar results projected for fiscal 2020; -- Stable enterprise profile, with a long operating history of more than 20 years in a demographically challenged area; and -- Good relationship with the authorizer having successfully completed five charter renewals. Partially offsetting the above weaknesses, in S&P's opinion, are: -- A very modest waitlist, which is common for Michigan charter schools; -- A moderately high debt burden with no additional near-term debt plans; and -- Risk, as with all charter schools, that the school can be closed for nonperformance of its charter or for financial distress before the final maturity of the bonds. Following the series 2020 issuance, LA will have about $13.5 million of pro forma debt outstanding. Officials will use bond proceeds to refinance the series 2010 bonds and finance all or a portion of the costs of the renovation, equipping, and furnishing the facilities at approximately $250,000. The stable outlook reflects S&P's expectation that the school's enrollment trends and lease-adjusted MADS coverage ratios will remain in line with the 'BB' rating level over S&P's one-year outlook horizon due to projected healthy operating results for fiscal 2020. The outlook also represents the rating agency's expectation that management will continue to refrain from using short-term financing in fiscal 2020, which LA had used in previous years to satisfy cash flow needs. S&P could consider raising the rating if the school demonstrates a trend of MADS coverage sustained by regularly healthy margins that are more consistent with those of higher-rated peers while maintaining its enrollment and demand profile and healthy liquidity position. S&P could lower the rating if enrollment declines significantly, operations produce deficits, MADS coverage weakens, or cash on hand decreases significantly and the school does not meet its fiscal 2020 budgeted projections. LODAN 23 LLC: March 31 Plan Confirmation Hearing Set ---------------------------------------------------- On Feb. 12, 2020, the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, conducted a hearing to consider approval of the Disclosure Statement filed by Debtor Lodan 23 LLC. On Feb. 18, 2020, Judge A. Jay Cristol approved the Disclosure Statement and ordered that: * March 31, 2020, at 2:00 PM, in the United States Bankruptcy Court, C. Clyde Atkins US Courthouse, 301 N. Miami Avenue, Courtroom 7, Miami, FL 33128 is the hearing to consider confirmation of the plan. * March 10, 2020, is the last day for filing and serving fee applications. * March 17, 2020, is the last day for filing and serving objections to confirmation of the plan. * March 17, 2020, is the last day for filing a ballot accepting or rejecting the plan. A copy of the order dated Feb. 18, 2020, is available at https://tinyurl.com/wue5gev from PacerMonitor at no charge. About Lodan 23 LLC Lodan 23 LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 19-10167) on Jan. 6, 2019. The petition was signed by Laurent Benzaquen, manager of JJLB Property Management LLC. At the time of filing, the Debtor was estimated to have assets of less than $1 million and liabilities of less than $1 million. The case has been assigned to Judge A Jay Cristol. The Debtor is represented by Joel M. Aresty, P.A. No official committee of unsecured creditors has been appointed in the Debtor's case. LSC COMMUNICATIONS: Moody's Cuts CFR to Ca on Limited Default ------------------------------------------------------------- Moody's Investors Service downgraded LSC Communications, Inc.'s corporate family rating to Ca from B3, probability of default rating to Ca-PD/LD from B3-PD, senior secured revolving credit facility rating to B3 from Ba3, senior secured term loan B and senior secured notes ratings to Ca from B3, and speculative grade liquidity rating to SGL-4 from SGL-3. The outlook remains negative. Moody's has appended the "/LD" designation to the PDR as a waiver of interest payments is a default. "The downgrade reflects the high likelihood of a debt restructuring in the near term given the company has entered into a forbearance agreement with lenders", said Peter Adu, Moody's Vice President and Senior Analyst. Ratings Downgraded: Corporate Family Rating, Downgraded to Ca from B3 Probability of Default Rating, Downgraded to Ca-PD/LD from B3-PD Senior Secured Revolving Credit Facility due in 2021, Downgraded to B3 (LGD2) from Ba3 (LGD1) Senior Secured Term Loan B due in 2022, Downgraded to Ca (LGD4) from B3 (LGD3) Senior Secured Notes due in 2023, Downgraded to Ca (LGD4) from B3 (LGD3) Speculative Grade Liquidity, Downgraded to SGL-4 from SGL-3 Outlook Action: Outlook, Remains Negative RATINGS RATIONALE LSC's Ca CFR is constrained by: (1) expectations that it will pursue a debt restructuring in the near term after entering into a forbearance agreement with lenders; (2) unsustainable capital structure given its large debt load and expectations that leverage (adjusted Debt/EBITDA) will be sustained above 7x in the next 12 to 18 months (6.6x for 2019); and (3) declining revenue and EBITDA due to pressures in the commercial printing industry, coupled with the challenge of reducing cost in line with lower levels of revenue. The rating benefits from: (1) good market position and scale in commercial printing. LSC's environmental risk is low. The company has exposure to hazardous substances and although there have been no material environmental liabilities in the past few years, it could face material costs related to remediation of contaminated manufacturing facilities should that occur. LSC's social risk is elevated. Technological advancement is impacting the way customers consume information. Due to electronic substitution, the commercial printing industry is under pressure and LSC will have to transform its business model in order to remain viable. The shift to digital will require a continuing focus on cost reduction for LSC. LSC's governance risk is elevated. The company capital structure is unsustainable due to rising leverage, large debt load and inadequate liquidity with which to address debt maturities. LSC has weak liquidity (SGL-4). Sources amount to $105 million of cash at Q4/2019 while uses total $505 million in the next 4 quarters. Uses of liquidity include $40 million of expected negative free cash flow generation in the next four quarters and $465 million of short-term debt and current portion of long term debt on its balance sheet. There is no availability under the company's $300 million revolving credit facility as there is $249 million drawn and $51 million of letters of credit issued. LSC is already in violation of leverage and coverage covenants under its revolving credit facility and has covenant compliance waived for Q4/2019 through May 14, 2020. The company has limited ability to generate liquidity from asset sales. The outlook is negative because the company is likely to restructure its debt in the near term. The ratings will be downgraded if the company restructures its debt. The ratings could be upgraded if the company reduces debt materially and improves its liquidity profile. The principal methodology used in these ratings was Media Industry published in June 2017. Headquartered in Chicago, Illinois, LSC Communications, Inc. is a retail/advertising-centric print/publishing service, and office products company. Revenue for the year ended December 31, 2019 was $3.3 billion. MAGNOLIA LANE: Exclusivity Period Extended to May 28 ---------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida extended the exclusive periods for Magnolia Lane Condominium Association, Inc. to file its Chapter 11 plan and solicit acceptances for the plan to May 28 and July 28, respectively. About Magnolia Lane Condominium Association Based in Miami, 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. No official committee of unsecured creditors has been appointed in the Debtor's case. MANHATTAN COMPANY: Court Confirms Liquidating Plan -------------------------------------------------- Debtor The Manhattan Company of New York, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of New York a First Amended Liquidating Chapter 11 Plan dated Jan. 14, 2020, and a Disclosure Statement dated Dec. 12, 2019. On Feb. 14, 2020, Judge Alan S. Trust ordered that: * The Disclosure Statement is approved on a final basis. * The Plan, including any amendments, is confirmed. * The Disbursing Agent shall be Davidoff Hutcher & Citron LLP in lieu of Rattet PLLC. * The Debtor is authorized and directed to take any and all actions and execute and deliver any and all instruments and documents that are necessary and appropriate to effect and consummate the Plan and carry out this Order. * The Debtor and the Disbursing Agent are authorized and directed to file quarterly disbursement reports for each quarter the Chapter 11 Case remains open, and pay United States Trustee fees. A full-text copy of the Order Confirming the Plan dated Feb. 14, 2020, is available at https://tinyurl.com/ugl64q7 from PacerMonitor at no charge. About Manhattan Company of New York The Manhattan Company of New York, LLC, is a privately held company in the nonresidential building construction industry. Manhattan Company of New York sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-71107) on Feb. 14, 2019. At the time of the filing, the Debtor disclosed $4,092,125 in assets and $3,028,878 in liabilities. Judge Alan S. Trust oversees the case. Davidoff Hutcher & Citron LLP is the Debtor's counsel. MARSHAL BROADCASTING: Taps Loeb & Loeb as Special Corporate Counsel ------------------------------------------------------------------- Marshall Broadcasting Group, Inc. received approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Loeb and Loeb LLP as its special corporate counsel. Loeb will provide the Debtor with legal advice related to corporate, tax, intellectual property, and general commercial matters. Its services exclude litigation, bankruptcy and lobbying-related matters. The firm will be paid at these hourly rates: Channing Johnson $945 Partners $595 to $945 Associates $595 to $720 Paraprofessionals $380 Channing Johnson, Esq., a partner at Loeb, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. In response to the request for additional information set forth in Paragraph D.1. of the Revised U.S. Trustee Guidelines, Mr. Johnson disclosed that: -- Loeb and the Debtor agreed that the firm would bill hourly at its standard billing arrangements; -- no Loeb professional included in the engagement has varied his rate based on the geographic location of the Debtor's bankruptcy case; -- in accordance with Loeb's long-time practice every year, the firm's standard hourly rates were last adjusted slightly higher effective Jan. 1, 2020; and -- Loeb and the Debtor expect to develop a prospective budget and staffing plan for an initial period from Dec. 3, 2019 to May 31, 2020. Loeb & Loeb can be reached at: Channing D. Johnson, Esq. Loeb & Loeb LLP 345 Park Avenue New York, NY 10154 Tel: (212) 407-4000 Fax: (212) 407-4990 About Marshall Broadcasting Group Marshall Broadcasting Group, Inc. -- https://mbgroup.tv -- is a minority owned television broadcasting company that owns three full power television stations in the United States. Marshall Broadcasting Group filed a voluntary Chapter 11 petition (Bankr. S.D. Tex. Case No. 19-36743) on Dec. 3, 2019. The petition was signed by Pluria Marshall Jr., chief executive officer. At the time of the filing, the Debtor disclosed assets of between $50 million and $100 million and liabilities of the same range. Judge David R. Jones oversees the case. Levene, Neale, Bender, Yoo & Brill L.L.P. is the Debtor's bankruptcy counsel. MEDICAL DIAGNOSTIC: U.S. Trustee Appoints New Committee Member -------------------------------------------------------------- The Office of the U.S. Trustee on March 4, 2020, appointed Nicholas Bhojwani as new member of the official committee of unsecured creditors in the Chapter 11 case of The Medical Diagnostic Imaging Group Ltd. Mr. Bhojwani will replace Richard Willey who resigned as committee member. The committee is now composed of: (1) Rakesh Patel 6803 E. Main Street, Unit 6604 Scottsdale, AZ 85251 Phone: 480-287-3959 Email: rakstar910@gmal.com (2) Tina Hendrix 59907 E. Heron Drive Oracle, AZ 85623 Phone: 928-247-3951 Email: hendrixtma@gmail.com (3) Doris R. Stair, M.D. 3663 E. Cassia Lane Gilbert, AZ 85298 Phone: 309-721-6461 Email: drs23@prodigy.net (4) Nicholas Bhojwani 4848 N. Goldwater Blvd., Unit 2082 Scottsdale, AZ 85251 Phone: 937-321-8702 Email: nbhoj08@gmail.com About Medical Diagnostic The Medical Diagnostic Imaging Group, Ltd., a provider of diagnostic radiology services, and its affiliate MDIG of Arizona, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case Nos. 19-15722 and 19-15726) on Dec. 16, 2019. On Dec. 23, 2019, MDIG of Pennsylvania, LLC and MDIG of Washington, PLLC filed voluntary Chapter 11 petitions (Bankr. D. Ariz. Case Nos. 19-16025 and 19-16026). At the time of the filing, the Debtors each disclosed assets of between $1 million and $10 million and liabilities of the same range. Medical Diagnostic, MDIG of Pennsylvania and MDIG of Washington are represented by Michael W. Carmel, Ltd. while MDIG of Arizona is represented by Stinson LLP. On Jan. 13, 2020, the Office of the U.S. Trustee appointed creditors to serve on the official committee of unsecured creditors in Medical Diagnostic's Chapter 11 case. The committee tapped Perkins Coie LLP as its legal counsel, and Resolute Commercial Services as its financial advisor. Susan Goodman of JD Pivot Health Law was appointed as patient care and consumer privacy ombudsman. MERRICK COMPANY: March 26 Plan Confirmation Hearing Set ------------------------------------------------------- Debtor Merrick Company, LLC, filed with the U.S. Bankruptcy Court for the Western District of Kentucky a Small Business Plan of Reorganization in Lieu of Disclosure Statement. On Feb. 18, 2020, Judge Thomas H. Fulton ordered that: * March 26, 2020, at 10:00 a.m. in Courtroom #2, Fifth Floor, Gene Snyder Courthouse, 601 W. Broadway, Louisville, Kentucky is the hearing to determine if the Plan contains enough adequate information that a separate Disclosure Statement is not necessary. * Any party in interest is objecting to the adequacy and/or confirmation of the Debtor's Plan will file the objection seven days prior to the scheduled hearing. * Counsel for the Debtor will file a tabulation of the ballots with the Court no later than two business days prior to the date of the confirmation hearing. A copy of the order dated Feb. 18, 2020, is available at https://tinyurl.com/v2w6rvd from PacerMonitor at no charge. About Merrick Company Merrick Company, LLC -- http://www.merrickco.com/-- is a mechanical contractor in Louisville, Ky., that repairs, upgrades, designs, and installs piping and HVAC systems. Merrick Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 19-31201) on April 15, 2019. In the petition signed by Michelle Merrick, member, the Debtor disclosed $824,992 in assets and $3,656,559 in liabilities. The case is assigned to Judge Thomas H. Fulton. MESA MARKETPLACE: Gets Interim OK to Hire James Portman as Counsel ------------------------------------------------------------------ Mesa Marketplace Center, LLC received interim approval from the U.S. Bankruptcy Court for the District of Arizona to hire James Portman Webster Law Office PLC as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. advise the Debtor of its powers and duties in the continued operation and management of its properties; b. take necessary action to resolve collateral and post-petition financing issues; c. represent the Debtor in connection with obtaining confirmation for its Chapter 11 plan of reorganization; and d. prepare legal papers. James Portman Webster, Esq., the attorney who will be handling the case, charges an hourly fee of $300. Law clerks and paralegals charge $125 per hour while the firm's secretary and legal assistants charge $75 per hour. The firm has no connection with creditors of the Debtor or any "party-in-interest," according to court filings. Webster can be reached through: James Portman Webster, Esq. James Portman Webster Law Office, PLC 1845 S. Dobson Road, Suite 201 Mesa, AZ 85202 Phone: (480) 464-4667 Fax: (888) 214-8293 Email: Jim@JPWLegal.com About Mesa Marketplace Center Mesa Marketplace Center, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Mesa Marketplace Center sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-01335) on