/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/200309.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, March 9, 2020, Vol. 24, No. 68 Headlines 10827 STUDEBAKER: $5.47M Loans to Fund 100% Plan 464 OVINGTON LLC: Hires Goldberg Weprin as Bankruptcy Counsel ABC PM 652: May Continue Cash Collateral Use Through April 2020 AHI INVESTMENTS: Judge Denies Extension of Exclusivity Period AIR INDUSTRIES: Receives $9.3 Million Order for "Thrust Struts" AKORN INC: Seeks Dismissal of Shareholder Derivative Suit ALGON CORPORATION: Exclusivity Period Extended to April 24 ANITSA INC: $1.1M Sale of Industrial Laundry Business to ACC Okayed ASOCIACION DE PROPIETARIOS: Disclosure Hearing Reset to April 29 AVEANNA HEALTHCARE: Moody's Confirms B3 CFR, Outlook Negative AVINGER INC: Reports $6 Million Net Loss for Fourth Quarter BASS LLC: Case Summary & 11 Unsecured Creditors BG WILLIAMS: Taps Graham Capital's CEO as Financial Advisor BODY RENEW: Voluntary Chapter 11 Case Summary BRISTOL HEALTHCARE: Trustee Hires Johnson & Mulroony as Attorney BRONX MIRACLE: Trustee Hires Vernon Consulting as Financial Advisor CARLSON TRAVEL: Fitch Assigns B+ IDR, Outlook Stable CARMEL MEDICAL: Seeks to Hire Jones Lang LaSalle as Broker CCO HOLDINGS: Fitch Rates Unsec. Notes Due 2032 'BB+/RR4' CELLA III: Needs Time for Amendments to Plan and Disclosures CHARTER COMMUNICATIONS: Moody's Rates New Unsec. Notes Due 2032 Ba2 CHIEF POWER: Moody's Lowers $318MM Secured Loans to Ca, Outlook Neg COCRYSTAL PHARMA: CVI Investments Has 7.3% Stake as of Feb. 27 CORELLE BRANDS: Moody's Affirms Ba3 CFR & Alters Outlook to Stable D&M CAPITAL: Exclusivity Period Extended Until May 22 D.J. GUZZARDO: Seeks and Wins Authorization to Use Cash Collateral DANICA ASSOCIATES: March 24 Plan Confirmation Hearing Set DIJ CORP: Case Summary & 7 Unsecured Creditors DOUBLE L FARMS: Gets Approval to Access Cash Collateral March 31 DOVE REAL ESTATE: April 9 Hearing on Disclosure Statement DUNCAN MORGAN: Sink's $172K Sale of Raleigh Property Approved DWS CLOTHING: U.S. Trustee Objects to Disclosure Statement ECOARK HOLDINGS: All Five Proposals Approved at Annual Meeting EPIC COMPANIES: April 1 Plan & Disclosure Hearing Set EYEPOINT PHARMACEUTICALS: Reports Q4 Net Loss of $10.4 Million FLEXOGENIX GROUP: Hires White & Williams as Litigation Counsel FOLSOM FARMS: Seeks Court Approval to Hire Bankruptcy Attorney FOREVERGREEN WORLDWIDE: Incurs $2.67 Million Net Loss in 2018 GELS LOGISTICS: Case Summary & 4 Unsecured Creditors GENCANNA GLOBAL: Seeks to Hire Dentons Bingham as Counsel GENCANNA GLOBAL: Stites & Harbison File 1st Modified Statement GLASS CONTRACTORS: Hires DeMarco-Mitchell as General Counsel GLENVIEW HEALTH: Amends Disclosures to Address Objections GOOD SAMARITAN: PCO Hires Nolan Heller as Legal Counsel GRAN TIERRA: Fitch Affirms B LT IDR & Alters Outlook to Stable H & S TOWING: April 7 Hearing on Disclosure Statement H&B HOLDINGS: To Seek Plan Confirmation on March 25 HEATING & PLUMBING: Cash Collateral Use Extended Through March 15 HUDSON TECHNOLOGIES: Incurs $10.8 Million Net Loss in 4th Quarter HUNT OIL: Moody's Cuts Issuer Rating to B3 & Alters Outlook to Neg. INTERRA INNOVATION: Given Until June 8 to Exclusively File Plan ISLAND VIEW: Trustee's Sale of 3 Bristol Residential Units Approved JACK COUNTY HOSPITAL: March 18 Meeting Set to Form Creditors' Panel JACK OHIO: Moody's Withdraws Caa1 CFR on Loans Repayment JAMES CANDY: March 26 Hearing on Disclosure Statement JIT INDUSTRIES: To Seek Plan Confirmation on March 25 JUNO USA: March 25 Plan Confirmation Hearing Set K-9 SPLASH: Seeks to Hire Lancaster & Lancaster as Attorney KETAB CORPORATION: Exclusivity Period Extended Until May 29 KIMBLE DEVELOPMENT: Allowed to Use Cash Collateral on Interim Basis L.A. GREEN: Unsecureds to Get Disposable Income for 60 Months LAKEWAY PUBLISHERS: Hires Tennesee Pension as Accountant LINDRAN PROPERTIES: Seeks to Hire Clark Hill as Legal Counsel LITTLE FEET LEARNING: Hires Noblitt & Associates as Accountant LONGVIEW INTERMEDIATE: Moody's Lowers Secured Loans to Ca LUCKY BUMS SUBSIDIARY: Hires Bozeman Accounting as Accountant MAD DOGG ATHLETICS: May Continue Using Cash Collateral Until May 8 MAGNOLIA LANE: Exclusivity Period Extended to May 28 MASON BUILDERS: April 21 Plan Confirmation Hearing Set MATTSNOW PROPERTIES: Has Until Aug. 1 to Obtain Plan Confirmation MBLA LLC: Seeks to Hire ISOE Commercial as Mortgage Broker MC CLOUD TRUCKING: To Seek Plan Confirmation April 21 MC CLOUD TRUCKING: Unsecureds Owed $58.6K to Get $5K in Plan MCCLATCHY CO: Cullen, Russell Represent Utility Companies MEDCARE PEDIATRIC: Seeks to Hire Wauson & Probus as Legal Counsel MELINTA THERAPEUTICS: Selling Substantially All Assets MUSEUM OF AMERICAN JEWISH: Taps Dilworth Paxson as Legal Counsel MUSEUM OF AMERICAN JEWISH: Taps Donlin Recano as Claims Agent NATIONAL QUARRY: Creditors Committee Disclose Claims NORPAC FOODS: Has Until April 15 to File Joint Plan & Disclosure NORTIS INC: Seeks to Hire Smith Bunday as Accountants NOVAN INC: Armistice Capital, et al. Report 4.9% Equity Stake ON MARINE: Asbestos Claimants Tap Campbell & Levine as Counsel ON MARINE: Asbestos Claimants Taps Caplin & Drysdale as Counsel OWENS & MINOR: Gwendolyn Bingham Elected to Board of Directors OWENS & MINOR: Incurs $62.4 Million Net Loss in 2019 PARK AVENUE PIZZA: Seeks to Hire Cushner & Associates as Counsel PG&E CORP: Tort Claimants Hires a Claims Administrator PICK-YOUR-OWN: Judge Extends Exclusivity Period to March 31 PLECTICA LLC: Case Summary & 5 Unsecured Creditors PONCE REAL ESTATE: Hearing on Disclosures Moved to June 11 PR PLUMBING: Seeks to Hire Goldberg Weprin as Counsel PREMIER LEARNING: Unsec. Creditors to Have 50% Recovery Under Plan PRESTIGE-PLUS HEALTH: Disc. Statement Conditionally Approved PRO-FIT DEVELOPMENT: Seeks to Hire Buddy D. Ford as Legal Counsel QURATE RETAIL: Fitch Affirms BB LT IDR & Alters Outlook to Stable RANDOLPH HOSPITAL: Case Summary & 30 Largest Unsecured Creditors RANDOLPH HOSPITAL: Files for Chapter 11 to Restructure Debt RAYNOR SHINE: Seeks to Hire a Chief Restructuring Officer RELIANCE MANUFACTURING: Hires RCM Law Office RELIANCE MANUFACTURING: Taps Del Valle Realty as Real Estate Agent REVOLAR TECHNOLOGY: March 24 Hearing on Disclosure Statement RIVORE METALS: Revises Disclosures as Ordered by Judge ROCK POND: Seeks Court Approval to Hire Bankruptcy Attorney RWS CHARTER: Seeks to Hire Richardson Maples as Special Counsel SCORPION FITNESS: Trustee Hires LaMonica Herbst as Counsel SHOPPINGTOWN MALL: May 5 Hearing on Disclosure Statement SIMKAR LLC: Trustee's $8.5M Sale Plan for Neo Has $0 for Unsecureds SINTX TECHNOLOGIES: Reports Revenue of $0.7 Million for 2019 SOAPTREE HOLDINGS: March 11 Disclosure Motion Hearing Set STGC HOLDINGS: To File Amended Disclosures by March 11 SUNCREST STONE: Newtek and CDS Say Plan Unconfirmable TAYLOR MORRISON: Moody's Rates 3 Tranches of Unsec. Notes 'Ba3' TENDERLEAF VILLAGE: Hires Colliers International as Appraiser TEXAS SOUTH: LBB & Associates Resigns as Accountant TIDWELL BROS: Case Summary & 8 Unsecured Creditors TITAN INTERNATIONAL: Reports $51.5 Million Net Loss for 2019 TRIDENT BRANDS: Mark Holcombe Quits as Director ULTRA PETROLEUM: Provides Update on Potential Debt Transaction UNION GROVE: Unsecureds to Recover 20% in Plan VAC FUND HOUSTON: Taps JC Management Prexy as Consultant VESTAVIA HILLS: Seeks to Hire Campbell Partners as Special Counsel VITO FASCIGLIONE: Parker Hart Hires Maltz Auctions as Broker WATERTECH HOLDINGS: Seeks to Hire McCarthy Reynolds as Counsel WESTERN RESERVE: Unsecureds to Get 25% in 6 Years Under Plan WHITAKER ENTERPRISE: April 7 Hearing on Disclosure Statement WILLIAM LYON: Moody's Withdraws B2 CFR Following TMHC Transaction WILLOWOOD USA: Committee Members Removed From Plan Releases YOURELO YOUR: Has Until June 19 to Exclusively File Chapter 11 Plan ZENERGY BRANDS: Exclusivity Period Extended to April 21 [^] BOND PRICING: For the Week from March 2 to 6, 2020 ********* 10827 STUDEBAKER: $5.47M Loans to Fund 100% Plan ------------------------------------------------ Debtor 10827 Studebaker LLC, a California limited liability company, filed with the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, a Plan of Reorganization and a Disclosure Statement on Feb. 20, 2020. The Debtor will obtain a loan from Banc of California, pursuant to which Banc of California initially will loan the Debtor $3,850,000 on or before the Effective Date. Additionally, the Debtor will obtain a loan from Ivy Glenn Partners, pursuant to which Ivy Glenn partners will advance to the Debtor $1,620,000 on or before the Effective Date. The proceeds of these loans will be used to pay, on the Effective Date, Buchanan's claim in the amount of $5 million, and all other non-insider claims against the Debtor, except for those creditors who elect to receive other treatment. After the Effective Date, Banc of California will possess a first in priority security interest in the Property. The claims of the creditors in Class 4-B will carry through confirmation and will remain claims against the Debtor after the Effective Date. The prepetition unsecured claim of Ivy Glenn Partners will be rolled into the Effective Date loan, thereby creating a new obligation in an amount equal to its existing claim amount, plus $1,620,000 relating to its portion of the Refinance. The Reorganized Debtor will remain in custody and control of its property and affairs as of the Effective Date. Class 4-A General unsecured claims total $193,315. On the Effective Date, all claims in this class will be paid in full from the proceeds of the Refinance. Class 4-B Unsecured claims of Robert Clippinger, Clippinger Investment Properties, and Ivy Glenn Partners have $659,393.10 collective claim amount. Claims in this class will receive no payment on the Effective Date and will remain as claims against the Debtor post-confirmation. The claim of Ivy Glenn Partners will be rolled into the new loan to be made by Ivy Glenn Partners to fund the plan and be repaid in accordance with the terms of the new loan. Interest holders will retain their equity interests in the Debtor. A full-text copy of the Disclosure Statement dated Feb. 20, 2020, is available at https://tinyurl.com/ru3w5dw from PacerMonitor at no charge. The Debtor is represented by: Alan G. Tippie Steven F. Werth SulmeyerKupetz, A Professional Corporation 333 South Grand Avenue, Suite 3400 Los Angeles, California 90071 Telephone: 213.626.2311 Facsimile: 213.629.4520 E-mail: atippie@sulmeyerlaw.com swerth@sulmeyerlaw.com About 10827 Studebaker 10827 Studebaker LLC, which is primarily engaged in renting and leasing real estate properties, sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 19-13242) on Aug. 21, 2019. The petition was signed by Robert Clippinger, authorized representative. The Debtor was estimated to have assets and liabilities of $1 million to $10 million as of the bankruptcy filing. Judge Erithe A. Smith oversees the case. SulmeyerKupetz is the Debtor's legal counsel. 464 OVINGTON LLC: Hires Goldberg Weprin as Bankruptcy Counsel ------------------------------------------------------------- 464 Ovington LLC seeks authority from the United States Bankruptcy Court for the Eastern District of New York (Brooklyn) to hire Goldberg Weprin Finkel Goldstein LLP as its bankruptcy counsel. Services to be rendered by Goldberg Weprin are: a. provide the Debtor with necessary legal advice in connection with the Chapter 11 case and its responsibilities and duties as a debtor-in-possession; b. represent the Debtor in all proceedings before the Bankruptcy Court and/or the United States Trustee; c. review and prepare all necessary legal papers, petitions, orders, applications, motions, reports and plan documents on the Debtor's behalf; d. assist the Debtor in negotiations with Deutsch Bank and Courchevel; e. perform all other legal services for the Debtor which may be necessary to obtain a successful conclusion of the Chapter 11 case. The Firm's current billing rates for bankruptcy and real estate matters are $575 per hour for partner time, and between $275 to $425 for associate time. Goldberg Weprin will also be reimbursed for reasonable out-of-pocket expenses incurred. Kevin J. Nash, a partner at Goldberg Weprin, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Goldberg Weprin can be reached at: Kevin J. Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 1501 Broadway New York, NY 10036 Tel: (212) 221-57000 About 464 Ovington LLC 464 Ovington LLC is engaged in activities related to real estate. The Debtor is the owner of certain .2 acre lot, improved by a two story two-family house located at 464 Ovington Avenue, Brooklyn, NY, which it acquired on or about March 30, 2016, following a foreclosure sale from the foreclosing third mortgagee, known as Congregation Imrei Yehuday. 464 Ovington LLC filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-46838) on Nov. 13, 2019. In the petition signed by Tim Ziss, manager, the Debtor estimated $1,300,537 in assets and $1,432,018 in liabilities. The firm is represented by Kevin J. Nash, Esq. at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP. ABC PM 652: May Continue Cash Collateral Use Through April 2020 --------------------------------------------------------------- Judge Barry Russell of the U.S. Bankruptcy Court for the Central District of California issued a second extended order regarding ABC PM 652 S Sunset LLC's Motion for authorization to use cash collateral. The Court previously entered an Extended Cash Collateral Order authorizing Debtor to use cash collateral through and including January, 2020. At the January 7 hearing, Bayview Loan Servicing, LLC agreed to extend the terms of the Cash Collateral Order as follows: "During the months of February, 2020 through and including April, 2020, the Debtor will tender to Secured Creditor the total payment of $10,800, which will pay Secured Creditor's principal and interest payment of $9,018.83 and pay Lender's scheduled associated property tax and insurance impounds of no less than $1,363.80/month for the property. Any remaining amount up to $10,800 will be provided to Secured Creditor as additional adequate protection. The Debtor can use any remaining funds it generates over $10,800 to pay its operational expenses." About ABC PM 652 S Sunset ABC PM 652 S Sunset LLC is a privately held company that provides property management services. ABC PM 652 S Sunset, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 19-16004) on May 22, 2019. In the petition signed by Juana M. Roman, managing member, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Judge Barry Russell oversees the case. John H. Bauer, Esq., at Financial Relief Legal Advocates, Inc., is the Debtor's bankruptcy counsel. AHI INVESTMENTS: Judge Denies Extension of Exclusivity Period ------------------------------------------------------------- Judge Edward Coleman III of the U.S. Bankruptcy Court for the Southern District of Georgia denied AHI Investments, LLC's motion to extend its exclusivity period to file a Chapter 11 plan of reorganization. Judge Coleman found that the company failed to file a plan within the 120-day exclusivity period and did not timely request for its extension. AHI Investments' exclusivity period expired on Dec. 3, 2019. About AHI Investments AHI Investments, LLC is a privately held company that offers child day care services. It is the fee simple owner of a property located at 153 Carolina Cherry Court Pooler, Ga., valued by the company at $3.45 million. AHI Investments sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No. 19-41075) on August 5, 2019. At the time of filing, the Debtor had $3,800,817 in assets and $3,537,190 in debts. The petition was signed by Laukik Patel, manager. Judge Edward J. Coleman III oversees the case. The Debtor is represented by Gai Lynn McCarthy, Esq., at Kumar Prabhu Patel & Banerjee, LLC. AIR INDUSTRIES: Receives $9.3 Million Order for "Thrust Struts" --------------------------------------------------------------- Air Industries Group has received a firm order for $9.3 million for "Thrust Struts," a critical component in the Pratt & Whitney Geared-Turbo-Fan jet engine. This purchase order is part of a contract, Long-Term Agreement (LTA), previously announced on Jan. 14, 2020. This purchase order is for product deliverable during the second half of calendar 2020 and the first quarter of 2021. Separately, Air Industries will release its fiscal 2019 financial results, after the market closes, at approximately 4:30 p.m. on Tuesday March 24, 2020. The Company will also host a conference call for investors on Wednesday March 25, 2020 at 8:30 am. Mr. Lou Melluzzo, CEO of Air Industries commented: "In January we announced a five-year contract, a Long-Term Agreement with a potential value in excess of $ 60 Million. This firm order is the first release against this Long-Term Agreement." About Air Industries Headquartered in Bay Shore, New York, Air Industries Group is an integrated manufacturer of precision equipment assemblies and components for aerospace and defense prime contractors. Air Industries reported a net loss of $10.99 million in 2018 following a net loss of $22.55 million in 2017. As of Sept. 30, 2019, the Company had $50.75 million in total assets, $40.19 million in total liabilities, and $10.56 million in total stockholders' equity. Rotenberg Meril Solomon Bertiger & Guttilla, P.C., in Saddle Brook, NJ, the Company's auditor since 2008, issued a "going concern" qualification in its report dated April 1, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has suffered a net loss in 2018 and is dependent upon future issuances of equity or other financing to fund ongoing operations, all of which raise substantial doubt about its ability to continue as a going concern. AKORN INC: Seeks Dismissal of Shareholder Derivative Suit --------------------------------------------------------- As previously disclosed, Akorn, Inc., is a nominal defendant and certain current and former Company officers and directors have been named individual defendants in a putative shareholder derivative suit captioned In re Akorn, Inc. Shareholder Derivative Litigation (Civ. A. No. 1:18-cv-07374) (the "In re Akorn, Inc. Shareholder Derivative Litigation"), filed in United States District Court for the Northern District of Illinois. On March 3, 2020, the parties filed with the Court a Joint Motion for the Approval and Entry of a Stipulation and Proposed Order of Dismissal providing for the voluntary dismissal of the action with prejudice. The voluntary dismissal of the In re Akorn, Inc. Shareholder Derivative Litigation does not affect any claims asserted in In re Akorn, Inc. Data Integrity Securities Litigation, C.A. No. 18-cv-1713 (N.D. Ill.), the class-wide settlement filed with the court in the Securities Class Action on Aug. 9, 2019, or the direct actions under the federal securities laws brought by shareholders who have requested exclusion from the class-wide settlement in the Securities Class Action. A full-text copy of the Stipulation and Proposed Order is available for free at the SEC's website at: https://is.gd/iH6DDd About Akorn Headquartered in Lake Forest, Illinois, Akorn, Inc. -- http://www.akorn.com/-- is a specialty pharmaceutical company engaged in the development, manufacture and marketing of multi-source and branded pharmaceuticals. Akorn has manufacturing facilities located in Decatur, Illinois; Somerset, New Jersey; Amityville, New York; Hettlingen, Switzerland and Paonta Sahib, India that manufacture ophthalmic, injectable and specialty sterile and non-sterile pharmaceuticals. Akorn reported a net loss of $226.8 million for the year ended Dec. 31, 2019, compared to a net loss of $401.91 million on $694.02 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $1.28 billion in total assets, $1.05 billion in total liabilities, and $234.29 million in total shareholders' equity. BDO USA, LLP, in Chicago, Illinois, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Feb. 26, 2020, citing that the Company has suffered recurring losses from operations and has a net working capital deficiency that raise substantial doubt about its ability to continue as a going concern. * * * As reported by the TCR on Feb. 24, 2020, Moody's Investors Service downgraded the ratings of Akorn, Inc. including the Corporate Family Rating to Caa3 from Caa1. The downgrade reflects the high risk of a near-term bankruptcy filing by Akorn, given its ongoing litigation and $845 million term loan maturity in April 2021. Also in February 2020, S&P Global Ratings lowered its issuer credit rating on Akorn Inc. to 'CCC-' from 'B-' with negative outlook. The negative outlook reflects the increasing possibility that Akorn will file for Chapter 11 protection under the U.S. Bankruptcy Code in the next six months to facilitate repayment of its outstanding debt. ALGON CORPORATION: Exclusivity Period Extended to April 24 ---------------------------------------------------------- Judge Robert Mark of the U.S. Bankruptcy Court for the Southern District of Florida extended the exclusivity period during which Algon Corporation can file a Chapter 11 plan of reorganization and solicit acceptances for the plan to April 24 and June 23, respectively. According to court filings, the company needed more time to negotiate and structure a transaction that will provide the necessary financing for its reorganization plan as well as to resolve matters with its creditors. Since its bankruptcy case was filed, Algon Corporation has sought alternative financing in order to proceed with a plan of reorganization. The company has been actively engaged in negotiations with a lender and investor to fund a plan. Algon Corporation needed additional time to consummate these discussions, finalize all critical terms, and structure the necessary funding in conjunction with its plan. About Algon Corporation Algon Corporation -- https://www.algon.com/ -- is a worldwide distributor of raw materials and industrial parts for the pharmaceutical, cosmetic, and food industries. It is located in Miami, Fla. Algon Corp sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-18864) on July 1, 2019. In the petition signed by its president, Alfredo Suarez, the Debtor estimated assets and liabilities of less than $10 million. The case is assigned to Judge Robert A. Mark. The Debtor is represented by Geoffrey S. Aaronson, Esq., at Aaronson Schantz Beiley P.A. ANITSA INC: $1.1M Sale of Industrial Laundry Business to ACC Okayed ------------------------------------------------------------------- Judge Barry Russell of the U.S. Bankruptcy Court for the Central District of California authorized Anitsa, Inc.'s sale of substantially all of its assets in its industrial laundry business to Active Capital Co., B.V. ("ACC") for $1.1 million, pursuant to their Asset Purchase Agreement. The Court approved the overbid procedures. Active Capital is deemed to have submitted the highest and best bid for the purchase of the Transferred Assets. The sale is free and clear of all liens, claims and interests, including, without limitation, of all Lienholders. The Debtor is authorized to sell, assign and otherwise transfer the Transferred Assets on the terms and conditions set forth in the Asset Purchase Agreement to Active Capital for the total price of $1.1 million, subject to the provisions of the Order, to be paid as set forth in the Order. Pursuant to previously approved DIP financing facilities, in the principal amount of $440,000 as of the hearing on the Sale Motion, which Active Capital has already funded, the total outstanding obligation due and owing under DIP Facilities, including accrued interest, fees and costs, will be applied as a credit against the Purchase Price. Of said Purchase Price, the sum of $400,000 will be paid to American Riviera Bank ("ARB") concurrently with the closing ofthe sale transaction, with a further $150,000 to be paid to ARB as follows: (a) $75,000 due by no later than the day that is six months after the closing of the sale transaction; and (b) $75,000 due by no later than the day that is 12 months after the closing of the sale transaction. In the event that Active Capital fails to pay the Note in a timely fashion, ARB will have the right to compel such payment by seeking an order of the Court. Notwithstanding paragraph 10, ARB will retain its lien on the Debtor's pre-petition accounts to secure payments of said $150,000. If ARB recovers on any claims or suits against the Debtor's prepetition factors, then, after subtracting ARB's attorneys’ fees and costs, ARB will credit and/or pay back Active Capital dollar-for-dollar for any amounts already paid and/or to be paid under the Note. ARB and Active Capital will cooperate with each other in confidential joint-litigation privilege in connection with ARB’s Factor Suits, if any, and ARB covenants and agrees to use its best and commercially reasonable efforts to maximize its recovery on the Factor Suits. In addition, from the Purchase Price, Active Capital will pay the Debtor's real property lessor, Kerbel, LLC, such sum as Active Capital and Kerbel, LLC will agree is sufficient to permit the assumption by the Debtor and the assignment to Active Capital of the Debtor's rights and obligations on its nonresidential real property lease from Kerbel, LLC for the premises located at 6032 Shull Street, Bell Gardens, CA 90201. In addition, from the Purchase Price, Active will pay such further sums as are necessary to accomplish the assumption by the Debtor and the assignment to Active Capital of the Debtor's rights and obligations under such other "Transferred Contracts" as Active Capital will elect, in its sole discretion, to have assigned to it, which "Transferred Contracts" are the subject of a separately filed Notice of Intent to Assume Executory Contracts and will be addressed by a separate Order. The balance ofthe Purchase will be paid to the Debtor, except that said payment will be in the minimum sum of $50,000. If said minimum payment results in the total payment of Active Capital exceeding $1.1 million, after taking into account the payments, Active Capital will nonetheless make such payment of $50,000 to the estate. Pursuant to ARB's agreement on the record to, among other things, assign to Active Capital its first priority security interest in, among other things, the post-petition accounts receivable owing to the Debtor, all account debtors are hereby required and instructed to direct all payments on account of such accounts receivable to, or at the instructions of, Active Capital and a copy of the Order may be provided to such account Debtors as evidence of such order and requirement. Subject to the fulfillment of the terms and conditions ofthe Asset Purchase Agreement, the Order will, as ofthe closing, be considered and constitute for all purposes a full and complete general assignment, conveyance, and transfer ofthe Transferred Assets and/or a bill of sale transferring all of the Debtor's rights, title and interest in and to the Transferred Assets. Consistent with, but not in limitation of the foregoing, each and every federal, state, and local governmental agency or department is authorized and directed to accept all documents and instruments necessary and appropriate to consummate the transactions contemplated by the Asset Purchase Agreement and approved in the Order. Following the closing, no holder of any liens, claims, encumbrances, or interests against the Debtor or the Transferred Assets will interfere with Active Capital's respective rights in, title to or 16 use and enjoyment ofthe Transferred Assets. The stay requirement under Bankruptcy Rule 6004(h) is waiVed. Notwithstanding the terms of the Order, the Sale Motion, the Asset Purchase Agreement, and any other document or pleading to the contrary, either filed in the case or in existence otherwise, the Client Services Agreement ("CSA") between ADP TotalSource, Inc. and the Debtor, dated June 25, 2014, and as more fully described in ADP TotalSource, Inc.'s Motion 24 for Order Compelling the Immediate Rejection of Executory Contract, is not approved as a (1) Transferred Asset, (2) an Assumed Liability, or (3) a Transferred Contract, and the Debtor has no authority to assume and/or assign the CSA for itself or to Active Capital on any terms or conditions. For the avoidance of doubt, the CSA has been rejected and terminated by the Debtor as of Jan. 7, 2020, and is neither assumable or asisgnable by the Debtor in any context, including the approved sale. A hearing on the Motion was held on Jan. 30, 2020 at 10:00 a.m. About Anitsa Inc. Anitsa, Inc. -- http://vslaundry.com-- is a provider of laundry services to the hospitality industry. It also offers consulting expertise and resource management solutions. Anitsa Inc. sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 20-10168) on Jan. 8, 2020. In the petition signed by Garo Minissian, CEO, the Debtor was estimated assets and liabilities in the range of $1 million to $10 million. The case is assigned to Judge Barry Russell. The Debtor tapped James A. Dumas, Esq., at Dumas & Kim, APC as counsel. ASOCIACION DE PROPIETARIOS: Disclosure Hearing Reset to April 29 ---------------------------------------------------------------- Judge Edward A. Godoy of the U.S. Bankruptcy Court for the District of Puerto Rico granted Debtor Asociacion De Propietarios Condominio Radio Centro 30 days to file a stipulation with PRASA, due by March 20, 2020. The hearing on approval of the Disclosure Statement is continued to April 29, 2020 at 9:30 AM at the United States Bankruptcy Court, Southwestern Divisional Office, MCS Building, Second Floor, 880 Tito Castro Avenue, Ponce, Puerto Rico. A copy of the order dated February 20, 2020, is available at https://tinyurl.com/tz5plby from PacerMonitor at no charge. About Asociacion De Propietarios Condominio Radio Centro Asociacion De Propietarios Condominio Radio Centro sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 19-02202) on April 23, 2019. At the time of the filing, the Debtor was estimated to have assets of less than $100,000 and liabilities of less than $500,000. Gloria Justiniano Irizarry, Esq., at JUSTINIANO'S LAW OFFICE, is the Debtor's counsel. AVEANNA HEALTHCARE: Moody's Confirms B3 CFR, Outlook Negative ------------------------------------------------------------- Moody's Investors Service confirmed Aveanna Healthcare LLC's B3 Corporate Family Rating and B3-PD Probability of Default Rating. At the same time, Moody's confirmed the B2 rating on the senior secured first-lien bank credit facilities and the Caa2 rating on the senior secured second-lien term loan. The outlook was changed to negative from ratings under review. This concludes the review for downgrade initiated on December 24, 2019 when Aveanna announced that the proposed acquisition of Maxim Health Services, Inc.'s home care service division had been terminated. "The confirmation of the B3 CFR reflects the strengthening of Aveanna's liquidity profile aided by an infusion of $100 million of cash, comprised of new sponsor equity and the proceeds from a legal settlement. This will help fund one-time costs associated with the now terminated Maxim acquisition, and repay the outstanding balance on the company's $75 million revolving facility," said Vladimir Ronin, lead analyst for the company. The negative outlook reflects Moody's expectation that over the next 12-18 months Aveanna will remain modestly free cash flow consumptive as it unwinds incremental costs related to the terminated Maxim acquisition. Additionally, financial leverage will remain very high, at the same time that the company faces high social risks inherent in its business. While liquidity is adequate, there is little cushion to absorb unexpected operating setbacks. Moody's took the following rating actions on Aveanna Healthcare LLC: Confirmations: Corporate Family Rating, at B3 Probability of Default Rating, at B3-PD Gtd Senior Secured First Lien Revolving Credit Facility, at B2 (LGD3) Gtd Senior Secured First Lien Term Loan, at B2 (LGD3) Gtd Senior Secured Second Lien Term Loan, at Caa2 (LGD6 from LGD5) Outlook Actions: Outlook, Changed To Negative From Rating Under Review RATINGS RATIONALE Aveanna's B3 CFR broadly reflects the company's very high financial leverage, a highly concentrated payor mix with significant Medicaid exposure, and meaningful geographic concentration in the sates of Texas, California, and Pennsylvania. Pro forma for the transaction, debt/EBITDA is about 7.9x on a Moody's adjusted basis for the twelve months ended September 30, 2019. The rating is constrained by Aveanna's weak quality of earnings given its significant EBITDA add-backs largely related to costs associated with its acquisition strategy. The rating also incorporates noteworthy industry pressures such as a challenging reimbursement environment, which will make it difficult for Aveanna to meaningfully improve its earnings and cash generation, over the near term. The rating also reflects Moody's belief that the company will continue to pursue an aggressive growth strategy, including acquisitions that are likely to be at least partially funded with incremental debt. The rating benefits from Aveanna's leading niche position in the otherwise fragmented market of pediatric home health services, and favorable long-term industry growth prospects. The overall market has solid growth prospects due to population trends, and its service offerings will remain critical in nature. Social and governance considerations are material to Aveanna's credit profile. Moody's believes Aveanna will remain exposed to the social risks of providing health care and related services in private duty nursing and therapy to a highly vulnerable patient base often comprised of sick and disabled children who need near around-the-clock care. There is ongoing legislative, political, media and regulatory focus on ensuring the delivery of medically appropriate care to this patient base. Private duty nursing companies that bill Medicare and Medicaid are subject to a significant number of complex regulations. Any weakness in providing healthcare services - real or perceived - can negatively affect Aveanna's reputation and ability to attract and sustain clients at profitable rates. Additionally, a possible data breach event, where intellectual property and other internal types of sensitive records are released could cause legal or reputational harm. Among governance considerations, Aveanna's financial policies under private equity ownership are aggressive, reflected in the high initial debt levels following the proposed acquisition of Maxim, as well as a track record of supplementing organic growth with material debt-funded acquisitions. Factors that could lead to an upgrade include improvement in liquidity reflected by consistent generation of positive free cash flow, and debt/EBITDA sustained below 5.5 times. Conversely, factors that could lead to a downgrade include significant reimbursement reductions and/or wage pressure, failure to realize articulated synergies, incurrence of new debt to fund acquisitions, or deterioration in liquidity, such that free cash flow is expected to be negative on a sustained basis. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Headquartered in Atlanta, Georgia, Aveanna Healthcare LLC was formed through the merger of pediatric home healthcare companies Epic Health Services and PSA Healthcare, with a subsequent acquisition of Premier Healthcare Services completed in July 2018. The company is a leading provider of pediatric skilled nursing and therapy services, as well as adult home health services, including skilled nursing, therapy, personal care, behavioral health and autism. Aveanna is majority-owned by private equity firms Bain Capital and J. H. Whitney. The company generated pro forma revenues of approximately $1.4 billion for the twelve months ended September 30, 2019. AVINGER INC: Reports $6 Million Net Loss for Fourth Quarter ----------------------------------------------------------- Avinger, Inc., reported results for the fourth quarter and full year ended Dec. 31, 2019. Fourth Quarter and Recent Highlights * Increased revenue 26% year-over-year, to $2.6 million, driven by a 35% increase in catheter sales * Grew total Pantheris revenue by 69%, to $1.7 million, compared to the prior year quarter, and more than 10% compared to the third quarter * Added 7 new Lumivascular sites in the fourth quarter, bringing the total number of new accounts in the second half of 2019 to 14 * Expanded Pantheris SV penetration with shipments to more than 50 accounts by year end, adding 19 new sites in the fourth quarter * Reported 36% gross margin, a 9-point improvement from prior year quarter * Received CE Marking for Ocelaris next-generation CTO crossing device and completed successful first cases in Europe * Initiated enrollment in the IMAGE-BTK clinical study, designed to evaluate the safety and effectiveness of Pantheris SV in the treatment of lesions below-the-knee * Announced publication of the SCAN clinical study showing that OCT imaging with Pantheris was statistically superior or equivalent to intravascular ultrasound (IVUS) on all parameters evaluated * Strengthened the board of directors with the addition of healthcare veteran Tamara Elias, MD * Added new capital to the balance sheet with completion of $4.5 million equity financing in January 2020 Jeff Soinski, Avinger's president and CEO, commented, "In the fourth quarter, Avinger demonstrated strong market adoption for our Pantheris family of products with a 69% increase in Pantheris revenue and a 35% increase in total catheter sales over the prior year. Revenue growth continues to reflect broad-based increases in utilization, including cases from 7 new centers launched in the third quarter and an additional 7 new centers opened in the fourth quarter. With over 50 accounts placing orders for Pantheris SV by the end of the fourth quarter, we expect the addition of new sites and new catheter products to drive continued sales growth and utilization gains in 2020. "Operational results also continued to improve, including gross margin of 36% in the fourth quarter, 9 points higher than the prior year quarter. Operating expenses reflect our continued investment in clinical studies and product development activity, primarily related to our Ocelaris image-guided CTO crossing device and acceleration of development of our next-generation Lightbox L300 imaging console. Fourth quarter expenses also reflect the expansion of our commercial team throughout the year, which we expect to be an important driver of revenue growth in 2020. "In addition to the continued excitement around the launch of Pantheris SV, we received CE Marking and completed successful first cases in Europe with Ocelaris, our next generation CTO crossing device, in the fourth quarter. Based on the positive feedback from this initial clinical experience, we continue to aggressively advance the Ocelaris program and anticipate filing a 510(k) submission for U.S. pre-marketing clearance with the FDA in the second quarter. Pending FDA clearance, we are hopeful that Ocelaris will be available for launch and a contributor to our revenue growth in the second half of this year. "We believe these results and our continued progress have positioned Avinger for further topline growth in 2020. In particular, we anticipate accelerating higher margin disposable sales while reducing our reliance on capital sales and legacy products. We are closely managing operating expenses with a goal of driving continued improvement in operating metrics throughout the year, a key part of our 2020 strategy." Fourth Quarter 2019 Financial Results Total revenue was $2.6 million for the fourth quarter of 2019, an increase of 26% from the fourth quarter of 2018, driven by a 35% year-over-year increase in catheter sales. Revenue growth was offset by a decline in console sales, which were a larger contributor to revenue in 2018. The Company is focusing on expanding its sales of disposable products, which can generate higher margin at scale. Gross margin for the fourth quarter of 2019 was 36%, a 9-point increase compared to the fourth quarter of 2018. The gross margin improvement was driven by increased sales of higher margin products and expanded production output. Operating expenses for the fourth quarter of 2019 were $5.9 million, a decrease of 10% from the fourth quarter of 2018, even as the Company has ramped its sales team throughout 2019, invested in clinical studies, and continued development of next generation products such as the Ocelaris CTO crossing device and Lightbox L300 imaging console. Net loss and comprehensive loss for the fourth quarter of 2019 was $6.0 million. Adjusted EBITDA, as defined under non-GAAP measures in this press release, was a loss of $4.1 million, an improvement of 9% compared to a loss of $4.5 million for the fourth quarter of 2018. Balance Sheet Cash and cash equivalents totaled $10.9 million as of Dec. 31, 2019, compared with $14.5 million as of Sept. 30, 2019. On Jan. 28, 2020, Avinger announced gross proceeds of $4.5 million from an underwritten public offering. About Avinger, Inc. Headquartered in Redwood City, California, Avinger -- http://www.avinger.com/-- designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral artery disease ("PAD"). Avinger reported a net loss applicable to common stockholders of $35.69 million for the year ended Dec. 31, 2018, compared to a net loss applicable to common stockholders of $48.73 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $28 million in total assets, $19.25 million in total liabilities, and $8.75 million in total stockholders' equity. Moss Adams LLP, in San Francisco, California, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 6, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, stating that the Company's recurring losses from operations and its need for additional capital raise substantial doubt about its ability to continue as a going concern. BASS LLC: Case Summary & 11 Unsecured Creditors ----------------------------------------------- Debtor: Bass, LLC 1530 Hudson Bridge Road Stockbridge, GA 30281 Business Description: Bass, LLC owns a Bar-B-Q type restaurant in Stockbridge, Georgia. Chapter 11 Petition Date: March 6, 2020 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 20-64168 Judge: Hon. Paul Baisier Debtor's Counsel: Neville, Te. Francis, Esq. N.T. FRANCIS, P.C. 1999 Detroit Ave., NW Atlanta, GA 30314-1103 Tel: 404-831-5833 E-mail: ntfrancispc@gmail.com Total Assets: $45,200 Total Debts: $2,725,089 The petition was signed by Miracle Bass, CEO. A copy of the petition containing, among other items, a list of the Debtor's 11 unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/AgON8s BG WILLIAMS: Taps Graham Capital's CEO as Financial Advisor ----------------------------------------------------------- BG Williams Farms, LLC, received approval from the U.S. Bankruptcy Court for the Southern District of Georgia to hire D. Paul Graham, chief executive officer of Graham Capital Partners, LLC, as its financial advisor. As financial advisor, Mr. Graham will provide these services in connection with the Debtor's Chapter 11 case: (a) assist in the preparation of bankruptcy schedules and statement of financial affairs; (b) assist in preparing data relative to requests for "adequate protection" payments; (c) attend court hearings; (d) assist in the preparation of a plan of reorganization and the disclosure statement; (e) negotiate plan provisions with creditors and prepare detailed financial projections in support of a plan; and (f) address other matters relating to the operation of the Debtor and the reorganization of the farming operation as requested by its legal counsel or management. The Debtor will pay the financial advisor an hourly fee of $250. Mr. Graham disclosed in court filings that he is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. About B G Williams Farms B G Williams Farms LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No. 19-60436) on Nov. 13, 2019. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Edward J. Coleman III oversees the case. The Debtor tapped James L. Drake, Jr. PC as its legal counsel. BODY RENEW: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Body Renew Alaska, LLC 10325 Old Seward Highway Anchorage, AK 99515 Business Description: Body Renew Alaska, LLC -- https://bodyrenewalaska.com -- is a physical fitness company offering personal training, group fitness classes, weight loss programs, and nutritional counseling Chapter 11 Petition Date: March 6, 2020 Court: United States Bankruptcy Court District of Alaska Case No.: 20-00075 Debtor's Counsel: David H. Bundy, Esq. DAVID H. BUNDY, P.C. 721 Depot Drive Anchorage, AK 99501 Tel: 907-248-8431 E-mail: dhb@alaska.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Brian Horschel, owner and manager. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/tLsnXP BRISTOL HEALTHCARE: Trustee Hires Johnson & Mulroony as Attorney ---------------------------------------------------------------- Elisabeth B. Donnovin, Chapter 11 trustee of Bristol Healthcare Investors, L.P., seeks authority from the U.S. Bankruptcy Court for the Eastern District of Tennessee to retain Johnson & Mulroony, P.C., as her attorneys. Johnson & Mulroony will assist the Trustee in handling legal matters, including filing and responding to motions, objecting to claims and exemptions, investigating and pursuing preference and avoidance actions, if any, and general legal work that arises during the course of this case. Johnson & Mulroony normal and current hourly rate is $300. Johnson & Mulroony does not hold an interest adverse to the estate in matters in which it may be involved, according to court filings. The firm can be reached through: Elisabeth B. Donnovin, Esq. JOHNSON & MULROONY, P.C. 428 McCallie Avenue Chattanooga, TN 37402 Phone: 423-266-2300 Tel: 423-266-6906 (fax) Email: edonnovin@johnsonmulroony.com About Bristol Healthcare Investors Bristol Healthcare Investors, L.P., a Single Asset Real Estate company (as defined in 11 U.S.C. Section 101(51B)), filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code (Bankr. E.D. Tenn. Case No. 18-15713) on Dec. 20, 2018. In the petition signed by Douglas K. Mittleider, president of general partner, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. Scarborough & Fulton, led by name partner David J. Fulton, is serving as the Debtor's counsel. BRONX MIRACLE: Trustee Hires Vernon Consulting as Financial Advisor ------------------------------------------------------------------- Deborah J. Piazza, as Chapter 11 trustee of Bronx Miracle Gospel Tabernacle Word of Faith Ministries, Inc. seeks authority from the US Bankruptcy Court for the Southern District of New York to retain Vernon Consulting Inc. as its financial advisors and accountants, effective Jan. 27, 2020. Services Vernon Consulting will render are: (a) perform an investigation and analyses of potential recovery of Chapter 5 claims, including analyzing transactions with vendors, insiders, related and/or affiliated parties, for the period prior to the date of filing Chapter 11; (b) analyze the Debtor's financial information for the period prior to the date of filing Chapter 11; (c) scrutinize cash disbursements for the period prior to the date of filing the Chapter 11 case; (d) prepare operating reports; (e) prepare federal, state, and local tax returns and requisite disclosures on behalf of the Trustee and the Debtor's estate, as necessary; (f) prepare federal, state, and local tax returns and requisite disclosures on behalf of the Trustee and the Debtor's estate, as requested by the Trustee; and (g) perform services necessary to preserve the assets of the Debtor's estate, as requested by the Trustee. The current hourly rates charged by Vernon Consulting are: Managing Directors $425 Directors $350 Senior Managing Consultants $300 Analysts and Staff $150 Laura W. Patt assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Vernon Consulting can be reached at: Laura W. Patt VERNON CONSULTING, INC. 344 E 65th St. New York, NY 10065 Tel: (917) 822-7578 About Bronx Miracle Gospel Tabernacle Inc. 