/raid1/www/Hosts/bankrupt/TCR_Public/200720.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Monday, July 20, 2020, Vol. 24, No. 201
Headlines
417 RENTALS: Seeks Approval to Hire Bankruptcy Attorney
670 KNABB: Voluntary Chapter 11 Case Summary
753 NINTH AVE: Seeks to Hire Rosewood Realty as Broker
ADESSE GLOBAL: Seeks Approval to Hire Ryan Rapp as Legal Counsel
ADINO ALTAMONTE: Seeks to Hire Nardella & Nardella as Legal Counsel
ALCAMI CORP: Moody's Cuts CFR to Caa2, Outlook Negative
ALLIED HOSPITALITY: Seeks to Hire Brackney Law Office as Counsel
ARDENT CYBER: U.S. Trustee Unable to Appoint Committee
BAY CLUB OF NAPLES: Seeks to Hire Underwood Murray as Counsel
BAY CLUB OF NAPLES: Taps Becker & Poliakoff as Litigation Counsel
BLACK BOTTLE: Seeks to Hire Unify CPAs as Accountant
BLACK BOTTLE: Taps Bell Gould as Legal Counsel
BRIGGS & STRATTON: Board OKs Title Changes of Certain Executives
BRIGGS & STRATTON: Inks 6th Amendment to JPMorgan Credit Facility
BRITTMOORE SS INVESTMENT: Hires Okin Adams LLP as Counsel
BRUIN E&P PARTNERS: Case Summary & 30 Largest Unsecured Creditors
CBL & ASSOCIATES: Forbearance Agreements to Expire Next Week
CEC ENTERTAINMENT: U.S. Trustee Appoints Creditors' Committee
CHINESEINVESTORS.COM: Hires Irvine Venture as Securities Counsel
CHINESEINVESTORS.COM: U.S. Trustee Appoints Creditors' Committee
CHINOS HOLDINGS: Committee Hires Morrison as Special Counsel
CLINIGENCE HOLDINGS: Exploring Alternatives Including Possible Sale
CONGOLEUM CORP: July 24 Deadline Set for Committee Questionnaires
COUNTRYSIDE FUNERAL: U.S. Trustee Unable to Appoint Committee
COVIA HOLDINGS: Hires AlixPartners as Financial Advisor
COWBOY CLEANERS: Seeks to Hire Oroian Guest as Accountant
DANNYLAND LLC: Seeks to Hire Farmer & Wright as Legal Counsel
DENBURY RESOURCES: Skips $3 Million Notes Interest Payment
DIOCESE OF BUFFALO: Hires Gibson McAskill as Special Counsel
DM DUKES: Seeks to Hire Asterra Commercial as Real Estate Broker
DM WORLD: Committee Hires Cohen & Company as Financial Advisor
DPW HOLDINGS: Court OKs with Finality Derivative Suit Settlement
DPW HOLDINGS: Issues $875,000 Notes From Feb. 27 to May 27
DUN & BRADSTREET: Moody's Hikes CFR to B2, Outlook Stable
EASTERN NIAGARA: U.S. Trustee Appoints Creditors' Committee
EF-290 LLC: Taps Three Twenty-One Capital as Investment Banker
EKSO BIONICS: To Terminate Agreements with China JV
EVOKE PHARMA: Starts Commercial Manufacturing of GIMOTI
FALL CREEK PLAZA: Seeks to Hire Dean W. Greer as Counsel
FINANCIAL GRAVITY: Hires Weaver and Tidwell as Auditors
GAUCHO GROUP: Board Appoints Reuben Cannon as Director
GLOBAL EAGLE: Marcum Replaces KPMG as Accountants
GLOBAL EAGLE: Moody's Hikes CFR to Ca, Outlook Negative
GRUPO AEROMEXICO: U.S. Trustee Appoints Creditors' Committee
GRUPO FAMSA: Seeks to Hire Epiq Corporate as Claims Agent
HD SUPPLY: Moody's Alters Outlook on Ba1 CFR to Negative
IMAGEWARE SYSTEMS: Nantahala Reports 8.4% Equity Stake
IMAGEWARE SYSTEMS: Restructures Certain Senior Securities
IMERYS TALC: AII Objects to Disclosure Statement
IMERYS TALC: Hartford Objects to Plan & Disclosures
IRI HOLDINGS: Moody's Alters Outlook on B3 CFR to Stable
J.C. PENNEY: Committee Taps FTI Consulting as Financial Advisor
J.C. PENNEY: Creditors' Committee Hires Cooley LLP as Co-Counsel
J.C. PENNEY: Creditors' Committee Taps Cole Schotz as Co-Counsel
J.C. PENNY: Committee Taps Jefferies LLC as Investment Banker
KEN GARFF: Moody's Confirms Ba2 CFR, Outlook Negative
KENTUCKY BIOSCIENCE: Seeks to Hire Seiller Waterman as Counsel
KIM DOLLEH: Gets Approval to Hire BizBode as Real Estate Agent
KR MEDICAL: Seeks to Hire Lane Law as Legal Counsel
KTR GLOBAL: Voluntary Chapter 11 Case Summary
LAKEWAY PUBLISHERS: Hires Dirks Van Essen as Broker
LANDAU BKN HOLDINGS: Seeks to Hire Zachar Law as Special Counsel
LILIS ENERGY: U.S. Trustee Appoints Creditors' Committee
MAN HANDS: Seeks to Hire Henry & Regel as Counsel
MARTIN MIDSTREAM: Extends Tender Offer Early Participation Date
MATADOR RESOURCES: Moody's Hikes CFR to B2, Outlook Stable
MAVERICK RESTORATION: Hires Robert A. Whitley as Special Counsel
MAX FINE FURNITURE: Seeks to Hire Pulman Cappuccio as Counsel
MBM SAND: Taps Pendergraft & Simon as Legal Counsel
METAL PARTNERS: U.S. Trustee Appoints Creditors' Committee
MOHAJER12 CORP: Seeks to Hire Pawlowski & Associates as Accountant
NAMB & ASSOCIATES: Hires Mandelbaum Salsburg as New Legal Counsel
NCL CORP: Moody's Rates New Secured Notes 'Ba2'
NEIMAN MARCUS: Hires Alvarez & Marsal as Financial Advisor
NET ELEMENT: Howard Ash Quits from Board of Directors
NEUMEDICINES INC: Case Summary & 20 Largest Unsecured Creditors
NOTOX TECHNOLOGIES: Delays Filing of Quarterly Report
NPC INTERNATIONAL: U.S. Trustee Appoints Creditors' Committee
ODYSSEY ENGINES: Gets Interim Approval to Hire Financial Advisor
ODYSSEY ENGINES: Gets Interim Approval to Hire GGG Partners as CRO
ONE EARTH: Seeks to Hire Brumberg Mackey as Legal Counsel
PARKHILL PEDIATRIC: Hires Fox Consulting as Financial Advisor
PETROLIA ENERGY: Three Directors Resign from Board
PHILIRON INC: Seeks to Hire Houlihan Lawrence as Real Estate Broker
PHUNWARE INC: Refinances Senior Convertible Note
POWER BAIL: Seeks Approval to Tap John R. Mayer as Special Counsel
PREMIERE JEWELLERY: Seeks to Hire Armstrong Teasdale as Counsel
PRIME GLOBAL: Chief Executive Officer Resigns
PROFESSIONAL INVESTORS: Involuntary Chapter 11 Case Summary
PROFESSIONAL SALES: Seeks to Hire Alan Green CPA as Accountant
PROVECTUS BIOPHARMACEUTICALS: Adds New Member to Board of Directors
Q BIOMED: Posts $2.4 Million Net Loss in Second Quarter
QUARTER HOMES: U.S. Trustee Unable to Appoint Committee
RAINIER PROPERTIES: Hires Bach Law Offices as Legal Counsel
RAYONIER ADVANCED: Second Quarter Results Impacted By COVID-19
REJUVI LABORATORY: Hires Bachecki Crom as Accountant
RELIABLE PROFESSIONAL: Seeks Court Approval to Hire Accountant
RENEGADE STORES: Hires McGrath North as Bankruptcy Counsel
RENNOVA HEALTH: Posts $5.8 Million Net Loss in First Quarter
REVLON CONSUMER: Reduces Number of Directors
RH HOLDINGS: Seeks to Hire Glankler Brown as Legal Counsel
ROSEGARDEN HEALTH: Trustee Taps Michalik Bauer as Special Counsel
RTW RETAILWINDS: July 20 Deadline Set for Committee Questionnaires
RUBIE'S COSTUME: Committee Hires Arent Fox as Counsel
RUBIE'S COSTUME: Committee Hires CohnReznick as Financial Advisor
RUSTY GOLD: Committee Hires Schulman & Co. as Forensic Accountant
RWDY INC: Seeks to Hire Ayres Shelton as Legal Counsel
RWDY INC: Seeks to Hire Chad M. Garland as Accountant
SEANERGY MARITIME: Regains Compliance with Nasdaq Bid Price Rule
SEHAR INC: Seeks to Hire Barrett McNagny as Litigation Counsel
SOS TOWING: Seeks to Hire Diana Manning as Accountant
STAGE STORES: Seeks Approval to Tap Grant Thornton as Tax Advisor
SUNTECH DRIVE: U.S. Trustee Unable to Appoint Committee
TATUADO HOSPITALITY: Hires Schwartz Law as Litigation Counsel
TEMPLER ACQUISITION: Seeks to Hire Scott B. Riddle as Legal Counsel
TOWN SPORTS: Board OKs 2nd Amendment to 2018 Management Plan
TRIDENT BRANDS: Delays Filing of Form 10-Q for Period ended May 31
TUESDAY MORNING: Committee Seeks to Hire Financial Advisor
TUESDAY MORNING: Committee Seeks to Hire Munsch Hardt as Counsel
TUESDAY MORNING: Committee Taps Montgomery McCracken as Counsel
TUESDAY MORNING: Judge Denies Bid to Appoint Equity Committee
TWIFORD ENTERPRISES: Hires Porter Simon as Counsel
ULTRA PETROLEUM: Committee Seeks to Hire Financial Advisor
ULTRA PETROLEUM: Creditors' Panel Hires McKool Smith as Co-Counsel
VENUS CONCEPT: Reports Preliminary Revenue Results for Q2 2020
VIDANGEL INC: Trustee Hires Hashimoto Forensic as Accountant
VIDEO DISPLAY: Posts $8K Net Loss in First Quarter
WATSON GRINDING: Trustee Hires Hughes Watters as Lead Counsel
WATSON GRINDING: Trustee Hires Jones Murray as Special Counsel
XLMEDICA INC: Seeks to Hire Callagy Law as Special Counsel
YOGI CARPET: Seeks to Hire Latham Luna as Legal Counsel
[^] BOND PRICING: For the Week from July 13 to 17, 2020
*********
417 RENTALS: Seeks Approval to Hire Bankruptcy Attorney
-------------------------------------------------------
417 Rentals, LLC, seeks authority from the United States Bankruptcy
Court for the Western District of Missouri to hire Joseph C.
Greene, Esq., as its attorney.
Services Mr. Greene will render are:
(a) advise the Debtor with respect to their rights and
obligations as debtor and debtor-in-possession and regarding
compliance with the Bankruptcy Code;
(b) prepare and file any and all petitions, schedules,
statement of affairs, motions, applications, plan of reorganization
and any and all other pleadings and documents which may be required
in this proceeding;
(c) represent the Debtor at the meeting of creditors,
confirmation and related hearings and any continued or adjourned
hearings thereof;
(d) solicit consents to the Debtor's proposed plan of
reorganization, disclosures and communications with creditors
relating thereto; and securing confirmation of said plan of
reorganization;
(e) represent the debtor with respect to any matters that may
arise in connection with the Debtor's rep organization proceeding
and the conduct and operation of debtor's business; and
(f) examine claims of creditors in order to determine
validity, priority and amount; give advice and counsel to the
applicants in connection with legal problems, including securing
the Debtor-in-Possession financing, the use of cash collateral, the
sale of the property of the estate, the assumption and/or rejection
of unexpired leases and executory contracts, and the protection of
applicant's interests with respect to any contested or adversary
matters.
The weekly rate currently charged by Mr. Greene is $200.00 per
hour.
Mr. Greene assures the court that he is a "disinterested person"
within the meaning of 11 U.S.C. Secs. 101(14) and 327.
The counsel can be reached at:
Joseph C. Greene, Esq.
3654 East Cherry St.
Springfield, MO 65809
Phone: (417) 869-4150
Email: greenejoseph@att.net
About 417 Rentals, LLC
417 Rentals is primarily engaged in renting and leasing real estate
properties.
417 Rentals, LLC, filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. 20-41005) on May
28, 2020. In the petition signed by Christopher Eric Gatley,
member, the Debtor estimated $50,000 in assets and $1 million to
$10 million in liabilities. Joseph Christopher Greene, Esq. at THE
LAW OFFICE OF CHRIS GREENE represents the Debtor as counsel.
670 KNABB: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: 670 Knabb LLC
670 Knabb Road
Elma, NY 14059
Business Description: 670 Knabb LLC classifies its business as
Single Asset Real Estate (as defined in 11
U.S.C. Section 101(51B)). The company owns
five residential vacant lands and a single
family residence in Elma, NY, having an
an aggregate current value of $2.13 million.
Chapter 11 Petition Date: July 15, 2020
Court: United States Bankruptcy Court
Western District of New York
Case No.: 20-10932
Judge: Hon. Carl L. Bucki
Debtor's Counsel: Arthur G. Baumeister, Jr., Esq.
BAUMEISTER DENZ LLP
172 Franklin Street, Suite 2
Buffalo, NY 14202
Tel: (716) 852-1300
E-mail: abaumeister@bdlegal.net
Total Assets: $2,136,357
Total Liabilities: $1,065,000
The petition was signed by Kevin Cichocki, president.
The Debtor stated it has no unsecured creditors.