Feb. 10, 2020. The Debtor previously sought bankruptcy protection (Bankr. D. Ariz. Case No. 16-10094) on Aug. 31, 2016. In the petition signed by Kenny Eng, member, the Debtor estimated $1 million to $10 million in assets and liabilities. James Portman Webster, Esq., serves as the Debtor's legal counsel. MOBILE MINI: S&P Puts 'BB' ICR on Watch Neg. on WillScot Merger --------------------------------------------------------------- S&P Global Ratings placed all ratings, including its 'BB' issuer credit rating, on modular storage lessor Mobile Mini Inc. on CreditWatch with negative implications. The CreditWatch negative placement follows WillScot's announcement it has agreed to merge with Mobile Mini in an all-stock transaction that would value the combined company at approximately $6.6 billion. Mobile Mini shareholders will receive approximately 2.4 shares of WillScot stock per share of Mobile Mini stock. Although the company will not issue any incremental debt to fund the transaction, WillScot's credit metrics on a stand-alone basis are significantly weaker than Mobile Mini's, with EBIT interest coverage of 0.7x and funds from operations (FFO) to debt of 9.6% as of the 12 months ended Sept. 30, 2019. This is compared to Mobile Mini's 3.3x and 20.6%. As a result, the combined company will still have weaker metrics than Mobile Mini on a stand-alone basis, with pro forma EBIT interest coverage expected in the low-1x area and FFO to debt in the low-teens percent area based on 2019 year-end financials. S&P expects to resolve the CreditWatch when the merger closes or is sufficiently certain to occur. S&P expects any downgrade to most likely be limited to one notch because of the combined company's weaker credit metrics than previous stand-alone metrics, partially offset by potentially improved scale and diversity. MT. MORRIS GROUP: March 11 Hearing on Bid for Chapter 11 Trustee ---------------------------------------------------------------- In the Chapter 11 case of Mt. Morris Group, LLC, d/b/a North Morris Estates Manufactured Housing Community, Bankruptcy Judge Joel D. Applebaum of the U.S. Bankruptcy Court for the Eastern District of Michigan entered an order adjourning to March 11, 2020, at 11:00 a.m. the hearing on: -- the Motion of Apex Bank for Appointment of Chapter 11 Trustee; and -- the Order to Show Cause Why Case Should Not Be Dismissed for Failure to File Documents and Resolving Motion of Apex Bank for Establishment of Redemption Period Expiration Date. In its request, Apex Bank, f/k/a Bank of Camden, contends that D. Mark Krueger, the owner and manager of the Denmark Management Company, and North Morris Estates Manufactured Housing Community, defaulted on his loan with Apex Bank and failed to pay real estate taxes for the year 2017 and 2018. The original note, mortgage and other related loan documents were assigned to Bank of Camden pursuant to an allonge to promissory note and an assignment of mortgage dated March 31, 2000 that was foreclosed by advertisement, with Apex being the successful bidder at the sheriff's sale. The Debtor operates a manufactured housing community at 9098 N. Saginaw Road, Mt. Morris, Michigan. According to Apex, the Debtor has continued to operate its business without a license, in violation of MCL 125.2316, and has failed to maintain the Property, to the detriment of Apex and all other creditors. Apex filed an action against the Debtor in the Genesee County Circuit Court which sought the appointment of a receiver for the Property due to failure of the Debtor to pay real estate taxes to pay sewer charges. However, the Debtor filed a counter-complaint in the State Court Lawsuit, which asserted Apex had slandered its title to the Property and had tortuously interfered with a contractual relationship. On July 6, 2018, the Michigan Department of Licensing and Regulatory Affairs notified the Debtor of the various violations of its business operation. Thus, the Debtor agreed to take the necessary remedial measures to cure the violations. Thereafter, Apex filed its motion for the appointment of a receiver for the Property, with the Debtor contending that it needed an accounting, and asserting other irregularities. At one of the hearings, the Debtor asserted that it had a ready, willing and able buyer for the Property, and that the sale was pending. To date, no sale has occurred. Rather than ruling on Apex's motion to appoint, in a March 11, 2019 order, the Court extended the redemption period to the trial date to be set, and appointed an accountant to assist and to prepare a report. On March 11, 2019, LARA, through the Bureau of Construction Codes, Manufactured Housing Commission filed a Formal Complaint against Krueger, as operator, and the Debtor (Complaint No, COMPL0-MFH 1800201), alleging the Debtor's failure to maintain the Property in accordance with applicable codes and regulations, and to correct the violations. Accordingly, Apex renewed its motion for the appointment of a receiver; one day before the scheduled hearing, the Debtor filed its petition for relief under Chapter 11. Attorney for Apex Bank: Douglas C. Bernstein, Esq. Plunkett Cooney 38505 Woodward Avenue, Suite 100 Bloomfield Hills, MI 48304 Tel: (248) 901-4091 E-mail: dbernstein@plunkettcooney.com A full-text copy of Apex's Motion is available at https://tinyurl.com/squkdn2 from PacerMonitor.com at no charge. About Mt. Morris Group, L.L.C., Mt. Morris Group, L.L.C., d/b/a North Morris Estates Manufactured Housing Community operates mobile home/manufactured housing communities as affordable housing located in 9098 N. Saginaw Road, Mount Morris, MI 48458. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. E.D. Mi. Case No. 19-32883) on December 9, 2019. The Hon. Marvin Isgur oversees the case. The petition was signed by Mark D. Krueger, as responsible person. In its petition, the Debtor Estimated Assets is $0 to $50,000 and the estimated Liabilities is $1 million to $10 million The Debtor is represented by Elliot G. Crowder, Esq., at Stevenson & Bullock, P.L.C. as counsel. MUSEUM OF AMERICAN JEWISH: Files Chapter 11 Due to Bond Debt ------------------------------------------------------------ The Museum of American Jewish History, d/b/a National Museum of American Jewish History in Philadelphia, Pennsylvania, has sought Chapter 11 protection. The Debtor is a Pennsylvania non-profit organization which operates the National Museum of American Jewish History, the only museum in the nation dedicated exclusively to exploring and interpreting the American Jewish experience. The Museum presents educational and public programs that preserve, explore and celebrate the history of Jews in America. The Museum was established in 1976, and is situated on Philadelphia's Independence Mall. The Museum was originally founded by the members of historic Congregation Mikveh Israel, which was established in 1740 and known as the "Synagogue of the American Revolution". The Debtor has no shareholders or partner. The Debtor generates its revenues through a combination of sales of memberships and tickets to the Museum, event revenue, endowment income, and charitable contributions. Operationally, the Debtor generates sufficient revenues from memberships, individual tickets, and other sales and services to cover only a small portion of its expenses. Pursuant to a Trust Indenture dated as of June 30, 2015 between the Philadelphia Authority for Industrial Development and T.D. Bank, N.A., as trustee, the Authority issued Revenue Bonds in the aggregate principal amount of $30,750,000 to provide funding to the Museum. As of the Petition Date, the principal amounts outstanding under the Bonds consisted of approximately $16.3 million to the Series 2015A Bond Holder and approximately $13.75 million to the Series 2015B Bondholders. As of Oct. 18, 2019, T.D. Bank, N.A. resigned as Indenture Trustee for the Bonds and UMB Bank, National Association was appointed as the Indenture Trustee. Road to Chapter 11 Since opening in 2010, the Museum's revenues from gate receipts and events have been inconsistent. Accordingly, in 2017, the Museum reduced its operating expenses by eliminating some paid positions and by making other expense reductions. However, following the reduction in operating expenses, the Museum's revenues have remained at a level which is insufficient to fully fund its expenses and its debt service. By early 2019, it became apparent to the Board that the Museum would be unable to remain current on its Series 2015A and 2015B Bond obligations given the significant debt service requirements and terms under the Trust Indenture. Accordingly, in May, 2019, the Board initiated discussions with representatives of the Series 2015A and 2015B Bonds regarding the restructuring of the Bond debt. The Board has engaged in numerous discussions and negotiations with representatives of the Series 2015A and 2015B Bonds over the course of nine months in an attempt to restructure the bonds. Unfortunately, the discussions did not yield the necessary restructuring of the Series 2015A and 2015B Bonds, and the Museum remains in a situation where its revenues are insufficient to cover its expenses and debt service. Additionally, the burden of the Bond obligations has proven to be an impediment to the Debtor's ability to raise funds, as potential donors are reluctant to donate to an entity saddled with the Bond obligation. The Debtor intends to restructure its debt through this Chapter 11 Case so that its debt service is reduced to a level that will allow the Museum to sustain its operations for the long term. About Museum of American Jewish History Museum of American Jewish History -- https://www.nmajh.org -- is a Pennsylvania non-profit organization which operates the National Museum of American Jewish History, the only museum in the nation dedicated exclusively to exploring and interpreting the American Jewish experience. The Museum presents educational and public programs that preserve, explore and celebrate the history of Jews in America. The Museum was established in 1976, and is situated on Philadelphia's Independence Mall. On March 1, 2020, Museum of American Jewish History sought Chapter 11 protection (Bankr. E.D. Pa. Case No. 20-11285). The Debtor was estimated to have $10 million to $50 million in assets and liabilities. The Hon. Magdeline D. Coleman is the case judge. The Debtor tapped DILWORTH PAXSON LLP as counsel and DONLIN, RECANO & COMPANY, INC., as claims agent. NAKADDU LLC: Court Approves Overstreet Jr. as Chapter 11 Trustee ---------------------------------------------------------------- Bankruptcy Judge Susan D. Barrett of the Southern District of Georgia has approved the appointment of James C. Overstreet Jr. as Chapter 11 Trustee for Nakaddu, LLC. Mr. Overstreet was appointed by the U.S. Trustee and the Debtor after consultation with parties-in-interest. About Nakaddu, LLC Based in Augusta, Georgia, Nakaddu, LLC, classifies its business as single asset real estate as defined in 11 U.S.C. Section 101(51B). It is the fee simple owner of an apartment complex located at 405 Hale St., Augusta, Ga., having an appraised value of $3.8 million. Nakaddu, LLC filed a Chapter 11 petition (Bankr. S.D. Ga. Case No. 19-10977) on July 31, 2019, and is represented by Jon A. Levis, Esq., in Swainsboro, Georgia. The petition was signed by Jerome Kiggundu, managing member. At the time of the filing, the Debtor had $3,205,875 in total assets and $2,915,273 in total liabilities. James Overstreet Jr. was appointed as Chapter 11 trustee for the Debtor. The trustee is represented by Klosinski Overstreet, LLP as its legal counsel. NEW GARDEN: Exclusivity Period Extended to March 13 --------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Massachusetts extend the exclusivity period for New Garden Inc. to file a Chapter 11 plan to March 13. 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. NEXO WATER: Involuntary Chapter 11 Case Summary ----------------------------------------------- Alleged Debtor: Nexo Water Ventures, LLC 1738 South 800 East c/o Andrew G. Sloop Salt Lake City, UT 84105 Business Description: Nexo develops, capitalizes, and manages a diversified pipeline of water related assets. Involuntary Chapter 11 Petition Date: March 2, 2020 Court: United States Bankruptcy Court District of Utah Case Number: 20-21241 Judge: Hon. Kimball R. Mosier Alleged creditors who signed in the involuntary petition: Petitioner Nature of Claim Claim Amount ---------- --------------- ------------ Joshua T. Tandy Secured $100,000 222 S. Main Street Ste 500 Salt Lake City, UT 84101 Tel: (801) 787-0731 Email: jtandy.law@gmail.com Joshua T. Tandy Unsecured $6,816,900 A full-text copy of the Involuntary Petition is available for free at: https://is.gd/sbodeV NFRASTRUCTURE SOLUTION: Creditors' Committee Formed in ISS Case --------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 on March 3, 2020, appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of ISS Management LLC, a subsidiary of Infrastructure Solution Services Inc.. The committee members are: (1) Support of Excavation 616 Nolan Ave. Morrisville, PA 19067 Attn: John Graham Tel: (267) 666-8939 Fax: (215) 295-4953 E-mail: jgraham@supportofexcavation.com (2) Joseph Di Palantino & Sons 2028 Huntingdon Pike Huntingdon Valley, PA 19006 Attn: Joseph Di Palantino Tel: (215) 416-0206 Fax: (267) 722-8217 E-mail: info@jdpsinc.com (3) Plates Co., LLC 316 Park Ave. Bristol, PA 19007 Attn: John Msiczs Tel: (267) 878-0274 / (215) 757-7327 Fax: (267) 878-0275 E-mail: jstop1212@aol.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 Infrastructure Solution Services Infrastructure Solution Services Inc. is a provider of green stormwater infrastructure solutions in the Philadelphia market. Based in Jonestown, Pa., Infrastructure Solution Services filed a Chapter 11 petition (Bankr. M.D. Pa. Case No. 19-03915) on Sept. 13, 2019. In the petition signed by Corey Wolff, director, the Debtor estimated $1 million to $10 million in both assets and liabilities. Subsidiary Happy Endings Holdings, LLC, also filed for Chapter 11 (Bankr. M.D. Pa. 19-03916) on Sept. 13, listing under $1 million in assets and $1 million to $10 million in liabilities. Another subsidiary, ISS Management, LLC, a privately held company whose principal assets are located at 156 S Bethlehem Pike Ambler, PA 19002, filed for Chapter 11 bankruptcy protection (Bankr. M.D. Pa. Case No. 19-04825) on Nov. 12. In its petition, ISS estimated $1 million to $10 million in both assets and liabilities. All three cases are jointly administered under Infrastructure Solution Services'. The Hon. Henry W. Van Eck oversees the cases. The petitions were signed by Corey Wolff, director of Infrastructure Solution Services. Robert E. Chernicoff, Esq., at Cunningham Chernicoff & Warshawsky, P.C., serves as the Debtors' bankruptcy counsel. NUSTAR LOGISTICS: S&P Rates Revenue Bonds 'BB-' ----------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to St. James Parish, La.'s remarketed series 2008, 2010, 2010A, 2010B, and 2011 revenue bonds issued for NuStar Logistics L.P. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. OCULAR THERAPEUTIX: Reports Q4 Net Product Revenue of $2.3M ----------------------------------------------------------- Ocular Therapeutix, Inc. announced preliminary unaudited net product revenue for the fourth quarter of 2019 and interim results from its Phase 1 clinical trial for OTX-TKI, a long-acting tyrosine kinase inhibitor intravitreal implant being evaluated for the treatment of wet age-related macular degeneration and other retinal diseases. Gross product revenue net of discounts, rebates, and returns, which the Company refers to as total net product revenue was $2.3 million for the three-months ended Dec. 31, 2019 reflecting a 172% sequential increase over total net product revenue reported in the third quarter ended Sept. 30, 2019. Net product revenue of DEXTENZA in the fourth quarter 2019 was $1.6 million versus $0.3 million in the third quarter ended Sept. 30, 2019 and reflects a more than four times sequential increase. Total net product revenue for the fourth quarter of 2019 also includes net product revenue of $0.7 million from ReSure Sealant. The Company expects to report its audited results for the 2019 fiscal year later this month. DEXTENZA net revenue in the quarter was driven by continued increase in the number of new accounts prescribing DEXTENZA and re-order rates by existing accounts. In addition to the trends in the fourth quarter, the Company is seeing increased interest from larger accounts at the start of 2020. Based on these current trends and the 50% expansion of Key Account Managers to approximately 30 in November 2019, the Company expects DEXTENZA net revenue for the first quarter of 2020 to be in the range of $2.4 million to $2.6 million. Combined with anticipated net revenues from ReSure Sealant of approximately $0.6 million, the Company expects total net product revenue for the first quarter of 2020 to be $3.0 million to $3.2 million. "We are pleased with our progress and with the results we are seeing in the early stages of the DEXTENZA launch," said Antony Mattessich, president and chief executive officer. "Increases in new accounts, re-order rates, and average order size are all metrics we are seeing that reinforce our belief that DEXTENZA's differentiated product profile is resonating with surgeons as a novel treatment for ocular inflammation and pain following ophthalmic surgery. In addition, with encouraging interim results in OTX-TKI for the treatment of wet age-related macular degeneration and in OTX-TIC for the treatment of glaucoma that were announced today and a few weeks ago respectively, we are beginning to see the potential of our early-stage product pipeline. We look forward to providing additional updates on these programs later in the year and to a productive 2020." Interim Phase 1 Data on OTX-TKI The Phase 1, multi-center, open-label, dose escalation clinical trial being conducted in Australia is intended to evaluate the safety, durability, tolerability, and biological activity of OTX-TKI for the treatment of wet age-related macular degeneration. Two cohorts of six subjects each have been enrolled, a lower dose cohort of 200 μg and a higher dose cohort of 400 μg. In the first two fully enrolled cohorts, OTX-TKI was generally well tolerated and observed to have a favorable safety profile with no ocular serious adverse events noted. In the higher dose cohort, OTX-TKI showed a decrease in retinal fluid as measured by decreases in intraretinal and/or subretinal fluid in some subjects. The Company plans to continue long-term evaluation of the first two cohorts. This Phase 1 clinical trial is not powered to measure any efficacy endpoints with statistical significance. "For patients with wet age-related macular degeneration and retinal diseases, there is a need for both products with new mechanisms of action and for products that are able to provide longer-acting therapy than current anti-VEGF products on the market today," said Dr. Michael Goldstein, chief medical officer of Ocular Therapeutix. "While still early, initial data from this Phase 1 study with a tyrosine kinase inhibitor indicate that OTX-TKI has the potential to decrease intraretinal and subretinal fluid in patients with wet-age-related macular degeneration. We look forward to following these patients to assess the long-term durability of the response. The safety and biological activity seen in this trial is consistent with our pre-clinical animal studies and the data support both ongoing testing as a monotherapy and in combination with other anti-VEGF injections where OTX-TKI could extend the efficacy of those products thereby requiring less frequent dosing." About Ocular Therapeutix Ocular Therapeutix, Inc. is a biopharmaceutical company focused on the formulation, development and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary, bioresorbable hydrogel platform technology. The Company uses this technology to tailor duration and amount of delivery of a range of therapeutic agents of varying duration in our product candidates. Ocular reported a net loss of $59.98 million in 2018 following a net loss of $63.39 million in 2017. As of Sept. 30, 2019, the Company had $88.71 million in total assets, $77.41 million in total liabilities, and $11.30 million in total stockholders' equity. PricewaterhouseCoopers LLP, in Boston, Massachusetts, the Company's auditor since 2008, issued a "going concern" qualification in its report dated March 7, 2019, citing that the Company has incurred losses and negative cash flows from operations since its inception, which raise substantial doubt about its ability to continue as a going concern. OMNIMAX INTERNATIONAL: S&P Cuts ICR to CCC-; Ratings on Watch Neg. ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Omnimax International Inc. to 'CCC-' from 'CCC' and placed all of its ratings on the company on CreditWatch with negative implications. The company's parent Omnimax Holdings Inc. faces large upcoming debt maturities of about $442 million over the next six months. Upcoming maturities in the next 12 months include $385 million of 12% senior secured notes due Aug. 15, 2020, as well as $216 million outstanding on its payment-in-kind (PIK) senior unsecured loan facility due Feb. 6, 2021. "In our view, a default, distressed exchange, or restructuring appears inevitable in the next six months absent a successful refinancing or unanticipated significantly favorable changes in the company's circumstances," S&P said. All of Omnimax's debt is current and a significant portion will mature in the next six months. Omnimax's $385 million senior secured notes are due Aug. 15, 2020. If the company fails to refinance the notes before May 17, 2020, the maturity date of its asset-based lending (ABL) credit facility will accelerate to that date from March 1, 2021. Omnimax had $58.3 million outstanding under its ABL facility as of Sept. 27, 2019. At that time, principal liquidity sources included about $5 million of cash. The remainder of the company's capital structure consists of its $125 million (approximately $216 million outstanding) 16% PIK senior unsecured loan facility due Feb. 6, 2021 (unrated) and its EUR20 million Dutch revolving credit facility (unrated), which does not have a maturity date and is therefore Omnimax's only debt not due in the next 12 months. The CreditWatch placement reflects the one-in-two chance that S&P will lower its rating on Omnimax in the next 90 days. "We could downgrade Omnimax, likely to 'D', if it misses an interest payment and we do not expect it to be paid. Alternatively, we could lower our rating on the company to 'SD' (selective default) if Omnimax announces any type of debt restructuring or extension," S&P said. "Alternatively, we could raise our rating on Omnimax if it refinances its $385 million senior secured notes due August 2020," the rating agency said. PALMER EQUIPMENT: US Trustee Wants Chapter 11 Trustee Appointed --------------------------------------------------------------- The United States Trustee asks the U.S. Bankruptcy Court for the District of Utah to appoint a chapter 11 Trustee for Palmer Equipment, LLC or, in the alternative, dismiss the case or convert it to Chapter 7. According to the U.S. Trustee, Ryan Palmer and his wife, Emily, the only two members of the LLC, participated in a fraud upon Utah Independent Bank by pledging collateral which they did not own but only held pursuant to a consignment agreement. Matthew Hess, one of the Debtor's creditors, and majority of the members of the Unsecured Creditors Committee had their property misappropriated by the Debtor's management. In addition, on approximately 30 other occasions, Palmer caused the Debtor to sell other consigned equipment and then failed to pay the proceeds from those sales to the parties from whom they received the consigned goods. Finally, Palmer has caused to be filed with the Court, under his signature, monthly operating reports which are deceiving or, at the very least, incomplete by failing to provide information regarding unpaid wages and unpaid withholding taxes. The U.S. Trustee believes that cause has been shown for the appointment of a Chapter 11 Trustee, or to dismiss the Case or convert the Case to a case under Chapter 7 of the Bankruptcy Code based on the best interests of creditors and the estate. Guy L. Palmer established Palmer Equipment Company in 1983 as a sole proprietorship. It became an LLC in 2018 in order to satisfy the requirements of Enhanced Capital Utah Rural Fund, LLC, the largest secured creditor of the Debtor. He died in April 2019. Ryan and Emily Palmer are listed as 50% owners of the Debtor. About Palmer Equipment LLC Palmer Equipment LLC -- https://www.balewagons.com/ -- is a manufacturer of agricultural equipment. The Company also provides equipment repair, annual maintenance, equipment restoration, and equipment upgrades services. Palmer Equipment sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 19-24265) on June 11, 2019. In the petition signed by its managing partner, Ryan Palmer, the Debtor estimated assets and debts of less than $10 million each. Judge William T. Thurman is assigned to the case. The Debtor is represented by Brian D. Johnson, Esq. at Brian D. Johnson P.C. as lead bankruptcy counsel and Roger A. Kraft, Esq. at Roger A. Kraft Attorney at Law, P.C., as co-counsel. The U.S Trustee appointed a committee of unsecured creditors on July 26, 2019. The committee is represented by the Law Firm of Fabian VanCott. PARADOX ENTERPRISES: May Use Cash Collateral on Interim Basis ------------------------------------------------------------- Judge Shelley D. Rucker of the U.S. Bankruptcy Court for the Eastern District of Tennessee inked her approval to an Agreed Order authorizing Paradox Enterprises, LLC to use cash collateral, on an interim basis, to pay certain expenses in the ordinary course of its business. Citizens Tri-County Bank previously filed an objection to Debtor's use of cash collateral, and a Motion for Adequate Protection or Relief from Stay. following an evidentiary hearing held on Nov. 4, 2019. Consequently, the Court prohibited the Debtor from any further use of cash collateral and continued the remaining issues raised in the Stay Relief Motion for hearing on Dec. 16. Citizens Tri-County Bank and the Debtor have reached an agreement concerning the Cash Collateral Motion and the Stay Relief Motion. Among other conditions, the Bank and the Debtor agreed that: (A) The Debtor will be permitted to use cash collateral under the terms and conditions contained in the Agreed Order, until superseded by a confirmed plan of reorganization or further order of the Court. (B) The Debtor may pay the current, normal, ordinary and reasonable expenses of operating the Property, which are incurred after the Petition Date, as they become due. (C) The Debtor will not use cash collateral to pay its prepetition debts. No professional fees will be paid out of cash collateral, except upon further order of the Court. (D) As adequate protection, (i) the Debtor will make payment to Citizens Tri-County Bank in the amount of $6,000, and (ii) the Debtor will maintain insurance on the properties which are currently insured. (E) Citizens Tri-County Bank is granted a security interest in all of the Debtor's post-petition property and assets that are of the same type and kind as described in the security agreement(s) between the Bank and the Debtor. The replacement liens will have the same validity and priority as the Bank's security interests and liens in the collateral held by the Debtor as of the Petition Date and they will be deemed automatically valid and perfected upon entry of the Order without further filing or recordation by Lender or the Debtor. (F) The Debtor will manage its rental business in the same manner it has since the Petition Date and in such a manner that its losses do not exceed $2,000 per month. About Paradox Enterprises Paradox Enterprises, LLC, based in Manchester, Tennessee, filed a Chapter 11 petition (Bankr. E.D. Tenn. Case No. 19-12162) on May 24, 2019. In the petition signed by Eric Shelley, owner, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. The Hon. Shelley D. Rucker oversees the case. Jason N. King, Esq., at Kious Rodgers Barger Holder & King, PLLC, serves as bankruptcy counsel. PG&E CORPORATION: L&K 2nd Update on California Counties ------------------------------------------------------- Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, the law firm of Lamb & Kawakami LLP submitted a second amended verified statement to disclose an updated list of the Ad Hoc California Public Entities Committee that it is representing in the Chapter 11 cases of PG&E Corporation and Pacific Gas And Electric Company. In January 2019, the California County Counsel Association, which monitors developments in the law and new cases which affect the interests of California counties, formed the Ad Hoc Committee. On March 22, 2019, the Ad Hoc Committee engaged Lamb & Kawakami LLP to represent it in connection with these chapter 11 cases. Individual members of the Ad Hoc Committee joined the committee and engaged L&K on various dates due, in part, to the fact that public entities require approval of boards or other governmental bodies to retain counsel. This Second Amended Verified Statement is filed because one member, Madera County, is no longer a member of the Ad Hoc Committee. L&K represents only the Ad Hoc Committee and certain individual municipal entities. L&K does not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases and does not undertake to represent the interest of and are not fiduciaries to any other entities other than those identified above. Each member of the Ad Hoc Committee is aware of and has consented to the L&K group representation. Members of the AD Hoc Committee do not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases, but are public entities that provide services to the public within their jurisdictions. As of March 2, 2020, members of the Ad Hoc Committee and their disclosable economic interests are: Disclosable Economic Interest -------------------- County of San Luis Obispo 1055 Monterey Street Ste. D320 San Luis Obispo, CA 93408 General Claims County of Sonoma 575 Administration Drive Room 105-A General Claims Santa Rosa, CA 95403 Wildfire Claims County of Marin 3501 Civic Center Drive Ste. 275 San Rafael, CA 94903 General Claims County of Calaveras 891 Mountain Ranch Road San Andreas, CA 95249 General Claims County of Monterey 168 West Alisal Street, 3rd fl. Salinas, CA 93901 General Claims County of San Benito Office of the County Counsel 481 4th St. Fl. 2 Hollister, CA 95023-3840 General Claims County of San Joaquin 44 North San Joaquin Street Sixth Floor, Suite 679 Stockton, CA 95202 General Claims County of Tulare 2900 W. Burrel Avenue Visalia, CA 93291 General Claims County of Fresno 2220 Tulare St, Fifth Floor Fresno, CA 93721 General Claims County of Mariposa 5100 Bullion Street, 2nd fl. Mariposa, CA 95338 General Claims County of Tuolumne 2 S. Green Street Sonora, CA 95370 General Claims County of Yolo 625 Court St., Ste. 201 Woodland, CA 95695 General Claims County of Alameda 1221 Oak Street, Suite 450 Oakland, CA 94612 General Claims County of El Dorado 330 Fair Lane Placerville, CA 95667 General Claims County of Stanislaus 1010 10th St., #6400 Modesto, CA 95354 General Claims County of El Dorado 330 Fair Lane Placerville, CA 95667 General Claims County of Santa Cruz 701 Ocean Street, Room 505 Santa Cruz, CA 95060 General Claims The information set forth in Exhibit 1, which has been reviewed and approved by the Ad Hoc Committee, is intended only to comply with Bankruptcy Rule 2019 and is not intended for any other purpose. L&K does not make any representation regarding the validity, amount, allowance, or priority of such economic interests and reserves all rights with respect thereto. There is no written instrument which authorizes the Ad Hoc Committee to act. The Ad Hoc Committee has acted and will continue to act with the consent of its members. Nothing contained in the Amended Verified Statement or Exhibit 1 should be construed as a limitation on, or waiver of, any rights of any member of the Ad Hoc Committee to assert, file and/or amend their claims in accordance with applicable law and any orders entered in these chapter 11 cases. The Ad Hoc Committee does not, by filing this Amended Verified Statement nor any subsequent appearance, pleading, claim or suit, submit to the jurisdiction of the Bankruptcy Court or intend that this Amended Verified Statement constitute a waiver of any of its rights: (i) to have final orders in core and non-core matters entered only after de novo review by a District Judge; (ii) to have any final order entered by, or other exercise of the judicial power of the United States performed by, an Article III court; (iii) to trial by jury in any proceeding so triable in these cases, or any controversy or proceeding related to these cases; (iv) to have the reference withdrawn by the District Court in any matter subject to mandatory or discretionary withdrawal; (v) to any objection to the jurisdiction of the Bankruptcy Court; or (vi) to assert any other rights, claims, actions, defenses, setoffs or recoupments to which the Ad Hoc Committee is or may be entitled, in law or in equity, all of which rights, claims, actions, defenses, setoffs and recoupments the Ad Hoc Committee expressly reserves. Counsel for Ad Hoc California Public Entities Committee can be reached at: LAMB & KAWAKAMI LLP Kevin J. Lamb, Esq. Michael K. Slattery, Esq. Thomas G. Kelch, Esq. 333 South Grand Avenue, Suite 4200 Los Angeles, CA 90071 Telephone: (213) 630-5500 Facsimile: (213) 630-5555 E-mail: klamb@lkfirm.com mslattery@lkfirm.com tkelch@lkfirm.