/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/200326.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, March 26, 2020, Vol. 24, No. 85 Headlines 2808 OCEAN BLVD: Case Summary & 4 Unsecured Creditors 3443 ZEN: Involuntary Chapter 11 Case Summary ABDOUN ESTATE: Unsecureds to Get $1,980 Per Month in 5 Years ADVANCED TEXTILES: Unsecureds to be Paid From Excess Cash Flow AMAZING ENERGY: Incurs $1.76 Million Net Loss in Second Quarter AMAZING ENERGY: Issues 8.3M Restricted Shares to Cicero Transact AMERICAN COMMERCIAL: Hires Alvarez & Marsal as Financial Advisor AMERICAN COMMERCIAL: Hires Greenhill & Co as Investment Banker AMERICAN COMMERCIAL: Hires Seward & Kissel as Maritime Counsel AMERICAN COMMERCIAL: Seeks to Hire Milbank as Legal Counsel AREWAY ACQUISITION: Taps Levinson LLP as Legal Counsel ARRO CORP: Proposed Sale of Substantially All Assets Approved AYTU BIOSCIENCE: Mitchell Kopin, et al. Report 3.7% Stake AYTU BIOSCIENCE: Raises $20 Million in Direct Securities Offering AYTU BIOSCIENCE: To Commence Distribution of First 100K Test Kits BERTONI GELATO: Debtor Has Until June 3 to File Plan & Disclosures BIOPHARMX CORP: Reports $9.7 Million Net Loss in 2019 BIOSTAGE INC: Peter Chakoutis Appointed Vice President of Finance BURNINDAYLIGHT LLC: Culver Objects to Plan & Disclosures CALIFORNIA RESOURCES: Board Adopts Executive Severance Plan CAPSON CORP: Joint Plan Confirmed by Judge CAVISTON INC: Unsecured Creditors Vote to Accept the Plan COSTA HOLLYWOOD: Will Liquidate Remaining Assets to Pay Claims CPI CARD: Douglas Pearce Won't Stand for Reelection as Director CULTIVATION STATION: U.S. Trustee Objects to Plan & Disclosures DELMAR SUBS: April 28 Disclosure Statement Hearing Set DIAMOND OFFSHORE: Adds Two New Members to Board of Directors DIAMOND OFFSHORE: Loews Corp Has 53.1% Stake as of March 20 DIEFENDERFER FAMILY: US Trustee Objects to Plan & Disclosures DOVETAIL GALLERY: Unsecured Creditors to Get 5% Under Plan FELIX AUGUSTO AUZ: $2.35M Sale of Katy Properties to CRP Approved FUELCELL ENERGY: Temporarily Suspends CT Manufacturing Operations GEMSTONE SOLUTIONS: Unsecureds to Get Nothing Under Plan GUARDION HEALTH: Gets 180-Day Extension to Regain Nasdaq Compliance HB2 LLC: Collection of A/Rs to Fund Payments to Creditors HEART TO HEART: April 15 Plan & Disclosure Hearing Set HOOD LANDSCAPING: $260K Sale of Cook County Land to Acree Approved HYGEA HOLDINGS: Unsecureds to be Paid from Liquidating Trust Cash IBIO INC: Signs $50M Securities Purchase Deal with Lincoln Park INDUSTRIAL MACHINERY SALES: Plan & Disclosures Due April 30 INTERRA INNOVATION: Proposed Auction Sale of Property Approved J & C CORPORATION: Plan & Disclosure Hearing Reset to May 6 J & K LOGGING: Seeks More Time to Formulate Plan JANETTE COCKRUM: $100K Sale of Mountain Home Property to Mead OK'd JENAMAC LLC: Taps Stokes Law as Legal Counsel JMU LIMITED: Appoints New Independent Public Accounting Firm JRV GROUP: Unsecured Creditors to Get 3.2% to 3.9% Under Plan LAS CUMBRES: Seeks to Hire Peoples Law Office as Legal Counsel LAWSON NURSING: Court Terminates PCO Appointment LITTLE FEET: Hancock Whitney Bank Objects to Plan & Disclosures LITTLE JOHN'S: Case Summary & 20 Largest Unsecured Creditors LUNA DEVELOPMENTS: Plan Relies on Outcome of $5M Luna BHQ Claim MAJUANNA WALKER: Proposed Sale of Plant City Property Approved MIAMI AIR: Voluntary Chapter 11 Case Summary MQ COCO PLUM: Voluntary Chapter 11 Case Summary MQ PRETTY POND: Voluntary Chapter 11 Case Summary N & B MANAGEMENT: May 11 Plan Confirmation Hearing Set NUTRIBAND INC: Receives Patent Protection From Three Countries OAK STREET: Case Summary & 30 Top Unsecured Creditors PHUNWARE INC: Will Raise $3M Through Convertible Note Financing PLECTICA LLC: Seeks to Hire Davidoff Hutcher as Legal Counsel PRO TECH MACHINING: April 16 Plan & Disclosure Hearing Set QUORUM HEALTH: Mudrick Capital, et al. Request Meeting with Board REMARK HOLDINGS: Receives Notice of Acceleration from MGG REWALK ROBOTICS: Appoints Wayne Weisman to Audit Committee RUNNIN L FARMS: April 20 Plan Confirmation Hearing Set SERES THERAPEUTICS: Appoints Paul Biondi as Director SHEET METAL: $14.5K Sale of 2017 Ford Fusion AWD 4C to Ford Okayed TILDA MARIE B. SUTTON: $575K Sale of Boykins Property Approved UCOAT IT: Proposed Sale of Substantially All Assets Approved UNITI GROUP: KPMG Replaces PwC as Independent Accounting Firm VALLEY TIMBER: Taps Loring Woodriff as Real Estate Agent VERITY HEALTH: April 7 Auction of St. Francis Medical Center Set WAYNE BENNETT: Rep Selling Kihei Property to Burney for $775K ZPOWER TEXAS: April 3 Telephonic Meeting Set to Form Panel [*] S&P Takes Various Ratings Actions on Gaming Sectors [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 2808 OCEAN BLVD: Case Summary & 4 Unsecured Creditors ----------------------------------------------------- Debtor: 2808 Ocean Blvd., LLC 3857 Birch Street, Suite 530 Newport Beach, CA 92660 Case No.: 20-11023 Business Description: 2808 Ocean Blvd. is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: March 24, 2020 Court: United States Bankruptcy Court Central District of California Judge: Hon. Mark S. Wallace Debtor's Counsel: Jeffrey I. Golden, Esq. WEILAND GOLDEN GOODRICH LLP 650 Town Center Drive Suite 600 Costa Mesa, CA 92626 Tel: (714) 966-1000 E-mail: jgolden@wgllp.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Steve Perkins, managing member. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/MTemtW List of Debtor's Four Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Ekedal Concrete Services $57,650 19600 Fairchild Road Suite 123 Irvine, CA 92612 2. Apex Land Surveying, Inc. Services $41,000 8512 Oxley Circle Huntington Beach CA 92646 3. County of Orange Property $28,884 Attn: Treasurer-Tax Collector Taxes PO Box 1438 Santa Ana, CA 92702-1438 4. Deputy 1 Inspection Services $920 Service, Inc. 638 Camino De Los Mares Suite H130-482 San Clemente, CA 92673 3443 ZEN: Involuntary Chapter 11 Case Summary --------------------------------------------- Alleged Debtor: 3443 Zen Garden, LP 3443 Ed Bluestein Blvd. Austin, TX 78721 Case Number: 20-10410 Business Description: 3443 Zen Garden is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Involuntary Chapter 11 Petition Date: March 22, 2020 Court: United States Bankruptcy Court Western District of Texas Petitioners' Counsel: Kell C. Mercer, Esq. KELL C. MERCER, PC 1602 E. Cesar Chavez Street Austin, TX 78702 Tel: (512) 627-3512 E-mail: kell.mercer@mercer-law-pc.com Alleged creditors who signed the involuntary petition: Petitioners Nature of Claim Claim Amount ----------- --------------- ------------ Lyle America Goods & Services $442,600 dba Glass.com of Illinois Provided 910 N. Riverside Drive, Unit 4 Elmhust, Illinois 60126 Austin Glass & Mirror, Inc. Goods & Services $686,374 6308 Decker Lane Provided Austin, TX 78724 ACM Services, LLC Goods & Services $401,520 3280 FM 112 Provided Taylor, TX 76574 A full-text copy of the Involuntary Petition is available for free at PacerMonitor.com at: https://is.gd/ATCK2l ABDOUN ESTATE: Unsecureds to Get $1,980 Per Month in 5 Years ------------------------------------------------------------ Debtor Abdoun Estate Holdings, LLC, filed a Second Amended Combined Plan and Disclosure Statement on March 10, 2020. Class 5 Attorney's lien claim of Alexander V. Lyzohub holds an attorney's lien for prepetition services performed on the Debtor's behalf against the Debtor’s real property located at 16500-16512 Telegraph Road, Detroit, MI 48219 in the amount of $1,717. This is a first priority lien, as there are no other liens encumbering this property. The Debtor estimates the value of the real property securing this claim is $80,000. No portion of this claim is unsecured. Given the nature of Lyzohub's claim and the amount at issue, Lyzohub will be deemed to have an allowed secured claim in the amount of $1,717 and will be paid in full on the Effective Date. Class 6 General Unsecured Creditors with claims totaling $213,000 will receive payments in the estimated amount of $1,980 will be made monthly, beginning 30 days following the Effective Date and continuing for the next 60 months. A full-text copy of the Second Amended Combined Plan and Disclosure Statement dated March 10, 2020, is available at https://tinyurl.com/sx8nkd2 from PacerMonitor at no charge. Attorneys for the Debtor: OSIPOV BIGELMAN P.C. Anthony J. Miller 20700 Civic Center Drive, Suite 420 Southfield, MI 48076 Tel: (248) 663-1804 Fax: (248) 663-1801 E-mail: am@osbig.com About Abdoun Estate Holdings Abdoun Estate Holdings, LLC, based in Southfield, MI, filed a Chapter 11 petition (Bankr. E.D. Mich. Case No. 19-57624) on Dec. 17, 2019. In the petition signed by Ahmad Abdulabon, managing member, the Debtor was estimated to have $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The Hon. Phillip J. Shefferly oversees the case. Osipov Bigelman, P.C., is the Debtor's bankruptcy counsel. ADVANCED TEXTILES: Unsecureds to be Paid From Excess Cash Flow -------------------------------------------------------------- Debtors Advanced Textiles, LLC, Paul Honnen and Melissa Honnen filed a First Amended Joint Disclosure Statement explaining their Reorganization Plan. Class 1-C consists of the Allowed Secured Claim held by FC regarding its blanket lien on AT's business assets. FC filed a secured claim in the amount of $60,116. AT will recognize a secured claim in favor of FC in the amount of $7,659. The FC Allowed Secured Claim will be fully re-amortized over 60 months with interest at an annual rate of 4.5 percent. The FC Allowed Secured Claim will be repaid in equal monthly payments in the amount of $1420 to begin the first of the month following the Effective Date. Class 1-D consists of the Allowed Secured Claim held by Navitas related to its lien secured by a Die Cutter. Navitas filed a Secured Claim in the amount of $17,738 on July 29, 2019 and a Secured Claim on August 26, 2019 in the amount of $17,738 in the Honnen's case due to a personal guaranty. The Navitas Allowed Secured Claim will be fully re-amortized over 60 months with interest at an annual rate of 4.5 percent. The Navitas Allowed Secured Claim will be repaid in equal monthly payments in the amount of $186 to begin the first day of the first month following the Effective Date. Class 1-E consists of the Allowed Secured Claim held by Swift regarding its second position lien secured by AT's Office Equipment, Machinery, Raw Goods and Finished Goods. Swift filed a proof of claim in the amount of $71,215. Swift's claim will be treated in entirety with the general unsecured non-priority class of claims (Class 1-G). Class 1-F consists of the Allowed Secured Claim held by Marlin regarding its lien on AT's Strip Machine. Marlin filed an Unsecured Claim in the amount of $13,332 related to an Equipment Lease Agreement. The Marlin Allowed Secured Claim will accrue interest at an annual rate of 4.5% and shall be repaid in 68 equal payments of $150 with the first payment being due on the first day of the first month following the Effective Date. Class 1-G consists of the Allowed Unsecured Claims of Creditors. Class 1-G Creditors will be paid a prorate share from AT's Excess Cash Flow, on a semi-annual basis (with payments to be sent out for the prior half-year by Feb. 15 and Aug. 15), after all senior Allowed Claims have been paid in accordance with the terms of the Plan, until the Allowed Unsecured Claim have been paid in total the value of AT's liquidation equity (a total maximum of $5,000) as calculated in this Disclosure Statement. Holders of Class 1-H Allowed Interest of AT will retain their Allowed Interest in AT, but unless, and until all senior Allowed Claims are paid in full in accordance with the terms of the Plan, the Interest Holders shall receive no distribution on account of their Allowed Interests. Class 2-C consists of the Allowed Secured Claim held by Toyota regarding their lien on the Honnen's 2013 Scion. Toyota filed a secured Proof of Claim in the amount of $12,204 on July 19, 2019. The Honnens will recognize an Allowed Secured Claim in favor of Toyota in the amount $9,000. The Toyota Allowed Secured Claim shall accrue interest at an annual rate of 2.90 percent (existing contract rate) and will be reamortized over five years. The Toyota Allowed Secured Claim will be repaid in equal monthly payments in the amount of $161 to begin on the first day of the first month following the Effective Date. Class 2-D consists of the Allowed Secured Claim held by Chase related to its lien on the Honnen's 2014 Cadillac. The Honnens will recognize a secured claim in favor of Chase in the amount of $17,440. The Chase Allowed Secured Claim shall be fully reamortized over 60 months with interest at an annual rate of 4.5% percent. The Chase Allowed Secured Claim will be repaid in equal monthly payments in the amount of $325 to begin the first of the month following the Effective Date. Class 2-E consists of the Allowed Secured Claim held by Ford related to its lien on the Honnen's 2018 Ford Focus. Pursuant to the Ford Stipulation, the Honnens will recognize an allowed secured claim in the amount of $13,000. The Ford Secured Claim will be paid by the Honnens over 60 months with interest at an annual rate of 4.5 percent. The Ford Secured Claim will be repaid in equal monthly payments in the amount of $221 to begin the first day of the first month after the entry of the Order approving the Ford Stipulation. Class 2-F Consists of the Allowed Unsecured Claims of Creditors. Class 2-F Creditors shall be paid a pro-rata share from the Debtors' Excess Cash Flow, on a quarterly basis, in an amount sufficient to fund the value of the Debtors' Liquidation Equity, after all senior Allowed Claims have been paid in accordance with the terms of the Plan. As to Class 2-G Allowed Interest of the Honnens, in consideration for retaining their interest, the Honnens shall contribute $7,500 to the bankruptcy estate from a personal loan from Mr. Perlmutter. The loan from Mr. Perlmutter will bear interest at an annual rate of 5.00 percent per annum and will be repaid in 12 equal monthly payments. AT's plan will be funded by its operations and Excess Cash Flow. A full-text copy of the First Amended Joint Disclosure Statement dated March 11, 2020, is available at https://tinyurl.com/rw8ahfh from PacerMonitor.com at no charge. Attorneys for the Debtor: Martin J. McCue Patrick F. Keery KEERY MCCUE, PLLC 6803 EAST MAIN STREET, SUITE 1116 SCOTTSDALE, AZ 85251 TEL: (480) 478-0709 FAX: (480) 478-0787 E-mail: MJM@KEERYMCCUE.COM PFK@KEERYMCCUE.COM Advanced Textiles Advanced Textiles, LLC, was formed on or about June 25, 2009, for the purpose of manufacturing and manufacturing filtering materials for windows, doors, fans and HVAC systems. Advanced Textiles is recognized throughout the air filtering industry as a cutting-edge manufacturer, supplier and retailer of custom-made air filter products. Many of the products are sold online through an Amazon account. The company's only employee is Paul Honnen. Advanced Textiles has provided quality products to hundreds of customers for many years. Advanced Textiles sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 19-08428) on July 9, 2019. In the petition signed by its managing member, Paul Honnen, Advanced Textiles was estimated to have assets of less than $50,000 and debts of less than $1 million. On July 9, 2019, Paul Honnen and Melissa Honnen commenced their own Chapter 11 cases (Case No. 19-08429). The cases are assigned to Judge Brenda K. Martin. Advanced Textiles and the Honnens tapped Keery McCue, PLLC, as counsel. AMAZING ENERGY: Incurs $1.76 Million Net Loss in Second Quarter --------------------------------------------------------------- Amazing Energy Oil and Gas, Co. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.76 million on $248,962 of total revenue for the three months ended Jan. 31, 2020, compared to a net loss of $1.33 million on $95,803 of total revenue for the three months ended Jan. 31, 2019. For the six months ended Jan. 31, 2020, the Company reported a net loss of $4.28 million on $477,605 of total revenue compared to a net loss of $2.72 million on $225,828 of total revenue for the same period in 2019. As of Jan. 31, 2020, the Company had $14.63 million in total assets, $15.73 million in total liabilities, and a total stockholders' deficit of $1.10 million. The Company has incurred operating losses since inception. As of Jan. 31, 2020, the Company has limited financial resources with which to achieve its objectives to obtain profitability and positive cash flows. At Jan. 31, 2020, the Company has an accumulated deficit of $44,880,630 and a working capital deficit of $7,047,377. Achievement of the Company's objectives will be dependent upon the Company's ability to obtain additional financing, to locate profitable oil and gas properties and to generate revenue from current and planned business operations, and control costs. Amazing Energy said, "The Company plans to fund its future operations by joint venturing, obtaining additional financing from investors, and/or lenders, and attaining additional commercial production. However, there is no assurance that the Company will be able to achieve these objectives, therefore substantial doubt as to its ability to continue as a going concern exists. Although management believes that it will be able to obtain the necessary funding to allow the Company to remain a going concern through the methods discussed above, there can be no assurances that such methods will prove successful." A full-text copy of the Form 10-Q is available for free at: https://is.gd/ppSc7Y About Amazing Energy Headquartered in Plano, TX, Amazing Energy Oil and Gas, Co. -- http://www.amazingenergy.com/-- is in the business of exploration, development, and production of oil and gas in the Permian Basin of West Texas and in Lea County, New Mexico. As of July 31, 2019, the Company has leasehold rights located within an area of mutual interest (AMI) of approximately 70,000 acres in Pecos County, Texas and 5,385 acres in Lea County, New Mexico. Amazing Energy reported a net loss of $8.05 million for the year ended July 31, 2019, compared to a net loss of $6.51 million for the year ended July 31, 2018. DeCoria, Maichel & Teague, P.S., in Spokane, Washington, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Nov. 13, 2019, citing that the Company has limited financial resources, negative working capital, recurring losses and an accumulated deficit at July 31, 2019. These factors raise substantial doubt about its ability to continue as a going concern. AMAZING ENERGY: Issues 8.3M Restricted Shares to Cicero Transact ---------------------------------------------------------------- Amazing Energy Oil & Gas, Co. issued 8,333,333 restricted shares of its common stock to Cicero Transact Group, Inc. pursuant to an exemption from registration available under Section 4 of the Securities Act of 1933 and Rule 506(b) promulgated thereunder. The Shares issued have a value of $250,000. The Shares constitute 7% of the issued and outstanding shares of the Company's Common Stock. About Amazing Energy Amazing Energy Oil and Gas, Co. -- http://www.amazingenergy.com/-- is an independent oil and gas exploration and production company headquartered in Plano, Texas. The Company's primary leasehold is in the Permian Basin of West Texas. The Company controls over 75,000 acres between their rights in Pecos County, Texas and assets in Lea County, New Mexico, and Walthall County, Mississippi. The Company primarily engages in the exploration, development, production and acquisition of oil and natural gas properties. Amazing Energy's operations are currently focused in the Permian Basin and Gulf Coast regions. Amazing Energy reported a net loss of $8.05 million for the year ended July 31, 2019, compared to a net loss of $6.51 million for the year ended July 31, 2018. As of Oct. 31, 2019, the Company had $11.03 million in total assets, $10.59 million in total liabilities, and $440,116 in total stockholders' equity. DeCoria, Maichel & Teague, P.S., in Spokane, Washington, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Nov. 13, 2019, citing that the Company has limited financial resources, negative working capital, recurring losses and an accumulated deficit at July 31, 2019. These factors raise substantial doubt about its ability to continue as a going concern. AMERICAN COMMERCIAL: Hires Alvarez & Marsal as Financial Advisor ---------------------------------------------------------------- American Commercial Lines Inc., and its debtor-affiliates seek authority from the Bankruptcy Court for the Southern District of Texas to employ Alvarez & Marsal North America, LLC, as their financial advisors. The Debtors require Alvarez & Marsal to: (a) assist the Debtors in the preparation of financial-related disclosures required by the Court, including the Debtors' Schedules of Assets and Liabilities, Statements of Financial Affairs and Monthly Operating Reports; (b) assist the Debtors with information and analyses required pursuant to the Debtors' debtor-in-possession financing; (c) assist with the identification and implementation of short-term cash management procedures; (d) provide advisory assistance in connection with the development and implementation of key employee compensation and other critical employee benefit programs; (e) assist with the identification of executory contracts and leases and performance of cost/benefit evaluations with respect to the affirmation or rejection of each; (f) assist the Debtors' management team and counsel focused on the coordination of resources related to the ongoing reorganization effort; (g) assist in the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursement analysis, analysis of various asset and liability accounts, and analysis of proposed transactions for which Court approval is sought; (h) attend meetings and assistance in discussions with potential investors, banks, and other secured lenders, any official committee(s) appointed in these chapter 11 cases, the United States Trustee, other parties in interest and professionals hired by same, as requested; (i) analyse creditor claims by type, entity, and individual claim, including assistance with development of databases, as necessary, to track such claims; (j) assist in the preparation of information and analysis necessary for the confirmation of a plan of reorganization in these chapter 11 cases, including information contained in the disclosure statement; (k) provide litigation advisory services with respect to accounting and tax matters, along with expert witness testimony on case related issues as required by the Debtors; (l) render such other general business consulting or such other assistance as Debtors' management or counsel may deem necessary consistent with the role of a financial advisor to the extent that it would not be duplicative of services provided by other professionals in this proceeding. The advisor's will be compensated as follows: a. Retainer. A retainer in the amount of $250,000, which shall be credited against any amounts due at the termination of this engagement and returned upon the satisfaction of all obligations hereunder; and b. Hourly Rates. Fees based on the following hourly rates: Restructuring Advisory Services: Managing Directors: $900-1,150 Directors: $700-875 Analysts/Associates: $400-675 Case Management Services: Managing Directors: $850-1,000 Directors: $675-825 Consultants & Analysts: $400-625 Thomas E. Hill, managing director of Alvarez & Marsal North America, LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Alvarez & Marsal can be reached at: Thomas E. Hill Alvarez & Marsal North America, LLC 700 Louisiana Street, Suite 3300 Houston, TX 77002 Tel: (713) 571-2400 Fax: (713) 547-3697 About American Commercial Lines American Commercial Lines Inc. -- https://www.bargeacbl.com/ -- is a provider of liquid and dry cargo barge transportation services in the United States, operating a modern fleet of approximately 3,500 barges on the Mississippi River, its tributaries, and on the Gulf Intracoastal Waterway. In addition, ACL operates a series of strategically-placed harbor services facilities throughout the region, providing fleeting, shifting, cleaning, and repair services to their fleet of barges and 188 towboats, as well as to third-parties. With approximately 2,100 employees as of the Petition Date, and customers that include many of the country's major energy, petrochemical, industrial, and agricultural companies. ACL was founded in 1915 and is headquartered in Jeffersonville, Indiana. On Feb. 7, 2020, American Commercial Lines Inc. and 10 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-30982) to seek confirmation of a prepackaged plan that will cut debt by $1 billion. The Hon. Marvin Isgur is the case judge. Milbank LLP is serving as the Company's legal counsel, Greenhill & Co. is serving as its financial advisor and Alvarez & Marsal North America, LLC, is serving as restructuring advisor. Porter Hedges LLP is the local counsel. The Company's claims agent is Prime Clerk LLC. AMERICAN COMMERCIAL: Hires Greenhill & Co as Investment Banker -------------------------------------------------------------- American Commercial Lines Inc., and its debtor-affiliates seek authority from the Bankruptcy Court for the Southern District of Texas to employ Greenhill & Co., LLC, as their investment banker. The Debtors require Greenhill & Co. to: a. review and analyze the Debtors' assets and the historical financial performance of the Debtors, including its liquidity; b. analyze and monitor the Debtors' financial results and key operating performance indicators; c. review and analyze the business plan and financial projections prepared by the Debtors, including, but not limited to, testing assumptions and comparing those assumptions to historical Debtors and industry trends; d. evaluate the Debtors' potential debt capacity in light of its projected cash flows; e. assist in the determination of an appropriate capital structure for the Debtors and is affiliates; f. assist in the determination of a range of values for the Debtors as a going concern; g. identify and/or initiate a potential Liability Management Transactions and/or New Capital Raise; h. assist the Debtors in raising, structuring and effecting new debt, equity or other securities, including, but not limited to, bridge, debtor-in-possession and/or exit financing, including assisting in developing marketing materials, creating and maintaining a data room and contact log, initiating contact with potential capital providers, running the process for a New Capital Raise, evaluating proposals received and assisting in negotiating final commitment letters and definitive documentation; i. evaluate strategic alternatives of the Debtors, and develop Liability Management Transaction and/or New Capital Raise frameworks; j. provide advice and coordinate with management and counsel to develop a strategy for Liability Management Transactions and/or New Capital Raises and other transactions, as applicable; k. provide financial advice and assistance to the Debtors in structuring any new securities, other consideration or instruments to be offered and/or issued in connection with a Liability Management Transaction and/or a New Capital Raise; l. assist the Debtors and its other professionals in reviewing the terms of any proposed Liability Management Transaction, in responding thereto, and if directed, in evaluating alternative proposals for a Liability Management Transaction; m. advise the Debtors on the risks and benefits of considering a Liability Management Transaction and/or New Capital Raise with respect to the Debtors' intermediate and long-term business prospects and strategic alternatives to maximize the business enterprise value of the Debtors; n. assist or participate in negotiations with the parties in interest, including, without limitation, any current or prospective creditors of the Debtors and/or their respective representatives in connection with a Liability Management Transaction; o. advise the Debtors with respect to, and attend, meetings of the Debtors' senior management, board of directors, audit committees (as necessary), creditor groups and other interested parties, as necessary, with respect to matters on which the Financial Advisor has been engaged to advise; p. in the event the Debtors determines to commence a Bankruptcy Case, and if requested by the