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. CARLSON TRAVEL: Fitch Assigns B+ IDR, Outlook Stable ---------------------------------------------------- Fitch Ratings assigned a first-time Issuer Default Rating of 'B+' to Carlson Travel, Inc. (CWT). Fitch has also assigned a rating of 'BB+'/'RR1' to CWT's senior secured revolver, USD415 million senior secured notes due 2023, and EUR330 million senior secured notes due 2023. Fitch has assigned a rating of 'B+'/'RR4' to CWT's USD250 million senior unsecured notes due 2024. The Rating Outlook is Stable. The 'B+' IDR reflects CWT's moderate leverage and improving EBITDA and FCF margins. It also reflects the company's solid position in the travel management industry, with good diversification from a geographic, customer, and contract type perspective. Cyclical and working capital related cash flow volatility is partially offset by CWT's agile operating model and appropriate liquidity buffers. Fitch's ratings take a "through-the-cycle" approach when considering idiosyncratic events or disruptions, like the developing coronavirus outbreak, which are perennial risks travel-related companies face. CWT maintains adequate liquidity sources and has various operating levers to withstand a moderately prolonged disruption in travel activity. KEY RATING DRIVERS Leverage Set to Decline: Fitch calculates CWT's gross leverage at 4.7x as of Sept. 30, 2019, down from 5.7x at the end of 2017. EBITDA growth is the main driver for the decline. EBITDA growth forecasted by Fitch will continue to reduce leverage towards CWT's leverage target of 2.5x-3.0x on a net debt/adjusted EBITDA basis by 2021. EBITDA growth will be driven primarily by cost savings from moving its staff out of high-cost geographies into low-cost, centralized locations. Solid Diversification: CWT is well-diversified from a geographic, customer, and contract type perspective, helping to moderate an impact from cyclical travel pressures. A majority of revenue is generated in the Americas and EMEA, with a growing presence in Asia. No single customer comprises a meaningful portion of total revenue and CWT's business clients are also diversified across industries. The company structures its contracts as either transaction fee-based (roughly two-thirds of revenue) or management fee-based, with the latter supporting cash flows in the event of travel volume declines. Continued Margin Improvement: EBITDA margins expanded 130 basis points to 14.5% since 2017 and will continue to improve toward the high teens, primarily from improvements in cost structure related to reduced labor costs and more efficient operating model. Over the medium term, headcount is being centralized at global service centers in lower cost geographies and investments in technology and systems are reducing absolute costs. CWT will also benefit from margin yield improvement (how much revenue is generated per travel booking) as its RoomIt hotel distribution business grows. CWT continues to add new hotel properties to its platform with negotiated rates and Fitch expects hotel attachment rate (hotel bookings as percentage of airline bookings) to modestly increase, which will also boost margins. These initiatives will be counterbalanced by an overall mix increase in lower margin yield online bookings. Agile Operating Model: A majority of CWT's operating costs are staff, which it monitors regularly and can adjust quickly to changes in travel volumes - including potentially lingering effects on global travel from the evolving coronavirus outbreak. In 2009, CWT was able to cut roughly 17% of its workforce, while revenue and EBITDA declined by slightly less. This resulted in low flowthrough to EBITDA and only modest pressure on margins. A number of other operating costs are variable, including fees to credit card companies, OTAs, and suppliers. Improved Working Capital Strategy: CWT has improved its working capital strategy to ensure ample liquidity to withstand seasonal swings or recession-like operating weakness. Cash and revolver availability are sufficient buffers and FCF will become a more meaningful source of liquidity over the rating horizon as EBITDA margins expand. The first calendar quarter and late summer months are seasonally lower periods of customer travel and the company is improving customer and payment terms to support more stable cash flow generation throughout the year. Stable Business Travel Industry: The business travel industry has a moderate degree of cyclicality, due to demand volatility stemming from economic cycles or external shocks. In 2020, Fitch expects the coronavirus outbreak to weigh on CWT's organic growth. Long-term growth will be underpinned by increasing consumer and business confidence, improving global travel infrastructure and growth in business investment and trade. In the medium term, business travel demand should come from all countries and regions but should be particularly strong in Asia, even though this region represents less than 10% of CWT's total sales. The business travel industry is fragmented, with many companies still retaining operations in-house, though CWT is one of the largest competitors along with American Express Global Business Travel. DERIVATION SUMMARY CWT is a global operator in business travel management services with moderate leverage (4.7x gross debt/EBITDA) and improving EBITDA and FCF margins. The closest Fitch-rated public peer is Expedia Inc. (BBB/Stable), which provides business-to-consumer travel services primarily to individuals and is more exposed to leisure travel. Expedia has significantly larger scale with excess of $100 billion gross travel bookings and $1 billion in annual FCF, while it also has a long-established track record of adhering to a below 2.0x gross debt/EBITDA target. Travelport (B+/Stable) and Sabre GBL are also peers that operate in the global distribution system (GDS) business. Travelport has slightly higher leverage than CWT, while Sabre has lower leverage and higher EBITDA and FCF margins. Long term, Fitch feels the disintermediation risk of GDS companies from the travel funnel is greater than business travel management companies, with the latter offering high value-add services to corporate clients. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer -- Flat to low single digit declines in revenue in 2019 and 2020 due to currency headwinds in 2019 and coronavirus impact in 1H20. Fitch expects low-to-mid single digit growth thereafter on healthy organic growth and growth in RoomIt offering offsets yield impact from increase in customer online utilization rate; -- EBITDA margins expand from mid-teens toward high-teens by 2023 as CWT executes cost savings related primarily to its labor force; -- Capex of 6% of revenues, in-line with historical trends; -- No shareholder distributions or M&A assumed. RECOVERY ASSUMPTIONS The recovery analysis assumes that CWT would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim, and has assumed the $150 million revolver to be fully drawn at the time of recovery. Fitch estimates going-concern EBITDA in a scenario in which default may be caused by deep cyclical pressures, resulting in prolonged cash burn. Under this scenario, Fitch estimates a going-concern EBITDA of roughly $190 million, which is approximately 15% below Sept. 30, 2019 LTM EBITDA of $222 million. This is slightly worse than CWT's performance during the last recession. Fitch assumes a going-concern recovery multiple of 6.0x for CWT. This is slightly above Travelport's 5.5x recovery multiple assumed by Fitch as its feels the long-term disintermediation risk is lower for travel management companies compared to GDS companies. There are limited public transaction multiples in the travel services industry, though CWT's recovery multiple is lower than acquisition multiples for Travelport in 2018 (11.0x) and Orbtiz Worldwide in 2015 (10.3x). Fitch forecasts a post-reorganization enterprise value of roughly $1.0 billion, after the deduction of expected administrative claims of 10%. This results in a 100% recovery for the senior secured revolver and notes, which equates to +3 notching from the IDR to 'BB+'/'RR1'. The senior unsecured notes recovery is 37%, notched on par with the IDR at 'B+'/'RR4'. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action -- Gross debt/EBITDA sustaining below 4.0x; -- FCF margin approaching 10%; -- Fixed charge coverage above 3.0x. Developments That May, Individually or Collectively, Lead to Negative Rating Action -- Gross debt/EBITDA sustaining above 5.0x; -- FCF margin approaching 0%; -- Fixed charge coverage below 1.5x. LIQUIDITY AND DEBT STRUCTURE Appropriate Liquidity Strategy: CWT maintains a sufficient level of cash and revolver availability to withstand seasonally slow periods that may result in working capital swings. The company is improving its working capital management further by adjusting customer and payment terms. FCF is improving and will be a meaningful source of cash, due to the EBITDA growth from CWT's cost initiatives. There are no meaningful debt payments until 2023 when roughly $775 million of secured debt matures. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch adds back exceptional and one-time items to EBITDA, specifically for severance related to its relocation of labor to global service centers. Fitch also adds and subtracts distributions to and from affiliates to EBITDA. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. CARMEL MEDICAL: Seeks to Hire Jones Lang LaSalle as Broker ---------------------------------------------------------- Carmel Medical Office Building, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Jones Lang LaSalle Americas, Inc. as a broker to market and sell the medical office building located in Hamilton County, Indiana and commonly known as 10601 North Meridian Street, Indianapolis, Indiana. JLL shall be paid a three-percent fee for any sale it brings to the Debtor. In the event Essential Properties Realty Trust purchases the Debtor's real estate, then JLL has agreed to a reduced fee of one and a half percent. JLL is a disinterested party and does not have an adverse relationship to this case, according to court filings. The firm can be reached through: John Gates Jones Lang LaSalle Americas, Inc. 200 East Randolph Drive, Floor 43-48 Chicago, IL 60601 Tel : +1 312 782 5800 Fax : +1 312 782 4339 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, IN 46260 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, partner of Hester Baker Krebs LLC, serves as bankruptcy counsel to the Debtor. CCO HOLDINGS: Fitch Rates Unsec. Notes Due 2032 'BB+/RR4' --------------------------------------------------------- Fitch Ratings has assigned a 'BB+'/'RR4' ratings to CCO Holdings, LLC's benchmark issuance of senior unsecured notes due 2032. CCOH is an indirect, wholly owned subsidiary of Charter Communications, Inc. CCOH's Long-Term Issuer Default Rating is currently 'BB+'. The Rating Outlook is Stable. Simultaneous with this issuance, CCOH is issuing additional notes under the indenture governing the 4.5% notes due 2030 issued February 2020. The company is expected to use net proceeds from the offerings for general corporate purposes, including the repayment of certain CCOH indebtedness, potential buybacks of Class A common stock of Charter or common units of Charter Communications Holdings, LLC, a subsidiary of Charter, and to pay related fees and expenses. As of Dec. 31, 2019, Charter's stock buyback program had authority to purchase an additional 1.4 billion of its Class A common stock and/or CCH common units. Charter had approximately $74.9 billion of debt outstanding as of Dec. 31, 2019, including $52.8 billion of senior secured debt, pro forma for this new issuance. KEY RATING DRIVERS Leading Market Position: Charter Communications, Inc. is the third-largest multichannel video programming distributor in the U.S. behind Comcast Corp. and AT&T (through its DirecTV subsidiary) and the second largest cable MVPD behind Comcast. Fitch continues to view Charter's May 2016 merger with Time Warner Cable, Inc. and acquisition of Bright House Networks, LLC (the transactions) positively and believes they strengthen Charter's overall credit profile. Credit Profile: Charter's 29.2 million customer relationships as of Dec. 31, 2019 position it as one of the largest MVPDs in the U.S., providing the company with significant scale benefits. LTM revenue and EBITDA totalled approximately $45.8 billion and $16.9 billion, respectively. Fitch estimates total Fitch-calculated gross leverage was 4.4x, while secured leverage was 3.1x for LTM Dec. 31, 2019, pro forma for expected debt repayment. Improving Operating Momentum: Charter's operating strategies are positively affecting its operating profile, resulting in a strengthened competitive position. The market-share-driven strategy focusing on enhancing the overall competitiveness of its video service and leveraging its expanding all-digital infrastructure is improving subscriber metrics, growing revenue and ARPU, and stabilizing operating margins. Fitch also believes the expansion of Charter's mobile service offerings under a mobile virtual network operator agreement with Verizon Communications Inc. should offer potential future bundling benefits, which should eventually offset the near term infrastructure spending. Integration Execution: Charter's ability to manage the simultaneous integration of the transactions while limiting disruptions in existing systems is captured in the company's improved cable operating performance. Although Fitch continues to expect Charter to realize the full $1 billion of its expected run-rate transaction integration synergies by 2020, system-wide wireless rollout costs are expected to be a drag on near-term total margins. However, cable-adjusted EBITDA margins, excluding wireless revenues and operating costs, improved to 40.5% in fourth-quarter 2019 (4Q19) from 37.5% in 4Q17. Cable adjusted EBITDA of $17.4 billion in fiscal 2019 grew 6.6% over fiscal 2018. Debt Capacity Growth: Charter maintains a target net leverage range of 4.0x-4.5x and up to 3.5x senior secured leverage. Fitch expects Charter to continue creating debt capacity and remain within its target leverage, primarily through EBITDA growth. Proceeds from prospective debt issuances under debt capacity created are expected to be used for shareholder returns (as of Dec. 31, 2019, Charter's stock buyback program had authority to purchase up to $1.4 billion of its Class A common stock and/or CCH's common units) along with internal investment and accretive acquisitions. Fitch does not expect Charter to maintain significant cash balances, resulting in Fitch-calculated total gross leverage roughly equating to total net leverage over the rating horizon. DERIVATION SUMMARY Charter is well positioned in the MVPD space given its size and geographic diversity. With 29.2 million customer relationships, Charter is the third-largest U.S. MVPD after AT&T Inc., through its DirecTV and U-verse offerings, and Comcast Corporation. Both AT&T (A-/Stable) and Comcast (A-/Stable) are rated higher than Charter due primarily to lower target and actual total leverage levels and significantly greater revenue size, coverage area and segment diversification. Charter's ratings should be held in check as the company expects to continue issuing debt under additional debt capacity created by EBITDA growth while remaining within its target total net leverage range of 4.0x-4.5x. Proceeds from prospective debt issuance under this additional debt capacity are expected to be used for shareholder returns along with internal investment and accretive acquisitions. The ratings are not affected by country ceiling or parent/subsidiary aspects. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer -- Revenues grow mid-single-digits over the rating horizon driven by an improvement in overall customer relationships and mid-single-digit ARPU growth; -- Continued low-single-digit video customer declines driven by the increasingly competitive environment; -- HSD customer growth at 5%-7% annually should more than offset video losses, with HSD total revenues surpassing video total revenues over the rating horizon; -- Wireless revenues are not expected to comprise a significant near-term revenue source; -- EBITDA margin shows slow improvement as integration benefits are offset somewhat by wireless roll out costs; -- Capex at low 20% as a percentage of revenues due to system-wide wireless infrastructure investments; -- Charter grows FCF to $4.5 billion by 2021 from $2.7 billion in 2018; -- Charter issues sufficient debt to fund annual maturities and take advantage of debt capacity created by EBITDA growth; -- Fitch expects Charter to remain at the high end of its target net leverage of 4.0x-4.5x creating approximately $4 billion to $5 billion of additional annual debt capacity for either shareholder returns or accretive acquisitions; -- Annual shareholder returns are expected to grow to $9.6 billion by 2021 from $6.3 billion in 2018; -- Fitch does not include any M&A activity given the lack of transformational acquisition opportunities. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action -- Demonstrating continued progress in closing gaps relative to industry peers in service penetration rates and strategic bandwidth initiatives; -- A strengthening operating profile as the company captures sustainable revenue and cash flow growth, and the reduction and maintenance of total leverage below 4.0x; Developments That May, Individually or Collectively, Lead to Negative Rating Action -- A leveraging transaction or adoption of a more aggressive financial strategy that increases leverage over 5.0x in the absence of a credible deleveraging plan; -- Perceived weakening of its competitive position or failure of the current operating strategy to produce sustainable revenue, cash flow growth and strengthening operating margin. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity: Fitch regards Charter's liquidity position and overall financial flexibility as satisfactory given the rating. Charter's financial flexibility will improve in step with the continued growth in FCF generation. The company's liquidity position as of Dec. 31, 2019 comprised $3.5 billion of cash and was supported by full availability under its $4.75 billion revolver, $249 million of which matures in March 2023 and $4.5 billion in February 2025, and anticipated FCF generation. Charter's maturity schedule thorough 2022 is manageable, with $0.3 billion remaining due in 2020 (pro forma for the repayment of its $1.5 billion of 5.000% notes due February 2020 and $2.0 billion of 3.579% notes due July 2020 that were prefunded with debt issuance in 4Q19), $2.0 billion in 2021 and $4.5 billion in 2022. Thereafter, annual bond maturities range from $2.8 billion (2029) to $5.3 billion (2025) through 2029. Charter will have to dedicate a significant portion of potential debt issuance during that period to servicing annual maturities, which could reduce cash available for share repurchases, especially in the event of market dislocation. Although Fitch expects Charter could access capital markets to meet its upcoming maturities, the company's liquidity profile might be weakened if a market dislocation is severe enough to hinder the company's ability to access the market. CCO is the public issuer of Charter's senior secured debt, and CCOH is the public issuer of Charter's senior unsecured debt. All of CCO's existing and future secured debt is secured by a first-priority interest in all of CCO's assets and is guaranteed by all of CCO's subsidiaries, including those that hold the assets of Charter, TWC, Bright House and CCOH. All of CCOH's existing and future debt is structurally subordinated to CCO's senior secured debt and is neither guaranteed by nor pari passu with any secured debt. With Charter's Fitch-calculated secured leverage expected to remain below 4.0x over the rating horizon and strong underlying asset value, Fitch does not view structural subordination as impairing recovery prospects at the unsecured level. Thus, Charter's unsecured notes are not notched down from the Issuer Default Rating. ESG Considerations Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. CELLA III: Needs Time for Amendments to Plan and Disclosures ------------------------------------------------------------ Debtor Cella III, LLC, filed on Feb. 24, 2020, a motion to reschedule the Feb. 27 hearing on its Disclosure Statement. The U.S. Trustee and Girod LoanCo, LLC, filed objections to the disclosure statement. The Debtor needs time to amend its Plan and Disclosure Statement due primarily to developments in its litigation against East Jefferson General Hospital, pending as Adversary Number 19-01145 before this Court. The litigation is scheduled for trial in May 2020. The Debtor served its expert reports on Feb. 14, 2020, and the experts' conclusions necessitate revisions to Debtor's disclosure statement and plan. Further, the progression of the litigation should enable Debtor to better identify anticipated costs and probability of success in its disclosure statement if afforded the opportunity to do so. Girod LoanCo, LLC, through its counsel Michael Crawford, has consented to March 9, 2020 as the deadline for Debtor to file its amended disclosure statement and plan, with a hearing on the disclosure statement to be determined depending on availability of the parties and the Court. Attorney for Cella III, LLC: Leo D. Congeni CONGENI LAW FIRM, LLC 650 Poydras Street, Suite 2750 New Orleans, LA 70130 Telephone: 504-522-4848 Facsimile: 504-910-3055 E-mail: leo@congenilawfirm.com About Cella III LLC Cella III, LLC, a company based in Metairie, La., filed a Chapter 11 petition (Bankr. E.D. La. Case No. 19-11528) on June 5, 2019. In the petition signed by George A. Cella, III, member and manager, the Debtor was estimated to have $10 million to $50 million in assets and $1 million to $10 million in liabilities. The Hon. Jerry A. Brown oversees the case. The Debtor tapped Congeni Law Firm, LLC as bankruptcy counsel; Sternberg, Naccari & White, LLC, as special counsel; and Patrick J. Gros, CPA, APAC as accountant. CHARTER COMMUNICATIONS: Moody's Rates New Unsec. Notes Due 2032 Ba2 ------------------------------------------------------------------- Moody's Investors Service says Charter Communications, Inc.'s Ba2 Corporate Family Rating, and all instrument ratings, are unaffected by the planned add-on to Charter's existing $1.65 billion 4.5% senior unsecured notes due 2030 and assigned a B1 (LGD5) to new 12-year, senior unsecured notes due 2032, both issued at CCO Holdings, LLC and CCO Holdings Capital Corp. Moody's expects the proceeds of the add-on and new notes to be used to repay existing debt issued at CCOH, fund potential share repurchases, pay transaction fees and expenses, and for general corporate purposes. The outlook is stable. The terms and conditions of the add on and new notes will be materially the same as existing notes. Specifically, they will be general unsecured obligations of the issuer, and will not be guaranteed. Moody's views the transaction as credit neutral. Moody's expects the proceeds from the offerings to be principally used repay future maturities. However, Moody's believes any incremental leverage (net of repayment) will not materially change the credit profile or the proportional mix of secured and unsecured debt, or the resultant creditor claim priorities in the capital structure. Assignments: Issuer: CCO Holdings, LLC Senior Unsecured Regular Bond/Debenture, Assigned B1 (LGD5) RATINGS RATIONALE Charter's credit profile is supported by the Company's substantial scale and share of the US market which is protected by a superior, high-speed network. Charter is the second largest cable company in the United States, passing approximately 52.2 million homes and serving about 29.2 million customers across 41 states. It provides video, data, voice, and mobile wireless services, which produced around $45.8 billion in revenue in 2019, principally from about 53.7 million residential and commercial primary service units (PSU's) and over 1 million mobile lines. Broadband demand drives growth and profitability, providing an operating hedge to weakness in video and voice services while solid free cash flows support good financial flexibility. The credit profile is constrained by a financial policy that tolerates high absolute debt levels and elevated financial leverage. Charter's financial policy remains a key driver of the credit profile as management has stated that it would like to keep management calculated net debt-to-EBITDA in the 4.0-4.5x range. Charter is also challenged by declining voice and video services which is experiencing secular decline from intense competition. Lower video penetration is likely to continue for the foreseeable future. Charter has also just begun offering mobile wireless services through its MVNO with Verizon Communications Inc., making it a true quad-player. While Moody's anticipates this service to add scale, diversify revenues, increase subscribers and help reduce churn / increase retention, Moody's also expects wireless start-up costs to be a burden on profits and cash flows with steady-state economics that are less favorable than the existing cable model. The senior secured credit facilities and senior secured notes at Charter Communications Operating, LLC, Time Warner Cable LLC, and Time Warner Cable Enterprises LLC are rated Ba1 (LGD3), one notch above the Ba2 CFR. Secured lenders benefit from junior capital provided by the senior unsecured bonds at CCO Holdings, LLC. The senior unsecured notes at CCO Holdings, LLC. are the most junior claims and are rated B1 (LGD5), and are subordinated to the secured obligations of its subsidiaries. The instrument ratings reflect the probability of default of the company, as reflected in the Ba2-PD Probability of Default Rating, an average expected family recovery rate of 50% at default given the mix of secured and unsecured debt in the capital structure, and the particular instruments' ranking in the capital structure. Estimated lease rejection claims and trade payables are unrated, and do not affect the instrument level ratings given their insignificance to the total quantum of obligations. The stable outlook reflects its expectation that debt, revenues, and EBITDA will near $76 billion, $47-48 billion, and $17-18 billion, respectively by the end of 2020 (all Moody's adjusted). Moody's projects EBITDA margins in mid-30% range will produce free cash flows of more near $4.5 billion. Key assumptions include capex to revenue near 15% and average borrowing costs of near 5.5%. Moody's expects video PSU's to fall by low single digit percent, and data PSU's to rise by mid-single digit percent. Moody's assumes ramping the mobile wireless business will be a net cash cost of over $1 billion (over the next 12 to 18 months). Moody's expects key credit metrics to remain stable or improve, with leverage projected to fall within its tolerances, and free cash flow to debt to improve, approaching 6% by 2020. Moody's expects liquidity to remain good. Charter is a public company. The largest shareholders are Liberty Broadband Corporation and Advance/Newhouse, and institutional investors. The Company has 13 directors on its Board, including the CEO, with the majority of the members deemed independent. Management has maintained a 4.0-4.5x net debt leverage target, despite the capacity to delever further with a more conservative financial policy. Leverage, which is currently near 4.5x (Moody's adjusted, 2019 year-end), will remain relatively unchanged with any improvement over the next 12-18 month likely to be marginal, driven principally by modest EBITDA growth. Based on historical patterns, Moody's doesn't expect Charter to voluntarily or materially reduce debt with free cash flow, but assume maturities will be refinanced/rolled over with excess cash flow used for share repurchases and other corporation transactions. The SGL-2 liquidity rating reflects good liquidity with positive free cash flow, a largely undrawn $4.75 billion revolver facility, and only incurrence-based financial covenants. Alternate liquidity is constrained with a largely secured capital structure. Moody's would consider an upgrade if: -- Leverage (Moody's adjusted debt/EBITDA) is sustained below 4.0x, and -- Free cash flow-to-debt (Moody's adjusted) is sustained above 5% An upgrade would also be conditional on a high level of confidence that further deterioration in the voice and video business, and or losses in mobile services will not materially change the credit profile of the business. Moody's would consider a downgrade if: -- Leverage (Moody's adjusted debt/EBITDA) is sustained above 4.5x, or -- Free cash flow-to-debt (Moody's adjusted) is sustained below low single digit percent Moody's would also consider a negative rating action if further deterioration in the voice and video services, and or losses in mobile services materially and unfavorably changed the credit profile of the Company. Charter Communications, Inc., headquartered in Stamford, Connecticut, passing approximately 52.2 million homes, and serving about 29.2 million customers across 41 states. It provides video, data, voice, and mobile wireless services, with roughly 53.7 million residential and commercial primary service units (PSU's) and over 1 million mobile lines. Revenue in 2019 was about $45.8 billion. The principal methodology used in these ratings was Pay TV published in December 2018. CHIEF POWER: Moody's Lowers $318MM Secured Loans to Ca, Outlook Neg ------------------------------------------------------------------- Moody's Investors Service downgraded Chief Power Finance, LLC's senior secured credit facilities to Ca from Caa1 which consist of an outstanding $318.5 million 6-year senior secured Term Loan B due December 2020. Chief's rating outlook remains negative. RATINGS RATIONALE The downgrade to Ca from Caa1 reflects the higher default probability owing to low power prices in PJM Interconnection, L.L.C. (PJM, Aa2 stable) during the critical winter months weakening anticipated cash flow generation and liquidity, and raising the prospect of a debt restructuring as the capital structure remains unsustainable in this power market. The downgrade also reflects the potential for a breach of Chief's 1.1x minimum debt service coverage ratio (DSCR) financial covenant within the next few months owing to the expected weak financial performance for first quarter 2020 as the first quarter typically generates the strongest level of revenues and cash flow in any given year. The reported DSCR in the Project's year-end 2019 compliance certificate was 1.12x, two basis points above the covenant threshold, and Moody's anticipates the issuer falling below the covenant threshold when first quarter 2020 results are incorporated into the twelve-month covenant calculation. The downgrade further incorporates its views around potential recoveries for existing creditors in the event of a debt restructuring or a payment default as Chief faces a debt maturity on December 31, 2020 in a weak power market particularly for coal-fired generation where ESG considerations factor into investor decisions. In that regard, persistently low around the clock power prices of around $20/MWh caused by very low natural gas prices and mild weather in PJM have pressured energy margins to where EBITDA and cash flow are likely to be well below levels recorded in first quarter 2019 and anticipated in the 2020 first quarter budget. Moody's anticipates this environment to persist for the remainder of the year, making it difficult for Chief to sustainably operate with the current debt load. Liquidity at the project level is adequate but has likely weakened considerably since the end of last year owing to the challenging wholesale power market and mild winter weather. The Project's unaudited cash balance as of December 31, 2019 was $47.2 million, inclusive of a $13.7 million cash-funded six month debt service reserve fund. Rating Outlook The negative outlook incorporates the prospects for even weaker recoveries for existing creditors following any restructuring that may occur given the many challenges facing Chief in the near-term including its debt burden and the narrowing investor interest in merchant coal-fired generation owing to ESG considerations. FACTORS THAT COULD LEAD TO AN UPGRADE In light of the negative outlook, imminent financial covenant breach, refinancing challenges and ESG concerns, prospects for a ratings upgrade are limited. FACTORS THAT COULD LEAD TO A DOWNGRADE The rating could be downgraded if there are severe operating issues that negatively impact the project's cash flow generation ability, if there is an absence of a long-term capital structure solution or a distressed exchange is announced where the loss given default for lenders exceeds 65%. PROFILE Chief Power Finance, LLC is an affiliate of ArcLight Energy Partners Fund V, LP, formed to fund the acquisition of ownership interests in the Keystone Generating Station (Keystone) and Conemaugh Generating Station (Conemaugh) coal-fired units. The plants each have a net base-load capacity of about 1,712 MW and are located in the MAAC region of PJM in western Pennsylvania, approximately 50 miles from Pittsburgh. Chief owns 44.45% (761MW) of Keystone and 35.11% (601MW) of Conemaugh. The principal methodology used in this rating was Power Generation Projects published in June 2018. COCRYSTAL PHARMA: CVI Investments Has 7.3% Stake as of Feb. 27 -------------------------------------------------------------- CVI Investments, Inc., and Heights Capital Management, Inc. disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of Feb. 27, 2020, they beneficially own 3,461,539 shares of common stock of Cocrystal Pharma, Inc., which represents 7.3 percent of the shares outstanding. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. A full-text copy of the regulatory filing is available for free at the SEC's website at: https://is.gd/a4yLhE About Cocrystal Pharma Headquartered in Creek Parkway Bothell, WA, Cocrystal Pharma, Inc. -- http://www.cocrystalpharma.com/-- is a clinical stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication machinery of influenza viruses, hepatitis C viruses, noroviruses, and coronaviruses. Cocrystal Pharma reported a net loss of $49.05 million in 2018 following a net loss of $613,000 in 2017. As of Sept. 30, 2019, the Company had $73.44 million in total assets, $2.69 million in total liabilities, and $70.74 million in total stockholders' equity. BDO USA, LLP, in Miami, Florida, the Company's auditor since 2013, issued a "going concern" qualification in its report dated April 1, 2019, citing that the Company has suffered recurring losses from operations, negative cash flows from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. CORELLE BRANDS: Moody's Affirms Ba3 CFR & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Investors Service affirmed the ratings of Corelle Brands Holdings Inc. including the company's Ba3 Corporate Family Rating, the Ba3-PD Probability of Default Rating, and the Ba2 rating on the company's first lien senior secured term loan. Moody's changed the company's outlook to stable from positive. The ratings affirmation and outlook change to stable reflect Moody's expectation that the company's financial leverage will remain moderate with debt/EBITDA at around 3.0x over the next 12-18 months. Moody's also expects the company will address the upcoming maturity of its $100 million 364 day bridge loan due March 27, 2020 in the next few weeks, and that the company will refinance its capital structure while maintaining relatively balanced financial policies. Affirmations: Issuer: Corelle Brands Holdings Inc. Probability of Default Rating, Affirmed Ba3-PD Corporate Family Rating, Affirmed Ba3 Senior Secured Bank Credit Facility, Affirmed Ba2 (LGD2 from LGD3) Outlook Actions: Issuer: Corelle Brands Holdings Inc. Outlook, Changed To Stable From Positive RATINGS RATIONALE Corelle Brands' Ba3 CFR broadly reflects the company's moderate revenue scale with annual pro forma revenue of about $1.2 billion, the potential for integration challenges and/or execution issues in pursuit of merger-related synergies in an increasingly competitive market, and its high degree of operational risks relative to the rated consumer durable universe. The legacy Corelle Brand's business faces organic growth challenges because it operates in the highly competitive and mature housewares category, and it's highly reliant on a single, specialized manufacturing facility for its namesake brand. An extended supply chain disruption from situations such as the coronavirus would adversely affect the company's revenue and EBITDA. The company's faces the maturity of its $100 million bridge term loan due March 27, 2020, which strains liquidity, however Moody's anticipates the company will address this maturity in the very near term. Governance factors include the risk associated with the company's ownership by a private equity sponsor, which increases the risks of shareholder friendly financial policies, and the uncertainty around longer-term capital structure. The rating is broadly supported by the company's moderate credit metrics highlighted by debt/EBITDA leverage that Moody's estimates at around 2.9x at fiscal year-end period December 31, 2019. Moody's projects leverage will modestly decline over the next 12-18 months, because ongoing operating efficiency and cost savings initiatives will improve profitability, as well as the company using free cash flow to repay debt. The rating also reflects the company's well-recognized portfolio of housewares and small kitchen appliance brands, global footprint, and good diversification of its distribution channels. Also, Moody's expects an accelerated pace of topline growth and significant free cash flow generation over the next few years, driven primarily from increasing global market penetration of the Instant Pot, and new product development from both legacy Corelle and Instant Brands. Corelle Brands has good liquidity supported by Moody's expectation for solid free cash flow of around $100 million in fiscal 2020 as the company's benefits from the integration of Instant Brands, access to legacy Corelle Brands $100 million ABL and CAD$90 million (roughly $70 million), tempered by the near term debt bridge loan maturity. The stable outlook reflects Moody's expectation that the company will generate meaningful free cash flow in 2020, and that credit metrics will remain moderate with leverage at around 3.0x over the next 12-18 months. Moody's also anticipates the company will address its $100 million 364 day bridge loan maturity in the next few weeks either via an extension of the facility or a refinancing transaction, and that it will maintain relatively conservative financial policies. The ratings could be upgraded if the company grows its size and scale while sustaining debt-to-EBITDA below 2.5 times and EBIT-to-interest above 4.5 times. Also, the company would be expected maintain at least good liquidity. Alternatively, the ratings could be downgraded if the company fails to address its upcoming maturities, if debt-to-EBITDA is sustained above 3.5 times, if liquidity weakens following free cash flow failing to materialize as anticipated or the ABLs are drawn more than expected. Also, a negative growth rate for the Instant Pot, or if company's financial strategies become more aggressive, including undertaking a large debt-financed acquisition or dividend distribution. Headquartered in Rosemont, IL, Corelle Brands Holdings Inc. and its operating subsidiaries manufactures, designs and markets dinnerware, bakeware, kitchen tools, rangetop cookware, storage and cutlery products. In March 2019 the company acquired Instant Brands, manufacturer of the Instant Pot line of products. Following the acquisition, the company's most notable brands include Corelle, Pyrex, Corningware, OLFA, Snapware, Visions, Chicago Cutlery, and Instant Pot. The company markets its products primarily in the US, Canada, and Asia-Pacific region and sells into several channels including mass merchants, department stores, specialty retailers and the Internet, among others. Corelle Brands was acquired by Cornell Capital in May 2017 for approximately $450 million. Annual pro forma revenue is around $1.2 billion. The principal methodology used in these ratings was Consumer Durables Industry published in April 2017. D&M CAPITAL: Exclusivity Period Extended Until May 22 ----------------------------------------------------- Judge Shelley Chapman of the U.S. Bankruptcy Court for the Southern District of New York further extended to May 22 the period during which only The D&M Capital Group, LLC can file a Chapter 11 plan. The company can solicit acceptances for the plan until July 21. The D&M Capital Group LLC The D&M Capital Group, LLC, which owns and operates a jewelry, luggage and leather goods store, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-11711) on May 28, 2019. In the petition signed by Moty Spector, manager, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. Robert Leslie Rattet, Esq., at Rattet PLLC, represents the Debtor as counsel. D.J. GUZZARDO: Seeks and Wins Authorization to Use Cash Collateral ------------------------------------------------------------------ D.J. Guzzardo, Inc., seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use the cash proceeds and income generated from its business and accounts receivables to continue to operate its business, to pay the necessary utilities, fund ongoing replacement of inventory and make payments that arise in the administration of its Chapter 11 case. Judge Jerry A. Brown granted the Debtor's Motion for Use of Cash Collateral. As adequate protection to Regions Bank, the Debtor has proposed the following: (A) The Debtor will grant Regions Bank with replacement liens and security interests in the same rank, privilege and amount, in and to all property of the Debtor's estate of the kind presently encumbered by the indebtedness owed to Regions Bank. (B) The Debtor will also grant administrative priority pursuant to 11 U.S.C. sections 361(3), 503(b) and 507(a)(1). (C) The Debtor will provide financial and operational reports through its Monthly Operating Reports to Regions Bank. (D) The maintenance of insurance on any Collateral, as required if necessary. (E) The Debtor will pay Regions Bank an interest only, monthly payment, on the existing debt in the approximate amount of $49,077.58 at the same rate, currently existing on the loan with Regions Bank on a temporary basis in the amount of $750. A copy of the Order is available at PacerMonitor.com at https://is.gd/YaCU7w at no charge. About D.J. Guzzardo D. J. Guzzardo, Inc., also known as Guzzardo Fine Jewelers has operated a well established Fine Jewelry Store for over 16 years and has been one of the most trusted names in jewelry in the Hammond, Louisiana region. D.J. Guzzardo, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 20-10141) on Jan. 20, 2020. At the time of the filing, the Debtor disclosed assets of between $500,001 and $1 million and liabilities of the same range. Phillip K. Wallace, Esq., is the Debtor's legal counsel. DANICA ASSOCIATES: March 24 Plan Confirmation Hearing Set --------------------------------------------------------- On Feb. 14, 2020, the U.S. Bankruptcy Court for the Southern District of Florida conducted a hearing to consider approval of the disclosure statement filed by Danica Associates, LLC, Rynic, Inc. and Branwell, Inc. (the plan proponent). On Feb. 18, 2020, Judge Mindy A. Mora approved the disclosure statement and established the following dates and deadlines: * March 24, 2020, at 1:30 p.m. in the United States Bankruptcy Court, Flagler Waterview Building, 1515 N Flagler Drive, 8th Floor, Courtroom A, West Palm Beach, FL 33401 is the confirmation hearing and hearing on fee applications. * March 3, 2020, is the last day for filing and serving fee applications. * March 10, 2020, is the last day for filing and serving objections to confirmation of the plan. * March 10, 2020, is the last day for filing a ballot accepting or rejecting the plan. * March 3, 2020, is the last day for filing and serving objections to claims. A copy of the order dated Feb. 18, 2020, is available at https://tinyurl.com/tob45kh from PacerMonitor at no charge. About Danica Associates Danica Associates, LLC, Rynic, Inc., and Branwell, Inc., sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 18-12476 to18-12478) on March 2, 2018. In the petitions signed by Rite K. Weller, managing member, Danica and Rynic were each estimated to have at least $50,000 in assets and $100,000 to $500,000 million in liabilities. The cases are assigned to Judge Paul G. Hyman, Jr. The Debtors are represented by David Lloyd Merrill, Esq., at Merrill PA. DIJ CORP: Case Summary & 7 Unsecured Creditors ---------------------------------------------- Debtor: DIJ Corp. 1300 Lakeview Dr. Romeoville, IL 60446 Business Description: DIJ Corp. is a privately held company in the trucking business. Chapter 11 Petition Date: March 6, 2020 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 20-06393 Judge: Hon. Donald R. Cassling Debtor's Counsel: Saulius Modestas, Esq. MODESTAS LAW OFFICES, P.C. 401 S. Frontage Rd., Suite C Burr Ridge, IL 60527-7115 Tel: 312-251-4460 E-mail: smodestas@modestaslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Justinas Slavinskas, president. A copy of the petition containing, among other items, a list of the Debtor's seven unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/mZ063V DOUBLE L FARMS: Gets Approval to Access Cash Collateral March 31 ---------------------------------------------------------------- Judge Joseph M. Meier of the U.S. Bankruptcy Court for the District of Idaho authorized Double L Farms, Inc., to use cash collateral to the extent specified in the Stipulated Order for the period from March 1 through and including March 31, 2020, for the purposes and in the amounts set forth in the Budget. The Debtor may expend up to $2,500 in repairs and $3,500 in fuel during the Cash Collateral Period. The Debtor may exceed the monthly amount for a particular line item expense noted in the Budget by not more than 10% so long as the total expenditures for all budgeted line items in a given month do not exceed the total budgeted expenses set forth in the Budget. The Debtor will make an adequate protection