A copy of the petition is available for free at PacerMonitor.com
at:
https://is.gd/6EqaLo
753 NINTH AVE: Seeks to Hire Rosewood Realty as Broker
------------------------------------------------------
753 Ninth Ave Realty, LLC, seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Rosewood Realty
Group as its exclusive real estate broker.
The Debtor's primary asset is its property located at 753 Ninth
Avenue, New York, New York.
On Oct. 22, 2019, the Court entered an order authorizing the
retention and employment of B6 Real Estate Advisors, LLC as the
Debtor's broker.
It is the Debtor's understanding the there is no person at B6 that
has familiarity with bankruptcy sales and believes that it is
important to the process that a broker with such familiarity leads
the marketing and sale effort.
The Debtor is hereby seeking to engage Rosewood as its substitute
broker with respect to the property.
Services Rosewood will render are:
a. develop property marketing materials, including but not
limited to print and/or online advertisements, a property brochure
direct mail piece, and e-blasts;
b. market and promote the property through a variety of
mediums including but not limited to print and/or online
advertising, direct mail and prospect management.
c. show the property to and communicated with prospective
purchasers;
d. coordinate with the seller's attorney to prepare a Purchase
Agreement;
e. prepare a due diligence package for the property;
f. provide oral and written marketing status report to the
seller, secured creditors and the Court throughout the program;
g. conduct the actual auction event in a professional and
effective manner;
h. monitor and assist with the closing process;
l. transmit every written offer on any real property or
interest presented to or obtained by the broker during the term of
the listing to the seller within reasonable period of time after
receipt of the written offer by the Broker.
Rosewood's commission will be 6 percent of the total sale price;
plus reimbursement of actual, reasonable, third party out-of-pocket
expenses up to $15,000.
Rosewood is a "disinterested person" within the meaning of sections
101(14) and 327 of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Greg Corbin
Rosewood Realty Group
38 E 29th St 5th floor
New York, NY 10016
Phone: +1 212-359-9900
About 753 Ninth Ave
Based in New York, New York, 753 Ninth Ave Realty, LLC, is a Single
Asset Real Estate Debtor. Its principal assets are located at 753
Ninth Avenue New York, NY 10019 having an appraised value of $13.5
million.
753 Ninth Ave Realty filed for chapter 11 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 19-11201) on April 18, 2019. In the
petition was signed by Marina Koustis, manager of sole member, the
Debtor listed total assets $13,500,499 and total liabilities at
$16,367,400. The case is assigned to Judge Mary Kay Vyskocil. The
Debtor is represented by Cullen & Dykman LLP.
ADESSE GLOBAL: Seeks Approval to Hire Ryan Rapp as Legal Counsel
----------------------------------------------------------------
Adesse Global Cosmetics, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Arizona to employ Ryan Rapp
Underwood & Pacheco, PLC as its legal counsel.
The firm's services will include:
(a) advising Debtor of its obligations and limitations under
the Bankruptcy Code;
(b) advising Debtor with respect to the continued operation of
its business while in bankruptcy;
(c) advising Debtor with respect to the treatment of claims
against its bankruptcy estate and the assumption or rejection of
executory contracts;
(d) preparing pleadings and attending hearings and
examinations;
(e) assisting Debtor in the formulation and presentation of a
plan of reorganization.
The customary rates charged by the firm range between $175 and $400
per hour.
Ryan Rapp is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.
The firm can be reached through:
J. Henk Taylor, Esq.
Ryan Rapp Underwood & Pacheco, PLC
3200 North Central Avenue, Suite 2250
Phoenix, AZ 85012
Telephone: (602) 707-1480
Facsimile: (602) 265-1495
Email: htaylor@rrulaw.com
About Adesse Global Cosmetics
Adesse Global Cosmetics, Inc., a cosmetics company with offices in
New York City and Fountain Hills, Ariz., filed its voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz.
Case No. 20-07849) on July 2, 2020. At the time of the filing,
Debtor had estimated assets of between $50,000 and $100,000 and
liabilities of between $100,000 and $500,000. Ryan Rapp Underwood
& Pacheco PLC is Debtor's legal counsel.
ADINO ALTAMONTE: Seeks to Hire Nardella & Nardella as Legal Counsel
-------------------------------------------------------------------
Adino Altamonte Springs, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Nardella & Nardella, PLLC as its legal counsel.
The firm's services will include:
(a) advising Debtor concerning the operation of its business;
(b) defending any causes of action on behalf of Debtor;
(c) prepare legal papers; and
(d) assist in the formulation of a plan of reorganization and
preparation of a disclosure statement.
The firm's attorneys and paralegals will be paid at hourly rates as
follows:
Michael Nardella, Esq. $350
Paul Mascia, Esq. $325
Associates $275
Paraprofessionals $175
Nardella & Nardella received a retainer in the amount of $15,263.
Michael Nardella, Esq., at Nardella & Nardella, disclosed in court
filings that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael A. Nardella, Esq.
Nardella & Nardella, PLLC
135 W. Central Blvd., Suite 300
Orlando, FL 32801
Telephone: (407) 966-2680
Facsimile: (407) 966-2681
Email: mnardella@nardellalaw.com
- and –
Paul N. Mascia, Esq.
Nardella & Nardella, PLLC
135 W. Central Blvd., Suite 300
Orlando, FL 32801
Telephone: (407) 966-2680
Facsimile: (407) 966-2681
Email: pmascia@nardellalaw.com
About Adino Altamonte Springs
Adino Altamonte Springs, LLC, a Florida limited liability company,
filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 20- 03773)
on July 2, 2020. The petition was signed by Daryl M. Baer,
Debtor's chief operating officer. At the time of the filing,
Debtor had estimated assets of less than $50,000 and liabilities of
between $100,001 and $500,000. Debtor has tapped Nardella &
Nardella, PLLC as its bankruptcy counsel.
ALCAMI CORP: Moody's Cuts CFR to Caa2, Outlook Negative
-------------------------------------------------------
Moody's Investors Service downgraded Alcami Corporation's ratings,
including the Corporate Family Rating to Caa2 from Caa1 and the
Probability of Default Rating to Caa2-PD from Caa1-PD. Moody's also
downgraded the first lien senior secured bank credit facility
rating to Caa1 from B3. The outlook is negative.
The downgrade to Caa2 reflects Alcami's very high financial
leverage and expected headwinds throughout 2020, which will lead to
further weakening of credit metrics. Moody's expects adjusted
debt/EBITDA will continue to exceed 10x (as per Moody's definition,
which differs from the credit agreement calculation) over the next
12-18 months - an unsustainably high level. The downgrade also
reflects the company's limited liquidity runway given material
expected cash burn over the next several quarters. This will be
due, in part, to elevated capital expenditures required to invest
in the recently acquired TriPharm Services in order to fully
operationalize the assets. Given very high leverage and weak
liquidity, the downgrade also reflects the increased probability
that Alcami will pursue a transaction that Moody's would consider a
distressed exchange, and hence a default under Moody's definition.
The following ratings for Alcami Corporation were downgraded:
Corporate Family Rating, to Caa2 from Caa1
Probability of Default Rating, to Caa2-PD from Caa1-PD
Senior secured first lien revolving credit facility expiring 2023
to Caa1 (LGD3) from B3 (LGD3)
Senior secured first lien term loan due 2025 to Caa1 (LGD3) from B3
(LGD3)
Outlook Actions:
- Outlook, changed to Negative from Stable
RATINGS RATIONALE
Alcami's Caa2 CFR reflects the company's weak credit profile,
evidenced in part by very high financial leverage well in excess of
10 times on a Moody's adjusted debt/EBITDA basis, and weak interest
coverage of -0.5x for the twelve months ended March 31, 2020. The
rating also reflects Alcami's modest scale relative to more
established Contract Development and Manufacturing Organizations,
such as Catalent Pharma Solutions, Inc. (B1 stable) and Patheon
(owned by Thermo Fisher Scientific Inc., Baa1 stable). These
competitors are both roughly 8-9 times the size of Alcami and are
able offer greater capabilities to pharmaceutical/biotech
customers. The rating is further constrained by the high regulatory
risk and compliance costs inherent in the CDMO industry. The
company's financial policies are expected to be relatively
aggressive, in accordance with its private equity ownership.
The rating is supported by Moody's view that fundamental demand for
pharmaceutical development and manufacturing services will be
robust. Demand will continue to grow as pharmaceutical companies
increasingly outsource development and manufacturing of complex
products. If Alcami can continue to improve its operating
performance and successfully bring its TriPharm investment online,
it would be well positioned to benefit from this growing demand
given its full suite of services. Moody's estimates that the
industry will grow at a mid-single-digit rate over the next few
years.
Moody's believes that Alcami's liquidity will be weak over the next
12-15 months. As of March 31, 2020, Alcami had $8 million of cash
and Moody's anticipates negative free cash flow over the next
several quarters, absent significant improvement in earnings. This
will constrain liquidity and result in reliance on the revolving
credit facilities which include a $50 million revolving credit
facility due in 2023 ($7 million drawn as of March 31, 2020), as
well as $16 million of availability under new and undrawn
asset-based credit line.
The negative rating outlook reflects Moody's expectation that
Alcami will continue to face challenges in stabilizing and
improving operating performance, and that free cash flow will
remain negative over the next 12 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if liquidity weakens or operating
performance deteriorates further. Increased likelihood of an event
of default or reduced recovery expectations for lenders could also
lead to a rating downgrade.
The ratings could be upgraded if Alcami is able to effectively
turn-around the business through prudent cost savings and new
business wins, resulting in a higher probability that Alacami's
capital structure is sustainable. Specifically, material
improvement in free cash flow generation and reduction in debt to
EBITDA could support an upgrade.
Alcami Corporation is an integrated contract development &
manufacturing organization. The company develops and manufactures
both active pharmaceutical ingredients and finished drug product
for its customers. It also provides lab services, such as
formulation development, and packaging. The company is
majority-owned by private equity firm Madison Dearborn Partners.
During the twelve-month period ended March 31, 2020, the company
generated approximately $197 million of revenue.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
ALLIED HOSPITALITY: Seeks to Hire Brackney Law Office as Counsel
----------------------------------------------------------------
Allied Hospitality, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Kentucky to employ Brackney Law
Office, PLLC as its legal counsel.
Brackney will provide legal services in connection with the
administration of Debtor's Chapter 11 case. The firm's services
will be provided mainly by Peter Brackney, Esq., who will charge
Debtor an hourly fee of $250.
Debtor paid the firm the sum of $11,717, including the filing fee
of $1,717, prior to its bankruptcy filing.
Mr. Brackney disclosed in court filings that his firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Peter Brackney, Esq.
Brackney Law Office, PLLC
709 Millpond Road
Lexington, KY 40514
Telephone: (859) 559-4648
Email: peter@brackneylaw.com
About Allied Hospitality
Allied Hospitality, LLC sought Chapter 11 protection (Bankr. E.D.
Ky. Case No. 20-51009) on July 2, 2020. At the time of the filing,
Debtor had estimated assets of between $500,001 and $1 million and
liabilities of between $100,001 and $500,000. Debtor has tapped
Brackney Law Office, PLLC as its legal counsel.
ARDENT CYBER: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
The Office of the U.S. Trustee on July 14, 2020 disclosed in a
court filing that no official committee of unsecured creditors has
been appointed in the Chapter 11 case of Ardent Cyber Solutions,
LLC.
About Ardent Cyber Solutions
Ardent Cyber Solutions, LLC, a cybersecurity firm based in
Scottsdale, Ariz., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 20-06722) on June 3,
2020. At the time of the filing, the Debtor had estimated assets
of less than $50,000 and liabilities of between $1 million and $10
million. Judge Paul Sala oversees the case. Allan D. NewDelman,
P.C., is the Debtor's legal counsel.
BAY CLUB OF NAPLES: Seeks to Hire Underwood Murray as Counsel
-------------------------------------------------------------
The Bay Club of Naples, LLC and the Bay Club of Naples II, LLC,
seek authority from the United States Bankruptcy Court for the
Middle District of Florida to employ the law firm of Underwood
Murray P.A. as their counsel.
The professional services that Underwood Murray will provide are:
a. advise the Debtors with respect to their responsibilities
in complying with the United States Trustee's Guidelines and
Reporting Requirements and with the rules of the Court;
b. prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of these cases;
c. protect the interests of the Debtors in all matters pending
before the Court; and
d. represent the Debtors in negotiations with their creditors
and in the preparation and confirmation of a plan.
Underwood Murray's standard hourly rates are:
Partners $375-525
Associates $275
Paralegal $170
Scott A. Underwood, Partner $525
Megan W. Murray, Partner $375
Adam M. Gilbert, Associate $275
Scott A. Underwood, partner at Underwood Murray, disclosed in the
court filing that the firm represents no interest adverse to the
Debtor or its estate, and disinterested within the meaning of 11
U.S.C. Sec. 101(14).
The firm can be reached through:
Scott Underwood, Esq.
Megan W. Murray, Esq.
Adam M. Gilbert, Esq.
UNDERWOOD MURRAY, P.A.
100 North Tampa St 2325
Tampa, FL 33602
Tel: 813-540-8402
E-mail: sunderwood@underwoodmurray.com
mmurray@underwoodmurray.com
agilbert@underwoodmurray.com
About The Bay Club of Naples
The Bay Club of Naples is a Florida limited liability company based
in Naples engaged in the business of real estate development.
The Bay Club of Naples, LLC, and The Bay Club of Naples II, LLC,
concurrently filed voluntary petitions for relief under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 20-05008) on
June 29, 2020. The petitions were signed by Harry M. Zea, manager.
At the time of filing, the Debtors disclosed $10 million to $50
million in both assets and liabilities. Scott Underwood, Esq. at
UNDERWOOD MURRAY, P.A. represents the Debtors as counsel.
BAY CLUB OF NAPLES: Taps Becker & Poliakoff as Litigation Counsel
-----------------------------------------------------------------
The Bay Club of Naples, LLC and The Bay Club of Naples II, LLC
received approval from the U.S. Bankruptcy Court for the Middle
District of Florida to employ Becker & Poliakoff, P.A., led by Jon
Polenberg, as their special counsel.