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/r4GOrc 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, is special regulatory counsel. The Office of the U.S. Trustee appointed an official committee of unsecured 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. PIONEER ENERGY: Davis Polk, Haynes Represent Noteholder Group ------------------------------------------------------------- In the Chapter 11 cases of Pioneer Energy Services Corp., et al., the law firms of Davis Polk & Wardwell LLP and Haynes and Boone, LLP submitted a verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose that it is representing the Ad Hoc Group of Noteholders formed by holders of 6.125% senior unsecured notes due March 15, 2022. In or around June 2019, the Ad Hoc Group of Noteholders engaged Davis Polk to represent it in connection with the Members' holdings of Prepetition Senior Notes. In or around February 2020, the Ad Hoc Group of Noteholders engaged Haynes and Boone to act as co-counsel in these Chapter 11 Cases. Counsel only represents the Ad Hoc Group of Noteholders. Counsel does not represent or purport to represent any other entity or entities in connection with the Chapter 11 Cases. In addition, the Ad Hoc Group of Noteholders does not claim or purport to represent any other entity and undertakes no duties or obligations to any entity. The Members of the Ad Hoc Group of Noteholders, collectively, beneficially own or manage approximately (i) $235,693,000.00 million in aggregate principal amount of Prepetition Senior Notes, (ii) $794,000.00 million in aggregate principal amount of secured term loans under that certain Term Loan Agreement, dated as of November 8, 2017, by and among Pioneer, as the borrower, the lenders party thereto and Wilmington Trust, National Association, as administrative agent, and (iii) 10,770 shares of the common stock of Pioneer, as set forth on Exhibit A hereto. As of March 3, 2020, members of the Ad Hoc Group of Noteholders and their disclosable economic interests are: ASCRIBE III INVESTMENTS LLC 299 Park Ave, 34th Floor New York, NY 10171 * $47,357,000.00 in aggregate principal amount of Prepetition Senior Notes CREDIT SUISSE ASSET MANAGEMENT, LLC 11 Madison Ave New York, NY 10010 * $52,946,000.00 in aggregate principal amount of Prepetition Senior Notes DW PARTNERS, LP 590 Madison Ave, 13th Floor New York, NY 10022 * $26,550,000.00 in aggregate principal amount of Prepetition Senior Notes J.P. MORGAN SECURITIES LLC 500 Stanton Christiana Rd Newark, DE 19713 * $13,209,000.00 in aggregate principal amount of Prepetition Senior Notes LOOMIS, SAYLES & COMPANY, L.P. 1 Financial Center Boston, MA 02111 * $45,745,000.00 in aggregate principal amount of Prepetition Senior Notes STRATEGIC INCOME MANAGEMENT 1200 Westlake Ave N, Suite 713 Seattle, WA 98109 * $25,886,000.00 in aggregate principal amount of Prepetition Senior Notes * 10,770 shares of the Common Stock WHITEBOX ADVISORS LLC 3033 Excelsior Blvd., Suite 500 Minneapolis, MN 55416 * $24,000,000.00 in aggregate principal amount of Prepetition Senior Notes * $794,000.00 in aggregate principal amount of Prepetition Term Loans Counsel to the Ad Hoc Group of Noteholders can be reached at: HAYNES AND BOONE, LLP Charles A. Beckham, Jr., Esq. Kelli S. Norfleet, Esq. Martha Wyrick, Esq. 1221 McKinney Street, Suite 2100 Houston, TX 77010 Telephone: (713) 547-2000 Facsimile: (713) 547-2600 E-mail: charles.beckham@haynesboone.com kelli.norfleet@haynesboone.com martha.wyrick@haynesboone.com - and - DAVIS POLK & WARDWELL LLP Damian S. Schaible, Esq. Natasha Tsiouris, Esq. Erik Jerrard, Esq. Xu Pang, Esq. 450 Lexington Avenue New York, NY 10017 Telephone: (212)450-4000 Facsimile: (212) 701-5800 E-mail: damian.schaible@davispolk.com natasha.tsiouris@davispolk.com erik.jerrard@davispolk.com xu.pang@davispolk.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/vKcAQb and https://is.gd/c4eQw4 About Pioneer Energy Pioneer Energy Services (OTC: PESX) -- http://www.pioneeres.com/-- provides well servicing, wireline, and coiled tubing services to producers primarily in Texas and the Mid-Continent and Rocky Mountain regions. Pioneer also provides contract land drilling services to oil and gas operators in Texas, Appalachia and Rocky Mountain regions and internationally in Colombia. Pioneer is headquartered in San Antonio, Texas. Pioneer Energy Services Corp. and nine related entities sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-31425) to effectuate its prepackaged plan of reorganization that will cut debt by $260 million. Pioneer Energy disclosed $689,693,000 in assets and $576,545,000 in liabilities as of Sept. 30, 2019. The Hon. David R. Jones is the case judge. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Norton Rose Fulbright US LLP are serving as legal counsel to Pioneer, Lazard is acting as financial advisor and Alvarez & Marsal is serving as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent. Davis Polk & Wardwell LLP and Haynes and Boone, LLP are acting as legal counsel for the ad hoc group of Senior Unsecured Noteholders and Houlihan Lokey is acting as financial advisor. PIONEER ENERGY: Moody's Cuts CFR to Caa3 & Alters Outlook to Neg. ----------------------------------------------------------------- Moody's Investors Service downgraded Pioneer Energy Services Corp.'s Probability of Default Rating to D-PD from Caa1-PD, Corporate Family Rating to Caa3 from Caa1, senior secured term loan rating to Caa1 from B2 and its senior unsecured notes rating to Ca from Caa2. The outlook was changed to negative from stable. These actions follow the company's announcement that it had filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas to effectuate its pre-packaged Plan of Reorganization. Moody's will withdraw all ratings for the company in the near future. Downgrades: Issuer: Pioneer Energy Services Corp. Probability of Default Rating, Downgraded to D-PD from Caa1-PD Corporate Family Rating, Downgraded to Caa3 from Caa1 Senior Secured First Lien Term Loan, Downgraded to Caa1 (LGD2) from B2 (LGD2) Senior Unsecured Notes, Downgraded to Ca (LGD5) from Caa2 (LGD5) Outlook Actions: Issuer: Pioneer Energy Services Corp. Outlook, Changed to Negative from Stable RATINGS RATIONALE Pioneer Energy Services' Chapter 11 bankruptcy filing has resulted in a downgrade of its PDR to D-PD. Moody's also downgraded the company's CFR to Caa3, its senior secured term loan rating to Caa1 and its senior unsecured notes rating to Ca, reflecting Moody's view on the potential recoveries. Shortly following this rating action, Moody's will withdraw all Pioneer Energy Services' ratings. The principal methodology used in these ratings was Global Oilfield Services Industry Rating Methodology published in May 2017. Pioneer Energy Services provides contract land drilling and various well site services to upstream oil and gas companies. The company operates in Texas, North Dakota, Mid-Continent, Rockies and the Appalachian regions. Pioneer Energy Services' international operations are located in Colombia. PIONEER ENERGY: S&P Cuts ICR to 'D' After Chapter 11 Filing ----------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based oilfield services provider Pioneer Energy Services Corp. to 'D' from 'CCC-' following the company's Chapter 11 bankruptcy on March 1, 2020. S&P also lowered its issue-level ratings on the company's secured term loan and unsecured notes to 'D. The recovery rating on the term loan is '1', indicating S&P's expectation of very high (90%-100%; rounded estimate: 95%) recovery for creditors. The recovery rating on the unsecured notes is '5', indicating S&P's expectation of modest (10%-30%; rounded estimate: 10%) recovery.' The rating agency expects to withdraw the ratings after 30 days. Pioneer filed for Chapter 11 with a prepackaged plan to equitize approximately $300 million of unsecured notes. The plan also includes a backstopped convertible debt rights offering of up to $125 million and a new five-year senior secured notes issuance of $78 million. The company has also received commitments for a $75 million debtor-in-possession (DIP) facility that would roll into an ABL revolver at exit. POCMONT PROPERTIES: March 17 Disclosure Statement Hearing Set ------------------------------------------------------------- Debtor Pocmont Properties, LLC, will move before the Honorable Nancy Hershey Lord, United States Bankruptcy Judge, United States Bankruptcy Judge, at the United States Bankruptcy Court, Eastern District of New York, Conrad B. Duberstein Courthouse, 271-C Cadman Plaza East, Courtroom 3577, Brooklyn, NY 11201-1800 on March 17, 2020, at 11:30 a.m. for an order approving First Amended Disclosure Statement dated Feb. 13, 2020. Objections to the adequacy of the Disclosure Statement shall be filed no later than March 16, 2020, at 12:00 pm. A copy of the notice dated February 16, 2020, is available at https://tinyurl.com/wlyf9xw from PacerMonitor at no charge. The Debtor is represented by: Robert J. Spence SPENCE LAW OFFICE, P.C. 55 Lumber Road, Ste 5 Roslyn, New York 11576 Tel: (516) 336-2060 About Pocmont Properties Pocmont Properties LLC acquired the real estate on which the Bushkill Inn sits in September 2010 from FNCB Realty Company II, LLC. The stated acquisition price was $2,000,000. The current owners acquired the equity interests of the Debtor in a bankruptcy sale pursuant to a confirmed plan or reorganization. The Debtor's financial difficulties in the first bankruptcy case stemmed from the fact that the total cost of the project, including acquisition of the property, construction costs and furnishings was budgeted at $6,500,000 but cost in excess of $10,000,000. These cost overruns created serious financial pressure on the startup operation during its nascent stage. The Debtor is represented by Spence Law Office, P.C. POCMONT PROPERTIES: Reorganization Plan Has Sale Alternative ------------------------------------------------------------ Debtor Pocmont Properties, LLC filed the First Amended Disclosure Statement in connection with the First Amended Plan of Reorganization dated February 16, 2020. While the Debtor intends to remain in operation and begin making plan payments, the sale of the Debtor's hotel property located at 1 Bushkill Falls Road, Bushkill, PA 18324 ("Property") under Chapter 11 is an alternative method of funding the plan. The Debtor submits that the two option alternative approach is the best approach for all concerned because it allows claims to be resolved and paid in either of two ways. Thus, the Plan is being filed in contemplation both future performance and possible sale of the Property, to provide a vehicle for accomplishing both the maximization of value and payment of creditors in the most efficient and economical manner. The filing of the Plan also meets the requirements of 11 U.S.C. Sec. 362(d)(3)(A), as the Plan has a reasonable possibility of being confirmed within a reasonable time, based upon the Debtor's commitment to actively market the Property through TACM Commercial Realty,or such other real estate broker approved by the Bankruptcy Court. The Debtor is currently working with its lender, the Small Business Association ("SBA") to enable the Debtor to list the property for sale and allow for a marketing effort that is designed to achieve the highest and best value for the property. The SBA has also reduced its monthly debt service to accommodate the Debtor's cash flow needs so that it is able to pay its real estate taxes on a go forward basis and make payments under the Plan to the real estate tax arrears. Any sale of the Property will be pursuant to a confirmed Plan and shall be free and clear of all Claims, Liens, Interests, and Encumbrances, of any kind or nature, pursuant to 11 U.S.C. Sec. 363(b) and (f), as permitted by 11 U.S.C. Sec. 1123(a)(5)(D) and 1123(b)(4). The Plan fundamentally serves as the mechanism for distributing the sale proceeds to the holders of allowed claims against the Debtor with a transfer tax exemption. In the Debtor's opinion, the treatment of claims under the Plan provides a better and quicker recovery for creditors than that which is likely to be achieved under a liquidation in Chapter 7 of the Bankruptcy Code. The Debtor believes that with either option (payments over time from operations or sale), the Debtor can perform, and that the flexibility allows the Debtor to ensure that the maximum recovery for all parties in interest. A full-text copy of the First Amended Disclosure Statement dated Feb. 16, 2020, is available at https://tinyurl.com/t8r45kh from PacerMonitor at no charge. The Debtor is represented by: Robert J. Spence SPENCE LAW OFFICE, P.C. 55 Lumber Road, Ste 5 Roslyn, New York 11576 Tel: (516) 336-2060 About Pocmont Properties Pocmont Properties LLC acquired the real estate on which the Bushkill Inn sits in September 2010 from FNCB Realty Company II, LLC. The stated acquisition price was $2,000,000. The current owners acquired the equity interests of the Debtor in a bankruptcy sale pursuant to a confirmed plan or reorganization. The Debtor's financial difficulties in the first bankruptcy case stemmed from the fact that the total cost of the project, including acquisition of the property, construction costs and furnishings was budgeted at $6,500,000 but cost in excess of $10,000,000. These cost overruns created serious financial pressure on the startup operation during its nascent stage. The Company previously filed a bankruptcy petition (Bankr. D.N.J. Case No. 14-16493) on April 2, 2014. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 19-45566) on Sept. 17, 2019. The Hon. Nancy Hershey Lord oversees the case. In the petition signed by Saul Kessler, manager, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. The Debtor is represented by Robert J. Spence, Esq., at Spence Law Office, P.C. PORTERS NECK COUNTRY: April 30 Plan Confirmation Hearing Set ------------------------------------------------------------ On Feb. 14, 2020, debtor Porters Neck Country Club, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, a Disclosure Statement and Plan of Reorganization. On Feb. 18, 2020, Judge Stephani W. Humrickhouse conditionally approved the Disclosure Statement and established the following dates and deadlines: * April 24, 2020, is fixed as the last day for filing and serving written objections to the disclosure statement. * April 30, 2020, at 10:30 AM in Room 208, 300 Fayetteville Street, Raleigh, NC 27602 is the hearing on confirmation of the plan. * April 24, 2020, is fixed as the last day for filing written acceptances or rejections of the plan. * April 24, 2020, is fixed as the last day for filing and serving written objections to confirmation of the plan. A copy of the order dated Feb. 18, 2020, is available at https://tinyurl.com/wharpr4 from PacerMonitor at no charge. About Porters Neck Country Club Porters Neck Country Club, Inc. --https://www.portersneckcountryclub.com/ -- is a full-service country club, boasting an 18-hole, Tom Fazio-designed golf course, in Wilmington, North Carolina. The club, which promotes a family-oriented environment, also has seven state-of-the-art Har-Tru tennis courts, a swimming complex, a fitness center and dining facilities. Porters Neck Country Club sought Chapter 11 protection (Bankr. E.D.N.C. Case No. 19-04309) on Sept. 19, 2019, in Wilmington, N.C. The club was estimated to have $1 million to $10 million in assets and liabilities as of the bankruptcy filing. Judge Joseph N. Callaway oversees the cases. Hendren Redwine & Malone, PLLC serves as Porters Neck Country Club's legal counsel. On Dec. 17, 2019, two special committees were formed to represent current and former members of Porters Neck Country Club who hold equity membership certificates. Ayers & Haidt, PA represents the committee comprised of current members of the club while Stubbs & Perdue, P.A. represents the special committee of the club's former members. PVM ELECTRIC: Court Approves Disclosure Statement ------------------------------------------------- On Feb. 13, 2020, at 10:30 a.m., the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, conducted a hearing in West Palm Beach, Florida upon the Ex Parte Motion to Conditionally Approve Disclosure Statement and Consolidate Hearings submitted by Debtor PVM Electric LLC jointly with Debtor Martin Minter. On Feb. 18, 2020, Judge Erik P. Kimball ordered that: * The Motion is granted. * The Debtor's Disclosure Statement is conditionally approved. * The Court will enter a separate order conditionally approving the Disclosure Statement, scheduling the deadline for filing objections, and setting the consolidated hearing to consider the final approval of the Disclosure Statement and confirmation of the plan. A copy of the order dated Feb. 18, 2020, is available at https://tinyurl.com/sfdrqfz from PacerMonitor at no charge. The Debtor is represented by: Aaron A. Wernick, Esq. Furr Cohen, P.A. 2255 Glades Road, Suite 301E Boca Raton, FL 33431 Tel: (561) 395-0500 Fax: (561) 338-7532 E-mail: awernick@furrcohen.com About PVM Electric LLC PVM Electric LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-15977) on May 3, 2019. At the time of the filing, the Debtor had estimated assets of less than $1 million and liabilities of less than $1 million. The case has been assigned to Judge Erik P. Kimball. The Debtor is represented by Aaron A. Wernick, Esq., at Furrcohen P.A. No official committee of unsecured creditors has been appointed in the Debtor's bankruptcy case. RADFORD QUARRIES: The Ceciles to Contribute $35,000 to Fund Plan ---------------------------------------------------------------- Debtor Radford Quarries, Inc., filed with the U.S. Bankruptcy Court for the Western District of North Carolina, Statesville Division, a Disclosure Statement relating to Plan of Reorganization dated February 18, 2020. The Debtor anticipates that all Allowed Administrative Claims, if any, will be paid in full upon the Effective Date, unless agreed otherwise by the Debtor and the holder of such a Claim. Periodic payments to the holders of Allowed Priority Claims and Allowed Secured Claims will be funded from the post-confirmation operations of the Reorganized Debtor. Distributions to the holders of Allowed General Unsecured Claims will be paid from the Reorganized Debtor's Net After Tax Cash Flow for the years 2020-2024. Such distributions will be paid in five installments, on or before December 31st of years 2021 through 2025, respectively. Danny Cecile, Sr. and D.J. Cecile, Jr. collectively hold 100% of the Equity Interests in the Debtor. In return for a new equity contribution of $35,000.00 on the Effective Date, the Ceciles will retain 100% of the Equity Interests in the Reorganized Debtor. D.J. Cecile, Jr. will continue to be employed by the Reorganized Debtor with a salary of $4,000 per month. The Debtor has continued to manage its business and affairs as debtor in possession, subject to the oversight of the Bankruptcy Administrator and the Bankruptcy Court. Certain actions of the Debtor during the Chapter 11 Case, including all transactions outside of the ordinary course of business, if any, were taken only after first requesting and receiving authorization from the Bankruptcy Court. The Debtor is confident that there will be sufficient funds on hand to satisfy the minimum distributions and the obligations of the Reorganized Debtor under the Plan. A full-text copy of the Disclosure Statement dated February 18, 2020, is available at https://tinyurl.com/rrzfb84 from PacerMonitor at no charge. Counsel for the Debtor: Moon Wright & Houston, PLLC Richard S. Wright Caleb Brown 121 West Trade Street, Suite 1950 Charlotte, North Carolina 28202 Telephone: (704) 944-6560 About Radford Quarries Radford Quarries, Inc., owns a small materials sales business with operations in Ashe, Avery, Watauga, and Wilkes Counties of North Carolina and Johnson County of Tennessee. Its products include crushed stone, sand, dirt, and deicer. Radford Quarries filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No.19-50454) on July 26, 2019. In the petition signed by D.J. Cecile, Jr., vice president and CFO, the Debtor was estimated to have up to $50,000 in assets and $1 million to $10 million in liabilities. The case is assigned to Judge Laura T. Beyer. Richard S. Wright, Esq., at Moon Wright & Houston, PLLC, represents the Debtor. RAYONIER ADVANCED: S&P Downgrades ICR to 'CCC+' ----------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Rayonier Advanced Materials Inc. (RYAM) to 'CCC+' from 'B-' and lowered its issue-level rating on its senior unsecured notes to 'CCC' from 'CCC+'. RYAM's adjusted debt to EBITDA leverage has fallen each of the past five quarters and EBITDA interest coverage has fallen below 1.5x. The downgrade reflects the severe deterioration in RYAM's margins, which caused its leverage to rise to more than 10x as of Dec. 31, 2019, from 3.6x as of Dec. 31, 2019 and 7.4x as of Sept. 30, 2019. For 2019, S&P Global Ratings' adjusted EBITDA generated by the company was approximately $100 million, compared with approximately $390 million in 2018. This was due to a sharp decline in commodity prices across several of the company's business lines, a drop-off in demand, and the sale of its Matane plant in November 2019. The sharp reversal in profitability--adjusted EBITDA margins declined to approximately 5% from over 18% in 2018--reduced adjusted EBITDA by almost 75%. Consequently, for the 12 months ended Dec. 31, 2019, RYAM's EBITDA interest coverage fell to 1.4x. The negative outlook reflects the potential for liquidity to become constrained or the company to enter into a distressed exchange or for redemption to appear to be inevitable over the next 12 months should market conditions and commodity prices not improve. "We could lower the ratings if RYAM were unable to reverse the rate of EBITDA decline, leading to continued performance shortfall and weaker free cash flow. A downgrade would be contingent on our belief that RYAM's cash flow generation would be insufficient to cover cash interest payments and maintenance capital spending or liquidity experiencing pressure over the next 12 months. As such, a default on an interest payment or a covenant violation would likely lead to a downgrade. We could also lower our ratings if we believed RYAM were likely to engage in a distressed exchange in the next 12 months," S&P said. "We could revise the rating to stable or raise the rating if we believed that the potential for a default had become less likely due to improved EBITDA and achievement of positive free cash flow after capital spending for the year. This could occur if RYAM were able to demonstrate run rate operating cash flow sufficient to service interest, working capital requirements, and fund maintenance capital spending. Under this scenario, we would expect a turnaround in RYAM's declining business to result in improved free cash flow and EBITDA interest coverage near 2x," the rating agency said. RESOLUTE INVESTMENT: S&P Alters Outlook to Neg., Affirms 'B+' ICR ----------------------------------------------------------------- S&P Global Ratings said it revised its outlook on Resolute Investment Managers Inc. to negative from stable. At the same time, S&P affirmed its 'B+' issuer credit and first-lien issue ratings, as well as its 'B-' second-lien issue rating. The '3' recovery rating on the company's first-lien secured debt and '6' recovery rating on its second-lien secured debt--indicating its expectation for meaningful (60%) and negligible (0%) recovery, respectively--remain unchanged. Resolute is a multiboutique asset manager that invests in and provides distribution, operational, and administrative support to partners that operate independently as either equity affiliates with Resolute or subadvisors under the company's wholly owned mutual fund affiliate, American Beacon Advisors Inc. Resolute benefits from robust profitability stemming from a largely variable cost structure, offset by its relatively small size and limited diversification, as well as modest investment performance and recent net outflows from American Beacon. Over the past 18 months, Resolute invested in several new affiliates. While the acquisitions were largely cash funded, the company drew down $15 million of its credit facility in December 2019 to supplement funding of the acquisition of National Investment Services. This contributed to leverage increasing to about 5.1x at year-end 2019 by S&P's calculations; however, the rating agency notes that this does not incorporate pro forma earnings from the 2019 acquisitions. Consequently, S&P projects leverage below 5.0x including the acquired company's earnings. In addition to the drawn revolver, S&P's calculation of debt includes the $286 first-lien term loan and $105 million second-lien term loan, as well as a $4.7 million operating lease adjustment. Because the company is owned by a financial sponsor, the rating agency does not net surplus cash against debt in its leverage calculations. The negative outlook reflects S&P's expectation that Resolute's organic growth will continue to be pressured during the next 12 months while debt to EBITDA remains near 5.0x. "We could lower our ratings if leverage remains above 5.0x as a result of lower earnings, if the company issues further debt, or due to a combination of both. We could also lower the ratings if Resolute exhibits meaningful net outflows or worsening investment performance," S&P said. "We could revise the outlook to stable if the company lowers leverage meaningfully below 5.0x on a sustained basis. We don't anticipate raising the ratings in the next 12 months," the rating agency said. REVOLAR TECHNOLOGY: Appoints r2 Advisors as Plan Administrator -------------------------------------------------------------- Debtor Revolar Technology, Inc., filed the Second Amended Disclosure Statement to accompany its Amended Plan of Reorganization dated February 18, 2020. Class 2 Unsecured creditors shall receive a pro-rata distribution equal to 100% of the Net Revenue generated from the Effective Date of the Plan until the Class 2 Claim Satisfaction Date, less the amount necessary to pay any Administrative Claimant and Unclassified Priority Claimant. Distributions to Class 2 claimants shall continue until the Class 2 Allowed Claim Satisfaction Date. While this may not require a full four years, the Debtor provides projections over a four-year period of time. The projections are shown on a quarterly basis beginning with the second quarter of 2020 and ending with the first quarter of 2024. The Plan provides for the appointment of a Plan Administrator, which shall be r2 advisors, llc (r2 or Plan Administrator). r2 is a Denver-based company that, among other things, provides strategic advisory services and restructuring management. The managing director of r2 is Thomas Kim. Mr. Kim has worked in the turnaround industry since 1988 and has extensive experience as a business analyst and turnaround practitioner. As compensation for the Plan Administrator’s services, the Plan Administrator shall receive the Plan Administrator Compensation. If the Debtor has insufficient funds to pay the Plan Administrator Compensation when due, the Plan Administrator may defer the payment of such compensation; provided that such deferred compensation shall be paid to the Plan Administrator as and when such compensation is available from the Debtor in priority ahead of payment to the holders of Allowed Class 2 Claims. A full-text copy of the second amended disclosure statement dated February 18, 2020, is available at https://tinyurl.com/wdgqwcb from PacerMonitor at no charge. The Debtor is represented by: KUTNER BRINEN, P.C. Jeffrey S. Brinen 1660 Lincoln Street, Suite 1850 Denver, CO 80264 Tel: (303) 832-2400 Fax: (303) 832-1510 E-mail: jsb@kutnerlaw.com About Revolar Technology Creditors Nicole Bagley, Praful Shah and Julianna Evans Caplan filed an involuntary Chapter 7 petition against Revolar Technology Inc. (Bankr. D. Colo. Case No. 18-17812) on Sept. 5, 2018. The case was converted to one under Chapter 11 on Oct. 30, 2018, and was assigned to Judge Michael E. Romero. The Debtor hired Kutner Brinen, P.C., as its bankruptcy counsel. RIO PROPERTY: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Rio Property Rentals LLC 11720 S. Foothills Blvd. Yuma, AZ 85367 Business Description: Rio Property Rentals LLC is a privately held company in Yuma, Arizona. Chapter 11 Petition Date: March 5, 2020 Court: United States Bankruptcy Court District of Arizona Case No.: 20-02315 Judge: Hon. Brenda Moody Whinery Debtor's Counsel: Cody J. Jess, Esq. MOYES SELLERS & HENDRICKS LTD. 1850 N. Central Ave., #1100 Phoenix, AZ 85004-4541 Tel: 602-604-2141 E-mail: cjess@law-msh.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Terry Gibbs, manager. 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/NlTHZ2 ROOFTOP GROUP: Creditors' Committee Proposes Reorganization Plan ---------------------------------------------------------------- The Official Committee of Unsecured Creditors formed in Rooftop Group International Pte. Ltd.'s case filed a First Amended Plan of Reorganization/Liquidation and a Disclosure Statement for the Debtor on Feb. 16, 2020. The Committee believes that the value of Rooftop Group's Assets can be best maximized through a Restructuring whereby Rooftop Group will be reorganized as a going concern. If a Restructuring cannot be consummated, then alternatively the Committee believes the value of Rooftop Group's Assets can be best maximized through an orderly liquidation as opposed to an immediate sale of the Assets by a Chapter 7 Trustee. In 2015, Rooftop Group and its subsidiaries (Rooftop Companies) had $42.4 million in gross sales and $8.1 million in EBITDA. The gross sales amount of $42.4 million was reported in the Rooftop Companies' audited financial statements for 2015 and was also reported by Rooftop Companies in their October 2017 Offering Memorandum. EBITDA of $8.1 million was reported by Rooftop Companies in the October 2017 Offering Memorandum. Rooftop Group also reported in its Schedules of Assets and Liabilities assets consisting of $7,065.71 in cash and an unknown value attributable to its ownership of subsidiaries and its intellectual property as of the Petition Date, only 18 months after Rooftop Companies reporting $128.3 million in total assets. Under the Plan, secured creditors will receive, at the election of the Committee, deferred cash payments having a present value equal to the amount of its Allowed Class 2 Claim and retention of the liens securing such Claim to the extent of the allowed amount of such Claim; the indubitable equivalent of such Allowed Class 2 Claim; the distribution of the collateral securing such Allowed Class 2 Claim; or other mutually agreeable treatment on account of such Claim. Any deficiency will be an unsecured claim which will share Pro Rata with other unsecured creditors. All Causes of Action shall be transferred to and vest in the Litigation Trust and administered by the Litigation Trustee. The Litigation Trustee shall pursue, settle, or release all reserved Causes of Action for and on behalf of the Debtor's Estate and for the benefit of the Creditors entitled to receive distributions under the Plan. Any Net Proceeds of the Causes of Action received subsequent to the Effective Date shall be deposited into the Litigation Trust for distribution in accordance with the Plan and Litigation Trust Agreement. A full-text copy of Creditors' Committee's First Amended Disclosure Statement dated Feb. 16, 2020, is available at https://tinyurl.com/syuy2wg from PacerMonitor at no charge. Counsel for the Creditors' Committee: Judith W. Ross Rachael L. Smiley ROSS & SMITH, PC 700 North Pearl Street, Suite 1610 Dallas, Texas 75201 Telephone: 214-377-7879 Facsimile: 214-377-9409 E-mail: judith.ross@judithwross.com rachael.smiley@judithwross.com - and - James E. Van Horn BARNES & THORNBURG LLP 1717 Pennsylvania Avenue NW, Suite 500 Washington, D.C. 20006-4623 Telephone: 202-371-6351 Facsimile: 202-289-1330 E-mail: jvanhorn@btlaw.com About Rooftop Group Int'l Rooftop Group International Pte. Ltd. is a private limited company organized under the laws of Singapore. It was formed to hold