Debtors, participate in hearings before the United States Bankruptcy Court in which such cases are pending and provide relevant testimony with respect to Greenhill's services and the matters described in the Engagement Letter, as well as issues arising in connection with any proposed Plan in Greenhill's area of expertise concerning a Liability Management Transaction and/or New Capital Raise; and q. provide such other general advisory services and investment banking services as are customary for similar transactions and as may be mutually agreed upon by the Debtors and Greenhill. Greenhill & Co. will be paid as follows: a. Monthly Advisory Fee. An advisory fee of $150,000 per month, which shall be due and paid in advance on a monthly basis, provided that the initial and final Monthly Advisory Fee will be pro-rated for any incomplete monthly period of service. b. Expedited Liability Management Transaction Fee. If at any time during the Fee Period the Company consummates a Liability Management Transaction and such Liability Management Transaction is implemented out-of-court or pursuant to a prepackaged Plan, and results in (a) substantially all the Credit Agreement loans (adjusted for any repayment from the sale of assets and/or any new capital infusion from then-existing equity, then-existing creditors or any third party) being extended under the Credit Agreement, (b) a material reduction in the cash interest and mandatory amortization payment of the Credit Agreement loans, and (c) a material reduction in the amount of debt at the Company (such transaction, an Expedited Liability Management Transaction), the Greenhill shall be entitled to receive a fee (the Expedited Liability Management Transaction Fee), payable promptly at the closing thereof, equal to $7,000,000. c. Non-Expedited Liability Management Transaction Fee. If at any time during the Fee Period, the Company consummates a Liability Management Transaction that is not an Expedited Liability Management Transaction, the Financial Advisor shall be entitled to receive a fee (the Non-Expedited Liability Management Transaction Fee), payable promptly at the closing thereof, equal to $6,000,000. d. New Capital Fee. If the Company raises new capital, a new capital fee equal to: i. 1.0% of the face amount of any senior secured debt raised, including, without limitation, any debtor in possession financing raised; ii. 2.0% of the face amount of any junior secured debt raised; iii. 3.0% of the face amount of any unsecured or subordinated debt raised; iv. 4.0% of any hybrid capital raised; and v. 5.0% of any equity capital or capital convertible into equity raised, including, without limitation, equity underlying any warrants, purchase rights or similar contingent equity securities. Provided that the New Capital Fee shall not exceed $1,250,000, and provided further that no New Capital Fee will be payable with respect to any new capital (A) provided by Platinum Equity Advisors, LLC or any of its affiliates (Platinum), or (B) raised in connection with (i) an initial public offering by the Company or its affiliates (ii) any merger, or sale of equity or assets of the Company (other than any such merger or sale entered into following the commencement of a Bankruptcy Case). The New Capital Fee shall be payable upon the closing of the transaction by which the new capital is committed. Greenhill and the Company agree that the total sum of (A) the New Capital Fee and (B) the Expedited Liability Management Transaction Fee shall not exceed $8,250,000. Greenhill and the Company agree that the total sum of (A) the New Capital Fee and (B) the Non-Expedited Liability Management Transaction Fee shall not exceed $7,250,000. e. Credit. Greenhill shall credit against any Expedited Liability Management Transaction Fee or Non-Expedited Liability Management Transaction Fee (as applicable) 50% of the Monthly Advisory Fees paid in cash in excess of $450,000, so long as such Expedited Liability Management Transaction Fee or Non-Expedited Liability Management Transaction Fee (as applicable) is paid in full and provided that the sum of the foregoing credits shall not exceed the Expedited Liability Management Transaction Fee or Non-Expedited Liability Management Transaction Fee (as applicable). Neil Augustine, vice-chairman and co-head of Greenhill's North American financing advisory and restructuring, disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Greenhill & Co. can be reached at: Neil A. Augustine Greenhill & Co., LLC 300 Park Avenue New York, NY 10022 Tel: +1 212-389-1539 Fax: +1 212-389-1539 E-mail: Neil.Augustine@greenhill.com About American Commercial Lines American Commercial Lines Inc. -- https://www.bargeacbl.com/ -- is a provider of liquid and dry cargo barge transportation services in the United States, operating a modern fleet of approximately 3,500 barges on the Mississippi River, its tributaries, and on the Gulf Intracoastal Waterway. In addition, ACL operates a series of strategically-placed harbor services facilities throughout the region, providing fleeting, shifting, cleaning, and repair services to their fleet of barges and 188 towboats, as well as to third-parties. With approximately 2,100 employees as of the Petition Date, and customers that include many of the country's major energy, petrochemical, industrial, and agricultural companies. ACL was founded in 1915 and is headquartered in Jeffersonville, Indiana. On Feb. 7, 2020, American Commercial Lines Inc. and 10 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-30982) to seek confirmation of a prepackaged plan that will cut debt by $1 billion. The Hon. Marvin Isgur is the case judge. Milbank LLP is serving as the Company's legal counsel, Greenhill & Co. is serving as its financial advisor and Alvarez & Marsal North America, LLC, is serving as restructuring advisor. Porter Hedges LLP is the local counsel. The Company's claims agent is Prime Clerk LLC. AMERICAN COMMERCIAL: Hires Seward & Kissel as Maritime Counsel -------------------------------------------------------------- American Commercial Lines Inc., and its debtor-affiliates seek authority from the Bankruptcy Court for the Southern District of Texas to employ Seward & Kissel LLP as their special maritime counsel. Seward & Kissel will provide the Debtors with legal services to the extent necessary and as requested by the Debtors, with respect to issues that may arise during these chapter 11 cases related to compliance with the Jones Act and other maritime law matters. Seward & Kissel's standard hourly rates are: Partners $825 - $1,400 Counsel $775 - $1,000 Associates $325 - $795 Paraprofessionals $175 - $400 Seward & Kissel is currently holding a retainer of $41,430. Robert J. Gayda, a partner at Seward & Kissel, attests that the firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtors' estates. The firm can be reached through: Robert J. Gayda, Esq. Seward & Kissel LLP One Battery Park Plaza New York, NY 10004 Phone: (212) 574-1200 Fax: (212) 480-8421 About American Commercial Lines American Commercial Lines Inc. -- https://www.bargeacbl.com/ -- is a provider of liquid and dry cargo barge transportation services in the United States, operating a modern fleet of approximately 3,500 barges on the Mississippi River, its tributaries, and on the Gulf Intracoastal Waterway. In addition, ACL operates a series of strategically-placed harbor services facilities throughout the region, providing fleeting, shifting, cleaning, and repair services to their fleet of barges and 188 towboats, as well as to third-parties. With approximately 2,100 employees as of the Petition Date, and customers that include many of the country's major energy, petrochemical, industrial, and agricultural companies. ACL was founded in 1915 and is headquartered in Jeffersonville, Indiana. On Feb. 7, 2020, American Commercial Lines Inc. and 10 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-30982) to seek confirmation of a prepackaged plan that will cut debt by $1 billion. The Hon. Marvin Isgur is the case judge. Milbank LLP is serving as the Company's legal counsel, Greenhill & Co. is serving as its financial advisor and Alvarez & Marsal North America, LLC, is serving as restructuring advisor. Porter Hedges LLP is the local counsel. The Company's claims agent is Prime Clerk LLC. AMERICAN COMMERCIAL: Seeks to Hire Milbank as Legal Counsel ----------------------------------------------------------- American Commercial Lines Inc., and its debtor-affiliates seek authority from the Bankruptcy Court for the Southern District of Texas to hire Milbank LLP as their legal counsel. Services Milbank will render are: a. advise the Debtors with respect to their rights, powers, and duties as debtors in possession in the operation of their business and the management of their properties; b. advise and consult on the conduct of the chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; c. advise and assist the Debtors in connection with the potential sale of their assets under section 363 of the Bankruptcy Code; d. advise the Debtors and take all necessary or appropriate actions at the Debtors' direction with respect to protecting and preserving the Debtors' estates, including the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors' estates, attending meetings and negotiating with representatives of creditors and other parties in interest, including governmental authorities, as necessary; e. draft all necessary or appropriate pleadings in connection with the chapter 11 cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; f. represent the Debtors in connection with obtaining authority to continue using cash collateral and post-petition financing; g. advise the Debtors concerning executory contract and unexpired lease assumptions, assignments, and rejections; h. appear before the Court and any appellate courts to represent the interests of the Debtors' estates; i. advise the Debtors regarding tax matters; j. take all necessary or appropriate actions in connection with a chapter 11 plan and related disclosure statement, and such further actions as may be required in connection with the administration of the Debtors' estates; and k. perform all other necessary legal services in connection with these chapter 11 cases, including, without limitation, any general corporate legal services. Milbank LLP will be paid at these hourly rates: Partners $1,215 – $1,615 Counsel $1,175 – 1,380 Senior Attorneys $1,175 Associates $475 – 1,045 Legal Assistants $240 – 385 Milbank is currently holding a retainer of $400,000. Tyson Lomazow, Esq., partner in the Financial Restructuring Group of Milbank, attests that the firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtors' estates. Consistent with the U.S. Trustee Guidelines, Mr. Lomazow provides the following information in further support of the Application: a. Milbank did not agree to a variation of its standard or customary billing arrangements for this engagement; b. None of Milbank's professionals included in this engagement have varied their rate based on the geographic location of these cases; c. Milbank represented the Debtors in the twelve months prior to the Petition Date. The billing rates and material financial terms in connection with such representation have not changed postpetition, other than due to annual and customary firm-wide adjustments to Milbank's hourly rates in the ordinary course of Milbank's business; and d. The Debtors and Milbank intend to develop a prospective budget and staffing plan in a reasonable effort to comply with the U.S. Trustee's requests for information and additional disclosures. Consistent with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated developments. The firm can be reached through: Tyson Lomazow, Esq. MILBANK LLP 55 Hudson Yards New York, NY 10001-2163 Tel: (212) 530-5792 About American Commercial Lines American Commercial Lines Inc. -- https://www.bargeacbl.com/ -- is a provider of liquid and dry cargo barge transportation services in the United States, operating a modern fleet of approximately 3,500 barges on the Mississippi River, its tributaries, and on the Gulf Intracoastal Waterway. In addition, ACL operates a series of strategically-placed harbor services facilities throughout the region, providing fleeting, shifting, cleaning, and repair services to their fleet of barges and 188 towboats, as well as to third-parties. With approximately 2,100 employees as of the Petition Date, and customers that include many of the country's major energy, petrochemical, industrial, and agricultural companies. ACL was founded in 1915 and is headquartered in Jeffersonville, Indiana. On Feb. 7, 2020, American Commercial Lines Inc. and 10 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-30982) to seek confirmation of a prepackaged plan that will cut debt by $1 billion. The Hon. Marvin Isgur is the case judge. Milbank LLP is serving as the Company's legal counsel, Greenhill & Co. is serving as its financial advisor and Alvarez & Marsal North America, LLC, is serving as restructuring advisor. Porter Hedges LLP is the local counsel. The Company's claims agent is Prime Clerk LLC. AREWAY ACQUISITION: Taps Levinson LLP as Legal Counsel ------------------------------------------------------ Areway Acquisition, Inc. received approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Levinson, LLP as its legal counsel. Levinson will provide these services in connection with the Debtor's Chapter 11 case: (a) advise the Debtor of its rights, powers and duties in the continued operation and management of its businesses and property; (b) prepare legal documents and review financial reports; (c) advise the Debtor concerning, and prepare responses to, applications, motions, pleadings, notices and other papers that may be filed and served in its case; (d) assist in the formulation, negotiation and promulgation of a plan of reorganization and related documents; (e) advise and assist the Debtor in connection with any disposition of its assets; (f) advise the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructurings; and (g) provide other legal services necessary in the administration of the Debtor's bankruptcy case and business, including advice on debt restructuring and general matters. Jeffrey Levinson, Esq., the firm's attorney who will be handling the case, charges an hourly fee of $350. The Debtor paid the firm $40,000 as retainer prior to the petition date and will reimburse the firm for work-related expenses. Mr. Levinson disclosed that he is a disinterested person as defined in Section 101(14) of the Bankruptcy Code. About Areway Acquisition Inc. Areway Acquisition, Inc. -- http://arewayacq.com/-- is a supplier of finished forged and cast metal products with complete in house machining, automated polishing and buffing, powder and liquid painting, and an ISO certified quality control system capable of ASTM, SAE, and OEM specification testing. Areway Acquisition sought Chapter protection (Bankr. N.D. Ohio Case No. 20-11065) on Feb. 25, 2020. At the time of the filing, the Debtor estimated between $1 million and $10 million in both assets and liabilities. Jeffrey M. Levinson, Esq., of Levinson LLP is the Debtor's legal counsel. Judge Jessica E. Price Smith oversees the case. ARRO CORP: Proposed Sale of Substantially All Assets Approved ------------------------------------------------------------- Judge Janet S. Baer of the U.S. Bankruptcy Court for the Northern District of Illinois authorized Arro Corp.'s auction sale of all or substantially all of its assets. The sale is free and clear of any and all interests including liens, claims and encumbrances. The Sale Procedures Order was entered on Jan. 27, 2020. A Sale Hearing was held on Feb. 27, 2020 at 10:00 a.m. The Auction on Lots 1 (Food Division Property) and 3 (Combined Property) is continued to Feb. 28, 2020 at 10:00 a.m. at the offices of Chapman and Cutler LLP, 111 W. Monroe St., Chicago, Illinois 60603, and may be further continued in accordance with the Approved Bidding Procedures. The Sale Hearing is continued to March 5, 2020 at 4:00 p.m. The deadlines for any objections to the sale of the Sale Property, the entry of the Sale Approval Order, or the assumption or assignment of any leases or executory contracts to which the Debtor is a party, including but not limited to the Sale Objection Deadline and the Cure Amount/Assignment Objection Deadline, are extended to 5:00 p.m. (CT) on March4, 2020. In connection with the sale of the Debtor’s assets, and in consultation with the Constituent Parties, the Debtor is authorized, but not directed: (i) to consider bids, including any asset purchase agreements made a part thereof that are substantially inconsistent with the Form APA; (ii) to provide to any bidder a complete copy of any APA submitted to the Debtor by any other bidder; and/or (iii) to permit any bidder to submit alternative bids utilizing any APA submitted by other bidders. The Sale Procedures Order and the Approved Bidding Procedures are deemed amended consistent with the provisions of the order. About Arro Corporation Arro Corporation -- https://arro.com/ -- provides food contract manufacturing, processing, logistics and warehousing services. It offers custom dry, liquid blending, reprocessing, bulk handling and processing services. Arro Corporation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 19-35238) on Dec. 13, 2019. At the time of the filing, the Debtor disclosed assets of between $10 million and $50 million and liabilities of the same range. Judge Janet S. Baer oversees the case. Adam P. Silverman, Esq., at Adelman & Gettleman, Ltd., is the Debtor's legal counsel. Livingstone Partners LLC serves as the Debtor's investment banker. On Dec. 23, 2019, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee selected Goldstein & McClintock LLLP as its counsel and Conway Mackenzie, Inc., as its financial advisor. AYTU BIOSCIENCE: Mitchell Kopin, et al. Report 3.7% Stake --------------------------------------------------------- Mitchell P. Kopin, Daniel B. Asher, and Intracoastal Capital LLC disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of March 12, 2020, they beneficially own 3,517,022 shares of common stock of Aytu BioScience, Inc., which represents 3.7 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://is.gd/o5P63O About Aytu BioScience Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) -- http://www.aytubio.com/-- is a commercial-stage specialty pharmaceutical company focused on commercializing novel products that address significant patient needs. The company currently markets a portfolio of prescription products addressing large primary care and pediatric markets. The primary care portfolio includes (i) Natesto, an FDA-approved nasal formulation of testosterone for men with hypogonadism, (ii) ZolpiMist, an FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra XR, an FDA-approved 12-hour codeine-based antitussive syrup. Aytu Bioscience reported a net loss of $27.13 million for the year ended June 30, 2019, compared to a net loss of $10.18 million for the year ended June 30, 2018. As of Dec. 31, 2019, the Company had $74.48 million in total assets, $57.39 million in total liabilities, and $16.76 million in total stockholders' equity. Plante & Moran, PLLC, in Denver, CO, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Sept. 26, 2019, on the Company's consolidated financial statements for the year ended June 30, 2019, citing that the Company has suffered recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. AYTU BIOSCIENCE: Raises $20 Million in Direct Securities Offering ----------------------------------------------------------------- Aytu BioScience, Inc. has entered into definitive agreements with several healthcare-focused institutional investors for the purchase and sale of an aggregate 12,539,197 shares of Aytu's common stock and warrants to purchase an aggregate of up to 12,539,197 shares of common stock, at a combined purchase price of $1.595 per share and associated warrant, in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about March 23, 2020, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The warrants will have an exercise price of $1.47 per share and exercise period commencing immediately upon issuance and a term of one year. The gross proceeds to Aytu from this offering are expected to be $20 million, before deducting the placement agent's fees and other offering expenses payable by Aytu. In addition, in the event the warrants are exercised in full, Aytu expects to receive approximately $20 million in additional gross proceeds. However, there is no assurance that all or a portion of the warrants will be exercised prior to their expiration. The Company intends to use the net proceeds from this offering for working capital, general corporate purposes, and to continue the commercialization of the Company's prescription and consumer health products. The securities are being offered by Aytu pursuant to a "shelf" registration statement on Form S-3 (File No. 333-221735) previously filed with the Securities and Exchange Commission on Nov. 22, 2017 and declared effective by the SEC on Dec. 1, 2017. The offering of the securities will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.govor by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at placements@hcwco.com. About Aytu BioScience Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) -- http://www.aytubio.com/-- is a commercial-stage specialty pharmaceutical company focused on commercializing novel products that address significant patient needs. The company currently markets a portfolio of prescription products addressing large primary care and pediatric markets. The primary care portfolio includes (i) Natesto, an FDA-approved nasal formulation of testosterone for men with hypogonadism, (ii) ZolpiMist, an FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra XR, an FDA-approved 12-hour codeine-based antitussive syrup. Aytu Bioscience reported a net loss of $27.13 million for the year ended June 30, 2019, compared to a net loss of $10.18 million for the year ended June 30, 2018. As of Dec. 31, 2019, the Company had $74.48 million in total assets, $57.39 million in total liabilities, and $16.76 million in total stockholders' equity. Plante & Moran, PLLC, in Denver, CO, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Sept. 26, 2019, on the Company's consolidated financial statements for the year ended June 30, 2019, citing that the Company has suffered recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. AYTU BIOSCIENCE: To Commence Distribution of First 100K Test Kits ----------------------------------------------------------------- Aytu BioScience, Inc., has received confirmation from the U.S. Food and Drug Administration (FDA) that the company may begin distribution of its Coronavirus Disease 2019 ("COVID-2019") IgG/IgM Rapid Test throughout the United States. The COVID-19 IgG/IgM Rapid Test is intended for professional use and delivers results between 2 and 10 minutes at the point-of-care. Aytu expects delivery of its first shipment of 100,000 tests this week. The initial product shipment is in transit from the manufacturer and, upon receipt, will undergo FDA and U.S. Customs and Border Protection (CBP) clearance processes. The test kits will then be repackaged to comply with FDA's labeling requirements under the most recent coronavirus guidance for serological test kit manufacturers. The Company has been in discussions with healthcare distributors, healthcare institutions, medical practices, and government agencies and is working rapidly to distribute the test into the U.S. healthcare supply chain. Josh Disbrow, chief executive officer of Aytu BioScience, commented, "We are moving as quickly as we can to bring the COVID-19 IgG/IgM Rapid Test to the U.S. professional medical community. With product now in transit to our warehouse in Colorado we're optimistic that we can have test kits ready for sale in the very near term. In the two short weeks since signing our distribution agreement, we have ordered our first 100,000 tests and have received confirmation from FDA that we may begin distribution. We are optimistic that we're now just days away from placing these COVID-19 test kits into the hands of healthcare professionals." The COVID-19 IgG/IgM Rapid Test is a solid phase immunochromatographic assay used in the rapid, qualitative and differential detection of IgG and IgM antibodies to the 2019 Novel Coronavirus in human whole blood, serum or plasma. This point-of-care test has been validated in a 126 patient clinical trial and is CE marked. About Aytu BioScience Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) -- http://www.aytubio.com/-- is a commercial-stage specialty pharmaceutical company focused on commercializing novel products that address significant patient needs. The company currently markets a portfolio of prescription products addressing large primary care and pediatric markets. The primary care portfolio includes (i) Natesto, an FDA-approved nasal formulation of testosterone for men with hypogonadism, (ii) ZolpiMist, an FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra XR, an FDA-approved 12-hour codeine-based antitussive syrup. Aytu Bioscience reported a net loss of $27.13 million for the year ended June 30, 2019, compared to a net loss of $10.18 million for the year ended June 30, 2018. As of Dec. 31, 2019, the Company had $74.48 million in total assets, $57.39 million in total liabilities, and $16.76 million in total stockholders' equity. Plante & Moran, PLLC, in Denver, CO, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Sept. 26, 2019, on the Company's consolidated financial statements for the year ended June 30, 2019, citing that the Company has suffered recurring losses from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. BERTONI GELATO: Debtor Has Until June 3 to File Plan & Disclosures ------------------------------------------------------------------ On March 5, 2020, the U.S. Bankruptcy Court for the Southern District of Florida convened a hearing on Bertoni Gelato Brickell LLC's fourth motion for an extension of time to file a Plan and a Disclosure Statement. After reviewing the Motion, Judge Robert A. Mark ordered that the Motion is granted. The Debtor will have until June 3, 2020 to file its Plan and Disclosure Statement. About Bertoni Gelato Brickell Based in Miami, Florida, Bertoni Gelato Brickell LLC filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-20828) on Aug. 31, 2018, listing less than $1 million in assets and liabilities. Scott Alan Orth, Esq., at the Law Office of Scott Alan Orth, P.A., is the Debtor's counsel. BIOPHARMX CORP: Reports $9.7 Million Net Loss in 2019 ----------------------------------------------------- BioPharmX Corporation filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss and comprehensive loss of $9.69 million on $0 of net revenues for the year ended Jan. 31, 2020, compared to a net loss and comprehensive loss of $17.26 million on $57,000 of net revenues for the year ended Jan. 31, 2019. As of Jan. 31, 2020, the Company had $2.13 million in total assets, $2.47 million in total liabilities, and a total stockholders' deficit of $339,000. Net cash used for operating activities for the year ended Jan. 31, 2020 was $10.1 million, which primarily resulted from a net loss of $9.7 million and changes in operating assets and liabilities of $1.3 million, partially offset by non-cash expenses of $0.9 million. Changes in operating assets and liabilities was primarily attributable to timing of payments to vendors and lower operating expenses. Net cash used for operating activities for the year ended Jan. 31, 2019 was $15.0 million, which primarily resulted from a net loss of $17.3 million and changes in operating assets and liabilities of $0.7 million, partially offset by non-cash expenses of $3.0 million. Changes in operating assets and liabilities was primarily attributable to timing of payments to vendors. Net cash used for investing activities for the years ended Jan. 31, 2020 and 2019 was approximately $30,000 and $43,000, respectively, resulting from the purchase of property and equipment. Net cash provided by financing activities for the year ended Jan. 31, 2020 was $7.8 million, which was primarily due to the $7.2 million of net proceeds from the issuance of common stock and $0.6 million from the Bridge Loan. Net cash provided by financing activities for the year ended