The Debtors desire to retain Becker & Poliakoff as special counsel
to prosecute the appeal authorized by Soneet Kapila before his
resignation as chief restructuring officer (CRO) and manager of the
Debtors, as well as a likely derivative claim against Acres
Capital, LLC, the Debtors' secured lender, for lender liability and
usury.
The Debtors and the law firm have agreed to compensate the
attorneys and paraprofessionals who will work on this matter at
their standard hourly rates as follows:
Jon Polenberg $650
Paul Shur $650
Darren Goldman $400
Partners $650
Associates $400
Paralegal Professionals $175
In addition, the firm will charge the Debtors for necessary
expenses incurred in connection with this case.
Becker & Poliakoff has not received a retainer from the Debtors,
their estates, a creditor in Debtors' bankruptcy cases, or any
third party to the Debtors' bankruptcy cases.
Jon Polenberg, a partner of the law firm Becker & Poliakoff, P.A.,
disclosed in court filings that the firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Jon Polenberg, Esq.
BECKER & POLIAKOFF, P.A.
1 East Broward Blvd., Suite 1800
Ft. Lauderdale, FL 33301
Telephone: (954) 364-6037
Facsimile: (954) 985-4176
E-mail: jpolenberg@beckerlawyers.com
About The Bay Club of Naples
The Bay Club of Naples, LLC is a Florida limited liability company
based in Naples engaged in the business of real estate
development.
The Bay Club of Naples, LLC and its debtor affiliate, The Bay Club
of Naples II, LLC, concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla.
Lead Case No. 20-05008) on June 29, 2020. The petitions were signed
by Harry M. Zea, manager. At the time of the filing, each Debtor
disclosed estimated assets of $10 million to $50 million and
estimated liabilities of the same range. The Debtors tapped
Underwood Murray, P.A. as counsel and Becker & Poliakoff, P.A., led
by Jon Polenberg, as their special counsel.
BLACK BOTTLE: Seeks to Hire Unify CPAs as Accountant
----------------------------------------------------
Black Bottle Brewery, LLC seeks authority from the U.S. Bankruptcy
Court for the District of Colorado to employ Unify CPAs P.C. as its
accountant.
The firm's services will include the preparation of financial
reports and tax documents for Debtor. Mike Mehle, the firm's
accountant who will be providing the services, will charge an
hourly fee of $175.
Mr. Mehle disclosed in court filings that the firm is disinterested
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Mike Mehle, CPA
Unify CPAs P.C.
185 N. College Avenue, 2nd Floor
Fort Collins, CO 80524
Phone: +1 970-484-9655
About Black Bottle Brewery
Black Bottle Brewery is a privately held company in the beer making
and restaurant business. It is based in Fort Collins, Colo.
Black Bottle Brewery filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
20-14472) on June 30, 2020. In the petition signed by its manager
Sean Nook, Debtor disclosed $291,577 in assets and $1,611,278 in
liabilities. Judge Kimberley H. Tyson oversees the case.
Gregory S. Bell, Esq., at Bell Gould Linder & Scott, P.C., is
Debtor's legal counsel.
BLACK BOTTLE: Taps Bell Gould as Legal Counsel
----------------------------------------------
Black Bottle Brewery, LLC received approval from the U.S.
Bankruptcy Court for the District of Colorado to employ Bell Gould
Linder & Scott, P.C. as its legal counsel.
The firm's services will include:
a. advising Debtor of its powers and duties under the
Bankruptcy Code;
b. assisting Debtor in the development of a Chapter 11 plan of
reorganization;
c. preparing court papers and initiating actions, which may be
required in the continued administration of Debtor's property under
Chapter 11; and
d. taking necessary actions to enjoin and stay until final
decree continuation of pending proceedings and to enjoin and stay
until final decree the commencement of lien foreclosure proceedings
and all matters pursuant to Section 362 of the Bankruptcy Code.
The firm's attorneys and paralegals will be paid at hourly rates as
follows:
Gregory Bell, Esq. $285
Matthew Gould, Esq. $285
Paralegal Services $95
Debtor paid the firm a retainer in the amount of $10,000, of which
$1,717 was used to pay the filing fee.
Bell Gould is disinterested within the meaning of Section 101(14)
of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Gregory S. Bell, Esq.
Bell Gould Linder & Scott, P.C.
318 E Oak St
Fort Collins, CO 80524
Phone: +1 970-493-8999
About Black Bottle Brewery
Black Bottle Brewery is a privately held company in the beer making
and restaurant business. It is based in Fort Collins, Colo.
Black Bottle Brewery filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
20-14472) on June 30, 2020. In the petition signed by its manager
Sean Nook, Debtor disclosed $291,577 in assets and $1,611,278 in
liabilities. Judge Kimberley H. Tyson oversees the case.
Gregory S. Bell, Esq., at Bell Gould Linder & Scott, P.C., is
Debtor's legal counsel.
BRIGGS & STRATTON: Board OKs Title Changes of Certain Executives
----------------------------------------------------------------
The Board of Directors of Briggs & Stratton Corporation approved
changes to the titles of certain of its executive officers to more
closely align with their respective roles and responsibilities in
connection with the Company's previously-announced strategic
repositioning. Among the changes approved:
* David J. Rodgers has been named senior vice president
corporate development & president – Job Site.
* William H. Reitman has been named senior vice president
sales – Americas Turf & Consumer Products.
No changes were made to any compensatory arrangements with Messrs.
Rodgers and Reitman in connection with the changes to their
titles.
About Briggs & Stratton
Briggs & Stratton Corporation (NYSE: BGG), headquartered in
Milwaukee, Wisconsin, is a producer of gasoline engines for outdoor
power equipment, and is a designer, manufacturer and marketer of
power generation, pressure washer, lawn and garden, turf care and
job site products through its Briggs & Stratton, Simplicity,
Snapper, Ferris, Vanguard, Allmand, Billy Goat, Murray, Branco, and
Victa brands. Briggs & Stratton products are designed,
manufactured, marketed and serviced in over 100 countries on six
continents. Visit http://www.basco.com/and
http://www.briggsandstratton.comfor additional information.
Briggs & Stratton reported a net loss of $54.08 million for the
year ended June 30, 2019, compared to a net loss of $11.32 million
for the year ended July 1, 2018. As of March 29, 2020, Briggs &
Stratton had $1.59 billion in total assets, $930.28 million in
total current liabilities, $419.77 million in total other
liabilities, and $239.34 million in total shareholders'
investment.
* * *
As reported by the TCR on June 23, 2020, S&P Global Ratings lowered
its issuer credit rating on Briggs & Stratton Corp. to 'SD' from
'CCC-' because it believes the company is unlikely to make the
interest payment on the notes within the 30-day grace period but
expect that it will continue to pay interest on its asset-based
lending revolving credit facility (unrated).
As reported by the TCR on April 16, 2020, Moody's Investors Service
downgraded its ratings for Briggs & Stratton Corporation, including
the company's corporate family rating and probability of default
rating (to Caa3 and Ca-PD, from B3 and B3-PD, respectively). The
downgrades reflect Moody's expectation of an increased likelihood
of default via a pre-emptive debt restructuring due to the
company's perceived inability to refinance its $195 million of
senior unsecured notes due December 2020, as compounded by its high
financial leverage and deemed untenable capital structure.
BRIGGS & STRATTON: Inks 6th Amendment to JPMorgan Credit Facility
-----------------------------------------------------------------
Briggs & Stratton Corporation, Briggs & Stratton AG and certain
other subsidiaries of the Company entered into an Amendment No. 6
to Revolving Credit Agreement among the Company, B&S AG, the other
loan parties party thereto, the lenders party thereto and JPMorgan
Chase Bank, N.A., as administrative agent. The Amendment amends
the Revolving Credit Agreement, dated as of Sept. 27, 2019, among
the Company, B&S AG, the other subsidiary borrowers from time to
time party thereto, the lenders and issuing banks from time to time
party thereto and the Agent. The Amendment amends the Existing
Credit Agreement to, among other things:
* revise the event of default respecting approval of a
permitted junior debt financing, equity issuance and/or real
property sale-leaseback transaction to require such a
transaction to have its proposed terms and conditions
approved by the required lenders and the Agent, and to be
closed, effective and fully funded on such approved terms,
in each case on or before July 19, 2020;
* provide for all borrowings by the Company to bear interest
based on the base rate instead of LIBOR; and
* waive the occurrence of any cross-default that would
otherwise arise due to the Company's non-payment of interest
on its 6.875% senior notes due 2020 on July 15, 2020, unless
the note holders take certain enforcement actions as a
result of such non-payment.
On July 14, 2020, after the effectiveness of the Amendment, the
Company and its subsidiaries had $271.3 million of borrowings and
$50.1 million of letters of credit outstanding under the Credit
Agreement. As a result, availability under the Credit Agreement
was $65.6 million as of July 14, 2020.
About Briggs & Stratton
Briggs & Stratton Corporation (NYSE: BGG), headquartered in
Milwaukee, Wisconsin, is a producer of gasoline engines for outdoor
power equipment, and is a designer, manufacturer and marketer of
power generation, pressure washer, lawn and garden, turf care and
job site products through its Briggs & Stratton, Simplicity,
Snapper, Ferris, Vanguard, Allmand, Billy Goat, Murray, Branco, and
Victa brands. Briggs & Stratton products are designed,
manufactured, marketed and serviced in over 100 countries on six
continents. Visit http://www.basco.com/and
http://www.briggsandstratton.comfor additional information.
Briggs & Stratton reported a net loss of $54.08 million for the
year ended June 30, 2019, compared to a net loss of $11.32 million
for the year ended July 1, 2018. As of March 29, 2020, Briggs &
Stratton had $1.59 billion in total assets, $930.28 million in
total current liabilities, $419.77 million in total other
liabilities, and $239.34 million in total shareholders'
investment.
* * *
As reported by the TCR on June 23, 2020, S&P Global Ratings lowered
its issuer credit rating on Briggs & Stratton Corp. to 'SD' from
'CCC-' because it believes the company is unlikely to make the
interest payment on the notes within the 30-day grace period but
expect that it will continue to pay interest on its asset-based
lending revolving credit facility (unrated).
As reported by the TCR on April 16, 2020, Moody's Investors Service
downgraded its ratings for Briggs & Stratton Corporation, including
the company's corporate family rating and probability of default
rating (to Caa3 and Ca-PD, from B3 and B3-PD, respectively). The
downgrades reflect Moody's expectation of an increased likelihood
of default via a pre-emptive debt restructuring due to the
company's perceived inability to refinance its $195 million of
senior unsecured notes due December 2020, as compounded by its high
financial leverage and deemed untenable capital structure.
BRITTMOORE SS INVESTMENT: Hires Okin Adams LLP as Counsel
---------------------------------------------------------
Brittmoore SS Investment, LLC, seeks authority from the U.S.
Bankruptcy Court for the Southern District of Texas to employ Okin
Adams LLP as its counsel.
Brittmoore SS requires Okin Adams to:
a) advise the Debtor with respect to its rights, duties and
powers in the Bankruptcy Case;
b) assist and advise the Debtor in its consultations relative
to the administration of the Bankruptcy Case;
c) assist the Debtor in analyzing the claims of the creditors
and in negotiating with such creditors;
d) assist the Debtor in the analysis of and negotiations with
any third-party concerning matters relating to, among other things,
a sale of substantially all of the Debtor's Assets, or the terms of
a plan of reorganization;
e) represent the Debtor at all hearings and other
proceedings;
f) review and analyze all applications, orders, statements of
operations and schedules filed with the Court and advise the Debtor
as to their propriety;
g) assist the Debtor in preparing pleadings and applications
as may be necessary in furtherance of the Debtor's interests and
objectives; and
h) perform such other legal services as may be required and
are deemed to be in the interests of the Debtor in accordance with
the Debtor's powers and duties as set forth in the Bankruptcy
Code.
The firm's attorneys charge between $265 and $575 per hour for
their services. The rates for paralegals and other support staff
range from $115 to $150 per hour. Christopher Adams charges $500
per hour.
Okin Adams received an initial retainer from Stefan Knieling and
Tolis Thanos in their capacity as managers of TMSC Properties, LLC
of $25,000 on or about Feb. 6, 2020. In total, Okin Adams has
billed and been paid by TMSC Properties, LLC a total amount of
$69,753 for fees and $37.88 in expenses, prior to the Petition
Date.
Okin Adams is "disinterested" within the meaning of Section 101(14)
of the Bankruptcy Code, according to court filings.
The firm can be reached through:
Christopher Adams, Esq.
John Thomas Oldham, Esq.
OKIN ADAMS LLP
1113 Vine St., Suite 240
Houston, TX 77002
Tel: 713-228-4100
Fax: 888-865-2118
Email: cadams@okinadams.com
Email: joldham@okinadams.com
About Brittmoore SS Investment
Brittmoore SS Investment, LLC, based in Houston, TX, filed a
Chapter 11 petition (Bankr. S.D. Tex. Case No. 20-32901) on June 1,
2020. In the petition was signed by Stefan Knieling, managing
member, the Debtor was estimated to have $10 million to $50 million
in both assets and liabilities. The Hon. Christopher M. Lopez
oversees the case. Okin Adams LLP, serves as bankruptcy counsel to
the Debtor.
BRUIN E&P PARTNERS: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------------
Lead Debtor: Bruin E&P Partners, LLC
602 Sawyer Street
Suite 710
Houston, Texas 77007
Business Description: Bruin E&P Partners, LLC and its Debtor
subsidiaries are a privately owned
exploration and production enterprise
focused on the acquisition and
development of onshore oil and natural
gas producing properties. The Debtors'
production and development activities
are located in North Dakota.
Headquartered in Houston, Texas, and
with offices in Colorado and North
Dakota, the Debtors have approximately
134 employees. For more information.
visit http://bruinep.com.