certain intellectual property assets, including registered trademarks and patents, relating to the manufacture and sale of hobby-grade drones under the name Propel RC(R). At present, it has no operations and has no employees, and its remaining assets are composed almost entirely of certain patents, trademarks, and other intellectual property. In addition, it licenses certain of its trademarks to Amax Industrial Group China Co, Ltd., under a nonexclusive license agreement. Certain of Rooftop Group's prepetition secured creditors commenced collection actions against the Debtor in Singapore courts pertaining to prepetition debt obligations under which the Debtor was either a primary obligor or guarantor. The Debtor's intellectual property assets are not encumbered by any lien or security interest; however, a portion of the outstanding equity in the Debtor is pledged to secure repayment of certain of the Debtor's prepetition obligations and certain prepetition creditors assert liens on certain asset classes other than intellectual property. To preserve the value of its intellectual property assets for the benefit of all its unsecured creditors, on April 30, 2019, the Debtor filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-31443). In the petition signed by Darren Matloff, director, the Debtor was estimated to have $1 million to $10 million in assets and $50 million to $100 million in liabilities. The Hon. Harlin DeWayne Hale oversees the case. The Debtor is represented by Reed Smith LLP. The Office of the U.S. Trustee on June 13, 2019, appointed three creditors to serve on an official committee of unsecured creditors in the Chapter 11 case. The committee is represented by Barnes & Thornburg LLP. S C BHAIRAB INC: Has Until April 15 to File Plan & Disclosures -------------------------------------------------------------- On Feb. 18, 2020, the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, ordered Debtor S C Bhairab, Inc. to file a plan of reorganization and disclosure statement no later than April 15, 2020, which is 120 days from the entry of the order for relief and to confirm a plan no later than May 29, 2020. A copy of the order dated Feb. 18, 2020, is available at https://tinyurl.com/vhgqyd6 from PacerMonitor at no charge. About S C Bhairab Inc. S C Bhairab, Inc. -- https://matlock-dry-clean-super-center.business.site -- is a provider of drycleaning and laundry services. Based in Arlington, Texas, S C Bhairab filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-45097) on Dec. 17, 2019. In the petition signed by Ram Gamal, president, the Debtor disclosed $1,403,335 in assets and $1,158,605 in liabilities. Robert M. Nicoud, Jr., Esq., at Nicoud Law, is the Debtor's legal counsel. SANCHEZ ENERGY: Cradey Jewett Represents B.L. Stanley, Terra ------------------------------------------------------------ In the Chapter 11 cases of Sanchez Energy Corporation, et al, the law firm of Crady Jewett McCulley & Houren LLP submitted a verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose that it is representing the following entities: a. B.L. Stanley, Ltd. P.O. Box 555 Silsbee, Texas 77656 b. Terra Energy Partners, LLC 4828 Loop Central Dr. Suite 900 Houston, Texas 77081 Each of these parties is a creditor and party-in-interest in these proceedings. Crady Jewett McCulley & Houren LLP does not own a claim or interest in the Debtors or the Debtors' estates. None of the aforementioned claims have been assigned subsequent to the commencement of this case, and none have been solicited for purchase by Crady Jewett McCulley & Houren LLP. At this time, Crady Jewett McCulley & Houren LLP has engagement letters with both of these entities. Crady Jewett McCulley & Houren LLP does not believe that its representation of the interest of the entities listed above will create a conflict between, or be adverse to the interests of any of these parties. Crady Jewett McCulley & Houren LLP is not representing a committee. Counsel for Creditors, B.L. Stanley, Ltd. and Terra Energy Partners, LLC can be reached at: CRADY JEWETT MCCULLEY & HOUREN LLP Shelley Bush Marmon, Esq. 2727 Allen Parkway, Suite 1700 Houston, TX 77019-2125 Tel: (713) 739-7007 Fax: (713) 739-8403 Email: samarmon@cjmhlaw.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/PJyMUV About Sanchez Energy Corp. Sanchez Energy Corporation and its affiliates -- https://sanchezenergycorp.com/ -- are independent exploration and production companies focused on the acquisition and development of U.S. onshore oil and natural gas resources. Sanchez Energy is currently focused on the development of significant resource potential from the Eagle Ford Shale in South Texas, and holds other producing properties and undeveloped acreage, including in the Tuscaloosa Marine Shale (TMS) in Mississippi and Louisiana. As of Dec. 31, 2018, the companies had approximately 325,000 net acres of oil and natural gas properties with proved reserves of approximately 380 million barrels of oil equivalent and interests in approximately 2,400 gross producing wells. Sanchez Energy and 10 affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 19-34508) on Aug. 11, 2019. As of June 30, 2019, the companies disclosed $2,159,915,332 in assets and $2,854,673,930 in liabilities. The cases have been assigned to Judge Marvin Isgur. The companies tapped Akin Gump Strauss Hauer & Feld LLP and Jackson Walker L.L.P. as bankruptcy counsel; Gibbs & Bruns LLP as special counsel; Moelis & Company LLC as financial advisor; Alvarez & Marsal North America LLC as restructuring advisor; and Prime Clerk LLC as notice and claims agent. Henry Hobbs Jr., acting U.S. trustee for Region 7, appointed a committee of unsecured creditors on Aug. 26, 2019. The committee tapped Milbank, LLP as lead counsel; Locke Lord LLP as Milbank's co-counsel; Jefferies LLC as investment banker; FTI Consulting, Inc. as financial advisor; and Epiq Corporate Restructuring LLC as information agent. SM-T.E.H. REALTY: Case Summary & 15 Unsecured Creditors ------------------------------------------------------- Debtor: SM-T.E.H. Realty 5, LLC 645 Penn Street Reading, PA 19601 Business Description: SM-T.E.H. Realty 5, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: March 5, 2020 Court: United States Bankruptcy Court Eastern District of Missouri Case No.: 20-41205 Judge: Hon. Kathy A. Surratt-States Debtor's Counsel: Steven M. Wallace, esq. SILVER LAKE GROUP, LTD. 6 Ginger Creek Village Drive Glen Carbon, IL 62034 Tel: 618-692-5275 E-mail: steve@silverlakelaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Fein, manager. 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/xUgzY2 SOUTH PHARMACY: Final Cash Collateral Hearing Set for March 18 -------------------------------------------------------------- Judge Michael J. Kaplan of the U.S. Bankruptcy Court for the Western District of New York authorized South Park Pharmacy, LLC to use cash collateral to continue its ordinary course business operations, as set forth in the budget. A final hearing on the Debtor's Cash Collateral Motion will be held on March 18, 2020 at 11:00 a.m. Cardinal Health 110, LLC consented to the use of cash collateral. Cardinal Health is granted roll-over or replacement liens, and is granted security to the same extent, and with the same priority with respect to the same assets that served as the collateral for the Debtor's prepetition indebtedness to Cardinal Health, to the extent that cash collateral is actually used during the pendency of the Chapter 11 case. The Debtor agreed to keep current all of its books and records. The Debtor also agreed that Cardinal Health or its representatives will be permitted to examine the cash collateral and related records. The Debtor will provide Cardinal Health with copies of its monthly operating reports and any other reports and/or documents which the U.S. Trustee requires. A copy of the Order is available at PacerMonitor.com at https://is.gd/A569u6 at no charge. About South Park Pharmacy South Park Pharmacy. LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 20-10091) on Jan. 17, 2020. The petition was signed by Shawn Shelton, managing member. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Michael J. Kaplan oversees the case. The Debtor is represented by the Law Office of Thomas Denny. STARPLEX CORPORATION: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Starplex Corporation 12722 NE Airport Way Portland, OR 97230 Business Description: Starplex provides consulting services. The Company offers guest service, crowd and alcohol management, uniformed security, parking and traffic, and safety training services. The company serves the states of Washington, Oregon, Idaho, Motana, Alaska, North Dakota, and Wyoming. Chapter 11 Petition Date: March 4, 2020 Court: United States Bankruptcy Court District of Arizona Case No.: 20-02224 Debtor's Counsel: Joel E. Sannes, Esq. UDALL SHUMWAY PLC 1138 N. Alma School Rd. Suite 101 Mesa, AZ 85201 Tel: 480-461-5300 E-mail: jes@udallshumway.com Total Assets: $393,987 Total Liabilities: $2,658,190 The petition was signed by Jeffrey E. Nelson, president. A copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/SXw7wU STILLWATER 8665: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The Office of the U.S. Trustee on March 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Stillwater 8665, LLC. About Stillwater 8665 Based in Dawsonville, Ga., Stillwater 8665, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-20224) on Feb. 3, 2020, listing under $1 million in both assets and liabilities. Judge James R. Sacca oversees the case. A. J. Mitchell, Esq., at the Law Office Of A. J. Mitchell, LLC, is the Debtor's legal counsel. SUMMIT VIEW: Exclusivity Extended Until Denlinger Case is Resolved ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida extended the exclusive period for Summit View, LLC to file a Chapter 11 plan to a date that is 30 days after the court rules on the case filed by creditors, Janet and Harry Denlinger, against the company. The bankruptcy court also extended the period for the company to confirm a plan to a date that is 90 days after its ruling on the Denlinger case. Summit View believes that an extension of the exclusivity periods will provide ample time for the court to resolve the Denlinger case and allow the company to proceed with its bankruptcy case, sell its property and confirm a plan. Summit View on Jan. 22 filed its Chapter 11 plan and disclosure statement, which was conditionally approved by the court. The hearing to consider confirmation of the plan is scheduled for April 1. About Summit View Summit View, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Summit View sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-10111) on Oct. 24, 2019. It previously filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 09-06495) on April 2, 2009. At the time of the filing, the Debtor was estimated to have assets of between $1 million and $10 million and liabilities of the same range. The Debtor tapped Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP, as its bankruptcy counsel. Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., is special counsel. The Debtor filed its Chapter 11 plan and disclosure statement on Jan. 22, 2020. THG PROPERTIES: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: THG Properties LLC 386 Commercial Street Provincetown, MA 02657 Business Description: THG Properties LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Company owns in fee simple an inn and restaurant in Provincetown, MA having an appraised value of $5.94 million. Chapter 11 Petition Date: March 5, 2020 Court: United States Bankruptcy Court District of Massachusetts. Case No.: 20-10644 Judge: Hon. Frank J. Bailey Debtor's Counsel: David B. Madoff, Esq. MADOFF & KHOURY LLP 124 Washington Street, Suite 202 Foxborough, MA 02035 Tel: 508-543-0040 E-mail: alston@mandkllp.com Total Assets: $5,988,300 Total Liabilities: $3,571,822 The petition was signed by James Derosier, manager. The Debtor stated it has no unsecured creditors. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/5GL7SC TPT GLOBAL: Pays Off Remaining $43K Convertible Debt to Geneva -------------------------------------------------------------- TPT Global Tech, Inc., has successfully paid off the remaining 43K convertible promissory note due Aug. 22, 2019 issued by the Company to Geneva Roth Remark Holdings, Inc. located in New York City. Since March 15, 2019, the Company has issued five different convertible promissory notes to Geneva Roth for a total of $287,000, the first four of which totaled $244,000 were converted into 129,064,728 common shares of the Company. The remaining convertible note for $43,000 was paid off by paying $63,086, including the principal balance of $43,000, a 40% premium and accrued interest. The payment was made possible through a secured bridge loan of $90k provided by a third-party existing investor. The bridge loan is secured by the assets of the Company and is due June 14, 2020 or earlier in case the Company is successful in raising other monies and carries an annual interest charge of 10% payable with the principal. The proceeds from the convertible promissory notes issued to Geneva Roth were used as part of the acquisition of the assets of Speed Connect, LLC, which assets were conveyed into TPT SpeedConnect, LLC, wholly owned by the Company. The acquisition included the tradename of SpeedConnect. SpeedConnect is located in Frankenmuth, Michigan and is one of the largest Rural Wireless Internet Services Providers in the United States. Speed Connect has operations in 10 Midwestern states, Arizona, Idaho, Illinois, Iowa, Michigan, Montana, Minnesota, South Dakota, Nebraska and Texas. The Company's plans are to upgrade the existing Speed Connect 10 state Broadband network to a 4G+/5G network offering faster speeds and added value products such as TV, Voice and Data Services to its 16,000 Rural Middle American telecommunication's customers. "The conversion to stock and subsequent sale by Geneva Roth has had an adverse effect on our TPTW common stock price. Geneva Roth converted four of their five convertible promissory notes putting tremendous pressure on the company's stock price. We are very pleased the company was able to repay the last convertible promissory note which may ease market pressure on our stock. In the month of February, the company successfully completed paying the remaining balances of two debt relationships, Advantage Funding, a $753K merchant advance loan and now the last of the Geneva Roth convertible notes," said Stephen Thomas CEO TPTW. About TPT Global Tech TPT Global Tech Inc. (OTC:TPTW) based in San Diego, California, is a Technology/Telecommunications Media Content Hub for Domestic and International syndication and also provides Technology solutions to businesses domestically and worldwide. TPT Global offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), Cloud-based Unified Communication as a Service (UCaaS) and carrier-grade performance and support for businesses over its private IP MPLS fiber and wireless network in the United States. TPT's cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media and collaboration features in today's global technology markets. TPT's also operates as a Master Distributor for Nationwide Mobile Virtual Network Operators (MVNO) and Independent Sales Organization (ISO) as a Master Distributor for Pre-Paid Cellphone services, Mobile phones Cellphone Accessories and Global Roaming Cellphones. TPT Global reported a net loss of $5.38 million for the year ended Dec. 31, 2018, compared to a net loss of $3.81 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $16.99 million in total assets, $30.85 million in total liabilities, and a total stockholders' deficit of $13.89 million. Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 10, 2019, citing that the Company has suffered recurring losses from operations and has a net capital deficiency which raise substantial doubt about its ability to continue as a going concern. TPT GLOBAL: Pays Off Remaining Balance of Convertible Note to JSJ ----------------------------------------------------------------- TPT Global Tech, Inc., has successfully paid off the remaining balance of the convertible promissory note due June 6, 2020 issued by the Company to JSJ Investments Inc for $112,000 on June 6, 2019. The remaining balance paid included a premium and equaled $97,000, including accrued interest, which amounts were aside from the $43,680 in principal that was converted into 18,500,000 shares of the Company's common stock since June 6, 2019. The payoff was made possible due to a new merchant advance loan entered into by the Company with Advantage Funding for which the Company received $500,000 in cash proceeds on Feb. 25, 2019 and is required to be repaid at a rate of $14,221 weekly for 50 equal payments for a total of $716,720. The proceeds from the convertible promissory note issued to JSJ were used as part of the acquisition of the assets of SpeedConnect, LLC, which assets were conveyed into TPT SpeedConnect, LLC, wholly owned by the Company. The acquisition included the tradename of SpeedConnect. SpeedConnect is located in Frankenmuth, Michigan and is one of the largest Rural Wireless Internet Services Providers in the United States. SpeedConnect has operations in 10 Midwestern states, Arizona, Idaho, Illinois, Iowa, Michigan, Montana, Minnesota, South Dakota, Nebraska and Texas. The Company's plans are to upgrade the existing SpeedConnect 10 state Broadband network to a 4G+/5G network offering faster speeds and added value products such as TV, Voice and Data Services to its 16,000 Rural Middle American telecommunication's customers. "The conversion to stock and subsequent sale by JSJ has had an adverse effect on our TPTW common stock price. JSJ converted portions of their convertible promissory note adding pressure on the company's stock price. We are very pleased the company has been able to pay off the remaining balances of the JSJ convertible promissory note. In the month of February, the company successfully completed paying the remaining balances of three debt relationships, Advantage Funding's merchant advance loan of $753K, Geneva Roth Remark Holdings convertible promissory note of $43K and now the remaining balance on JSJ's $112,000 convertible note," said Stephen Thomas CEO TPTW. About TPT Global Tech TPT Global Tech Inc. (OTC:TPTW) based in San Diego, California, is a Technology/Telecommunications Media Content Hub for Domestic and International syndication and also provides Technology solutions to businesses domestically and worldwide. TPT Global offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), Cloud-based Unified Communication as a Service (UCaaS) and carrier-grade performance and support for businesses over its private IP MPLS fiber and wireless network in the United States. TPT's cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media and collaboration features in today's global technology markets. TPT's also operates as a Master Distributor for Nationwide Mobile Virtual Network Operators (MVNO) and Independent Sales Organization (ISO) as a Master Distributor for Pre-Paid Cellphone services, Mobile phones Cellphone Accessories and Global Roaming Cellphones. TPT Global reported a net loss of $5.38 million for the year ended Dec. 31, 2018, compared to a net loss of $3.81 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $16.99 million in total assets, $30.85 million in total liabilities, and a total stockholders' deficit of $13.89 million. Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 10, 2019, citing that the Company has suffered recurring losses from operations and has a net capital deficiency which raise substantial doubt about its ability to continue as a going concern. TRANSPORTER OF ARIZONA: Hires Allen Barnes & Jones as Legal Counsel ------------------------------------------------------------------- The Transporter of Arizona, LLC received approval from the U.S. Bankruptcy Court for the District of Arizona to hire Allen Barnes & Jones, PLC as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. give legal advice with respect to the Debtor's reorganization; b. represent the Debtor in negotiations involving secured and unsecured creditors; c. represent the Debtor at court hearings; and d. prepare legal papers necessary to assist the Debtor in its reorganization. Allen Barnes will be paid at these hourly rates: Thomas H. Allen, Member $425 Hilary L. Barnes, Member $425 Michael A. Jones, Member $385 Philip J. Giles, Member $325 David B. Nelson, Associate $255 Cody D. Vandewerker, Associate $295 Legal Assistants and Law Clerks $115 to 195 Prior to the petition date, the Debtor paid Allen Barnes a retainer of $15,000. From the retainer, $4,560.46 was applied to pre-bankruptcy fees and costs, including the Chapter 11 filing fee. The firm is holding the sum of $10,439.65 for post-petition fees and costs. Allen Barnes will also be reimbursed for work-related expenses incurred. Thomas Allen, Esq., a partner at Allen Barnes, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Allen Barnes can be reached at: Thomas H. Allen, Esq. David B. Nelson, Esq. Allen Barnes & Jones, PLC 1850 N. Central Ave., Suite 1150 Phoenix, AZ 85004 Tel: (602) 256-6000 Fax: (602) 252-4712 Email: tallen@allenbarneslaw.com dnelson@allenbarneslaw.com About The Transporter of Arizona The Transporter of Arizona, LLC, a trucking company in Yuma, Ariz., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-01311) on Feb. 7, 2020. The petition was signed by Luis M. Barriga, member and manager. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Brenda Moody Whinery oversees the case. Allen Barnes & Jones, PLC serves as the Debtor's legal counsel. TRC FARMS: Bankruptcy Administrator Unable to Appoint Committee --------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina on March 4 disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of TRC Farms, Inc. About TRC Farms Inc. TRC Farms, Inc., a privately held company in the livestock farming industry, filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 20-00309) on Jan. 23, 2020. In the petition signed by Timmy R. Cox, president, the Debtor disclosed $3,846,275 in assets and $5,412,282 in liabilities. Judge Joseph N. Callaway oversees the case. The Debtor tapped Ayers & Haidt, PA as its legal counsel, and Carr Riggs & Ingram, LLC as its accountant. TRI-STATE PAIN: May Use Cash Collateral Until Confirmation of Plan ------------------------------------------------------------------ Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the Western District of Pennsylvania authorized Tri-State Pain Institute, LLC to use cash collateral in its business operations until confirmation of the plan, dismissal or conversion of the case, or further order of the Court. The prepetition security interests of Wells Fargo Bank, N.A. and VGM Financial Services, a division of TCF National Bank, on the cash collateral will be continued post-petition as to bothe pre-petition and post-petition assets of the Debtor. However, the value of the security interests of Wells Fargo and VGM will not be greater post-petition than the value thereof at the Petition Date. In addition, the Debtor's use of cash collateral is contingent upon (i) 2374 Village Common Drive, LLC's or Great Erie Surgery Center LLC's continued monthly payments of $29,893.78, $18,565, and $17,960.97, per their respective agreements with Wells Fargo, which three obligations the Debtor guarantees; and (ii) the Debtor's payments to VGM, the amount of $1,264.34 per month. About Tri-State Pain Institute Tri-State Pain Institute, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 20-10049) on Jan. 23, 2020. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1,000,001 and $10 million. Marsh, Spaeder, Baur, Spaeder and Schaaf, LLP, is the Debtor's legal counsel. The U.S. Trustee for Regions 3 and 9 on Feb. 14, 2020, appointed five creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Tri-State Pain Institute, LLC. TUMBLEWEED TINY: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Tumbleweed Tiny House Company, Inc. 1450 Valley Street Colorado Springs, CO 80915 Business Description: Tumbleweed Tiny House Company, Inc. -- https://www.tumbleweedhouses.com -- is a manufacturer of tiny house RVs. Chapter 11 Petition Date: March 4, 2020 Court: United States Bankruptcy Court District of Colorado Case No.: 20-11564 Judge: Hon. Kimberley H. Tyson Debtor's Counsel: David J. Warner, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Steve Weissmann, chief executive officer. A full-text 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/Ya3Hpy UNITI GROUP: S&P Puts 'CCC-' Issuer Credit Rating on Watch Positive ------------------------------------------------------------------- S&P Global Ratings placed all ratings on U.S. telecom REIT Uniti Group Inc., including the 'CCC-' issuer credit rating, on CreditWatch with positive implications. The CreditWatch placement follows the company's announcement it reached an agreement in principle with its largest tenant Windstream Holdings Inc. to resolve all legal claims it asserted against Uniti in the context of Windstream's bankruptcy proceedings. The CreditWatch positive placement reflects S&P's view that this agreement, once completed, will remove a significant source of uncertainty and increase the likelihood that Uniti will be able to meet is financial commitments. S&P views the agreement favorably since it will provide Uniti with greater clarity on the long-term viability of the lease payment." Windstream and Uniti will bifurcate the master lease into two structurally similar agreements that govern Windstream's ILEC and CLEC facilities. The aggregate annual rent under the new leases will remain equal to the annual rent under the existing lease agreement, or around $650 million annually plus escalators over the remaining 10-year term. This lease payment accounts for about 80% of its EBITDA and underpins Uniti's issuer credit rating. As a result, S&P expects the company will provide creditors with greater visibility into Uniti's cash flows and credit quality longer term. S&P also believes Windstream's potential emergence from bankruptcy and financial restructuring will likely improve its credit quality and business prospects, making it a stronger tenant for Uniti. S&P expects to resolve the CreditWatch placement when the settlement is executed. At that point, it would likely raise the ratings two notches to 'CCC+'. Any additional uplift would depend on the ratings of its primary tenant Windstream once it exits bankruptcy. VINCE'S AUTOMOTIVE: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The Office of the U.S. Trustee on March 3, 2020, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Vince's Automotive Service, Inc. About Vince's Automotive Service Vince's Automotive Service, Inc. filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 20-20258) on Jan. 23, 2020, listing under $1 million in both assets and liabilities. Judge Gregory L. Taddonio oversees the case. Donald R. Calaiaro, Esq., at Calaiaro Valencik, is the Debtor's legal counsel. VINE OIL: S&P Cuts ICR to CCC- on Likely Below-Par Note Purchases ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based exploration and production company Vine Oil & Gas L.P. to 'CCC-' from 'CCC+' with negative outlook. At the same time S&P lowered the issue-level ratings on the unsecured notes to 'C' from 'CCC-'. The recovery rating on this debt remains at '6' (0%). "The downgrade reflects our view we would consider deeply discounted open market debt repurchases under distressed circumstances tantamount to default. Vine Oil & Gas L.P. launched a $280 million second-lien secured credit facility with the ability to use the proceeds to purchase back its senior unsecured notes due 2023 in the open market. The notes have been trading at around a 50% discount to par since September 2019," S&P said. The negative outlook reflects S&P's view that Vine is considering buying back its bonds in the open market using the second-lien credit facility. Given the limited ability to refinance its upcoming maturities the rating agency would view this transaction as distressed rather than opportunistic. "We could lower our ratings on Vine if its liquidity deteriorated or it announced a below-par exchange for its senior notes that we considered distressed," S&P said. "We could revise our outlook on Vine to stable if we believe the potential for a distressed exchange has become remote. This would likely occur if improving natural gas prices boost the company's cash flows and financial performance such that we believe it would be able to refinance under favorable terms," the rating agency said. VIP CINEMA: Secures $7M New Equity Financing Under the RSA ---------------------------------------------------------- VIP Cinema Holdings, Inc. and its debtor affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement for the Joint Prepackaged Chapter 11 Plan of Reorganization dated February 18, 2020. On Feb. 14, 2020, the Debtors and its stakeholders executed the Restructuring Support Agreement. The Restructuring Support Agreement is supported by First Lien Lenders holding at least 66.6% in amount of First Lien Claims, and the Second Lien Lenders holding 100% in amount of Second Lien Claims as well as by H.I.G. Capital, LLC, H.I.G. Middle Market LBO Fund II, L.P., and their affiliated entities (the "Investor"). The transactions contemplated by the Restructuring Support Agreement will be implemented through the Plan, and will result in an expeditious balance sheet restructuring that will eliminate approximately $178 million of the Debtors’ funded-debt obligations and minimize the time and expense associated with the Chapter 11 Cases. Furthermore, under the Restructuring Support Agreement, the Debtors have secured new equity financing of $7 million to fund the Reorganized Debtors’ working capital and operational needs upon emergence from chapter 11. On the Effective Date, the holders of Reorganized Common Stock and Reorganized Preferred Stock will enter into a Stockholders' Agreement. The Stockholders' Agreement will be deemed to be valid, binding, and enforceable in accordance with its terms, and each holder of the Reorganized Common and Preferred Stock will be bound thereby, in each case without the need for execution by any party thereto other than the Investor. The Debtors believe that the Plan represents the most efficient route to consummate their restructuring and best position the Debtors, their trade partners, and other stakeholders going forward. All of the General Unsecured Claims shall be discharged and will receive no distribution on account of such Claims. A Holder of an Allowed General Unsecured Claim will receive the lesser of the Allowed amount of its General Unsecured Claim and $5,000 if such Holder elects to opt in and agrees to the Releases by executing an Opt-In Form by not later than the 30th day following the Effective Date. Equity Interests in Holdings will be cancelled without any distribution. The Debtors shall fund distributions under the Plan with Cash on hand, including Cash from operations, the proceeds of the DIP Loans, the Exit Facilities; the Reorganized Common Stock, and the Reorganized Preferred Stock. Cash payments to be made pursuant to the Plan will be made by the Reorganized Debtors. A full-text copy of the Disclosure Statement for the Debtors' Joint Prepackaged Plan dated Feb. 18, 2020, is available at https://tinyurl.com/r56ue3p from PacerMonitor at no charge. The Debtors are represented by: Ropes & Gray LLP 1211 Avenue of the Americas New York, New York 10036 Attn: Gregg M. Galardi Cristine Pirro Schwarzman E-mail: Gregg.Galardi@ropesgray.com Cristine.Schwarzman@ropesgray.com About VIP Cinema VIP Cinema is the largest manufacturer of luxury movie-theatre seating in the U.S. with 70% of the domestic market share. Steve Simons started VIP in 2008 as a residential furniture manufacturer based in New Albany, Mississippi. VIP was later amongst the first in the U.S. to introduce and sell to exhibitors a premium, reclining movie theatre chair, to replace and upgrade existing low-profile, metal chairs. VIP began ramping up production and created a "first-mover advantage" by working closely with and becoming a key supplier to AMC Theatres. VIP Cinema Holdings and 4 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10344) on Feb. 18, 2020 with a prepackaged plan that would cut $200 million of funded debt in half. VIP Cinema was estimated to have at least $100 million in assets and liabilities as of the filing. VIP tapped the law firm of Ropes & Gray LLP, as the Company's counsel; UBS Securities LLC, as the Company's investment banker; and AP Services LLC as financial advisor. Omni Agent Solutions is the claims agent. WARNER CONSTRUCTION: Case Summary & 14 Unsecured Creditors ---------------------------------------------------------- Debtor: Warner Construction Consultants, Inc. 12 South Summit