Jan. 31, 2019 was $10.5 million, which was primarily from the exercise of warrants to purchase common stock. BPM LLP, in San Jose, California, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 23, 2020 citing that the Company's recurring losses from operations, available cash and accumulated deficit raise substantial doubt about its ability to continue as a going concern. BioPharmX said, "We have a limited operating history and our prospects are subject to risks, expenses and uncertainties frequently encountered by companies in our industry. If the Merger is not consummated, we will likely be required to wind-down and dissolve as a company and would be required to pay all our debts and contractual obligations and set aside certain reserves for potential future claims. While we will also attempt to consummate a financing to allow us to continue as a going concern, based on our recent strategic process, we do not believe that we will be able to consummate a financing on reasonable terms sufficient to obtain such additional financial resources. These factors raise substantial doubt about our ability to continue as a going concern." A full-text copy of the Form 10-K is available for free at: https://is.gd/uTvvAY About BioPharmX Headquartered in San Jose, California, BioPharmX is a specialty pharmaceutical company focused on developing prescription products utilizing its proprietary HyantX Topical Delivery System for dermatology indications. BIOSTAGE INC: Peter Chakoutis Appointed Vice President of Finance ----------------------------------------------------------------- Biostage, Inc. entered into an offer letter with Peter Chakoutis, 54, pursuant to which Mr. Chakoutis was appointed as the vice president of finance of the Company, and in that role Mr. Chakoutis will act as Company's principal financial officer and principal accounting officer, effective as of Feb. 24, 2020. Mr. Chakoutis previously served as the Company's vice president of finance and resigned from such role on Jan. 17, 2020. Prior to becoming its vice president of finance in August 2019, Mr. Chakoutis served as the Company's director of finance starting in February 2018. From 2012 to 2017, Mr. Chakoutis was employed at HeartWare, Inc., a medical device company that develops and manufactures miniaturized implantable heart pumps; ventricular assist devices for the treatment of advanced heart failure, serving as HeartWare's Director of Sales Operations from 2015 to 2017 and Director of Financial Planning & Analysis from 2012 to 2015. Prior to 2000, he served in various managerial positions in the areas of financial reporting and accounting. Mr. Chakoutis has been a Certified Public Accountant in the State of Massachusetts since 1996, holds a B.S. in business administration - accounting from Norwich University, and a masters in finance from Bentley Graduate School. Pursuant to the Offer Letter, during the term of his employment, which is anticipated to be through June 30, 2020 and may be extended by mutual agreement, Mr. Chakoutis will receive a weekly salary of $5,500 through May 15, 2020, and $5,000 thereafter, and will be eligible to participate in the Company's benefits plans. In the event that Mr. Chakoutis is terminated for any reason other than for Cause, as such term is defined in the Offer Letter, prior to June 30, 2020, Mr. Chakoutis will receive his base salary through such date. Mr. Chakoutis will also be eligible to receive equity awards, including (I) stock awards based on performance goals, including (i) 15,000 shares of the Company's common stock upon timely filing of the Company's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2019, (ii) 10,000 shares of the Company's common stock upon timely filing of the definitive proxy statement for the Company's 2020 Annual Meeting of Stockholders (or Form 10-K amendment, if applicable), and (iii) 10,000 shares of the Company's common stock upon timely filing of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2020, and (II) an option to purchase 40,000 shares of the Company's common stock, one quarter of which shall vest upon timely filing of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2020, and the remainder to vest in 12 equal quarterly increments on the first day of each calendar quarter starting with the first calendar quarter following the timely filing of such Form 10-Q. In addition, on March 22, 2020, the Company's Board of Directors authorized Hong Yu, 47, the Company's president, to act as Company's principal executive officer with respect to performing the necessary actions pertaining to the review and execution of periodic reports filed with the SEC, including Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K, related financial statements and disclosures, and related certifications. Mr. Yu has been president of the Company since May 2018. While Mr. Yu has assisted the Company's lead investor, DST Capital, with respect to board, management and governance matters pertaining to the Company, there are no related party transactions between the Company and Mr. Yu. Mr. Yu is neither related to, nor does he have any other family relationship with, any existing member of the Board of Directors of the Company or any executive officer of the Company. About Biostage Headquartered in Holliston, Massachusetts, Biostage, Inc., formerly Harvard Apparatus Regenerative Technology, Inc. -- http://www.biostage.com/-- is a biotechnology company developing bioengineered organ implants based on its novel Cellframe technology. The Company's Cellframe technology is comprised of a biocompatible scaffold that is seeded with the patient's own stem cells. The Company's Cellspan technology combines a proprietary, biocompatible scaffold with a patient's own cells to create an esophageal implant that could potentially be used to treat pediatric esophageal atresia and other conditions that affect the esophagus. Biostage reported a net loss of $7.53 million for the year ended Dec. 31, 2018, compared to a net loss of $11.92 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $2.06 million in total assets, $941,000 in total liabilities, and $1.12 million in total stockholders' equity. In its report dated March 29, 2019, RSM US LLP, in Boston, Massachusetts, the Company's auditor since 2018, issued an opinion on the Company's consolidated financial statements for the year ended Dec. 31, 2018, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor stated that the Company has suffered recurring losses from operations, has an accumulated deficit, uses cash flows in operations, and will require additional financing to continue to fund operations. BURNINDAYLIGHT LLC: Culver Objects to Plan & Disclosures -------------------------------------------------------- Secured creditor Gary Culver submitted objections to the Disclosure Statement and Chapter 11 Plan filed by Burnindaylight, LLC. Mr. Culver points out that the Debtor proposes that a creditor's payoff statement meet the Debtor's own self-defined criteria, and then proposes "charging a fine" of one-half of one percent for each day the Debtor considers a creditor to in "contempt" of the confirmation order. Mr. Culver is confused as to what the Debtor means by "Debtor's Manager ... will continue to make payments to the members so that they stay current on the credit card." On the one hand, the obligation owed Mr. Culver matured before the petition was filed, the Debtor is using cash collateral without court or creditor approval, no proof of insurance coverage has been provided to Mr. Culver, and the Debtor's schedules list the debt owed Mr. Culver as being "disputed." Mr. Culver further points out that there have already been payments made to an unsecured creditor and there typically is a minimum fee due the US Trustee even if there are no disbursements. Unless Mr. Culver misunderstands the Disclosure Statement, or the Debtor has income other than rental income which the Debtor has not disclosed, the Debtor is proposing to use cash collateral to pay administrative expenses. Mr. Culver's loan has matured. And, Mr. Culver has no idea how or why the debt is "disputed," as the Debtor states. Attorney for Creditor Gary Culver: Gary Krohn Northgate Executive Center II 9725 Third Avenue N.E., Suite 600 Seattle, Washington 98115-2061 Phone: (206) 525-1925 About Burnindaylight LLC Burnindaylight, LLC, a privately held company in Renton, Wash., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 19-14587) on Dec. 19, 2019. At the time of the filing, the Debtor was estimated to have assets of between $1 million and $10 million and liabilities of the same range. Judge Marc Barreca oversees the case. The Debtor is represented by Darrel B. Carter, Esq., at CBG Law Group, PLLC. CALIFORNIA RESOURCES: Board Adopts Executive Severance Plan ----------------------------------------------------------- The Board of Directors of California Resources Corporation adopted that certain Executive Severance Plan, pursuant to which certain officers of the Company are eligible to receive certain compensation and benefits. Participants in the Plan are designated by the Compensation Committee of the Board and classified at either a "Chief Executive Officer," "EVP and SVP Level" or "VP Level" participation level and will be eligible to receive varying compensation and benefits based upon their classification in the event of certain terminations of employment. Upon a termination by the Company without "Cause" (as defined in the Plan), participants in the Plan will be eligible to receive the following compensation and benefits: * periodic severance payments equal to 2.0 (for the Chief Executive Officer), 1.5 (for EVP and SVP Level) or 1.0 (for VP Level) times the sum of the participant's (i) annualized base salary then in effect and (ii) target annual bonus for the year in which the termination occurred; and * continued subsidized health care benefits under the Company's group health care plans for up to the term of the severance payments. Upon a termination by the Company without Cause or by a participant for Good Reason within 24 months following a "Change in Control", participants in the Plan will be eligible to receive the following benefits: * periodic severance payments equal to 2.5 (for the Chief Executive Officer), 2.0 (for EVP and SVP Level) or 1.5 (for VP Level) times the sum of the participant's (i) annualized base salary then in effect and (ii) target annual bonus for the year in which the termination occurred; and * continued subsidized health care benefits under the Company's group health care plans for up to the term of the severance payments, not to exceed 24 months; and * vesting of awards granted under the Company's Long-Term Incentive Plan, with any performance conditions deemed earned at the level contemplated in the applicable award agreement and payment according to the terms of the applicable award agreement. In order to receive any of the foregoing severance benefits under the Plan, a participant must timely execute (and not revoke) a release of claims in favor of the Company and its affiliates. Further, the Plan requires continued compliance with certain confidentiality, non-solicitation and non-disparagement covenants. Compensation and benefits provided to a participant under the Plan are subject to recoupment by the Company in the event of a material breach of any covenant under the Plan or in accordance with the Company's recoupment policy. If the severance benefits under the Plan would trigger an excise tax for a participant under Section 4999 or Section 280G of the Internal Revenue Code of 1986, as amended, the Plan provides that the participant's severance benefits will be reduced to a level at which the excise tax is not triggered, unless the participant would receive a greater amount without such reduction after taking into account the excise tax and other applicable taxes. If any participant is a "specified employee" under Section 409A of the Code, any compensation or benefits to be paid or received under the Severance Plan as a result of termination of employment and that constitute "non-qualified deferred compensation" are to be delayed in accordance with the Code. About California Resources California Resources Corporation -- http://www.crc.com/-- is an oil and natural gas exploration and production company headquartered in Los Angeles, California. CRC operates its resource base exclusively within the State of California, applying complementary and integrated infrastructure to gather, process and market its production. California Resources reported a net loss attributable to common stock of $28 million for the year ended Dec. 31, 2019, compared to net income attributable to common stock of $328 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $6.96 billion in total assets, $709 million in total current liabilities, $4.87 billion in long-term debt, $146 million in deferred gain and issuance costs, $720 million in other long-term liabilities, $802 million in redeemable noncontrolling interests, and total deficit of $296 million. * * * In March 2019, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on California Resources Corp. The affirmation reflects S&P's expectation that CRC will continue to support its liquidity by balancing its spending with its cash flow, selling non-core assets, and potential for joint ventures in 2019 as mentioned in the Company's fourth quarter conference call. In November 2017, Moody's Investors Service upgraded California Resources' Corporate Family Rating (CFR) to 'Caa1' from 'Caa2' and Probability of Default Rating (PDR) to 'Caa1-PD' from 'Caa2-PD'. Moody's said the upgrade of CRC's CFR to 'Caa1' reflects CRC's improved liquidity and the likelihood that it will have sufficient liquidity to support its operations for at least the next two years at current commodity prices. CAPSON CORP: Joint Plan Confirmed by Judge ------------------------------------------ Judge H. Christopher Mott entered findings of fact, conclusion of law, and order confirming the Chapter 11 Plan of Capson Corp. and its Debtor Affiliates. The Plan complies with the applicable provisions of the Bankruptcy Code. The requirements of section 1129(a)(1) of the Bankruptcy Code are therefore satisfied. The Debtors have complied with the terms of the Solicitation Order and the applicable provisions of the Bankruptcy Code. The requirements of section 1129(a)(2) of the Bankruptcy Code are therefore satisfied. The Plan has been proposed in good faith and not by any means forbidden by law as required by section 1129(a)(3) of the Bankruptcy Code. The Debtors have proposed the Plan with the legitimate and honest purpose of implementing the Compromises and making distributions to creditors and the holders of Preferred Equity Interests. The Debtors, the Reorganized Debtors and the non-debtor parties to the Compromises are authorized to execute and deliver the Plan Documents as required and directed by the Plan. On and after the Effective Date and as executed by the Debtors or the Reorganized Debtors, as applicable, the terms and conditions of the Plan Documents shall be effective and enforceable. A full-text copy of the order dated March 10, 2020, is available at https://tinyurl.com/sw6g2ll from PacerMonitor at no charge. The Debtors are represented by: Morris D. Weiss Mark C. Taylor Evan J. Atkinson WALLER LANSDEN DORTCH & DAVIS, LLP 100 Congress Ave., Suite 1800 Austin, Texas 78701 Telephone: (512) 685-6400 Facsimile: (512) 685-6417 E-mail: morris.weiss@wallerlaw.com mark.taylor@wallerlaw.com evan.atkinson@wallerlaw.com - and - Jonathan M. Fisher Waller Lansden Dortch & Davis, LLP 633 Chestnut St., Suite 1400 Chattanooga, TN 37450 Telephone: (423) 682-6300 Facsimile: (423) 682-6301 E-mail: jonathan.fisher@wallerlaw.com About Capson Corp. Capson Corp., based in Austin, TX, and its affiliates sought Chapter 11 protection (Bankr. W.D. Tex. Lead Case No. 19-10890) on July 3, 2019. In the petitions signed by Matthew Downs, president, Capson Corp. was estimated to have assets of $10 million to $50 million and liabilities of $1 million to $10 million; affiliate Capson Physicians was estimated to have assets and liabilities of less than $50,000; and affiliate Capson Healthcare estimated had assets of up to $50,000 and liabilities of $1 million to $10 million. The Hon. Christopher H. Mott oversees the cases. Morris D. Weiss, Esq., at Waller Lansden Dortch & Davis, LLP, serves as bankruptcy counsel to the Debtors. No request for the appointment of a trustee or examiner has been made in the Chapter 11 cases, and no committees have been appointed or designated. CAVISTON INC: Unsecured Creditors Vote to Accept the Plan --------------------------------------------------------- Caviston, Inc., submitted a summary of the report on the voting of its Small Business Debtor Amended Plan of Reorganization and Disclosure Statement. The results are as follows: * Class 1 consists of Secured Claim of Univest Bank & Trust Co. Univest, the sole member of this Class, voted to reject the Plan. * Class 2 consists of General Unsecured Claims. The Debtor received four ballots from this Class which voted to accept the Plan as follows: (a) SLD Sports Licensed Division of Adidas Group, LLC, claim stated in the amount of $135,938; (b) Wells Fargo Bank, N.A. claim stated in the amount of $17,879; (c) The Antigua Group, Inc. claim stated in the amount of $874.70; and (d) Mitchell & Ness, LLC claim stated in the amount of $138,142. * Class 3 consists of the Interests of Caviston, Inc. William Caviston and Edward Minguez, the only members of this Class, each voted to accept the Plan. A full-text copy of the Report of Plan Voting dated March 11, 2020, is available at https://tinyurl.com/rmgl4qa from PacerMonitor.com at no charge. Counsel to the Debtor: Robert M. Greenbaum, Esquire 112 Moores Road, Suite 300 Malvern, PA 19355 Tel: (610) 407-7216 Fax: (610) 407-7218 About Caviston Inc. Caviston, Inc., is a privately held company whose principal assets are located at 109 Montgomeryville Mall, North Wales, Pennsylvania. Caviston sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 19-11782) on March 22, 2019. At the time of the filing, the Debtor was estimated to have assets of less than $500,000 and liabilities of $1 million to $10 million. The case is assigned to Judge Eric L. Frank. Smith Kane Holman, LLC, is the Debtor's legal counsel. COSTA HOLLYWOOD: Will Liquidate Remaining Assets to Pay Claims -------------------------------------------------------------- Costa Hollywood Property Owner, LLC, filed a Chapter 11 plan that will be implemented through a distribution of the proceeds of the liquidation of the remaining assets and the continued prosecution of causes of action through a liquidating trust. The Debtor owns a condominium hotel project commonly known as "Costa Hollywood Beach Resort" located at 777 North Ocean Drive, in Hollywood, Florida. The Debtor has sought approval of bid procedures for the sale of all or substantially all of the assets of the Debtor free and clear of all claims and interests. The Class 3 Allowed Secured Claim of United Leasing, Inc., is impaired. If the secured lender closes on the purchase of the Properties as set forth in the Plan, then the Class 3 Claim will be paid in full at closing and fully satisfied upon such closing. In the event the Secured Lender is not the successful purchaser for the Properties, then the Class 3 Claim will be paid from the sale proceeds of such sale, and upon such payment the Class 3 Claim will be deemed paid in full and fully satisfied. Class 4 Allowed Secured Claim of 777 N. Ocean Drive, LLC (Secured Lender) is impaired. The Secured Lender has an Allowed Secured Claim in the amount of $47,189,514. The Secured Lender has agreed to acquire the Properties for an initial credit bid in the amount of $43,000,000, subject to the right to increase the purchase price through a credit bid up to and in the full amount of its Class 4 Claim. If Secured Lender closes on the purchase of the Properties, then the Class 4 Claim will be deemed paid in full and fully satisfied upon such closing. In the event the Secured Lender is not the successful purchaser for the Properties, then the Class 4 Claim will be paid from the sale proceeds of such sale and all then existing cash collateral after the payment of the Class 1 Claims, Class 2 Claim and Class 3 Claim. The Class 5 Allowed Secured Mechanic's Lien Claims are impaired. The claims will be paid in order of legal priority in class from the net proceeds of the sale of the Properties after all Class 1 Claims, Class 2 Claims, Class 3 Claims and Class 4 Claims are paid in full. Class 6 Allowed Other Secured Claims are impaired. The claims will be paid in order of legal priority in class from the net proceeds of the sale of the Properties after all Class 1 Claims, Class 2 Claims, Class 3 Claims and Class 4 Claims are paid in full. Class 8 Allowed General Unsecured Claims are impaired. Each Holder of an Allowed General Unsecured Claim will receive, as soon as practicable in the discretion of the Liquidating Trustee, (i) a pro rata share of the Unsecured Creditors' Fund after payment of or reserve for the Allowed Priority Claims therefrom, and (ii) distributions from the Trust Assets after the Effective Date in the discretion of the Liquidating Trustee. General Unsecured Claims comprise 410 claims (filed and/or scheduled) in the aggregate approximate amount of $12.5 million plus any deficiency claims of holders of allowed secured claims resulting from the sale of the Collateral. Class 9 Equity Interests in the Debtor will be canceled as of the Effective Date. A full-text copy of the Disclosure Statement dated March 11, 2020, is available at https://tinyurl.com/ttszth8 from PacerMonitor.com at no charge. Attorneys for the Debtor: Peter D. Russin, Esquire James C. Moon, Esquire Meaghan E. Murphy, Esquire MELAND RUSSIN & BUDWICK, P.A. 3200 Southeast Financial Center 200 South Biscayne Boulevard Miami, Florida, 33131 Tel: (305) 358-6363 Fax: (305) 358-1221 E-mail: prussin@melandrussin.com jmoon@melandrussin.com mmurphy@melandrussin.com About Costa Hollywood Costa Hollywood Property Owner, LLC -- https://www.costahollywoodresort.com/ -- is a privately held company in the traveler accommodation industry. It owns and operates Costa Hollywood Beach Resort, a resort hotel in Hollywood Beach, Florida. Costa Hollywood Beach Resort offers rooms and suites featuring an elevated design aesthetic and luxe decor. Costa Hollywood sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-22483) on Sept. 19,2019. In the petition signed by Moses Bensusan, manager and sole member, the Debtor estimated between $50 million and $100 million in both assets and liabilities. Judge A. Jay Cristol oversees the case. Peter D. Russin, Esq., at Meland Russin & Budwick, P.A., serves as the Debtor's bankruptcy counsel. CPI CARD: Douglas Pearce Won't Stand for Reelection as Director --------------------------------------------------------------- Douglas Pearce informed the Board of Directors of CPI Card Group Inc. of his decision not to stand for reelection to the Board at the Company's 2020 Annual Meeting of Stockholders. Mr. Pearce intends to continue to serve through the remainder of his current term. The Company said Mr. Pearce's decision was not related to any disagreement with the Company on any matter relating to its strategy, leadership, operations, policies or practices. About CPI Card CPI Card Group -- http://www.cpicardgroup.com/-- is a payment technology company and provider of credit, debit and prepaid solutions delivered physically, digitally and on-demand. CPI helps its customers foster connections and build their brands through innovative and reliable solutions, including financial payment cards, personalization and fulfillment, and Software-as-a-Service (SaaS) instant issuance. CPI has more than 20 years of experience in the payments market and is a trusted partner to financial institutions and payments services providers. Serving customers from locations throughout the United States, CPI has a large network of high security facilities, each of which is registered as PCI Card compliant by one or more of the payment brands: Visa, Mastercard, American Express, and Discover. CPI Card reported a net loss of $4.45 million for the year ended Dec. 31, 2019, compared to a net loss of $37.46 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $213.49 million in total assets, $365.92 million in total liabilities, and a total stockholders' deficit of $152.43 million. * * * As reported by the TCR on April 4, 2018, Moody's Investors Service downgraded its ratings for CPI Card Group Inc., including the company's Corporate Family Rating (to Caa1, from B3) and Probability of Default Rating (to Caa1-PD, from B3-PD). Moody's said the downgrades broadly reflect continued uncertainty about whether CPI can return to revenue and profit growth over the next 12 to 18 months, and an earnings and cash flow profile that can adequately support the company's heavy debt burden. In June 2019, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on CPI Card. "The affirmation reflects our view that despite improving trends, CPI's operating performance will remain weak and the capital structure unsustainable," S&P said. CULTIVATION STATION: U.S. Trustee Objects to Plan & Disclosures --------------------------------------------------------------- Andrew R. Vara, United States Trustee, objects to Combined Plan and Disclosure Statement filed by Cultivation Station Inc. The U.S. Trustee points out that the Plan is silent on the claim of the equity security jolders, but it appears they are unimpaired and will retain their equity interest in the Debtor. The United States Trustee further points out that the Plan cannot be confirmed if all of the impaired classes do not vote in favor of the Plan because it appears the equity security holders will retain their ownership interest in violation of the absolute priority rule. The United States Trustee asserts that the Plan should not be confirmed with outstanding United States Trustee fees owed. The United States Trustee objects to any plan provision that attempts to modify the Debtor's statutory obligations regarding fees. The United States Trustee requests the following language be included in any confirmation order: The Debtor will continue to remit to the Office of the United States Trustee all appropriate post confirmation monthly reports for the relevant time periods, and continue to remit in full all quarterly fee payments owed and/or due based on all disbursements, until this Bankruptcy Case is closed by Court Order, converted or dismissed. About Cultivation Station The Cultivation Station Inc. is a Michigan corporation formed in 2010, with principal place of business at 22520 Rosedale, St. Clair Shores, Mich. It operates three retail locations for gardening supplies. Robert Diefenderfer is the owner and the president of the company. The Cultivation Station sought Chapter 11 protection (Bankr. E.D. Mich. Case No. 19-53993) on Oct. 1, 2019. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $100,001 and $500,000. Judge Maria L. Oxholm oversees the case. Darnell, PLLC is the Debtor's legal counsel. DELMAR SUBS: April 28 Disclosure Statement Hearing Set ------------------------------------------------------ On March 10, 2020, debtor Delmar Subs, Inc. filed with the U.S. Bankruptcy Court for the District of Maryland, at Baltimore, a Disclosure Statement and a Plan. On March 12, 2020, Judge Robert A. Gordon ordered that: * April 28, 2020, at 10:00 a.m. is the hearing to consider the approval of the Disclosure Statement to be held in Courtroom 1B of the U.S. Bankruptcy Court, U.S. Courthouse, 101 West Lombard Street, Baltimore, Maryland 21201. * April 15, 2020, is fixed as the last day for filing and serving written objections to the Disclosure Statement. A full-text copy of the order dated March 12, 2020, is available at https://tinyurl.com/sqsxqb7 from PacerMonitor at no charge. About Delmar Subs Delmar Subs, Inc. is a privately held company that operates in the restaurant industry. The company has store locations at 1227 Eastern Blvd., Essex, Md., 108 Big Elk Mall, Elkton, Md; and 319 North Dupont Highway, Smyrna, Del. Delmar Subs, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 19-24928) on Nov. 7, 2019. In the petition signed by its president, Raymond H. Burrows, III, the Debtor disclosed $271,840 in assets and $1,405,031 in debt. Judge Robert A. Gordon is assigned to the case. The Debtor tapped Marc Robert Kivitz, Esq., at the Law Office of Marc R. Kivitz. DIAMOND OFFSHORE: Adds Two New Members to Board of Directors ------------------------------------------------------------ The Board of Directors of Diamond Offshore Drilling, Inc., increased the number of directors constituting the entire Board from eight directors to ten and appointed Alan H. Howard and Peter McTeague to the Board. Effective March 20, 2020, Mr. Howard was appointed to serve as Chairman of the Audit Committee and to serve on the Finance Committee and the Executive Committee of the Board, and Mr. McTeague was appointed to serve on the Compensation Committee of the Board. Mr. Howard is the founder and managing partner of Heathcote Advisors, LLC, a financial advisory firm. Mr. McTeague is the founder of McMacro Solutions LLC, a consulting firm assisting institutional investors to assess the global macro landscape and interest rate and currency risks. Each new director will receive compensation for his service on the Board in accordance with the Company's standard compensatory arrangements for non-employee directors, which, commencing April 1, 2020, will include an annual cash retainer in the amount of $150,000, a quarterly grant of immediately-vested restricted stock units with a grant date value of $12,500 and reimbursement of all reasonable out-of-pocket expenses incurred attending Board meetings. In addition, Mr. Howard will receive an annual cash retainer in the amount of $25,000 for serving as chairman of the Audit Committee. CEO Employment Agreement On March 20, 2020, the Company entered into an employment agreement with Marc Edwards, the Company's president and chief executive officer. The Agreement has a term of three years commencing on March 20, 2020. Pursuant to the Agreement, among other things, Mr. Edwards will receive an annualized base salary of $1,000,000 and will be entitled to receive an annual incentive cash award, subject to the attainment of certain performance goals and subject to the negative discretion of the Compensation Committee of the Board, with a target amount of $1,500,000. In addition, the Agreement provides that each calendar year during the term of the Agreement, Mr. Edwards will be granted a long-term incentive compensation award with a target grant date fair value of not less than $3,500,000, which may be in the form of cash, restricted stock units with respect to the Company's common stock or other equity-based awards (or any combination thereof), subject to the achievement of applicable performance goals, periodic vesting requirements, the negative discretion of the Compensation Committee and continued employment. Mr. Edwards is also entitled to participate in the Company's benefit programs generally available to other senior officers and to receive reimbursement of certain business expenses incurred in connection with carrying out his duties. If, during the term of the Agreement, Mr. Edwards' employment is terminated due to death or permanent disability (as defined in the Agreement), he will be entitled to a pro-rata annual incentive cash award based on the target amount and, except as otherwise provided pursuant to the terms of the applicable award agreements, full vesting of all LTIP Awards whose vesting is subject only to continued employment and pro-rata vesting of LTIP Awards subject to performance conditions based on actual performance results attained as of the date of such termination. If, during the term of the Agreement, Mr. Edwards' employment is terminated by the Company without cause (as defined in the Agreement) (other than due to death or permanent disability) or by Mr. Edwards with good reason in accordance with the Agreement (other than within the three months preceding or 12 months following a "change in control") subject to execution of a release agreement, Mr. Edwards will be entitled to (a) separation payments of $208,333 per month for a period ranging from 12 to 24 months (the duration of such continued payments is dependent on the timing of Mr. Edwards termination of employment), (b) a pro-rata annual incentive cash award for the year of termination based on actual performance results, (c) except as otherwise provided pursuant to the terms of the applicable award agreements, full vesting of all LTIP Awards whose vesting is subject only to continued employment and continued eligibility for vesting of LTIP Awards subject to performance conditions (based on attainment of actual performance results), (d) 24 months of continued medical coverage and (e) outplacement services (not to exceed 12 months or $25,000). If, during the three month period immediately preceding and the 12 month period immediately following a change in control, the Company terminates Mr. Edwards' employment without cause or Mr. Edwards terminates his employment for good reason, then, instead of the monthly separation payments described in clause (a) of the immediately preceding paragraph, Mr. Edwards will be entitled to receive a lump-sum payment equal to two times the sum of (x) his annual base salary, (y) his target annual bonus opportunity and (z) his target LTIP Award opportunity. The Agreement contains customary covenants regarding the Company's indemnification of Mr. Edwards, non-competition covenants restricting the ability of Mr. Edwards to compete with the Company during the term of the Agreement and for a period of one year thereafter, non-solicitation and non-interference covenants applicable during the term of the Agreement and for a period of two years thereafter, and non-disparagement and confidentiality covenants. Director Nominations On March 20, 2020, the Board nominated Marc Edwards, Anatol Feygin, Paul G. Gaffney II, Alan H. Howard, Peter McTeague, Kenneth I. Siegel and James S. Tisch to serve as directors, in each case for election at the Company's 2020 annual meeting of stockholders. The Board has approved the decrease in the number of directors that comprise the entire Board to seven directors, to become effective at the Annual Meeting. Also effective at the Annual Meeting, James S. Tisch, who currently serves as the Chairman of the Board, has resigned as Chairman, and the Board has elected Marc Edwards, the Company's president and chief executive officer, to serve as the successor Chairman of the Board. About Diamond Offshore Diamond Offshore Drilling, Inc. -- http://www.diamondoffshore.com/ -- provides contract drilling services to the energy industry around the globe with a fleet of 15 offshore drilling rigs, consisting of four drillships and 11 semi-submersible rigs, including two rigs that are currently cold stacked. The Company's current fleet excludes the Ocean Confidence, which it expects to complete the sale of in the first quarter of 2020. Diamond Offshore reported a net loss of $357.21 million for the year ended Dec. 31, 2019, compared to a net loss of $180.27 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $5.83 billion in total assets, $2.60 billion in total liabilities, and $3.23 billion in total stockholders' equity. * * * As reported by the TCR on March 11, 2020, Moody's Investors Service downgraded Diamond Offshore Drilling, Inc.'s Corporate Family Rating to Caa1 from B2. "The downgrade of Diamond's ratings reflects lower earnings and higher negative free cash flow in 2020 than we previously expected, combined with few signs that offshore drilling fundamentals are going to greatly improve anytime soon," commented Pete Speer, Moody's senior vice president. "Without a much more robust improvement in dayrates, Diamond's debt burden will become untenable." In October 2019, S&P Global Ratings lowered its issuer credit rating on U.S.-based offshore drilling contractor Diamond Offshore Drilling Inc. to 'CCC+' from 'B'. The downgrade reflects S&P's view that Diamond's operating margins have meaningfully weakened, and will remain depressed for the next one to two years as utilization and dayrates for offshore drilling rigs remain subdued. DIAMOND OFFSHORE: Loews Corp Has 53.1% Stake as of March 20 ----------------------------------------------------------- Loews Corporation disclosed in an amended Schedule 13D filed with the Securities and Exchange Commission that as of March 20, 2020 it beneficially owns 73,119,047 shares of common stock of Diamond Offshore Drilling, Inc., which represents 53.1 percent of the shares outstanding. Three of the Issuer's ten directors are executive officers of Loews Corporation. The Issuer has indicated to the Reporting Person that: (i) it has nominated seven directors for election at its 2020 annual meeting of shareholders, only two of whom are executive officers of the Reporting Person; and (ii) effective as of its 2020 annual meeting of shareholders, it has appointed its chief executive officer as chairman of the Board, replacing the executive officer of the Reporting Person who currently serves as Chairman of the Board. A full-text copy of the regulatory filing is available for free at: https://is.gd/mFyLlX About Diamond Offshore Diamond Offshore Drilling, Inc. -- http://www.diamondoffshore.com/ -- provides contract drilling services to the energy industry around the globe with a fleet of 15 offshore drilling rigs, consisting of four drillships and 11 semisubmersible rigs, including two rigs that are currently cold stacked. The Company's current fleet excludes the Ocean Confidence, which it expects to complete the sale of in the first quarter of 2020. Diamond Offshore reported a net loss of $357.21 million for the year ended Dec. 31, 2019, compared to a net loss of $180.27 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $5.83 billion in total assets, $2.60 billion in total liabilities, and $3.23 billion in total stockholders' equity. * * * As reported by the TCR on March 11, 2020, Moody's Investors Service downgraded Diamond Offshore Drilling, Inc.'s Corporate Family Rating to Caa1 from B2. "The downgrade of Diamond's ratings reflects lower earnings and higher negative free cash flow in 2020 than we previously expected, combined with few signs that offshore drilling fundamentals are going to greatly improve anytime soon," commented Pete Speer, Moody's senior vice president. "Without a much more robust improvement in dayrates, Diamond's debt burden will become untenable." In October 2019, S&P Global Ratings lowered its issuer credit rating on U.S.-based offshore drilling contractor Diamond Offshore Drilling Inc. to 'CCC+' from 'B'. The downgrade reflects S&P's view that Diamond's operating margins have meaningfully weakened, and will remain depressed for the next one to two years as utilization and dayrates for offshore drilling rigs remain subdued. DIEFENDERFER FAMILY: US Trustee Objects to Plan & Disclosures ------------------------------------------------------------- Andrew R. Vara, United States Trustee, objects to the Combined Plan and Disclosure Statement filed by Diefenderfer Family Holdings, LLC. The U.S. Trustee points out that the Plan should not be confirmed if the Debtor has not paid the taxes that have come due since the time the case was filed. The U.S. Trustee further points out that the Debtor's failure to pay its ongoing tax obligations raise questions as to the feasibility of the Debtor's Plan. The U.S. Trustee complains that Debtor's failure to pay the former does not bode well for its success. The U.S. Trustee asserts that the Plan should not be confirmed with outstanding United States Trustee fees owed. The U.S. Trustee objects to any plan provision that attempts to modify the Debtor's statutory obligations regarding fees. The U.S. Trustee requests clarification in any order confirming plan that it is not an Administrative Claim. The United States Trustee requests the following language be included in any confirmation order: The Debtor will continue to remit to the Office of the United States Trustee all appropriate post confirmation monthly reports for the relevant time periods, and continue to remit in full all quarterly fee payments owed and/or due based on all disbursements, until this Bankruptcy Case is closed by Court Order, converted or dismissed. About Diefendefer Family Holdings Diefendefer Family Holdings, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-54007) on Oct. 1, 2019. At the time of the filing, the Debtor was estimated to have assets of between $100,001 and $500,000 and liabilities of the same range. Judge Maria L. Oxholm oversees the case. Don Darnell, Esq., is the Debtor's bankruptcy attorney. DOVETAIL GALLERY: Unsecured Creditors to Get 5% Under Plan ---------------------------------------------------------- Dovetail Gallery Limited, also doing business as Dovetail Gallery, Inc., filed a proposed Chapter 11 Plan and a Disclosure Statement. The secured claims of all Class 2 creditors, who are not fully secured, will be paid from the net proceeds on which they have liens. Class 2 claims will be granted replacement liens on all of the Debtor's assets and shall be paid the liquidation value of the Debtor's total remaining assets ($310,000), shared pro rata with Class 3 claims, by equal monthly installments with statutory interest at 5 percent over a period of 72 months, beginning 30 days from the Effective Date of the Plan. The total pro rate Plan payment is estimated to be approximately $4,993 per month. The unsecured priority claims of all Class 3 creditors will be paid the liquidation value of the Debtor's total remaining assets ($310,000), shared pro rata with Class 2 claims, by equal monthly installments with statutory interest at 5 percent over a period of 72 months, beginning 30 days from the Effective Date of the Plan. The total pro rata plan payment is estimated to be approximately $4,993 per month. Class 4 general unsecured and unsecured tax claims will be paid the approximate amount of 5 percent of the total allowed Class 4 Claims, or approximately $22,500 total, over the course of six years after the Effective Date. The Debtor will make an initial pro rata distribution in cash ($2,045) one year after the Effective Date of the Plan. Thereafter the Debtor will make equal bi-annual pro rata distributions in cash ($2,045 each). Class 5 equity holders will contribute approximately $125,000 in new equity by way of the pledge and sale of non-debtor assets, in accordance with and conditioned upon acceptance of the Plan by the Internal Revenue Service. The holders of the Class 5 claim will retain their equity interests under the terms of the Plan. The Debtor will fund installment payments due under the terms of the Plan from continued operations and future business, as well as cash reserves, from which it will also maintain its business assets. A full-text copy of the Disclosure Statement dated March 11, 2020, is available at https://tinyurl.com/qt63h2b from PacerMonitor.com at no charge. Counsel for the Debtor: Michael P. Kruszewski, Esquire 2222 West Grandview Boulevard Erie, Pennsylvania 16506-4508 Telephone: 814-833-2222 Facsimile: 814-833-6753 E-mail: mkruszewski@quinnfirm.com About Dovetail Gallery Limited Dovetail Gallery Limited, which conducts business under the names The Dovetail Gallery and Dovetail Gallery, Inc., filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 19-10134) on Feb. 14, 2019. In the petition signed by its president, Gary Cacchione, the Debtor was estimated to have assets of between $500,001 and $1 million and liabilities of the same range. Judge Thomas P. Agresti oversees the case. The Debtor is represented by Michael P. Kruszewski, Esq., and the Quinn Law Firm. No committee of unsecured creditors has been appointed in the Debtor's case. FELIX AUGUSTO AUZ: $2.35M Sale of Katy Properties to CRP Approved ----------------------------------------------------------------- Judge Jeffrey P. Norman of the U.S. Bankruptcy Court for the Southern District of Texas has entered his first amended order authorizing the proposed sale by Felix Augusto Auz, Sr. and Rocio del Carmen Auz of their nonexempt properties located at (i) 19411 Clay Rd. Katy, Texas, and (ii) 19525 Clay Rd. Katy, Texas, to CRP Holdings, LLC for $2.35 million. The Debtors have the authority to proceed to sale of these properties provided that: 1. With regard to Harris County, the ad valorem taxes owing on the real properties located at 19411 Clay Rd Katy TX 77449 and 0 Clay Rd Katy TX 77449 will be paid in full at closing including any interest and prior to any distribution to any other creditors. The 2020 ad valorem tax liens will remain on the properties until such time as the taxes are paid in full. 2. With regard to Ovation Services, LLC, prior to the sale, the Debtor's counsel will direct the title company to ask for payoffs from Ovation's counsel that includes the total amounts owed to Ovation for Claim #23 and Claim #24, plus all post-petition interest, attorney's fees, charges and costs as of the sale ("Payoff Amounts"); a) The sale closes no later than two weeks after Ovation provides the Payoff Amounts. Otherwise, the Debtor's counsel agrees to ask Ovation's counsel for updated payoff amounts; i) Ovation receives the full Payoff Amounts on account of its secured claims at closing; ii) Closing is subject to Ovation's counsel's review and approval of a final settlement statement; b) The approved purchase price is sufficient to pay the Payoff Amounts (or any updated payoff amounts, if necessary) to Ovation in full; and c) Ovation will not be required to release its liens on the Property until and unless the described conditions are met. With regard to Chase Bank, the approved sale is sufficient to pay the secured claim of JP Morgan Chase Bank, NA. J.P. Morgan will receive the full amount due on its secured claim at the closing and J.P. Morgan will not be required to release its lien on the property until it is paid in full. With regard to JM Mayde Creek, the approved sale is sufficient to pay the secured claim of J M Mayde. JM Mayde will receive the full amount due on its secured claim at the closing and JM Mayde Creek will not be required to release its lien on the property until it is paid in full. With regard to Daily I Fund Capital, the approved sale is sufficient to pay the unsecured claims that they have against Felix and Rocio Auz in addition to the claims against Mr. Auz's company, TCMA Trucking, Inc. Daily I has agreed to $150,000 to resolve all unsecured claims against Felix and Rocio Auz in addition to armclaims they have against Mr. Auz's company TCMA in their Chapter 11 matter cause no. 19-31578. The Debtors will hold all other funds received from the net proceeds of the sales until such further orders from the Court. The case is In re Felix Augusto Auz, Sr. and Rocio del Carmen Auz (Bankr. S.D. Tex. Case No. 19-34377). FUELCELL ENERGY: Temporarily Suspends CT Manufacturing Operations ----------------------------------------------------------------- In response to the escalating COVID-19 outbreak, FuelCell Energy, Inc. has temporarily suspended operations at its Torrington, CT manufacturing facility. The manufacturing facility is anticipated to remain closed through April 20, 2020 and all other FuelCell Energy team members except those performing business critical work that cannot be done off-site will be working remotely through at least April 1, 2020. Construction and maintenance of the Company's projects in the field is currently ongoing. FuelCell Energy will utilize finished goods on hand for near-term, in-flight projects. The Company will continue to comply with state, federal and international regulations that dictate any additional actions the company may be called upon to take in response to COVID-19. The Company voluntarily took these actions to secure the safety of the Company's employees, the Company's corporate community as a whole, the communities in which its team members live, and to adhere to CDC recommendations of social distancing and limited public exposure in connection with the COVD-19 pandemic. All team members unable to work from home will continue to receive full pay and benefits for their scheduled shifts during this time. These decisions will be re-evaluated as new information becomes available regarding the COVID-19 pandemic. "FuelCell Energy has taken these steps to prioritize the health and well-being of our team members, our corporate community and the communities where our team members live," said Jason Few, president and CEO. "During unprecedented and uncertain times like these, we felt it imperative to act quickly to promote not only compliance with evolving regulations, but demonstrate leadership and social responsibility with regard to the well-being of our people and communities. For our customers, our over 50 global energy platforms currently remain in operation, and we will continue to rely on our remote operating capability to deliver continuous, clean base-load power and in many instances thermal output from our platforms to all of our customers." David Lehman, Commissioner of the Connecticut DECD, commented "We know companies all across the state are facing difficult decisions as they deal with the impact of the virus. I sincerely appreciate FuelCell Energy's proactive approach to protecting public health and their commitment to pay their workers full wages and benefits during this time." Few concluded, "All of us at FuelCell Energy appreciate and applaud the healthcare workers, local communities and governments around the world who are on the front line working to contain the coronavirus. We are happy to do our part to help mitigate the effect of the pandemic on our people and communities and look forward to returning to full production once it is safe to do so." About FuelCell Energy FuelCell Energy, Inc. -- http://www.fuelcellenergy.com-- designs, manufactures, undertakes project development of, installs, operates and maintains megawatt-scale fuel cell systems, serving utilities and industrial and large municipal power users with solutions that include both utility-scale and on-site power generation, carbon capture, local hydrogen production for transportation industry, and long duration energy storage. Fuelcell reported a net loss attributable to common stockholders of $100.25 million for the year ended Oct. 31, 2019, a net loss attributable to common stockholders of $62.17 million for the year ended Oct. 31, 2018, and a net loss attributable to common stockholders of $57.10 million for the year ended Oct. 31, 2017. As of Jan. 31, 2020, FuelCell had $391.40 million in total assets, $266.96 million in total liabilities, $59.85 million in redeemable series B preferred stock, and $64.58 million in total stockholders' equity. GEMSTONE SOLUTIONS: Unsecureds to Get Nothing Under Plan -------------------------------------------------------- Gemstone Solutions Group, Inc., f/k/a Gymboree Group, Inc., and its affiliates filed a Chapter 11 Plan and a Disclosure Statement. As of the Petition Date, the Debtors had outstanding funded debt in the aggregate principal amount of approximately $289 million under two financing arrangements namely Prepetition ABL Facility and Prepetition Term Loan Facility. Class 1 Prepetition ABL Claims are projected to recover 99% to 100%. The Holders of Prepetition ABL Claims will seek any contingent indemnification, reimbursement, or similar obligations only from the Prepetition ABL Indemnity Reserve, and will not seek payment on account of any such obligations from the Debtors or the Reorganized Debtors. Class 3a General Unsecured Claims are projected to recover 0 percent. The claims are expected to total $186,785,597 to $824,803,209. Holders of general unsecured claims will neither receive nor retain any property hereunder on account of such Claims. Class 3b Deficiency Claims are estimated to be $0 to $14,197,595. In consideration for a full release of the Holders of Deficiency Claims by the Debtors and their estates, the Deficiency Claims will be disallowed and expunged. Class 5 Interests in Gemstone Solutions are impaired. On the Effective Date, all Interests will be cancelled. No Distribution will be made on account of any Interests in Gemstone Solutions. On the Effective Date, the Plan contemplates that the Reorganized Debtors will enter into the Exit Facility. The Exit Facility will fund the payment of certain Administrative Claims and Priority Claims (as set forth in the Plan), fund the Reorganized Debtors' general corporate expenses and/or fund the Debtors' purchase of a controlling interest in Certified Art and Collectibles. A full-text copy of the Amended Disclosure Statement dated March 11, 2020, is available at https://tinyurl.com/wpkf4ff from PacerMonitor.com at no charge. Co-Counsel for the Debtors: Michael A. Condyles, Esq. Peter J. Barrett, Esq. Jeremy S. Williams, Esq. Brian H. Richardson, Esq. KUTAK ROCK LLP 901 East Byrd Street, Suite 1000 Richmond, Virginia 23219-4071 Telephone: (804) 644-1700 Facsimile: (804) 783-6192 E-mail: Michael.Condyles@KutakRock.com Peter.Barrett@KutakRock.com Jeremy.Williams@KutakRock.com Brian.Richardson@KutakRock.com - and - Dennis F. Dunne, Esq. Evan R. Fleck, Esq. Michael W. Price, Esq. MILBANK LLP 55 Hudson Yards New York, New York 10001 Telephone: (212) 530-5000 Facsimile: (212) 530-5219 E-mail: ddunne@milbank.com efleck@milbank.com mprice@milbank.com About Gemstone Solutions Group Gemstone Solutions Group, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Lead Case No. 19-30258) on Jan. 16, 2019, estimating under $1 million in both assets and liabilities. The Debtor tapped Milbank LLP as counsel, Kutak Rock LLP as co-counsel, and O'Hagan Meyer PLLC, as conflicts counsel. GUARDION HEALTH: Gets 180-Day Extension to Regain Nasdaq Compliance ------------------------------------------------------------------- Guardion Health Sciences, Inc., received a letter from the Listing Qualifications Department of The NASDAQ Capital Market notifying the Company that it has been granted an additional 180-day compliance period or until Sept. 14, 2020, to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq's Marketplace Rule 5550(a)(2). If at any time before Sept. 14, 2020, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Company will regain compliance with the Rule, and the matter will be closed. The letter indicated that the Company did not regain compliance during the initial 180-day grace period provided under the rule. In accordance with NASDAQ Marketplace Rule 5810(c)(3)(A), Nasdaq staff determined that the Company was eligible for an additional 180-day period to regain compliance based on the Company meeting the continued listing requirement for the market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market with the exception of the bid price requirement, and the Company's having provided written notice of its intention to cure the deficiency during the second compliance period, including effecting a reverse stock split if necessary. If the Company does not meet the minimum bid requirement during the additional 180-day grace period, Nasdaq will provide written notification to the Company that its shares will be subject to delisting. At such time, the Company may appeal the delisting determination to a Nasdaq Hearings Panel. The Company would remain listed pending the Panel's decision. There can be no assurance that if the Company does appeal a subsequent delisting determination, that such appeal would be successful. This current notification from Nasdaq has no immediate effect on the listing or trading of the Company's shares, which will continue to trade on the Nasdaq Capital Market under the symbol "GHSI." About Guardion Health Sciences Headquartered in San Diego, California, Guardion Health Sciences, Inc. -- http://www.guardionhealth.com/-- is an ocular health sciences company that develops, formulates, manufactures and distributes condition-specific medical foods supported by evidence-based protocols. Guardion's initial medical food product, Lumega-Z, addresses a depleted macular protective pigment, a known risk factor for age-related macular degeneration and a significant component of functional vision performance. Guardion has also developed a proprietary medical device, the MapcatSF, which accurately measures the macular pigment density, therefore providing the only two-pronged evidence-based protocol for the treatment of a depleted macular protective pigment. Guardion reported a net loss of $7.76 million for the year ended Dec. 31, 2018, compared to a net loss of $5.30 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $8.95 million in total assets, $906,214 in total liabilities, and $8.05 million in total stockholders' equity. Weinberg & Company, P.A., in Los Angeles, California, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Feb. 14, 2019, citing that the Company has experienced negative operating cash flows since inception. These matter raises substantial doubt about the Company's ability to continue as a going concern. HB2 LLC: Collection of A/Rs to Fund Payments to Creditors --------------------------------------------------------- HB2, LLC, filed a plan of reorganization that proposes to make required payments from available cash of $10,000 and future collections of its accounts receivable. The Debtor will fund payments to the Bank of Texas, the IRS, and the creditor's pool out of future collections of its accounts receivable. The Debtor had outstanding accounts receivable of $124,885,786 of which the Debtor indicated approximately $1,450,000 is collectable. As of the Petition Date, the Debtor had approximately $11,872 of cash. As of Jan. 31, 2020, the Debtor reports cash in its bank account of $25,489. The Class 1 claim of Bank of Texas in the amount of $1,190,296 secured by the accounts receivable of the Debtor is impaired. The Debtor will make a disbursement to Bank of Texas by the 15th day of each month of the Excess Amount of the combined balance of its operating account. The "Excess Amount" will be the combined balance of the Debtor's operating accounts less expenses incurred in the collection of the accounts receivable paid to the third-party collection professionals, $1,500 to be paid to the Administrative Claimants/ Class 2 of unsecured creditors, and a 25% hold-back for operational expenses. Holders of Class 2 Unsecured Claims, impaired, will share pro rata in the Unsecured Creditors' Pool ("UCP"). The Debtor will pay $1,500 per month into the UCP commencing the first month following the satisfaction of the Administrative Claim of Debtor’s professionals. The holder of Class 3 Equity Interests will retain its membership interest in the Debtor. The Class 3 will not be entitled to a distribution until all Administrative Claims and those claims in Class 1-2 have been satisfied pursuant to the terms of the Plan. A full-text copy of the Plan Combined with Disclosure Statement Dated March 11, 2020, is available at https://tinyurl.com/u338uf5 from PacerMonitor.com at no charge. ATTORNEYS FOR DEBTOR: John Paul Stanford QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. 