Chapter 11 Petition Date: July 16, 2020
Court: United States Bankruptcy Court
Southern District of Texas
Seven affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Bruin E&P Partners, LLC (Lead Debtor) 20-33605
Bruin Williston Holdings, LLC 20-33608
Bruin Williston I, LLC 20-33610
Bruin Williston II, LLC 20-33611
Bruin Midstream, LLC 20-33609
Bruin E&P Operating, LLC 20-33607
Bruin E&P Non-Op Holdings, LLC 20-33606
Judge: Hon. Marvin Isgur
Debtors'
Legal
Counsel: Edward O. Sassower, P.C.
Steven N. Serajeddini, P.C.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: edward.sassower@kirkland.com
Email: steven.serajeddini@kirkland.com
- and -
W. Benjamin Winger, Esq.
300 North LaSalle Street
Chicago, Illinois 60654
Tel: (312) 862-2000
Fax: (312) 862-2200
Email: benjamin.winger@kirkland.com
- and -
AnnElyse Scarlett Gains, Esq.
1301 Pennsylvania Avenue, N.W.
Washington, D.C. 20004
Tel: (202) 389-5000
Fax: (202) 389-5200
Email: annelyse.gains@kirkland.com
Debtors'
Local
Bankruptcy
Counsel: Matthew D. Cavenaugh, Esq.
Veronica A. Polnick, Esq.
Genevieve Graham, Esq.
JACKSON WALKER L.L.P.
1401 McKinney Street, Suite 1900
Houston, Texas 77010
Tel: (713) 752-4200
Fax: (713) 752-4221
Email: mcavenaugh@jw.com
Email: vpolnick@jw.com
Email: ggraham@jw.com
Debtors'
Financial
Advisor &
Investment
Banker: PJT PARTNERS LP
Debtors'
Restructuring
Advisor: ALIXPARTNERS LP
Debtors'
Notice,
Claims, &
Balloting
Agent and
Administrative
Advisor: OMNI AGENT SOLUTIONS
https://is.gd/zg6ONM
Estimated Assets: $1 billion to $10 billion
Estimated Liabilities: $1 billion to $10 billion
The petitions were signed by Matthew B. Steele, chief executive
officer.
A copy of the petition is available for free at PacerMonitor.com
at:
https://is.gd/wMtiEn
List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. UMB BANK, N.A., as indenture Unsecured Debt $566,700,000
trustee for Bruin's 8.875% senior
notes due 2023, 5555 San Felipe
Street, Suite 870
Houston, TX, 77056, USA
Attn: Shazia Flores
2. Halliburton Energy Serv, Inc. Trade $8,380,878
2601 Beltline Rd. 1-A-231,
0, Dallas, TX, 75006, USA
Tel: 972-418-3220
Email: donna.martin@halliburton.com
3. SES Holdings, LLC Trade $1,251,461
Select Energy Services, LLC
0, Gainesville, TX, 76240, USA
John Owens Jr.
Tel: 713-235-9581
Email: JOwensJr@selectenergyservices.com
4. Steffes Solutions LLC Trade $1,063,690
fka Steffes Corporation
3050 N Hwy 22
Dickinson, ND, 58601, USA
Tel: 701-483-5400,
Email: AMiller@steffes.com
5. B & L Pipeco Services, Inc. Trade $584,408
20465 State Highway 249
Suite 200
Houston, TX, 77070, USA
Taylor Rodano
Tel: 281-955-3515,
Email: taylor.rodano@BLPIPECO.com
6. Targa Badlands LLC Trade $541,025
811 Louisiana Street
Suite 2100
Houston, TX 77002, USA
Hena Bajwa
Tel: 713-584-1185
Email: hbajwa@targaresources.com
7. Patterson-UTI Drilling Co LLC Trade $460,856
PO Box 260111
O, Dallas, TX 75321, USA
Tel: 281-765-7100
8. Summit Midstream Partners, LP Trade $456,583
Meadowlark Midstream
Company - Divide, 1790 Hughes
Landing Blvd, Ste 500
The Woodlands, TX 77380, USA
Cathy Ortiz
Tel: 678-831-3727
Email: cahty.goodson-ortiz@sumitmidstream.com
9. Tallgrass Energy Partners, LP Trade $430,485
BNN North Dakota, LLC
4200 W. 115th Street Suite 350
Leawood, KS 66211-2609 USA
Matthew Denys
Tel: 303-763-3211
Email: bnnreceivables@tallgrassenergylp.com
10. TrueNorth Steel Inc. Trade $403,931
Truenorth Streel, 702 13th
Avenue E, West Fargo, ND 58078, USA
Staci Prescion
Tel: 701-492-4469
Email: Staci.Prescion@TrueNorthSteel.com
11. Missouri Basin Well Service, Inc. Trade $249,834
dba MBI Energy Services
12980 35t St. SW Belfield, ND
58622, USA
Tel: 701-575-8242
Email: kschank@mobasin.com
12. AH Inc. Trade $238,286
PO Box 241, 0,
Killdeer, ND, 58640, USA
Tel: 701-483-1890
Email: office@ahincnd.com
13. National Oilwell DHT, LP Trade $197,606
National Oilwell Varco
7909 Parkwood Circle Drive
Houston, TX, 77036, USA
Tel: 405-677-2484
14. Beaver Creek, LLC Trade $164,094
3765 Hwy 1806 N, 0,
Mandan, ND, 58554, USA
Tel: 701-627-4285,
Email: beavercreek@ruggedwest.com
15. CTAP, LLC Trade $153,454
2585 Trailridge Drive E,
0, Lafayette, CO, 80026, USA
Tel: 303-661-9475
Email: arcorrespondence@ctapllc.com
16. Mann Enterprises, LLC Trade $141,795
P.O. Box 1371
0, Newton, ND, 58763, USA
Brett Abrahamso
Tel: 701-627-5114
Email: bretta@mannenergy.com
17. McKenzie Energy Partners, LLC Trade $136,784
DBA Gravity Oilfield Services
500 2nd Ave SW
WatFord City, ND, 58854-1037, USA
Email: deposits@gvty.com
18. BJ Services LLC Trade $135,035
11211 FM 2920
RD, 0, Tomball, TX, 77375, USA
Craij Grochett
Tel: 281-941-5044,
Email: aaremittance@bjservices.com
19. Endurance Lift Solutions, LLC Trade $134,660
114 Jordan Plaza Blvd, Suite 300
0, Tyler, TX, 75704, USA
Tel: 903-595-8600
20. MS Directional LLC Trade $133,987
3335 Pollok Drive
0, Conroe, TX 77303, USA
Amy Murdock
Tel: 936-442-2543,
Email: AR@patenergy.com
21. Chemoil Corporation Trade $121,299
4 East Sheridan, Suite 400,0
Oklahoma City, OK 73104, USA
Teah Caughlin
Tel: 405-605-5436
Email: teah.caughlin@chemoil.com
22. Chief Oilfield Services, LLC Trade $117,818
40 1st Ave W, Suite 300
0, Dickinson, ND, 58601, USA
Julie Kramer
Tel: 701-334-4911
Email: accounting@chiefofs.net
23. Bakken Supply LLC Trade $112,273
4018 W. Villard Street
0, Dickinson, ND, 58601, USA
Email: office@bakkensupplynd.com
24. Innovex Downhole Solutions, Inc. Trade $90,502
4310 North Sam
Houston Parkway East
0, Houston, TX 77032, USA
Jody Truong
Tel: 918-524-9638
Email: jody.truong@innovexdownhole.com
25. Triple C Oilfield Services LLC Trade $88,055
952 Hwy 8 North, 0, Halliday, ND,
58636, USA
Tel: 701-938-4263,
Email: iesjudy@ndsupernet.com
26. Certus Energy Solutions, LLC Trade $87,447
15710 John F. Kennedy Blvd.,
Ste.260, Houston, TX, 77032-2346,
USA
Tel: 832-370-0346
27. Industrial Electric Service Inc. Trade $81,599
388 GTA Drive, 0,
Dickinson, ND, 58601, USA
Tel: 701-225-3142
28. Nova Energy, LLC Trade $79,344
14195 U.S. 2,0
Williston, ND, 58801, USA
Email: ringen.nova@gmail.com
29. Copper Tip Energy Services Trade $79,091
USA LLC
1101-11th Avenue, 0
Nisku, AB, T9E OS2, CAN
Vivian Fraser
Tel: 780-463-1414
Email: accounting@coppertipenergy.com
30. Noble Casing Inc. Trade $78,256
125 South Howes Street
Suite 800
0, Fort Collins, CO, 80521, USA
Holly Phillips
Tel: 970-631-8428
Email: hollyphillips@nobleinc.com
CBL & ASSOCIATES: Forbearance Agreements to Expire Next Week
------------------------------------------------------------
CBL & Associates Limited Partnership, the majority owned subsidiary
of CBL & Associates Properties, Inc., and certain subsidiary
guarantors entered into the following agreements:
(i) Forbearance Agreement with Respect to the 2026 Notes
The Operating Partnership, the Subsidiary Guarantors and the REIT,
as a limited guarantor, entered into a Forbearance Agreement with
certain beneficial owners and/or investment advisors or managers of
discretionary funds, accounts or other entities for the holders or
beneficial owners of in excess of 50% of the aggregate principal
amount of the Operating Partnership's 5.95% senior unsecured notes
due 2026. Pursuant to the 2026 Notes Forbearance Agreement, among
other provisions, the Holders of the 2026 Notes have agreed to
forbear from exercising any rights and remedies under the indenture
governing the 2026 Notes solely with respect to the default
resulting from the nonpayment of the $18.6 million interest payment
that was due and payable on June 15, 2020, including the failure to
pay the 2026 Notes Interest Payment by the end of the 30-day grace
period.
The forbearance period under the 2026 Notes Forbearance Agreement
ends on the earlier of July 22, 2020 and the occurrence of any of
the specified early termination events described therein.
(ii) Amendment to Forbearance Agreement with Respect to the 2023
Notes
As previously reported, on June 30, 2020, the Operating
Partnership, the Subsidiary Guarantors and the REIT, as a limited
guarantor, entered into a Forbearance Agreement with certain
Holders of in excess of 50% of the aggregate principal amount of
the Operating Partnership's 5.25% senior unsecured notes due 2023.
Pursuant to the 2023 Notes Forbearance Agreement, among other
provisions, the Holders of the 2023 Notes agreed to forbear from
exercising any rights and remedies under the indenture governing
the 2023 Notes solely with respect to the default resulting from
the nonpayment of the $11.8 million interest payment that was due
and payable on June 1, 2020, including the failure to pay the 2023
Notes Interest Payment by the end of the 30-day grace period.
Pursuant to the 2023 Notes Forbearance Agreement, the forbearance
period under the 2023 Notes Forbearance Agreement ended on the
earlier of July 15, 2020 and the occurrence of any of the specified
early termination events described therein.
On July 15, 2020, the parties to the 2023 Notes Forbearance
Agreement entered into an Amendment to the 2023 Notes Forbearance
Agreement to extend the forbearance period to the earlier of July
22, 2020 and the occurrence of any of the specified early
termination events described therein.
(iii) Amendment to Forbearance Agreement with Respect to the
Credit Agreement
As previously reported, on June 30, 2020, the Operating
Partnership, the Subsidiary Guarantors and the REIT, as a limited
guarantor, entered into a Forbearance Agreement with Wells Fargo
Bank, National Association, as administrative agent, for the
lenders party to the Credit Agreement, dated as of Jan. 30, 2019.
Pursuant to the Bank Forbearance Agreement, among other provisions,
the Agent, on behalf of itself and the Lenders, agreed to forbear
from exercising any rights and remedies under the Credit Agreement
solely with respect to the Specified Defaults (as defined in the
Bank Forbearance Agreement), including the cross-default resulting
from the failure to pay the 2023 Notes Interest Payment or the 2026
Notes Interest Payment. The forbearance period under the Bank
Forbearance Agreement ended on the earlier of July 15, 2020 and the
occurrence of any of the specified early termination events
described therein.
On July 15, 2020, the parties to the Bank Forbearance Agreement
entered into an Amendment to the Bank Forbearance Agreement to
extend the forbearance period to the earlier of July 22, 2020 and
the occurrence of any of the specified early termination events
described therein.
Failed to Make Notes Interest Payment
As previously reported, the Company elected to not make the 2023
Notes Interest Payment and the 2026 Notes Interest Payment and, as
provided for in the indenture governing the 2023 Notes and the 2026
Notes, to enter the respective 30-day grace periods to make such
payments. The Operating Partnership did not make either of the
2023 Notes Interest Payment or the 2026 Notes Interest Payment on
the last day of the respective 30-day grace periods. The Operating
Partnership's failure to make the 2023 Notes Interest Payment and
the 2026 Notes Interest Payment is considered an "event of default"
with respect to each of the 2023 Notes and the 2026 Notes, which
results in a cross default under the Credit Agreement. While the
events of default are continuing under the indenture, the Trustee
or the holders of at least 25% in principal amount of the 2023
Notes may declare the 2023 Notes to be due and payable immediately
and the Trustee or the holders of at least 25% in principal amount
of the 2026 Notes may declare the 2026 Notes to be due and payable
immediately. While the events of default are continuing under the
Credit Agreement, the Agent may and shall upon the direction of the
requisite lenders, declare the loans thereunder to be immediately
due and payable. Further, if any of the 2023 Notes, the 2026 Notes
or the Credit Agreement were accelerated, it would trigger an
"event of default" under the Operating Partnership's 4.60% senior
unsecured notes due 2024, which could lead to the acceleration of
all amounts due under those notes.
The Company is continuing to engage in negotiations and discussions
with the holders and lenders of the Company's indebtedness. There
can be no assurance, however, that the Company will be able to
negotiate acceptable terms or to reach any agreement with respect
to its indebtedness.
About CBL & Associates
CBL & Associates Properties, Inc. and its subsidiaries are a
self-managed, self-administered, fully integrated real estate
investment trust ("REIT"). The Companies own, develop, acquire,
lease, manage, and operate regional shopping malls, open-air and
mixed-use centers, outlet centers, associated centers, community
centers, office and other properties.