payment to Zions Bank in the monthly amount of $6,500. In addition, Zions Bank and Intermountain Farmers Association will have an additional post-petition adequate protection replacement lien on the Debtor's real property -- Roberts Farm and the Desert Property -- up to the amount of actual cash collateral actually used by the Debtor. The adequate protection liens against the Real Property granted herein shall be subject to all existing, senior liens on said Real Property. The adequate protection lien against the Real Property granted in favor of Zions Bank and IFA herein will be of the same priority that existed between Zions Bank and IFA in the Debtor's other assets prior to the petition date. Creditors with pre-petition liens on Debtor's cash collateral will have a valid, binding, enforceable, and automatically perfected revolving post-petition adequate protection replacement lien on all presently existing or after-acquired post-petition assets of the Debtor of the same type or category in which such creditors held a pre-petition lien, but only to the same extent, value, priority and unavoidability as existed in the Debtor's assets as of the petition date, and only to the extent of cash collateral actually used. A copy of the Stipulated Order is available at PacerMonitor.com at https://is.gd/3qwsCo at no charge. About Double L Farms Double L Farms, Inc.'s farm operation consists of 3,200 acres in Eastern Idaho. It owns approximately 1,777 acres and leases the difference. The farm ground is located primarily in Roberts and Rigby, Idaho. Double L operates a dairy, raises beef cattle, and grows potatoes, barley, wheat, corn and hay. Double L Farms sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 18-40910) on Oct. 9, 2018. In the petition signed by Jared Keith Lewis, president, the Debtor was estimated to have assets of $1 million to $10 million and liabilities of $10 million to $50 million. Judge Joseph M. Meier is the presiding judge. The Debtor tapped Maynes Taggart PLLC as its legal counsel. DOVE REAL ESTATE: April 9 Hearing on Disclosure Statement --------------------------------------------------------- On April 9, 2020 at 10:30 a.m. PST, in Courtroom 5A of the United States Bankruptcy Court located at 411 West Fourth Street, Santa Ana, California 92701, Dove Real Estate & Association Management LLC, the Chapter 11 Debtor in the bankruptcy case identified as In re Dove Real Estate & Association Management LLC, will seek an order approving the adequacy of the Disclosure Statement Describing Debtor's Chapter 11 Plan of Reorganization, dated Feb. 21, 2020, filed with the Court on Feb. 14, 2020. Any objection to the Disclosure Statement must be filed and served on the Debtor and its counsel not less than 14 days prior to the Hearing. General Bankruptcy Counsel for the Debtor: Daniel J. Weintraub James R. Selth Crystle J. Lindsey WEINTRAUB & SELTH, APC About Dove Real Estate Dove Real Estate & Association Management LLC filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 19-13770) on Sept. 27, 2019, in Santa Ana, California. In the petition signed by its CEO, Kevin Shelton, the Debtor was estimated to have assets of less than $100,000 and debt under $1 million. WEINTRAUB & SELTH APC is the Debtor's counsel. DUNCAN MORGAN: Sink's $172K Sale of Raleigh Property Approved ------------------------------------------------------------- Judge David M. Warren of the U.S. Bankruptcy Court of the Eastern District of North Carolina authorized the private sale by Kevin L. Sink, the Chapter 11 Trustee of Duncan Morgan, LLC, of the real property located at 9205 Keswick Woods Court, Raleigh, North Carolina to Hai Kim Nguyen and Oanh Thi Nguyen for $172,000. The hearing on the Motion was held on Feb. 11, 2020. The sale is free and clear of the Mortgage in favor of First National Bank, with any lien on the Real Property reflected by the Mortgage being transferred to the proceeds from the sale of the Real Property, with the Trustee receiving all sales proceeds and escrowing the payoff amount of the Mortgage. Any and all claims for reimbursement or repayment of the amount of the Mortgage against any third party are reserved in the Debtor. Upon the closing on the Sale of the Real Property, pursuant to the Offer, the Trustee will be entitled to compensate the Realtor at 6% of the sales price. No basis exists for the stay of the Order, and pursuant to Bankruptcy Rule 6004(h), such Order is effective immediately. About Duncan Morgan Duncan Morgan LLC is primarily engaged in renting and leasing real estate properties. Duncan Morgan sought Chapter 11 protection (Bankr. E.D.N.C. Case No. 19-03113) on Oct. 10, 2019. The Debtor was estimated to have $1 million to $10 million in assets and liabilities as of the bankruptcy filing. The Hon. David M. Warren is the case judge. J.M. Cook, Esq., is the Debtor's counsel. Kevin L. Sink was appointed as Chapter 11 trustee on Aug. 21, 2019. The Chapter 11 Trustee can be reached at: Kevin L. Sink NICHOLLS & CRAMPTON, PA. P.O. Box 18237 Raleigh, NC 27619 Telephone: 919-781-1311 Facsimile: 919-782-0465 E-mail: ksink@nichollscrampton.com On Dec. 31, 2019, the Court appointed Jeff Horton of Allen Tate Realty as the realtor for the Trustee. DWS CLOTHING: U.S. Trustee Objects to Disclosure Statement ---------------------------------------------------------- The United States Trustee for Region 21 submitted objections to the disclosure statement and proposed plan filed by DWS Clothing Too, LLC. The U.S. Trustee points out that a review of the December 2019 monthly operating report reflects the Debtor has not timely filed tax returns. The U.S. Trustee further points out that the Disclosure Statement and plan fail to treat priority claims pursuant to 11 U.S.C. Sec. 1129(a)(9)(C)(ii). The U.S. Trustee asserts that the chart attached to the disclosure statement on pages 34 and 35 includes a payment to "Altman" for which no explanation is provided. The U.S. Trustee questions why Class 1 is not impaired under the proposed plan. The U.S. Trustee complains that section 15.1 of the Disclosure Statement includes the incorrect language regarding the Debtor's discharge. According to U.S. Trustee, a review of the docket appears to indicate that the Debtor filed objections to several proofs of claim for which no response was filed. The U.S. Trustee points out that the Disclosure Statement fails to contain sufficient information and projections relevant to the creditors' decision to accept or reject the Plan. About DWS Clothing Too Operating as Alene Too, DWS Clothing Too, LLC, sells women's clothes. DWS Clothing Too sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-25551) on Dec. 14, 2018. In the petition signed by Maxine Schwartz, member, the Debtor was estimated to have assets of less than $50,000 and liabilities of $1 million to $10 million. The case is assigned to Judge Mindy A. Mora. Rappaport Osborne & Rappaport, PLLC, is the Debtor's counsel. ECOARK HOLDINGS: All Five Proposals Approved at Annual Meeting -------------------------------------------------------------- Ecoark Holdings, Inc., held its annual meeting of stockholders on Feb. 27, 2020 at which the stockholders: (1) elected Randy S. May, John P. Cahill, Peter A. Mehring, Gary M. Metzger, and Steven K. Nelson as directors; (2) approved a non-binding advisory resolution approving the compensation of the Company's named executive officers; (3) recommended, on an advisory non-binding basis, that the Company hold future advisory votes to approve the compensation of the Company's named executive officers every three years; (4) ratified the appointment of RBSM LLP as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2020; and (5) approved an amendment to the Company's Articles of Incorporation to increase the number of authorized shares of the Company's Common Stock from 100,000,000 Shares to 200,000,000 Shares. About Ecoark Holdings Rogers, Arkansas-based Ecoark Holdings, Inc., founded in 2011, Ecoark is an AgTech company modernizing the post-harvest fresh food supply chain for a wide range of organizations including growers, suppliers, distributors and retailers. The Company's wholly-owned subsidiary, Zest Labs, offers the Zest FreshTM solution, a breakthrough approach to quality management of fresh food, is specifically designed to help substantially reduce the amount of food loss the U.S. experiences each year. Through item-level monitoring and real-time predictive analytics, Zest Fresh enables customers to improve the freshness and quality of produce and proteins, realize substantial cost savings and reduce food waste. RBSM LLP, in Larkspur, CA, the Company's auditor since 2019, issued a "going concern" qualification in its report dated Aug. 19, 2019, citing that the Company has sustained significant operating losses and needs to obtain additional financing to continue its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Ecoark reported a net loss of $13.65 million for the fiscal year ended March 31, 2019, following a net loss of $32.84 million for the year ended March 31, 2017. As of Dec. 31, 2019, EcoArk had $4.48 million in total assets, $7.74 million in total liabilities, and a total stockholders' deficit of $3.26 million. EPIC COMPANIES: April 1 Plan & Disclosure Hearing Set ----------------------------------------------------- On Feb. 13, 2020, Epic Companies, LLC and certain of its subsidiaries and the Official Committee of Unsecured Creditors (Plan Proponents) filed a plan of liquidation and a proposed disclosure statement for the Debtors. On Feb. 19, 2020, the Court approved the following Confirmation Schedule: * March 17, 2020, is the deadline to file a plan supplement. * March 24, 2020, at 5:00 p.m., is the deadline to plan voting and the deadline to object to the disclosure statement and confirmation of the plan. * March 26, 2020, is the deadline to file a voting affidavit. * March 30, 2020, is the deadline to file consolidated brief and reply in support of confirmation. * April 1, 2020, at 2 p.m., is the combined hearing on final approval of disclosure statement and confirmation of the plan. A copy of the notice dated February 20, 2020, is available at https://tinyurl.com/w5lpagy from PacerMonitor at no charge. The Debtors are represented by: PORTER HEDGES LLP John F. Higgins M. Shane Johnson 1000 Main Street, 36th Floor Houston, Texas 77002 Telephone: (713) 226-6000 Fax: (713) 226-6248 About Epic Companies Headquartered in Houston, Epic Companies, LLC, is a full-service provider to the global decommissioning, installation and maintenance markets. Its services include heavy lift, diving and marine, specialty cutting and well plugging and abandonment services. It has limited ongoing operations and is owned 50 percent by Orinoco and 50 percent by Oakridge Natural Resources, LLC, and Oakridge Energy Partners LLC. Epic Companies and six affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 19-34752) on Aug. 26, 2019. At the time of the filing, Epic Companies had estimated assets of between $10 million and $50 million and liabilities of between $100 million and $500 million. The Debtors tapped Porter Hedges LLP as bankruptcy counsel; S3 Advisors, LLC as restructuring advisor; Epiq Corporate Restructuring, LLC as claims agent; and Lugenbuhl Wheaton Peck Rankin & Hubbard as special counsel. Henry Hobbs Jr., acting U.S. trustee for Region 7, appointed a committee of unsecured creditors on Sept. 6, 2019. The committee is represented by Munsch Hardt Kopf & Harr, P.C. EYEPOINT PHARMACEUTICALS: Reports Q4 Net Loss of $10.4 Million -------------------------------------------------------------- EyePoint Pharmaceuticals, Inc. reported financial results for the fourth quarter and full year ended Dec. 31, 2019 and highlighted recent corporate developments. "Q4 2019 was a pivotal quarter for EyePoint as we continued our commercial momentum, serving an increasing number of patients who suffer from ocular diseases and need better treatment options," said Nancy Lurker, president and chief executive officer of EyePoint Pharmaceuticals. "Our commercial launch initiatives for DEXYCU and YUTIQ are driving increased reception and adoption from the ophthalmology community resulting in strong customer demand and sales growth in the fourth quarter for both products. We anticipate that these initiatives coupled with additional access agreements with ambulatory surgery centers and integrated healthcare networks, continued target account penetration and education efforts with key opinion leaders will continue to drive customer demand throughout 2020." Ms. Lurker continued, "We are very excited about our lead development asset EYP-1901, an anti-VEGF, tyrosine kinase inhibitor (TKI) six-month sustained release potential therapy using our bioerodible Durasert technology targeting wet age-related macular degeneration, diabetic retinopathy and retinal vein occlusion. These indications represent large markets with patient populations in need of treatments that require fewer injections and more consistent drug delivery to control their serious eye diseases." Corporate Developments * In February 2020, the Company completed an underwritten public offering of 15,000,000 shares of its common stock at a public offering price of $1.45 per share. The gross proceeds of the offering were $21,750,000, before deducting the underwriting discounts and commissions and other transaction expenses. In addition, underwriters were granted a thirty-day option to purchase up to an additional 2,250,000 shares of common stock at the public offering price, less underwriting discounts and commissions. This offering closed on Feb. 25, 2020. * In January 2020, the Company signed an exclusive license agreement with Ocumension Therapeutics for the development and commercialization of DEXYCU for the treatment of post- operative inflammation following ocular surgery in Mainland China, Hong Kong, Macau and Taiwan. Under the terms of the agreement, EyePoint received an upfront payment of $2 million and is eligible to receive up to an additional $12 million if certain prespecified development, regulatory and commercial sales milestones are achieved by Ocumension, as well as royalties on future product sales. EyePoint maintains worldwide development and commercialization rights outside of the territories licensed to Ocumension. * In November 2019, George O. Elston was appointed chief financial officer and head of corporate development. Mr. Elston brings more than 25 years of diverse financial and senior leadership experience in the biopharmaceutical sector with both global publicly-traded and privately-held organizations. He most recently served as chief financial officer and head of corporate Development at Enzyvant Therapeutics and has also held senior executive roles at 2X Oncology, Inc, Juniper Pharmaceuticals, Inc., KBI Biopharma and Optherion, Inc. Review of Results for Fourth Quarter Ended Dec. 31, 2019 For the three months ended Dec. 31, 2019, total revenue was $8.6 million compared to $2.4 million in the corresponding quarter in 2018. Net product revenue was $7.9 million, with $4.8 million for YUTIQ and $3.1 million for DEXYCU. There was no net product revenue in the corresponding quarter in 2018. Net revenue from licenses, royalties and collaborations for the three months ended Dec. 31, 2019 totaled $750,000 compared to $2.4 million in the corresponding quarter in 2018. The prior year quarter included $1.7 million from an up-front licensing fee for YUTIQ. Operating expenses for the three months ended Dec. 31, 2019 increased to $17.6 million from $13.4 million in the prior year period, due primarily to investments in sales and marketing infrastructure and program costs, and cost of sales related to product revenue. Non-operating expense, net, for the three months ended Dec. 31, 2019 totaled $1.4 million of net interest expense. Net loss for the three months ended Dec. 31, 2019 was $10.4 million, or $0.10 per share, compared to a net loss of $11.6 million, or $0.12 per share, for the prior year quarter. Review of Results for Full Year Ended Dec. 31, 2019 For the full year ended Dec. 31, 2019, total revenue was $20.4 million compared to $4.6 million in the corresponding period in 2018. Net product revenue was $16.8 million, with $12.0 million for YUTIQ and $4.8 million for DEXYCU. There was no net product revenue in 2018. Net revenue from licenses, royalties and collaborations for the full year ended Dec. 31, 2019 totaled $3.5 million compared to $4.6 million in the corresponding period in 2018. Operating expenses for the full year ended Dec. 31, 2019 increased to $68.2 million from $43.6 million in the prior year period, due primarily to investments in sales and marketing infrastructure and program costs, increase in personnel expenses related to senior management additions and the full year impact of prior additions, and cost of sales related to product revenue, partially offset by a decrease in research and development expense. Non-operating expense, net, for the full year ended Dec. 31, 2019 totaled $8.9 million and consisted of $5.1 million of net interest expense and $3.8 million from the loss on extinguishment of debt related to the payoff of the SWK term loan. Net loss for the full year ended Dec. 31, 2019 was $56.8 million, or $0.54 per share, compared to a net loss of $86.1 million, or $1.27 per share, for the prior year period. Cash and cash equivalents at Dec. 31, 2019 totaled $22.2 million compared to $31.8 million at Sept. 30, 2019. Financial Outlook The Company expects that the Company's cash and cash equivalents combined with the February 2020 underwritten public offering proceeds and projected cash inflows from anticipated YUTIQ and DEXYCU product sales can fund the Company's operating plan into 2021. About EyePoint Pharmaceuticals EyePoint Pharmaceuticals, formerly pSivida Corp. -- http://www.eyepointpharma.com/-- headquartered in Watertown, MA, is a specialty biopharmaceutical company committed to developing and commercializing innovative ophthalmic products in indications with high unmet medical need to help improve the lives of patients with serious eye disorders. The Company currently has two commercial products: DEXYCU, the first approved intraocular product for the treatment of postoperative inflammation, and YUTIQ, a three-year treatment of chronic non-infectious uveitis affecting the posterior segment of the eye. The Company reported a net loss of $44.72 million for the six months ended Dec. 31, 2018. For the year ended June 30, 2018, the Company reported a net loss of $53.17 million, compared to a net loss of $18.48 million for the year ended June 30, 2017. As of Sept. 30, 2019, the Company had $79.07 million in total assets, $63.13 million in total liabilities, and $15.94 million in total stockholders' equity. Deloitte & Touche LLP, in Boston, Massachusetts, the Company's auditor since 2008, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company's limited currently available cash, cash equivalents and available borrowings, together with its history of losses, and the uncertainty in timing of cash receipts from its newly launched products raise substantial doubt about the Company's ability to continue as a going concern. FLEXOGENIX GROUP: Hires White & Williams as Litigation Counsel -------------------------------------------------------------- Flexogenix Group, Inc. seeks authority from the U.S. Bankruptcy Court for the Central District of California to employ White and Williams LLP as special litigation counsel. White and Williams will handle the claims of Flexogenix and its affiliates and negotiate or litigate disputes with Complete Business Solutions Group, Inc. and other secured lenders involving non-bankruptcy issues under finance and lender laws and the Commercial Code. The firm's hourly rates for commercial litigation range from $440 to $750 for partners, $400 to $700 for of counsel, $325 to $415 for associates, and $$160 to $270 for paralegals. However, White and Williams will charge a blended hourly rate of $575 per hour. White and Williams anticipates receiving a post-petition retainer from the Debtors in the aggregate amount of $10,000. White and Williams and its attorneys neither hold nor represent an interest adverse to the Debtors and their estates, according to court filings. The firm can be reached through: Shane R. Heskin, Esq. White and Williams LLP 1650 Market Street One Liberty Place, Suite 1800 Philadelphia, PA Phone: 215-864-6329 Fax: 215-399-9603 Email: heskins@whiteandwilliams.com About Flexogenix Group Flexogenix Group, Inc. -- https://flexogenix.com/ -- offers non-surgical solutions for knee pain, osteoarthritis and injuries. Flexogenix treatments have options for acute injuries as well as chronic overuse conditions. The company has locations in Atlanta, Cary, Raleigh, Charlotte, Greensboro, Los Angeles, and Oklahoma City. Flexogenix Group and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 19-12927) on March 18, 2019. At the time of the filing, Flexogenix Group was estimated to have assets between $1 million and $10 million and liabilities of between $10 million and $50 million. Judge Barry Russell oversees the cases. The Debtors tapped Margulies Faith LLP as legal counsel; Levy, Sapin, Ko & Freeman, as tax accountant; Nelson Hardiman, LLP as special counsel; and Grobstein Teeple LLP as accountant and financial advisor. Debtors filed their Chapter 11 plan and disclosure statement on Dec. 11, 2019. FOLSOM FARMS: Seeks Court Approval to Hire Bankruptcy Attorney -------------------------------------------------------------- Folsom Farms, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire an attorney to handle its Chapter 11 case. The Debtor proposes to employ Sally Leisure, Esq., an attorney based in Portland, Ore., to assist in drafting a bankruptcy plan, prepare financial reports, negotiate with creditors, and respond to the requirements of the court and the U.S. trustee. The total legal fee for the attorney's services is estimated at $12,000. Ms. Leisure disclosed in court filings that she does not hold any interest adverse to the interest of the Debtor's estate, creditors and equity security holders. Ms. Leisure holds office at: Sally Leisure, Esq. SRL Legal, LLC 25-6 NW 23rd Place, #241 Portland, OR 97210 Tel: 503-781-8211 Email: sally@sallyleisure.com About Folsom Farms Folsom Farms, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B). Folsom Farms sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 20-30575) on Feb. 19, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Peter C. McKittrick oversees the case. Sally Leisure, Esq., at SRL Legal, LLC, is the Debtor's legal counsel. FOREVERGREEN WORLDWIDE: Incurs $2.67 Million Net Loss in 2018 ------------------------------------------------------------- ForeverGreen Worldwide Corporation filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $2.67 million on $10.16 million of total revenues for the year ended Dec. 31, 2018, compared to a net loss of $2.15 million on $18.49 million of total revenues for the year ended Dec. 31, 2017. As of Dec. 31, 2018, the Company had $2.32 million in total assets, $11.65 million in total liabilities, and a total stockholders' deficit of $9.34 million. At Dec. 31, 2018, the Company had cash and cash equivalents of $80,996, a working capital deficit of $9,515,492 and accumulated deficit of $47,578,632, negative cash flows from operations, and has experienced cash flow difficulties. The increase from the 2017 working capital deficit of $4,272,559 was due to a significant loss in assets and a reclassification of long term to short term of current liabilities. During 2018 the Company financed its operations with net cash flows from operations, and the issuance of promissory notes. Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 4, 2020 citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at the SEC's website at: https://is.gd/ZQaYlE Nonreliance on Previously Issued Financials On March 4, 2020, the Company filed its annual report on Form 10-K for the period ended Dec. 31, 2018 with the U.S. Securities and Exchange Commission. This filing was consummated without the consent of the Company's independent public accountants as the accountants had not yet received the management representation letter required to finish their audit of the consolidated financial statements under professional standards and procedures conducted for such audits, as established by generally accepted auditing standards. Therefore, the Company's management and the independent registered public accountants have determined that the previously issued consolidated financial statements included in our annual report on Form 10-K for the period ended Dec. 31, 2018 should not be relied upon. The Company intends to file its consolidated financial statements included in the annual report on Form 10-K/A Amendment No. 1 for the period ended Dec. 31, 2018, with proper authorization from its independent auditors as soon as practicable. About ForeverGreen Headquartered in Lildon, Utah, ForeverGreen Worldwide -- http://www.forevergreen.org/-- is a holding company that operates primarily through its wholly-owned subsidiary, ForeverGreen International, LLC. The Company relies on a network marketing system for the distribution of its products through its independent business owners, referred to as "Members", and other customers. ForeverGreen has historically been known for the development, manufacturing and marketing of a comprehensive line of meal replacement shakes, nutritional beverages, and marine phytoplankton products using exclusive and proprietary processes. During 2016 ForeverGreen developed its global express envelope model which expanded its market in more than 200 countries and territories. GELS LOGISTICS: Case Summary & 4 Unsecured Creditors ---------------------------------------------------- Debtor: Gels Logistics Inc. 20275 E. Business Parkway City of Industry, CA 91789 Business Description: Gels Logistics Inc., also known as 360zebra -- http://www.360zebra.com-- specializes in worldwide e-commerce shipping solutions and logistics management for both businesses and individuals. 360zebra provides services such as overseas warehousing, overseas cargo consolidation and forwarding, and bonded warehousing. Chapter 11 Petition Date: March 6, 2020 Court: United States Bankruptcy Court Central District of California Case No.: 20-12532 Judge: Hon. Sandra R. Klein Debtor's Counsel: Michael S. Kogan, Esq. KOGAN LAW FIRM, APC 1849 Sawtelle Blvd, Suite 700 Los Angeles, CA 90025 Tel: 310-954-1690 E-mail: mkogan@koganlawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Zindi Hu, 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/KIH9V5 GENCANNA GLOBAL: Seeks to Hire Dentons Bingham as Counsel --------------------------------------------------------- GenCanna Global USA, Inc., and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Eastern District of Kentucky to employ Dentons Bingham Greenebaum Doll LLP as their counsel. GenCanna requires Dentons to: a. advise the Debtors of their rights, powers and duties as debtors in possession while operating and managing their businesses and property under chapter 11 of the Bankruptcy Code; b. prepare on behalf of the Debtors all necessary and appropriate applications, motions, objections, proposed orders, miscellaneous pleadings, notices, schedules and other documents, and reviewing all financial and other reports to filed in the Chapter 11 Cases; c. advise the Debtors concerning, and preparing responses to, applications, motions, other pleadings, notices and other papers that may be filed by other parties in the Chapter 11 Cases; d. advise the Debtors with respect to, and assisting in the negotiation and documentation, of, financing and sale agreements and related transactions; e. review the nature and validity of any liens asserted against the Debtors' property and advising the Debtors concerning the enforceability of such liens; f. advise the Debtors regarding their ability to initiate actions to collect and recover property for the benefit of their estates; g. advise and assist the Debtors in connection with any potential property dispositions; h. advise the Debtors concerning executory contract and unexpired lease assumptions, assignments and rejections; i. advise the Debtors in connection with the formulation, negotiation and promulgation of a plan or plan s of reorganization, and related transactional documents; j. assist the Debtors in reviewing, estimating and resolving claims asserted against the Debtors' bankruptcy estates; k. commence and conduct litigation necessary and appropriate to assert rights held by the Debtors, protect assets of the Debtors' bankruptcy estates or otherwise further the goal of completing the Debtors' successful reorganization; and l. provide non-bankruptcy services for the Debtors to the extent requested by the Debtors. The firm's hourly rates are: James R. Irving, Partner $460 Christopher Van Bever, Partner $360 April A. Wimberg, Partner $345 Christopher B. Madden, Associate $315 Gina M. Young, Associate $255 Kyle W. Miller, Associate $255 Candise Caylao, Associate $240 Dentons is a "disinterested person," as defined in section 101(14) of the Bankruptcy Code and as required by section 327(a) of the Bankruptcy Code, according to court filings. The firm can be reached through: James R. Irving, Esq. Dentons Bingham Greenebaum 3500 PNC Tower 101 South Fifth Street Louisville, KY 40202 Phone: +1 502 589 4200 About GenCanna Global USA GenCanna Global USA, Inc. -- https://gencanna.com/ -- is a vertically-integrated producer of hemp and hemp-derived CBD products with a focus on delivering social, economic, and environmental impact through seed-to-scale agricultural production. GenCanna Global USA was the subject of an involuntary Chapter 11 proceeding (Bankr. E.D. Ky. Case No. 20-50133-GRS) filed on Jan. 24, 2020. The involuntary petition was signed by alleged creditors Pinnacle, Inc., Crawford Sales, Inc., and Integrity/Architecture, PLLC. On February, 6, 2020, GenCanna Global USA, Inc. consented to the involuntary petition and on Feb. 5, 2020 two debtor affiliates, GenCanna Global, Inc. and Hemp Kentucky, LLC filed their own voluntary chapter 11 petitions under the Bankruptcy Code. Laura Day DelCotto, Esq., at DELCOTTO LAW GROUP PLLC, is representing the petitioners. The Debtors tapped Huron Consulting Services LLC is as operational advisor, Jefferies LLC as financial advisor, and Benesch Friedlander Coplan & Aronoff LLP along with Dentons Bingham Greenebaum LLP as the Company's legal counsel in connection with the Chapter 11 case. Epig is the claims agent, maintaining the page https://dm.epiq11.com/GenCanna. GENCANNA GLOBAL: Stites & Harbison File 1st Modified Statement -------------------------------------------------------------- In the Chapter 11 cases of Gencanna Global USA, Inc., the law firm of Stites & Harbison, PLLC said that it is supplementing the disclosures of multiple parties under Rule 2019 of the Federal Rules of Bankruptcy Procedure. The names and addresses of the entities currently represented by Stites are as follows: a. Dean Dorton Allen Ford, PLLC, Attention: Elizabeth Woodward, 250 W. Main Street, Suite 1400, Lexington, Kentucky 40507, Telephone: (859) 255-2341. b. Central Bank & Trust Co., Attention: Ellen Sharp, 300 W. Vine Street, Lexington, Kentucky 40507, Telephone: (859) 253-6235. c. Louisville Dryer Company, Attention: F. Larkin Fore, FORE LAW PLLC, 9100 Shelbyville Road, Paragon Place, Suite 160, Louisville, KY 40222, Telephone: (502) 708-1547. d. Specialty Oil Extractors Manufacturer, LLC, Attention: Don Palmer, 311 Washington Street, Darlington, SC 29532, Telephone: (562) 964-6888. Dean Dorton Allen Ford, PLLC has a claim arising from unpaid invoices for goods and services. Central Bank & Trust Co. has a claim arising from a note commercial note, mortgage, and assignment of leases and rents. Louisville Dryer Company has a claim arising from a breach of contract by the Debtor. Specialty Oil Extractors Manufacturer, LLC has a claim arising from breach of contract by the Debtor. Each entity named above in its capacity as a creditor of the Debtor separately requested that the law firm of Stites & Harbison, PLLC serve as its counsel in connection with the Debtor's Chapter 11 case. Each entity named above is aware of and has consented to Stites' simultaneous representation of each other in this proceeding. The circumstances and terms and conditions of employment of Stites by the entities is protected by the attorney-client privilege and attorney work product doctrine. The undersigned and Stites do not have any interest in the entities named above or their claims against the Debtor in the above-styled proceeding. Stites may undertake additional representations of other individuals or entities in this bankruptcy case, and does hereby reserve the right to revise and supplement this Rule 2019 Verified Statement as appropriate. Counsel for Dean Dorton Allen Ford, PLLC, Central Bank & Trust Co., and Louisville Dryer Company can be reached at: STITES & HARBISON PLLC Chrisandrea L. Turner, Esq. 250 West Main Street Suite 2300 Lexington, KY 40507-1758 Telephone: (859) 226-2300 E-mail: clturner@stites.com Counsel for Specialty Oil Extractors Manufacturer, LLC can be reached at: STITES & HARBISON PLLC Elizabeth Lee Thompson, Esq. 250 West Main Street Suite 2300 Lexington, KY 40507-1758 Telephone: (859) 226-2300 E-mail: ethompson@stites.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/H6Uxr6 About GenCanna Global GenCanna Global USA, Inc. -- https://gencanna.com/ -- is a vertically-integrated producer of hemp and hemp-derived CBD products with a focus on delivering social, economic, and environmental impact through seed-to-scale agricultural production. GenCanna Global USA was the subject of an involuntary Chapter 11 proceeding (Bankr. E.D. Kent. Case No. 20-50133-GRS) filed on Jan. 24, 2020. The involuntary petition was signed by alleged creditors Pinnacle, Inc., Crawford Sales, Inc., and Integrity/Architecture, PLLC. Laura Day DelCotto, Esq., at DELCOTTO LAW GROUP PLLC, is representing the petitioners. GLASS CONTRACTORS: Hires DeMarco-Mitchell as General Counsel ------------------------------------------------------------ Glass Contractors, Inc. seeks authority from the US Bankruptcy Court for the Eastern District of Texas to hire DeMarco-Mitchell, PLLC, as its general counsel. The Debtor requires DeMarco-Mitchell to: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. DeMarco-Mitchell's hourly rates are: Robert T. DeMarco $350 Michael S. Mitchell $300 Barbara Drake $125 DeMarco-Mitchell has been paid a retainer of $7,500 (inclusive of the filing fee of $1,717.00) for legal services to be rendered. DeMarco-Mitchell does not hold or represent any material interest adverse to the Debtor or the bankruptcy estate; and is a “disinterested person” as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco-Mitchell, PLLC 1255 W. 15th Street, 805 Plano, TX 75075 Tel: 972‐578‐1400 Fax: 972‐346‐6791 Email: robert@demarcomitchell.com mike@demarcomitchell.com About Glass Contractors Glass Contractors, Inc., sought Chapter 11 protection (Bankr. E.D. Tex. Case No. 20-40185) on Jan. 21, 2020, listing under $1 million in both assets and liabilities. Demarco Mitchell, PLLC, is the Debtor's counsel. GLENVIEW HEALTH: Amends Disclosures to Address Objections --------------------------------------------------------- Glenview Health Care Facility, Inc., in response to the various objections raised by interested parties states that Glenview is in the process of filing an amended disclosure statement. A detailed summary of the amended disclosure statement and response to the various objections is set forth herein: 1. CLAIMS. The deadline for the filing of claims was January 7, 2020. Glenview, through its equity owners as well as by counsel, have reviewed all timely filed claims. A summary of claims is as follows: (a) Claim number 1 filed by United Healthcare Insurance in the amount of $4,309 is a claim for over-payment. Glenview believes it was not overpaid and will be objecting to the claim. (b) Claim number 2 filed by Monticello Banking Company in the amount of $4,536,467 is secured by a first mortgage on real estate and all assets of Glenview. (c) Claim number 3 filed by Dell Financial Services will be allowed as an unsecured claim in the amount of $5,099.39. (d) Claim number 4 filed by Thussenn Krupp Elevator Corporation in the amount of $480.25 is an ongoing service contract and has been paid. Glenview will be objecting to the claim. (e) Claim number 5 field by the Kentucky Department of Revenue in the total amount of $429,962 is thought by Glenview to be accurate. 2. LITIGATION (a) American Express The creditor American Express withdrew approximately $25,000 from Glenview's bank account postpetition shortly after the Chapter 11 filing. Counsel for Glenview is in negotiations with American Express and believes these funds will be paid back without the necessity of an Adversary Proceeding. (b) Scott Murphy & Daniels Scott Murphy & Daniels built the addition to Glenview's facility. Prior to the Chapter 11 filing, this was in litigation in the Warren Circuit Court. After filing, Glenview sought to obtain counsel to handle this matter on a contingency fee basis. Glenview's attorney in the State Court action was unwilling to accept the case on a contingency fee arrangement. Counsel for Glenview also discussed with BGD the possibility of that firm or another firm in the Louisville area taking the case based on a contingency fee arrangement. To date, Glenview has been unable to obtain counsel on a contingency fee arrangement. Glenview believes this matter should be pursued. 3. RELEASE FOR INSIDERS (BUSH AND HOWLETT) Glenview will amend its plan, removing language that grants any release for Bush and Howlett. 4. PATIENT CARE While not an issue involving the disclosure statement or plan, Glenview feels compelled to respond. Patient care both prior to and following the Bankruptcy filing has continued to be good. Letters/Opinions from various agencies were filed early in this case indicating the high quality of care provided by Glenview. 5. LEASES AND EXECUTORY CONTRACT The following leases and/or executory contracts are maintained by Glenview and can be cancelled at anytime without penalty or other damages: (a) Grace Fire Extinguisher, $100 per month (b) A-1 Hood System, $400 per quarter (c) Craddock Pest Control, $130 per month (d) Nixon-Bear (generator service) $2,650 per year (e) Built Sprinkler, $450 per quarter 6. LIQUIDATION ANALYSIS Glenview will amend its disclosure statement to provide a more detailed liquidation analysis. The value of the real estate as set forth in Glenview's schedules was based on the Barren County Property Valuation appraisal following the completion of the addition in 2017. The value of the equipment, beds, Kitchen, rehab equipment as set forth in the schedules was based on Kay Bush's years of experience in the purchase and sale of equipment. Kay Bush also consulted with Mac's Equipment Company located in Franklin, Kentucky to verify used equipment values. Glenview believes the value on its schedules are accurate, or even on the high side for used equipment; however Glenview will also attach its book value of assets to the amended disclosure statement. 7. ABSOLUTE PRIORITY RULE. The equity owners, Bush and Howlett plan to retain their ownership interest. An exception to the absolute priority rule is when the equity owners provide something of value to the estate. The equity owner Howlett at the time of filing provided $16,717.00 representing the Chapter 11 filing fee as well as a fifteen thousand dollar retainer for administrative expenses. 8. MANAGEMENT Glenview intends to keep its current management. Kay Bush will continue as administrator with her current salary fixed for five years at its current level, subject to a two percent (2%) increase each year. 9. PROJECTIONS/PROFITABILITY Glenview's projections are based on income and estimated expenses for the next five years. It is anticipated that Medicaid will be giving a 4% increase in per bed payment during 2020. Glenview has spent extensive time consulting with its accountant in formulating the five year projections contained in its disclosure statement. Since the filing of the Chapter 11 petition, Glenview has shown a profit. Since the filing of the petition, Glenview has worked diligently to reduce its costs without impacting patient care. While it took a few months after filing to get costs under control, by the 4th Quarter, 2019, the Debtor showed a net profit of $23,424.55 which included a depreciation expense of $38,412. Since depreciation is not a true expense, the amount of funds available for the fourth quarter total $61,856. With the anticipated 4% increase in Medicaid payments, Glenview is well on its way to sustainability. A full-text copy of the Response to Objections to Disclosure Statement, which Response is dated Feb. 24, 2020, is available at https://tinyurl.com/rrx8lha from PacerMonitor.com at no charge. Counsel for the Debtor: Mark H. Flener 1143 Fairway Street, Suite 101 P.O. Box 8 Bowling Green, KY 42102-0008 Tel: 270-783-8400 Fax: 270-783-8872 E-mail: mark@flenerlaw.com About Glenview Health Care Facility Glenview Health Care Facility, Inc., owns and operates a small health care facility with 60 beds that provides nursing home services. Glenview Health Care Facility sought relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 19-10795) in Bowling Green, Kentucky on Aug. 1, 2019. As of the Petition Date, the Debtor's assets are between $1 million and $10 million; and its liabilities are estimated within the same range. Judge Joan A. Lloyd oversees the Debtor's case. Mark H. Flener, Esq., is the Debtor's counsel. The U.S. Trustee for Region 8 on Aug. 30, 2019, appointed two creditors to serve on the official committee of unsecured creditors in the Chapter 11 case. The Committee retained Bingham Greenebaum Doll LLP, as counsel. GOOD SAMARITAN: PCO Hires Nolan Heller as Legal Counsel ------------------------------------------------------- Dawn Lenahan, the patient care ombudsman appointed in the Chapter 11 cases of Good Samaritan Lutheran Health Care Center, Inc. and Kenwood Manor, Inc., received approval from the U.S. Bankruptcy Court for the Northern District of New York to retain Nolan Heller Kauffman LLP as her legal counsel. The firm will provide these services in connection with the Debtors' Chapter 11 cases: a. advise the PCO of her powers and duties; b. file periodic reports required pursuant to Section 333(b)(2) of the Bankruptcy Code; c. prepare applications for allowance of compensation; and d. request hearings, file motions and appear on the PCO's behalf. Nolan Heller will be paid at these hourly rates: Partners $325 Senior Associates $305 Francis Brennan, Esq., a partner at Nolan Heller, assured the court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Nolan Heller can be reached at: Francis J. Brennan, Esq. Nolan Heller Kauffman LLP 80 State Street, 11th Floor Albany, NY 12207 Tel: (518) 449-3300 Fax: (518) 432-3189 Email: fbrennan@nhkllp.com About Good Samaritan Lutheran Health Care Center Good Samaritan LutheranHealth Care Center, Inc. -- http://www.goodsamvillage.org/-- operates a 120-bed nonprofit skilled nursing facility certified by the New York State Department of Health under Article 28 of the Public Health Law. It operates under the name Bethlehem Commons Care Center. Good Samaritan Lutheran Health Care Center, Inc. and Kenwood Manor, Inc. filed separate Chapter 11 bankruptcy petitions (Bankr. N.D.N.Y. Lead Case No. 19-12215) on Dec. 12, 2019. The petitions were signed by Thomas Roemke, secretary of Good Samaritan's Board of Directors. At the time of the filing, Good Samaritan had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Kenwood Manor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Robert E. Littlefield Jr. oversees the cases. The Debtors tapped Stradley Ronon Stevens & Young, LLP as their legal counsel. GRAN TIERRA: Fitch Affirms B LT IDR & Alters Outlook to Stable -------------------------------------------------------------- Fitch Ratings affirmed Gran Tierra Energy International Holdings Ltd's Long-Term Foreign and Local Currency Issuer Default Ratings at 'B', senior unsecured notes rating at 'B'/'RR4'. In addition Fitch has affirmed Gran Tierra Energy Inc.'s senior unsecured note at 'B'/'RR4'. The Rating Outlook has been revised to Stable from Positive. GTE's ratings incorporate its leverage and low-cost operating profile that is constrained by its smaller scale and limited geographic diversification. The Outlook revision to Stable reflects Fitch's revised production outlook over the next 12 months, which is expected to be marginally higher in 2020 compared to 2018-2019, and higher total debt to 1P of reserves of USD10.35 per barrel in 2019. Fitch's base case forecasts daily average gross production of approximately 40,000 boe between 2020 through 2023. KEY RATING DRIVERS Modest Production Growth: Under Fitch's base case forecast, GTE is expected to increase daily average production to 38,000boed, up from its 34,817boed in 2019, which was below Fitch's initial forecasts, due to Acordionero operational challenges. Over the rated horizon, Fitch forecasts production to average 40,000 boed. The company's production profile is concentrated with Acordionero representing nearly 50% of total production. Improved Reserve Base: GTE's increased its reserve base in 2019 adding 13MMBOE of 1P reserves, a 125% reserve replacement ratio, representing a 1P reserve life of 5.3 years, up from 4.1 years in 2018. As of YE 2019, GTE reported Colombian 1P reserves of 67.6 million boe with nearly 100% of production in oil. GTE has a strong concession life with the earliest material concession expiring in 2033. This concession currently accounts for approximately 50% of production. Other concessions have longer expiration dates. Higher Leverage Profile: In 2019, GTE's debt profile weakened, reporting gross leverage increased to 2.1x from 1.0x in 2018, as the company issued a USD300 million note in early 2019 and tapped its revolving credit facility for USD118 million. Further, the company's total debt to 1P increased to USD10.35 per barrel, a 41% increase from 2018 at USD7.36boe. The company's low leverage profile on a total debt to EBITDA basis is offset by its higher debt to 1P, which is consistent with its rating category. Effective Cost Producer: Fitch expects that the company will continue to maintain its cost efficient production profile in the low oil price environment. In 2019, Fitch estimates Gran Tierra's half-cycle cost was USD22.3bbl and full-cost at USD33.7bbl. The company benefits from a low operating cost partially explained by selling at the wellhead, and thus, Fitch believes the company can withhold any crude price volatility. Stable Cash Flow Profile: Fitch estimates Gran Tierra will average an EBITDA margin of 50% and FFO margin 41% over the rated horizon when applying Fitch's price deck. The company's strong cash flow is explained by its low cost production profile, which gives the company flexibility to adjust capex to reflect the pricing environment. Further, Fitch's base case assumes capex will be focused on replenishing used reserves and incremental increase of production. Thus, the company is expected to be FCF position in 2021 and 2022. DERIVATION SUMMARY Gran Tierra's B rating reflects its production size compared to other 'B' rated oil and gas E&P producers. These peers include Frontera, GeoPark and CGC. Over the rating horizon, Fitch expects that Gran Tierra will average 40,000 boed by 2020-2023, which is in line with CGC at 40,000boed, but less than GeoPark reaching over 50,000boed and Frontera at 67,000boed. Further, Gran Tierra reported 67.6 million boe 1P reserves at the end of 2019 equating to a reserve life of 5.3 years, when applying 2019 production, is higher than Frontera's 4.1 years and CGC's 4.1 years, but less than GeoPark at 7.8 years. Fitch estimates the company will be able to maintain its reserve life as it continues to increase production. Fitch estimates Gran Tierra's average EBITDA and FFO margins will be 50% and 41%, respectively, over the rated horizon, which is considered strong and compares well with its regional peers. Frontera's estimated EBITDA margin is expected to be 41% with FFO at 39%. GeoPark's EBITDA margin is expected to be 60% with FFO at 35%, while CGC's margins are estimated at 52% and 12%. Gran Tierra's capital structure as regards to total debt/EBITDA ratio of 2.1x in 2019 is in line with CGC at 2.1x, but higher than Geopark at 1.7x and Frontera 0.5x. Further, Gran Tierra's total debt to 1P is highest amongst peers at USD10.35bbl compared Geopark at USD5.98boe, Frontera at USD3.00boe and CGC at USD7.50boe. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer -- Fitch's price deck for Brent of $57 per barrel (bbl) flat for 2020 through 2023; -- Flat 16% discount to Brent from 2020-2023; -- Production average of 40,500 bbld from 2020 through 2023; -- Flat Royalties of 17% of total production; -- Total capex of USD890 million from 2020 through 2023; -- Tax rate of 32% in 2020, 31% in 2021 and 30% in 2022-2023; -- Repayment of outstanding USD118 million to the revolving credit facility by 2022; -- No acquisitions during 2020-2023; -- No dividends or share repurchases during 2020-2023. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action -- Net production between 40,000-45,000 boepd on a sustained basis, combined with a sustained reserve size at or above 7.0 years and continued expansion of its geographic footprint; -- Sustained conservative capital structure and investment discipline, including improvement in debt-to-1P reserves of USD6/bbl or lower. Developments That May, Individually or Collectively, Lead to Negative Rating Action -- Gross production declines to below 30,000 boepd; -- Increase in indebtedness of 3.0x or greater and/or Total debt to 1P reserves of USD10.00 per barrel or greater on a sustained basis; -- A deterioration of liquidity due to dividend payments, share repurchase and/or capex; -- A significant reduction in the reserve replacement ratio could affect GTE's credit quality, given the current proved reserve life of approximately five years. LIQUIDITY Adequate Liquidity: Fitch believes the company has adequate liquidity through the medium term. Fitch anticipates approximately USD100 million-USD150 million of cash and marketable securities on hand annually for 2020-2021, with negative FCF expected in 2020 and positive thereafter. This compares favorably to USD48 million of annual interest expense, and limited upcoming maturities, with its first maturity of USD118million due to mature in 2022. The company has strong access to capital with a balance of USD182 million remaining on its USD300 million committed revolving credit facility. ESG Considerations: Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. FULL LIST OF RATING ACTIONS Gran Tierra Energy Inc. -- USD300 million 7.75% senior unsecured notes due May 23, 2027 'B'/'RR4'. Fitch currently rates the following: Gran Tierra Energy International Holdings Ltd. -- Long-Term Foreign Currency IDR 'B'; -- Long-Term Local Currency IDR 'B'; -- Senior unsecured debt 'B'/'RR4'. The Rating Outlook has been revised to Stable from Positive. H & S TOWING: April 7 Hearing on Disclosure Statement ----------------------------------------------------- Judge Henry W. Van Eck has ordered that the hearing to consider approval of the disclosure statement filed by H & S Towing Service, Inc., will be held at Ronald Reagan Federal Building, Bankruptcy Courtroom (3rd Floor), Third & Walnut Streets, Harrisburg, PA 17101 on April 7, 2020 at 09:30 AM. March 30, 2020 is fixed as the last day for filing and serving written objections to the disclosure statement. About H & S Towing Service H & S Towing Service, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 19-01801) on April 27, 2019. At the time of the filing, the Debtor estimated assets of less than $1 million and liabilities of less than $1 million. The case is assigned to Judge Henry W. Van Eck. The Law Office of Lawrence G. Frank is the Debtor's counsel. H&B HOLDINGS: To Seek Plan Confirmation on March 25 --------------------------------------------------- Judge Clifton R. Jessup, Jr. has ordered that the Second Amended Disclosure Statement filed by H&B HOLDINGS, INC., is APPROVED. A hearing on Confirmation of the Plan will be held on Wednesday, March 25, 2020 at 11:00 a.m. before the Honorable Clifton R. Jessup, Jr. at the Federal Building, 101 Holmes Avenue, Huntsville, Alabama, 35801. Friday, March 20, 2019 by 5:00 p.m., CDT, is fixed as the deadline by which the holders of claims and interests against the Debtor must file ballots accepting or rejecting the Plan. Friday, March 20, 2020 by 5:00 p.m., CDT, is fixed as the last day by which creditors and parties in interest must file any objections to confirmation of the Plan. The Debtor must tabulate all acceptances and rejections of the Plan and file a Ballot Summary with the Court on or before Monday, March 23, 2020 by 5:00 p.m., CDT. The Debtor must file a Memorandum in Support of Confirmation explaining how the Plan satisfies the requirements for confirmation, including evidence of feasibility on or before Monday, March 23, 2020 by 5:00 p.m., CDT. About H&B Holdings H&B Holdings Inc. is a privately held company in the wholesale lumber business. H&B Holdings, Inc., based in Tuscumbia, AL, filed a Chapter 11 petition (Bankr. N.D. Ala. Case No. 19-82417) on Aug. 13, 2019. In the petition signed by Harvey F. Robbins, III, president, the Debtor disclosed $236,441 in assets and $7,641,392 in liabilities. The Hon. Clifton R. Jessup Jr. oversees the case. Stuart M. Maples, Esq., at Maples Law Firm, P.C., serves as bankruptcy counsel. HEATING & PLUMBING: Cash Collateral Use Extended Through March 15 ----------------------------------------------------------------- Judge Thomas B. McNamara of the U.S. Bankruptcy Court for the District of Colorado granted Heating and Plumbing Engineers, Inc.'s unopposed motion to extend use of cash collateral in accordance with the Agreed Interim Order. The Debtor may use cash collateral through and including March 15, 2020. A copy of the Agreed Interim Order is available at PacerMonitor.com at https://is.gd/OygjPf at no charge. About Heating & Plumbing Engineers Founded in 1947, Heating & Plumbing Engineers, Inc., a mechanical contractor, provides HVAC sheet metal, plumbing, and piping systems services in Colorado. Heating & Plumbing Engineers filed a voluntary petition pursuant to Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.19-16183) on July 19, 2019. In the petition signed by CEO William T. Eustace, the Debtor disclosed $13,845,361 in assets and $14,934,602 in liabilities. Lee M. Kutner, Esq., at Kutner Brinen, P.C., is the Debtor's counsel. HUDSON TECHNOLOGIES: Incurs $10.8 Million Net Loss in 4th Quarter ----------------------------------------------------------------- Hudson Technologies, Inc., reported revenues of $25.8 million for the quarter ended Dec. 31, 2019 Hudson, slightly higher than revenues of $25.7 million in the comparable 2018 period. Gross margin in the fourth quarter of 2019 was 18.5%, compared to gross margin of 12% in the fourth quarter of 2018. The Company recorded a net loss of $10.8 million or ($0.25) per basic and diluted share in the fourth quarter of 2019, compared to a net loss of $8.1 million or ($0.19) per basic and diluted share in the same period of 2018. Approximately $1.9 million of this variance relates to higher interest expense mainly related to the write off of deferred financing costs from our previous revolving facility, which was replaced in December 2019. In addition, during the fourth quarter of 2019, the Company incurred additional and nonrecurring lender-related fees and expenses related to the closure of a facility. For the year ended Dec. 31, 2019, Hudson reported revenues of $162.1 million, a decrease of 2.7% compared to $166.5 million for full year 2018. The decrease in revenue was primarily due to further pricing correction in 2019, partially offset by higher refrigerant sales volume and higher revenue from the Company's DLA contract. Gross margin for calendar year 2019 was $17.2 million, or 10.6%, as compared to negative gross margin of $7.4 million for 2018. The Company's net loss for 2019 was $25.9 million, or $0.61 per basic and diluted share, which includes a $9.2 million non-cash inventory write down partially offset by $8.9 million of settlement proceeds from the working capital settlement arising from the acquisition of Aspen Refrigerants, Inc., as compared to net loss of $55.7 million or $1.31 per basic and diluted share in 2018. Full year 2018 net loss includes a $35.9 million non-cash inventory write down. Kevin J. Zugibe, chairman and chief executive officer of Hudson Technologies commented, "2019 was another challenging year for Hudson and for the entire industry, as we saw further price erosion in nearly all refrigerants through September. However, it was also a year where we saw growth in our sales volume, reduction in costs and improvement in margins as we progressed through the year. Entering 2020 we have seen some encouraging signs in the industry as to pricing and we are currently seeing pricing for R-22 above $10 per pound. With the elimination of virgin production and importation in 2020, we expect to see tighter supply of R-22, and we believe our ability to reclaim and resell R-22 creates a tremendous opportunity to position Hudson to address the anticipated tightening of supply and become the leading producer of R-22. "Additionally, during the fourth quarter, we improved our margins in 2019 over 2018 and believe we have the opportunity to further drive improved margins in 2020 as we replace higher priced inventory with lower priced product. We saw some of this improvement in 2019 as we reduced our inventory by 42% through a combination of selling off higher priced inventory and managing more towards a just-in-time inventory model. During 2019, the Company generated $34 million of cash flow from operations, which included $15.2 million of cash interest expense, and paid down $31 million of debt, including $14 million of long term debt in the fourth quarter of 2019. As of December 31, 2019, the Company had over $22 million of availability through its new revolving facility. The new term loan amendment and revolving facility will offer us flexibility in our operations for 2020 and the future. "We're optimistic about the positive momentum we're seeing for the regulation of HFC refrigerants. There is growing bipartisan support for the American Innovation and Manufacturing Act of 2019, or the AIM Act, which, if enacted, would phase down HFC production. Whether the AIM Act is passed, the process first occurs at the state level, or through the actual ratification of the Kigali amendment, we anticipate a phase down of HFCs and we expect to see the establishment of an allocation system as well as a tightening in the supply/demand balance for HFCs that will likely result in increased pricing. We believe the phase out of R-22 and phase down of HFCs continue to represent tremendous growth opportunities for our company." Mr. Zugibe concluded, "We have been a leader in the refrigerant and reclamation industry for a long time because we have learned to innovate and evolve during the challenging periods to become a stronger business. We remain focused on meeting the changing needs of our customers and on remaining agile in the face of fluid market dynamics as we work to increase our market share and advance our leadership position in the marketplace." About Hudson Technologies Headquartered in Pearl River, New York, Hudson Technologies, Inc. -- http://www.hudsontech.com/-- is a refrigerant services company providing innovative solutions to recurring problems within the refrigeration industry. The Company's products and services are primarily used in commercial air conditioning, industrial processing and refrigeration systems, and include refrigerant and industrial gas sales, refrigerant management services consisting primarily of reclamation of refrigerants and RefrigerantSide Services performed at a customer's site, consisting of system decontamination to remove moisture, oils and other contaminants. Hudson Technologies reported a net loss of $55.66 million in 2018. As of Sept. 30, 2019, the Company had $204.21 million in total assets, $149.25 million in total liabilities, and $54.95 million in total stockholders' equity. As disclosed in the Company's Form 10-Q for the quarter ended Sept. 30, 2019, "The Company's ability to continue as a going concern is contingent upon its ability to comply with the financial covenants within its credit agreements. The Company's level of indebtedness has adversely impacted, and continues to adversely impact, the Company's financial condition, including operating results and liquidity position. As of June 30, 2019 and September 30, 2019, the Company was not in compliance with the financial covenants in the Term Loan Facility and the PNC Facility, thus raising substantial doubt as to the ability to continue as a going concern within one year after the date the financial statements were issued. The Company has satisfied all of its debt payment obligations on a timely basis and had over $14 million of cash on hand and $23 million of availability pursuant to the borrowing base formula in the PNC Facility as of September 30, 2019; and is working with its lenders to obtain a waiver and amendment of its credit facilities. However, there can be no assurance that the Company will be able to conclude any such waivers or amendments on acceptable terms or at all." HUNT OIL: Moody's Cuts Issuer Rating to B3 & Alters Outlook to Neg. ------------------------------------------------------------------- Moody's Investors Service downgraded Hunt Oil Company's issuer rating to B3. The outlook is negative. This rating action concludes the ratings review initiated on January 7, 2020. "Hunt's B3 issuer rating reflects its weak credit metrics and high level of structural subordination of its creditors to debts outstanding at its subsidiaries," said Pete Speer, Moody's Senior Vice President. "The rating is buttressed by the financial support provided by its parent company, Hunt Consolidated, and its financial capacity to provide further support, if needed." Downgrades: Issuer: Hunt Oil Company Issuer Rating, Downgraded to B3 from B2 Outlook Actions: Issuer: Hunt Oil Company Outlook, Changed To Negative From Rating Under Review RATINGS RATIONALE Hunt's B3 issuer rating incorporates the risks related to its high debt levels relative to its cash flow generation and significant structural complexity, with its senior unsecured debt structurally subordinated to outstanding debts at its key foreign and US subsidiaries, and its LNG projects. These risks are somewhat mitigated by continued financial support from its parent company, Hunt Consolidated, Inc. (HCI, unrated). HCI recently provided $150 million in cash to Hunt and Hunt still has a large balance of long-term notes receivable from HCI that provide asset value and means for future cash payments from HCI to support Hunt's credit profile. This expected support is important for Hunt's ability to maintain adequate liquidity as it contends with weak prices across its hydrocarbon mix. Compared to its similarly rated exploration and production company peers, Hunt benefits from a globally diversified resource base with a production profile balanced between liquids and natural gas. Oil prices supported by hedges and rising US production from capital invested in 2019 should enable the company to achieve roughly break-even free cash flow in 2020 under Moody's commodity price assumptions. The company's key financial metrics should therefore improve in 2020. Hunt completed a $600 million senior secured term loan issuance in late January 2020 at a US subsidiary that is secured by a pledge of its properties and proved reserves in the Permian Basin and the Bakken. With the proceeds from that transaction and the cash received from HCI the company repaid all of its borrowings on its senior unsecured revolver and terminated that credit facility. The term loan matures in 2023. Hunt continues to discuss with its noteholders the necessary amendments to allow for a senior secured borrowing base revolving credit facility at a Hunt US subsidiary, with the necessary pledging of US proved reserves to back the facility. That facility would refinance the term loan and provide additional borrowing capacity for Hunt's liquidity needs. In the meantime, HCI and its affiliates have cash and other available borrowing capacity to provide timely support to Hunt. Based on HCI's track record of providing support and Hunt's claims on HCI through notes receivable balances, Moody's views Hunt's liquidity as adequate. With no revolving credit facility in place, Hunt only has its remaining cash balance following the cash injection from HCI to support all of its liquidity needs, including working capital fluctuations. The company has reduced its capital spending budget for 2020 to position Hunt to generate free cash flow and repay debt maturities for the next few years that are not very large. Further support from HCI provides a backstop to help Hunt manage commodity price volatility, unforeseen operational issues and working capital needs. The negative outlook reflects Moody's concerns regarding Hunt's lack of its own committed revolving credit facility to meet its liquidity requirements, its weak cash flow based credit metrics and the challenges of weak commodity prices. Hunt's ratings could be downgraded if its liquidity situation deteriorates, or if the support needed from HCI appears to pressure HCI's financial resources or liquidity position. Significant declines in production volumes or proved reserves could also lead to a ratings downgrade. If Hunt is able to solidify its own stand-alone liquidity position, generate free cash flow and reduce its debt outstanding then its ratings could be supgraded. The principal methodology used in these ratings was Independent Exploration and Production Industry published in May 2017. Hunt Oil Company is a privately owned independent exploration and production company headquartered in Dallas, Texas. It is a wholly owned subsidiary of Hunt Consolidated, Inc. INTERRA INNOVATION: Given Until June 8 to Exclusively File Plan --------------------------------------------------------------- Judge Frank Bailey of the U.S. Bankruptcy Court for the District of Massachusetts extended to June 8 the period during which InTerra Innovation, Inc. has the exclusive right to file a Chapter 11 plan. The company can solicit acceptances for the plan until Aug. 7. About inTerra Innovation InTerra Innovation, Inc. -- http://www.interra-innovation.com/-- is a specialty construction materials company focused on providing innovative solutions for the design, manufacture, delivery and installation of products for the construction industry throughout the United States. It offers mobile mixing, specialty grouting, thermal grouting, lightweight cellular concrete, and concrete and specialty pumping. InTerra sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 19-13469) on Oct. 11, 2019. In the petition signed by Frederick P. Hooper, president, the Debtor was estimated to have assets ranging from $1 million to $10 million and debts of the same range. Judge Frank J. Bailey oversees the case. InTerra tapped Ruberto, Israel & Weiner, P.C. as legal counsel; CRS Capstone Partners, LLC as investment banker; and Verdolino & Lowey, P.C. as accountant. The U.S. Trustee for Region 1 appointed a committee of unsecured creditors on Oct. 31, 2019. The committee is represented by Casner & Edwards, LLP. ISLAND VIEW: Trustee's Sale of 3 Bristol Residential Units Approved ------------------------------------------------------------------- Judge Eric L. Frank of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania authorized Kevin O'Halloran, the Chapter 11 trustee for Island View Crossing II, LP, to sell the following residential units: (i) Lot No. 44, located at 16707 Riverview Drive, Bristol, Pennsylvania to Ronald Small; (ii) Lot No. 47, located at 16701 Riverview Drive, Bristol, Pennsylvania to Linda Walder; and (iii) Lot No. 41, located at 16713 Riverview Drive, Bristol, Pennsylvania to Edward Donahue and Colleen Deighan. Each Sale Agreement and the transactions contemplated therein including the transfer of the Under-Contract Residential Units by the Trustee to each Buyer as provided in each Sale Agreement, are approved. Each Buyer is authorized to perform their respective obligations under its Sale Agreement and consummate the sale of its Under-Contract Residential Unit and to take all actions necessary to carry out the terms of and conditions of its Sale Agreement and the Order. The sale is free and clear of any and all Interests, with any such Interests to attach to the proceeds of the sale. At the time of closing on each Under-Contract Residential Unit, the Trustee is authorized to pay from the proceeds of sale of each Under-Contract Residential Unit the following: a. First, the amount needed to satisfy any outstanding post-petition property taxes and post-petition municipal liens due the applicable governmental authorities; b. Second, the normal and customary closing costs including, but not limited to, transfer taxes and any recording fees; c. Third, the sum of $12,350 to the Redevelopment Authority of Bucks County; d. Fourth, the sum of $25,000 to Prudential Bank; and e. The balance will be retained and utilized by the Trustee to finance the construction and completion of the remaining Residential Units in Phase 1. The Order will be effective immediately upon entry of same and the 14-day stay as provided for in Fed. R. Bankr. P. 6004(h) is waived without further notice. About Island View Crossing II Island View Crossing II, L.P., Calnshire Estates, LLC and Steeple Run, LP filed their respective Chapter 11 petitions (Bankr. E.D. Pa. Case Nos. 17-14454, 17-14457 and 17-14458, respectively) on June 30, 2017. Island View, Calnshire Estates, and Steeple Run, are affiliates of One State Street Associates which filed a voluntary petition on June 21, 2017 (Bankr. E.D. Pa. Case No. 17-14291). The Debtors are managed by Renato J. Gualtieri, a real estate developer based in Langhorne, PA. The Debtors' individual cases have not been ordered to be jointly administered or consolidated and thus, each Debtor has its own separate bankruptcy estate. The Hon. Eric L. Frank oversees the cases. In the petitions signed by Renato J. Gualtieri, president of the Debtors' corporate general partner, Calnshire Estates had estimated assets of between $10 million and $50 million and liabilities of between $1 million and $10 million. Island View Crossing and Steeple Run estimated their assets and debts at $1 million to $10 million. The Debtors tapped Smith Kane Holman, LLC as their bankruptcy counsel, and Stradley Ronon Stevens & Young, LLP as special litigation counsel. On Jan. 30, 2018, the U.S. Trustee for Region 3 appointed Kevin O'Hallaron as the Chapter 11 trustee in the case of Island View Crossing II, L.P. The trustee hired Karalis PC, as bankruptcy counsel, and Newbridge Management LLC as financial advisor. JACK COUNTY HOSPITAL: March 18 Meeting Set to Form Creditors' Panel ------------------------------------------------------------------- William T. Neary, United States Trustee for Region 6, will hold an organizational meeting on March 18, 2020, at 10:00 a.m. in the bankruptcy cases of Jack County Hospital District, et al. The meeting will be held at: United States Trustee Meeting Room Fritz G. Lanham Federal Building 819 Taylor Street, Room 7A24 Fort Worth, Texas 76102 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. About Jack County Hospital District Jack County Hospital District, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Tex. Case No. 20-40858) on Feb. 29, 2020. At the time of the filing, the Debtor estimated assets of between $10 million to $50 million and liabilities of between $10 million to $50 million. The petition was signed by Frank L. Beaman, chief executive officer. J. Robert Forshey, Esq. of Forshey & Prostok LLP is the Debtors' counsel. JACK OHIO: Moody's Withdraws Caa1 CFR on Loans Repayment -------------------------------------------------------- Moody's Investors Service withdrew all of Jack Ohio Finance LLC's ratings, including its Caa1 Corporate Family Rating, Caa1-PD Probability of Default Rating (PDR), B1 senior secured first lien debt rating and Caa3 senior secured second lien debt rating. Ratings Withdrawn: Corporate Family Rating, Withdrawn, previously rated Caa1 Probability of Default Rating, Withdrawn, previously Caa1-PD Senior secured first lien revolving credit facility, Withdrawn, previously rated B1 (LGD1) Senior secured second lien notes, Withdrawn, previously rated Caa3 (LGD6) Outlook Actions: Changed to Rating Withdrawn from Stable RATINGS RATIONALE Moody's withdrew the ratings because Jack has fully repaid, and terminated lender commitments of, its senior secured revolver, senior secured first lien notes and senior secured second lien notes. Jack Ohio Finance, LLC owns and operates, directly or indirectly, gaming and horse racing facilities, including related ancillary facilities, in Cleveland and North Randall, Ohio. Jack Ohio Finance, LLC is indirect wholly-owned subsidiary of Jack Parent, LLC. Jack Parent, LLC is indirect wholly-owned subsidiary of Jack Ohio LLC. Jack Ohio Finance, LLC is a private company, the sole member of which is Rock Ohio Ventures LLC. JAMES CANDY: March 26 Hearing on Disclosure Statement ----------------------------------------------------- A hearing on the adequacy of the Disclosure Statement filed by James Candy Company will be held before the Honorable Andrew B. Altenburg Jr on March 26, 2020 at 10:00 a.m. in Courtroom 4B, US Bankruptcy Court, 4th and Cooper Streets, Camden, NJ 08101. Written objections to the adequacy of the Disclosure Statement will be filed and served no later than 14 days prior to the hearing before this Court. About James Candy Company James Candy Company is a candy company in Atlantic City, New Jersey, offering a wide selection salt water taffy, fudge, and macaroons. James Candy Company, based in Atlantic City, NJ, filed a Chapter 11 petition (Bankr. D.N.J. Case No. 18-32139) on Nov. 7, 2018. In the petition signed by Frank Glaser, president, the Debtor disclosed $2,756,944 in assets and $3,048,241 in liabilities. The Hon. Andrew B. Altenburg Jr. oversees the case. Ira R. Deiches, Esq., at Deiches & Ferschmann, serves as bankruptcy counsel to the Debtor. JIT INDUSTRIES: To Seek Plan Confirmation on March 25 ----------------------------------------------------- Judge Clifton R. Jessup, Jr., has ordered that the Fourth Amended Disclosure Statement filed by JIT Industries, Inc., is approved. A hearing to consider confirmation of the Plan will be held on Wednesday, March 25, 2020 at 11:00 a.m. before the Honorable Clifton R. Jessup, Jr. at the Federal Building, 101 Holmes Avenue, Huntsville, Alabama, 35801. Friday, March 20, 2019 by 5:00 p.m., CDT, is fixed as the deadline by which the holders of claims and interests against the Debtor must file ballots accepting or rejecting the Plan. Friday, March 20, 2020 by 5:00 p.m., CDT, is fixed as the last day by which creditors and parties in interest must file any objections to confirmation of the Plan. The Debtor must tabulate all acceptances and rejections of the Plan and file a Ballot Summary with the Court on or before Monday, March 23, 2020 by 5:00 p.m., CDT. The Debtor must file a memorandum in support of confirmation explaining how the Plan satisfies the requirements for confirmation, including evidence of feasibility on or before Monday, March 23, 2020 by 5:00 p.m., CDT. About JIT Industries JIT Industries, Inc., a company based in Hartselle, Alabama, manufactures, repairs and services fluid power, process control, mil-spec fasteners and aerospace hardware. JIT Industries sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 18-80892) on March 23, 2018. In the petition signed by Ginger McComb, president, the Debtor was estimated to have assets of less than $500,000 and liabilities of $1 million to $10 million. Judge Clifton R. Jessup Jr. oversees the case. The Debtor is represented by Tazewell T. Shepard, Esq., at Sparkman, Shepard & Morris, P.C., in Huntsville, Alabama. JUNO USA: March 25 Plan Confirmation Hearing Set ------------------------------------------------ Juno USA, LP and its debtor affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a motion for entry of an order approving Debtors' Disclosure Statement and scheduling hearing to consider confirmation of the First Amended Plan. On Feb. 20, 2020, Judge Mary F. Walrath ordered that: * The motion is granted. * The Disclosure Statement is approved in all respects. * March 13, 2020, is the fixed as the last day for any person interested in acting as Plan Sponsor to submit a bid which must exceed the Plan Sponsor Contribution proposed by the Proposed Plan Sponsor. * March 25, 2020, at 10:30 a.m. before the Honorable Mary F. Walrath, United States Bankruptcy Court of the District of Delaware, 824 Market Street, 5th Floor, Courtroom No. 4, Wilmington, Delaware 19801 is the hearing to consider confirmation of the Plan. * March 18, 2020, is fixed as the last day to file objections to confirmation of the Plan. * March 23, 2020, at 4:00 p.m. is fixed as the last day for replies to any objection to confirmation of the Plan. A full-text copy of the Disclosure Statement Approval Order dated Feb. 20, 2020, is available at https://tinyurl.com/wxhut3v from PacerMonitor at no charge. 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 website 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. K-9 SPLASH: Seeks to Hire Lancaster & Lancaster as Attorney ----------------------------------------------------------- K-9 Splash and Dash, Inc. seeks authority from the US Bankruptcy Court for the Eastern District of Arkansas to hire Lancaster & Lancaster Law Firm, P.L.L.C., as its attorneys. The firm will advise the Debtor pursuant to possible "early motions," regarding possible issues such as cash collateral, assumption, assignment or rejection of executory contracts, motions to allow payment in the ordinary course of business, motions for use, sale or lease of property of the estate, and other issues that may arise in the early stages of the Chapter 11 bankruptcy proceeding. Lancaster's reduced hourly rates are: Attorneys $150 Paralegals $75 Legal Assistants $50 Lancaster does not represent any interests adverse to Debtor, and is a disinterested person as defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Jennifer M. Lancaster, Esq. LANCASTER & LANCASTER LAW FIRM, PLLC P.O. Box 1295 Benton, AR 72018 Phone: (501) 776-2224 Fax: (501) 778-6186 Email: jennifer@thelancasterlawfirm.com About K-9 Splash and Dash, Inc. K-9 Splash and Dash, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ark. Case No. 20-10610) on Feb. 4, 2020, listing under $1 million in both assets and liabilities. Jennifer M. Lancaster, Esq. at the Lancaster Law Firm represents the Debtor as counsel. KETAB CORPORATION: Exclusivity Period Extended Until May 29 ----------------------------------------------------------- Judge Deborah J. Saltzman of the U.S. Bankruptcy Court for the Central District of California extended to May 29 the period during which Ketab Corporation has the exclusive right to file a Chapter 11 plan. The company will have the exclusive right to obtain acceptances for the plan until Aug. 27. The company needed additional time to seek withdrawal of three priority claims, which were already paid in full: (i) Internal Revenue Service's priority claim of $21,083; (ii) California Franchise Tax Board's priority claim of $887; and (iii) California Department of Tax and Fee Administration's priority claim of $943. Once these claims are resolved, the company estimated that the only remaining debts of its estate will be a general unsecured claim in the amount of $675,279 and a secured claim of the Los Angeles County Treasurer and Tax Collector in the amount of $275. About Ketab Corporation Ketab Corp. -- http://www.ketab.com/-- is a book store in Los Angeles, Calif., offering a selection of Persian, Farsi and Iranian books, music and movies. Ketab Corporation sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 19-12500) on Oct. 2, 2019. In the petition signed by Bijan Khalili, president, the Debtor was estimated to have assets and liabilities of $1 million to $10 million. Judge Deborah J. Saltzman oversees the case. The Debtor tapped Resnik Hayes Moradi, LLP as bankruptcy counsel; the Law Offices of Tony Forberg as special counsel; and Financial Consultant Assoc. Inc. as accountant. KIMBLE DEVELOPMENT: Allowed to Use Cash Collateral on Interim Basis ------------------------------------------------------------------- Judge Douglas D. Dodd of the U.S. Bankruptcy Court for the Middle District of Louisiana authorized Kimble Development of Jackson, L.L.C. to use cash in its bank account and cash generated by its operations for the disbursements set forth in the budget. The Interim Cash Collateral Budget provides total operating expenses of approximately 9,898 covering the period from Feb. 1 to May 31, 2020. First Bank & Trust has a properly perfected first lien security interest in real property and rents generated by the real property that is presently adequately protected by the amount of equity in the Debtor's property above the amount of First Bank's claim -- in the aggregate amount between $1.1 and $1.2 million. As adequate protection, First Bank is granted a first lien and security interest in the Debtor's post-petition property and assets with the same description, validity, and priority as the prepetition lien or security interest held by First Bank. The Debtor will also make monthly mortgage interest payment to First Bank in the amount of $7,000. About Kimble Development of Jackson Kimble Development of Jackson, L.L.C., is primarily engaged in renting and leasing real estate properties. Kimble Development of Jackson, based in Baton Rouge, LA, filed a Chapter 11 petition (Bankr. M.D. La. Case No. 20-10008) on Jan. 8, 2020. In the petition signed by Michael D. Kimble, manager, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Ryan J. Richmond, Esq., at Richmond Law Firm, LLC, serves as bankruptcy counsel. L.A. GREEN: Unsecureds to Get Disposable Income for 60 Months ------------------------------------------------------------- L.A. Green Produce, LLC, filed a Chapter 11 plan that will be funded from (i) funds on hand at the time of confirmation; and (ii) the Debtor's disposable monthly income. Class 2 General Unsecured Claims total $86,300. The Debtor has a Projected Disposable Income in the amount of $26,415 as defined in Section 1325(b)(2) and 707(b)(2)(A) of the Bankruptcy Code. Commencing on the first day of the first month following the Effective Date of the Plan and monthly thereafter for a total of 60 months, the Debtor will make payments to the Disbursing Agent in an amount equal to one-twelfth (1/12) of the annual projected disposable income of the Debtor. Thereafter, commencing on the first day of the first quarter following the Initial Payment and each quarter thereafter for a total of 20 quarters, the Disbursing Agent will disburse the funds so paid by the Debtor on a pro rata basis to undisputed, liquidated, non-contingent claims as scheduled or filed, subject to timely objection to the validity or extent of each claim. The ownership interest of the Debtor in its assets will not be altered as a consequence of the Plan. A full-text copy of the Disclosure Statement dated Feb. 24, 2020, is available at https://tinyurl.com/ucvfd9x from PacerMonitor.com at no charge. Counsel for the Debtor: Carlos D. Martinez, Esq. Scura, Wigfield, Heyer, Stevens & Cammarota, LLP 1599 Hamburg Turnpike Wayne, New Jersey 07470 Telephone: 973-696-8391 E-mail: cmartinez@scura.com About L.A. Green Produce L.A. Green Produce LLC is a top supplier of fresh produce and has distributed fresh produce to wholesalers, restaurants, mini-markets, convenience stores, farmer's markets and supermarkets all over New Jersey since 1998. L.A. Green Produce LLC sought Chapter 11 protection (Bankr. D.N.J. Case No. 19-22587) on June 26, 2019. SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA, LLP, is the Debtor's counsel. LAKEWAY PUBLISHERS: Hires Tennesee Pension as Accountant -------------------------------------------------------- Lakeway Publishers, Inc., seeks authority from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Matt Grabeel of Tennesee Pension Administrators, LLC, as accountant. Matt Grabeel of Tennessee Pension Administrators, LLC, as accountant to complete form 5500 for the Debtor's Welfare Benefit Plan filing for the plan year ending Sep. 30, 2019. The firm has agreed to perform this work for a flat fee of $750. Mr. Grabeel assures the court that he is a "disinterested" person within the meaning of 11 U.S.C. Sec. 101(14) and does not hold or represent any interest adverse to the estate. The firm can be reached through: Matt Grabeel Tennessee Pension Administrators, LLC 11911 Kingston Pike Suite 201 Knoxville, TN 37934 Phone: +1 865-769-9395 About Lakeway Publishers Inc. Lakeway Publishers, Inc., is a multi-state publisher of newspapers, magazines and special publications. Lakeway owns and operates community newspapers and magazines in Tennessee, Missouri, Virginia, and Florida. Lakeway Publishers was incorporated in 1966 and is based in Morristown, Tenn. Lakeway Publishers, Inc., and affiliate Lakeway Publishers of Missouri, Inc. each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Lead Case No. 19-51163) on May 31, 2019. In the petitions signed by Jack R. Fishman, president, Lakeway Publishers, Inc., disclosed $20,884,027 in assets and $9,245,645 in liabilities while Lakeway Publishers of Missouri listed $7,047,972 in assets and $9,206,193 in liabilities. The Debtors tapped Quist, Fitzpatrick & Jarrard, PLLC, led by Ryan E. Jarrard, as bankruptcy counsel; Burnette Dobson & Pinchak, as special counsel; Maneke Law Group, as special counsel. LINDRAN PROPERTIES: Seeks to Hire Clark Hill as Legal Counsel ------------------------------------------------------------- Lindran Properties, LLC seeks authority from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Clark Hill 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 management of its assets; (b) advise the Debtor of its obligations to taxing bodies and other government agencies; (c) pursue the sale of the Debtor's property; (d) provide all real estate services related to the transaction, sale, and transfer of the Debtor's assets; (e) pursue confirmation of a bankruptcy plan and approval of a disclosure statement; (f) prepare legal papers and appear in court. The hourly rates range from $350 to $990 for the firm's attorneys and from $150 to $275 for paralegals. The attorneys expected to handle the case are: Scott N. Schreiber $775 per hour Kevin H. Morse $650 per hour Chad M. Poznansky $580 per hour Reginald D. Cloyd $425 per hour Clark Hill 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: Scott N. Schreiber, Esq. Kevin H. Morse, Esq. Clark Hill PLC 130 East Randolph Street, Suite 3900 Chicago, IL 60601 Tel: (312) 985-5595 Fax: (312) 985-5984 Email: sschreiber@clarkhill.com kmorse@clarkhill.com About Lindran Properties Lindran Properties, LLC, owner of real properties in Chicago, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 20-02834) on Jan. 31, 2020. In the petition signed by Andrew Belew, president, the Debtor estimated $1 million to $10 million in assets and $1 million to $50 million in liabilities. Judge Jack B. Schmetterer oversees the case. Scott N. Schreiber, Esq., at Clark Hill PLC, is the Debtor's legal counsel. LITTLE FEET LEARNING: Hires Noblitt & Associates as Accountant -------------------------------------------------------------- Little Feet Learning Center seeks permission from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ Noblitt & Associates, Inc. as its accountants for the purpose of providing accounting services to the Debtor. Noblitt & Associates, Inc. as accountants shall be entitled to receive reasonable compensation at its usual and customary hourly rates and to receive reimbursement of actual, necessary expenses. Noblitt & Associates and its shareholders and employees do not hold any interest adverse to the bankruptcy estate and is a "disinterested person" as defined in 11 U.S.C. Sec. 101. The firm can be reached through: Cynthia Hutto Noblitt & Associates Inc 815 US-90 Gautier, MS 39553 Phone: +1 228-497-5635 About Little Feet Learning Center Little Feet Learning Center filed a voluntary Chapter 11 petition (Bankr. S.D. Miss. Case No. 19-52507) on December 18, 2019, listing under $1 million in both assets and liabilities, and is represented by W. Jarrett Little, Esq. and William J. Little, Jr., Esq., at Lentz & Little, PA. LONGVIEW INTERMEDIATE: Moody's Lowers Secured Loans to Ca --------------------------------------------------------- Moody's Investors Service downgraded Longview Intermediate Holdings C, LLC's senior secured credit facilities to Ca from Caa1. The senior secured credit facilities include a $286.5 million 7-year senior secured Term Loan B due April 2021 and a $25 million revolving credit facility due April 2020. Longview's rating outlook is negative. RATINGS RATIONALE The downgrade to Ca from Caa1 reflects Longview's higher default probability owing to a challenging wholesale power market in PJM Interconnection, L.L.C. (PJM, Aa2 stable) for merchant coal-fired generation as Moody's anticipates first quarter results, a critical period for this asset class, to be materially weaker from a revenue and cash flow standpoint. The downgrade acknowledges the current wholesale market is likely to persist increasing the prospects for some form of future debt restructuring as the capital structure is not sustainable in the current wholesale power market. The downgrade also factors in certain ESG considerations including the fact that investor interest in merchant coal-fired generation assets is declining. Moody's understands the fully drawn $25 million revolving credit facility matures in April 2020, and efforts to extend it will be challenging. Moreover, the term loan matures in April 2021 increasing the likelihood that some form of debt restructuring, including a distressed exchange or a bankruptcy, will likely occur over that time frame. Moody's also notes that the Project is in compliance with its 1.1x debt service coverage ratio (DSCR) financial covenant but expects that it will be challenged in subsequent periods to remain above the covenant threshold in light of the weak financial performance anticipated in the first quarter 2020 owing to low natural gas prices and a milder winter. While the credit agreement allows for two equity cures within any consecutive four fiscal quarters or no more than five times in total, Moody's views an equity cure as less likely given the current power price environment and the upcoming debt maturity. In the regard, the Ca rating reflects the Project's elevated refinancing risk as the outstanding $286.5 million term loan matures in April 2021 as well as its views around potential recoveries for existing creditors should the debt need to be restructured in some fashion. Refinancing risk for coal-fired generation is particularly challenging given certain ESG considerations which has reduced the number of potential investors willing to lend to this asset class. In addition to the aforementioned senior secured debt, other obligations include subordinated notes ($43.0 million) and a capital lease ($4.2 million) Liquidity at the project level remains weak. The Project's unaudited cash balance as of December 31, 2019 was $28.2 million, not inclusive of a $13.7 million cash-funded six month debt service reserve fund. Rating Outlook The negative outlook incorporates the prospects for a lower recovery for existing creditors following any potential restructuring given the challenges facing Longview including its debt burden and the narrowing investor interest in merchant coal-fired generation owing to ESG considerations. FACTORS THAT COULD LEAD TO AN UPGRADE In light of the negative outlook, as well as refinancing challenges and related ESG investor concerns, prospects for a ratings upgrade are limited. FACTORS THAT COULD LEAD TO A DOWNGRADE The rating could be downgraded if there are severe operating issues that negatively impact the project's cash flow generation ability, if there is an absence of a long-term capital structure solution or a distressed exchange is announced where the loss given default for lenders exceeds 65%. Longview is a special purpose entity that owns and operates a 700 MW supercritical pulverized coal-fired power plant located in Maidsville, West Virginia, just south of the Pennsylvania border and approximately 70 miles south of Pittsburgh, PA. Energy and capacity is sold on a merchant basis into PJM's wholesale energy and capacity markets. Coal for the project is purchased from third-party providers via long-term contracts following the closure of the Mepco mine in March 2018. Water for the project is drawn from the Monongahela River, via a pipeline and treatment facility constructed by Dunkard Creek Water System LLC (Dunkard), another Longview affiliate. Mepco and Dunkard are both subsidiaries of Longview's parent, Longview Intermediate Holdings and are part of the collateral package pledged to the Longview lenders. The principal methodology used in these ratings was Power Generation Projects published in June 2018. LUCKY BUMS SUBSIDIARY: Hires Bozeman Accounting as Accountant ------------------------------------------------------------- Lucky Bums Subsidiary seeks approval from the U.S. Bankruptcy Court for the District of Montana to employ John Dudas, C.M.A., C.F.M. of Bozeman Accounting & Bookkeeping Services as accountants and bookkeepers. Bozeman Accounting will prepare income tax returns, perform income tax consulting, general accounting assistance and assistance with monthly and quarterly reports as necessary. Services rendered by John Dudas, will be compensated at the rate of $75 per hour. Bozeman Accounting has no connection with the creditors, or any other party in interest, or their respective attorneys and accountants, the United States Trustee, or any person employed in the office of the United States Trustee, and are "disinterested persons(s)" as defined in 11 U.S.C. Sec. 101(4). The firm can be reached through: John Dudas, CMA Bozeman Accounting & Bookkeeping Services 120 Dulohery Lane Bozeman, MT 59715 Phone: 406-599-6283 Email: johndudas@bozemanaccounting.com All About Lucky Bums Subsidiary Lucky Bums Subsidiary LLC -- https://luckybums.com -- is a wholesaler of sporting and recreation goods. Lucky Bums Subsidiary filed a voluntary Chapter 11 petition (Bankr. D. Mon. Case No. 19-61084) on Oct. 28, 2019, and is represented by Matt Shimanek, Esq., at Shimanek Law P.L.L.C. In its petition, the Debtor listed under $10 million in both assets and liabilities. Judge Benjamin P. Hursh oversees the case. MAD DOGG ATHLETICS: May Continue Using Cash Collateral Until May 8 ------------------------------------------------------------------ Judge Julia W. Brand of the U.S. Bankruptcy Court for the Central District of California authorized Mad Dogg Athletics, Inc. to use cash collateral in accordance with the Third Cash Collateral Budget for the period from Feb. 1, 2020 to and including May 8, 2020, with the grant of adequate protection with respect to each of the Prepetition Secured Lenders in the form of replacement liens, with priority consistent with each creditors' prepetition lien priority. A copy of the Order is available at PacerMonitor.com at https://is.gd/5FCiJY at no charge. About Mad Dogg Athletics Mad Dogg Athletics, Inc. -- https://www.maddogg.com/ -- offers a comprehensive portfolio of fitness equipment, programming, and education. The company manufactures home Spinner bikes, Pilates and functional training equipment, and a complete line of Spinning-branded apparel and accessories. With its business founded in 1994 in Los Angeles, California, Mad Dogg operates from its corporate headquarters in Venice, California. Mad Dogg Athletics sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 19-18730) on July 26, 2019. In the petition signed by CEO John R. Baudhuin, the Debtor was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. The case is assigned to Judge Julia W. Brand. David S. Kupetz, Esq., at SULMEYER KUPETZ, serves as the Debtor's bankruptcy counsel. Ardent Law Group, P.C., is special litigation counsel. MAGNOLIA LANE: Exclusivity Period Extended to May 28 ---------------------------------------------------- Judge Laurel Isicoff of the U.S. Bankruptcy Court for the Southern District of Florida extended to May 28 the exclusivity period during which Magnolia Lane Condominium Association, Inc. can file a Chapter 11 plan of reorganization. Magnolia Lane can solicit acceptances for the plan until July 28. About Magnolia Lane Condominium Association Based in Miami, Fla., Magnolia Lane Condominium Association, Inc. filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 19-24437) on Oct. 28, 2019. In the petition signed by Mercedes Rodriguez, vice president, the Debtor was estimated to have $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Laurel M. Isicoff oversees the case. The Debtor tapped John Paul Arcia, P.A. as bankruptcy counsel; Florida Property Management Solutions, Inc. as property manager; and Ana M. Costales-Abiseid, CPA and Preferred Accounting Services as accountant. MASON BUILDERS: April 21 Plan Confirmation Hearing Set ------------------------------------------------------ Debtor Mason Builders, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, a Disclosure Statement on February 19, 2020, and a Plan on January 21, 2020. On Feb. 20, 2020, Judge Joseph N. Callaway conditionally approved the Disclosure Statement and established the following dates and deadlines: * April 14, 2020, is fixed as the last day for filing and serving written objections to the disclosure statement. * April 21, 2020, at 10:00 a.m. in Randy D. Doub United States Courthouse, 2nd Floor Courtroom, 150 Reade Circle, Greenville, NC 27858 is the hearing on confirmation of the plan. * April 14, 2020, is fixed as the last day for filing written acceptances or rejections of the plan. * April 14, 2020, is fixed as the last day for filing and serving written objections to confirmation of the plan. A copy of the Disclosure Statement Approval Order dated Feb. 20, 2020, is available at https://tinyurl.com/wfco3j5 from PacerMonitor at no charge. About Mason Builders Mason Builders, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 19-04869) on Oct. 21, 2019. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $100,001 and $500,000. The case is assigned to Judge Joseph N. Callaway. The Debtor tapped Travis Sasser, Esq., at Sasser Law Firm, as its legal counsel. MATTSNOW PROPERTIES: Has Until Aug. 1 to Obtain Plan Confirmation ----------------------------------------------------------------- Judge Ronald King of the U.S. Bankruptcy Court for the Western District of Texas signed an order allowing Mattsnow Properties, L.L.C. and the owners of the rental units it manages to seek and obtain confirmation of a Chapter 11 plan until Aug. 1. Mattsnow Properties has been in discussions with the unit owners on different methods in which to reorganize their bankruptcy cases. Anticipating that the cases will be substantially and procedurally consolidated, the company wanted to jointly file a plan of reorganization with the unit owners. The company believed coordinating the deadlines will assist them in their efforts to reorganize their financial affairs. About Mattsnow Properties Mattsnow Properties, LLC owns and operates three rental units and manages one rental unit owned by Mark Mattlage-Thurmand and Robert Snowden. Mattsnow Properties sought Chapter 11 protection (Bankr. W.D. Tex. Case No. 19-60649) on Aug. 31, 2019. Judge Ronald B. King oversees the case. Erin B. Shank, P.C., is the Debtor's legal counsel. MBLA LLC: Seeks to Hire ISOE Commercial as Mortgage Broker ---------------------------------------------------------- MBLA, LLC, filed an amended application seeking approval from the U.S. Bankruptcy Court for the District of Connecticut to hire a mortgage broker. The Debtor-in-Possession desires to employ ISOE Commercial Capital, LLC to assist the Debtor in obtaining and executing a commercial mortgage. ISOE Commercial will charge its usual and customary rate of compensation, which is 1 percent of the total loan amount. ISOE Commercial is a disinterested party as defined in Section 101(14) of the Bankruptcy Code, according to court filings. The broker can be reached through: Ian Williams ISOE Commercial Capital, LLC 4133 Whitney Ave. Hamden, CT 06518 Phone: (203) 281-4000 About MBLA LLC MBLA, LLC, is a privately held company engaged in activities related to real estate. MBLA sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 19-31985) on Dec. 2, 2019. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Ann M. Nevins oversees the case. The Debtor is represented by The Law Offices of Neil Crane, LLC. MC CLOUD TRUCKING: To Seek Plan Confirmation April 21 ----------------------------------------------------- Judge Joseph N. Callaway has ordered that the disclosure statement filed by Mc Cloud Trucking, LLC, is conditionally approved. April 8, 2020 is fixed as the last day for filing and serving written objections to the disclosure statement. The hearing on confirmation of the plan will be on Tuesday, April 21, 2020 at 11:00 a.m. in Randy D. Doub United States Courthouse, 2nd Floor Courtroom, 150 Reade Circle, Greenville, NC 27858 April 8, 2020, is fixed as the last day for filing written acceptances or rejections of the plan. April 8, 2020, is fixed as the last day for filing and serving written objections to confirmation of the plan. On or before March 2, 2020 , the plan proponent must transmit the disclosure statement and the plan, this order, and official form 14 (ballot for accepting and rejecting the plan), to all creditors. About Mc Cloud Trucking Mc Cloud Trucking, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 19-05436) on Nov. 25, 2019. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. The case is assigned to Judge Joseph N. Callaway. The Debtor is represented by Jonathan E. Friesen, Esq., at Gillespie & Murphy, P.A. MC CLOUD TRUCKING: Unsecureds Owed $58.6K to Get $5K in Plan ------------------------------------------------------------ Mc Cloud Trucking, LLC, filed a Plan of Reorganization and a Disclosure Statement. The Plan contemplates a reorganization of debts and continuation of the Debtor's business. In accordance with the Plan, the Debtor intends to satisfy certain creditor claims from income earned through continued operations. The Plan is based on the Debtor's belief that the interests of its creditors will be best served if it is allowed to reorganize its debts as described herein. The Debtor's liabilities will be paid according to the priorities of the Bankruptcy Code and the Orders of this Court Class 7 General Unsecured Claims totaling $58,561 are impaired. The Debtor proposes to pay the allowed general unsecured creditors the sum of $5,000 in five equal annual payments with interest at the rate of 2 percent per annum. Annual payments will commence on the earlier of January 15th, April 15th, July 15th, or October 15th following the Effective Date and will continue annually thereafter. All payments to the class will be distributed pro rata. For feasibility purposes, the Debtor estimates that its annual payments will be in the amount of $1,211. A full-text copy of the Disclosure Statement dated Feb. 24, 2020, is available at https://tinyurl.com/t7cxhpk from PacerMonitor.com at no charge. Counsel for the Debtor: Jonathan E. Friesen Gillespie & Murphy, P.A. PO Drawer 888 New Bern, NC 28563 Tel: (252) 636-2225 Fax: (252) 636-0625 E-mail: jef@gillespieandmurphy.com About McCloud Trucking Mc Cloud Trucking, LLC, is a North Carolina limited liability company that was formed in May, 2015. It is engaged in the business of interstate trucking and owns and operates five tractor trailers. Mc Cloud Trucking sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 19-05436) on Nov. 25, 2019. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. The case is assigned to Judge Joseph N. Callaway. The Debtor is represented by Jonathan E. Friesen, Esq., at Gillespie & Murphy, P.A. MCCLATCHY CO: Cullen, Russell Represent Utility Companies --------------------------------------------------------- Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, the law firms of Cullen and Dykman LLP and Law Firm of Russell R. Johnson III submitted a verified statement that they are representing West Penn Power Company, Florida Power & Light Company and Evergy, Inc. in the Chapter 11 cases of The McClatchy Company, et al. The names and addresses of the Utilities represented by the Firm are: a. West Penn Power Company Attn: Kathy M. Hofacre FirstEnergy Corp. 76 S.Main St., A-GO-15 Akron, OH 44308 b. Florida Power & Light Company Attn: Joseph Ianno, Esq. Law Department 700 Universe Blvd. Juno Beach, FL 33408 c. Evergy, Inc. Attn: Katie Lee, Esq. 1200 Main Street Kansas City, MO 64105 The nature and the amount of claims (interests) of the Utilities, and the times of acquisition thereof are as follows: a. The following Utilities have unsecured claims against the above-referenced Debtors arising from prepetition utility usage: West Penn Power Company, Florida Power & Light Company, Every, Inc. b. Florida Power & Light Company held a prepetition deposit that partially secured prepetition debt. c. For more information regarding the claims and interests of the Utilities in these jointly-administered cases, refer to the Objection of Certain Utility Companies to Debtors' Motion for Entry of Interim and Final Orders (I) Approving Debtors' Proposed Form of Adequate Assurance of Payment; (II) Establishing Procedures for Resolving Objections by Utility Companies; and (III) Prohibiting Utility Companies From Altering, Refusing, or Discontinuing Service (Docket No. 126) filed in the above-captioned, jointly-administered, bankruptcy cases. The Law Firm of Russell R. Johnson III, PLC was retained to represent the foregoing Utilities in February 2020. The circumstances and terms and conditions of employment of the Firm by the Companies is protected by the attorney-client privilege and attorney work product doctrine. Co-counsel for West Penn Power Company, Florida Power & Light Company and Evergy, Inc. can be reached at: CULLEN AND DYKMAN LLP Thomas R. Slome, Esq. Michael Kwiatkowski, Esq. 100 Quentin Roosevelt Boulevard Garden City, NY 11530 Telephone: (516)296-9165 Facsimile: (516)357-3792 E-mail: tslome@cullenanddykman.com mkwiatkowski@cullenanddykman.com - and - LAW FIRM OF RUSSELL R. JOHNSON III, PLC Russell R. Johnson III, Esq. John M. Craig, Esq. 2258 Wheatlands Drive Manakin-Sabot, VA 23103 Telephone: (804)749-8861 Facsimile: (804)749-8862 E-mail: russell@russelljohnsonlawfirm.com john@russelljohnsonlawfirm.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/uU4oHh About McClatchy Co. The McClatchy Co. -- https://www.mcclatchy.com/ -- operates 30 media companies in 14 states, providing each of its communities local journalism in the public interest and advertising services in a wide array of digital and print formats. McClatchy publishes iconic local brands including the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News & Observer, and the Fort Worth Star-Telegram. McClatchy is headquartered in Sacramento, Calif., and listed on the New York Stock Exchange American under the symbol MNI. On Feb. 13, 2020, The McClatchy Company and 53 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-10418) with a Plan of Reorganization that will cut $700 million of funded debt in half. McClatchy was estimated to have $500 million to $1 billion in assets and debt of at least $1 billion as of the bankruptcy filing. The cases are pending before the Honorable Michael E. Wiles. The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as general bankruptcy counsel; Togut, Segal & Segal LLP as co-bankruptcy counsel with Skadden; Groom Law Group as special counsel; FTI Consulting, Inc. as financial advisor; and Evercore Inc. as investment banker. Kurtzman Carson Consultants LLC is the claims agent. MEDCARE PEDIATRIC: Seeks to Hire Wauson & Probus as Legal Counsel ----------------------------------------------------------------- MedCare Pediatric Group, LP, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Wauson & Probus as its legal counsel. The firm will provide these services in connection with the Chapter 11 cases filed by MedCare Pediatric and its subsidiaries: (a) advise the Debtors regarding their continued operation and management of cash and property; (b) prepare schedules, statements of financial affairs, and related initial pleadings; (c) represent the Debtors at the initial interview with the U.S. trustee and at the first meeting of creditors; (d) represent the Debtors in matters related to post-petition administrative matters or matters involving their assets, liabilities and financial affairs; (e) representation the Debtors in adversary proceedings; (f) participate in negotiations for post-petition administrative financing and file pleadings to obtain court approval for such financing; (g) participate in negotiations for the Debtors' use of cash collateral and file pleadings to obtain court approval for such use of cash collateral; (h) represent the Debtors in negotiations for the assumption or rejection of any unexpired leases of nonresidential real property or executory contracts; (i) prepare a disclosure statement and plan of reorganization; (j) file objections to proofs of claim; (k) represent the Debtors with respect to consummation of the plan and other post-petition matters necessary to the implementation of the plan; (l) represent the Debtors in related matters. Wauson & Probus will be paid at these rates: Attorneys --------- Matthew Probus $450 per hour John Wesley Wauson $450 per hour Anabel King $250 per hour Paraprofessionals ----------------- Sharon Dianiska $100 per hour Oralia Martinez $100 per hour The firm received a retainer in the amount of $40,000. Wauson & Probus and its professionals are "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Matthew B. Probus, Esq. Wauson & Probus One Sugar Creek Center Blvd., Suite 880 Sugar Land, Texas 77478 Phone: (281) 242-0303 Fax: (281) 242-0306 E-mail: MBProbus@w-plaw.com About MedCare Pediatric Group MedCare Pediatric Group, LP and its subsidiaries provide a variety of pediatric services to families. MedCare Pediatric Group is the parent entity that provides administrative and executive services such as IT, human resources and finance for each of the MedCare entities. On March 1, 2020, MedCare Pediatric Group and subsidiaries sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 20-31417). At the time of the filing, MedCare Pediatric Group had estimated assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million. Judge Jeffrey P. Norman oversees the cases. Wauson & Probus is the Debtors' legal counsel. MELINTA THERAPEUTICS: Selling Substantially All Assets ------------------------------------------------------ Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware authorized the bidding procedures proposed by Melinta Therapeutics, Inc. and affiliates in connection with the auction sale of all or substantially all assets. The salient terms of the Bidding Procedures are: a. Bid Deadline: March 2, 2020 at 4:00 p.m. (ET) b. Minimum Bid: A Bid must propose a minimum purchase price, including any assumption of ordinary-course liabilities (to the extent readily quantifiable) and any cure costs the Potential Bidder proposes to pay has a value greater than the sum of: (i) (A) $140 million (representing the aggregate amount of Prepetition Credit Agreement Claims (and Expense Reimbursement, as applicable) to be satisfied pursuant to the Plan in connection with the Supporting Lender Transaction) less (B) the amount of unacquired cash-on-hand on the expected closing date of the Transaction contemplated by such Bid, plus (ii) either (A) in the case of a Bid structured as a Plan Sale or a Bid structured as a Section 363 Asset Sale of all of the Assets or the Hospital-Only Assets, $1 million, or (B) in the case of any other partial Bid for one or more Individual Drug Assets, $500,000, plus (iii) any incremental costs or cost savings, as the case may be, associated with closing the Transaction contemplated in such Bid as compared to the Supporting Lender Transaction (including incremental costs or cost savings, as the case may be, related to professional fees and time required to close such Transaction) (it being understood that if it would be less costly to close such Transaction than the Supporting Lender Transaction, then the amount contemplated by this clause (iii) will be a negative number) c. Deposit: 10% of cash consideration of the Purchase Price d. Auction: The auction will be held on March 6, 2020, at 9:00 a.m. (ET)at the offices of counsel to the Debtors: Skadden, Arps, Meagher & Flom, One Manhattan West, New York, New York, 10001, or such other place and time as the Debtors will notify all Competing Bidders and any official committee appointed in their chapter 11 cases and their counsel. e. Bid Increments: $500,000 f. RSA/Sale Hearing: March 13, 2020 at 9:30 a.m. (ET) g. Sale Objection Deadline: March 10, 2020 at 4:00 p.m. (ET) h. The sale is "as is, with all faults, and without any warranty whatsoever, express or implied." The Assets are being sold free and clear of any and all liens, claims, interests, restrictions, charges, and encumbrances of any kind or nature, with such liens, claims, interests, restrictions, charges, and encumbrances to attach to the net proceeds of the sale. The Debtors and their professionals will direct and preside over the Auction, and the Auction will be transcribed. Other than as expressly set forth in the Order or the Bidding Procedures, the Debtors may conduct the Auction in the manner they reasonably determine will result in the highest or otherwise best Qualified Bid. In recognition of the considerable time, energy, and resources that the Supporting Lenders have expended in connection with the Supporting Lender Transaction, if the Supporting Lenders are not the Successful Bidder (or if the Debtors consummate any Plan or sale of all or substantially all of the Debtors' Assets other than the Supporting Lender Transaction), the Supporting Lenders will be entitled to reimbursement of their reasonable and actual fees and expenses incurred in connection with the Supporting Lender Transaction, up to $2 million. The Assumption Procedures are approved. They will govern the assumption or assumption and assignment of all of the Debtors' Designated Contracts, subject to the payment of the Cure Amount. The Assumption and Assignment Service Deadline is Feb. 13, 2020. The Cure Objection Deadline is 4:00 p.m. (ET) on the 14th day after service of the Contract Assumption Notice. Notwithstanding Bankruptcy Rule 6004(h), the Order will be effective and enforceable immediately upon its entry. A copy of the Bidding Procedures is available at https://tinyurl.com/ub7nqtx from PacerMonitor.com free of charge. About Melinta Therapeutics Melinta Therapeutics, Inc. (NASDAQ: MLNT) -- http://www.melinta.com/-- is the largest pure-play antibiotics company, dedicated to saving lives threatened by the global public health crisis of bacterial infections through the development and commercialization of novel antibiotics that provide new therapeutic solutions. Its four marketed products include Baxdela (delafloxacin), Vabomere (meropenem and vaborbactam), Orbactiv (oritavancin), and Minocin (minocycline) for Injection. This portfolio provides Melinta with the unique ability to provide providers and patients with a range of solutions that can meet the tremendous need for novel antibiotics treating serious infections. Melinta Therapeutics, Inc., and its subsidiaries sought Chapter 11 protection (D. Del. Lead Case No. 19-12748) on Dec. 27, 2019, after reaching a deal with lenders on a Chapter 11 plan that would convert debt to equity. Melinta Therapeutics disclosed $228,491,000 in assets and $289,022,000 in liabilities as of Sept. 30, 2019. The Hon. Laurie Selber Silverstein is the presiding judge. Melinta tapped Skadden, Arps, Slate, Meagher & Flom LLP as bankruptcy counsel. Cole Scholtz LLP is co-counsel. Jefferies, LLC, is the investment banker; and Portage Point Partners, LLC, is the financial advisor. Kurtzman Carson Consultants LLC is the claims agent, maintaining the page http://www.kccllc.net/melinta The Supporting Lenders are advised by Sullivan & Cromwell LLP, Houlihan Lokey and Landis Rath & Cobb LLP. MUSEUM OF AMERICAN JEWISH: Taps Dilworth Paxson as Legal Counsel ---------------------------------------------------------------- The Museum of American Jewish History seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Dilworth Paxson LLP as its legal counsel. The firm will provide services in connection with the Debtor's Chapter 11 case, which include legal advice regarding its powers and duties under the Bankruptcy Code; representation in matters involving contests with creditors; and the preparation and implementation of a reorganization plan. The firm will be paid at these rates: Lawrence McMichael Attorney $975 per hour Peter Hughes Attorney $680 per hour Yonit Caplow Attorney $375 per hour Christine Chapman-Tomlin Paralegal $235 per hour Dilworth received the sum of $54,335 from the Debtor within the 90 days prior to its bankruptcy filing in connection with the preparation of its case. The firm can be reached through: Lawrence G. McMichael, Esq. Dilworth Paxson LLP 1500 Market Street, Suite 3500E Philadelphia, PA 19102 Tel: 215-575-7000 Email: lmcmichael@dilworthlaw.com About Museum of American Jewish History The 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 housed in the 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. Judge Magdeline D. Coleman oversees the case. The Debtor tapped Dilworth Paxson, LLP as its legal counsel and Donlin, Recano & Company, Inc. as its claims agent. MUSEUM OF AMERICAN JEWISH: Taps Donlin Recano as Claims Agent ------------------------------------------------------------- The Museum of American Jewish History received approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Donlin, Recano & Company, Inc. as its claims and noticing agent. The firm will oversee the distribution of notices and the maintenance, processing and docketing of proofs of claim filed in the Debtor's Chapter 11 case. The firm's hourly rates for professional services are: Executive Management No charge Senior Bankruptcy Consultant $140 - $160 Case Manager $60 - $140 Technology/Programming Consultant $60 - $70 Consultant/Analyst $70 – $90 Clerical $35 The retainer fee is $10,000. Nellwyn Voorhies, executive director of Donlin, disclosed in court filings that the firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Nellwyn Voorhies Donlin, Recano & Company, Inc. 6201 15th Avenue, Brooklyn, NY 11219 Phone: 212.481.1411 About Museum of American Jewish History The 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 housed in the 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. Judge Magdeline D. Coleman oversees the case. The Debtor tapped Dilworth Paxson, LLP as its legal counsel and Donlin, Recano & Company, Inc. as its claims agent. NATIONAL QUARRY: Creditors Committee Disclose Claims ---------------------------------------------------- In the Chapter 11 cases of National Quarry Services, Inc., the law firm of Smith Debnam Narron Drake Saintsing & Myers, LLP, submitted a verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose that it is representing Signature Financial, LLC and United Leasing, Inc. Smith Debnam Narron Drake Saintsing & Myers, LLP is a limited liability partnership located in Raleigh, North Carolina. Smith Debnam Narron Drake Saintsing & Myers, LLP is a counsel for the creditors whose names, addresses, the nature and amounts of whose claims and the time of acquisitions therefore, except as to claims alleged to have been acquired more than one year prior to the filing of said petition are as follows: Signature Financial, LLC C/o Byron L. Saintsing Smith Debnam Narron Drake Saintsing & Myers, LLP 4601 Six Forks Road, Suite 400 Raleigh, NC 27609 * Nature of Claim: Creditor holds Acceptance Certificate No. 436301-01 and Master Lease Agreement 4363 which was originally entered into by Debtor with Vision Financial Group, Inc. on August 29, 2016 and assigned to Signature Financial, LLC on November 1, 2016 * Principal Amount of Claim: $294,312.72 * Time of Acquisition: November 1, 2016 United Leasing, Inc. C/o John M. Sperati C/o Byron L. Saintsing Smith Debnam Narron Drake Saintsing & Myers, LLP 4601 Six Forks Road, Suite 400 Raleigh, NC 27609 * Nature of Claim: Beginning in 2016 and continuing through 2019, Creditor leased eleven trucks and/or pieces of equipment to NQS Equipment Leasing Company and financed NQS Leasing Company's purchased of one Furukawa Rock Drill Serial Number: 1454449 * Principal Amount of Claim: $998,169.42 * Time of Acquisition: N/A The following are the facts and circumstances in connection with this firm's employment by the companies named in the foregoing paragraph: This firm was retained by Signature Financial, LLC to represent its interests in this case related to Debtor's Acceptance Certificate No. 436301-01 and Master Lease Agreement No. 4363 for which Signature Financial, LLC has not been paid. This firm was retained by United Leasing, Inc. to represent its interests in this case related to Leases 0162210019, 0162210020, 0162210021, 0162210022, 0162210023, 0162210024, 0162210025, 0162210026, 0162210028, 0162210029, 0162210030, 0162210031 and Equipment Finance Agreement 0162210027. This firm does not own, nor has it ever owned, any claim whatsoever against the Debtor in this case nor any equity securities of the Debtor. Counsel for Signature Financial, LLC can be reached at: SMITH DEBNAM NARRON DRAKE SAINTSING & MYERS, LLP Byron L. Saintsing, Esq. PO Box 176010 Raleigh, NC 27619-6010 Telephone: 919-250-2000 E-mail: bsaintsing@smithdebnamlaw.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/QkTt8F About National Quarry Services and National Quarry Services National Quarry Services, Inc. -- https://nationalquarryservice.com/ -- is a full-service rock drilling and blasting company. National Quarry Services and its affiliate NQS Equipment Leasing Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. N.C. Lead Case No. 20-50070) on Jan. 23, 2020. At the time of the filing, the Debtors each had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Judge Benjamin A. Kahn oversees the cases. The Debtors tapped James C. Lanik, Esq., at Waldrep, LLP, as their legal counsel. NORPAC FOODS: Has Until April 15 to File Joint Plan & Disclosure ---------------------------------------------------------------- On Feb. 12, 2020, the U.S. Bankruptcy Court for the District of Oregon held a hearing for debtors NORPAC Foods, Inc., Hermiston Foods, LLC, and Quincy Foods, LLC. On Feb. 20, 2020, Judge Peter C. McKittrick ordered that the Debtors and the Committee for Unsecured Creditors shall file their Joint Plan of Liquidation and related Disclosure Statement no later than April 15, 2020. A copy of the order dated February 20, 2020, is available at https://tinyurl.com/wogunqn from PacerMonitor at no charge. The Debtors are represented by: TONKON TORP LLP Albert N. Kennedy Timothy J. Conway Michael W. Fletcher Ava L. Schoen 888 S.W. Fifth Avenue, Suite 1600 Portland, OR 97204-2099 Telephone: 503-221-1440 Facsimile: 503-274-8779 E-mail: al.kennedy@tonkon.com tim.conway@tonkon.com michael.fletcher@tonkon.com ava.schoen@tonkon.com About NORPAC Foods Founded in 1924 and headquartered in Salem, Ore., NORPAC Foods, Inc. (www.norpac.com), a farmer-owned cooperative, along with its wholly-owned subsidiaries Hermiston Foods, LLC and Quincy Foods, LLC is an independent, standalone processor of organic and conventional frozen vegetables and fruits in the Pacific Northwest. NORPAC is a cooperative owned by more than 140 members. Quincy and Hermiston are single-member limited liability companies whose sole member is NORPAC. The Debtors own and operate raw processing plants in Brooks and Stayton, Ore., a packaging plant in Salem, Ore., and a raw processing, packaging, and roasting facility in Quincy, Wash. The Debtors have more than 1,125 full-time employees along with up to 1,100 seasonal employees. The Debtors have a diverse supplier base built on an extensive network of more than 220 contract growers made up of family-owned farms (145 farms in Oregon and 75 farms in Washington) spanning more than 40,000 acres. NORPAC Foods, Hermiston Foods and Quincy Foods sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Lead Case No. 19-62584) on Aug. 22, 2019. At the time of the filing, NORPAC Foods disclosed assets of between $100 million and $500 million and liabilities of the same range. The other Debtors had estimated assets of between $10 million and $50 million and liabilities of between $100 million and $500 million. Judge Peter C. McKittrick oversees the cases. The Debtors tapped Tonkon Torp LLP as legal counsel; SierraConstellation Partners LLC as restructuring advisor; and Kurtzman Carson Consultants LLC as noticing agent. The Office of the U.S. Trustee appointed a committee of unsecured creditors on Aug. 30, 2019. The committee tapped Lowenstein Sandler as bankruptcy counsel; Leonard Law Group LLC as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. NORTIS INC: Seeks to Hire Smith Bunday as Accountants ----------------------------------------------------- Nortis, Inc. seeks authority from the U.S. Bankruptcy Court for the Western District of Washington to employ Smith Bunday Burman Britton, PS as its accountants. The Debtor requires Smith Bunday's accounting assistance to prepare the Debtor's 2018 tax return as well as its 2019 return and the audit that is required by a number of its government grants. Smith Bunday will charge $15,000 for the 2018 federal corporate tax return (plus additional fees, if any, for state tax return preparation and tax consulting); $19,000 for the 2019 federal corporate tax return (plus additional fees, if any, for state tax return preparation and tax consulting). None of the professionals of Smith Bunday hold an interest, and do not represent any interest, adverse to the Debtor or the estate, according to court filings. The firm can be reached through: Gerald V. Keller, II Smith Bunday Burman Britton, PS 11808 Northup Way, Suite 240 Bellevue, WA 98005 Phone: 425-827-8255 About Nortis Inc. Nortis, Inc., a company that provides scientific research and development services, filed for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 19-13529) on Sept. 25, 2019 in Seattle, Wash. In the petition signed by Thomas Neumann, president and chief executive officer, the Debtor was estimated to have between $1 million and $10 million in both assets and liabilities. The Hon. Christopher M. Alston is the presiding judge. Karr Tuttle Campbell is the Debtor's legal counsel. NOVAN INC: Armistice Capital, et al. Report 4.9% Equity Stake ------------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, Armistice Capital, LLC, Armistice Capital Master Fund, Ltd., and Steven Boyd disclosed that as of Feb. 28, 2020, they beneficially own 2,548,209 shares of common stock of Novan, Inc., which represents 4.99 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://is.gd/GxqPbb About Novan Inc. Based in Morrisville, North Carolina, Novan Inc. -- http://www.novan.com/-- is a clinical development-stage biotechnology company focused on leveraging nitric oxide's naturally occurring anti-viral, anti-bacterial, anti-fungal and immunomodulatory mechanisms of action to treat a range of diseases with significant unmet needs. Nitric oxide plays a vital role in the natural immune system response against microbial pathogens and is a critical regulator of inflammation. Novan reported a net loss and comprehensive loss of $30.64 million for the year ended Dec. 31, 2019, compared to a net loss and comprehensive loss of $12.67 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $29.09 million in total assets, $52.88 million in total liabilities, and a total stockholders' deficit of $23.79 million. BDO USA, LLP, in Raleigh, North Carolina, the Company's auditor since 2018, issued a "going concern" qualification in its report dated Feb. 24, 2020, citing that the Company has suffered recurring losses from operations and has not generated significant revenue or positive cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. ON MARINE: Asbestos Claimants Tap Campbell & Levine as Counsel -------------------------------------------------------------- The Committee of Asbestos Personal Injury Claimants of ON Marine Services Company LLC seeks permission from the U.S. Bankruptcy Court for the Western District of Pennsylvania to retain Campbell & Levine, LLC as its local counsel. The Committee anticipates that Campbell & Levine to: a. advise the Committee concerning its rights, powers and duties under Sec.1103 of the Bankruptcy Code; b. advise the Committee concerning the administration of the Debtor's Chapter 11 case; c. advise the Committee concerning any efforts by the Debtor or other parties to collect and to recover property for the benefit of the Debtor's estate; d. counsel the Committee in connection with the formulation and/or negotiation and confirmation of a plan of reorganization and related documents; e. review the nature, validity and priority of liens asserted against the property of the Debtor and advise the Committee concerning the enforceability of such liens; f. investigate, if necessary, any actions pursuant to Sec.Sec. 542-550 and 553 of the Bankruptcy Code; g. prepare on behalf of the Committee all necessary and appropriate applications, motions, notices, draft orders and other pleadings, and review all financial and other reports filed in this Chapter 11 case; h. advise the Committee concerning, and prepare responses to, applications, motions, pleadings, notices and other pleadings and papers that may be filed in this Chapter 11 case; i. advise and assist the Committee in connection with any potential dispositions of property of the Debtor's estate; j. advise the Committee concerning proposed executory contracts and unexpired lease assumptions, assignments and rejections; k. assist the Committee in claims analysis and resolution matters; l. commence and conduct any and all litigation necessary or appropriate to assert rights on behalf of the Committee, or otherwise further the goals of the Committee in this case; and m. perform all other legal services for and on behalf of the Committee that may be necessary or appropriate to assist the Committee in satisfying its duties under Sec. 1103 of the Bankruptcy Code. Campbell & Levine are compensated on an hourly basis, plus reimbursements for actual, necessary expenses that the firm incurs. Campbell & Levine does not represent any interest adverse to the Committee in the matters for which it is proposed to be employed, according to court filings. The firm can be reached through: Douglas A. Campbell, Esq. CAMPBELL & LEVINE, LLC 310 Grant Street, Suite 1700 Pittsburgh, PA 15219 Telephone: 412-261-0310 Facsimile: 412-261-5066 Email: dcampbell@camlev.com About ON Marine Services Company ON Marine Services Company is the continuation of the entity formerly known as Oglebay Norton Company, as part of which the Ferro Division operated as an unincorporated division. In 1999, Oglebay Norton Company changed its name to ON Marine Services Company and became a wholly owned subsidiary of a newly formed company known as Oglebay Norton Company, an Ohio corporation. The Ferro Division and/or ON Marine manufactured and sold refractory products for use exclusively in steelmaking. ON Marine Services Company ceased all active business operations in 2010. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D. Pa. Case No. 20-20007) on January 2, 2020. The Hon. Carlota M. Bohm oversees the case. In its petition, the Debtor estimated $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. The petition was signed by Kevin J. Whyte, senior vice president. The Debtor is represented by Paul M. Singer, Esq., at Reed Smith LLP. ON MARINE: Asbestos Claimants Taps Caplin & Drysdale as Counsel --------------------------------------------------------------- The Committee of Asbestos Personal Injury Claimants of ON Marine Services Company LLC seeks permission from the U.S. Bankruptcy Court for the Western District of Pennsylvania to retain Caplin & Drysdale, Chartered, as its counsel. The Committee requires Caplin & Drysdale to: (a) prepare on behalf of the Committee all necessary motions, applications, pleadings, memoranda, proposed orders, reports, and other legal documents; (b) assist and advise the Committee with respect to its powers and duties as a creditors' committee under the Bankruptcy Code and with respect to the proposed liquidation of the Debtor; (c) attend meetings and negotiating with representatives of the Debtor, any of its non-bankrupt affiliates or insurance carriers, and other parties in interest in the Chapter 11 Case; (d) represent the Committee before this Court and any appellate courts, and communicating with the Committee regarding the matters heard and issues raised as well as the decisions and directives of this Court and any appellate courts; (e) represent the Committee in actions to protect, preserve, and/or maximize the value of the Debtor's estate, including the prosecution of actions on behalf of the estate and negotiations concerning all litigation in which the Committee may be involved; (f) assist and advise the Committee in its examination and analysis of the Debtor's conduct and financial affairs; (g) represent the Committee in connection with any negotiation or preparation of a plan and all related documents; (h) assist the Committee in the filing with the Court, and the solicitation of acceptances or rejections, of any plan of which the Committee is a proponent; (i) review and analyze all applications, motions, orders, operating reports, schedules, and statements of financial affairs filed and to be filed with this Court by the Debtor or any interested party in this case; advising the Committee as to the necessity and propriety of the foregoing and their impact on the rights of creditors represented by the Committee and on the Chapter 11 Case generally; and after consultation with and approval of the Committee or its designee(s), consenting to appropriate orders on its behalf or otherwise objecting thereto; (j) coordinate the receipt and dissemination of information prepared by and received from the Debtor's accountants or other professionals retained by the Debtor, as well as such information as may be received from professionals engaged by the Committee or other parties, as applicable; (k) assist and advise the Committee with regard to communications to creditors represented by the Committee regarding the Committee's efforts, progress, and recommendations with respect to matters arising in the Chapter 11 Case as well as any proposed plan; and (l) performing all other necessary legal services and providing all other necessary legal advice to the Committee in connection with the Chapter 11 Case. Caplin & Drysdale's 2020 hourly rates are: Ann C. McMillan Member $880 Kevin C. Maclay Member $845 Todd E. Phillips Member $695 Kevin M. Davis Of Counsel $560 Nathaniel R. Miller Associate $395 George M. O’Connor Associate $355 Cecilia Guerrero Paralegal $340 Brigette Wolverton Paralegal $295 Members and Senior Counsel $540 - $1,470 Of Counsel $515 - $1,120 Associates $325 - $535 Paralegals $295 - $340 Caplin & Drysdale neither holds nor represents an interest adverse to the Committee with respect to the matters for which it will be employed and is a "disinterested person" under Sec. 101(14) and 328(c) of the Bankruptcy Code, according to court filings. The firm can be reached through: Ann C. McMillan, Esq. Caplin & Drysdale, Chartered One Thomas Circle NW, Suite 1100 Washington, DC 20005-5802 Tel: (202) 862-5000 Fax: (202) 429-3301 About ON Marine Services Company ON Marine Services Company is the continuation of the entity formerly known as Oglebay Norton Company, as part of which the Ferro Division operated as an unincorporated division. In 1999, Oglebay Norton Company changed its name to ON Marine Services Company and became a wholly owned subsidiary of a newly formed company known as Oglebay Norton Company, an Ohio corporation. The Ferro Division and/or ON Marine manufactured and sold refractory products for use exclusively in steelmaking. ON Marine Services Company ceased all active business operations in 2010. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D. Pa. Case No. 20-20007) on January 2, 2020. The Hon. Carlota M. Bohm oversees the case. In its petition, the Debtor estimated $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. The petition was signed by Kevin J. Whyte, senior vice president. The Debtor is represented by Paul M. Singer, Esq., at Reed Smith LLP. OWENS & MINOR: Gwendolyn Bingham Elected to Board of Directors -------------------------------------------------------------- Owens & Minor, Inc., has appointed Lieutenant General Gwendolyn (Gwen) Bingham to its Board of Directors, effective March 5, 2020. A retired 3-star US Army Lieutenant General, Lieutenant General Bingham, 60, brings a broad range of executive experience in strategic leadership and planning as well as talent and resource management. Most recently, she served as Department of the Army Assistant Chief of Staff for Installation Management, where she provided policy, programs, and resourcing expertise for installation infrastructure and services for 156 Army installations worldwide. "Gwen's impressive expertise will be an outstanding addition to our board," said Bob Sledd, Owens & Minor Chairman of the Board. "With her many years of strategic leadership, particularly in logistics and talent management, she will provide essential guidance for Owens & Minor's continued growth and success." Previously, Lieutenant General Bingham served in multiple military leadership positions in both the Continental United States and overseas. She is the recipient of the 2018 Ellis Island Medal of Honor and the 2018 Women in Defense Service to the Flag award. "Gwen's excellent approach to transformational leadership will play a key role in ensuring we continue to reach new heights of service," said Owens & Minor President and CEO Ed Pesicka. "I look forward to working together to empower our customers to advance healthcare." About Owens & Minor Headquartered in Mechanicsville, Virginia, Owens & Minor, Inc. -- http://www.owens-minor.com/-- is a global healthcare solutions company with integrated technologies, products, and services aligned to deliver significant and sustained value for healthcare providers and manufacturers across the continuum of care. Owens & Minor helps to reduce total costs across the supply chain by optimizing episode and point-of-care performance, freeing up capital and clinical resources, and managing contracts to optimize financial performance. Owens & Minor was founded in 1882 in Richmond, Virginia, where it remains headquartered today. Owens & Minor reported a net loss of $62.37 million for the year ended Dec. 31, 2019, compared to a net loss of $437.01 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $3.64 billion in total assets, $3.18 billion in total liabilities, and $462.15 million in total equity. * * * As reported by the TCR on May 16, 2019, Fitch Ratings downgraded Owens & Minor, Inc.'s Long-Term Issuer Default Rating to 'CCC+' from 'B-'. Fitch said the rating downgrade reflects the rising level of uncertainty surrounding customer retention levels and revenue stability, the cash conversion cycle and the increasing dependence on the company's revolving credit facility for liquidity. OWENS & MINOR: Incurs $62.4 Million Net Loss in 2019 ---------------------------------------------------- Owens & Minor, Inc., filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $62.37 million on $9.21 billion of net revenue for the year ended Dec. 31, 2019, compared to a net loss of $437.01 million on $9.41 billion of net revenue for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $3.64 billion in total assets, $3.18 billion in total liabilities, and $462.15 million in total equity. "I am very pleased that we were able to sustain sequential improvement in adjusted operating income and adjusted earnings per share while also continuing to generate positive cash flow and reduce debt. Looking back at 2019, I am proud that we changed our culture, significantly improved customer service, built a great leadership team, and drove operating efficiencies, enabling us to establish a strong foundation for the future," said Edward A. Pesicka, president & chief executive officer of Owens & Minor. "In addition to the strong foundation we have built in 2019, we've already taken action in 2020 to provide financial flexibility through the pending sale of Movianto and our improved debt profile. This further enables us to reinvest and focus on our core businesses - distribution, products, and services. We believe these investments will continue to drive long-term profitable growth generating consistent annual double-digit earnings growth beyond 2020." 