2001 Bryan Street, Suite 1800 Dallas, Texas 75201 (214) 880-1805 (Telephone) (214) 871-2111 (Fax) About HB2 LLC HB2 LLC, d/b/a Integrity Labs, d/b/a Elite Toxicology, LLC, offers medical and diagnostic laboratory services. HB2 LLC filed a Chapter 11 petition (Bankr. E.D. Tex. Case No. 19-41323) on May 16, 2019 in Sherman, Texas. In the petition signed by Wade V. Rosenburg, manager, the Debtor estimated between $1 million and $10 million in both assets and liabilities. The Honorable Brenda T. Rhoades is the case judge. QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, PC, represents the Debtor. HEART TO HEART: April 15 Plan & Disclosure Hearing Set ------------------------------------------------------ On March 9, 2020, debtor Heart to Heart Catering, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, a Disclosure Statement referring to Plan of Reorganization. On March 10, 2020, Judge Stacey G.C. Jernigan conditionally approved the Disclosure Statement and established the following dates and deadlines: * April 10, 2020, is fixed as the last day for filing and serving written acceptances or rejections of the Plan in the form of a ballot. * April 15, 2020, at 9:30 a.m. is fixed for the hearing on Confirmation of the Plan and Final Approval of the Disclosure Statement in the Courtroom of the Honorable Stacey G Jernigan, 1100 Commerce Street, 14 Floor, Dallas, Texas. * April 10, 2020, is fixed as the last day for filing and serving written objections to confirmation of the Plan or the Disclosure Statement. A full-text copy of the order dated March 10, 2020, is available at https://tinyurl.com/suawr4r from PacerMonitor at no charge. About Heart to Heart Catering Heart to Heart Catering, LLC filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 19-33453) on October 15, 2019. Heart to Heart is represented by Eric A. Liepins, Esq. of ERIC A. LIEPINS, P.C. HOOD LANDSCAPING: $260K Sale of Cook County Land to Acree Approved ------------------------------------------------------------------ Judge John T. Law, III of the U.S. Bankruptcy Court for the Middle District of Georgia authorized Hood Landscaping Products, Inc.'s sale of its approximately 96.93 acres of real property located in Land Lot No. 240, 9th Land District, Cook County, Georgia, identified as Cook County Tax Parcel No. 0024-021 and further described in that Deed of Gift recorded in the Cook County, Georgia Clerk's Office on May 9, 2005 in Deed Book 503, page 172, to Acree Investments, Ltd. for $260,000. The sale is free and clear of liens and claims. No lien or claim referred to above will attach to or continue to be a lien or claim against the Cook County real estate after the Cook County real estate is conveyed by the debtor to Acree Investments. The following will be paid at closing from the Cook County real estate sale proceeds: Closing costs, past due and current real estate taxes owed to Cook County Tax Commissioner, attorney fees to closing attorney Pearce Scott and that the balance of the sale proceeds will be paid to FMB. Since FMB’s claim exceeds the gross sale price of the Cook County real estate, no sale proceeds will be paid to subordinate lienholders or claimants listed above or to any other subordinate lien or claim. About Hood Landscaping Hood Landscaping Products, Inc., a wholesaler of landscaping equipment and supplies in Adel, Georgia., filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 19-70644) on June 3, 2019. In the petition signed by CFO Leon Hood, the Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. Judge John T. Laney III oversees the case. Kelley, Lovett, Blakey & Sanders, P.C., is the Debtor's counsel. HYGEA HOLDINGS: Unsecureds to be Paid from Liquidating Trust Cash ----------------------------------------------------------------- Hygea Holdings Corp. and its affiliated debtors filed with the U.S. Bankruptcy Court for the District of Delaware filed a Joint Chapter 11 Plan of Reorganization and a Disclosure Statement on March 10, 2020. Class 4 General Unsecured Claims, which include Bridging's deficiency claim, will each receive its pro rata share of liquidating trust distributable cash as soon as practicable as determined by the Liquidating Trustee. Holders of an Equity Interest in the Debtors will not receive or retain any property under the Plan on account of such Equity Interests, and the obligations of the Debtors on account of the Equity Interests will be discharged. Notwithstanding the foregoing, the Equity Interests in the Debtors will be reinstated upon the Effective Date and deemed issued to and held by Bridging. The Debtors' long-term liabilities relate to approximately $162.0 million Canadian (approximately US$122.0 million) under an Amended and Restated Credit Agreement, dated as of Jan. 31, 2017 by and among HHC, certain of the other Debtors, as obligors, Bridging Income Fund LP and Bridging Finance Inc., as administrative agent. Pursuant to the related Amended and Restated Guaranty and Security Agreement, dated as of Jan. 31, 2017, Bridging has a first priority lien and security interest in substantially all of the Debtors' assets. The Debtors and Bridging engaged in significant arms'-length negotiations that led to them entering into that certain Restructuring Support Agreement (RSA), dated as of Feb. 7, 2020, pursuant to which the Debtors agreed to commence the Chapter 11 cases and pursue a consensual restructuring to be implemented through a chapter 11 plan or a sale. The proposed plan provides for the transfer of the Debtors' equity to Bridging on account of its prepetition secured claim, creation of a liquidating trust for the benefit of the Debtors’ unsecured creditors and payment of priority tax claims. Pursuant to the RSA, Bridging agreed to provide the Debtors with debtor-in-possession financing to support the administrative and operational expenses of these Chapter 11 cases. The Debtors believe the restructuring contemplated by the RSA provides a clear path to emergence from these Chapter 11 Cases and will allow the Debtors to succeed as restructured companies after emergence. Each Debtor will continue to maintain its separate corporate existence for all purposes other than the treatment of Claims under the Plan and distributions hereunder. On the Effective Date, (i) all Intercompany Claims among the Debtors will be eliminated and there will be no distributions on account of such Intercompany Claims; (ii) any obligation of a Debtor and any guarantee thereof by any other Debtor will be deemed to be one obligation, (iii) each Claim filed or to be filed against more than one Debtor will be deemed filed only against one consolidated Debtor, and (iv) any joint or several liability of the Debtors will be deemed one obligation of the Debtors. On or after the Effective Date, all property and Assets of the Estates and any property and Assets acquired by the Debtors pursuant to the Plan will vest in the Reorganized Debtors, free and clear of all Liens, Claims, charges or other encumbrances. All Cash necessary for the Reorganized Debtors to make payments required pursuant to the Plan will be obtained from funding advanced under the DIP Credit Agreement and Working Capital Loan and the Reorganized Debtors’ Cash balances, including Cash from operations. Cash payments to be made pursuant to the Plan will be made by the Reorganized Debtors. A full-text copy of the Disclosure Statement dated March 10, 2020, is available at https://tinyurl.com/w4qadlk from PacerMonitor at no charge. The Debtors are represented by: COLE SCHOTZ P.C. J. Kate Stickles 500 Delaware Avenue, Suite 1410 Wilmington, Delaware 19801 Telephone: (302) 652-3131 E-mail: kstickles@coleschotz.com Michael D. Sirota Felice R. Yudkin Jacob S. Frumkin Michael Trentin 25 Main Street Hackensack, New Jersey 07601 Telephone: (201) 489-3000 About Hygea Holdings Founded in 2007, Hygea Holdings -- http://www.hygeaholdings.com/ --is a consolidated enterprise of several companies aggregated through a series of acquisitions that focus on the delivery of primary-care-based health care to commercial, Medicare, and Medicaid patients. Hygea currently provides health care related services to 190,000 patients in the southeast United States through two platforms: (i) individual physician practices and physician group practices with a primary care physician focus and (ii) management services organizations. The physician practices consist of 17 active brick and mortar locations throughout South and Central Florida and Georgia. Hygea is headquartered in Miami and employed more than 150 individuals at the time of filing. Hygea Holdings Corp. and 32 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10361) on Feb. 19, 2020. The Debtors tapped Cole Schotz P.C. as its legal counsel, and Alvarez & Marsal North America, LLC as its financial advisor. Epiq Corporate Restructuring, LLC is the claims agent. IBIO INC: Signs $50M Securities Purchase Deal with Lincoln Park --------------------------------------------------------------- iBio, Inc. entered into a purchase agreement with Lincoln Park Capital Fund, LLC, pursuant to which the Company has the right to sell to Lincoln Park up to an aggregate of $50,000,000 in shares of the Company's common stock, $0.001 par value per share over the 36-month term of the Purchase Agreement, subject to certain limitations and conditions set forth in the Purchase Agreement. Concurrently with the execution of the Purchase Agreement on March 19, 2020, the Company entered into a registration rights agreement with Lincoln Park pursuant to which the Company agreed, among other things, to file a prospectus supplement pursuant to Rule 424(b) with the Securities and Exchange Commission to register for sale under the Securities Act of 1933, as amended, the shares of common stock that may be issued and sold to Lincoln Park from time to time under the Purchase Agreement. The Purchase Agreement provides that, from time to time on any trading day the Company selects, the Company has the right, in its sole discretion, subject to the conditions and limitations in the Purchase Agreement, to direct Lincoln Park to purchase up to 1,000,000 shares of Common Stock over the 36-month term of the Purchase Agreement. The purchase price of shares of Common Stock pursuant to the Purchase Agreement will be based on the prevailing market price at the time of sale as set forth in the Purchase Agreement. There are no trading volume requirements or restrictions under the Purchase Agreement. Lincoln Park's obligation under each Regular Purchase shall not exceed $5,000,000. There is no upper limit on the price per share that Lincoln Park must pay for Common Stock under the Purchase Agreement, but in no event will shares be sold to Lincoln Park on a day the Company's closing price is less than the floor price as set forth in the Purchase Agreement. Both the amount and frequency of the Regular Purchases can be increased upon the mutual agreement of the Company and Lincoln Park. The Company will control the timing and amount of any sales of shares of Common Stock to Lincoln Park. The Company may, in its sole discretion, direct Lincoln Park to purchase additional amounts as accelerated purchases or additional accelerated purchases if on the date of a Regular Purchase the closing sale price of the Common Stock is not below the threshold price as set forth in the Purchase Agreement. The Company and Lincoln Park may mutually agree to increase the amount of Common Stock sold to Lincoln Park on any accelerated purchase date or additional accelerated purchase date. There are no restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase Agreement or Registration Rights Agreement other than a prohibition on entering into any "Variable Rate Transaction," as defined in the Purchase Agreement. Under applicable rules of the NYSE American, in no event may the Company issue or sell to Lincoln Park under the Purchase Agreement more than 19.99% of the shares of its common stock outstanding immediately prior to the execution of the Purchase Agreement (which is 20,288,840 shares based on 101,444,205 shares outstanding immediately prior to the execution of the Purchase Agreement), (i) unless stockholder approval is obtained to issue more than the Exchange Cap or (ii) except to the extent the issuances and sales of Common Stock pursuant to the Purchase Agreement are deemed to be at a price equal to or in excess of the greater of book or market value of the Common Stock as calculated in accordance with the applicable rules of the NYSE American. The Purchase Agreement also prohibits the Company from directing Lincoln Park to purchase any shares of Common Stock if those shares, when aggregated with all other shares of Common Stock then beneficially owned by Lincoln Park and its affiliates, would result in Lincoln Park and its affiliates having beneficial ownership, at any single point in time, of more than 9.99% of the then total outstanding shares of the Common Stock, as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended, and Rule 13d-3 thereunder. The Purchase Agreement and the Registration Rights Agreement contain customary representations, warranties and agreements of the Company and Lincoln Park, limitations and conditions to completing future sale transactions, indemnification rights and obligations of the parties. The offering of Common Stock pursuant to the Purchase Agreement will terminate on the date that all shares offered by the Purchase Agreement have been sold or, if earlier, the expiration or termination of the Purchase Agreement. The Company has the right to terminate the Purchase Agreement at any time, without fee, penalty or cost. The net proceeds under the Purchase Agreement to the Company will depend on the frequency and prices at which the Company sells shares of common stock to Lincoln Park. Actual sales of shares of Common Stock to Lincoln Park under the Purchase Agreement and the amount of such net proceeds will depend on a variety of factors to be determined by the Company from time to time, including (among others) market conditions, the trading price of the Common Stock and determinations by the Company as to other available and appropriate sources of funding for the Company. The Company intends to use the net proceeds of sales under the Purchase Agreement for working capital and general corporate purposes. As consideration for Lincoln Park's commitments under the Purchase Agreement, the Company will issue to Lincoln Park 815,827 shares of common stock. The offer and sale of shares of Common Stock under the Purchase Agreement was made under the Company's previously filed and currently effective Registration Statement on Form S-3 (File No. 333-236735). About iBio Inc. iBio, Inc. -- http://www.ibioinc.com/-- is a full-service plant-based expression biologics CDMO equipped to deliver pre-clinical development through regulatory approval, commercial product launch and on-going commercial phase requirements. iBio's FastPharming expression system, iBio's proprietary approach to plant-made pharmaceutical (PMP) production, can produce a range of recombinant products including monoclonal antibodies, antigens for subunit vaccine design, lysosomal enzymes, virus-like particles (VLP), blood factors and cytokines, scaffolds, maturogens and materials for 3D bio-printing and bio-fabrication, biopharmaceutical intermediates and others, as well as create and produce proprietary derivatives of pre-existing products with improved properties. iBio reported a net loss attributable to the Company of $17.85 million for the year ended June 30, 2019, compared to a net loss attributable to the Company of $16.36 million for the year ended June 30, 2018. As of Dec. 31, 2019, iBio had $36.38 million in total assets, $36.90 million in total liabilities, and a total deficiency of $520,000. CohnReznick LLP, in Roseland, New Jersey, the Company's auditor since 2010, issued a "going concern" qualification in its report dated Aug. 26, 2019, citing that the Company has incurred net losses and negative cash flows from operating activities for the years ended June 30, 2019 and 2018 and has an accumulated deficit as of June 30, 2019. These matters, among others, raise substantial doubt about the Company's ability to continue as a going concern. INDUSTRIAL MACHINERY SALES: Plan & Disclosures Due April 30 ----------------------------------------------------------- Judge Benjaman Goldgar has ordered that the Plan and Disclosure Statement of Industrial Machinery Sales & Services, Inc., are due on or before April 30, 2020. The status hearing is set for May 13, 2020 at 10:00 a.m. in Courtroom 642. About Industrial Machinery Sales Industrial Machinery Sales & Services, Inc., sells industrial machinery, primarily as a manufacturer's representative on a commission basis, and occasionally buys and resells machinery and equipment, as well. Industrial Machinery sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 19-31848) on Nov. 8, 2019 in Chicago, Illinois, listing under $500,000 in assets and under $1,000,000 in liabilities. Judge Benjamin Goldgar is assigned the case. DAVID P. LLOYD, LTD., represents the Debtor. INTERRA INNOVATION: Proposed Auction Sale of Property Approved -------------------------------------------------------------- Judge Frank J. Bailey of the U.S. Bankruptcy Court for the District of Massachusetts authorized inTerra Innovation, Inc. to sell, assign and transfer by public auction its right, title and interest in certain motor vehicles, accessions, and other equipment (Exhibit A) that will take place simultaneously both at the Debtor's place of business at 30 Lowell Junction Road, Andover, Massachusetts, and online through the Internet Auction Mechanism (www.bidspotter.com). As identified more fully in Exhibit A, the Property to be sold at the Public Auction is as follows: a. 2015 Freightliner PA850 Vehicle (VIN# 1FVHG5CY1FHGH9898) with Mobile Mixer (SN# HN3VA118L11110) attachment; b. 2020 Western Star 4700SB Truck (VIN# 5KKMAXDV9LPKV3535) with Mobile Mixer (SN# K3N3VA120L11791) attachment; c. 2020 Western Star 4700SB Truck (VIN# 5KKMAXDV0LPKV3536) with Mobile Mixer (SN# K3N3VA120L11792) attachment; d. 2020 Western Star 4700SB Truck (VIN# 5KKMAXDV5LLLM7418); e. Reimer Pro All P8500B Mixer Unit (SN# K3N3VA120L11804); f. 2020 Western Star 4700SB Truck (VIN# 5KKMAXDV7LLLM7419); g. Reimer Pro All P8500B Mixer Unit (SN# K3N3VA120L11805); and h. 2014 Caterpillar 938K Loader (VIN# SWL02636). The Debtor is authorized to sell the Property by Public Auction on the following terms: 1. The Property will be transferred on an "as is, where is" basis, without any representation or warranty of any kind by the Debtor or the Auctioneer. 2. The Property will be sold free and clear of any liens, claims, encumbrances and interests, with such liens, claims, encumbrances and interests, if any, attaching to the proceeds of such sale. 3. The proceeds from the sale of the Agreed Collateral will be paid to the Lenders within three business days following the Debtor's receipt of the full purchase price. The proceeds from the sale of the Disputed Collateral will be held in escrow by the Debtor in a segregated interest bearing account until further order of the Bankruptcy Court. 4. The successful bidder for the any Property (including any Lender for the purchase of Disputed Collateral) shalil tender to the Debtor a deposit on the day of the auction equal to 25% of its bid for the purchased Property. 5. A successful bidder, other than a Lender purchasing Agreed Collateral by way of a credit bid, will pay the balance of the purchase price by wire transfer or endorsed bank or certified check to the Debtor's DIP account in accordance with the terms announced at the Public Auction, and in all events prior to the removal of any purchased Property. 6. Terms for the removal of the Property by the successful bidder will be announced at the auction. The successful bidder must comply with the announced terms for removal or will forfeit the deposit and the right to purchase the Preperty. 7. To the extent that the Debtor does not consummate a sale to highest bidder for any Property for any reason, the Debtor, in its discretion, may sell such Property to the next highest bidder for the Property that will successfully tender the required deposit to the Debtor within three business days of written notice of default of the previous highest bidder without further Court order. 8. Any high bidder for any Property who purchases such Preperty through the Internet Auction Mechanism will also pay a buyer's premium of 4% of the purchase price to Bidspotter, the Internet Auction Mechanism provider. 9. The Debtor may, at or before the sale, impose such other and additional terms and conditions as they determine to be in the best interests of the Debtor and its estate, creditors and other parties in interest. 10. Additional terms may be announced by the Auctioneer at the time of the sale. 11. The Court may modify the method of saie set forth at or prior to the hearing on the sale. The Massachusetts Department of Motor Vehicles, or any other applicable state agency responsible for titling motor vehicles, is authorized and directed to produce and release a certificate oftitle for any purchased Property in the name of the individual or entity holding the bill of sale for the purchased Property. The Debtor is authorized and directed to deliver the proceeds from the sale of the Agreed Collateral to the Lenders within three business days following the Debtors receipt of the full purchase price, and such proceeds will be applied against the principal amount of Lenders' claims against the Debtor, subject to any adjustment of that application that may be required by the Court. Within three business days following the Lenders' receipt of the sale proceeds of the Agreed Collateral, the Lenders will provide the Debtor and the Committee with a detailed accounting of the application of such proceeds. The Debtor is authorized and directed to hold the proceeds from the sale of the Disputed Collateral in escrow in a segregated interest bearing account until further order ofthe Court. The proceeds from the sale of the Disputed Collateral will not be used by the Debtor in its operations or otherwise until a further order of the Court. The Debtor is directed to serve the approved Notice of Sale on all parties required under Fed. R. Bankr. P. 6004 and MLBR 6004-1 within three business days from the entry of the Order, and to file a certificate of such service on the docket of the case within seven business days from entry of the Order. The Order is effective immediately upon its entry and the 14-day stay imposed by Fed. R. Bankr. P. 6004 is waived, there being no just reason to delay the implementation of the Order. 