CBL & Associates reported a net loss attributable to the company of
$108.78 million for the year ended Dec. 31, 2019, compared to a net
loss attributable to the Company of $78.57 million for the year
ended Dec. 31, 2018. As of March 31, 2020, the Company had $4.72
billion in total assets, $3.99 billion in total liabilities, $1.06
million in redeemable non-controlling interests, and total equity
of $725.09 million.
* * *
As reported by the TCR on June 1, 2020, Moody's Investors Service
has downgraded the ratings of CBL & Associates Limited Partnership,
including the corporate family rating to Ca from Caa1. The rating
downgrade reflects Moody's expectation that CBL's liquidity profile
will erode rapidly in the next two quarters.
CEC ENTERTAINMENT: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------------
The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in the Chapter 11 cases of CEC Entertainment,
Inc. and its affiliates.
The committee members are:
1. Wilmington Trust, NA
Indenture Trustee
1100 N. Market Street
Wilmington, DE 19890
Rita Marie Ritrovato
(302) 636-5137
RRitrovato@WilmingtonTrust.com
2. The Coca-Cola Company
1 Coca-Cola Plaza, NAT 11
Atlanta, GA 30313
S. Curtis Marshall
(404) 304-1550
cumarshall@coca-cola.com
3. National Retail Properties
450 S. Orange Avenue, Suite 900
Orlando, FL 32801
Chris Tessitore
(407) 650-1115
chris.tessitore@nnnreit.com
4. Performance Food Group
188 Inverness Drive W, 7th Floor
Englewood, CO 80112
Bradley Boe
(303) 898-8137
brad.boe@pfgc.com
5. Washington Prime Group
180 West broad Street
Columbus, Ohio 43215
Stephen E. Ifeduba
(614) 621-9000
stephen.ifeduba@washingtonprime.com
6. NCR Corporation
864 Spring Street
Atlanta, GA 30308
Mark A. Rogers
(470 415-8614
mark.rogers@ncr.com
7. Index Promotions
10100 Venice Blvd.
Culver City, CA 90232
Charles Gaffney
(310) 901-5985
cgaffney@indexpromotions.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About CEC Entertainment
CEC Entertainment is a family entertainment and dining company that
owns and operates Chuck E. Cheese and Peter Piper Pizza
restaurants. As of Dec. 31, 2019, CEC Entertainment and its
franchisees operate a system of 612 Chuck E. Cheese restaurants and
129 Peter Piper Pizza stores, with locations in 47 states and 16
foreign countries and territories. For more information, visit
http://www.chuckecheese.com
CEC Entertainment recorded a net loss of $28.92 million for the
year ended Dec. 29, 2019, compared to a net loss of $20.46 million
for the year ended Dec. 30, 2018. As of Dec. 29, 2019, CEC
Entertainment had $2.12 billion in total assets, $1.90 billion in
total liabilities, and $213.78 million in total stockholders'
equity.
On June 24, 2020, CEC Entertainment and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Texas Lead Case No. 20-33163). Judge Marvin Isgur oversees the
cases.
The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy
counsel; FTI Consulting, Inc. as financial advisor; PJT Partners LP
as investment banker; Hilco Real Estate, LLC as real estate
advisor; and Prime Clerk, LLC, as claims, noticing and solicitation
agent.
CHINESEINVESTORS.COM: Hires Irvine Venture as Securities Counsel
----------------------------------------------------------------
Chineseinvestors.com, Inc., seeks authority from the US Bankruptcy
Court for the Central District of California to employ Irvine
Venture Law Firm LLP as its SEC and securities counsel.
Irvine Venture will assist the Debtor in listing its common stock
for trading as soon as the Plan is confirmed and
commenced, and list the Debtor's shares, maintain compliance with
1934 Act filing, employment of the power vested under Sec. 1145 of
the Code, and disclosure requirements all with a view toward prompt
and successful implementation of the Plan.
The attorney who will be primarily responsible for matters set
forth herein is Michael E. Shaff, Esq. whose hourly billable rate
is $425. Mr. Shaff likely will also need the assistance of the
firm's Blue Sky paralegal, whose hourly billable rate is $150.
Mr. Shaff attests that he and the firm are disinterested as the
term id defined in 11 U.S.C. Secs. 101(14) and 327.
The firm can be reached through:
Michael E. Shaff, Esq.
Irvine Venture Law Firm, LLP
19900 MacArthur Blvd #1150
Irvine, CA 92612
Phone: +1 949-660-7700
About Chineseinvestors.com, Inc.
Chineseinvestors.com, Inc. was established as an 'in language'
(Chinese) financial information web portal that provides
information about US Equity and Financial Markets, as well as other
financial markets.
Chineseinvestors.com, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
20-15501) on June 18, 2020. In the petition signed by Wei Warren
Wang, CEO, the Debtor estimated $2,655,736 in assets and
$11,574,081 in liabilities. Rachel M. Sposato, Esq. at THE HINDS
LAW GROUP is the Debtor's counsel.
CHINESEINVESTORS.COM: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------------
The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in the Chapter 11 case of Chineseinvestors.com,
Inc.
The committee members are:
1. Mary Y. Louie
5306 Murray Court
Livingston, NJ 07039
Phone: (973) 271-9775
Email: lmary2888@gmail.com
2. Ye Wang and Simon Kiang
44248 Ibero Way
Fremont, CA 94539
Phone: (408) 202-5866
Email: simonkiang@hotmail.com
3. Qi “Angel” Zhang
160 Harbor Acres Road
Sands Point, NY 11050
Phone: (516) 816-6608
Email: angel@stridearts.com
Represented by:
Joshua Mandell, Esq.
Akerman LLP
601 W. 5th Street, Suite 300
Los Angeles, CA 90071
Phone: (213) 553-5918
Email: joshua.mandell@akerman.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Chineseinvestors.com Inc.
Chineseinvestors.com, Inc. was established as an 'in language'
(Chinese) financial information web portal that provides
information about US Equity and Financial Markets, as well as other
financial markets.
Chineseinvestors.com filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
20-15501) on June 18, 2020. In the petition signed by Wei Warren
Wang, chief executive officer, Debtor disclosed $2,655,736 in
assets and $11,574,081 in liabilities. Judge Ernest M. Robles
oversees the case.
Rachel M. Sposato, Esq., at The Hinds Law Group, APC, is the
Debtor's legal counsel.
CHINOS HOLDINGS: Committee Hires Morrison as Special Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Chinos Holdings,
Inc., and its debtor-affiliates seeks authorization from the U.S.
Bankruptcy Court for the Eastern District of Virginia to retain
Morrison & Foerster LLP, as special intellectual property and tax
counsel to the Committee.
The Committee requires Morrison to:
a. review various documents relating to the intellectual
property aspects of the Transactions, including the
documents pursuant to which intellectual property was
purportedly transferred such as trademark prosecution
records, trademark assignment agreements, trademark
licensing agreements, and other related documents;
b. assess whether intellectual property was appropriately
transferred in connection with the Transactions, and
whether related transactions were consistent with
applicable trademark law;
c. analyze various licensing arrangements under applicable
industry standards and trademark law;
d. provide legal analysis to support the investigation of
Pachulski Stang Ziehl & Jones LLP of the Debtor Reserved
Claims as such claims relate to intellectual property
matters and draft, review, revise portions of any
complaint, if necessary, in connection with such matters,
and assist with related discovery;
e. assist in the preparation and defense of any expert witness
for the Committee on intellectual property related matters;
f. perform any other intellectual property support as the need
may arise and as directed by Pachulski Stang;
g. review and analyze of tax implications arising out of the
Plan, including any alternate structures, contemplated
thereunder such as the Bruno's transaction structure;
h. review and analyze the Debtor's tax attributes, including
federal consolidated net operating losses, carryforwards of
disallowed business interest expense, carryforwards of
unused general business credits, and other tax benefits;
and
i. at the Committee's discretion, analyze tax issues in aid of
the Committee's review and investigation of potential claim
and causes of action.
Morrison will be paid at these hourly rates:
Partners $925 to $1,800
Of Counsels/Senior Counsels $640 to $1,600
Attorneys/Associates $515 to $930
Paraprofessionals $255 to $490
Morrison will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Lorenzo Marinuzzi, partner of Morrison & Foerster LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and (a) is not
creditors, equity security holders or insiders of the Debtors; (b)
has not been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.
Morrison can be reached at:
Lorenzo Marinuzzi, Esq.
MORRISON & FOERSTER LLP
250 West 55th Street
New York, NY 10019
Tel: (212) 468-8000
About Chinos Holdings
Chinos Holdings, Inc. designs apparels. It offers clothing for men,
women and children, as well as accessories. Chinos Holdings serves
customers worldwide.
Chinos Holdings, Inc. and its affiliates, including J.Crew Group,
Inc., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. E.D. Va. Lead Case No. 20-32181) on May 4, 2020.
At the time of the filing, the Debtors were each estimated to have
assets of between $1 billion and $10 billion and liabilities of the
same range.
Judge Keith L. Phillips oversees the cases.
The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy
counsel; Hunton Andrews Kurth, LLP as local counsel; Lazard Freres
& Co. LLC; Alixpartners, LLP as financial advisor; Hilco Real
Estate, LLC as real estate advisor; KPMG LLP as tax consultant; and
Omni Agent Solutions, LLC as claims, noticing and solicitation
agent and as administrative advisor.
CLINIGENCE HOLDINGS: Exploring Alternatives Including Possible Sale
-------------------------------------------------------------------
Clinigence Holdings, Inc., provided an update to its shareholders.
As previously announced on June 3, 2020, Clinigence sold certain of
its intellectual property assets and patents, as well as
liabilities of approximately $3.2 million, to Accountable
Healthcare America, Inc. for an aggregate purchase price of $15
million of Preferred Stock of AHA.
To further enhance shareholder value, the Board of Directors of
Clinigence Holdings announced an operating restructuring plan and
is also exploring strategic alternatives for its fully-reporting
operating public entity, including the potential sale or merger of
the Company.
As part of this restructuring plan, Jacob "Kobi" Margolin has
announced his resignation as chief executive officer of the
Company. He will continue to serve as a director on the Board of
the Company. Lawrence Schimmel, M.D., co-founder of the Company
and current chief medical officer, has been named interim chief
executive officer of Clinigence Holdings.
There can be no assurance of a successful outcome from these
efforts, or of the form or timing of such outcome.
"On behalf of the Board, we thank Kobi for his service during his
tenure as CEO. We are fortunate that Dr. Schimmel has agreed to
assume the Interim CEO role during this transition period," stated
Warren Hosseinion, M.D., Chairman of the Board of Clinigence.
"I am proud of what we have accomplished so far. It has been a
privilege leading an incredible team of talented people dedicated
to making healthcare better through innovative technology. I look
forward to continuing to help the Company build shareholder value
as a Board director," stated Jacob "Kobi" Margolin, Co-Founder of
Clinigence.
About Clinigence Holdings
Clinigence Holdings, a fully reporting, publicly-held company --
http://www.clinigencehealth.com/-- is a healthcare information
technology company providing an advanced, cloud-based platform that
enables healthcare organizations to provide value-based care and
population health management. The Clinigence platform aggregates
clinical and claims data across multiple settings, information
systems and sources to create a holistic view of each patient and
provider and virtually unlimited insights into patient
populations.
Clinigence recorded a net loss of $7.12 million for the year ended
Dec. 31, 2019, compared to a net loss of $950,129 for the year
ended Dec. 31, 2018.
Prager Metis CPA's LLC, in Hackensack, New Jersey, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated May 14, 2020 citing that the Company has an
accumulated deficit of $12,568,795, and a working capital deficit
of $3,367,101 at Dec. 31, 2019. These factors, among others, raise
substantial doubt regarding the Company's ability to continue as a
going concern.
CONGOLEUM CORP: July 24 Deadline Set for Committee Questionnaires
-----------------------------------------------------------------
The U.S. Trustee is seeking to appoint a committee representative
of the unsecured creditors listed in the bankruptcy case of
Congoleum Corporation.
If a party wishes to be considered for membership on the Committee,
it must complete a required Questionnaire and return it via email
to Tina.L.Oppelt@usdoj.gov or via facsimile to the attention of
Jeffrey M. Sponder at (973)645-5993. The completed Questionnaire
must be received no later than Friday, July 24, 2020 at 1:00 p.m.
If the unsecured creditors respond to the solicitation, the U.S.
Trustee will schedule an organizational meeting or
telephone conference for the purpose of forming an Official
Unsecured Creditors' Committee.
The Unsecured Creditors' Committee has a vital role in Chapter 11
proceedings. Under the Bankruptcy Code, the Committee has the
right to demand that the debtor consult with the Committee before
making major decisions or changes, to request the appointment of a
trustee or examiner, to participate in the formation of a plan of
reorganization, and in some cases, to propose its own plan of
reorganization.
About Congoleum Corporation
Congoleum Corporation -- https://www.congoleum.com/ -- manufactures
and sells vinyl sheet and tile products for both residential and
commercial markets. Its products are used in remodeling,
manufactured housing, new construction, commercial applications and
recreational vehicles.
Congoleum Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. N.J., Case No. 20-18488) on July 13,
2020. The petition was signed by Christopher O'Connor, chief
executive officer/president. Hon. Michael B. Kaplan presides over
the case.
The Debtor estimated $50 million to $100 million in assets and $100
million to $500 million in liabilities.
Warren A. Usatine, Esq., Felice R. Yudkin, Esq., and Rebecca W.
Hollander, Esq. of Cole Schotz P.C. serve as counsel to the Debtor.
B. Riley FBR, Inc. serves as financial advisor and investment
banker to the Debtor; Phoenix Management Services, LLC as financial
advisor; and Prime Clerk LLC as claims and noticing agent.
COUNTRYSIDE FUNERAL: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------------
The Office of the U.S. Trustee on disclosed in a court filing that
no official committee of unsecured creditors has been appointed in
the Chapter 11 case of Countryside Funeral Home, LLC.