2019 Results * Adjusted operating income and adjusted net income per share improved sequentially in every quarter throughout 2019 as a result of operational effectiveness, seasonality, and revenue mix. * Year-over-year adjusted operating income and adjusted net income per share improved for both the fourth quarter and second half of 2019. * The revenue changes were driven by lower Medical Distribution sales, partially offset by increased sales from Global Products and certain business lines within Global Solutions. * Operating results reflect adjusted operating margin expansion from operating efficiencies and improved sales mix, partially offset by investments to support business growth and Fusion. * The Company generated $27 million of operating cash flow in the fourth quarter and a total of $166 million for the year including $227 million generated in the last three quarters of the year. * Total debt was reduced by $41 million in the fourth quarter and by $117 million for the full year. Combined debt reduction for the second through fourth quarter of 2019 was $171 million. * Interest expense increased $27.1 million for the full year compared to prior year. Recent Highlights * On Jan. 16, 2020, the Company announced the pending sale of its European logistics business, Movianto, to EHDH Holding Group, a privately held French company and the transaction, which is subject to certain customary approvals and conditions to close, is expected to close in the first half of 2020. * On Feb. 18, 2020, the Company announced it amended its credit agreement providing enhanced financial flexibility. * On Feb. 19, 2020, the Company closed an expanded accounts receivable securitization facility in the amount of $325 million allowing it to reduce interest costs. * The Company continued to achieve historically strong customer service levels. * Andrew G. Long was named executive vice president & chief financial officer effective Nov. 11, 2019. * Michael C. Riordan, former co-chief executive officer and director of Prisma Health, was elected to the Company's Board of Directors in December of 2019. * Gwendolyn M. Bingham, retired U.S. Army Lieutenant General, was elected to the Company's Board of Directors effective March 5, 2020. Financial Outlook The Company's outlook reflects reinvestment in the core businesses, lost income associated with the pending divestiture of Movianto, the impact of recent financing activity, and customer non-renewals in the first three quarters of 2019, partially offset by further operating efficiencies and continued strong performance in its non-Medical Distribution businesses. The Company believes that the aforementioned investments will position it to generate sustained annual double-digit earnings growth beyond 2020. Adjusted net income for 2020 is expected to be in a range of $0.50 to $0.601 per share. A full-text copy of the Form 10-K is available for free at the SEC's website at: https://is.gd/QmWU3O About Owens & Minor Headquartered in Mechanicsville, Virginia, Owens & Minor, Inc. -- http://www.owens-minor.com-- is a global healthcare solutions company with integrated technologies, products, and services aligned to deliver significant and sustained value for healthcare providers and manufacturers across the continuum of care. Owens & Minor helps to reduce total costs across the supply chain by optimizing episode and point-of-care performance, freeing up capital and clinical resources, and managing contracts to optimize financial performance. Owens & Minor was founded in 1882 in Richmond, Virginia, where it remains headquartered today. * * * As reported by the TCR on May 16, 2019, Fitch Ratings downgraded Owens & Minor, Inc.'s Long-Term Issuer Default Rating to 'CCC+' from 'B-'. Fitch said the rating downgrade reflects the rising level of uncertainty surrounding customer retention levels and revenue stability, the cash conversion cycle and the increasing dependence on the company's revolving credit facility for liquidity. PARK AVENUE PIZZA: Seeks to Hire Cushner & Associates as Counsel ---------------------------------------------------------------- Park Avenue Pizza Palace, Inc. seeks authority from the US Bankruptcy Court for the Southern District of New York to hire Cushner & Associates, P.C., as its bankruptcy counsel. Park Avenue Pizza requires Cushner & Associates to: a. advise the Debtor concerning the conduct of the administration of the bankruptcy case; b. prepare all necessary applications and motions as required under the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and Local Bankruptcy Rules; c. prepare a disclosure statement and plan of reorganization; and d. perform all other legal services that are necessary to the administration of the case. Cushner & Associates will be paid at these hourly rates: Todd S. Cushner, Esq., Owner/Senior Attorney $500 James J. Rufo, Esq., Associate Attorney $400 Charles A. Higgs, Esq., Of Counsel $400 Paralegals $200 Cushner & Associates received $16,717 from the Debtor in connection with the commencement of the Chapter 11 bankruptcy with $15,000 being applied to attorneys' fees and $1,717 being disbursed for the chapter 11 filing fee. Cushner & Associates will also be reimbursed for reasonable out-of-pocket expenses incurred. Todd S. Cushner, a partner at Cushner & Associates, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. The firm can be reached through: Todd S. Cushner, Esq. James J. Rufo, Esq. Cushner & Associates, P.C. 399 Knollwood Road, Suite 205 White Plains, NY 10603 Phone: (914) 600-5502 Fax: (914) 600-5544 Email: todd@cushnerlegal.com jrufo@cushnerlegal.com About Park Avenue Pizza Palace, Inc. Park Avenue Pizza Palace, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-10497) on Feb. 17, 2020, listing under $1 million in both assets and liabilities. Todd S. Cushner, Esq. at CUSHNER & ASSOCIATES, P.C., is the Debtor's counsel. PG&E CORP: Tort Claimants Hires a Claims Administrator ------------------------------------------------------ The Official Committee of Tort Claimants of PG&E Corporation, and its debtor-affiliates, seeks authority from the U.S. Bankruptcy Court for the Northern District of California to retain a claims administrator of the claims resolution trust nunc pro tunc to Jan. 13, 2020. Cathy Yanni, the proposed claims administrator, will independently evaluate issues of concern to the establishment of the claims resolution process and receive input from The Official Committee of Tort Claimants and Professionals for this purpose, as she deems necessary and appropriate in her judgment. It is anticipated that Ms. Yanni will retain professionals to assist her in her role as claims administrator, including seeking to retain such professionals prior to the effective date of the Plan or the establishment of the Trust. Ms. Yanni will be compensated at $1,250 per hour. Ms. Yanni assures the court that she is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. Ms. Yanni can be reached at: Two Embarcadero Center, Suite 1500 San Francisco, CA 94111 Tel: 415-774-2635 Fax: 415-982-5287 Email: denglish@jamsadr.com About PG&E Corporation PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. PG&E Corp. and Pacific Gas employ approximately 24,000 regular employees, approximately 20 of whom are employed by PG&E Corp. Of Pacific Gas' regular employees, approximately 15,000 are covered by collective bargaining agreements with local chapters of three labor unions: (i) the International Brotherhood of Electrical Workers; (ii) the Engineers and Scientists of California; and (iii) the Service Employees International Union. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, said they are facing extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility said it faces an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are serving as PG&E's legal counsel, Lazard is serving as its investment banker and AlixPartners, LLP is serving as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. In order to help support the Company through the reorganization process, PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and their colleagues at AlixPartners will continue to assist PG&E with the reorganization process and related activities. Morrison & Foerster LLP, as special regulatory counsel. Munger Tolles & Olson LLP, as special counsel. The Office of the U.S. Trustee appointed an official committee of creditors on Feb. 12, 2019. The Committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. PICK-YOUR-OWN: Judge Extends Exclusivity Period to March 31 ----------------------------------------------------------- Judge Paul Warren of the U.S. Bankruptcy Court for the Western District of New York extended to March 31 the exclusivity period for Pick-Your-Own, Inc. to file a Chapter 11 plan. About Pick-Your-Own Inc. Pick-Your-Own, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 19-20821) on Aug. 20, 2019. At the time of the filing, the Debtor disclosed assets of between $500,001 and $1 million and liabilities of the same range. Judge Paul R. Warren oversees the case. Silver & Feldman is the Debtor's legal counsel. PLECTICA LLC: Case Summary & 5 Unsecured Creditors -------------------------------------------------- Debtor: Plectica LLC f/k/a Systems Thinking Institute LLC 25 Broadway, 9th Floor New York, NY 10004 Business Description: Plectica LLC is a software publisher based in New York. Chapter 11 Petition Date: March 6, 2020 Court: United States Bankruptcy Court Southern District of New York Case No.: 20-10701 Debtor's Counsel: Robert L. Rattet, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue 34th Floor New York, NY 10158 Tel: 212-557-7200 E-mail: rlr@dhclegal.com Total Assets: $1,440,508 Total Liabilities: $3,945,492 The petition was signed by Adam Riggs, managing member. A copy of the petition containing, among other items, a list of the Debtor's five unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/vgUSGk PONCE REAL ESTATE: Hearing on Disclosures Moved to June 11 ---------------------------------------------------------- Judge Edward A. Godoy has ordered that the motion filed by PONCE REAL ESTATE CORP, the debtor in the case, requesting continuance of the hearing on the approval of the Disclosure Statement set for February 27, 2020 is granted. The same is rescheduled for June 11, 2020 at 9:30 AM at the United States Bankruptcy Court, Southwestern Divisional Office, MCS Building, Second Floor, 880 Tito Castro Avenue, Ponce, Puerto Rico. About Ponce Real Estate Corp. Ponce Real Estate Corp. as registered in the Department of State of Puerto Rico on February 11, 1955, under registry number 4514, as a domestic for-profit-corporation, operating the business of owning to lease real estate properties for commercial and/or residential purposes. Its principal place of business is located at 49 Mendez Vigo Street, Ponce, Puerto Rico 00730, which is property of PRE. Mr. Francisco I. Vilarino Rodriguez a/k/a Frank Vilarino is the sole owner and president. Ponce Real Estate Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-06805) on Nov. 24, 2018. At the time of the filing, the Debtor was estimated to have assets of $1 million to $10 million and liabilities of the same range. The Debtor tapped EMG Despacho Legal, CRL as its legal counsel, and Tamarez CPA, LLC as its accountant. PR PLUMBING: Seeks to Hire Goldberg Weprin as Counsel ----------------------------------------------------- PR Plumbing & Heating Inc. seeks authority from the U.S. Bankruptcy Court for the Eastern District of New York to employ Goldberg Weprin Finkel Goldstein LLP, as counsel to the Debtor. PR Plumbing requires Goldberg Weprin to: a. provide the Debtors with necessary legal advice in connection with the operation and rehabilitation of their business during the Chapter 11 cases, and their responsibilities and duties as debtors-in-possession; b. represent the Debtors in all proceedings before the Bankruptcy court and the U.S. Trustee; c. review and prepare all necessary legal papers, petitions, orders, applications, motions, reports and plan documents on the Debtor's behalf; d. represent the Debtors in all litigation involving the landlord and lender; and e. perform all other legal services for the Debtors which may be necessary to obtain a successful conclusion of the Chapter 11 cases. The firm's current billing rates for bankruptcy and real estate matters are $575 per hour for partner time, between $275 to $425 for associate time, and between $85 to $120 for paraprofessionals. Goldberg Weprin will also be reimbursed for reasonable out-of-pocket expenses incurred. Kevin J. Nash, a partner at Goldberg Weprin, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Goldberg Weprin can be reached at: Kevin J. Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 1501 Broadway New York, NY 10036 Tel: (212) 221-57000 E-mail: knash@gwfglaw.com About PR Plumbing & Heating Inc. PR Plumbing & Heating Inc. filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-46364) on Oct. 23, 2019, listing under $1 million in both assets and liabilities. J. Ted Donovan, Esq. at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP represents the Debtor as counsel. PREMIER LEARNING: Unsec. Creditors to Have 50% Recovery Under Plan ------------------------------------------------------------------ Debtor Premier Learning Academy, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, a Plan of Reorganization and a Disclosure Statement on Feb. 20, 2020. Class 4 General Unsecured Claims are impaired. The Class 2 claim of BMO Harris in the amount of $271,133.10 is being treated as a Class 4 claim for Plan purposes. Under the Plan, the Debtor will pay a pro rata share of $1,800 per month to the creditors holding allowed Class 4 claims beginning on 20th calendar day of the first calendar month following the Effective Date of the Plan and on the like day of each month until each Class 4 claimant holding an allowed claim will receive 50 percent of its respective allowed claim amount in full satisfaction of their allowed claims. Class 5 General unsecured convenience claims, each less than or equal to $1,000 will receive 50 percent of each such claimant's allowed claim following the Effective Date of the Plan in full satisfaction of their allowed claims. The Internal Revenue Service asserts a $400.00 non-priority general unsecured claim. Husband and wife Herschel and Elise Tolson each own 50% of the membership interests in the Debtor. On the first day of the first month following the effective date of the Plan, Herschel and Elise Tolson will jointly pay $5,000 personal funds to Debtor to be used towards the payment of administrative expense claims, and U.S. Trustee's fees, with the balance to be applied towards other Plan Payments. A full-text copy of the Disclosure Statement dated Feb. 20, 2020, is available at https://tinyurl.com/vw3wn7e from PacerMonitor at no charge. The Debtor is represented by: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. 300 Galleria Parkway, N.W., Suite 960 Atlanta, GA 30339 Tel: (770) 984-2255 About Premier Learning Academy Premier Learning Academy, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 19-56702) on April 30, 2019, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Paul Reece Marr, Esq., at Paul Reece Marr, P.C. PRESTIGE-PLUS HEALTH: Disc. Statement Conditionally Approved ------------------------------------------------------------ Judge Brenda T. Rhoades has ordered that the Disclosure Statement filed by Prestige-Plus Health Services, Inc. on Feb. 25, 2020, is CONDITIONALLY APPROVED. April 3, 2020 is fixed as the last day for filing written acceptances or rejections of the Debtor's proposed Chapter 11 plan. April 1, 2020 is fixed as the last day for filing and serving written objections to: (1) final approval of the Debtor's Disclosure Statement; or (2) confirmation of the Debtor's proposed Chapter 11 plan. The hearing to consider final approval of the Debtor's Disclosure Statement and to consider the confirmation of the Debtor's proposed Chapter 11 Plan is fixed and shall be held on April 7, 2020 at 9:30 a.m. in the Plano Bankruptcy Courtroom, 660 N. Central Expressway, Third Floor, Plano, Texas 75074. About Prestige-plus Health Services Prestige-Plus Health Services Inc. is a home health agency in Allen, Texas. Prestige-Plus Health Services, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 19-42366) on Aug. 30, 2019. Eric A. Liepins, P.C., represents the Debtor. PRO-FIT DEVELOPMENT: Seeks to Hire Buddy D. Ford as Legal Counsel ----------------------------------------------------------------- Pro-Fit Development, Inc., seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ Buddy D. Ford, P.A. as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: a. advise the Debtor of its powers and duties in the continued operation of the business and management of the property of the estate; b. prepare and file schedules of assets and liabilities, statement of affairs and other documents required by the court; c. represent the Debtor at the Section 341 creditor's meeting; d. advise the Debtor of its responsibilities in complying with the U.S. Trustee's guidelines and reporting requirements and with the rules of the court; e. prepare legal papers and appear at hearings; and f. represent the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan. The firm's standard hourly rates are: Buddy Ford, Esq. $425 Sr. Associate Attorneys $375 Jr. Associate Attorneys $300 Paralegals $150 Jr. Paralegals $100 Prior to the commencement of the bankruptcy case, the Debtor paid Buddy D. Ford an advance fee of $12,000. The firm will also be reimbursed for work-related expenses incurred. Buddy Ford, Esq., attests that his firm does not represent any interest adverse to the Debtor and its estate. The firm can be reached through: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. BUDDY D. FORD, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 E-mail: Buddy@TampaEsq.com Jonathan@tampaesq.com Heather@tanoaesq.com About Pro-Fit Development Pro-Fit Development, Inc. filed a chapter 11 petition (Bankr. M.D. Fla. Case No. 16-06717) on Aug. 4, 2016. The Debtor listed total assets of $1.53 million and total liabilities of $1.41 million. The Debtor is represented by Buddy D. Ford, Esq., Jonathan A. Semach, Esq., and J. Ryan Yant, Esq., at Buddy D. Ford, P.A. The case is assigned to Judge Rodney K. May. No official committee of unsecured creditors has been appointed in the case. QURATE RETAIL: Fitch Affirms BB LT IDR & Alters Outlook to Stable ----------------------------------------------------------------- Fitch Ratings affirmed the 'BB' Long-Term Issuer Default Rating for Qurate Retail, Inc., Liberty Interactive LLC and QVC Inc. It has also revised the Rating Outlook to Stable from Positive. As of Dec. 31, 2019, Qurate had approximately $7.3 billion of debt outstanding, including approximately $5.1 billion at QVC. The change in the Outlook to Stable is driven by lower than expected fourth-quarter (4Q) and FY2019 operating performance, with total revenues declining 4% in FY2019. QxH revenues declined 3% due to lower volumes, increased cyclicality in fashion and beauty products, the overall shift to lower priced alternatives, and flat ASP. In addition, QxH experienced declines across all of its customer segments, including new customers, which had been trending positively through Sept. 30, 2019. Zulily fared the worst, declining 14% due primarily to lower purchase frequency from new and existing customers, although Fitch recognizes Zulily's minor and declining contribution to Qurate's EBITDA. Fitch notes Qurate did have some bright spots in FY2019 that support the Stable Outlook. Qurate continues to move aggressively to reverse the underperformance, especially at Zulily, which saw significant change in senior management during the year. QVC International saw 1.5% constant currency revenue improvement for FY2019 led by QVC Japan. While EBITDA margins were lower than expected, driven primarily by costs related to HSN's integration and network optimization along with elevated freight rates, they remained flat with FY2018 due to realized cost savings from HSN's integration. Finally, the company continues to generate healthy FCF, which Fitch expects to continue over the rating horizon. The Stable Outlook is further supported by the company's proactive efforts to keep leverage within Fitch's negative rating sensitivities despite the weak operating performance. At Dec. 31, 2019, Fitch-calculated pro forma leverage for Liberty was 3.6x and QVC was 2.4x, a slight improvement over Dec. 31, 2018. Pro forma adjustments include annualized costs savings based on each year's run rate cost synergies. The Outlook is further supported by the expected realization of additional integration cost, which Fitch believes offsets its expectation that revenue will remain soft over the rating horizon. Fitch expects operating performance will remain soft over the rating horizon, exacerbated by near-term effects on Qurate's supply chain from Coronavirus. However, Fitch believes FY2019 will represent trough EBITDA based on its estimate that more than $200 million of cost synergies from HSN's integration remain and should be realized by 2022. Fitch's expectation for total cost synergies ($360 million) represents approximately 93% of the mid-range of Qurate's identified cost savings of $370 million to $400 million. Fitch remains comfortable with its total synergy estimate given that Qurate was slightly behind its own expected aggregate synergy target through FY2019 ($160 million actual versus a range of $165 million to $170 million), but in line with Fitch's expectations for the same period ($159 million). KEY RATING DRIVERS Operating Performance: Qurate's weak 4Q and FY2019 operating performance underperformed Fitch expectations and drove the Outlook change to Stable. Qurate experienced revenue declines in each of its segments, with zulily faring the worst, although International exhibited positive performance in 2H2019. While EBITDA margins also underperformed Fitch expectations, they were flat with FY2018 due to the realization of cost synergies from HSN's integration, which were in line with Fitch's expectations. Fitch expects operating performance will remain soft over the rating horizon, exacerbated by near-term inventory issues arising from Coronavirus, but expects margins to improve with the further realization of cost savings. Secular Evolution and Challenges: U.S. retailers continue to be pressured by increasing ecommerce competition and the shift to lower priced alternatives. Qurate should be relatively well positioned to compete in this environment given its position as the leading global video commerce retailer and top ten North American ecommerce retailer. However, QxH's 4Q 2019 operating results were softer than expected and the decline in each of its customer segments was surprising, especially new customers, which had been trending positively through Sept. 30, 2019. Operational Focus: Fitch takes comfort from Qurate's aggressive focus on improving operations and believes the 'BB' rating should remain defensible absent significant operating weakness driving up leverage. Over the past 18 months, significant changes were made to zulily's senior management. QxH's network optimization plan is expected to be completed by late 2020, improving customer fulfilment and margins. In FY2019, the company reduced share buybacks by almost $600 million and repaid almost $250 million of debt (Fitch expected $1.0 billion of share buybacks and no debt repayment in FY2019), which kept leverage within Fitch's rating sensitivities for the rating category. Fitch's expectations of continued consolidation synergies should keep leverage within the rating sensitivities. HSN Consolidation Synergies: Following HSN's integration, Qurate identified $370 million to $400 million in cost savings to be realized by 2022 ($160 million realized through Dec. 31, 2019, in line with Fitch estimates). Fitch's rating case estimates Qurate will achieve approximately 93% ($360 million) of the range's midpoint. Fitch's estimates are based on varying expectations for synergy realizations based on the category and scope of the expected expense cuts, the probability of realizing reductions within each category, and typical industry expense cut realizations. Although Qurate stated they expect to realize revenue synergies, they have not disclosed an expected range nor has Fitch included any benefits in its rating case. Business Model: Qurate's rating continues to be supported by its unique business model. The company focuses on creating customer engagement through direct-to-consumer social engagement on its leading video platform and Internet and mobile platforms in an attempt to differentiate itself from most brick-and-mortar or transactional ecommerce platforms. However, the model's strength was tested in FY2019 and the company may have difficulty in reasserting those strengths in the face of competitive pressures and economic uncertainty over the near term. Share Repurchase: Fitch's rating case assumes Qurate will fund its ongoing share repurchase program with a mix of FCF and debt issuance at QVC, which maintains a stated target net leverage of 2.5x. However, Fitch expects share repurchases will remain depressed in FY2020 as the company continues to focus on internal investment and debt repayment. Thereafter, Fitch expects QVC will issue debt under the additional capacity created by EBITDA growth resulting primarily from consolidation synergies and remain within Fitch's rating sensitivities. Ratings Are Linked: Fitch links the Long-Term IDRs of Qurate, Liberty and QVC in accordance with its criteria. The IDRs for Qurate, its wholly-owned subsidiary Liberty and its indirect, wholly owned subsidiary QVC reflect the consolidated legal entity/obligor credit profile and parent subsidiary relationships. Although Fitch does not believe Qurate would spin out QVC, Fitch would review the rating if that were to happen. QVC Debt Ratings: Fitch rates QVC's senior secured credit facility and senior secured notes 'BBB-', two notches higher than the IDR. The secured issue rating reflects what Fitch believes QVC's standalone ratings would be. In addition, all of QVC's existing and future secured debt is secured by QVC's stock and guaranteed by QVC's material domestic subsidiaries. Finally, QVC's secured debt is structurally senior to Liberty's unsecured debt. ESG - Governance: Qurate, Liberty and QVC all have ESG Relevance Scores of 4 for Group Structure due to complexity and related-party transactions, which have a negative impact on the credit profiles and are relevant to the ratings in conjunction with other factors. DERIVATION SUMMARY Qurate is well positioned within the retail sector given its loyal customer base, with nearly 90% of sales generated by repeat and reactivated customers and an increasing global ecommerce presence, which generated $13.5 billion of net revenues for FY 2019. It offers a wide variety of consumer products, marketed and sold primarily by merchandise-focused televised shopping programs distributed to more than 380 million households daily, the Internet and mobile applications. The inclusion of HSN into QVC further solidifies the company's position as the largest provider of television retailing and a leading multimedia retailer. Nordstrom, Inc. (BBB+/Negative), Kohl's Corporation (BBB/Stable), Macy's Inc. (BBB-/Stable) and Dillard's (BBB-/Stable) are rated higher than Liberty/QVC due primarily to lower leverage while all but Dillard's have larger revenue bases. KEY ASSUMPTIONS Fitch's Key Assumptions Within the Rating Case for the Issuer - Low single-digit revenue declines in 2020 due to continued operating issues exacerbated by the negative effects on Qurate's supply chain from the coronavirus; - Flat to low single digit revenue growth thereafter; - Almost 250 bp of margin improvement by 2023 due primarily to the full realization of $362 million of run rate synergies as adjusted by Fitch net of $90 million of severance and restructuring costs; - Capex slowly declines from 2.5% for 2019 to 2.2% by 2023 as Qurate makes the necessary capital investments to consolidate HSN and grow the business; - FCF generation grows from $800 million in 2020 to $1.3 billion in 2023 due primarily to the realization of cost synergies; - Shareholder returns remain soft in 2020 and then grow annually funded with FCF and debt issuance at QVC; - Qurate's pro forma lease adjusted debt to operating EBITDAR remains in the mid-3.0 range; - QVC's total debt with equity credit to pro forma operating EBITDA remains at 2.4x over the rating horizon. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action - Qurate returns to sustained operating improvement, including positive revenue and EBITDA margin improvement, while QVC's total debt with equity credit to EBITDA remains below 2.5x and Liberty's lease adjusted gross debt to EBITDAR remains around 3.5x; - If Liberty were to manage to more conservative leverage targets. Developments That May, Individually or Collectively, Lead to Negative Rating Action - If financial policy changes, including more aggressive leverage targets or weakened bondholder protection; - If there are unexpected revenue declines in excess of 10% that drive declines in EBITDA and FCF and result in QVC's total debt with equity credit to EBITDA materially exceeding 2.5x and Liberty's lease adjusted gross debt to EBITDAR materially exceeding 3.5x in the absence of a credible plan to reduce leverage. LIQUIDITY AND DEBT STRUCTURE Liquidity Is Adequate: Fitch believes QVC's liquidity will be sufficient to support operations and its expansion into other markets. Fitch expects near-term debt repayment, acquisitions and share buybacks to be a primary use of FCF. Fitch expects Qurate to generate FCF of approximately $1 billion annually over the rating horizon. Fitch recognizes that in the event of a liquidity strain at Liberty, QVC could provide funding to support debt service via intercompany loans. Qurate's consolidated liquidity as of Dec. 31, 2019 included $749 million in readily available cash and $1.7 billion available under QVC's $2.95 billion revolving credit facility (RCF) due in December 2023. Fitch notes that on Feb. 4, 2020, the company reduced its revolving credit to $2.95 billion from $3.65 billion, concurrent with the February 2020 bond issuance. QVC's maturities are manageable, with the next maturity being $500 million in 2022. Qurate also lists $1.2 billion of near-term maturities that are only classified as near-term because Liberty does not own the underlying shares needed to redeem the debentures. However, Liberty has no intention or requirement to redeem them in the near term, and maturities range from 2029 to 2046. ESG CONSIDERATIONS Qurate, Liberty and QVC all have ESG Relevance Scores of 4 for Group Structure due to complexity and related-party transactions, which have a negative impact on the credit profiles and are relevant to the ratings in conjunction with other factors. Except for the matters discussed, the highest level of ESG credit relevance, if present, is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on the entity(ies), either due to their nature or the way in which they are being managed by the entity(ies). RANDOLPH HOSPITAL: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: Randolph Hospital, Inc. d/b/a Randolph Health 364 White Oak Street Asheboro, NC 27203 Business Description: Randolph Hospital -- https://www.randolphhealth.org/ -- operates as a hospital that provides inpatient and outpatient services in North Carolina. The Company offers, among other services, cancer care, imaging, maternity services, cardiac services, surgical services, outpatient specialty clinics, rehabilitation services, and emergency services. Chapter 11 Petition Date: March 6, 2020 Court: United States Bankruptcy Court Middle District of North Carolina Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Randolph Hospital, Inc. (Lead Case) 20-10247 DBA Randolph Health 364 White Oak Street Asheboro, NC 27203 Randolph Specialty Group Practice 20-10248 FKA Randolph Medical Associates FKA Randolph Specialty Group FKA Randolph Health Medical Grou 364 White Oak Street Asheboro, NC 27204 MRI of Asheboro, LLC 20-10249 237 N. Fayetteville Street, Suite B Asheboro, NC 27203 Judge: Hon. Lena M. James Debtors' Counsel: Jody A. Bedenbaugh, Esq. Graham S. Mitchell, Esq. NELSON MULLINS RILEY & SCARBOROUGH LLP 1320 Main Street 17th Floor Columbia, SC 29201 Tel: (803) 799-2000 Fax: (803) 256-7500 E-mail: https://www.nelsonmullins.com graham.mitchell@nelsonmullins.com - and - Rebecca Finch Redwine, Esq. Jason Hendren, Esq. HENDREN, REDWINE & MALONE, PLLC 4600 Marriott Drive, Suite 150 Raleigh, NC 27612 Tel: (919) 420-7867 Fax: (919) 420-0475 E-mail: rredwine@hendrenmalone.com jhendren@hendrenmalone.com Debtors' Financial Advisor: ANKURA CONSULTING GROUP, LLC 15950 Dallas Parkway, Suite 750 Dallas, TX, 75248 http://www.ankura.com Tel: (214) 200-3680 Fax: (214) 200-3686 Attn: Louis E. Robichaux Debtors' Communications Consultants: JARRARD PHILLIPS CATE & HANCOCK, INC. Debtors' Investment Banker: HOULIHAN LOKEY CAPITAL, LLC Debtors' Claims, Noticing & Balloting Agent: EPIQ CORPORATE RESTRUCTURING, LLC Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million Randolph Hospital's Estimated Assets: $100 million to $500 million Randolph Hospital's Estimated Liabilities: $50 million to $100 million MRI of Asheboro's Estimated Assets: $500,000 to $1 million MRI of Asheboro's Estimated Liabilities: $1 million to $10 million The petitions were signed by Louis E. Robichaux IV, chief restructuring officer. Copies of the petitions are available for free at PacerMonitor.com at: https://is.gd/rJ7HM1 https://is.gd/r1EMAr https://is.gd/UHdgVP Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Pension Benefit Guaranty Employee $8,368,806 Corporation Pension P.O. Box 151750 Alexandria, VA 22315 Contact: Office of the Chief Counsel Tel: 800-400-7242 Fax: 202-229-4047 Email: mypension@pbgc.gov askanatty@pbgc.gov 2. The Moses H. Cone Trade Debt $1,804,963 Memorial Hospital 1200 N Elm Street Greensboro, NC 27401 Contact: Robert Carter, Chris Brown Tel: 336-832-7000 Fax: 336-663-5854 Email: him.requests@conehealth.com 3. Branch Banking and Trust 403(B)-Employee $851,716 Company as Custodian Benefits BB&T Institutional Services Trust Operations 223 W. Nash St. Wilson, NC 27893 Contact: Kristen Coggins Tel: 336-733-0490 Fax: 252-296-7018 Email: corporatetrustinquiries@bbandt.com 4. HowMedica Osteonics Trade Debt $350,714 Corporation aka Stryker Orthopaedics 325 Corporate Drive Mahwah, NJ 07430 Contact: Chief Financial Officer Tel: 269-385-2600 Fax: 269-385-1062 Email: opensourcerequest@stryker.com; mediarelations@stryker.com 5. McKesson Corporation Trade Debt $339,097 1950 Stemmons Fwy 5010 Dallas, TX 75207 Contact: Chief Financial Officer Tel: 303-926-6248 Fax: 972-446-5795; 303-926-6566 Email: boardchair@mckesson.com; nonmanagementdirectors@mckesson.com; therese.mugge@mckesson.com 6. Medtronic, Inc. Trade Debt $293,399 Spinal and Biologics Division 2600 Sofamor Danek Drive Memphis, TN 38132 Contact: Chief Financial Officer Tel: 763-514-4000 Fax: 763-514-2266 Email: rachael.scherer@medtronic.com rob.clark@medtronic.com 7. Cardinal Health 200, Inc. Trade Debt $286,134 1430 Waugekan Rd McGaw Park, IL 60085 Contact: Chief Financial Officer Tel: 614-757-5000 Email: bradley.luchene@cardinalhealth.com; kevin.moran@cardinalhealth.com 8. TrimedX, Inc. Trade Debt $250,365 5451 Lakeview Parkway S Drive Indianapolis, IN 46268 Contact: Chief Financial Officer Tel: 877-874-6339 Email: info@trimedx.com 9. Stryker Instruments Trade Debt $136,242 Corporation 2825 Airview Blvd Kalamazoo, MI 49002 Contact: Chief Financial Officer Tel: 269-385-2600 Fax: 269-385-1062 Email: opensourcerequest@stryker.com mediarelations@stryker.com 10. Organogenesis, Inc. Trade Debt $90,645 150 Dan Road Canton, RI 02021 Contact: Chief Financial Officer Tel: 888-432-5232 Fax: 781-575-1570 Email: alowe@organo.com; customersupport@organo.com 11. Arthrex, Inc. Trade Debt $83,336 2885 South Horseshoe Dr. Naples, FL 34104 Contact: Chief Financial Officer Tel: 800-933-7001 Fax: 239-598-5534 800-643-9310 Email: webmaster@arthrex.com; lisa.gardiner@arthrex.com 12. Canopy Partnres, Inc. Trade Debt $72,241 1331 N Elm Street Ste 200 Greensboro, NC 27401 Contact: Chief Financial Officer Tel: 336-274-9617 Fax: 336-274-8097 Email: servicedesk@canopy-partners.com 13. Sanofi Pasteur, Inc. Trade Debt $70,904 Discovery Drive Swiftwater, PA 18370 Contact: Chief Financial Officer Tel: 800-981-2491 Fax: 908-243-9201 Email: customersupport@sanofi.com; serialization24@sanofi.com 14. Boston Scientific Corporation Trade Debt $61,832 One Boston Scientific Place Natick, MA 01760 Contact: Chief Financial Officer Tel: 508-683-6585 Fax: 877-227-6002 Email: kate.haranis@bsci.com 15. Healogics Wound Care Trade Debt $61,071 Hyberbaric P.O. Box 551187 Jacksonville, FL 32255 Contact: Chief Financial Officer Tel: 800-379-9774 Fax: 877-496-2102 Email: medrecords@healogics.com 16. American Red Cross Trade Debt $57,279 P.O. Box 905890 Charlotte, NC 28290 Contact: Chief Financial Officer Tel: 202-303-5399 Fax: 202-639-9825 Email: support@redcrosstraining.org; ombudsman@redcross.org 17. Virtual Neurology LLC Trade Debt $53,690 9110 College Pointe CT Fort Myers, FL 33919 Contact: Chief Financial Officer Tel: 239-208-2212 Fax: 239-208-3994 18. Central Carolina Surgery, P.A. Trade Debt $53,000 1002 North Church Street Suite 302 Greensboro, NC 27401 Contact: Chief Financial Officer Tel: 336-387-8100 Fax: 336-387-8200 19. Depuy Ortho - Johnson & Trade Debt $49,476 Johnson 700 Orthopaedic Drive Warsaw, IN 46582 Contact: Chief Financial Officer Tel: 574-267-8143 Fax: 574-371-4865 508-880-8122 Email: ra-dpyus-customer@its.jnj.com 20. Biomerieux, Inc. Trade Debt $48,115 100 Rodolphe Street Durham, NC 27112 Contact: Chief Financial Officer Tel: 919-620-2000 Fax: 919-620-2211 Email: tina.alsing@biomerieux.com 21. Accusite Surgical Services, Inc. Trade Debt $47,498 700 Oak Street Gainesville, CA 30501 Contact: Chief Financial Officer Tel: 770-531-1460 Fax: 770-531-1472 Email: mflester@accusitesurgical.com 22. Duke Energy Progress, Inc. Trade Debt $46,127 P.O. Box 1003 Charlotte, NC 28201 Contact: Chief Financial Officer Tel: 800-452-2777 Fax: 704-594-0887 Email: ddenton@duke-energy.com 23. US Foods, Inc. Trade Debt $44,491 9399 W Higgins Road Suite 500 Rosemont, IL 60018 Contact: Chief Financial Officer Tel: 847-720-8000 Fax: 847-232-5047 847-720-8099 Email: recruitingteam@usfoods.com 24. Steris Instrument Trade Debt $43,613 Management Services 3316 2nd Ave North Birmingham, AL 03522 Contact: Chief Financial Officer Tel: 440-354-2600 Fax: 440-639-4450; 440-350-7088 Email: sterisms_enquiries@steris.com 25. Versalus Health, LLC Trade Debt $43,394 17 Campus Boulevard Suite 200 Newtown Square, PA 19073 Contact: Chief Financial Officer Tel: 866-299-3301 26. Osiris Therapeutics, Inc. Trade Debt $41,235 7015 Albert Einstein Drive Columbia, MD 21046 Contact: Chief Financial Officer Tel: 443-545-1800 Email: customercare.largo@smith-nephew.com osiris-accountsreceivable@smith-nephew.com 27. Laboratory Corporation Trade Debt $41,188 of America P.O. Box 65123 Charlotte, NC 28265 Contact: Chief Financial Officer Tel: 205-581-3500 Fax: 205-581-4172 28. Jon Barry & Associates, Inc. Trade Debt $39,039 216 LE Philip Ct. Concord, NC 28025 Contact: Chief Financial Officer Tel: 704-723-4200 Fax: 704-723-4214 Email: prgaccounting@prgmail.com 29. Kemberton Healthcare Services LLC Trade Debt $38,566 501 Corporate Center Drive Ste 600 Franklin, TN 37067 Contact: Chief Financial Officer Tel: 615-846-7125 Email: info@kemberton.net 30. Premier, Inc. Trade Debt $37,525 13034 Ballantyne Corp Place 3rd Floor Charlotte, NC 28277 Contact: Chief Financial Officer Tel: 704-357-0022 Fax: 704-357-0022 704-357-6611 Email: solutioncenter@premierinc.com; jim_storey@premierinc.com RANDOLPH HOSPITAL: Files for Chapter 11 to Restructure Debt ----------------------------------------------------------- Randolph Health on March 6, 2020, filed a petition for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Middle District of North Carolina. Randolph Health said in a statement that the Chapter 11 process, which would resolve its debt and help secure a partner or successor health system for Randolph County, is the most recent step in a planning process to maintain local health care access. Randolph Health will continue to operate under normal course of business during the Chapter 11 process. Patients will have the same access to their health care provider and services with no interruption of care. Randolph Health has also taken necessary steps to ensure employees do not miss a paycheck and continue to receive a benefits package. Randolph Health will continue to pay salaries and fees to physicians and employees, purchase supplies and equipment and ensure access to quality health care during this process. "Restructuring our debt is something that we have been talking about for some time now, and this filing is simply the next step in a planned process to ensure the future of health care for the people of Randolph County," said Angela Orth, CEO of Randolph Health. "Over the past three years, we have undertaken significant efforts to strengthen financial operations, identify a long-term path forward and ultimately protect Randolph County's health care future." The current dynamic atmosphere in health care across the United States and in North Carolina led Randolph Health to begin exploring various options to protect local health care three years ago. Amidst industry challenges and headwinds, Randolph Health's leaders have worked hard and improved its operating margin by $9.3 million in FY 2019, and the system continues to perform well financially in the first quarter of FY 2020. "We are making strong progress to secure the future of health care, and this important work continues," said Orth. "Like many hospitals and other businesses across the country, our team of expert financial advisors has counseled that restructuring the system's debt is necessary to improve our financial position and allow us to continue our work to protect health care access here in our community." "Chapter 11 protection supports our ongoing efforts and is one of several critical steps in sustaining quality care delivery in Randolph County," explained Orth. "Our number one priority is to do everything we can to protect health care in this region for all those who depend on us. Nearly 150,000 Randolph County residents depend on local health care, and we will continue providing them with the same quality care by the same experienced physicians and nurses in the same location." "Our efforts to preserve our health care future are focused on a deliberate and thoughtful process that keeps patients, employees and caregivers first in mind," Orth continued. "We expect the Chapter 11 process to be completed this year." The health system's work continues, including a full exploration of all options and ongoing conversations with City, County and State government officials, Cone Health and other potential health care partners, as well as the potential loan available through the Rural Health Stabilization Program. "We appreciate the dedication and hard work of everyone at Randolph Health and the ongoing support from our community," said Orth. "Delivering the exceptional, compassionate care patients need and deserve always has been, and continues to be, our primary focus. As always, we will continue to provide patients, employees and the community with more information regarding the process as it develops." About Randolph Hospital Randolph Hospital, Inc., d/b/a Randolph Health -- https://www.randolphhealth.org/ -- operates as a hospital that provides inpatient and outpatient services in North Carolina. The Company offers, among other services, cancer care, imaging, maternity services, cardiac services, surgical services, outpatient specialty clinics, rehabilitation services, and emergency services. Randolph Hospital, Inc., and two affiliates sought Chapter 11 protection (Bankr. M.D.N.C. Case No. 20-10247) on March 6, 2020. Randolph Hospital was estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Hon. Lena M. James is the case judge. The Debtors tapped NELSON MULLINS RILEY & SCARBOROUGH LLP as counsel and HENDREN, REDWINE & MALONE, PLLC, as counsel; ANKURA CONSULTING GROUP, LLC as financial advisor; JARRARD PHILLIPS CATE & HANCOCK, INC., as communications consultant; and HOULIHAN LOKEY CAPITAL, LLC, as investment banker. EPIQ CORPORATE RESTRUCTURING, LLC, is the claims agent. RAYNOR SHINE: Seeks to Hire a Chief Restructuring Officer --------------------------------------------------------- Raynor Shine Services, LLC, seeks authority from the United States Bankruptcy Court for the Middle District of Florida to hire a chief restructuring officer. Henry E. Moorhead as Chief Restructuring Officer shall be responsible for all matters concerning the management of the Debtor. The CRO shall also have the sole authority to negotiate with the Debtor's creditors, oversee the acquisition of DIP financing and factoring, supervise the Debtor's affairs in the Chapter 11, and develop a plan of reorganization. Additionally, the CRO shall be deemed the responsible person for the Debtor with the powers of Secs. 1107 & 1108 of the Bankruptcy Code (including but not limited to the power to request approval of property sales or financing) and shall be considered a manager of the Debtor. The CRO shall assist in the preparation of the U.S. Trustee Financial Reports and other filings required by the Court; evaluate the Debtor's financial condition including assessing the Debtor's operations and cash flow and assistance in projecting and monitoring monthly cash flow; assist in preparing the Debtor's Plan of Reorganization and Disclosure Statement; attendance at meetings with the Debtor, its creditors and the attorneys of such parties; and such other advisory services requested by the Debtor or Debtor's counsel. The Debtor proposed to pay Mr. Moorhead $115 per hour for the services to be provided. Mr. Moorhead assures the court that he does not hold any interest adverse to the estate. The CRO can be reached at: Henry E. Moorhead Phone: 407-252-2613 Email: 1hmoorhead@gmail.com About Raynor Shine Services Raynor Shine Services is an environmental recycling company based in Apopka, Florida. It offers mulch installation, grapple truck services, recycle yard disposal, land clearing, grinding services, storm recovery services. Raynor Shine Services sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 20-00577) on Jan 30, 2020. The petitions were signed by Henry E. Moorhead, chief restructuring officer. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Frank M. Wolff, Esq. at LATHAM LUNA EDEN & BEAUDINE LLP, serves as the Debtor's counsel. RELIANCE MANUFACTURING: Hires RCM Law Office -------------------------------------------- Reliance Manufacturing, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire RCM Law Office LLC. RCM Law Office LLC was appointed as notary public for the contract option for the sale of real estate property. The compensation to RCM Law Office LLC shall be from such funds as may be available to Debtor and to which Debtor may be legally entitled, at the customary rates specified in the Notary Law. RCM Law and/or its principals are disinterested persons as defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Rebeca Caquias Mejias, Esq. RCM Law Office LLC 355 San Genaro Sagrado Corazon San Juan, PR 00926 Mobile: 787-300-9024 E-mail: rebeca@rcmlawpr.com About Reliance Manufacturing Reliance Manufacturing, Inc., is a privately-held home builder in San Juan, Puerto Rico. Reliance Manufacturing sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-05778) on Oct. 1, 2018. In the petition signed by Gilberto Media Safon, president, the Debtor disclosed $441,201 in assets and $2,788,977 in liabilities. Judge Hon. Brian K. Tester presides over the case. The Debtor tapped MRO Attorneys at Law, LLC as its legal counsel. RELIANCE MANUFACTURING: Taps Del Valle Realty as Real Estate Agent ------------------------------------------------------------------ Reliance Manufacturing, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Del Valle Realty Group as its real estate agents for the marketing and sale of certain real estate properties of the Debtor. Del Valle's commission is 5 percent of the value of the property sold. Del Valle is a disinterested person as the term is defined in 11 USC Sec. 101(14), according to court filings. The firm can be reached through: Javier O. Del Valle Rodriguez Del Valle Realty Group Ave. Arterial Hostos San Juan, PR 00918 Phone: +1 787-643-7000 About Reliance Manufacturing Reliance Manufacturing, Inc., is a privately-held home builder in San Juan, Puerto Rico. Reliance Manufacturing sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 18-05778) on Oct. 1, 2018. In the petition signed by Gilberto Media Safon, president, the Debtor disclosed $441,201 in assets and $2,788,977 in liabilities. Judge Hon. Brian K. Tester presides over the case. The Debtor tapped MRO Attorneys at Law, LLC as its legal counsel. REVOLAR TECHNOLOGY: March 24 Hearing on Disclosure Statement ------------------------------------------------------------ Judge Michael E. Romero has ordered that the hearing to consider the adequacy of and to approve the Second Amended Disclosure Statement filed by REVOLAR TECHNOLOGY, INC. will be held at 10:30 a.m. on Tuesday, March 24, 2020, in Courtroom C, U.S. Bankruptcy Court, U.S. Custom House, 721 19th Street, Denver, Colorado. Objections to the Disclosure Statement shall be filed and served on or before March 18, 2020. About Revolar Technology Inc. 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 bankruptcy counsel; Sheridan Ross PC as special counsel; and TaxOps, LLC as accountant. RIVORE METALS: Revises Disclosures as Ordered by Judge ------------------------------------------------------ Rivore Metals, LLC, filed a Combined Plan of Liquidation and Disclosure Statement on January 27, 2020. The Court entered its order requiring the Debtor to Amend Disclosure Statement on Feb. 5, 2020. The Revision Order required the Debtor to make certain changes to the Plan. Pursuant to the Revision Order, the Debtor filed its First Amended Combined Plan of Liquidation and Disclosure Statement on Feb. 26, 2020, modifying the Plan as required by the Revision Order According to the First Amended Combined Plan of Liquidation and Disclosure Statement, the Debtor has estimated Administrative Claim expenses as follows: (i) Stevenson & Bullock, P.L.C. - $160,000.00; (ii) Calderone Advisory Group - $287,000.00; and (iii) Brooks Wilkins Sharkey & Turco PLLC - $65,000.00. These amounts shall be reduced by the Professional Retainers. Additionally, General Motors, LLC has filed a motion seeking an administrative expense claim pursuant to 11 U.S.C. § 503(b)(9) in the amount of $40,634 and Fisher Dynamics has filed a motion seeking an administrative expense claim pursuant to 11 U.S.C. § 503(b)(9) in the amount of $117,600. The Debtor has objected to the motions filed by General Motors and Fisher Dynamics. Class 1 consists of the Bank Secured Claim which shall be treated as an Allowed Claim. The Bank has filed a proof of claim in the Case in the total amount of $14,565,480, which is secured by the Class I Assets. The Debtor believes the fair market value of the Class I Assets is $8,241,454 and the unsecured deficiency of the Bank is $6,324,026. The Bank's unsecured claim will be included and treated in Class IX. The Bank possesses a first priority lien in all of the Class I Assets except, it possesses a second priority lien in the following assets, which are more fully described in this Article III: (i) Excavator and Shear, to which Peoples possesses a first priority lien; (ii) Grapple Excavator, to which TCF possesses a first priority lien; (iii) Wire Granulator, to which Team Financial possesses a first priority lien; (iv) Volvo Shear, to which BOW possesses a first priority lien; and (v) Wells Fargo Equipment, to which Wells Fargo possesses a first priority lien. The alleged claim of Citibank, N.A., in Class 2 will receive no payments. On or about February 1, 2019, Citibank filed a UCC-1 Financing Statement against the Debtor, alleging a security interest in all accounts and all other forms of obligations owing to Debtor by Arconic, Inc. As of the Petition Date, the Debtor owed no money to Citibank. Moreover, any alleged secured claim of Citibank is subordinate to that of the Bank. Pursuant to 11 U.S.C. Sec. 1123(b)(5), the secured claim of Citibank shall be "crammed" down to the sum of $0 as no equity exists in the subject property to secure Citibank's claim. The Secured Claim of Bank of the West in Class 6 in the amount of $89,354, secured by a a first priority secured lien on a 2012 Volvo Grapple Shear, will be paid in full from the sale proceeds of the Equipment Sale. To the extent that the sale proceeds of the Equipment Sale are insufficient to pay BOW's secured claim in the amount of $89,353.53, BOW shall receive an unsecured claim in that amount of any deficiency, which will be treated pursuant to Class IX. Class 9 Allowed Unsecured Claims are projected to total $8,582,704 without considering the amount of the deficiency claims. The class is impaired, and neither pre-confirmation interest nor post-confirmation interest on Allowed Class IX Claims will be paid. A Creditor in this class will receive a pro rata distribution incident to its allowed general unsecured claim. The Bank Unsecured Claim will be an Allowed Unsecured Claim in the amount of $6,324,026.19, which is subject to amendment depending on the net proceeds from the liquidation of the Class I Assets that the Bank has received from the liquidation of the Class I Assets as of the Distribution Date. For the administration, liquidation and distribution of the Class 1 Assets and proceeds thereof to the Bank, the Liquidating Trustee shall be paid pursuant to an engagement agreement between the Liquidating Trustee and the Bank. If no such agreement is reached, or in the event such agreement is reached but subsequently terminated, the Liquidating Trustee (on behalf of the Liquidating Debtor) shall surrender the Class 1 Assets over to the Bank, without further approval or order of this Court, and the Liquidating Trustee shall have no further responsibility related to the Class 1 Assets. The Committee, and its professionals, shall not be liable to the Debtor, Liquidating Debtor, any Creditor or Interest Holder of the Debtor or the Liquidating Debtor, or any other entity for any action taken or omitted to be taken in connection with their actions or duties in the Case or under this Plan; provided, however, that this limitation of liability does not release, reduce, or limit, in any way, any Case of Action, whether filed or otherwise, that the Debtor, Liquidating Trustee or Liquidating Debtor may possess. The Liquidating Debtor shall have the right to commence, continue, amend or compromise all Causes of Actions available to the Debtor, the Bankruptcy Estate or the Liquidating Debtor, whether or not those Causes of Action were the subject of a suit as of the Confirmation Date., provided, however, in consideration for the Bank allowing the Debtor to use PNC's Cash Collateral for the process of confirming this Plan, on the Effective Date, the Debtor, the Estate, the Liquidating Debtor and all persons and interested parties shall be conclusively presumed to have released all Causes of Action against the Bank, including Avoidance Actions. A full-text copy of the First Amended Combined Plan of Liquidation and Disclosure Statement dated February 26, 2020, is available at https://tinyurl.com/rj8wuvb from PacerMonitor.com at no charge. Counsel for the Debtor: Charles D. Bullock Ernest M. Hassan, III Elliot G. Crowder STEVENSON & BULLOCK, P.L.C. 26100 American Drive, Suite 500 Southfield, MI 48034 Tel: (248) 354-7906 Fax: (248) 354-7907 E-mail: cbullock@sbplclaw.com E-mail: ehassan@sbplclaw.com E-mail: ecrowder@sbplclaw.com About Rivore Metals Rivore Metals, LLC -- http://www.rivore.com/-- is a metals trading and project management company with offices in the United States and Canada offering full service trading operations to international specialized markets for ferrous and non-ferrous scrap metals. Rivore Metals, LLC, filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-53795) on Sept. 27, 2019. In the petition signed by Konstantinos C. Marselis, president, the Debtor was estimated to have up to $50,000 in assets and $1 million to $10 million in liabilities. The case is assigned to Judge Thomas J. Tucker. Charles D. Bullock, Esq. at Stevenson & Bullock, P.L.C., is the Debtor's counsel. The U.S. Trustee for Region 9 appointed a committee of unsecured creditors on on Oct. 15, 2019. ROCK POND: Seeks Court Approval to Hire Bankruptcy Attorney ----------------------------------------------------------- Rock Pond Acres, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire an attorney to handle its Chapter 11 case. The Debtor proposes to employ Sally Leisure, Esq., an attorney based in Portland, Ore., to assist in drafting a bankruptcy plan, prepare financial reports, negotiate with creditors, and respond to the requirements of the court and the U.S. trustee. The total legal fee for the attorney's services is estimated at $12,000. Ms. Leisure disclosed in court filings that she does not hold any interest adverse to the interest of the Debtor's estate, creditors and equity security holders. Ms. Leisure holds office at: Sally Leisure, Esq. SRL Legal, LLC 25-6 NW 23rd Place, #241 Portland, OR 97210 Tel: 503-781-8211 Email: sally@sallyleisure.com About Rock Pond Acres Rock Pond Acres, LLC is a privately held company that is primarily engaged in renting and leasing real estate properties. Rock Pond Acres sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 20-30574) on Feb. 19, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Peter C. Mckittrick oversees the case. Sally Leisure, Esq., at SRL Legal, LLC, is the Debtor's legal counsel. RWS CHARTER: Seeks to Hire Richardson Maples as Special Counsel --------------------------------------------------------------- RWS Charter LLC seeks authority from the United States Bankruptcy Court for the Northern District of Alabama to hire the law firm of Richardson Maples, PC, as its special counsel. As special counsel, Richardson will pursue a malpractice cause of action against the Debtor’s former CPA, G. Wayne White, by litigation, ultimately to settlement or collection on a judgment, with the goal of creating a distribution to the holders of allowed claims in this case. The firm will receive a recovery fee equal to one-third of all sums recovered on account of the claim. Richardson is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: James H. Richardson, Esq. Richardson Maples, PC 301 Holmes Ave NE #100 Huntsville, AL 35801 Phone: +1 256-533-2440 About RWS Charter LLC RWS Charter LLC is a privately held company in the scheduled air transportation business. RWS Charter LLC filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ala. Case No. 20-80470) on Feb. 13, 2020. In the petition signed by Rex Rankin, owner, the Debtor estimated $1 million to $10 million in both assets and liabilities. Tazewell T. Shepard, Esq. at SPARKMAN, SHEPARD & MORRIS, P.C. serves as the Debtor'c counsel. SCORPION FITNESS: Trustee Hires LaMonica Herbst as Counsel ---------------------------------------------------------- Salvatore LaMonica, Chapter 11 Trustee of Scorpion Fitness, Inc., and its debtor-affiliates, seeks authority from the U.S. Bankruptcy Court for the Southern District of New York to employ LaMonica Herbst & Maniscalco, LLP as his counsel, effective nunc pro tunc to Jan. 30, 2020. The Trustee requires LaMonica Herbst to: a. assist the Trustee in connection with the collection of any accounts receivable and litigation related thereto; b. assist the Trustee with an investigation into the Debtors’ books and records including, but not limited to, any pre-petition transfers of property; c. investigate and advise the Trustee as to the actions and activities of any insider and the existence of any claims or causes of action that can be pursued for the benefit of the Debtors' estates; d. assist the Trustee in the pursuit and recovery of any voidable transfers of the Debtors' assets under, inter alia, Bankruptcy Code §§ 544, 546, 547, 548 and 550, and the New York State Debtor Creditor law; e. prepare, file and prosecute motions objecting to claims, as directed by the Trustee, that may be necessary to complete the administration of the Debtors’ estates; and f. prepare and file motions and applications and a plan of reorganization or such other disposition of the estates, as directed by the Trustee in connection with his statutory duties. LaMonica's current hourly rates are: Para-professionals $200 Associates $425 Partners $635 LaMonica is a "disinterested person" as that term is defined in Bankruptcy Code Sec. 101(14), and does not have an interest materially adverse to the interest of the Debtors’ bankruptcy estates, according to court filings. The firm can be reached through: Gary F. Herbst, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Ave. Wantagh, NY 11793 Phone: +1 516-826-6500 About Scorpion Fitness Scorpion Fitness Inc., own a high-end boutique gym located at 220 Fifth Avenue, New York, NY. Scorpion Fitness filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 19-11231) on April 22, 2019, disclosing under $1 million in both assets and liabilities. The Debtor hired Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP, as bankruptcy counsel, and Kushnick Pallaci PLLC, as special construction law counsel. SHOPPINGTOWN MALL: May 5 Hearing on Disclosure Statement -------------------------------------------------------- Judge Carlota M. Bohm has ordered that with respect to the Disclosure Statement filed by SHOPPINGTOWN MALL NY LLC, to accompany the Debtor's Chapter 11 Plan of Reorganization entered on Jan. 22, 2020, is MODIFIED. The last day for filing and serving objections to the Disclosure Statement and to file a request for payment of an administrative expense is EXTENDED from Feb. 27, 2020, to April 15, 2020. The hearing to consider the approval of the Disclosure Statement on March 5, 2020, is RESCHEDULED to May 5, 2020 at 10:00 A.M., in Courtroom B, 54th Floor U.S. Steel Tower, 600 Grant Street, Pittsburgh, PA 15219. About Shoppingtown Mall NY Shoppingtown Mall NY LLC classifies its business as single asset real estate (as defined in 11 U.S.C. Section 101(51B)). Shoppingtown Mall NY sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 19-23178) on Aug. 13, 2019. At the time of the filing, the Debtor was estimated to have assets of between $1 million and $10 million, and liabilities of between $10 million and $50 million. The case is assigned to Judge Carlota M. Bohm. Bernstein-Burkley, P.C., is the Debtor's counsel. No official committee of unsecured creditors has been appointed in the Debtor's case. SIMKAR LLC: Trustee's $8.5M Sale Plan for Neo Has $0 for Unsecureds ------------------------------------------------------------------- Sandeep Gupta, the chapter 11 Trustee of the estate of Neo Lights Holdings, Inc., a debtor affiliate of Simkar LLC, filed with the U.S. Bankruptcy Court for the Southern District of New York a Plan of Liquidation and a Disclosure Statement for NEO Lights on Feb. 20, 2020. The Debtor is the owner of certain real property located at 700 Ramona Avenue and 4318-48 G Street, Philadelphia, Pennsylvania, Map Registry numbers 142N100187, 142N100190 and 136N020104 (the "Property"), comprised of a warehouse facility and a commercial building. The Trustee entered into an Agreement of Purchase and Sale, dated Jan. 6, 2020, between the Trustee and SBG Real Estate, LLC, which contemplates a sale of the Property to the Buyer for a purchase price of $8,500,000. Under the Purchase Agreement, the Trustee may obtain the consent of the Bankruptcy Court to the Sale pursuant to Section 363 of the Code or through a confirmed plan of liquidation. The Purchase Agreement contemplates a closing of the Sale following satisfaction of closing conditions which include, inter alia, Bankruptcy Court approval of the Sale. The Buyer has up to 60 days to conduct due diligence with regard to the Property and during that time may cancel the Purchase Agreement without any penalty. As of the date hereof, the Buyer is in the process of conducting due diligence. The Buyer's due diligence period expires on March 6, 2020. The Class 1 Allowed City of Philadelphia Secured Claim(s) in the approximate aggregate amount of $84,258; Class 2 Allowed DIP Claim of Capstone in the amount of $300,000; Class 3 Allowed Newtek Secured Claim, in the amount of $5,036,005; and Class 4 Allowed MMP Claim in the principal amount of $445,993 are unimpaired and will be paid from the proceeds of the sale. Class 7 Allowed Unsecured Claims will receive no recovery inasmuch as there will be no assets remaining from which to pay Allowed Class 7 Claims. Allowed Unsecured Claims are impaired under the Plan. Because they are receiving no distributions under the Plan, holders of Class 7 Claims are deemed to have rejected the Plan. Class 7 includes any allowed deficiency claims, the single largest of which is the deficiency claim of Capstone. Class 8 Allowed Interests will retain their equity interests in the Debtor and shall receive a pro rata portion of the remaining proceeds of the sale, if any, after the payment in full of all Unclassified Claims and Allowed Class 1, Class 2, Class 3, Class 4, Class 5, Class 6 and Class 7 Claims and any post-Effective Date legal fees and costs of the Debtor’s Estate, based upon the particular percentage of equity interests held. Subject to the time deadlines set forth in the Plan, the Trustee has engaged JLL as his a real estate broker pursuant to a Court Order dated September 19, 2019, and JLL has engaged in a marketing campaign in order to sell the Property for the highest and best price on or before the Sale Closing Date. Promptly following the Closing, the proceeds of the Sale of the Property shall be distributed to holders of Claims and Interests in the manner as provided for in the Plan. The Plan shall be funded with the net proceeds of the sale. All distributions shall be made by the Trustee in accordance with the Plan. A full-text copy of the Trustee's Disclosure Statement for NEO Lights dated Feb. 20, 2020, is available at https://tinyurl.com/ttl8vz6 from PacerMonitor at no charge. Counsel for Sandeep Gupta: REED SMITH LLP Christopher A. Lynch 599 Lexington Avenue New York, NY 10022-7650 Telephone: (212) 521-5400 Facsimile: (212) 521-5450 E-mail:clynch@reedsmith.com - and - Claudia Springer Three Logan Square 1717 Arch Street, Suite 3100 Philadelphia, PA 19103 Telephone: (215) 851-8100 Facsimile: (215) 851-1420 E-mail: cspringer@reedsmith.com About Simkar, LLC Based in Tarrytown, New York, SIMKAR LLC -- http://www.simkar.com/ -- is an internationally known designer, developer, and manufacturer of lighting products. Since 1952, the Company has provided a diverse selection of high-quality LED lighting fixtures, along with other technologies to contractors, specifiers, and other strategic partners. The Company designs and manufactures lighting fixtures at its 283,500 square foot manufacturing facility in Philadelphia, PA. Neo Lights Holdings, Inc. -- http://neolightsholdings.com/-- is a renewable energy technology company and global developer and manufacturer of LED technologies, smart sensors and networking systems, with innovative approaches to off-grid and on grid emergency management networked solutions for commercial, domestic, international, and government markets. SIMKAR LLC filed a voluntary Chapter 11 petition (Bankr. S.D.N.Y. Case No. 19-22576) on March 6, 2019. At the time of filing, the Debtor had estimated assets and estimated liabilities of $10 million to $50 million. Neo Lights sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 19-22589) on March 8, 2019, estimating $1 million to $10 million in assets and liabilities. The petitions were signed by Alfred Heyer, Neo Lights Holdings Inc., president of managing member. The Debtors' counsel is H. Bruce Bronson, Jr., Esq., in Harrison, New York. SINTX TECHNOLOGIES: Reports Revenue of $0.7 Million for 2019 ------------------------------------------------------------ SINTX Technologies, Inc., announced preliminary financial results for the year ended Dec. 31, 2019 and provided a business update. YEAR END 2019 FINANCIAL RESULTS SINTX reported revenue of $0.7 million for the year ended Dec. 31, 2019 as compared to $0.1 million for the year ended Dec. 31, 2018. Further, the Company reported generally accepted accounting principles (GAAP) basic net loss from continuing operations for the year ended Dec. 31, 2019 of $3.08 per share, compared to a basic net loss from continuing operations of $26.57 per share for the year ended Dec. 31, 2018. The Company's cash and cash equivalents were $1.8 million as of Dec. 31, 2019, a decrease of $3.7 million from Dec. 31, 2018. The Company also announced that as of the end of Feb. 2020, there were 7,563,549 shares of common stock outstanding. BUSINESS UPDATE AND RECAP Dr. B. Sonny Bal, Chairman and CEO provided the following update. Recap of the past year- "In 2019, SINTX transitioned from a spine implant manufacturer and seller to a technical ceramic materials company, with the goal of identifying new markets for its silicon nitride. We were well-positioned to do so because of our established knowledge equity, and because of the superior quality of our material platform. Spine Sales- "SINTX continues to supply our spine implants retail partner, CTL-Amedica. Sales of silicon nitride implants increased in the 4th quarter. SINTX is helping CTL-Amedica develop new implants and designs to drive future sales, and new markets. "Over 130 scientific papers in peer-reviewed journals back up our technology. Recently published multi-center clinical studies have shown superb outcomes in lumbar and cervical fusion, respectively. We are wrapping up several other clinical studies, including one showing favorable lumbar fusion outcomes from the European SNAP clinical trial. OEM Strategy- "Our peers in the medical and industrial markets acknowledge that SINTX has an advanced technology platform that is thoroughly validated. Our focus is now on top line growth through new customers, and/or through strategic opportunities. "Our VP of Business Development, Don Bray, is an industry veteran charged with finding industrial opportunities, such as in cutting tools and machine parts. SINTX recently became ITAR-compliant (International Treaty on Arms Reduction) and completed the Stage 1 audit for AS9100 certification; both are predicate steps toward seeking defense orders. We took these steps because the market for advanced ceramics is expected to grow, driven by defense needs in ballistics, and in hypersonic projectiles. "In addition to defense, both the transportation and energy sectors will require high-performance materials to meet future standards. To address these new markets, SINTX has hired an investment bank to identify strategic targets that will broaden our materials and customer profile. "Our dental implant program is far enough along that we have an investment bank seeking partners for this product line. SINTX has developed both zirconia and silicon nitride dental implants, and our metals coating technology is close to the commercial stage. The combination of enhanced bone growth with bacterial resistance is unique to our material and ideal for dental implants. "The orthopaedic space is a significant opportunity for SINTX. Recognizing this, we added Dr. Mark Froimson, an industry leader, to our Board. Our recent capital raise will be invested back into the business, specifically to bring new technologies to commercialization, and expand our customer base. We have an active collaboration to develop silicon nitride coatings and anti-bacterial composite spacers and expect to move several other discussions toward formal development projects. "Consumer products in the general hygiene space, such as anti-bacterial surfaces and products, are another opening for SINTX. Like industrial products, market entry is easier with less regulatory burden than implantable devices. We will collaborate with Nissin Manufacturing Company and with other similar partners to explore these opportunities. Future Outlook- "Turning our knowledge and skill toward addressing customer needs is the overarching goal for 2020. Several key technologies are at near-commercialization stage. These include 3-D printing of silicon nitride, metals-coating, polymer- and PMMA-ceramic composites, and dental implants. Our particular silicon nitride composition is some of the strongest and toughest available. "During the transition from a silicon nitride R&D powerhouse toward commercial opportunities, we expect modest revenue growth in 2020. We have enough science to back up our claims. During 2019, several independent and international papers replicated our work, suggesting new entrants into the silicon nitride biomaterials space. This potential competition, in our view, is both healthy and entirely welcome. We have trimmed up and targeted our R&D accordingly, to ensure our leading position in silicon nitride, with new technologies and intellectual property filings. "Compared to medical devices, industrial parts are easier to develop, with fewer regulatory barriers. We have already received two small orders to build prototypes of industrial parts for third party manufacturers. We are hopeful that these early orders, though small, will result in high-volume opportunities that are essential for near-term revenue growth. Fortunately, silicon nitride is used in diverse applications all over our planet, and even beyond, such that the range of opportunities is immense. "For the first time, outside companies are scrutinizing SINTX as an interesting and differentiated technology play that is coming into the limelight. We have well-established investment banking relationships, a broad technology portfolio, several new technologies at near-commercial stage, and a seasoned team that can execute. We believe that SINTX Technologies has an exciting and promising future." About SINTX Technologies Headquartered in Salt Lake City, Utah, SINTX Technologies -- https://ir.sintx.com -- is an OEM ceramics company that develops and commercializes silicon nitride for medical and non-medical applications. The core strength of SINTX Technologies is the manufacturing, research, and development of silicon nitride ceramics for external partners. The Company presently manufactures silicon nitride spinal implants in its ISO 13485 certified manufacturing facility for CTL-Amedica, the exclusive retail channel for silicon nitride spinal implants. The Company reported a net loss attributable to common stockholders of $22.55 million for the year ended Dec. 31, 2018, compared to a net loss attributable to common stockholders of $9.32 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $10.60 million in total assets, $4.57 million in total liabilities, and $6.03 million in total stockholders' equity. Tanner LLC, in Salt Lake City, Utah, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 8, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has recurring losses from operations and negative operating cash flows and needs to obtain additional financing to finance its operations. These issues raise substantial doubt about the Company's ability to continue as a going concern. SOAPTREE HOLDINGS: March 11 Disclosure Motion Hearing Set --------------------------------------------------------- Debtor Soaptree Holdings LLC filed with the U.S. Bankruptcy Court for the District of Nevada an ex parte motion to conditionally approve the Disclosure Statement and set a Combined Hearing for the Final Approval of the Disclosure Statement and for the Confirmation of Plan. A hearing for the motion will be held before a United States Bankruptcy Judge, at the Foley Federal Building, 300 Las Vegas Boulevard South, Las Vegas, Nevada, on March 11, 2020, at 1:30 p.m. A copy of the notice dated Feb. 20, 2020, is available at https://tinyurl.com/r9a6un5 from PacerMonitor at no charge. Counsel for Debtor: ANDERSEN LAW FIRM, LTD. Ryan A. Andersen, Esq. Ani Biesiada, Esq. 101 Convention Center Drive, Suite 600 Las Vegas, Nevada 89109 About Soaptree Holdings Soaptree Holdings LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 18-16378) on Oct. 24, 2018. In the petition signed by its manager, Shawn Samol, the Debtor disclosed less than $1 million in assets and less than $50,000 in liabilities. Judge August B. Landis oversees the case. The Debtor tapped Andersen Law Firm, Ltd., as its legal counsel; and RPD Analytics, LLC as its appraiser and valuation expert. STGC HOLDINGS: To File Amended Disclosures by March 11 ------------------------------------------------------ According to minutes of proceeding of the Feb. 26, 2020 hearing before Judge Michael E. Romero, debtor STGC Holdings, LLC, will file an amended disclosure statement on or before March 11, 2020. Objections to the amended disclosure statement are due on April 1, 2020. This matter is continued to Monday, April 6, 2020, at 10:30 a.m. About STGC Holdings STGC Holdings LLC, based in Grand Junction, CO, filed a Chapter 11 petition (Bankr. D. Colo. Lead Case No. 19-12310) on March 27, 2019. The Hon. Thomas B. McNamara (19-12310) and Hon. Joseph G. Rosania Jr. (19-12311), oversees the cases. The petition was signed by Kathryn Edwards, trustee for the Jean Zamboni Trust, 100% owner of STGC, LLC. In its petition, the Debtors were estimated to have up to $50,000 in assets and $1 million to $10 million in liabilities. Jonathan Dickey, Esq., at Buechler Law Office, L.L.C., serves as bankruptcy counsel. SUNCREST STONE: Newtek and CDS Say Plan Unconfirmable ----------------------------------------------------- Newtek Small Business Finance, LLC and CDS Business Services, Inc., submitted an objection to the Disclosure Statement for the Second Amended Joint Plan of Reorganization of Debtors Dated January 21, 2020. Newtek and CDS point out that the Debtor's Disclosure Statement fails to contain adequate information as required by 11 U.S.C. Sec. 1125(a)(1): * The Weatherby's Estate's ongoing involvement in Debtors, Edgewood, and Two Coins Remains unclear. * The Debtors have failed to provide a basis for valuing the general intangibles of the business at $0.00. Newtek and CDS also assert the approval of the Debtor's Disclosure Statement must be denied as the Debtor's Plan is patently unconfirmable, citing that: * The Plan violates Sec. 1129(b)(2)(A) for failing to provide fair and equitable treatment of Newtek/CDS' Secured Claims, * The Plan violates the absolute priority rule, * The Plan seeks to impermissibly discharge the obligation of a non-debtor in violation of Sec. 524, and * The Debtors' Plan attempts to gerrymander the unsecured class. Attorney for Newtek and CDS: John G. McCullough Aldridge Pite, LLP Fifteen Piedmont Center 3575 Piedmont Road, N.E., Suite 500 Atlanta, GA 30305 Tel: (404) 7276 Fax: (888) 873-6147 E-mail: jmccullough@aldridgepite.com About Suncrest Stone Products Suncrest Stone Products, LLC -- https://www.suncreststone.com/ --is a stone supplier in Ashburn, Georgia. Its products include Ashlar, Country Ledge, Ledge, River Rock, Olde-Castle, Splitface, Stock, and Rubble. Suncrest Stone Products and 341 Stone Properties, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Lead Case No. 18-10850) on July 13, 2018. In the petition signed by Max Suter, authorized officer, Suncrest was estimated to have assets of less than $1 million and liabilities of $1 million to $10 million. 341 Stone was estimated to have $1 million to $10 million in assets and liabilities. Judge Austin E. Carter is the presiding judge. Stone & Baxter, LLP, is the Debtors' counsel. McMurry Smith & Company is the accountant. Crumley and Associates Inc. d/b/a South Georgia Appraisal Company is appraiser to the Debtor. TAYLOR MORRISON: Moody's Rates 3 Tranches of Unsec. Notes 'Ba3' --------------------------------------------------------------- Moody's Investors Service assigned a Ba3 rating to Taylor Morrison Communities, Inc.'s $324.0 million 6.00% senior unsecured notes due 2023, $428.4 million 5.875% senior unsecured notes due 2025 and $290.4 million 6.625% senior unsecured notes due 2027. Taylor Morrison's other ratings and stable outlook remain unchanged. The notes were offered in exchange for any and all outstanding senior notes of three series issued by William Lyon Homes, Inc. The transaction follows the closing of Taylor Morrison's acquisition of William Lyon Homes on February 6, 2020. Pro forma for the transaction, gross homebuilding debt to total capitalization increases to 52% from 42.9% at December 31, 2019. Moody's expects that leverage will decline to below 50% within the 12 months following the transaction through a combination of organic growth and debt reduction. Assignments: Issuer: Taylor Morrison Communities, Inc. Senior Unsecured Notes, Assigned Ba3 (LGD4) RATINGS RATIONALE Taylor Morrison's Ba3 rating reflects solid credit metrics for the rating category, despite weakened leverage and interest coverage following the Williams Lyon acquisition, and strong market position within existing markets. These factors are counterbalanced by a steady decline in operating margins and an increased level of operational risk associated with the integration of a large peer on the heels of a previous acquisition in October 2018. TMHC's liquidity is good and considers slower but still positive cash flow growth in 2020, approximately $590 million of availability on a new $800 million revolver as of February 6, 2020 and a largely unencumbered asset base. Moody's views TMHC's financial strategy as having a moderate level of risk, specifically with respect to the company's acquisition track record. William Lyon Homes is the second large public company acquisition in sixteen months. The company's senior unsecured notes are rated Ba3, the same as its Corporate Family Rating, and reflects the preponderance of unsecured debt in the capital structure. The stable outlook reflects Moody's expectation of a successful integration of William Lyon Homes and achievement of the planned cost synergies that will support leverage falling below 50% over the twelve months following the closing of the transaction. Moody's also expects that the company will maintain good liquidity. The rating could be upgraded if the company can sustain adjusted gross margin over 20%, interest coverage above 5.5X, and adjusted homebuilding debt to book capitalization below 45%. A downgrade could result should adjusted homebuilding debt to total capitalization be sustained above 50%, interest coverage fall below 4x, and adjusted gross margins be sustained below 18%. In addition, negative ratings pressure would also result from any difficulties in integrating the William Lyons Home acquisition. The principal methodology used in these ratings was Homebuilding And Property Development Industry published in January 2018. Taylor Morrison Home Corporation, an indirect parent company of Taylor Morrison Communities, Inc., is a national homebuilder and developer based in Scottsdale, Arizona and operates under two brands, Taylor Morrison and Darling Homes. The company serves a wide array of consumer groups from coast to coast, including first-time, move-up, luxury, and 55 plus buyers. Pro forma for the William Lyon Homes acquisition, revenue was $6.7 billion as of September 30, 2019. TENDERLEAF VILLAGE: Hires Colliers International as Appraiser ------------------------------------------------------------- Tenderleaf Village, Inc. seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas to hire Colliers International Valuation & Advisory Services as real estate appraisers. The Debtor owns a RV Park located at 1147 Benton Drive, Lufkin, Texas. The Property consists of two parcels of land, a 3.996 acre parcel valued at $945,000 and a 15.22 acre parcel valued at $1,755,000 for a total value of $2,700,000. Ron Rose holds a first lien on the Property in the amount of approximately $1,462,071.34. Zoe Realty Investment GP, LLC purportedly claims a second lien on the Property in the amount of $556,395.11, a claim disputed by the Debtor. Zoe Realty has not filed a proof of claim or otherwise appeared in this proceeding other than sending its principals out to the Debtor’s RV Park to harass the tenants. If Zoe Realty’s claim is determined to be valid, the Debtor estimates its equity in the Property to be approximately $680,000. If Zoe Realty’s claim is invalid, then the equity is estimated at approximately $1,200,000. The Debtor has proposed a liquidating plan whereby it will have three years to market and sell the property while paying Mr. Rose interest only payments of $5,000 per month. Although Mr. Rose has not filed a formal objection to the proposed plan, his Counsel has informed Debtor’s counsel of his objections. The Debtor and Mr. Rose are working towards a consensual plan of liquidation and require a commercial appraisal of the Property to determine the true market value. Colliers International has agreed to perform the appraisal for a flat fee of $3,800. However, in an abundance of caution the Debtor is seeking permission to pay not more than $4,000 for the appraisal. Christopher J. Stallings, managing director of Colliers International, assures the coourt that the firm is a disinterested person within the meaning of 11 USC Sec. 101(14). The firm can be reached through: Christopher J. Stallings Colliers International Valuation & Advisory Services 1233 West Loop South, Suite 900 Houston, TX 77027 Phone: 713-222-2111 About Tenderleaf Village Inc. Tenderleaf Village owns two business properties in Lufkin, Texas, with a total current value of $2.7 million. The company is a tax-exempt entity (as described in 26 U.S.C. Section 501). Tenderleaf Village filed a voluntary Chapter 11 petition (Bankr. S.D. Tex. Case No. 19-31061) on February 28, 2019. In the petition signed by James Tran, director, the Debtor estimated $2,833,076 in assets and $1,923,273 in liabilities. The case has been assigned to the Hon. Jeffrey P. Norman. Julie Mitchell Koenig, Esq., at Cooper & Scully, PC, represents the Debtor as legal counsel. TEXAS SOUTH: LBB & Associates Resigns as Accountant --------------------------------------------------- Effective Feb. 6, 2020, LBB & Associates Ltd, LLP, the independent registered public accounting firm for Texas South Energy, Inc., was suspended by the Securities and Exchange Commission. As a result of this suspension, on March 2, 2020, LBB resigned as the independent registered public accounting firm for the Company. The audit reports of LBB on the Company's financial statements for the years ended Dec. 31, 2018 and Dec. 31, 2017 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. During the two most recent fiscal years ended Dec. 31, 2018 and through the subsequent interim period preceding LBB's resignation, there were no disagreements between the Company and LBB on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of LBB would have caused them to make reference thereto in their reports on the Company's financial statements for such years. About Texas Energy Headquartered in Houston, Texas, Texas South Energy, Inc., is engaged in the oil and gas business, generating or acquiring oil and gas projects, drilling and operating the wells and producing the oil and gas reserves. Texas South reported a net loss of $3.11 million for the 12 months ended Dec. 31, 2018, compared to a net loss of $3.84 million for the 12 months ended Dec. 31, 2017. As of March 31, 2019, the Company had $14.73 million in total assets, $9.19 million in total liabilities, and $5.53 million in total stockholders' equity. LBB & Associates Ltd., LLP, in Houston, Texas, the Company's auditor since 2013, issued a "going concern" qualification in its report dated April 1, 2019, citing that the Company's absence of significant revenues, recurring losses from operations, and its need for additional financing in order to fund its projected loss in 2019 raise substantial doubt about its ability to continue as a going concern. TIDWELL BROS: Case Summary & 8 Unsecured Creditors -------------------------------------------------- Debtor: Tidwell Bros. Construction Inc. f/k/a Tidwell Bros. Construction Inc 4282 N. Suncoast Blvd. Crystal River, FL 34428 Case No.: 20-00837 Business Description: Tidwell Bros. Construction Inc. is a privately held construction company in Florida serving industrial, commercial, and residential clients. It specializes in all phases of earthwork, paving, construction/demolition, and aggregate production. Chapter 11 Petition Date: March 6, 2020 Court: United States Bankruptcy Court Middle District of Florida Debtor's Counsel: Aaron A. Wernick, Esq. FURRCOHEN P.A. 2255 Glades Rd., Suite 301E Boca Raton, FL 33431 Tel: 561-395-0500 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Anthony J. Tidwell, president. A copy of the petition containing, among other items, a list of the Debtor's eight unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/QjVHeE TITAN INTERNATIONAL: Reports $51.5 Million Net Loss for 2019 ------------------------------------------------------------ Titan International, Inc., filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $51.52 million on $1.45 billion of net sales for the year ended Dec. 31, 2019, compared to net income of $13.04 million on $1.60 billion of net sales for the year ended Dec. 31, 2018. Net loss applicable to common shareholders for the year ended Dec. 31, 2019 was $50.4 million, equal to $(0.84) per basic and diluted share, compared to net income applicable to common shareholders of $3.9 million, equal to $0.06 per basic and diluted share, for the year ended Dec. 31, 2018. The adjusted net loss attributable to Titan for the year ended Dec. 31, 2019 was $45.7 million, equal to $(0.76) per basic and diluted share, compared to adjusted net income attributable to Titan of $16.1 million, equal to $0.27 per basic and diluted share, in the comparable prior year period. As of Dec. 31, 2019, the Company had $1.11 billion in total assets, $850.32 million in total liabilities, $25 million in redeemable noncontrolling interest, and $238.98 million in total equity. Net sales for the fourth quarter of 2019 were $301.8 million, compared to net sales of $363.4 million for the fourth quarter of 2018, representing a $61.6 million, or 17.0 percent, decrease. On a constant currency basis, net sales would have been $308.2 million. Net loss applicable to common shareholders for the fourth quarter of 2019 was $24.8 million, equal to $(0.41) per basic and diluted share, compared to net loss applicable to common shareholders of $13.4 million, equal to $(0.22) per basic and diluted share, in the fourth quarter of 2018. The fourth quarter 2019 adjusted net loss attributable to Titan was $24.4 million, equal to $(0.40) per basic and diluted share, compared to net loss attributable to Titan of $12.3 million, equal to $(0.21) per basic and diluted share, in the comparable prior year period. "We have concluded a challenging year for Titan and our industry," commented Paul Reitz, president and chief executive officer. "This comes on the heels of a very successful 2018. Titan, along with many of our customers, started 2019 with expectations for promise of further growth, but ultimately it produced significant volatility and uncertainty with poor Ag conditions due to North America weather and the China trade battles. The fourth quarter was especially challenging with our primary OE customers producing below retail demand levels, which drove our sales well below the volume at which we could produce profitability. "Notwithstanding the significant challenges, we made strides in 2019 including an improved focus on working capital management, which drove $45 million in operating cash flow despite $28 million of operating losses. In addition, we maintained and even improved our leadership in our primary markets through customer positioning and continuing to produce high quality and innovative products. "It's important to highlight that we are working diligently on a number of internal initiatives that are designed to give rise to improved 2020 profitability, allowing us to target full-year EBITDA of $75 million excluding currency impacts, on relatively flat sales of approximately $1.45 billion. Titan's management team has presented the 2020 plan to our Board of Directors to obtain that EBITDA level and our compensation plan is based on achieving it. In addition to the expected financial improvements noted above, we have the support of our Board of Directors to review all of our non-core and underperforming assets as a means to further optimize our overall performance, and have included that as part of our incentive plan. "With the first phase of the China trade deal completed, we've seen North American farmer sentiment improve and expect them to hit the fields hard this spring. That said, we are not sitting still waiting for markets to improve and have numerous internal initiatives intended to improve results. The operational cost structure actions designed to drive improvements of $10 - $12 million and anticipated benefits from our 80/20 initiatives outlined previously are included within this target. As part of our 80/20 initiative, we are also introducing strategic pricing that recognizes the value of our products. The combined impact of all 80/20 efforts should deliver another $5 million through improved margins. We expect to perform significantly better in our North American Wheel operations as we have gained better control on our steel purchasing and improved efficiency in production, and we believe that we can improve operating performance by at least $15 million year-over-year. We also realize our tire plant utilization in North America needs to improve and are working on multiple solutions to address this issue. In 2020, we are targeting SG&A and R&D costs of approximately $140 million for the full year, which we believe will add $7 million of profitability improvement. Additionally, we currently anticipate driving further improvements in our cash flow through improving working capital by more than $25 million. "Also, we anticipate our North American Ag OE customers should return to normalcy in terms of their production at retail levels, and we have seen early signs of this during the current quarter. In addition, we expect increases in our aftermarket sales, particularly in North American Ag, again with increases already seen during the early part of 2020. We believe there are a number of triggers in place that could drive markets to improve later in 2020. We hope to gain more visibility for the year over the coming months, and expect to provide an update after there is more clarity. "Titan produces high-quality products that are critically important to our customers. We continue to experience success in the aftermarket with our market leading LSW's, while Kubota is doing a tremendous job rolling-out our new R14 tire/wheel assembly to its strong base of customers. We are the only global company that can produce tens of thousands unique wheels and thousands of different tires. We have the strength of the Goodyear farm tire brand as the only brand known worldwide for over 100 years. It also doesn't hurt us that in today's world, OEM's are more cognizant of having a supply chain that is overly reliant on China and India. Regardless of the current day concerns, people will continue to eat protein-based diets and populations will continue to grow. We are cautiously optimistic that our markets will stabilize and perhaps improve slightly, but we are not going to wait to let it come to us and, in the meantime, we continue to take actions to improve our performance, gain stability and strengthen our financial position. With 2018 as a barometer for our more recent financial performance, we see a path to perform at 2018 levels and beyond. We believe that this will be a significant year of change for Titan." The Company ended the fourth quarter of 2019 with total cash and cash equivalents of $66.8 million, compared to $81.7 million at Dec. 31, 2018. Long-term debt at Dec. 31, 2019, was $443.3 million, compared to $409.6 million at Dec. 31, 2018. Short-term debt was $61.3 million at Dec. 31, 2019, compared to $51.9 million at Dec. 31, 2018. Net debt (total debt less cash and cash equivalents) was $437.8 million at Dec. 31, 2019, compared to $379.8 million at Dec. 31, 2018. Net cash provided by operating activities for the year ended Dec. 31, 2019, was $45.4 million, compared to net cash used for operations of $36.2 million for the comparable prior year period. This dramatic improvement was due to liquidation of working capital as a result of company-wide initiatives surrounding inventory management and the impact of lower sales in 2019 as compared to the prior year. Capital expenditures were $36.4 million for the year ended Dec. 31, 2019, compared to $39.0 million for the comparable prior year period. A full-text copy of the Form 10-K is available for free at the SEC's website at: https://is.gd/Zn6izy About Titan Titan International, Inc. -- http://www.titan-intl.com.