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 between $1 million to $10 million and debts of the same range. The Hon. Frank J. Bailey is the case judge. InTerra tapped Ruberto, Israel & Weiner, P.C., serves as the Debtor's counsel. CRS Capstone Partners, LLC, is the investment banker. J & C CORPORATION: Plan & Disclosure Hearing Reset to May 6 ----------------------------------------------------------- Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico granted the motion requesting continuance for debtor J & C Corporation Inc. filed by ACM CCSC OB VII Cayman Asset Company. The hearing on final approval of the disclosure statement and confirmation of the plan scheduled for March 11, 2020, at 9:00 AM, is rescheduled, for cause, for May 6, 2020, at 9:00 AM, at the United States Bankruptcy Court, Jose V. Toledo Federal Building and US Courthouse, 300 Recinto Sur Street, Courtroom 3, Third Floor, San Juan, Puerto Rico. A full-text copy of the order dated March 10, 2020, is available at https://tinyurl.com/vxwoyt9 from PacerMonitor at no charge. About J & C Corporation J & C Corporation Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 19-04176) on July 24, 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 Mildred Caban Flores. The Debtor tapped Modesto Bigas Mendez, Esq., as its legal counsel. J & K LOGGING: Seeks More Time to Formulate Plan ------------------------------------------------ The 180-day deadline to file a disclosure statement and plan of reorganization expires on March 11, 2020. J & K Logging, Inc., the Debtor in this case seeks to enlarge the period to file a disclosure statement and plan of reorganization until May 8, 2020 (238 days after the date of petition), an extension of approximately 58 days for the following reasons: * The Debtor has diligently worked to create a plan of reorganization, but, due to unforeseen circumstances, has met with difficulty in formulating a plan. In particular, the Debtor encountered one recent issue causing it to need an enlargement of time to file a proposed disclosure statement and plan of reorganization. * The Debtor's income stream has been recently been reduced, due to the lack of demand of wood products of the wood mills. This recent event jeopardizes the feasibility of the reorganization of the Debtor. The Debtor needs addition time to analyze the impact of the reduction on demand and consider the possibly of proposing a plan of liquidation instead. It is in the best ineptest of the estate and its creditors to set forth a viable plan that benefits all. A full-text copy of the Motion dated March 11, 2020, is available at https://tinyurl.com/ww39fcn from PacerMonitor.com at no charge. Attorney for the Debtor: Russell Van Beustring THE LANE LAW FIRM, P.L.L.C. russell.beustring@lanelaw.com 6200 Savoy Drive, Suite 1150 Houston, Texas 77036- 3300 Tel: (713) 595-8200 Fax: (713) 595-8201 About J & K Logging Inc. J & K Logging, Inc., a trucking company providing freight transportation services, filed a voluntary petition for relief under Chapter 11 of Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-35189) on Sept. 13, 2019. In the petition signed by Joshua Russell, president, the Debtor estimated $1,323,905 in assets and $1,314,807 in liabilities. The case is assigned to Judge Jeffrey P. Norman. Russell Van Beustring, Esq., at the Lane Law Firm, represents the Debtor. JANETTE COCKRUM: $100K Sale of Mountain Home Property to Mead OK'd ------------------------------------------------------------------ Judge Ben Barry of the U.S. Bankruptcy Court for the Western District of Arkansas authorized Janette Marie Cockrum's sale of the real property located at 642 Tracy Ferry Road, Mountain Home, Arkansas to Aaron Mead for $100,000. Baxter County, Arkansas has a first priority lien in the approximate amount of $3,382 for property taxes. FNBC Bank has a second priority lien on the property in the approximate amount of $315,691 pursuant to a modification of mortgage filed for record in the office of the Circuit Clerk of Baxter County, Arkansas on Aug. 29, 2016 as instrument number L201607404. The Debtor conditionally accepted an offer to purchase 10 acres and a house located on the subject property from Mead for $100,000. The Internal Revenue Service may claim an interest in the property pursuant to federal tax liens in the amount of $220,315 filed in Baxter County, Arkansas. The Internal Revenue Service has amended its claim to show it is unsecured and the sale will be free and clear of any liens of the internal Revenue Service. The proceeds of the sale of the property after payment of real estate commissions, closing fees and costs will be paid first to Baxter County, Arkansas and then to FNBC as their interests may appear. The sale is free and clear of liens and other encumbrances. No objections to the motion have been filed. Janette Marie Cockrum sought Chapter 11 protection (Bankr. W.D. Ark. Case No. 18-73275) on Dec. 11, 2018. The Debtor tapped David G. Nixon, Esq., at Nixon Law Firm as counsel. JENAMAC LLC: Taps Stokes Law as Legal Counsel --------------------------------------------- Jenamac, L.L.C. seeks permission from the U.S. Bankruptcy Court for the District of Utah to employ Stokes Law, PLLC as its bankruptcy counsel. Stokes Law will provide these professional services to Debtor: a. advising the Debtor of its powers and duties; b. taking all necessary actions to protect and preserve the estate of the Debtor; c. assisting in the preparation of legal papers; d. representing the Debtor in connection with all appearances; e. assisting the Debtor in presenting its proposed plan of reorganization and all related transactions; and f. representing the Debtor at court hearings on plan confirmation and related matters. Ted Stokes, Esq., the firm's attorney who will be handling the case, will bill at the rate of $250 an hour. The hourly rates for paralegals range from $75 to $125. The firm will also be reimbursed for out-of-pocket expenses. The Debtor provided Stokes Law a retainer of $11,000, of which $3,820 was used to pay for the firm's pre-bankruptcy legal services. The firm also applied a portion of the retainer to pay the $1,717 filing fee. Stokes Law will receive $2,250 per month as an additional retainer. Stokes Law neither is a disinterested person within the meaning of Section 101(14) or 1195 of the Bankruptcy Code, according to court filings. The firm may be reached through: Ted F. Stokes, Esq. Stokes Law PLLC 2072 North Main, Suite 102 North Logan, UT 84341 Tel: (435) 213-4771 Fax: (888) 443-1529 Email: ted@stokeslawpllc.com About Jenamac L.L.C. Jenamac, L.L.C. sought Chapter 11 protection (Bankr. D. Utah Case No. 20-21148) on Feb. 27, 2020. At the time of the filing, the Debtor disclosed assets of between $500,001 and $1 million and liabilities of the same range. Judge Kevin R. Anderson oversees the case. Ted F. Stokes, Esq., of Stokes Law PLLC is the Debtor's legal counsel. JMU LIMITED: Appoints New Independent Public Accounting Firm ------------------------------------------------------------ JMU Limited has appointed Shanghai Perfect C.P.A Partnership as the Company's independent registered public accounting firm. The change of the Company's independent registered public accounting firm was approved by the audit committee of the Company. The report of Michael T. Studer CPA P.C. on the Company's consolidated financial statements for the fiscal year ended Dec. 31, 2018 contained no adverse opinion or disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles. The Company said the decision to change the independent registered public accounting firm was not the result of any disagreement on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. About JMU Limited Headquartered in Shanghai, People's Republic of China, JMU Limited currently operates an online platform for providing business-to-business services to food-industry suppliers and customers in China. Michael T. Studer CPA P.C., in Freeport, New York, USA, the company's auditor since 2019, issued a "going concern" qualification in its report dated June 28, 2019, citing that the Group experienced a net loss of approximately $25.3 million, $161.9 million and $123.2 million for the years ended Dec. 31, 2016, 2017 and 2018, respectively, and negative cash flows from operations of approximately $5.8 million, $9.9 million and $4.3 million for the years ended Dec. 31, 2016, 2017 and 2018, respectively. As at Dec. 31, 2018, the Group's current liabilities exceeded its current asset by $15.7 million and there was a capital deficiency of $22.2 million. These conditions raise substantial doubt about the Group's ability to continue as a going concern. JRV GROUP: Unsecured Creditors to Get 3.2% to 3.9% Under Plan ------------------------------------------------------------- JRV Group USA L.P. and its Official Committee of Unsecured Creditors submitted a Combined Disclosure Statement and Chapter 11 Plan of Liquidation pursuant to Section 1125 of title 11 of the United States Code, for use in the solicitation of votes on the Plan. Pursuant to this Combined Plan and Disclosure Statement, the Debtor's remaining assets will be liquidated. To the extent proceeds are available for distribution, Allowed Claims receiving distributions will be paid on, or as soon as practicable after, the Effective Date. The Plan treats claims and interests as follows: * Allowed Administrative Expense Claims (including, but not limited to, Accrued Professional Compensation Claims) and Other Priority Claims will be paid in full as required by the Bankruptcy Code, unless otherwise agreed by the Holders of such claims. The Administrative, Secured and Priority Claims Reserve will be the sole source of recovery for any Allowed Administrative Expense Claims (other than Accrued Professional Compensation Claims) and Other Priority Claims. * Allowed Priority Tax Claims will be paid in full in accordance with 11 U.S.C. Section 1129(a)(9)(C), unless otherwise agreed by the Holders of such claims. The Administrative, Secured and Priority Claims Reserve will be the sole source of recovery for any Allowed Priority Tax Claims. * The DIP Claims will be satisfied from the Settlement Proceeds in accordance with the Settlement Proceeds Waterfall and proceeds from the Causes of Action in accordance with the Causes of Action Waterfall. In accordance with the Committee Settlement, the Debtor repaid the portion of the DIP Claims consisting of all outstanding DIP loans and related interest on December 24, 2019, in order to minimize the continued interest burn of the Estate. These amounts are subject to disgorgement by the DIP Lender upon the Effective Date to the extent that the Settlement Proceeds and proceeds of Causes of Action (after reservation/payment of the Administrative, Secured, and Priority Claims Reserve and the GUC Reserve Amount) are insufficient to repay the portion of the DIP Claims that was repaid on December 24, 2019 in full. As of and effective immediately upon the date immediately following the Effective Date, the portion of the DIP Claims that have been satisfied (and not disgorged) from the receipt of proceeds from the sale of any Property by the Effective Date shall have been deemed to have been indefeasibly paid, shall not be subject to disgorgement, and the Challenge Period (as defined in the Interim DIP Order) shall have expired and all parties in interest, including the Creditors’ Committee, shall be deemed to have irrevocably waived and released any rights to assert any Challenges (as defined in the Interim DIP Order). Following the Effective Date, the Holder of the DIP Claims shall (i) receive distributions of proceeds from the Causes of Action in accordance with the Causes of Action Waterfall and (ii) continue to receive distributions from the Liquidation Trustee of any Settlement Proceeds in accordance with the Settlement Proceeds Waterfall, in full and final satisfaction, settlement, and release of such DIP Claims. * Allowed Secured Tax Claims will receive Cash equal to the proceeds of the sale or disposition of the collateral securing such Allowed Secured Tax Claim to the extent of the value of the Holder’s secured interest in the Allowed Secured Tax Claim plus postpetition interest to the extent required under Bankruptcy Code section 506(b), unless otherwise agreed by the Holders of such claims. The Administrative, Secured and Priority Claims Reserve will be the sole source of recovery for any Allowed Secured Tax Claims. * Secured Lender Claims will receive distributions of all realized Secured Lender Cash Collateral and any Secured Lender Other Collateral, (i) subject only to (x) the Professional Fee Reserve Amount, (y) the Administrative, Secured, and Priority Claims Reserve and (z) the DIP Claims, and (ii) in accordance with (as applicable) the (x) Settlement Proceeds Waterfall and (y) the Causes of Action Waterfall. Pursuant to the terms of the Committee Settlement, the Secured Lenders have waived payment of the Secured Lender Deficiency Claim from the GUC Reserve Amount. To the extent not fully repaid from the proceeds from the Settlement Proceeds in accordance with the Settlement Proceeds Waterfall, the Holders of the Allowed Secured Lender Claims shall receive distributions of all proceeds from the Causes of Action in accordance with the Causes of Action Waterfall. * Other Secured Claims will, at the option of the Debtor, the Creditors’ Committee and the Secured Lenders or, following the Effective Date, the Liquidation Trustee, (i) be paid in full in Cash, (ii) receive the collateral securing its Allowed Other Secured Claim, plus postpetition interest to the extent required under Section 506(b), or (iii) receive other treatment rendering such Claim Unimpaired in accordance with Section 1124, in each case on the later of the Effective Date and the date such Other Secured Claim becomes an Allowed Other Secured Claim, or as soon thereafter as is reasonably practicable. The Administrative, Secured and Priority Claims Reserve will be the sole source of recovery for any Allowed Other Secured Claims. * Allowed General Unsecured Claims will receive on account of such Allowed General Unsecured Claim such Holder's Pro Rata Share of the GUC Reserve Amount after payment of the Allowed Convenience Claims. To the extent not satisfied from the GUC Reserve Amount, each Holder of a General Unsecured Claim will receive such Holder's Pro Rata Share of any remaining proceeds of the Liquidation Trust Assets after payment of Allowed Convenience Claims and higher priority claims under this Combined Plan and Disclosure Statement and the Bankruptcy Code. Class 5 General Unsecured Claims are estimated to total $18,455,000. The class is estimated to recover 3.2% to 3.9%. * Allowed Convenience Claims will receive on account of such Allowed Convenience Claim 50% of such Holder’s Allowed Convenience Claim from the GUC Reserve Amount. To the extent not satisfied from the GUC Reserve Amount, each Holder of an Allowed Convenience Claim will receive the balance of 50% of such Allowed Convenience claim from any Liquidation Trust Assets after payment of higher priority claims pursuant to this Combined Plan and Disclosure Statement and the Bankruptcy Code. * Holders of Intercompany Claims will receive no distribution on account of such Intercompany Claims. * On the Effective Date, all Equity Interests in the Debtor will be canceled and compromised, and Holders of Equity Interests shall receive no distribution on account of such Equity Interests. A full-text copy of the Combined Disclosure Statement and Chapter 11 Plan dated March 11, 2020, is available at https://tinyurl.com/r9rjzpy from PacerMonitor.com at no charge. Counsel for the Debtor: Jeffrey W. Dulberg Robert M. Saunders Colin R. Robinson PACHULSKI STANG ZIEHL & JONES LLP 919 N. Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899 Telephone: (302) 652-4100 Facsimile: (302) 652-4400 E-mail: jdulberg@pszjlaw.com E-mail: rsaunders@pszjlaw.com E-mail: crobinson@pszjlaw.com Counsel to the Official Committee of Unsecured Creditors: Matthew P. Ward Ericka F. Johnson WOMBLE BOND DICKINSON (US) LLP 1313 N. Market Street, Suite 1200 Wilmington, Delaware 19801 Telephone: (302) 252-4320 Facsimile: (302) 252-4330 E-mail: matthew.ward@wbd-us.com E-mail: ericka.johnson@wbd-us.com About JRV Group USA L.P. JRV Group USA L.P. -- https://www.erwinhymergroup.com/ -- is based at 1945 Burgundy Place, Ontario, Calif. It was established on Jan. 30, 2015, to carry out the United States business of Erwin Hymer Group, a Germany-based recreational vehicle company. However, in 2016, all business activities of JRV Group were stopped, and it became a shelf company while EHG Global built out its Canadian operations through EHG NA. JRV Group resumed operating activities in November 2017 and continued to be owned indirectly by HG Global until Jan. 31, 2019, comprising a portion of its North American operations. Between November 2017 and March 2018, JRV Group acquired various assets in four asset acquisition transactions. Beginning in March 2018, JRV Group operated as a second-tier original equipment manufacturer and alterer of Jeep Wranglers made by FCA US LLC, an affiliate of Fiat Chrysler Automobiles N.V. Its business typically focused on adding features to the vehicles, such as a tent for camping, that would make them more desirable for recreational vehicle dealers to sell to end users and consumers. JRV Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 19-11095) on May 13, 2019. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as legal counsel; Barnes & Thornburg LLP special counsel; Sherwood Partners Inc. as restructuring advisor; and BMC Group, Inc. as claims and noticing agent. On June 4, 2019, the Office of the United States Trustee appointed the Creditors' Committee. The Committee filed an application to employ and retain the law firm of Womble Bond Dickinson (US) LLP as counsel; and Rock Creek Advisors, LLC, as its financial advisor. LAS CUMBRES: Seeks to Hire Peoples Law Office as Legal Counsel -------------------------------------------------------------- Las Cumbres, LLC seeks authority from the US Bankruptcy Court for the Western District of Missouri to employ Peoples Law Office, LLC, as its legal counsel. Las Cumbres requires Peoples Law to: (a) advise the Debtor with respect to its powers and duties as Debtor and Debtor-in-Possession in the continued management and operation of its business; (b) attend meetings and negotiate with representatives of creditors and other parties in interest; (c) 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 the Debtor's estate, and objections to claims filed against the estate; (d) prepare on behalf of Debtor all motions, applications, answers, orders, reports and papers necessary to the administration of the estate; (e) negotiate and prosecute on the Debtor's behalf all contracts for the sale of assets, plan of reorganization, disclosure statement, and all related agreements and/or documents, and take any action that is necessary for the Debtor to obtain confirmation of its Plan of Reorganization; (f) appear before this Court and the United States Trustee; and protect the interests of the Debtor’s estate before the Court and the U.S. Trustee; and (g) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 proceeding. Aunna L. Peoples, Esq. and the Peoples Law Office, LLC do not represent or hold any interest adverse to the estate and are disinterested for the purpose of representing the Debtor in the Chapter 11 proceeding, according to court filings. The hourly rates proposed are $300 for attorneys and $65 for paralegals. A security retainer of $7,000 paid by the debtor, was deposited into counsel's trust account. The firm can be reached through: Aunna L. Peoples, Esq. PEOPLES LAW OFFICE, LLC 1221 W 103rd St, Ste 123 Kansas City, MO 64114-4503 Phone: 816 943-1825 Fax: 816 293-9172 E-mail: peopleslawkc@sbcglobal.net About Las Cumbres, LLC Las Cumbres, LLC filed its voluntary petition for relief under Chapter 11 (Bankr. W.D. Mo. Case No. 20-40423) on Feb.y 28, 2020, listing under $1 million in both assets and liabilities. Aunna L. Peoples, Esq. at PEOPLES LAW OFFICE, LLC, serves as the Debtor's counsel. LAWSON NURSING: Court Terminates PCO Appointment ------------------------------------------------ Gregory L. Taddonio, the U.S. Bankruptcy Judge in the Western District of Pennsylvania, has ruled that the appointment of a patient care ombudsman for Lawson Nursing Home, Inc., is terminated effective immediately. About Lawson Nursing Home Lawson Nursing Home, Inc., owned and operated a nursing home in Jefferson Hills, Pennsylvania. It was a small facility with 50 beds and had for-profit, corporate ownership. Lawson Nursing Home sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 18-23979) on Oct. 10, 2018. In the petition signed by Derek R. Glaser, president, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Debtor tapped Donald R. Calaiaro, Esq., at Calaiaro Valencik, as its legal counsel. No official committee of unsecured creditors has been appointed in the Chapter 11 case. William G. Krieger was appointed as the Chapter 11 Trustee of Lawson Nursing Home. He retained Leech Tishman Fuscaldo & Lampl, LLC, as counsel, and Gleason & Associates, P.C., as financial advisor. LITTLE FEET: Hancock Whitney Bank Objects to Plan & Disclosures --------------------------------------------------------------- Hancock Whitney Bank objects to the Disclosure Statement conditionally approved by the Court and to confirmation of the chapter 11 Plan of Reorganization filed by Little Feet Learning Center, LLC. Hancock Whitney Bank points out that the Disclosure Statement fails to contain adequate information sufficient to enable creditors to determine whether to vote for the Plan. Hancock Whitney Bank further points out that inn page 3 of the Disclosure Statement alleges that the Debtor "has seen an increase in enrollment during late 2019 ..." However, the Disclosure Statement provides no information regarding the reasons for and amount of the alleged increase so that creditors and the Court can evaluate the feasibility of the Plan. Hancock Whitney Bank complains that in page 4 of the Disclosure Statement alleges that the Bank initiated foreclosure based on failure to pay taxes. While it is true that the Debtor had failed to pay ad valorem and federal taxes, the foreclosure resulted from the loan having fully matured. Hancock Whitney Bank asserts that in page 13 of the Disclosure Statement calculates monthly disposable income using a chapter 13 statute that does not apply to a corporate chapter 11. According to the Bank, the Plan violates 11 U.S.C. Sec. 1129(a)(5) as it does not disclose the information required by that provision. Bank points out that the Plan violates 11 U.S.C. Sec. 1129(a)(11) as it is not feasible. Bank further points out that the default provision of Article XVI of the Plan is inappropriate as it shifts the burden and cost to creditors to provide notice to the Debtor of a default and to then file a motion to compel the Debtor to perform if defaults are not cured. Since the Debtor will know if it has defaulted (and controls whether it defaults), this provision unnecessarily delays creditors (such as the Bank) from exercising their rights and increases their costs. Counsel for the Debtor: Jeffrey R. Barber JONES WALKER LLP 190 East Capitol Street, Suite 800 (39201) Post Office Box 427 Jackson, Mississippi 39205-0427 Telephone (601) 949-4765 Telecopy (601) 949-4804 Email jbarber@joneswalker.com About Little Feet Learning Center Little Feet Learning Center filed a voluntary Chapter 11 petition (Bankr. S.D. Miss. Case No. 19-52507) on Dec. 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. LITTLE JOHN'S: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Little John's Antique Arms, Inc. 1740 West La Veta Orange, CA 92868 Business Description: Little John's Antique Arms, Inc. -- http://littlejohnsauctionservice.net-- is a family owned antique and modern arms auction company. Chapter 11 Petition Date: March 24, 2020 Court: United States Bankruptcy Court Central District of California Case No.: 20-11026 Judge: Hon. Erithe A. Smith Debtor's Counsel: Richard A. Marshack, Esq. MARSHACK HAYS LLP 870 Roosevelt Irvine, CA 92620-3663 Tel: (949) 333-7777 E-mail: rmarshack@marshackhays.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by John Gangel, president. A copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://is.gd/KDlSGu LUNA DEVELOPMENTS: Plan Relies on Outcome of $5M Luna BHQ Claim --------------------------------------------------------------- Receiver Alan Barbee filed an Amended Disclosure Statement for a Chapter 11 Plan for debtor Luna Developments Group, LLC, on March 10, 2020. The Plan is a liquidating plan and entirely contingent upon successful prosecution of causes of action and the allowance of Proof of Claim No. 38 in the amount of $5 million filed on behalf of Debtor (the Luna BHQ Claim) in the associated bankruptcy case of Bal Harbour Quarzo, LLC, Case No. 17-11793-SMG. In the event that the Debtor, Receiver, or Liquidating Trustee, as applicable, are not successful in prosecuting the Causes of Action and/or the Luna BHQ Claim is disallowed in whole or in part, the recovery to the estate will be diminished and there may be no funds available for distribution to creditors on account of their Allowed Claims. The Plan expressly contemplates the liquidation of the Debtor; therefore, there would be no successor estate that could be subject to any future reorganization or liquidation. The Receiver states that at confirmation or on the Effective Date, no funds other than the funds to be advanced for payment of the UST Fees will be necessary, as the professionals holding administrative expense claims have all agreed to defer payment of allowed compensation until such time as the estate recovers funds. Each allowed unsecured claim against the Debtor's estate in Class 1 will be satisfied by distributions to the holder of each allowed unsecured claim on a pro rata basis. No distribution will be made to holders of unsecured claims unless and until all allowed administrative claims, all allowed post-confirmation administrative claims, all allowed priority unsecured non-tax and tax claims have been paid in full, reserved, or otherwise resolved, and/or included in or accounted for in the distribution at issue. A full-text copy of the Amended Disclosure Statement dated March 10, 2020, is available at https://tinyurl.com/seu5n6k from PacerMonitor at no charge. Receiver Alan Barbee is represented by: FURR COHEN Robert C. Furr, Esq. Jason S. Rigoli, Esq. 2255 Glades Road, Suite 301E Boca Raton, Florida 33431 Tel: (561) 395-0500 Fax: (561) 338-7532 E-mail: rfurr@furrcohen.com jrigoli@furrcohen.com About Luna Developments Group The receiver for Luna Developments Group, LLC, a company based in West Palm Beach, Florida, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 19-11169) for Luna Developments on Jan. 28, 2019. In the petition signed by Alan Barbee, the receiver appointed by a Florida state court, the Debtor disclosed $5,000,000 in assets and $3,366,816 in liabilities. The Hon. Erik P. Kimball oversees the case. Robert C. Furr, Esq., at Furr Cohen, serves as the Debtor's bankruptcy counsel. No official committee of unsecured creditors has been appointed in the case. MAJUANNA WALKER: Proposed Sale of Plant City Property Approved -------------------------------------------------------------- Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the Middle District of Florida authorized Majuanna Walker's sale of her property located at 1301 W. Bates St., Plant City, Florida. Any proceeds beyond liens, encumbrances and closing costs and of the sale will be delivered to the Debtor. The first mortgage holder has consented to the sale, in the event that the sale is for less than full value of the mortgage, the closing is Ordered to take place and the closing agent will pay any proceeds, up to the amount of the mortgage to the first mortgage company. Majuanna Walker sought Chapter 11 protection (Bankr. M.D. Fla. Case No. 11-01238) on Jan. 26, 2011. The Debtor's Chapter 11 plan of reorganization was confirmed on Oct. 18, 2013. MIAMI AIR: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: Miami Air International, Inc. 5000 NW 36th St. Suite 307 Miami, FL 33166 Business Description: Miami Air International, Inc. is a charter flight provider. Chapter 11 Petition Date: March 24, 2020 Court: United States Bankruptcy Court Southern District of Florida Case No.: 20-13924 Judge: Hon. Jay A. Cristol Debtor's General Bankruptcy Counsel: Paul J. Battista, Esq. GENOVESE JOBLOVE & BATTISTA, P.A 100 SE 2nd St. 44th Floor Miami, FL 33131 Tel: 305-349-2300 Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Annette Eckerle, authorized officer. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/FEyKZJ MQ COCO PLUM: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: MQ Coco Plum, LLC 4622 Maple Ave., Ste 200 Donald L. Silverman Dallas, TX 75219-1073 Business Description: MQ Coco Plum is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: March 24, 2020 Court: United States Bankruptcy Court Northern District of Texas Case No.: 20-30974 Debtor's Counsel: Vickie L. Driver, Esq. CROWE & DUNLEVY, P.C. 2525 McKinnon St., Suite 425 Dallas, TX 75201 Tel: (214) 420-2142 E-mail: vickie.driver@crowedunlevy.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Donald L. Silverman, manager. A full-text copy of the petition is available for free at PacerMonitor.com at: https://is.gd/o6mQ6z MQ PRETTY POND: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: MQ Pretty Pond, LLC 4622 Maple Ave., Suite 200 Dallas, TX 75219-1073 Business Description: MQ Pretty Pond is engaged in activities related to real estate. Chapter 11 Petition Date: March 24, 2020 Court: United States Bankruptcy Court Northern District of Texas Case No.: 20-30973 Debtor's Counsel: Vickie L. Driver, Esq. CROWE & DUNLEVY, P.C. 2525 McKinnon St., Suite 425 Dallas, TX 75201 Tel: (214) 420-2142 E-mail: vickie.driver@crowedunlevy.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Donald L. Silverman, manager. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/4vGxnI N & B MANAGEMENT: May 11 Plan Confirmation Hearing Set ------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Pennsylvania conducted a hearing to consider approval of the Disclosure Statement filed by the Chapter 11 Trustee of Debtor N & B Management Company, LLC, on Jan. 28, 2020. On March 10, 2020, Judge Carlota M. Bohm approved the Disclosure Statement and established the following dates and deadlines: * May 1, 2020, is the last day for filing written ballots by creditors, either accepting or rejecting the plan and filing and serving written objections to confirmation of the plan. * May 11, 2020, is the last day for filing a complaint objecting to discharge. * May 11, 2020, at 2:30 p.m., is the plan confirmation hearing for the Plan filed by the Chapter 11 Trustee at Document No. 400 is scheduled in Courtroom B, 54th Floor, U.S. Steel Tower, 600 Grant Street, Pittsburgh, PA 15219. A full-text copy of the order dated March 10, 2020, is available at https://tinyurl.com/r5gr4lq from PacerMonitor at no charge. About N & B Management Co N & B Management Company, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 16-24728) on Dec. 23, 2016, estimating less than $1 million in assets and liabilities. Francis E. Corbett, Esq., is the Debtor's counsel. Jeffrey Sikirica was appointed Chapter 11 trustee in the Debtor's case on May 15, 2018. The Chapter 11 trustee is represented by Jeffrey J. Sikirica, Esq., in Gibsonia, Pennsylvania. NUTRIBAND INC: Receives Patent Protection From Three Countries -------------------------------------------------------------- Nutriband Inc. has received a notice of grant from patent offices in Australia and Russia and a notice of allowance from Mexico's patent office for the 'Abuse and Misuse Deterrent Transdermal Systems' patent application filed by its clinical subsidiary 4P Therapeutics. The patent underpins 4p Therapeutics' abuse deterrent fentanyl transdermal system, which uses Taste aversion to address the primary routes of abuse for opioid based transdermal patches. About Nutriband Inc. Nutriband -- www.nutriband.com -- is primarily engaged in the development of a portfolio of transdermal pharmaceutical products. Its lead product under development is its abuse deterrent fentanyl transdermal system which the Company is developing to provide clinicians and patients with an extended-release transdermal fentanyl product for use in managing chronic pain requiring around the clock opioid therapy combined with properties designed to help combat the opioid crisis by deterring the abuse and misuse of fentanyl patches. Nutriband reported a net loss of $3.33 million for the year ended Jan. 31, 2019, compared to a net loss of $2.67 million for the year ended Jan. 31, 2018. As of Oct. 31, 2019, the Company had $2.44 million in total assets, $1.37 million in total current liabilities, and $1.07 million in total stockholders' equity. Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 19, 2019, citing that the Company has suffered recurring losses from operations and has a net capital deficiency which raises substantial doubt about its ability to continue as a going concern. OAK STREET: Case Summary & 30 Top Unsecured Creditors ----------------------------------------------------- Debtor: Oak Street Redevelopment Corporation 2100 Q Street Sacramento, CA 95816 Business Description: Oak Street Redevelopment Corporation is an affiliate of The McClatchy Company, which, together with 53 of its wholly owned subsidiaries, sought bankruptcy protection on Feb. 13, 2020. McClatchy and its direct and indirect debtor subsidiaries are a diversified digital and print media business, focused on providing local journalism to 30 communities across 14 states, as well as national news coverage through The McClatchy Company's Washington D.C. based bureau. Chapter 11 Petition Date: March 24, 2020 Court: United States Bankruptcy Court Southern District of New York Case No.: 20-10888 Debtor's General Bankruptcy Counsel: Shana A. Elberg, Esq. Bram A. Strochlic, Esq. SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP One Manhattan West New York, New York 10001 Tel: (212) 735-3000 Fax: (212) 735-2000 Email: shana.elberg@skadden.com bram.strochlic@skadden.com - and - Van C. Durrer, II, Esq. Destiny N. Almogue, Esq. 300 South Grand Avenue, Suite 3400 Los Angeles, California 90071-3144 Tel: (213) 687-5000 Fax: (213) 687-5600 Email: van.durrer@skadden.com destiny.almogue@skadden.com - and - Jennifer Madden, Esq. 525 University Avenue Palo Alto, California 94301 Tel: (650) 470-4500 Fax: (650) 470-4570 Email: jennifer.madden@skadden.com Debtor's Bankruptcy Co-Counsel: Albert Togut, Esq. Kyle J. Ortiz, Esq. Amy Oden, Esq. TOGUT, SEGAL & SEGAL LLP One Penn Plaza, Suite 3335 New York, New York 10119 Tel: (212) 594-5000 Fax: (212) 967-4258 Email: altogut@TeamTogut.com kortiz@teamtogut.com aoden@teamtogut.com Debtor's Special Counsel: GROOM LAW GROUP Debtor's Financial Advisor & Strategic Communications Advisor: FTI CONSULTING, INC. Debtor's Investment Banker: EVERCORE INC. Debtor's Noticing, Claims Management, Solicitation, and Balloting Agent: KURTZMAN CARSON CONSULTANTS, LLC Estimated Assets: $500 million to $1 billion Estimated Liabilities: $1 billion to $10 billion The petition was signed by Elaine R. Lintecum, vice president, assistant secretary, and treasurer. A copy of the petition is available for free at PacerMonitor.com at: https://is.gd/0Tdoqm Pursuant to Local Bankruptcy Rule 1007-2(a)(4) set forth below is a list of creditors holding the 30 largest unsecured claims against The McClatchy Company, et al., as of Feb. 12, 2020. This list has been prepared on a consolidated basis: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Pension Benefit Guaranty $530,352,623 Corporation Attn: Accounts Payable 1200 K Street NW 12th Floor Washington, DC 20005 2. Bank of New York Mellon $14,900,000 One Wall Street New York, NY 10286 3. Gannett Supply Corporation $1,646,978 7950 Jones Branch Drive McLean, VA 22107 4. Wipro Limited $1,439,122 2 Tower Center Blvd East Brunswick, NJ 08816 Email: ruchika.aggarwal@wipro.com 5. Google Inc. $800,000 1600 Amphitheater Parkway Mountain View, CA 94043 Email: legal-notices@google.com 6. Dallas Morning News $669,851 508 Young Street Dallas, TX 75202 Email: cgarrett@dmnmedia.com 7. Endava Inc. $664,818 757 3rd Ave Suite 1901 New York, NY 10017 Email: accounts.receivable@endava.com 8. Alorica Inc. $541,490 400 Horsham Road Ste 130 Horsham, PA 19044 Email: MarkAlWaren.Gamboa@alorica.com 9. Andrew Distribution Inc. $495,055 PO Box 1099 Melrose Park, IL 60161 Fax: (630) 839-0424 10. Simpli Fi Holdings Inc. $490,000 3003 Tasman Dr Santa Clara, CA 95054 Email: receivables@simpli.fi 11. Brightcove Inc. $294,044 290 Congress Street Boston, MA 02210 12. Facebook Inc. $257,713 315 Montgomery Street San Francisco, CA 94104 Email: ar@fb.com 13. Adobe Systems, Inc. $232,766 560 Mission St Floor 5 San Francisco, CA 94105 Email: remittance@adobe.com 14. LinkedIn Corporation $230,385 2029 Stierlin Court Mountain View, CA 94043 15. Dow Jones And Co Inc. $191,835 4300 US Rt. 1 North Monmouth Junction, NJ 08852 16. Times News $155,943 c/o Lee Advertising PO Box 4690 Carol Stream, IL 60197 Fax: (319) 291-4014 17. Bulkley Dunton Publishing Group $144,985 613 Main Street Wilmington, MA 1887 18. Gary Pruitt $127,962 101 Warren Street #1110 New York, NY 10007 19. Johnson Controls $126,440 4415 Sea Ray Dr Charleston, SC 29405 20. Infosys BPM $107,537 6100 Tennyson Parkway Suite 200 Plano, TX 75024 21. Jobvite Inc. $106,981 1300 S El Camino Real #400 San Mateo, CA 94402 22. Solo Printing Inc. $103,332 7860 NW 66th St Miami, FL 33166 23. Tribune Direct $102,084 435 N Michigan Ave Chicago, IL 60611 24. Datamatics Technologies $101,500 31572 Industrial Road Ste 100 Livonia, MI 48150 25. Adswerve, Inc $100,000 999 18th Street Ste 1555N Denver, CO 80202 26. Site Impact LLC $100,000 6119 Lyons Road Coconut Creek, FL 33073 27. Socialflow Inc $100,000 52 Vanderbilt Ave 12th Floor New York, NY 10017 28. Ryder Integrated Logistics $99,599 24610 Network Place Chicago, IL 60673 29. USA Today $98,865 PO Box 677460 Dallas, TX 75267 30. Solutions Through Software Inc. $98,344 2295 S Hiawassee Rd Ste 208 Orlando, FL 32835 PHUNWARE INC: Will Raise $3M Through Convertible Note Financing --------------------------------------------------------------- Phunware, Inc. has entered into a financing transaction for the issuance of a series of senior convertible notes of the Company, in the aggregate original principal amount of $3 million with a maturity date of Dec. 31, 2021, pursuant to a Securities Purchase Agreement by and among the Company and an institutional investor. Upon closing of the sale of the Notes, the Company is expected to receive gross cash proceeds of $2.760 million. Canaccord Genuity acted as sole placement agent in the transaction. The Company will receive approximately $2.564 million in net proceeds at Closing, after deducting placement agent fees payable to the Placement Agent and Buyer's counsel in connection with the transaction. The Company can pay off the Notes either in cash or by selling securities, while holders of the Notes will have the option to convert as desired at $3.00 per share or higher subject to adjustments. The securities to be sold in the financing transaction have not been registered under the Securities Act of 1933, as amended, or any state or other applicable jurisdiction's securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions' securities laws. The Company has agreed to file a registration statement with the United States Securities and Exchange Commission registering the resale of the shares of common stock issuable upon conversion of the Notes sold in the financing transaction. Any offering of the securities under the resale registration statement will only be made by means of a prospectus. About Phunware Headquartered in Austin, Texas, Phunware, Inc. -- http://www.phunware.com/-- is a Multiscreen-as-a-Service (MaaS) company, a fully integrated enterprise cloud platform for mobile that provides companies the products, solutions, data and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale. Marcum LLP, in New York, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 19, 2019, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Phunware reported a net loss of $9.80 million for the year ended Dec. 31, 2018, following a net loss of $25.94 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $30.42 million in total assets, $23.94 million in total liabilities, and $6.48 million in total stockholders' equity. PLECTICA LLC: Seeks to Hire Davidoff Hutcher as Legal Counsel ------------------------------------------------------------- Plectica LLC seeks authority from the United States Bankruptcy Court for the Southern District of New York to hire Davidoff Hutcher & Citron LLP as its legal counsel. Professional services Davidoff Hutcher will render are: a. give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession and the continued management of its property and affairs; b. negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; c. prepare the necessary answers, orders, reports and other legal papers required for the Debtor who seeks protection from its creditors under Chapter 11 of the Bankruptcy Code; d. appear before the Bankruptcy Court to protect the interest of the Debtor and to represent the Debtor in all matters pending before the Court; e. attend meetings and negotiate with representatives of creditors and other parties in interest; f. advise the Debtor in connection with any potential refinancing of secured debt and any potential sale of the business; g. represent the Debtor in connection with obtaining post-petition financing; h. take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; i. perform all other legal services for the Debtor which may be necessary for the preservation of the Debtor's estate and to promote the best interests of the Debtor, its creditors and its estate. The hourly rates range from $400 to $650 for the firm's attorneys and from $195 to $350 for paraprofessionals. Davidoff is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: 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 About Plectica LLC Plectica LLC, a software publisher based in New York, filed its voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-10701) on March 6, 2020. In the petition signed by Adam Riggs, managing member, the Debtor estimated $1,440,508 in assets and $3,945,492 in liabilities. Robert L. Rattet, Esq. at Davidoff Hutcher & Citron LLP serves as the Debtor's counsel. PRO TECH MACHINING: April 16 Plan & Disclosure Hearing Set ---------------------------------------------------------- On March 5, 2020, debtor Pro Tech Machining, Inc., filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Disclosure Statement. On March 10, 2020, Judge Thomas P. Agresti conditionally approved the Disclosure Statement and established the following dates and deadlines: * April 9, 2020, is fixed as the last day to serve all Ballots accepting or rejecting the Plan. * April 9, 2020, is fixed as the last day to file all objections to the Disclosure Statement. * April 16, 2020, at 10:00 A.M. is the final hearing on the Disclosure Statement and Plan confirmation in Erie Bankruptcy Courtroom, 17 South Park Row, Erie, PA 15601. A full-text copy of the order dated March 10, 2020, is available at https://tinyurl.com/r8vpxob from PacerMonitor at no charge. About Pro Tech Machining Pro Tech Machining, Inc., is an S-Corporation that does business as a machining shop. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 19-10690) on July 10, 2019. The petition was signed by Edward C. Nelson, president. At the time of the filing, the Debtor was estimated to have assets of less than $50,000 and liabilities of less than $1 million. The Debtor tapped Steidl & Steinberg as its legal counsel, and McGill Power Bell & Associates, LLP, as its accountant. QUORUM HEALTH: Mudrick Capital, et al. Request Meeting with Board ----------------------------------------------------------------- In a Schedule 13D filed with the Securities and Exchange Commission, these entities and individuals reported beneficial ownership of shares of common stock of Quorum Health Corporation as of March 11, 2020: Shares Percent Beneficially of Reporting Person Owned Class ---------------- ------------ ------- Mudrick Distressed Opportunity 943,870 2.9% Drawdown Fund II, L.P. Mudrick Distressed Opportunity 1,414,047 4.3% Fund Global, L.P. Mudrick GP, LLC 1,414,047 4.3% Mudrick Distressed Opportunity 943,870 2.9% Drawdown Fund II GP, LLC Mudrick Capital Management, L.P. 3,271,592 9.9% Mudrick Capital Management, LLC 3,271,592 9.9% Jason Mudrick 3,271,592 9.9% The aggregate percentage of Shares reported owned by each Reporting Person is based upon 32,916,020 Shares outstanding, as of Nov. 6, 2019, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on Nov. 7, 2019. On March 23, 2020, the Reporting Persons' legal counsel delivered a letter to the Issuer's board of directors to express the Reporting Persons' concerns that the Issuer has yet to reach an agreement with certain of its lenders to ensure that it remains a viable going concern without the need for a bankruptcy filing or other reorganization. In the Letter, the Reporting Persons expressed their belief that pursuing a value destructive restructuring process with the Issuer's creditors is unnecessary and contrary to the Board's fiduciary obligations to shareholders. The Letter stated that an amendment to the existing credit agreement among the Issuer, the lenders party thereto and Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, that provides the Issuer with a short term bridge to avoid bankruptcy or other restructuring and realize the value generated by its recent cost savings and other initiatives would be in the best interest of all stakeholders. The Reporting Persons concluded the Letter by requesting a meeting with the Board to discuss the actions that the Reporting Persons believe are necessary for the Issuer to correct its course. A full-text copy of the regulatory filing is available for free at: https://is.gd/fnd4Qm About Quorum Health Headquartered in Brentwood, Tennessee, Quorum Health -- http://www.quorumhealth.com/-- is an operator of general acute care hospitals and outpatient services in the United States. As of Sept. 30, 2019, the Company owned or leased 24 hospitals in rural and mid-sized markets located across 14 states and licensed for 2,038 beds. Through Quorum Health Resources LLC, a wholly-owned subsidiary, the Company provides hospital management advisory and healthcare consulting services to non-affiliated hospitals across the country. Over 95% of the Company's net operating revenues are attributable to its hospital operations business. The Company's headquarters are located in Brentwood, Tennessee, a suburb south of Nashville. Shares in Quorum Health Corporation are traded on the NYSE under the symbol "QHC." Quorum Health incurred net losses attributable to the Company of $200.25 million in 2018, $114.2 million in 2017, and $347.7 million in 2016. As of Sept. 30, 2019, Quorum Health had $1.52 billion in total assets, $1.72 billion in total liabilities, $2.27 million in redeemable noncontrolling interest, and a total deficit of $203.36 million. * * * As reported by the TCR on Nov. 19, 2019, S&P Global Ratings lowered the issuer credit rating on Brentwood, Tenn.-based Quorum Health Corp. to 'CCC-' from 'CCC'. The downgrade follows the company's revision of guidance due to the deterioration in revenue-cycle management ahead of the transition to R1 RCM, a slower-than-expected pace of divestitures, and greater prospects for a covenant violation and possible debt restructuring. Moody's Investors Service downgraded the ratings on Quorum Health Corporation, including the Corporate Family Rating to Caa2 from B3, the TCR reported on Nov. 21, 2019. The downgrade of the CFR reflects growing uncertainty as to whether Quorum's divestiture plan will be completed in the months ahead and when the company's earnings will rebound. REMARK HOLDINGS: Receives Notice of Acceleration from MGG --------------------------------------------------------- Remark Holdings, Inc. received a notice of acceleration from MGG in connection with the Financing Agreement, dated as of Sept. 24, 2015, between certain of the Company's subsidiaries as borrowers, certain of the Company's subsidiaries as guarantors, the lenders from time to time party thereto and MGG Investment Group LP, in its capacity as collateral agent and administrative agent for the Lenders, pursuant to which the Lenders extended credit to the Borrowers consisting of a term loan in the aggregate principal amount of $35.5 million. The Notice asserts that certain events of default resulting from the Company's failure to comply with certain covenants under the Financing Agreement have occurred and are continuing under the Financing Agreement. In the Notice, MGG declares that the entire unpaid principal of and any accrued and unpaid interest on the Loan, and all fees and other amounts payable under the Financing Agreement, are immediately due and payable and demands that all such amounts be paid immediately to MGG. As of March 19, 2020, $11.9 million remains outstanding under the Financing Agreement. Remark Holdings Remark Holdings -- http://www.remarkholdings.com/-- delivers an integrated suite of AI solutions that enable businesses and organizations to solve problems, reduce risk and deliver positive outcomes. The company's easy-to-install AI products are being rolled out in a wide range of applications within the retail, financial, public safety and workplace arenas. The Company also owns and operates digital media properties that deliver relevant, dynamic content and ecommerce solutions. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. Remark reported a net loss of $21.56 million for the year ended Dec. 31, 2018, following a net loss of $106.73 million for the year ended Dec. 31, 2017. As of Sept. 30, 2019, the Company had $21.48 million in total assets, $41.71 million in total liabilities, and a total stockholders' deficit of $20.22 million. Cherry Bekaert LLP, in Atlanta, Georgia, the Company's auditor since 2011, issued a "going concern" qualification in its report dated April 1, 2019, citing that the Company has suffered recurring losses from operations and negative cash flows from operating activities and has a negative working capital and a stockholders' deficit that raise substantial doubt about its ability to continue as a going concern. REWALK ROBOTICS: Appoints Wayne Weisman to Audit Committee ---------------------------------------------------------- The board of directors of ReWalk Robotics Ltd. appointed sitting director Mr. Wayne Weisman to the Company's audit committee, effective March 15, 2020. As a Class II director, Mr. Weisman's appointment will last until the Company's annual shareholders meeting to be held in 2022 and thereafter until his respective successor is duly elected and qualified, or until his earlier death, resignation or removal from the Audit Committee or the Board. Mr. Weisman replaces Mr. Peter Wehrly, who, as previously disclosed, informed the Board on March 2, 2020 that he would step down from the Board and the Audit Committee effective March 15, 2020. The Board has determined that Mr. Weisman satisfies the applicable audit committee independence requirements of the Nasdaq Capital Market and Rule 10A-3 under the Securities Exchange Act of 1934, as amended, and is financially literate for purposes of Nasdaq listing standards. The Board has also determined that Mr. Weisman meets the financial sophistication requirements of Nasdaq Listing Rule 5605(c). Following the change in Board composition, the Company continues to have a three-member, fully independent audit committee under Rule 10A-3(b)(1) of the Exchange Act and Nasdaq's corporate governance rules, and continues to have a majority independent Board as required by Nasdaq's corporate governance rules. In addition to compensation he already receives as a director on the Board, Mr. Weisman will be entitled to standard compensation available to members of the Audit Committee, which includes an annual retainer of approximately $20,000 and payments of up to NIS 3,300 per meeting. About ReWalk Robotics ReWalk Robotics Ltd. -- http://www.rewalk.com-- develops, manufactures, and markets wearable robotic exoskeletons for individuals with lower limb disabilities as a result of spinal cord injury or stroke. ReWalk's mission is to fundamentally change the quality of life for individuals with lower limb disability through the creation and development of market leading robotic technologies. Founded in 2001, ReWalk has headquarters in the U.S., Israel and Germany. ReWalk incurred net losses of $15.55 million in 2019, $21.67 million in 2018, and $24.72 million in 2017. As of Dec. 31, 2019, the Company had $24.37 million in total assets, $13.59 million in total liabilities, and $10.78 million in total shareholders' equity. Kost Forer Gabbay & Kasierer, a member of Ernst & Young Global, in Haifa, Israel, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Feb. 20, 2020, citing that the Company has suffered recurring losses from operations has a working capital deficiency and has stated that substantial doubt exists about the Company's ability to continue as a going concern. RUNNIN L FARMS: April 20 Plan Confirmation Hearing Set ------------------------------------------------------ On March 9, 2020, the U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, convened a hearing to consider the adequacy of the Second Amended Disclosure Statement filed by Debtor Runnin L Farms, LLC dated February 28, 2020. On March 10, 2020, Judge Clifton R. Jessup, Jr. approved the Second Amended Disclosure Statement and established the following dates and deadlines: * April 20, 2020, at 11:00 a.m. before the Honorable Clifton R. Jessup, Jr. at the Federal Building, 400 Well Street, Decatur, Alabama is the hearing on Confirmation of the Plan. * April 13, 2020, by 5:00 p.m., is fixed as the deadline by which the holders of claims and interests against the Debtor must file ballots accepting or rejecting the Plan. * April 13, 2020, by 5:00 p.m., is fixed as the last day by which creditors and parties in interest must file any objections to confirmation of the Plan. * April 15, 2020, by 12:00 p.m., is the deadline for the Debtor to tabulate all acceptances and rejections of the Plan and file a Ballot Summary. A full-text copy of the order dated March 10, 2020, is available at https://tinyurl.com/qwd3wg4 from PacerMonitor at no charge. About Runnin L Farms Runnin L Farms, LLC, f/k/a Runnin L Farms, Inc., is a small trucking company located in Joppa, Alabama. Runnin L Farms filed a Chapter 11 petition (Bankr. N.D. Ala. Case No. 19-82716) on Sept. 9, 2019. In the petition signed by Donald Barry Lindsey, authorized representative, the Debtor was estimated to have assets and liabilities of between $1 million and $10 million. Judge Clifton R. Jessup Jr. oversees the case. TAZEWELL, SHEPARD & MORRIS, P.C., represents the Debtor. SERES THERAPEUTICS: Appoints Paul Biondi as Director ---------------------------------------------------- The Board of Directors of Seres Therapeutics, Inc. has appointed Paul Biondi as a Class III director of the Company, replacing Noubar B. Afeyan, Ph.D., who resigned as a member of the Board on on March 20, 2020. Mr. Biondi has been appointed to serve on the Compensation Committee of the Board. Mr. Biondi will participate in the Company's standard compensation program for non-employee directors, including an annual retainer of $35,000, an annual retainer for service on the Compensation Committee of $5,000 and an initial award of an option to purchase 30,000 shares of the Company's common stock. The Initial Award has an exercise price equal to $3.10, the closing price per share of the Company's common stock on the date of grant, and will vest and become exercisable in equal installments on each of the first four anniversaries of the date of grant, subject to continued service on the Board through each such vesting date. Mr. Biondi has also entered into the Company's standard indemnification agreement for directors and officers. About Seres Therapeutics Seres Therapeutics, Inc. (Nasdaq: MCRB) -- http://www.serestherapeutics.com/-- is a microbiome therapeutics platform company developing a novel class of biological drugs that are designed to treat disease by restoring the function of a dysbiotic microbiome, where the state of bacterial diversity and function is imbalanced. Seres' SER-287 program has obtained Fast Track and Orphan Drug designation from the U.S. Food and Drug Administration and is being evaluated in a Phase 2b study in patients with active mild-to-moderate ulcerative colitis. Seres' SER-109 program has obtained Breakthrough Therapy and Orphan Drug designations from the FDA and is in Phase 3 development for recurrent C. difficile infection. Seres is also developing SER-401 in a Phase 1b study in patients with metastatic melanoma. Seres Therapeutics reported a net loss of $70.28 million for the year ended Dec. 31, 2019, compared to a net loss of $98.94 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $132.44 million in total assets, $180.76 million in total liabilities, and a total stockholders' deficit of $48.32 million. PricewaterhouseCoopers LLP, in Boston, Massachusetts, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 2, 2020, citing that the Company has incurred losses and negative cash flows from operations since its inception that raise substantial doubt about its ability to continue as a going concern. SHEET METAL: $14.5K Sale of 2017 Ford Fusion AWD 4C to Ford Okayed ------------------------------------------------------------------ Judge Joel T. Marker of the U.S. Bankruptcy Court for the District of Utah authorized Sheet Metal Works, Inc.'s sale of its 2017 Ford Fusion AWD 4C, VIN XXXX1464, to Tim Dahle Ford for $14,500. The sale is free and clear of liens and interest, with liens to be paid out of the sale proceeds. The payment of secured claim is authorized. The hearing set for March 10, 2020 at 10:00 a.m. is stricken. About Sheet Metal Works Inc. Sheet Metal Works Inc. is a ventilating contractor in Salt Lake City, Utah. Sheet Metal Works Inc. filed for Chapter 11 bankruptcy protection (Bankr. D. Utah Case No. 19-28320) on Nov. 8, 2019. In the petition signed by Ralph C. Montrone, president, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. The Hon. Joel T. Marker oversees the case. The Debtor is represented by Adam S. Affleck, Esq. and John E. Keiter, Esq. at Richards Brandt Miller Nelson. TILDA MARIE B. SUTTON: $575K Sale of Boykins Property Approved -------------------------------------------------------------- Judge Stephani W. Humrickhouse of the U.S. Bankruptcy Court for the Eastern District of North Carolina authorized Tilda Marie Brisson Sutton's sale of the real property located at 31282 Powells Hill Road, Boykins, Southampton County, Virginia to Birdsong Corp. for $575,000. The sale is free and clear of any and all interests, liens, encumbrances, rights or claims in the Property. The liens and other interests, if any and if valid, will attach to the proceeds of the sale of the Property. The net proceeds of sale, after payment of all costs of sale, delinquent outstanding ad valorem taxes owed to Southampton County, Virginia for 2017 through 2019, and regular and customary closing costs typically paid by sellers of real estate in Southampton County, Virginia except to the extent the Buyer has otherwise agreed to pay such costs in the Purchase Agreement, will be paid directly to the IRS by the Buyer's settlement agent after the Closing and recordation of the deed conveying the Property to the Buyer. The IRS consents to the sale of the Property to the Buyer, and, upon