About Countryside Funeral Home
Countryside Funeral Home, LLC owns in fee simple seven properties
in Kansas having an aggregate current value of $1.21 million.
Countryside Funeral Home sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Kansas Case No. 20-10330) on March 16,
2020. The petition was signed by Randy Robinson, Debtor's managing
member. At the time of the filing, Debtor disclosed $1,344,900 in
assets and $4,118,149 in liabilities. Judge Robert E. Nugent
oversees the case.
Debtor has tapped Mark J. Lazzo, P.A. as its legal counsel, and
Polston Tax Service as its accountant.
COVIA HOLDINGS: Hires AlixPartners as Financial Advisor
-------------------------------------------------------
Covia Holdings Corporation and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ AlixPartners LLP, as financial advisor to the Debtors.
Covia Holdings requires AlixPartners to:
a. assist in the development of a rolling 13-week cash
receipts and disbursements forecasting tool;
b. assist with the development and implementation of cash
management strategies, tactics and processes;
c. assist with the development of a revised business plan, and
such other related forecasts;
d. assist in advising the Debtors in the design and
implementation of a restructuring strategy designed to
maximize enterprise value for the Debtors, taking into
account the unique interests of all constituencies;
e. assist the Debtors with their communications and/or
negotiations with outside parties including the Debtors'
stakeholders, banks and creditors;
f. assist the Debtors' treasury function with cash management
support;
g. assist the Debtors' FP&A group with reviewing and
developing financial projections;
h. assist in coordinating and providing administrative support
for the proceeding and developing the Debtors' plan of
reorganization or other appropriate case resolution, if
necessary;
i. assist with the preparation of the statement of affairs,
schedules and other regular reports required by the Court
as well as providing assistance in such areas as testimony
before the Court on matters that are within AlixPartners'
areas of expertise, if necessary.
j. provide assistance with the implementation of Court orders;
k. manage the claims and claims reconciliation processes;
l. assist with such other matters as may be requested by the
Debtors that are mutually agreeable to the parties to the
Engagement Letter.
AlixPartners will be paid at these hourly rates:
Managing Director $1,000 to $1,195
Director $800 to $950
Senior Vice President $645 to $735
Vice President $470 to $630
Consultant $175 to $465
Paraprofessional $295 to $315
AlixPartners received unapplied advance payments from the Debtors
in the amount of $200,000. During the 90-day period prior to the
Petition Date, the Debtors paid AlixPartners $3,446,422.03 in
aggregate.
In connection with the Second Engagement Letter, AlixPartners
received unapplied advance payments from the Debtors in the amount
of $150,000. During the 90-day period prior to the Petition Date,
the Debtors paid AlixPartners $700,152.00 in aggregate.
AlixPartners will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David Orlofsky, managing director of AlixPartners, LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.
AlixPartners can be reached at:
David Orlofsky
ALIXPARTNERS, LLP
909 Third Avenue, Floor 30
New York, NY 10022
Tel: (212) 490-2500
Fax: (212) 490-1344
Covia Holdings Corporation
Covia Holdings Corporation -- http://www.coviacorp.com/-- provides
diversified mineral-based and material solutions for the energy and
industrial markets. It produces a specialized range of industrial
materials for use in the glass, ceramics, coatings, foundry,
polymers, construction, water filtration, sports and recreation,
and oil and gas markets.
Covia Holdings Corporation, based in Independence, Ohio, and its
debtor-affiliates sought Chapter 11 , filed a Chapter 11 petition
(Bankr. S.D. Tex. Lead Case No. 20-33295) on June 29, 2020. The
Hon. Marvin Isgur presides over the case.
KIRKLAND & ELLIS LLP, and KIRKLAND & ELLIS INTERNATIONAL LLP, as
counsel; JACKSON WALKER L.L.P., as co-counsel; KOBRE & KIM LLP, as
special litigation counsel; PJT PARTNERS LP, as investment banker;
ALIXPARTNERS, LLP, as financial advisor; PRIME CLERK LLC, as claims
and noticing agent.
In its petition, the Debtors' total estimated $2,504,740,814 in
assets and $1,903,952,839 in liabilities. The petition was signed
by Andrew D. Eich, executive vice president, chief financial
officer, and treasurer.
COWBOY CLEANERS: Seeks to Hire Oroian Guest as Accountant
---------------------------------------------------------
Cowboy Cleaners, Ltd. seeks authority from the US Bankruptcy Court
for the Western District of Texas to hire an accountant.
Cowboy Cleaners wishes to employ Paul Oroian, CPA at Oroian, Guest
& Little, P.C., as its accountant to prepare Form 1120 for the year
ending Aug. 31, 2019; the Texas Franchise Tax Reports and Public
Information Report; preparation of the Franchise Report for Cowboy
Cleaners GP, LLC; and assist with payroll protection program loan.
The accountant be compensated at the flat rate of $2,780 for the
preparation of the Form 1120 for the year ending Aug. 31, 2019;
$650 for the Texas Franchise Tax Reports and Public Information
Report; $180 for the preparation of the Franchise Report for Cowboy
Cleaners GP, LLC; and $360 to assist in regards to the payroll
protection loan.
Oroian does have a connection with the Debtor, but has no
connection with the Creditors or any other party in interest, or
with their respective attorneys or accountants, and holds no claims
against the Debtor, according to court filings.
The accountant can be reached through:
Paul Oroian, CPA
Oroian, Guest & Little, P.C.
P.O. Box 6910090
San Antonio, TX 78269
Tel: (210)641-5600
www.txcpa.com
About Cowboy Cleaners
Cowboy Cleaners, Ltd. is a San Antonio, Texas-based company that
offers cleaning services. It conducts business under the name
Cowboy Cleaners, Inc.
Cowboy Cleaners sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Tex. Case No. 20-50897) on March 8,
2020. The petition was signed by Cowboy Cleaners President
Victoria Maisel. At the time of the filing, the Debtor had
estimated assets of less than $50,000 and liabilities of between
$500,001 and $1 million. Judge Craig A. Gargotta oversees the
case. James S. Wilkins, Esq., at Wilkins & Wilkins, L.L.P., is the
Debtor's legal counsel.
DANNYLAND LLC: Seeks to Hire Farmer & Wright as Legal Counsel
-------------------------------------------------------------
Dannyland, LLC, seeks authority from the U.S. Bankruptcy Court for
the Western District of Kentucky to employ Farmer & Wright, PLLC,
as its attorney.
Farmer & Wright is expected to:
-- render legal advice to the Debtor with respect to its powers
and duties as Debtor-in-Possession in the continued operation of
the Debtor's operations; and
-- perform all legal services of the Debtor-in-Possession which
may be necessary in this case.
Farmer & Wright will be paid at these hourly rates:
Attorneys $300
Paralegals $85
The Firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Farmer & Wright will be paid a retainer in the amount of $10,000,
which includes the $1,717 filing fee.
Todd A. Farmer, Esq., partner of Farmer & Wright, PLLC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Farmer & Wright can be reached at:
Todd A. Farmer, Esq.
FARMER & WRIGHT, PLLC
4975 Alben Barkley Drive, Suite 1
Paducah, KY 42002-7766
Tel: (270) 443-4431
Fax: (270) 443-4631
Email: todd@farmerwright.com
About Dannyland, LLC
Based in Paducah, Kentucky, Dannyland, LLC, sought protection under
Chapter 11 of the Bankrupty Code (Bankr. W.D. Ky. Case No.
20-50336) on June 26, 2020, listing under $1 million in both assets
and liabilities. Samuel J. Wright, Esq. at Farmer & Wright, PLLC,
represents the Debtor as counsel.
DENBURY RESOURCES: Skips $3 Million Notes Interest Payment
----------------------------------------------------------
Denbury Resources Inc. has elected not to make the approximately $3
million interest payment due and payable on July 15, 2020 with
respect to its 4 5/8% Senior Subordinated Notes due 2023 on the due
date in order to evaluate certain strategic alternatives, none of
which have been implemented at this time. Under the indenture
governing the 2023 Notes, the Company has a 30-day grace period to
make the Interest Payment before such non-payment constitutes an
"event of default" under such indenture.
About Denbury
Headquartered in Plano, Texas, Denbury Resources Inc. --
http://www.denbury.com-- is an independent oil and natural gas
company with operations focused in two key operating areas: the
Gulf Coast and Rocky Mountain regions. The Company's goal is to
increase the value of its properties through a combination of
exploitation, drilling and proven engineering extraction practices,
with the most significant emphasis relating to CO2 enhanced oil
recovery operations.
As of March 31, 2020, the Company had $4.61 billion in total
assets, $258.72 million in total current liabilities, $2.86 billion
in total long-term liabilities, and $1.49 billion in total
stockholders' equity.
Denbury received on March 5, 2020 formal notice from the New York
Stock Exchange that the average closing price of the Company's
shares of common stock had fallen below $1.00 per share over a
period of 30 consecutive trading days, which is the minimum average
share price for continued listing on the NYSE. The NYSE
notification does not affect Denbury's ongoing business operations
or its U.S. Securities and Exchange Commission reporting
requirements, nor does it trigger any violation of its debt
obligations. Denbury is considering all available options to
regain compliance with the NYSE's continued listing standards,
which may include a reverse stock split, subject to approval of the
Company's board of directors and stockholders.
* * *
As reported by the TCR on July 7, 2020, S&P Global Ratings lowered
its long-term issuer credit rating on U.S.-based oil and gas
exploration and production company Denbury Resources Inc. (DNR) to
'D' from 'CCC+'. "The downgrade reflects our view that DNR will
not make the $8 million interest payment on its 6.375% senior
convertible notes due in 2024 within the 30-day grace period while
the company continues discussions with its debtholders. Given the
current weak macroeconomic and industry conditions and Denbury's
high debt, we believe the company will seek a debt restructuring,"
S&P said.
As reported by the TCR on July 3, 2020, Moody's Investors Service
downgraded Denbury Resources Inc.'s corporate family rating to Ca
from Caa2. "The downgrade of Denbury Resources' ratings reflects
the high probability the company will default on its debt
obligations after it elected not to make an approximately $8
million interest payment due on June 30th with respect to the
6-3/8% convertible senior notes due 2024," commented James Wilkins,
Moody's vice president.
DIOCESE OF BUFFALO: Hires Gibson McAskill as Special Counsel
------------------------------------------------------------
The Diocese of Buffalo, N.Y. received approval from the U.S.
Bankruptcy Court for the Western District of New York to employ
Gibson, McAskill & Crosby LLP as its special counsel.
Gibson will provide legal services in litigation matters covered by
the self-insurance program, including those cases alleging
liability for child sexual abuse under the New York Child Victims
Act (CVA). The firm will also provide routine services for
personal injury cases and other liability claims which are not
related to CVA claims.
Debtor paid the firm the sum of $166,062.50 for its pre-bankruptcy
services.
Gibson does not represent any interest adverse to Debtor, according
to court filings.
The firm can be reached through:
Robert G. Scumaci, Esq.
Gibson, McAskill & Crosby LLP
69 Delaware Avenue, Suite 900
Buffalo, NY 14202-3866
Tel: 716-856-4200
Fax: 716-856-4013
Email: rscumaci@gmclaw.com
About The Diocese of Buffalo N.Y.
The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics
over eight counties in Western New York. The territory of the
diocese is co-extensive with the counties of Erie, Niagara,
Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus and Allegany in
New York State, comprising 161 parishes. There are 144 diocesan
priests and 84 religious priests who reside in the Diocese.
The diocese through its central administrative offices (a) provides
operational support to the Catholic parishes, schools and certain
other Catholic entities that operate within the territory of the
Diocese "OCE"; (b) conducts school operations through which it
provides parish schools with financial and educational support; (c)
provides comprehensive risk management services to the OCEs; (d)
administers a lay pension trust and a priest pension trust for the
benefit of certain employees and priests of the OCEs; and (e)
provides administrative support for St. Joseph Investment Fund,
Inc.
Dealing with sexual abuse claims, the Diocese of Buffalo sought
Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb.
28, 2020. The diocese was estimated to have $10 million to $50
million in assets and $50 million to $100 million in liabilities as
of the bankruptcy filing.
The Hon. Carl L. Bucki is the case judge.
Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., is
the diocese's counsel; Connors LLP is its special litigation
counsel; and Phoenix Management Services, LLC is its financial
advisor. Stretto is the claims agent, maintaining the page
https://case.stretto.com/dioceseofbuffalo/docket.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on March 12, 2020. The committee is represented by
Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese &
Weishaar, PC.
DM DUKES: Seeks to Hire Asterra Commercial as Real Estate Broker
----------------------------------------------------------------
DM Dukes & Associates Inc. seeks authority from the United States
Bankruptcy Court for the Western District of Texas to hire Asterra
Commercial, LLC d/b/a Asterra Properties as its real estate
broker.
The professional service that Asterra Properties is to render are:
a. advise the Debtor about the sale of its property at 3218 E.
M King Jr. Blvd., Austin, Texas;
b. list, advertise, show and market such property; and
c. advise and assist the Debtor in responding to any offers to
purchase such property.
Asterra Properties will be paid 6 percent of the total purchase
amount of the property, to be split with the buyer's broker.
Asterra Properties has no connections with the Debtor's creditors,
the U.S. Trustee, any person employed by the Office of the U.S.
Trustee, or any other party in interest or their respective
attorneys, according to court filings.
The firm can be reached through:
Andrew Karr
Tami Greenberg
Asterra Commercial, LLC
d/b/a Asterra Properties
2900 W. Anderson Lane, Suite C200-347
Austin, TX 78757
Phone: 512-231-2020
Email: akarr@asterra.com
About DM Dukes & Associates Inc.
DM Dukes & Associates Inc. is a consulting firm in Austin, Texas.
DM Dukes & Associates Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
20-10658) on June 2, 2020. The petition was signed by Dawn Dukes,
president. At the time of filing, the Debtor estimated $1 million
to $10 million in assets and $500,000 to $1 million in liabilities.
Frank B. Lyon, Esq. at FRANK B LYON represents the Debtor as
counsel.