Avenue, Suite 319 Gaithersburg, MD 20877 Business Description: Warner Construction Consultants, Inc. -- https://www.warnercon.com -- is a multi-disciplined firm providing expert consulting services to a wide variety of construction industry clients, including public owners, private developers, general contractors, and specialty subcontractors. Warner offers professional services in traditional areas, such as construction management, CPM scheduling, and forensic analysis. Chapter 11 Petition Date: March 4, 2020 Court: United States Bankruptcy Court District of Maryland Case No.: 20-12861 Judge: Hon. Lori S. Simpson Debtor's Counsel: Catherine Keller Hopkin, Esq. YUMKAS, VIDMAR, SWEENEY & MULRENIN, LLC 10211 Wincopin Circle, Suite 500 Columbia, MD 21044 Tel: (443) 569-0788 E-mail: chopkin@yvslaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Peter Anthony Warner, II, senior vice president. A full-text copy of the petition containing, among other items, a list of the Debtor's 14 unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/gjHPTq WATKINS NURSERIES: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The Office of the U.S. Trustee on March 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Watkins Nurseries, Inc. and Virginias Resources Recycled, LLC. About Watkins Nurseries Watkins Nurseries, Inc. -- http://www.watkinsnurseries.com/-- is a wholesale and retail tree nursery, plant center, and landscape design firm established in 1876. It specializes in field-grown trees and shrubs that it produces on over 500 acres of farm land. Virginias Resources Recycled, LLC -- http://www.vrrllc.com-- is a commercial and residential land clearing, grinding, grubbing and logging company located in Central, Virginia. Watkins-Amelia, LLC is engaged in activities related to real estate. Watkins Nurseries, Virginias Resources and Watkins-Amelia sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 20-30890) on Feb. 19, 2020. At the time of the filing, each Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Paula S. Beran, Esq., at Tavenner & Beran, PLC, is the Debtor's legal counsel. WD-I ASSOCIATES: Wheeler Entities Object to Disclosure Statement ---------------------------------------------------------------- Wheeler REIT, L.P. and Pineland Associates II, LLC ("Subordinated Lenders"), secured creditors of debtor WD-I Associates, LLC, and Wheeler Interests LLC, Wheeler Real Estate, LLC, and Wheeler Development LLC (collectively the Unsecured Wheeler Entities and with the Subordinated Lenders, the Wheeler Entities), unsecured creditors of the Debtor, object to Debtor's Disclosure Statement. In support of their Objection, the Wheeler Entities state as follows: * The Wheeler Entities, collectively as the holders of the largest unsecured claims in the Debtor's bankruptcy case, object to the approval of the Disclosure Statement on the grounds that the Disclosure Statement fails to provide adequate information. * The Debtor has failed to amend the Plan and Disclosure Statement to account for the Bankruptcy Court approved sale of the Shopping Center. Accordingly, the Disclosure Statement relates to a plan that is unrelatable to the current posture of the Debtor's bankruptcy case and which is unconfirmable on its face. * In light of the Debtor's failure to amend the Plan and Disclosure Statement to account for the Bankruptcy Court approved sale of the Shopping Center, the Disclosure Statement does not include adequate information to allow creditors to make an informed judgment about the merits of the proposed Plan and possible recoveries. * The Debtor has failed to amend the Plan and Disclosure Statement to account for the $200,000 to be paid by Bank of Arkansas to the Debtor at the closing of the sale of the Shopping Center that is to be used for the sole purpose of funding a distribution to non-priority, general unsecured creditors as required by the Sale Order. A full-text copy of Wheeler Entities' objection dated Feb. 18, 2020, is available at https://tinyurl.com/tl67xon from PacerMonitor at no charge. Counsel for Wheeler REIT: John H. Maddock III McGuireWoods LLP 800 East Canal Street Richmond, VA 23219-3916 Telephone: 804.775.1000 E-mail: jmaddock@mcguirewoods.com - and - Robert W. McFarland McGuireWoods LLP 101 West Main Street Norfolk, VA 23510-1655 Telephone: 757.640.3716 E-mail: rmcfarland@mcguirewoods.com - and - Courtney C. Shytle McGuireWoods LLP 1301 Gervais Street, Suite 1050 Columbia, South Carolina 23201 Telephone: (803) 251-2300 E-mail: cshytle@mcguirewoods.com About WD-I Associates LLC WD-I Associates, LLC, is a Single Asset Real Estate Debtor (as defined in 11 U.S.C. Section 101(51B)). The company is the fee simple owner of land and improvements known as Sea Turtle Marketplace, which has an appraised value of $20.5 million. The property is located at 430 William Hilton Parkway, Hilton Head Island, S.C. WD-I Associates sought protection for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 19-02517) on May 7, 2019. In the petition signed by Jon Wheeler, manager of WD-I Management, LLC, the Debtor disclosed $22,809,092 in assets and $33,582,202 in total liabilities. Judge John E. Waites oversees the case. Kevin Campbell, Esq. at Campbell Law Firm, P.A., is the Debtor's counsel. WILLSCOT CORP: S&P Puts 'B+' ICR on Watch Positive on Mobile Merger ------------------------------------------------------------------- S&P Global Ratings placed all ratings, including its 'B+' issuer credit rating, on modular space lessor WillScot Corp. on CreditWatch with positive implications. The CreditWatch positive placement follows WillScot's announcement it has agreed to merge with Mobile Mini Inc. in an all-stock transaction that would value the combined company at approximately $6.6 billion. The company will not issue any incremental debt to fund the transaction, in which Mobile Mini shareholders will receive approximately 2.4 shares of WillScot stock per share of Mobile Mini stock. As a result, S&P expects the combined entity will have better credit metrics than WillScot's stand-alone metrics, as Mobile Mini historically has a more conservative financial policy. S&P estimates, on a pro forma basis, the combined company's EBIT interest coverage would be in approximately the low-1x area and funds from operations (FFO) to debt in the low-teens percent area based on 2019 year-end financials." This is relative to WillScot's EBIT interest coverage of 0.7x and FFO to debt of 9.6% for the twelve months ended Sep. 30, 2019. "We expect to resolve the CreditWatch when the merger closes or is sufficiently certain to occur. At that time, we expect any upgrade to most likely be limited to one notch because of the combined company's stronger credit metrics and potentially improved scale and diversity," S&P said. ZACHAIR LTD: Gets Approval to Hire Streamline as Financial Advisor ------------------------------------------------------------------ Zachair, Ltd. received approval from the U.S. Bankruptcy Court for the District of Maryland to hire Streamline Advisors, LLC as its financial advisor. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. prepare cash flow projections, liquidation analyses and other financial reports that will support and facilitate the Debtor's restructuring; b. prepare schedules of assets and liabilities and statement of financial affairs; c. prepare for and attend, if requested, the meetings of creditors pursuant to Section 341 of the Bankruptcy Code; d. develop a database of executory contracts and unexpired leases and calculate cure and rejection claim amounts; e. train and assist the Debtor with post-petition accounting procedures and cash management; f. provide support and testimony, if needed, for motions filed during the Debtor's bankruptcy case; g. assist the Debtor in gathering documents and preparing analyses in response to requests of creditors and other parties; h. reconcile claims filed and assist the Debtor in preparing claims objections; i. providing other accounting or administrative functions as may be required due to unanticipated events or strategic decisions; and j. perform other functions that may be necessary or requested in the course of the engagement as agreed between Streamline and the Debtor. Robert Patrick, the firm's managing member who will be primarily responsible for the engagement, has agreed to provide his services at a discounted rate of $350 per hour. Streamline received a retainer of $25,000 for pre-bankruptcy services. Streamline is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Robert L. Patrick Streamline Advisors, LLC 2625 Fallston Rd. Fallston, MD 21047-1305 About Zachair Ltd. Zachair, Ltd. -- http://www.hydefield.com/-- was formed by Dr. Nabil Asterbadi to acquire Hyde Field, an airport for commercial and general aviation. Hyde Field is located near Andrews Air Force Base, National Harbor, Downtown Washington DC, and nearby Northern Virginia. It offers a 3000' lighted runway with a day and night instrument approach. Based in Clinton, Md., Zachair, Ltd. filed a Chapter 11 petition (Bankr. D. Md. Case No. 20-10691) on Jan. 17, 2020. In the petition signed by Nabil J. Asterbadi, president, the Debtor was estimated to have $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Thomas J. Catliota oversees the case. Whiteford Taylor & Preston, LLP is the Debtor's legal counsel. [^] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles ------------------------------------------------------------- Author: Sallie Tisdale Publisher: BeardBooks Softcover: 270 pages List Price: $34.95 Order your own personal copy at http://is.gd/9SAfJR An earlier edition of "The Sorcerer's Apprentice" won an American Health Book Award in 1986. The book has been recognized as an outstanding book on popular science. Tisdale brings to her subject of the wide nd engrossing field of health and illness the perspective, as well as the special sympathies and sensitivities, of a registered nurse. She is an exceptionally skilled writer. Again and again, her descriptions of ill individuals and images of illnesses such as cancer and meningitis make a lasting impression. Tisdale accomplishes the tricky business of bringing the reader to an understanding of what persons experience when they are ill; and in doing this, to understand more about the nature of illness as well. Her style and aim as a writer are like that of a medical or science journalist for leading major newspaper, say the "New York Times" or "Los Angeles Times." To this informative, readable style is added the probing interest and concern of the philosopher trying to shed some light on one of the central and most unsettling aspects of human existence. In this insightful, illuminating, probing exploration of the mystery of illness, Tisdale also outlines the limits of the effectiveness of treatments and cures, even with modern medicine's store of technology and drugs. These are often called "miracles" of modern medicine. But from this author's perspective, with the most serious, life-threatening, illnesses, doctors and other health-care professionals are like sorcerer's trying to work magic on them. They hope to bring improvement, but can never be sure what they do will bring it about. Tisdale's intent is not to debunk modern medicine, belittle its resources and ways, or suggest that the medical profession holds out false hopes. Her intent is do report on the mystery of serious illness as she has witnessed it and from this, imagined what it is like in her varied work as a registered nurse. She also writes from her own experiences in being chronically ill when she was younger and the pain and surgery going with this. She writes, "I want to get at the reasons for the strange state of amnesia we in the health professions find ourselves in. I want to find clues to my weird experiences, try to sense the nature of being sick." The amnesia of health professionals is their state of mind from the demands placed on them all the time by patients, employers, and society, as well as themselves, to cure illness, to save lives, to make sick people feel better. Doctors, surgeons, nurses, and other health-care professionals become primarily technicians applying the wonders of modern medicine. Because of the volume of patients, they do not get to spend much time with any one or a few of them. It's all they can do to apply the prescribed treatment, apply more of it if it doesn't work the first time, and try something else if this treatment doesn't seem to be effective. Added to this is keeping up with the new medical studies and treatments. But Tisdale stepped out of this problem-solving outlook, can-do, perfectionist mentality by opting to spend most of her time in nursing homes, where she would be among old persons she would see regularly, away from the high-charged atmosphere of a hospital with its "many medical students, technicians, administrators, and insurance review artists." To stay on her "medical toes," she balanced this with working occasional shifts in a nearby hospital. In her hospital work, she worked in a neonatal intensive care unit (NICU), intensive care unit (ICU), a burn center, and in a surgery room. From this combination of work with the infirm, ill, and the latest medical technology and procedures among highly-skilled professionals, Tisdale learned that "being sick is the strangest of states." This is not the lesson nearly all other health-care workers come away with. For them, sick persons are like something that has to be "fixed." They're focused on the practical, physical matter of treating a malady. Unlike this author, they're not focused consciously on the nature of pain and what the patient is experiencing. The pragmatic, results-oriented medical profession is focused on the effects of treatment. Tisdale brings into the picture of health care and seriously-ill patients all of what the medical profession in its amnesia, as she called it, overlooks. Simply in describing what she observes, Tisdale leads those in the medical profession as well as other interested readers to see what they normally overlook, what they normally do not see in the business and pressures of their work. She describes the beginning of a hip-replacement operation, the surgeon "takes the scalpel and cuts -- the top of the hip to a third of the way down the thigh -- and cuts again through the globular yellow fat, and deeper. The resident follows with a cautery, holding tiny spraying blood vessels and burning them shut with an electric current. One small, throbbing arteriole escapes, and his glasses and cheek are splattered." One learns more about what is actually going on in an operation from this and following passages than from seeing one of those glimpses of operations commonly shown on TV. The author explains the illness of meningitis, "The brain becomes swollen with blood and tissue fluid, its entire surface layered with pus...The pressure in the skull increases until the winding convolutions of the brain are flattened out...The spreading infection and pressure from the growing turbulent ocean sitting on top of the brain cause permanent weakness and paralysis, blindness, deafness...." This dramatic depiction of meningitis brings together medical facts, symptoms, and effects on the patient. Tisdale does this repeatedly to present illness and the persons whose lives revolve around it from patients and relatives to doctors and nurses in a light readers could never imagine, even those who are immersed in this world. Tisdale's main point is that the miracles of modern medicine do not unquestionably end the miseries of illness, or even unquestionably alleviate them. As much as they bring some relief to ill individuals and sometimes cure illness, in many cases they bring on other kinds of pains and sorrows. Tisdale reminds readers that the mystery of illness does, and always will, elude the miracle of medical technology, drugs, and practices. Part of the mystery of the paradoxes of treatment and the elusiveness of restored health for ill persons she focuses on is "simply the mystery of illness. Erosion, obviously, is natural. Our bodies are essentially entropic." This is what many persons, both among the public and medical professionals, tend to forget. "The Sorcerer's Apprentice" serves as a reminder that the faith and hope placed in modern medicine need to be balanced with an awareness of the mystery of illness which will always be a part of human life. ********* 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. 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