payment of $557,395 in certified funds to the United States Treasury, receipt by the IRS of a copy of the deed or other document showing that the taxpayer is divested of rights, title or interest in the Property, and receipt by the IRS of a copy of the final settlement statement for the transfer of the Property, the IRS hereby agrees to and will forever waive, release and discharge the IRS Liens against the Property. The IRS further agrees to and shall, within seven days of satisfaction of the IRS Discharge Conditions, file and record or cause to be filed and recorded with the Clerk of the Circuit Court for Southampton County in the Commonwealth of Virginia documentation providing for the waiver, release and discharge of the IRS Liens against the Property. The Order constitutes a final order within the meaning of 28 U.S.C. Section 158(a). Good cause having been shown, the 14-day stay period provided for in Federal Rule of Bankruptcy Procedure 6004(h) is waived. The Order and the relief provided for will be effective and enforceable immediately upon entry and its provisions will be self-executing. Tilda Marie Brisson Sutton sought Chapter 11 protection (Bankr. E.D. N.C. Case No. 17-04225) on Aug. 30, 2017. The Debtor tapped Trawick H Stubbs, Jr., Esq., at Stubbs & Perdue, P.A. as counsel. On May 10, 2018, the Court entered an Order Confirming Plan of Reorganization. UCOAT IT: Proposed Sale of Substantially All Assets Approved ------------------------------------------------------------ Judge Maria L. Oxholm of the U.S. Bankruptcy Court for the District of Michigan has entered an ex parte order extending UCoat It America, LLCs' marketing period and rescheduling the sale hearing regarding the bidding procedures in connection with the auction sale of substantially all assets. The Bid Deadline for a potential bidder who desires to make a bid for the Purchased Assets is rescheduled from 5:00 p.m. (ET) on Feb. 25, 2020 to 5:00 p.m. (ET) on March 18, 2020. The Auction scheduled for Feb. 28, 2020 at 1:00 p.m. (ET) is rescheduled to March 20, 2020 at 1:00 p.m. (ET) at the offices of the Debtor's attorney Don Darnell, 8080 Grand St., Dexter, Michigan 48130. The Sale Hearing scheduled for March, 2020 at 11:00 a.m. is adjourned to March 26, 2020 at 11:00 a.m. The Debtor must serve a copy of the Order upon all interested parties and the United States Trustee within 24 hours of entry. A party aggrieved by the entry of the Order may move for a dissolution of the order. About UCoat It America UCoat It America, LLC is a privately-owned company based in Royal Oak, Michigan. It was founded in 1999 with the primary goal of providing a true, commercial-grade epoxy floor coating system that was widely available to the do-it-yourself customer. UCoat It America filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-40388) on Jan. 11, 2019, listing under $1 million in assets and liabilities. The case is assigned to Judge Maria L. Oxholm. Donald C. Darnell, Esq., at Darnell, PLLC, is the Debtor's bankruptcy counsel. UNITI GROUP: KPMG Replaces PwC as Independent Accounting Firm ------------------------------------------------------------- The Audit Committee of the Board of Directors of Uniti Group Inc. dismissed PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm. PwC's audit report as of and for the year ended Dec. 31, 2019 and 2018 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle, except that PwC's reports for the years ended Dec. 31, 2019 and 2018 included an explanatory paragraph indicating that there was substantial doubt about the Company's ability to continue as a going concern. During the years ended Dec. 31, 2019 and 2018 and the subsequent interim period through March 16, 2020, there were (i) no "disagreements" (as that term is defined in Item 304(a)(1)(iv) of Regulation S-K) between the Company and PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure that, if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of the disagreement in its reports on the financial statements for those years, and (ii) no "reportable events" (as that term is defined in Item 304(a)(1)(v) of Regulation S-K), except as disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2019, the Company identified a material weakness in its internal control over financial reporting related to the identification and valuation of certain assets in the application of the acquisition method of accounting for asset acquisitions, including the determination of appropriate useful lives for certain assets. Specifically, the Company's controls over the development and application of inputs, assumptions and calculations used in fair value measurements were not designed and operating effectively at an appropriate level of precision. On March 16, 2020, following the conclusion of a process managed by the Company's Audit Committee, the Audit Committee approved the appointment of KPMG LLP as the Company's independent registered public accounting firm beginning with the year ending Dec. 31, 2020. During the Company's years ending Dec. 31, 2019 and 2018 and through March 16, 2020, neither the Company, nor anyone on its behalf, consulted KPMG regarding either: (i) the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on the Company's financial statements; or (ii) any matter that was the subject of a "disagreement" (as that term is defined in Item 304(a)(1)(iv) of Regulation S-K) or "reportable event" (as that term is defined in Item 304(a)(1)(v) of Regulation S-K). About Uniti Headquartered in Little Rock, Arkansas, Uniti (www.uniti.com), an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a provider of wireless infrastructure solutions for the communications industry. As of Dec. 31, 2019, Uniti owns 6.3 million fiber strand miles, approximately 670 wireless towers, and other communications real estate throughout the United States. As of Dec. 31, 2019, the Company had $5.02 billion in total assets, $6.50 billion in total liabilities, and a total shareholders' deficit of $1.48 billion. PricewaterhouseCoopers LLP, in Little Rock, Arkansas, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 12, 2020, citing that the Company's most significant customer, Windstream Holdings, Inc., which accounts for approximately 65.0% of consolidated total revenues for the year ended Dec. 31, 2019, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code, and uncertainties surrounding potential impacts to the Company resulting from Windstream Holdings, Inc.'s bankruptcy filing raise substantial doubt about the Company's ability to continue as a going concern. * * * As reported by the TCR on March 20, 2020, Fitch Ratings affirmed the Long-Term Issuer Default Ratings and security ratings of Uniti Group, Inc. and Uniti Fiber Holdings at 'CCC'. As reported by the TCR on March 6, 2020, S&P Global Ratings placed all ratings on U.S. telecom REIT Uniti Group Inc., including the 'CCC-' issuer credit rating, on CreditWatch with positive implications. The CreditWatch placement follows the company's announcement it reached an agreement in principle with its largest tenant Windstream Holdings Inc. to resolve all legal claims it asserted against Uniti in the context of Windstream's bankruptcy proceedings. VALLEY TIMBER: Taps Loring Woodriff as Real Estate Agent -------------------------------------------------------- Valley Timber Sales, Inc. received approval from the U.S. Bankruptcy Court for the Western District of Virginia to employ Loring Woodriff LLC as real estate agent. Loring Woodriff will assist in the sale of substantially all of the Debtor's operating assets or equity interests pursuant to its proposed Chapter 11 reorganization plan filed on Dec. 23 last year. Thomas S.M. Brannock, associate broker at Loring Woodriff, disclosed that the firm's real estate agents and brokers are disinterested persons as defined within the meaning of Section 101(14) of the Bankruptcy Code. About Valley Timber Sales Valley Timber Sales, Inc., a wood treating facility in Gordonsville, Va., sought Chapter 11 protection (Bankr. W.D. Va. Case No. 19-60400) on Feb. 26, 2019. In the petition signed by Michele Pascarella, president, the Debtor was estimated to have up to $50,000 in assets and $1 million to $10 million in liabilities. The Hon. Rebecca B. Connelly is the case judge. Tavenner & Beran, PLC is the Debtor's legal counsel. VERITY HEALTH: April 7 Auction of St. Francis Medical Center Set ---------------------------------------------------------------- Judge Ernest M. Robles of the U.S. Bankruptcy Court for the Central District of California authorized the bidding procedures proposed by Verity Health System of California, Inc. and its affiliates in connection with the auction sale of St. Francis Medical Center and related assets. The Debtors will provide UnitedHealthcare Insurance Co. an irrevocable designation with respect to the assumption and assignment of United's contracts related to the Sale within 48 hours of the conclusion of the Auction. If no Auction is held, the Debtors will provide United such irrevocable designation by no later than April 9, 2020, at 10:00 a.m. (PT). The rights of U.S. Bank and SEIU-UHW are preserved as set forth in the Ruling. The Debtors, in their discretion, after consultation with the Committee, and with the prior consent of the Prepetition Secured Creditors, are authorized to designate a Qualified Bidder as the "Stalking Horse Bidder" and award stalking horse protections, including a break-up fee and expense reimbursement in an amount not to exceed in the aggregate 2.5% of the proposed Purchase Price under such Qualified Bidder's Qualified APA. The Debtors will have no obligation to designate any Qualified Bidder as the Stalking Horse Bidder. The award of stalking horse protection may occur without further notice (other than an announcement to Potential Bidders no later than the commencement of the Auction) or order of the Court. If such designation is made, unless the Debtors receive a higher or better bid prior to the Auction, the Opening Bid at the Auction will be the Bid of the Qualified Bidder that has been designated as the Stalking Horse Bidder. The Break-Up Fee is approved. Any Break-Up Fee, to the extent payable, will only be paid from the cash proceeds received by the Debtors at the closing of a Sale with a Qualified Bidder other than the Stalking Horse Bidder. The salient terms of the Bidding Procedures are: a. Bid Deadline: April 3, 2020 at 5:00 p.m. (PT) b. Initial Bid: TBD c. Deposit: 10% of the aggregate Purchase Price d. Auction: If any Bids are designated as Qualified Bids, the Auction will be held on April 7, 2020, at 10:00 a.m. (PT) at the offices of Dentons US LLP, 601 South Figueroa Street, Suite 2500, Los Angeles, CA 90017, or at such other location as will be identified in a notice filed with the Bankruptcy Court at least 24 hours before the Auction, pursuant to the Auction Procedures set forth in the Bidding Procedures. e. Bid Increments: $2 million f. Sale Hearing: April 9, 2020, at 10:00 a.m. (PT) g. Sale Objection Deadline: April 8, 2020, at 5:00 p.m. (PT) h. Any party with a valid, properly perfected prepetition or post-petition security interest in any of the Purchased Assets may credit bid for such Purchased Assets in connection with the Sale. The Debtors will file with the Court and serve a copy of the Order and the Procedures Notice on the Notice Parties and all parties that the Debtors are required to serve pursuant to LBR 6004-1(b)(3) and the Order Granting Emergency Motion of Debtors for Order Limiting Scope of Notice not later than Feb. 26, 2020. The Debtors will file with the Court and serve the Cure Notice (along with a copy of the Bidding Procedures Order) upon each counterparty to the Assumed Executory Contracts by no later than March 13, 2020. The Assumption Objection Deadline is April 3, 2020, at 5:00 p.m. (PT). All proceeds of the Sale of the Purchased Assets will be paid by the Winning Bidder to the Debtors and such proceeds will be deposited in accordance with paragraph 4 of the Final DIP Order, and all liens, claims, interests and encumbrances on the Purchased Assets sold pursuant to the Sale will attach to the proceeds of the Sale. Notwithstanding the possible applicability of Bankruptcy Rules 6004, 6006, 7062, 9014, or otherwise, the terms and conditions of the Order will be immediately effective and enforceable. A hearing on the Motion was held on Feb. 26, 2020 at 10:00 a.m. A copy of the Bidding Procedures is available at https://tinyurl.com/ucpfbyx from PacerMonitor.com free of charge. About Verity Health System Verity Health System -- https://www.verity.org/ -- operates as a non-profit health care system in the state of California, with approximately 1,680 inpatient beds, six active emergency rooms, a trauma center, and a host of medical specialties, including tertiary and quaternary care. Verity's two Southern California hospitals are St. Francis Medical Center in Lynwood and St. Vincent Medical Center in Los Angeles. In Northern California, O'Connor Hospital in San Jose, St. Louise Regional Hospital in Gilroy, Seton Medical Center in Daly City and Seton Coastside in Moss Beach are part of Verity Health. Verity Health also includes Verity Medical Foundation. With more than 100 primary care and specialty physicians, VMF offers medical, surgical and related healthcare services for people of all ages at community-based, multi-specialty clinics conveniently located in areas served by the Verity hospitals. Verity Health System was created in a transaction approved by California Attorney General Kamala Harris and completed in December 2015. Verity Health System of California, Inc., and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 18-20151) on Aug. 31, 2018. In the petition signed by CEO Richard Adcock, Verity Health estimated assets of $500 million to $1 billion and liabilities of $500 million to $1 billion. Judge Ernest M. Robles presides over the cases. The Debtors tapped Dentons US LLP as their bankruptcy counsel; Berkeley Research Group, LLC, as financial advisor; Cain Brothers as investment banker; and Kurtzman Carson Consultants as claims agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Sept. 17, 2018. WAYNE BENNETT: Rep Selling Kihei Property to Burney for $775K ------------------------------------------------------------- Lisa Mitchell, Representative of the Bankruptcy Estate of Wayne William Bennett, asks the U.S. Bankruptcy Court for the Northern District of California to authorize the sale of the real property located at including 3200 Wailea Alanui Drive, Apt. 1606, Kihei, Hawaii to Sandra Gibson Burney for $775,000. On Nov. 12, 2019, Ms. Mitchell, through Wailea Realty Corp., doing business as Windermere Maui, as the real estate broker, listed the Hawaii Property for sale. The Hawaii Property was first listed on the market on Nov. 12, 2019 at $850,000. Thereafter, Ms. Mitchell received two offers, one in the amount of $780,000 and the other in the amount of $775,000 by the Buyer. That counteroffer was accepted by the Buyer on Feb. 22, 2020. The parties have executed their Purchase Contract. The close of escrow is scheduled for March 23, 2020. In addition, the real estate agent is acting as a dual agent representing both the Buyer and the Seller. The terms of the sale of the Hawaii Property are fair and reasonable and represent the highest and best offer that the estate can obtain at this time for the sale of the Hawaii Property. In addition, there are no funds in the estate to continue to pay the mortgage on the Hawaii Property, therefore selling the asset at this time is necessary. Pursuant to a Stipulation for Allowance of Claim, an Order Approving Stipulation for Allowance of Claim, Compass and GS Commercial Management, Inc. are owed past due fees for their commissions relating to the sale of the Debtor's real property located at 41 Eagle Lake Court, San Ramon, California. Compass is owed $14,000 and GS Commercial Management, Inc. is owed $15,000 which will be paid from the escrow as set forth. From the sale proceeds of the sale of the Hawaii Property, the following claims ($579,000 in total) will be paid out of escrow: (i) U.S. Bank National Association - $340,000 (est.); (ii) GMAC Mortgage Corp. - $150,000 (est.); (iii) Commission and escrow fees - $60,000 (est.); (iv) Past due HOA arrears - unknown; (v) GS Commercial Management, Inc. - $15,000; and (vi) Compass - $14,000. Assuming the payments out of escrow are not increased, the total amount realized from the sale of the Hawaii Property will be approximately $271,000. The money will be paid to the trust account of Kornfield, Nyberg, Bendes, Kuhner & Little, P.C., then pay claims of the bankruptcy estate which will primarily consist of approved unpaid administrative claims and post confirmation fees owed to Kornfield, Nyberg, Bendes, Kuhner & Little, PC ($111,000) and Hanson Bridgett ($250,000) on a pro rata basis, and any past due quarterly U.S. Trustee fees in full. Finally, the Movant asks that the stay imposed by FRBP 6004(h) upon orders authorizing the use, sale or lease of property be waived under the circumstances of the case. It is in the interest of creditors and the estate that the sales be consummated as quickly as possible without any stay pending appeal. The terms of the Purchase Agreement regarding the Hawaii Property require a closing of March 23, 2020. There appears to be no prejudice that will result from the waiver of 14-day stay of FRBP 6004(h). The Chapter 11 bankruptcy case is In re Wayne William Bennett (Bankr. N.D. Cal. Case No. 17-30600) filed on June 23, 2017. ZPOWER TEXAS: April 3 Telephonic Meeting Set to Form Panel ---------------------------------------------------------- A telephonic committee formation meeting will be held on April 3, 2020 at 10:00 a.m. Central Standard Time in the bankruptcy case of ZPower Texas, LLC. It will not be held in person. If you wish to be considered for membership on any official committee that is appointed, one is directed to complete a Questionnaire Form and return it to the Office of the United States Trustee no later than 4:00 p.m. (Central Standard Time), on Wednesday, April 1, 2020 by email to erin.schmidt2@usdoj.gov and elizabeth.a.young@usdoj.gov. A representative from the U.S. Trustee's Office will contact all creditors submitting a questionnaire to arrange for a telephonic interview to occur on the morning of Friday, April 3, 2020. Questions should be sent to Erin Schmidt or Elizabeth Young using the email addresses above. 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 (the "Committee") as soon as practicable after the order for relief has been entered. The Committee ordinarily consists of the persons, willing to serve, who hold the seven (7) largest unsecured claims of the kinds represented on such committee. The debtor has filed a list indicating that your claim may be among the largest unsecured claims against the debtor, and for that reason, one may be eligible to serve on the Committee. There must be at least three (3) unsecured creditors willing to serve in order to form the Committee. About ZPower LLC ZPower -- https://www.zpowerbattery.com -- is a manufacturer of silver-zinc rechargeable microbatteries. The Company serves the consumer electronics, medical, and military and defense industries. ZPower sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Tex. Case No. 20-41158) on March 17, 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 petitions were signed by Glynne Townsend, chief restructuring officer. The case is presided by Hon. Mark X. Mullin. Davor Rukavina, Esq. of Munsch Hardt Kopf & Harr, P.C is the Debtors' counsel. [*] S&P Takes Various Ratings Actions on Gaming Sectors ------------------------------------------------------- The gaming operator and gaming equipment sectors are currently facing an unprecedented decline in revenue resulting from the temporary closures of casinos across the U.S. Revenue will fall significantly, essentially to zero for many operators, for as long as casinos are closed. While most closures are initially planned to be generally two weeks to a month, S&P believes these closures could be extended and some mandated closures are indefinite. Operators in states where online gaming is legal may still be able to generate some revenue, but S&P expects it to be very small relative to casino revenue. As a result, S&P expects there to be a significant anticipated stress on revenue and cash flow over the next several months, and possibly longer. Gaming operators will generate negative EBITDA and burn cash for as long as properties are closed. Labor, gaming taxes, and marketing are typically the three largest expense items for all gaming operators. While gaming taxes and marketing will be reduced to zero in a no-revenue scenario, operators will bear some labor costs during the closures. Most companies have agreed to pay employees during the initial closures, but S&P would expect that would not be indefinite if closures are extended and operators would substantially reduce labor. In addition, for some companies, rent is a sizable expense, and is fixed. As a result, cash burn rates will differ depending on how deep companies cut labor and other more variable expenses and whether or not they own or lease their casinos. Furthermore, it may take time for operators to recover even after properties reopen for a few reasons. First, S&P believes the U.S. is entering recession--if not already in one, which would reduce consumer discretionary spending at casinos, and its economists believe the sudden stop in consumer spending will last at least through mid-May, maybe longer. Second, casinos may be required to implement social distancing measures for a time after they reopen, as happened in Macau. To achieve this, operators would turn off slot machines and reduce the number of seats at table games to spread out patrons, which reduces available gaming capacity and potential cash flow. Lastly, customers may be reluctant to enter public spaces or travel for some time after restrictions are lifted and properties reopen because of continued fears about the virus. S&P believes regional gaming markets are more likely to recover faster than destination markets like Las Vegas because most customers are able to drive to those properties instead of fly, which reduces the cost of these trips and potential lingering travel fears associated with the virus. For gaming equipment manufacturers, casino closures will reduce the revenue these companies earn from agreements with gaming operators where operators pay some sort of fixed or daily fee or share revenue from slot machines with the gaming equipment manufacturer. Additionally, S&P believes casinos closures will drive gaming operators to reduce their capital spending budgets at least for this year, which would hurt gaming equipment manufacturers' sale of gaming machines as well. Ratings on CreditWatch reflect significant anticipated stress on revenue and cash flow over the next several months, or possibly longer, that could cause S&P to lower ratings over a short timeframe, even if companies currently have a good level of leverage and liquidity cushion. Company downgrades reflect operating metrics and leverage measures that were already weak compared to downgrade thresholds at the previous ratings and are likely to deteriorate over the next year, or very thin liquidity in the face of high fixed charges. A list of Affected Ratings can be viewed at: https://bit.ly/3btbGUX [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Wilson Organic Farm Services Inc. Bankr. E.D.N.C. Case No. 20-01190 Chapter 11 Petition filed March 18, 2020 See https://is.gd/3ioDu0 Filed Pro Se In re Rickey Conradt, Inc. Bankr. W.D. Tex. Case No. 20-50612 Chapter 11 Petition filed March 18, 2020 See https://is.gd/7YRIBB represented by: James S. Wilkin, Esq. JAMES S. WILKINS, P.C. E-mail: jwilkins@stic.net In re Dash Group Properties, Inc. Bankr. E.D.N.C. Case No. 20-01217 Chapter 11 Petition filed March 18, 2020 See https://is.gd/PzsYI1 represented by: Danny Bradford, Esq. PAUL D. BRADFORD, PLLC E-mail: dbradford@bradford-law.com In re Robert Alvarez and Yanirys C. Diaz-Alvarez Bankr. D.N.J. Case No. 20-14587 Chapter 11 Petition filed March 18, 2020 represented by: Justin M. Gillma, Esq. GILLMAN, BRUTON & CAPONE, LLC In re J.J Tapper & Co, Inc Bankr. E.D.N.Y. Case No. 20-41634 Chapter 11 Petition filed March 19, 2020 See https://is.gd/o6WAv7 represented by: Gregory M. Messer, Esq. LAW OFFICE OF GREGORY MESSER In re Michael Basilicato Bankr. S.D. Fla. Case No. 20-13745 Chapter 11 Petition filed March 19, 2020 represented by: Julianne Frank, Esq. In re Jeremy J. Hadley and Crystal L. Hadley Bankr. D. Mass. Case No. 20-40416 Chapter 11 Petition filed March 19, 2020 represented by: Robert Kovacs, Esq. KOVACS LAW, P.C. In re Sanjoy Sundaresan Bankr. N.D. Tex. Case No. 20-30921 Chapter 11 Petition filed March 19, 2020 represented by: Buffey Klein, Esq. In re Glen Larson Bankr. D. Colo. Case No. 20-12086 Chapter 11 Petition filed March 19, 2020 represented by: Jeffrey Brinen, Esq. KUTNER BRINEN, P.C. In re Marx Steel, LLC Bankr. S.D. Tex. Case No. 20-31849 Chapter 11 Petition filed March 19, 2020 See https://is.gd/2TpXUc represented by: Melissa A. Haselden, Esq. HOOVER SLOVACEK LLP E-mail: haselden@hooverslovacek.com In re Barbee Equipment, Inc. Bankr. W.D. Ark. Case No. 20-70738 Chapter 11 Petition filed March 19, 2020 See https://is.gd/v972uh represented by: Charles W. Pearce, Esq. BAILEY & OLIVER LAW FIRM E-mail: cpearce@baileyoliverlawfirm.com In re Lorena Moreno Bankr. C.D. Cal. Case No. 20-13128 Chapter 11 Petition filed March 19, 2020 represented by: Onyinye Anyama, Esq. In re Macon Concrete Products, Inc. Bankr. W.D. Tex. Case No. 20-50628 Chapter 11 Petition filed March 20, 2020 See https://is.gd/DyZUx6 represented by: Dean W. Greer, Esq. DEAN W. GREER E-mail: dwgreer@sbcglobal.net In re Di-Versified, LLC Bankr. M.D. Fla. Case No. 20-01779 Chapter 11 Petition filed March 20, 2020 See https://is.gd/o4sPYw represented by: Anne-Marie L. Bowen, Esq. ANNE-MARIE L. BOWEN, P.A. E-mail: courtdocs@bowenbankruptcylaw.com In re Mary Elaine Buenconsejo Bankr. S.D.N.Y. Case No. 20-35394 Chapter 11 Petition filed March 20, 2020 represented by: Alla Kachan, Esq. In re Anastasios Stithos Bankr. E.D.N.Y. Case No. 20-41669 Chapter 11 Petition filed March 20, 2020 represented by: Alla Kachan, Esq. In re Malibu California Model Drug Treatment Center, Inc Bankr. C.D. Cal. Case No. 20-10677 Chapter 11 Petition filed March 23, 2020 See https://is.gd/7RUy6T represented by: Michael H. Raichelson, Esq. LAW OFFICES OF MICHAEL H. RAICHELSON E-mail: mhr@cabkattorney.com In re Fulton Warehouse and Distribution, LLC Bankr. N.D. Ga. Case No. 20-64902 Chapter 11 Petition filed March 23, 2020 See https://is.gd/2mWBaQ represented by: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. E-mail: paul.marr@marrlegal.com In re Dallas Trading Enterprises, Inc Bankr. W.D. Tex. Case No. 20-60209 Chapter 11 Petition filed March 23, 2020 See https://is.gd/ATeFJQ represented by: Eric A. Liepins, Esq. ERIC A. LIEPINS E-mail: eric@ealpc.com In re Charles Altman Bankr. S.D.N.Y. Case No. 20-22425 Chapter 11 Petition filed March 23, 2020 represented by: Charles Altman, Esq. In re Joey Russell Axtell and Amy Beth Axtell Bankr. W.D. Mo. Case No. 20-50116 Chapter 11 Petition filed March 23, 2020 represented by: Joel Pelofsky, Esq. Ronald S. Weiss, Esq. BERMAN, DELEVE, KUCHAN & CHAPMAN LLC In re Ingrid Ann Miller Bankr. D. Ariz. Case No. 20-03110 Chapter 11 Petition filed March 23, 2020 represented by: Joseph Gregory Urtuzuastegui III, Esq. WINSOR LAW GROUP, PLC In re Alexander D. Beaver Bankr. D. Maine Case No. 20-20111 Chapter 11 Petition filed March 23, 2020 represented by: James Molleur, Esq. In re Bedside Angels Home Care, LLC Bankr. E.D. Mich. Case No. 20-44368 Chapter 11 Petition filed March 24, 2020 See https://is.gd/XErJ6p represented by: Ethan D. Dunn, Esq. MAXWELL DUNN, PLLC E-mail: bankruptcy@maxwelldunnlaw.com In re Dew Trucken, LLC Bankr. M.D. Ga. Case No. 20-10341 Chapter 11 Petition filed March 24, 2020 See https://is.gd/NUk10Z represented by: Shelba D. Sellers, Esq. SELLERS & MITCHELL, P.C. E-mail: shelba_sellers@yahoo.com In re Nida Marie Hedge Bankr. M.D. Tenn. Case No. 20-01827 Chapter 11 Petition filed March 24, 2020 represented by: Griffin Dunham, Esq. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2020. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***