DM WORLD: Committee Hires Cohen & Company as Financial Advisor
--------------------------------------------------------------
The official committee of unsecured creditors of DM World
Transportation, LLC seeks authority from the U.S. Bankruptcy Court
for the Middle District of Florida to retain Cohen & Company, Ltd.,
as its financial advisor.
The Committee requires Cohen & Co. to:
a. review and analyze the Debtor's operations, financial
condition, business plan, strategy, and operating forecasts; (i)
assess the short and long-term; liquidity needs of the Debtor; (ii)
analyze and explain the development of historical revenue, margins,
operating expenses, reported EBITDA and adjusted EBITDA; (iii)
analyze the Debtor's business plan and assumptions utilized to
create the forecast financials;
b. advise and assist the Committee in evaluating any proposed
debtor-in-possession financing or factor agreement;
c. advise and assist in the determination of an appropriate
capital structure for the Debtor;
d. advise the Committee as it assesses the Debtor's executory
contracts, including assumption versus rejection considerations;
e. advise and assist the Committee in connection with its
identification, development, and implementation of strategies
related to the potential recoveries for the unsecured creditors as
it relates to the Debtor's chapter 11 plan (e.g., analysis of
potential preference payments and fraudulent transfers);
f. assist the Committee in understanding the business and
financial impact of various restructuring alternatives of the
Debtor;
g. assist the Committee in its analysis of the Debtor's
financial restructuring process, including its review of the
Debtor's development of plans of reorganization and related
disclosure statements;
h. assist the Committee in evaluating, structuring and
negotiating the terms and conditions of any proposed transaction,
including the value of the securities, if any, that may be issued
thereunder;
i. assist in the evaluation of any asset sale process,
including the identification of potential buyers;
j. assist in evaluating the terms, conditions, and impact of
any proposed asset sale transactions;
k. assist the Committee in evaluating any proposed merger,
divestiture, joint-venture, or investment transaction;
l. assist the Committee to value the consideration offered by
the Debtor to unsecured creditors in connection with the sale of
the Debtor's assets or a restructuring;
m. provide testimony, as necessary, in any proceeding before
the Court; and
n. provide the Committee with other appropriate general
restructuring advice.
Cohen & Co.'s hourly rates are:
Partner $450
Director $400
Sr. Manager $350
Manager $300
Sr. Associate $250
Associate $200
Intern $100
Support Staff $90
Professionals anticipated to be assigned to this engagement are:
Joshua Lefcowitz $450
Andy Jordan $400
Joshua Lefcowitz, financial advisor at Cohen, attests that the firm
is a "disinterested person" as that term is defined in section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Joshua Lefcowitz, Esq.
Cohen & Company, Ltd.
525 William Penn Place, Suite 3010
Pittsburgh, PA 15219
Tel: (724) 260-8111
About DM World Transportation
DM World Transportation, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-02684) on May 12,
2020. At the time of the filing, Debtor had estimated assets of
between $1 million and $10 million and liabilities of between $10
million and $50 million. Debtor is represented by the Law Firm of
Shuker & Dorris, P.A.
The U.S. Trustee for Region 21 appointed a committee of unsecured
creditors on June 2, 2020. The committee is represented by
Greenberg Traurig, P.A.
DPW HOLDINGS: Court OKs with Finality Derivative Suit Settlement
----------------------------------------------------------------
DPW Holdings, Inc., reports that a final order was issued on
July 16, 2020, by the U.S. District Court in the Central District
of California, which approved a Motion for Final Approval of
Settlement with respect to the derivative litigation captioned
Ethan Young and Greg Young, Derivatively on Behalf of Nominal
Defendant, DPW Holdings, Inc. v. Milton C. Ault, III, Amos Kohn,
William B. Horne, Jeff Bentz, Mordechai Rosenberg, Robert O. Smith,
and Kristine Ault and DPW Holdings, Inc., as the nominal defendant
(Case No. 18-cv-6587). On July 16, 2020, the Court entered a
Judgment based upon the Final Order.
On Feb. 25, 2020, DPW Holdings entered into a definitive settlement
agreement between Plaintiffs Ethan Young and Greg Young against the
Company's then directors and DPW itself, Case No. 2:18-cv-06578,
filed in the U.S. District Court in the Central District of
California on July 31, 2018.
On April 15, 2020, the Court issued an Order approving a Motion for
Preliminary Approval of Settlement in the Derivative Action filed
against DPW as a Nominal Defendant and its directors who served on
its board of directors on July 31, 2018.
Under the terms of the Final Order approving the Agreement, the
Company's Board of Directors will implement certain reforms to the
Company's bylaws, committee charters, corporate governance
policies, and the composition of the Board, including the
resignation of a current director and the appointment of two new
independent directors, one of whom has been appointed to the Board.
In addition, the parties have agreed upon a payment of attorneys'
fees in the amount of $600,000 payable by the Company's Director &
Officer liability insurance.
The Agreement contains no admission of wrongdoing. The Company has
always maintained and continues to believe that neither it nor any
of its directors engaged in any wrongdoing or otherwise committed
any violation of federal or state securities laws or other laws.
In deciding to settle the matter, the Company believed resolution
of the matter was more beneficial option versus a drawn out
litigation of the issues raised in the lawsuit.
In its Final Order, the Court noted that the Company had complied
with its filing requirements as set forth in the Preliminary Order
and that no stockholder had objected to the Agreement as of the
date of its issuance and further found that the Agreement was
"fundamentally fair, adequate, and reasonable." As a result, the
Court granted Plaintiff's Motion for Final Approval and issued a
Judgment consistent with the Final Order.
"As we have stated from the outset of this litigation, DPW has
always believed and continues to maintain that both it and its
named directors acted appropriately despite the claims made against
us. We look forward to moving forward and growing our business
unimpeded by the distraction defending ourselves against this
action has caused,' said Milton "Todd" Ault, III, the Company's CEO
and Chairman.
The Final Order can be found on the Company's website under the
Investor Relations tab here:
http://ir.dpwholdings.com/static-files/b294ca1f-de43-4601-9122-233cbbbb6675
The Judgment can be found on the Company's website under the
Investor Relations tab here:
http://ir.dpwholdings.com/static-files/b7ddd4d9-a908-48b3-9b7c-1a456568b5da
About DPW Holdings
DPW Holdings, Inc. -- http://www.DPWHoldings.com/-- is a
diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact. Through its wholly and majority-owned subsidiaries and
strategic investments, the Company provides mission-critical
products that support a diverse range of industries, including
defense/aerospace, industrial, telecommunications, medical, and
textiles. In addition, the Company owns a select portfolio of
commercial hospitality properties and extends credit to select
entrepreneurial businesses through a licensed lending subsidiary.
DPW's headquarters are located at 201 Shipyard Way, Suite E,
Newport Beach, CA 92663.
DPW Holdings recorded a net loss available to common stockholders
of $32.93 million for the year ended Dec. 31, 2019, compared to a
net loss available to common stockholders of $32.34 million for the
year ended Dec. 31, 2018. As of March 31, 2020, the Company had
$37.76 million in total assets, $35.28 million in total
liabilities, and $2.48 million in total stockholders' equity.
Ziv Haft., Certified Public Accountants (Isr.) BDO Member Firm, the
Company's auditor since 2012, issued a "going concern"
qualification in its report dated May 29, 2020 citing that the
Company has a 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.
DPW HOLDINGS: Issues $875,000 Notes From Feb. 27 to May 27
----------------------------------------------------------
Between Feb. 27, 2020 and May 27, 2020, DPW Holdings, Inc. issued
to an institutional investor unsecured Promissory Notes in the
aggregate principal face amount of $875,000, with an interest rate
of 12%. Each Note has a term of 90 days. Each such Note is
identical but for its date and principal amount. Each Note
contains standard and customary events of default including, but
not limited to, failure to make payments when due under the Note,
failure to comply with certain covenants contained in the Note, or
bankruptcy or insolvency of the Company. After the occurrence of
any Event of Default that results in the eventual acceleration of
the Note, interest payable on the outstanding principal of the Note
shall bear interest at the then applicable interest rate set forth
therein plus 13% per annum or the maximum rate permitted under
applicable law.
The issuance dates and amount of each Note is set forth below:
Date of Note Amount of Note
------------ --------------
February 27, 2020 $300,000
March 9, 2020 $150,000
April 6, 2020 $225,000
April 21, 2020 $100,000
May 27, 2020 $100,000
--------------
Sub Total: $875,000
The Company reported the issuance of the $450,00 in Notes issued
during its first fiscal quarter in Note 17 of its Form 10-Q filed
on July 6, 2020 for the fiscal period ended on March 31, 2020.
The Company reported the issuance of the $425,000 in Notes issued
during its second fiscal quarter in Note 25 of its Form 10-Q filed
on July 6, 2020 for the fiscal period ended on March 31, 2020.
In connection with the issuance of the Notes, the Company delivered
to the Investor warrants to purchase an aggregate of 890,103 shares
of the Company's common stock. None of the Warrants shall have
been deemed "issued" until the Company shall have obtained the
approval of the NYSE American. Prior to obtaining Exchange
Approval, the Company was required to obtain its stockholders'
approval for such issuance, which was obtained on July 8, 2020.
The Warrants carry a term of five years, and provide the Investor
with piggyback registration rights. The exercise price is subject
to adjustment for customary stock splits, stock dividends,
combinations or similar events.
The number of Warrants granted to the Investor was determined, for
each Note, by dividing its principal amount by the Closing Bid
Price of the Common Stock on the date the corresponding Note was
issued.
Accordingly, the determination of the number of Warrants that were
issued upon the Company's receipt of Exchange Approval and their
respective exercise price is set forth below:
Date of Note Warrant Shares Exercise Price
------------ -------------- --------------
February 27, 2020 277,778 $1.19
March 9, 2020 144,928 $1.14
April 6, 2020 281,250 $0.88
April 21, 2020 90,909 $1.21
May 27, 2020 95,238 $1.16
----------
Total: 890,103
The volume weighted average exercise price of the Warrants is
$1.08.
The Company reported the intended delivery of Warrants exercisable
for an aggregate of 422,706 shares of Common Stock in Notes 13 and
17 of its Form 10-Q filed on July 6, 2020 for the fiscal period
ended on March 31, 2020.
The Company reported the intended delivery of Warrants exercisable
for an aggregate of 467,397 shares of Common Stock in Note 25 of
its Form 10-Q filed on July 6, 2020 for the fiscal period ended on
March 31, 2020.
The Company obtained Exchange Approval on July 16, 2020.
About DPW Holdings
DPW Holdings, Inc. -- http://www.DPWHoldings.com/-- is a
diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact. Through its wholly and majority-owned subsidiaries and
strategic investments, the Company provides mission-critical
products that support a diverse range of industries, including
defense/aerospace, industrial, telecommunications, medical, and
textiles. In addition, the Company owns a select portfolio of
commercial hospitality properties and extends credit to select
entrepreneurial businesses through a licensed lending subsidiary.
DPW's headquarters are located at 201 Shipyard Way, Suite E,
Newport Beach, CA 92663.
DPW Holdings recorded a net loss available to common stockholders
of $32.93 million for the year ended Dec. 31, 2019, compared to a
net loss available to common stockholders of $32.34 million for the
year ended Dec. 31, 2018. As of March 31, 2020, the Company had
$37.76 million in total assets, $35.28 million in total
liabilities, and $2.48 million in total stockholders' equity.
Ziv Haft., Certified Public Accountants (Isr.) BDO Member Firm, the
Company's auditor since 2012, issued a "going concern"
qualification in its report dated May 29, 2020 citing that the
Company has a 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.
DUN & BRADSTREET: Moody's Hikes CFR to B2, Outlook Stable
---------------------------------------------------------
Moody's Investors Service upgraded The Dun & Bradstreet
Corporation's corporate family rating to B2 from B3 and upgraded
the company's probability of default rating to B2-PD from B3-PD.
Concurrently, Moody's upgraded the company's senior secured bank
facility and senior secured notes to B1 from B2 as well as its
senior unsecured notes to Caa1 from Caa2. Moody's also assigned a
speculative grade liquidity rating of SGL-2. The rating action
follows DNB's repayment of its outstanding preferred stock and a
portion of its unsecured notes with a majority of the $2.4 billion
in proceeds from its recent IPO. The reduction in trailing
Debt/EBITDA (Moody's adjusted) of more than 2x to under 6x on a
post transaction basis was a key factor in the upgrade. The outlook
is stable.
Upgrades:
Issuer: Dun & Bradstreet Corporation (The)
Corporate Family Rating, Upgraded to B2 from B3
Probability of Default Rating, Upgraded to B2-PD from B3-PD
Gtd Senior Secured 1st Lien Term Loan, Upgraded to B1 (LGD3) from
B2 (LGD3)
Gtd Senior Secured Revolving Credit Facility, Upgraded to B1 (LGD3)
from B2 (LGD3)
Gtd Senior Secured Global Notes, Upgraded to B1 (LGD3) from B2
(LGD3)
Gtd Senior Unsecured Global Notes, Upgraded to Caa1 (LGD6) from
Caa2 (LGD6)
Assignments:
Issuer: Dun & Bradstreet Corporation (The)
Speculative Grade Liquidity Rating, Assigned SGL-2
Outlook Actions:
Issuer: Dun & Bradstreet Corporation (The)
Outlook, Remains Stable
RATINGS RATIONALE
DNB's B2 CFR is constrained by the company's high, but more
manageable closing LTM debt leverage of nearly 6x (Moody's adjusted
for operating leases and pension obligations) as well as its
concentrated equity ownership and board structure which presents
concerns related to corporate governance and aggressive financial
policies including the potential for debt financed acquisitions.
DNB's credit quality is also negatively impacted by the highly
competitive market in which the company operates. Established peers
with lower costs and larger scale and new entrants capitalizing on
technological innovation contribute to pricing pressure and
threaten DNB's market position.