-- is a global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in Quincy, Illinois, the Company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. * * * As reported by the TCR on Aug. 12, 2019, S&P Global Ratings lowered its issuer credit rating on Titan International Inc. and its issue-level ratings on the company's senior secured notes to 'CCC+' from 'B-'. The downgrade reflects Titan's weak operating prospects given S&P's expectation that soft demand for the company's agricultural industry products will reduce profitability and eat into liquidity. In May 2019, Moody's Investors Service downgraded Titan International, Inc.'s Corporate Family Rating and Probability of Default Rating to Caa1 and Caa1-PD, respectively. "The downgrade reflects a number of challenges Titan is experiencing in early 2019 that negatively impacted the company's top-line and profitability at a time when liquidity was already pressured following a highly cash consumptive 2018 and payments related to the Voltyre-Prom put option settlement - one of which has yet to be fully resolved." TRIDENT BRANDS: Mark Holcombe Quits as Director ----------------------------------------------- Mark R. Holcombe resigned as a director of Trident Brands Incorporated on Feb. 29, 2020. Mr. Holcombe will continue to provide business advisory services to the Company, pursuant to his agreement with the Company. On March 1, 2020, the Company's Board of Directors appointed Richard Russell to serve on the Company's Board of Directors, to serve in such capacity until the next annual meeting of stockholders of the Company, subject to earlier resignation or removal. In connection with his appointment, the Company's Board of Directors determined that Mr. Russell would meet the requirements of an "independent director" under the Nasdaq Stock Market's corporate governance rules. Accordingly, the Board of Directors has designated Mr. Russell an "independent director" for corporate governance purposes. The Company intends to expand its Board of Directors and appoint additional "independent directors," with the objective of enhancing corporate governance. The compensation of Mr. Russell for serving on the Company's Board of Directors will be determined at a later date, at which time the Company will file a Form 8-K Current Report as required. Since November 2017, Mr. Russell has served as chief financial officer of LM Funding America, Inc., a Florida based Nasdaq listed technology-based specialty finance company offering unique funding solutions to community associations. Since December 2019, Mr. Russell has served as chief financial officer of Generation Income Properties Inc., a Florida based real estate investment company quoted on the OTCQB. Since August 2016, Mr. Russell has been a Board Member of the Hillsborough County Internal Audit Commission, of which he was appointed Chairman in January 2020. From September 2013 to December 2016, Mr. Russell served as Chief Financial Officer of Mission Health Communities, a skilled nursing company with 32 skilled and assisted living facilities in Florida. From 2007 – 2013, Mr. Russell was the Sr. Director Corp. Finance - Sr. Director - Head of Internal Audit - Assistant Corporate Controller of Cott Corporation, a large public international manufacturing beverage company headquartered in Florida. About Trident Brands Based in Brookfield, Wisconsin, Trident Brands Incorporated, f/k/a Sandfield Ventures Corp., is focused on the development of high growth branded and private label consumer products and ingredients within the nutritional supplement, life sciences and food and beverage categories. Trident Brands reported a net loss of $8.42 million for the year ended Nov. 30, 2018, following a net loss of $6.87 million for the year ended Nov. 30, 2017. As of Aug. 31, 2019, the Company had $3.37 million in total assets, $24.82 million in total liabilities, and a total stockholders' deficit of $21.45 million. As of Aug. 31, 2019, the Company had $352,982 in cash and a working capital deficit of $21,855,315. The Company also has generated losses and has an accumulated deficit as of Aug. 31, 2019. The Company completed additional long term financing with the non-US institutional investor, receiving proceeds of $3,400,780 on Nov. 30, 2018 and $2,804,187 on April 13, 2019 through the issuance of secured convertible promissory notes. The investor has agreed to make additional investments of $3,795,033 ($10,000,000 in the aggregate). However, unless Management is able to extend the maturity date of the notes or obtain additional financing, the Company may not be able to meet its debt obligations which come due on May 31, 2020. ULTRA PETROLEUM: Provides Update on Potential Debt Transaction -------------------------------------------------------------- Ultra Petroleum Corp. and its advisors recently engaged in negotiations with certain third party holders of the Company's long-term debt as part of the Company's on-going, proactive efforts to reduce indebtedness. In connection with these negotiations, the Company provided certain confidential information to such third party debtholders' advisors. At this time, the Company is not presently negotiating with the debtholders with respect to a potential transaction involving the Company's indebtedness. About Ultra Petroleum Headquartered in Englewood, Colorado, Ultra Petroleum Corp. -- http://www.ultrapetroleum.com/-- is an independent energy company engaged in domestic natural gas and oil exploration, development and production. The Company is listed on NASDAQ and trades under the ticker symbol "UPL". As of Sept. 30, 2019, the Company had $1.84 billion in total assets, $2.69 billion in total liabilities, and a total shareholders' deficit of $843.8 million. The Nasdaq Stock Market, Inc. had determined to remove from listing the common stock of Ultra Petroleum Corp., effective on Sept. 3, 2019. Based on review of information provided by the Company, Nasdaq Staff determined that the Company no longer qualified for listing on the Exchange pursuant to Listing Rule 5450(a)(1). * * * As reported by the TCR on Oct. 2, 2019, S&P Global Ratings lowered the issuer credit rating on U.S.-based oil and gas exploration and production (E&P) company Ultra Petroleum Corp. to 'CCC-' from 'CCC+'. The downgrade follows Ultra's recent announcement that it is suspending drilling in the Pinedale by the end of September in response to unfavorable natural gas pricing. In December 2019, Fith Ratings affirmed the Long-Term Issuer Default Ratings on Ultra Petroleum Corp. and Ultra Resources, Inc at 'CCC'. Fitch's rating reflects the expected decline in production, high leverage metrics, and minimal asset coverage, which are partially offset by Ultra's low operating and drilling cost structure and expected ability to maintain neutral FCF in the near term. UNION GROVE: Unsecureds to Recover 20% in Plan ---------------------------------------------- Union Grove Baptist Church filed a Chapter 11 plan of reorganization. According to the Disclosure Statement, after careful review of the Debtor's current business operations, estimated recoveries in a liquidation scenario, and the prospect for continuing business, the Debtor has concluded that the recovery to creditors will be maximized by the reorganization contemplated by the Plan. Funds needed to make cash payments on the effective date on account of allowed administrative claims under the Plan will come from the donations made by members of the Debtor. The Debtor owns and controls real property known as 2285 Frayser Blvd. , Memphis, Shelby County, Tennessee which is utilized as a Church Building and Church campus. The value of the property is $340,000, according to the appraisal of the Shelby County Trustee. The Plan proposes to treat claims as follows: * Class 2: The Prepetition Secured Claim of The Bank of Bartlett: The Bank of Bartlett holds a prepetition secured claim on the Debtor's real property known as 2285 Frayser Blvd., Memphis, Shelby County, Tennessee. The total amount owed Class 2 is $825,000. The claim will be secured at $340,000 with 6.0% interest and a monthly payment of $1,500. Twenty-four months after confirmation, the Debtor and Bank of Bartlett shall renegotiate the monthly payment as the Debtor anticipates being able to increase the monthly payment at that time. * Class 3: The Prepetition Unsecured Claim of Memphis Light Gas & Water. MLG&W holds a prepetition unsecured claim for delinquent utilities in the amount of $4,006. This claim shall be paid at a dividend of 20% ($801.20) and a monthly payment of $11.25. * Class 4: Prepetition Deficiency Claim of The Bank of Bartlett: The Bank of Bartlett holds a prepetition unsecured claim for a deficiency owed by the Debtor for the decrease in real property in the amount of $486,000. This claim will be paid at a dividend of 20% ($97,200) and a monthly payment of $1,350. A full-text copy of the Disclosure Statement dated Feb. 24, 2020, is available at https://tinyurl.com/tdbutcz from PacerMonitor.com at no charge. Attorney for the Debtor: John E. Dunlap The Law Offices of John E. Dunlap, P.C. 3340 Poplar Avenue #320 Memphis, Tennessee 38111 Tel: (901) 320-1603 (901) 320-6914 E-mail: jdunlap00@gmail.com About Union Grove Baptist Church Union Grove Baptist Church, is a nonprofit corporation organized underthe laws of the State of Tennessee. The Debtor operates 2285 Frayser Blvd., Memphis, Tennessee 38127. Its assets and operations are in Memphis, Shelby County, Tennessee. The corporation's effective date is Aug. 11, 2014, in Memphis, ShelbyCounty, Tennessee. Union Grove Baptist Church sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 19-27459) on Sept. 18, 2019. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. The case is assigned to Judge David S. Kennedy. The Debtor is represented by the Law Office of John Edward Dunlap. VAC FUND HOUSTON: Taps JC Management Prexy as Consultant -------------------------------------------------------- VAC Fund Houston, LLC seeks approval from the U.S. Bankruptcy Court from the District of Nevada to hire JC Management Consulting President Jonathan Jorgenson. Mr. Jorgenson is one of the professionals used by the Debtor in the ordinary course of business. He is currently the president of JC Management, a company based in Henderson, Nev., where he provides financial and management consulting services to customers. As an "ordinary course" professional, Mr. Jorgenson's duties include ensuring that all accounting allocations are appropriately made and documented. He also controls the Debtor's financial assets by overseeing its day-to-day accounting functions, integrating finance operations, forecasting and budgeting finances, handling tax matters, preparing financial reports, and ensuring financial stability during its bankruptcy process. Mr. Jorgenson works exclusively for the Debtor on an independent contractor basis and spends approximately 50 to 70 hours per week. He is paid a flat fee of $8,3330 per month. Mr. Jorgenson holds office at: Jonathan Jorgenson JC Management Consulting 235 Windsong Dr Henderson, NV 89074 Tel: (702) 234-8651 Fax: (702) 939-9060 Email: jj@jcmclv.com About VAC Fund Houston VAC Fund Houston, LLC, a Nevada-based company engaged in activities related to real estate, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 19-17670) on Dec. 2, 2019, disclosing $15,948,556 in assets and $17,369,695 in liabilities. The petition was signed by Christopher Shelton, the official overseeing the VAC Fund Houston Trust, which manages the Debtor. Judge Mike K. Nakagawa oversees the case. Christopher R. Kaup, Esq., at Tiffany & Bosco, P.A., is the Debtor's legal counsel. The U.S. Trustee for Region 17 appointed a committee of unsecured creditors on Jan. 15, 2020. The committee is represented by Brinkman Portillo Ronk, APC. VESTAVIA HILLS: Seeks to Hire Campbell Partners as Special Counsel ------------------------------------------------------------------ Vestavia Hills, Ltd., filed an amended application seeking approval from the U.S. Bankruptcy Court for the Southern District of California to hire Campbell Partners, APC as its special litigation counsel. Campbell was first retained by the Debtor and the guarantors of the Debtor's obligations owing to Wells Fargo Bank in 2017 to assist in negotiations and provide advice on potential arbitration and litigation involving Wells Fargo. Thereafter, the representation of Campbell expanded to include the Debtor and Guarantors in the prosecution of claims against Commonwealth pending in the United States District Court for the Northern District of Alabama, and the defense of claims asserted by Commonwealth against the Debtor and the Guarantors in Alabama state court. At the time that Campbell was retained by the Debtor, it was operating under the name of Campbell Guin, LLC. The name of the firm changed to Campbell Partners, LLC in early 2019. Following meet and confer discussions with the United States Trustee's counsel, the Debtor has dropped its request to employ Campbell as special counsel in connection with disputes regarding Wells Fargo Bank, senior secured creditor. Debtor’s general counsel, Sullivan Hill Rez & Engel, currently and will continue to represent the debtor in matters relating to Wells in the Chapter 11 case. The Guarantors will be separately represented in the Chapter 11 case by the Procopio firm, by William Smelko. By this further amended application, the Debtor is seeking to employ the Campbell firm solely with respect to litigation matters relating to Commonwealth claims, particularly in connection with the Alabama proceedings which are the focus of motions now pending in Alabama federal courts. The Debtor particularly requires the continued services of Campbell in connection with Commonwealth litigation matters both because of its long and deep history representing the commonly aligned Debtor and Guarantors in that litigation, as well as the need for the Debtor to be apprised and counseled with respect to applicable Alabama law and Alabama procedures and local rules, as such issues may arise during this Chapter 11 case. The firm will be paid at these rates: Andrew Campbell Senior Partner $525 Cason Kirby Partner $375 J. Harrison Hagood Partner $375 Yawanna McDonald Partner $375 Sarah Beth Sanders Associate $300 Susan Carew Paralegal $185 Law Clerk Law Clerk $130 Andy Campbell, managing partner at Campbell Partners, disclosed in court filings that the firm neither holds nor represents any interest adverse to the Debtor's bankruptcy estate. The firm can be reached through: Andrew Campbell, Esq. Campbell Partners 505 20th Street North, Suite 1600 Birmingham, AL 35203 Phone: 205-224-0751 Email: andy@campbellpartnerslaw.com About Vestavia Hills Vestavia Hills, Ltd., which conducts business under the name Mount Royal Towers, operates a continuing care retirement community and assisted living facility for the elderly in Vestavia Hills, Ala. It offers individualized senior living options for a convenient community lifestyle and provides personalized nursing care. Vestavia Hills sought Chapter 11 protection (Bankr. S.D. Cal. Case No. 20-00018-11) on Jan. 3, 2020. The Debtor disclosed $18,531,957 in assets and $29,742,790 in liabilities as of the bankruptcy filing. Judge Louise Decarl Adler oversees the case. Sullivan Hill Rez & Engel is the Debtor's legal counsel. VITO FASCIGLIONE: Parker Hart Hires Maltz Auctions as Broker ------------------------------------------------------------ Parker Hart Limited Partnership, a secured creditor of Vito Fasciglione Holdings 24, Inc., seeks authority from the U.S. Bankruptcy Court for the Southern District of New York to hire Maltz Auctions, Inc. as its real estate broker. The firm will assist in the marketing and sale of the Debtor's real properties located at: (1) 33 Fairview Street, Yonkers, New York; (2) 82 Morningside Avenue, Yonkers, New York; and (3) 347 Warburton Avenue, Yonkers, New York. Maltz will get a buyer's premium of no more than 6 percent of the amount of any proposed contract of sale of the properties on condition that such contract of sale closes. Any proposed contract of sale will be subject to higher or better offers. In the event that there is no co-broker, the buyer's premium will be reduced to 5 percent. Richard Maltz, a principal of Maltz, assures the court that the firm is disinterested as that term is defined in Bankruptcy Code Section 101(14). Maltz can be reached through: Richard B. Maltz Maltz Auctions, Inc. 39 Windsor Place Central Islip, NY 11722 Phone: 516-349-7022 Fax: 516-349-0105 Parker Hart is represented by: Avrum J. Rosen, Esq. Alex E. Tsionis, Esq. Rosen & Kantrow, PLLC 38 New Street Huntington, New York 11743 Phone: 631 423 8527 Fax: 631 423 4536 About Vito Fasciglione Vito Fasciglione Holdings 24, Inc., a New York-based privately held company engaged in the business of renting and leasing real estate properties, filed a voluntary Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 19-22768) on April 9, 2019. At the time of filing, the Debtor was estimated to have assets and debts of $1 million to $10 million. Judge Robert D. Drain oversees the case. Harold, Salant, Strassfield & Spielberg is the Debtor's legal counsel. WATERTECH HOLDINGS: Seeks to Hire McCarthy Reynolds as Counsel -------------------------------------------------------------- Watertech Holdings, LLC, seeks authority from the United States Bankruptcy Court for the Southern District of Carolina to hire McCarthy, Reynolds, & Penn, LLC, as its counsel. Waterech requires McCarthy to: a. advise Debtor of its rights, powers and duties; b. attend meetings with Debtor and hearings before the Court; c. assist other professionals retained by Debtor in the investigation of the acts, conduct, assets, liabilities and financial condition of Debtor, and any other matters relevant to the case or to the formulation of a plan of reorganization or liquidation; d. investigate the validity, extent, and priority of secured claims against Debtor’s estate, and investigating the acts and conduct of such secured creditors and other parties to determine whether any causes of action may exist; e. advise Debtor with regard to the preparation and filing of all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents, and reviewing all financial and other reports to be filed in these matters; f. advise the Debtor with regard to the preparation and filing of responses to applications, motions, pleadings, notices and other papers that may be filed and served in these chapter 11 cases by other parties; and, g. perform other necessary legal services for and on behalf of Debtor that may be necessary or appropriate in the administration of these chapter 11 cases. The firm's hourly rates are: Attorneys $300-$500 Paralegals $100-$175 G. William McCarthy, Jr. $475 Daniel Reynolds, Jr. $350 W. Harrison Penn $350 Pre-petition, Firm received retainers aggregating $59,264.48 from Debtor for services related to debt counseling and strategic advice as well as the contemplation of, research related to, preparation for, and filing of the bankruptcy case and related negotiations and meetings. W. Harrison Penn, Esq., partner of McCarthy, assures the court that the firm is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: W. Harrison Penn, Esq. MCCARTHY, REYNOLDS, & PENN, LLC P.O. Box 11332 Columbia, SC 29211-1332 Tel: 803-771-8836 About Watertech Holdings, LLC Watertech Holdings, LLC is in the disinfecting services business. Watertech Holdings, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 20-00662) on Feb. 6, 2020. In the petition signed by Robert Fei, manager, the Debtor estimates $2,115,000 in assets and $2,187,115 in liabilities. The firm is represented by G. William McCarthy Jr., Esq. at McCarthy, Reynolds & Penn, LLC. WESTERN RESERVE: Unsecureds to Get 25% in 6 Years Under Plan ------------------------------------------------------------ Western Reserve Water Systems, Inc., proposes a Plan of Reorganization. The Debtor intends, over the next nine months to a year to commence and maintain any litigation necessary to collect its receivables. These receivable collections will be used to fund the Debtor's plan. Class 3 Secured Claim of KeyBank is impaired as to time but will be paid in full and therefore a vote will be solicited from that claimholder. The claim will be paid in full with ongoing interest at prime plus 2% along with payment of attorneys' fees as provided for by the loan documents to KeyBank. The Debtor estimates the secured value of KeyBank's Class Three claim to be $2.9 million. All Class 3 claims will be paid by March 31, 2021. Class 4 Secured Lease Claims of KeyBank are impaired as to time but will be paid in full and therefore votes will be solicited from that claimholder. The claims will be paid in full with ongoing interest at prime plus 2% or the interest rate on the original lease, whichever is lower, along with payment of attorneys' fees as provided for by the loan documents to KeyBank. Said attorney fees will be paid without interest at the end of the loan. The Debtor estimates the secured value of KeyBank's Class 4 claim to be $3.8 million. All Class Four claims will be paid by March 31, 2021. Class 5 General Unsecured Claims will be paid at 25% of their allowed value over a period of six years. The Debtor intends to begin paying those claims in the seventh month following confirmation on a semi-annual basis, paying 1/12th of each creditor's claim every six months. The Debtor expects Class 5 claims not to exceed $700,000. Class 6 claims convenience claims of General Unsecured Creditors whose claims are less than $15,000 or who elect to reduce their claims to such amounts. The claims will be paid at 10% of their allowed value upon confirmation of this Plan. The Debtor expects class six claims not to exceed $100,000. No Class 7 claims of insiders and Class 8 interests of shareholders will be paid. A full-text copy of the Disclosure Statement dated Feb. 24, 2020, is available at https://tinyurl.com/typ2ofe from PacerMonitor.com at no charge. About Western Reserve Water Systems Western Reserve Water Systems, Inc. -- http://www.westernreservewater.com/-- is an industrial water service company offering a wide range of equipment, services, parts, and consulting services for the industrial process water and high purity water user. Western Reserve Water Systems services are supplied to various industries, such as power generation, chemical processing, auto, steel, food & beverage, pharmaceutical, hospital, medical, laboratory and light industrial and commercial markets. The Company's service center and regeneration facility is currently located in Cleveland, Ohio, with satellite service locations in Cincinnati, Ohio, and Terre Haute, Indiana. Western Reserve Water Systems sought Chapter 11 protection (Bankr. N.D. Ohio Case No. 19-11864) on April 1, 2019. In the petition signed by Michael Eiermann, president, the Debtor disclosed total assets at $10,285,282 and $4,306,486 in total debt. The case is assigned to Judge Jessica E. Price Smith. The Debtor tapped Glenn E. Forbes, Esq., at Forbes Law, LLC, as counsel. WHITAKER ENTERPRISE: April 7 Hearing on Disclosure Statement ------------------------------------------------------------ Judge Marian F. Harrison has ordered that the hearing on [confirmation of the Plan and] approval of the Disclosure Statement filed by WHITAKER ENTERPRISES, LLC, will be held at 9:00 a.m. on April 7, 2020, at the U.S. Bankruptcy Court for the Middle District of Tennessee, Courtroom Three, Second Floor, Customs House, 701 Broadway, Nashville, Tennessee 37203. March 30, 2020 is fixed as the last day for filing and serving written objections to the Disclosure Statement. Attorney for the Debtor: Steven L. Lefkovitz, No. 5953 618 Church Street, Suite 410 Nashville, Tennessee 37219 Tel: (615)256-8300 Fax: (615) 255-4516 E-mail: slefkovitz@lefkovitz.com About Whitaker Enterprise Whitaker Enterprise LLC is a Nashville, Tenn.-based freight carrier. The company also provides auto detailing services. Whitaker Enterprise sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 19-03646) on June 7, 2019. At the time of the filing, the Debtor disclosed $421,907 in assets and $1,086,575 in liabilities. The case has been assigned to Judge Marian F. Harrison. The Debtor is represented by Lefkovitz and Lefkovitz, PLLC. WILLIAM LYON: Moody's Withdraws B2 CFR Following TMHC Transaction ----------------------------------------------------------------- Moody's Investors Service withdrew all ratings for William Lyon Homes, Inc., including its B2 Corporate Family Rating, B2-PD Probability of Default Rating and the B2 rating on the senior unsecured notes of Lyon and WLH PNW Finance Corp. The ratings had been on review since November 2019, following the company's announcement that it would be acquired by Taylor Morrison Home Corporation (TMHC). Moody's also withdrew Lyon's SGL-2 Speculative Grade Liquidity Rating. RATINGS RATIONALE The rating action follows the February 2020 closing of TMHC's acquisition of Lyon, and the subsequent exchanges of the majority of Lyon's unsecured notes to new instruments issued by TMCH. Moody's has decided to withdraw the ratings because it believes it has insufficient or otherwise inadequate information to support the maintenance of the ratings. The following rating actions were taken: Withdrawals: Issuer: William Lyon Homes, Inc. Probability of Default Rating, Withdrawn, previously rated B2-PD Speculative Grade Liquidity Rating, Withdrawn, previously rated SGL-2 Corporate Family Rating, Withdrawn, previously rated B2 Senior Unsecured Regular Bond/Debenture, Withdrawn, previously rated B2 (LGD4) Issuer: WLH PNW Finance Corp. Senior Unsecured Regular Bond/Debenture, Withdrawn, previously rated B2 (LGD4) Outlook Actions: Issuer: William Lyon Homes, Inc. Outlook, Changed To Rating Withdrawn From Rating Under Review Issuer: WLH PNW Finance Corp. Outlook, Changed To Rating Withdrawn From Rating Under Review Established in 1956 and headquartered in Newport Beach, CA, William Lyon Homes, Inc. designs, builds, and sells single-family attached and detached homes in California, Arizona, Colorado, Nevada, Oregon, Washington, and Texas. Revenues and net income for the twelve months ended September 30, 2019 were $2.0 billion and $62 million, respectively. Taylor Morrison Home Corporation, an indirect parent company of Taylor Morrison Communities, Inc., is a national homebuilder and developer based in Scottsdale, Arizona and operated under two brands, Taylor Morrison and Darling Homes. The company serves a wide array of consumer groups from coast to coast, including first-time, move-up, luxury, and 55 plus buyers. Revenue and net income in 2019 were $4.8 billion and $255 million, respectively. WILLOWOOD USA: Committee Members Removed From Plan Releases ----------------------------------------------------------- Willowood USA Holdings, LLC, and its affiliated debtors filed a Second Amended Chapter 11 Plan of Liquidation on Feb. 24, 2020. The Second Amended Plan defines "Released Parties" as (a) Kevin Mitchell, Sam Simpson, Jay Coughlon, Jason Urband, Joseph Middione, Jeff Thayer and Thomas Kim, who were officers and directors of the Debtors as of April 16, 2019 (b) Lariat Partners and Blue Dream Acquisition, LLC, (c) Tree Line and each Prepetition Term Lender, (d) KeyBank National Association, as agent under the ABL Credit Agreement and each Prepetition ABL Lender (as defined in the Final DIP Order). The prior iteration of the Plan included the Committee and its members among the Released Parties. As to the Class 2 Secured Claim and Unsecured Deficiency Claim of Tree Line and the Class 3 Secured Claim of Key Bank, the Second Amended Plan adds a provision indicating that for the avoidance of doubt, and notwithstanding anything to the contrary, nothing in the Plan, Disclosure Statement or any document related thereto, including any order confirming the Plan or approving the Disclosure Statement shall impair, change, prejudice, alter or affect the respective rights and obligations of Key Bank and Tree Line under (i) that certain Intercreditor Agreement dated April 16, 2016 (the "ICA"), (ii) that certain Reserve Agreement dated May 13, 2019 (the "RA") and (iii) any document related to, or referenced in, the ICA or RA. There are no changes to the proposed treatment of unsecured claims. Each Holder of an Allowed Class 4 Unsecured Claim will receive interests in the Litigation Trust and the Litigation Trust will distribute the Litigation Trust Proceeds Pro Rata. Tree Line shall receive a maximum of $3,000,000, from the Tier 3 Distribution, and any remaining funds in the Tier 3 Distribution that would have otherwise gone to Tree Line on account of its remaining Deficiency Claim will be waived by Tree Line and instead be distributed Pro Rata to Holders of Allowed Class 4 Unsecured Claims. A full-text copy of the Second Amended Chapter 11 Plan of Liquidation dated Feb. 24, 2020, is available at https://tinyurl.com/r73nv8b from PacerMonitor.com at no charge. Attorneys for the Debtors: Michael J. Pankow, Esq. Joshua M. Hantman, Esq. BROWNSTEIN HYATT FARBER SCHRECK, LLP 410 17th Street, Suite 2200 Denver, Colorado 80202 Telephone: (303) 223-1100 Facsimile: (303) 223-1111 About Willowood USA Willowood USA, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 19-11320) on Feb. 27, 2019. The case is jointly administered with the Chapter 11 case of Willowood USA Holdings, LLC (Bankr. D. Colo. Case No. 19-11079). At the time of the filing, the Debtor estimated assets of $10 million to $50 million and liabilities of the same range. The case is assigned to Judge Kimberley H. Tyson. Brownstein Hyatt Farber Schreck, LLP, is the Debtor's legal counsel; r2 advisors, llc, is the chief restructuring officer; and Piper Jaffray & Co., is the investment banker. Bankruptcy Management Solutions, Inc. d/b/a Stretto, is the claims and noticing agent. The Office of the U.S. Trustee on March 12, 2019, appointed an official committee of unsecured creditors in the Debtor's Chapter 11 case. The committee tapped CKR Law LLP and was substituted by Montgomery McCracken Walker and Rhoads LLP, as counsel; Kutner Brinen, P.C. as local co-counsel; and PricewaterhouseCoopers LLP as its financial advisor. YOURELO YOUR: Has Until June 19 to Exclusively File Chapter 11 Plan ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts extended the exclusive periods during which Yourelo Your Full-Service Relocation Corporation can file a Chapter 11 plan and obtain acceptances for the plan to June 19 and Aug. 18, respectively. About Yourelo Your Full-Service Relocation Yourelo Your Full-Service Relocation Corporation is a real estate lessor based in Revere, Mass. It conducts business under the name Gentle Movers. Yourelo sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 19-13602) on Oct. 23, 2019. The petition was signed by Umida Yusupova, president. Judge Christopher J. Panos oversees the case. The Debtor is represented by Casner & Edwards, LLP. At the time of filing, the Debtor had estimated assets of $1 million to $10 million and liabilities of $100,000 to $500,000. ZENERGY BRANDS: Exclusivity Period Extended to April 21 ------------------------------------------------------- Judge Brenda Rhoades of the U.S. Bankruptcy Court for the Eastern District of Texas extended to April 21 the period during which Zenergy Brands, Inc. and its affiliates have the exclusive right to file a Chapter 11 plan. The companies can solicit acceptances for the plan until June 19. About Zenergy Brands Zenergy Brands, Inc. -- https://whatiszenergy.com/ -- is a next-generation energy and technology company engaged in selling energy-conservation products and services to commercial, industrial and municipal customers. It is a business-to-business company whose platform is a combined offering of energy services and smart controls. Zenergy Brands is a public company, fully reporting to the Securities and Exchange Commission and currently trading on the OTCQB. Zenergy Brands and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Lead Case No. 19-42886) on Oct. 24, 2019. As of June 30, 2019, Zenergy Brands had total assets of $1,944,089 and liabilities of $8,369,818. Judge Brenda T. Rhoades oversees the cases. The Debtors tapped Foley & Lardner LLP as their legal counsel, and Stretto as their claims, noticing and solicitation agent. The Office of the U.S. Trustee appointed creditors to serve on the official committee of unsecured creditors in the Debtors' cases on Nov. 4, 2019. The committee is represented by Kane Russell Coleman Logan PC. [^] BOND PRICING: For the Week from March 2 to 6, 2020 ------------------------------------------------------ Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- 24 Hour Fitness Worldwide Inc HRFITW 8.000 46.529 6/1/2022 24 Hour Fitness Worldwide Inc HRFITW 8.000 48.065 6/1/2022 Ally Financial Inc ALLY 3.700 99.298 3/15/2020 Approach Resources Inc AREX 7.000 1.863 6/15/2021 BPZ Resources Inc BPZR 6.500 3.017 3/1/2049 Bon-Ton Department Stores Inc/The BONT 8.000 10.000 6/15/2021 Bristow Group Inc BRS 6.250 5.810 10/15/2022 Bristow Group Inc BRS 4.500 12.487 6/1/2023 Buffalo Thunder Development Authority BUFLO 11.000 50.117 12/9/2022 Calfrac Holdings LP CFWCN 8.500 25.634 6/15/2026 Calfrac Holdings LP CFWCN 8.500 25.975 6/15/2026 California Resources Corp CRC 8.000 18.862 12/15/2022 California Resources Corp CRC 5.500 31.895 9/15/2021 California Resources Corp CRC 8.000 19.532 12/15/2022 California Resources Corp CRC 6.000 16.688 11/15/2024 California Resources Corp CRC 6.000 17.634 11/15/2024 Chaparral Energy Inc CHAP 8.750 21.408 7/15/2023 Chaparral Energy Inc CHAP 8.750 21.828 7/15/2023 Chesapeake Energy Corp CHK 11.500 39.878 1/1/2025 Chesapeake Energy Corp CHK 5.500 14.000 9/15/2026 Chesapeake Energy Corp CHK 6.625 81.485 8/15/2020 Chesapeake Energy Corp CHK 7.000 25.173 10/1/2024 Chesapeake Energy Corp CHK 4.875 40.998 4/15/2022 Chesapeake Energy Corp CHK 8.000 26.521 6/15/2027 Chesapeake Energy Corp CHK 5.750 31.178 3/15/2023 Chesapeake Energy Corp CHK 8.000 24.046 1/15/2025 Chesapeake Energy Corp CHK 6.125 69.324 2/15/2021 Chesapeake Energy Corp CHK 5.375 61.964 6/15/2021 Chesapeake Energy Corp CHK 11.500 40.268 1/1/2025 Chesapeake Energy Corp CHK 6.875 80.841 11/15/2020 Chesapeake Energy Corp CHK 7.500 24.394 10/1/2026 Chesapeake Energy Corp CHK 8.000 26.114 3/15/2026 Chesapeake Energy Corp CHK 8.000 25.077 3/15/2026 Chesapeake Energy Corp CHK 8.000 26.397 1/15/2025 Chesapeake Energy Corp CHK 8.000 19.348 6/15/2027 Chesapeake Energy Corp CHK 8.000 26.227 3/15/2026 Chesapeake Energy Corp CHK 8.000 19.348 6/15/2027 Chesapeake Energy Corp CHK 6.875 79.291 11/15/2020 Chesapeake Energy Corp CHK 8.000 26.397 1/15/2025 Chukchansi Economic Development Authority CHUKCH 9.750 49.642 5/30/2020 Consolidated-Tomoka Land Co CTO 4.500 100.250 3/15/2020 Continental Airlines 1999-2 Class A-1 Pass Through Trust UAL 7.256 98.407 3/15/2020 Continental Airlines 1999-2 Class C-2 Pass Through Trust UAL 6.236 98.776 3/15/2020 DFC Finance Corp DLLR 10.500 67.125 6/15/2020 DFC Finance Corp DLLR 10.500 67.125 6/15/2020 Dean Foods Co DF 6.500 12.500 3/15/2023 Dean Foods Co DF 6.500 19.750 3/15/2023 Denbury Resources Inc DNR 5.500 51.994 5/1/2022 Denbury Resources Inc DNR 6.375 64.284 8/15/2021 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 9.375 2.750 5/1/2024 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 8.000 2.000 2/15/2025 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 9.375 1.821 5/1/2024 EP Energy LLC / Everest Acquisition Finance Inc EPENEG 8.000 1.871 2/15/2025 Energy Conversion Devices Inc ENER 3.000 7.875 6/15/2013 Energy Future Competitive Holdings Co LLC TXU 1.696 0.072 1/30/2037 Exela Intermediate LLC / Exela Finance Inc EXLINT 10.000 32.049 7/15/2023 Exela Intermediate LLC / Exela Finance Inc EXLINT 10.000 32.875 7/15/2023 Extraction Oil & Gas Inc XOG 7.375 37.508 5/15/2024 Extraction Oil & Gas Inc XOG 7.375 37.699 5/15/2024 Federal Farm Credit Banks Funding Corp FFCB 2.200 99.586 9/29/2027 Federal Farm Credit Banks Funding Corp FFCB 2.330 99.328 6/13/2028 Federal Farm Credit Banks Funding Corp FFCB 2.200 99.543 10/20/2026 Federal Farm Credit Banks Funding Corp FFCB 1.730 99.653 2/23/2023 Federal Farm Credit Banks Funding Corp FFCB 1.820 99.557 10/5/2023 Federal Farm Credit Banks Funding Corp FFCB 1.850 99.239 9/20/2023 Federal Farm Credit Banks Funding Corp FFCB 1.820 99.400 4/25/2023 Federal Farm Credit Banks Funding Corp FFCB 1.850 99.642 5/10/2023 Federal Farm Credit Banks Funding Corp FFCB 1.730 99.605 2/8/2023 Federal Farm Credit Banks Funding Corp FFCB 2.240 99.284 11/10/2027 Federal Farm Credit Banks Funding Corp FFCB 1.830 99.217 8/23/2023 Federal Home Loan Banks FHLB 1.690 99.653 2/26/2021 Federal Home Loan Banks FHLB 2.930 99.689 11/17/2036 Federal Home Loan Banks FHLB 1.750 99.313 6/7/2021 Federal Home Loan Banks FHLB 1.680 99.694 9/9/2021 Federal Home Loan Banks FHLB 3.090 99.555 5/23/2041 Federal Home Loan Banks FHLB 1.900 99.233 9/27/2023 Federal Home Loan Mortgage Corp FHLMC 2.500 98.069 9/8/2031 Federal Home Loan Mortgage Corp FHLMC 1.500 99.579 9/8/2020 Federal Home Loan Mortgage Corp FHLMC 1.510 99.582 9/8/2020 Ferrellgas Partners LP / Ferrellgas Partners Finance Corp FGP 8.625 38.060 6/15/2020 Ferrellgas Partners LP / Ferrellgas Partners Finance Corp FGP 8.625 48.852 6/15/2020 Fleetwood Enterprises Inc FLTW 14.000 3.557 12/15/2011 Foresight Energy LLC / Foresight Energy Finance Corp FELP 11.500 2.563 4/1/2023 Foresight Energy LLC / Foresight Energy Finance Corp FELP 11.500 1.429 4/1/2023 Fresh Market Inc/The TFM 9.750 46.645 5/1/2023 Fresh Market Inc/The TFM 9.750 47.539 5/1/2023 Frontier Communications Corp FTR 10.500 43.551 9/15/2022 Frontier Communications Corp FTR 8.500 51.550 4/15/2020 Frontier Communications Corp FTR 7.125 44.639 1/15/2023 Frontier Communications Corp FTR 8.750 45.685 4/15/2022 Frontier Communications Corp FTR 9.250 46.829 7/1/2021 Frontier Communications Corp FTR 8.875 45.733 9/15/2020 Frontier Communications Corp FTR 10.500 43.535 9/15/2022 Frontier Communications Corp FTR 10.500 43.535 9/15/2022 Frontier Communications Corp FTR 6.250 43.431 9/15/2021 Global Eagle Entertainment Inc ENT 2.750 39.616 2/15/2035 Goodman Networks Inc GOODNT 8.000 48.500 5/11/2022 Grizzly Energy LLC VNR 9.000 6.000 2/15/2024 Grizzly Energy LLC VNR 9.000 6.000 2/15/2024 Gulfport Energy Corp GPOR 6.000 32.336 10/15/2024 HCA Healthcare Inc HCA 6.250 103.960 2/15/2021 HCA Inc HCA 7.500 111.055 2/15/2022 Hi-Crush Inc HCR 9.500 27.000 8/1/2026 Hi-Crush Inc HCR 9.500 26.928 8/1/2026 High Ridge Brands Co HIRIDG 8.875 2.250 3/15/2025 High Ridge Brands Co HIRIDG 8.875 1.750 3/15/2025 Hornbeck Offshore Services Inc HOSS 5.000 19.225 3/1/2021 Jonah Energy LLC / Jonah Energy Finance Corp JONAHE 7.250 14.250 10/15/2025 Jonah Energy LLC / Jonah Energy Finance Corp JONAHE 7.250 13.859 10/15/2025 LSC Communications Inc LKSD 8.750 39.858 10/15/2023 LSC Communications Inc LKSD 8.750 42.146 10/15/2023 Lexmark International Inc LXK 7.125 99.385 3/15/2020 Liberty Media Corp LMCA 2.250 57.875 9/30/2046 MAI Holdings Inc MAIHLD 9.500 20.203 6/1/2023 MAI Holdings Inc MAIHLD 9.500 20.203 6/1/2023 MAI Holdings Inc MAIHLD 9.500 20.203 6/1/2023 MF Global Holdings Ltd MF 9.000 15.607 6/20/2038 MF Global Holdings Ltd MF 6.750 15.625 8/8/2016 Mashantucket Western Pequot Tribe MASHTU 7.350 16.000 7/1/2026 McDermott Technology Americas Inc / McDermott Technology US Inc MDR 10.625 12.500 5/1/2024 McDermott Technology Americas Inc / McDermott Technology US Inc MDR 10.625 13.130 5/1/2024 Murray Energy Corp MURREN 12.000 0.764 4/15/2024 Murray Energy Corp MURREN 12.000 0.764 4/15/2024 NWH Escrow Corp HARDWD 7.500 53.045 8/1/2021 NWH Escrow Corp HARDWD 7.500 53.045 8/1/2021 Neiman Marcus Group LTD LLC / Neiman Marcus Group LLC / Mariposa Borrower / NMG NMG 8.000 28.271 10/25/2024 Neiman Marcus Group LTD LLC / Neiman Marcus Group LLC / Mariposa Borrower / NMG NMG 8.750 32.225 10/25/2024 Neiman Marcus Group LTD LLC / Neiman Marcus Group LLC / Mariposa Borrower / NMG NMG 8.000 28.357 10/25/2024 Neiman Marcus Group LTD LLC / Neiman Marcus Group LLC / Mariposa Borrower / NMG NMG 8.750 32.775 10/25/2024 New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 3.942 5/15/2019 Northwest Hardwoods Inc HARDWD 7.500 45.000 8/1/2021 Northwest Hardwoods Inc HARDWD 7.500 49.519 8/1/2021 OMX Timber Finance Investments II LLC OMX 5.540 0.573 1/29/2020 Omnimax International Inc EURAMX 12.000 82.500 8/15/2020 Optimas OE Solutions Holding LLC / Optimas OE Solutions Inc OPTOES 8.625 58.644 6/1/2021 Optimas OE Solutions Holding LLC / Optimas OE Solutions Inc OPTOES 8.625 58.644 6/1/2021 PDC Energy Inc PDCE 6.250 96.716 12/1/2025 Pioneer Energy Services Corp PESX 6.125 23.500 3/15/2022 Powerwave Technologies Inc PWAV 1.875 0.019 11/15/2024 Pyxus International Inc PYX 9.875 38.720 7/15/2021 Pyxus International Inc PYX 9.875 54.000 7/15/2021 Pyxus International Inc PYX 9.875 36.241 7/15/2021 Renco Metals Inc RENCO 11.500 24.875 7/1/2003 Rolta LLC RLTAIN 10.750 9.000 5/16/2018 SITE Centers Corp SITC 4.625 105.805 7/15/2022 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.375 11.705 11/1/2021 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.125 11.574 11/1/2020 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.125 11.574 11/1/2020 Sable Permian Resources Land LLC / AEPB Finance Corp AMEPER 7.375 11.705 11/1/2021 Sanchez Energy Corp SNEC 6.125 3.750 1/15/2023 Sanchez Energy Corp SNEC 7.750 3.750 6/15/2021 SandRidge Energy Inc SD 7.500 0.500 2/15/2023 Sears Holdings Corp SHLD 8.000 1.990 12/15/2019 Sears Holdings Corp SHLD 6.625 9.875 10/15/2018 Sears Holdings Corp SHLD 6.625 9.509 10/15/2018 Sears Roebuck Acceptance Corp SHLD 6.500 1.112 12/1/2028 Sears Roebuck Acceptance Corp SHLD 7.500 1.145 10/15/2027 Sears Roebuck Acceptance Corp SHLD 7.000 1.117 6/1/2032 Sears Roebuck Acceptance Corp SHLD 6.750 0.918 1/15/2028 Sempra Texas Holdings Corp TXU 5.550 13.500 11/15/2014 Stearns Holdings LLC STELND 9.375 45.415 8/15/2020 Stearns Holdings LLC STELND 9.375 45.415 8/15/2020 Summit Midstream Partners LP SMLP 9.500 51.563 N/A Tapstone Energy LLC / Tapstone Energy Finance Corp TAPENE 9.750 0.698 6/1/2022 Tapstone Energy LLC / Tapstone Energy Finance Corp TAPENE 9.750 0.698 6/1/2022 Techniplas LLC TECPLS 10.000 70.125 5/1/2020 Techniplas LLC TECPLS 10.000 69.896 5/1/2020 Teligent Inc/NJ TLGT 4.750 35.890 5/1/2023 TerraVia Holdings Inc TVIA 5.000 4.644 10/1/2019 TerraVia Holdings Inc TVIA 6.000 4.644 2/1/2018 Tesla Energy Operations Inc/DE TSLAEN 3.600 98.873 3/19/2020 Tesla Energy Operations Inc/DE TSLAEN 3.600 95.296 3/26/2020 Tesla Energy Operations Inc/DE TSLAEN 3.600 93.120 4/23/2020 Toyota Motor Credit Corp TOYOTA 2.150 99.368 3/12/2020 Transworld Systems Inc TSIACQ 9.500 25.471 8/15/2021 Transworld Systems Inc TSIACQ 9.500 25.471 8/15/2021 UCI International LLC UCII 8.625 4.780 2/15/2019 Ultra Resources Inc/US UPL 6.875 10.750 4/15/2022 Ultra Resources Inc/US UPL 7.125 7.750 4/15/2025 Ultra Resources Inc/US UPL 6.875 9.877 4/15/2022 Ultra Resources Inc/US UPL 7.125 7.375 4/15/2025 Unit Corp UNTUS 6.625 34.392 5/15/2021 VIVUS Inc VVUS 4.500 90.181 5/1/2020 Vine Oil & Gas LP / Vine Oil & Gas Finance Corp VRI 9.750 48.990 4/15/2023 Vine Oil & Gas LP / Vine Oil & Gas Finance Corp VRI 8.750 51.500 4/15/2023 Vine Oil & Gas LP / Vine Oil & Gas Finance Corp VRI 8.750 43.845 4/15/2023 Vine Oil & Gas LP / Vine Oil & Gas Finance Corp VRI 9.750 46.435 4/15/2023 Whiting Petroleum Corp WLL 5.750 44.675 3/15/2021 Whiting Petroleum Corp WLL 1.250 82.000 4/1/2020 Whiting Petroleum Corp WLL 6.250 33.718 4/1/2023 Windstream Services LLC / Windstream Finance Corp WIN 10.500 3.250 6/30/2024 Windstream Services LLC / Windstream Finance Corp WIN 9.000 4.750 6/30/2025 Windstream Services LLC / Windstream Finance Corp WIN 6.375 2.500 8/1/2023 Windstream Services LLC / Windstream Finance Corp WIN 7.500 26.000 6/1/2022 Windstream Services LLC / Windstream Finance Corp WIN 8.750 6.250 12/15/2024 Windstream Services LLC / Windstream Finance Corp WIN 9.000 4.376 6/30/2025 Windstream Services LLC / Windstream Finance Corp WIN 6.375 2.496 8/1/2023 Windstream Services LLC / Windstream Finance Corp WIN 10.500 3.008 6/30/2024 Windstream Services LLC / Windstream Finance Corp WIN 8.750 5.893 12/15/2024 Windstream Services LLC / Windstream Finance Corp WIN 7.750 6.019 10/1/2021 rue21 inc RUE 9.000 1.305 10/15/2021 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. 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