The rapid spread of the coronavirus outbreak, deteriorating global
economic outlook, low oil prices, and high asset price volatility
have created an unprecedented credit shock across a range of
sectors and regions. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial credit
implications of public health and safety. The pandemic has created
business challenges and pressured capital expenditure budgets
throughout DNB's client base and the company's vulnerability to
shifts in market demand and sentiment in these unprecedented
operating conditions weigh on its credit quality.
These risks are partially offset by DNB's very long operating
history, strong brand recognition within its target markets, and
established long-term relationships with a diverse and large number
of customers. Additionally, the company's credit quality is
supported by a largely subscription-oriented sales model that
provides a relatively predictable revenue base while ongoing cost
reduction initiatives drive gradual margin expansion and improved
free cash flow generation.
The B1 ratings on DNB's bank facility and senior secured notes
reflect the borrower's B2-PD PDR and a loss given default ("LGD")
assessment of LGD3. These debt instruments are rated one notch
above the CFR given their priority in the collateral and senior
ranking in the capital structure relative to the company's senior
unsecured notes rated Caa1 (LGD6). However, following the partial
repayment of the 10.25% notes, unsecured debt accounts for a lesser
proportion of DNB's overall debt structure, providing more limited
first loss support to the company's secured debt ratings.
DNB's liquidity is good, as indicated by the SGL-2 rating.
Liquidity is principally supported by pro forma cash and cash
equivalents that approximate nearly $700 million following the
completion of the IPO and net of subsequent debt repayments.
Liquidity is also supported by its expectation of positive
operating cash flows, and free cash flow as a percentage of total
adjusted debt of around 5% in 2020. The company's liquidity is
further bolstered by limited dependence on a largely undrawn (pro
forma) $400 million revolving credit facility. While DNB's term
loans are not subject to financial covenants, the revolving credit
facility has a springing covenant based on a maximum net first lien
leverage ratio of 6.75x which the company should be comfortably in
compliance with over the next 12-18 months.
The stable outlook reflects Moody's expectation that DNB's revenues
and EBITDA are likely to increase modestly over the next 12-18
months, with debt leverage (Moody's adjusted) approaching 5.5x by
the end of 2021.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The rating could be upgraded if DNB generates healthy revenue
growth and profitability while adhering to a conservative financial
policy such that debt/EBITDA (Moody's adjusted) is sustained below
4.5x and annual free cash flow/debt approaches 10%.
The rating could be downgraded if DNB's operating performance and
free cash flow decline materially or if the company adopts more
aggressive financial policies such that debt/EBITDA (Moody's
adjusted) exceeds 6.5x on a sustained basis.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
DNB, founded in 1841 and headquartered in Short Hills, New Jersey,
is a global leader in trade credit and commercial data and analytic
products used by businesses across most industries to improve their
business performance. The company's equity ownership is largely
concentrated among private equity investors and Black Knight, Inc.
which provides workflow automation and data and analytics to the
mortgage industry. Moody's expects revenues in 2020 to approach
$1.8 billion.
EASTERN NIAGARA: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------
The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in the Chapter 11 case of Eastern Niagara
Hospital, Inc.
The committee members are:
1. Pension Benefit Guaranty Corporation
1200 K Street N.W.
Washington, D.C. 20005-4026
Attn: Michael Strollo
Tel: (202) 229-4907
Email: strollo.michael@pbgc.gov
2. 1199SEIU
2421 Main Street, Suite 100
Buffalo, New York 14214
Attn: James Scordato
Tel: (716) 913-4236
Email: jim.scordato@1199.org
3. Musculoskeletal Transplant Foundation
125 May Street
Edison, New Jersey 08837
Attn: Jennifer Birmingham
Tel: (732) 661-0202
Email: Jennifer_Birmingham@mtf.org
4. Keystone Medical Services of NY, P.C.
Crescent Center
6075 Poplar Avenue, Suite 401
Memphis, Tennessee 38119
Attn: Randy Wilson
Tel: (972) 372-0388 ext. 102
Email: RWilson@keystonehealthcare.com
5. CRS Nuclear Services, LLC
840 Aero Drive, Suite 150
Cheektowaga, New York 14225
Attn: Emily Kosmoski
Tel: (716) 810-0688
Email: Kosmoski@crsnuclear.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Eastern Niagara Hospital
Eastern Niagara Hospital, Inc. is a not-for-profit organization
focused on providing general medical and surgical services. It
offers radiology, surgical services, rehabilitation services,
cardiac services, respiratory therapy, obstetrics and women's
health, emergency services, acute and intensive care, chemical
dependency treatment, occupational medicine services, DOT medical
exams, dialysis, laboratory services, and express care. Visit
http://www.enhs.orgfor more information.
Eastern Niagara Hospital sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. N.Y. Case No. 20-10903) on July 8,
2020. Debtor first sought bankruptcy protection (Bankr. W.D.N.Y.
Case No. 19-12342) on Nov. 7, 2019. At the time of the filing,
Debtor disclosed assets of between $10 million and $50 million and
liabilities of the same range.
Judge Carl L. Bucki oversees the case. Jeffrey A. Dove, Esq., at
Barclay Damon, LLP, is Debtor's legal counsel.
EF-290 LLC: Taps Three Twenty-One Capital as Investment Banker
--------------------------------------------------------------
EF-290, LLC seeks approval from the U.S. Bankruptcy Court for the
Western District of Texas to employ Three Twenty-One Capital
Partners, LLC as investment banker.
Three Twenty-One Capital will provide the following services:
(a) work with Debtor to devise the best course of action to
effectuate the desired outcome for Debtor;
(b) conduct due diligence on Debtor's business;
(c) create a marketing plan;
(d) create financial modeling to aid in a transaction;
(e) work with third party professionals and creditors;
(f) prepare marketing materials, confidential information
presentation and due diligence data room;
(g) locate parties who may have an interest in a transaction
with Debtor;
(h) circulate materials to facilitate a transaction;
(i) respond, provide information to, communicate and negotiate
with and obtain offers from interested parties and make
recommendations to Debtor as to whether an offer should be
accepted;
(j) communicate regularly with Debtor about the firm's
marketing efforts;
(k) recommend to Debtor the proper method of handling any
specific problems encountered with respect to the marketing of its
business; and
(l) perform related services necessary to maximize the
proceeds to be realized for the business.
Three Twenty-One Capital will be compensated as follows:
(a) Debtor will pay Three Twenty-One Capital a retainer of
$10,000 immediately upon entry of court order approving the firm as
investment banker.
(b) Three Twenty-One Capital will receive reimbursement for
work-related expenses. If Debtor is unable to pay the expenses when
due, the amount will be paid from the proceeds of a transaction. In
the case of multiple transactions, the expenses will be paid from
the proceeds of the first transaction to close.
(c) Three Twenty-One Capital will be paid a fee, in cash, at
the closing of any transaction based upon "transaction value"
received by Debtor and computed using the following formula: 7.5
percent of all transaction value. The fee shall be the greater of
the said calculation or $75,000.
Three Twenty-One Capital is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code, according to
court filings.
The firm can be reached through:
Ervin Terwilliger
Three Twenty-One Capital Partners, LLC
5950 Symphony Woods Rd., Suite 200
Columbia, MD 21044
Telephone: (443) 325-5290
Facsimile: (443) 703-2330
Email: erv@321capital.com
About EF-290 LLC
EF-290, LLC, a domestic limited liability company based in Austin,
Texas, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. W.D. Tex. Case No. 20-10640) on May 29, 2020. At the time
of the filing, Debtor disclosed assets of $1 million to $10 million
and liabilities of the same range. Judge Tony M. Davis oversees
the case. Debtor has tapped Hajjar Peters, LLP as its legal
counsel and Three Twenty-One Capital Partners, LLC as its
investment banker.
EKSO BIONICS: To Terminate Agreements with China JV
---------------------------------------------------
Ekso Bionics Holdings, Inc. and Zhejiang Youchuang Venture Capital
Investment Co., Ltd and another partner ("JV Partners") entered
into a National Security Agreement, which, among other things,
requires the termination of the Company's agreements and role with
Exoskeleton Intelligent Robotics Co. Limited (the "China JV").
As previously disclosed, on Jan. 30, 2019, Ekso Bionics Holdings
and its wholly-owned subsidiary, Ekso Bionics, Inc., entered into
an agreement with the JV Partners, as amended by the Amendment to
the Joint Venture Agreement, dated April 30, 2019 to establish the
China JV, a Chinese limited liability company designed to develop
and serve the exoskeleton market in China and other Asian markets
and to create a global exoskeleton manufacturing center in the
Zhejiang Province of China. In connection with the China JV,
parties designated by the JV Partners purchased an aggregate of
204,499 shares of the Company's common stock at a price per share
equal to $24.45, for aggregate proceeds to the Company of $5.0
million.
Following U.S. government inquiries regarding the China JV, the
Company and the JV Partners formally submitted a joint voluntary
notice to Committee on Foreign Investment in the United States in
December 2019 to review the transaction. CFIUS subsequently
inquired about the Company's legacy work for the U.S. government as
well as technology transfers and other aspects of the China JV and,
in February 2020, imposed interim measures to mitigate identified
concerns pending completion of its investigation. These measures
temporarily suspended the Company's contributions to the China JV
and other integration activities for the China JV.
On May 20, 2020, the Company reported that it had received notice
from CFIUS in connection with its review of the transaction that
CFIUS's prior national security concerns regarding the China JV
could not be mitigated.
The Company intends to work cooperatively with the JV Partners and
CFIUS to implement the terms of the NSA.
About Ekso Bionics
Ekso Bionics -- http://www.eksobionics.com-- is a developer of
exoskeleton solutions that amplify human potential by supporting or
enhancing strength, endurance and mobility across medical and
industrial applications. Founded in 2005, the Company continues to
build upon its unparalleled expertise to design some of the most
cutting-edge, innovative wearable robots available on the market.
The Company is headquartered in the Bay Area and is listed on the
Nasdaq Capital Market under the symbol EKSO.
Ekso Bionics reported a net loss of $12.13 million for the year
ended Dec. 31, 2019, compared to a net loss of $26.99 million for
the year ended Dec. 31, 2018. As of March 31, 2020, the Company
had $16.94 million in total assets, $11.72 million in total
liabilities, and $5.23 in total stockholders' equity.
OUM & CO. LLP, in San Francisco, California, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated Feb. 27, 2020, citing that Company has incurred significant
recurring losses and negative cash flows from operations since
inception and an accumulated deficit. This raises substantial
doubt about the Company's ability to continue as a going concern.
EVOKE PHARMA: Starts Commercial Manufacturing of GIMOTI
-------------------------------------------------------
Evoke Pharma, Inc., has initiated the commercial manufacturing of
GIMOTI (metoclopramide) nasal spray with its manufacturing partner,
Patheon, a division of Thermo Fisher Scientific, Inc. GIMOTI was
approved by the U.S. Food and Drug Administration on June 19, 2020
for the relief of symptoms in adults with acute and recurrent
diabetic gastroparesis. The Company plans to launch sales of
GIMOTI in the fourth quarter 2020 with its partner EVERSANA.
About Evoke Pharma
Headquartered in Solana Beach, California, Evoke --
http://www.evokepharma.com/-- is a specialty pharmaceutical
company focused primarily on the development of drugs to treat GI
disorders and diseases. The Company is developing Gimoti, a nasal
spray formulation of metoclopramide, for the relief of symptoms
associated with acute and recurrent diabetic gastroparesis in adult
women.
Evoke Pharma recorded a net loss of $7.13 million for the year
ended Dec. 31, 2019, compared to a net loss of $7.57 million for
the year ended Dec. 31, 2018. As of March 31, 2020, the Company
had $4.64 million in total assets, $1.72 million in total current
liabilities, and $2.92 million in total stockholders' equity.
BDO USA, LLP, in San Diego, California, the Company's auditor since
2014, issued a "going concern" qualification in its report dated
March 12, 2020, citing that the Company has suffered recurring
losses from operations and has not generated revenues or positive
cash flows from operations. These factors raise substantial doubt
about the Company's ability to continue as a going concern.
FALL CREEK PLAZA: Seeks to Hire Dean W. Greer as Counsel
--------------------------------------------------------
Fall Creek Plaza, I, LP and Fall Creek Plaza II, LP & Fall Creek
Plaza, III, LP, seeks authority from the US Bankruptcy for the
Southern District of Texas to employ a counsel.
Fall Creek has selected Dean W. Greer, Esq. to represent the
Debtors in the bankruptcy proceedings.
Services Mr. Greer will render are:
a. advise and consult with the Debtors as to its power and
duties in the continued operation of its business and management of
its properties during bankruptcy.
b. take actions as may be necessary to preserve and protect
the Debtors' assets, including the prosecution of adversary
proceedings and other actions of Fall Creek's behalf, the defense
of actions commenced against the Debtors, negotiations concerning
litigation in which the Debtors are involved, objection to the
allowance of any objectionable claims filed against the Debtors'
estate and estimating of claims against the estates where
appropriate;
c. prepare necessary applications, motions, complains,
adversary proceedings, answers, orders, reports,a nd other
pleadings and legal documents, in connection with matters affecting
the Debtors and its estate;
d. assist the Debtors in the development, negotiation and
confirmation of a plan of reorganization and the preparation of a
disclosure statement;
e. perform other legal services that the Debtors may request.
Mr. Greer will charge $310 per hour for his services.
Each of the Debtors have paid 20,000 as a retainer for a total of
$60,000.
Mr. Greer assures the court that is a "disinterested person" within
the meaning of Sec. 101(14) of the Bankruptcy Code, and has no
connection to Fall Creek, its creditors and other parties in
interest.
Mr. Greer can be reached at:
Dean W. Greer, Esq.
Law Offices of Dean W. Greer
2929 Mossrock, Ste. 117
San Antonio, TX 78230
Tel.: (210) 342-7100
Fax: (201) 342-3633
About Fall Creek
Fall Creek owns and operates a shopping center in Humble, Texas. It
was built in three phases and under three different partnerships
who are the proposed joint debtors.
Fall Creek Plaza, I, LP and Fall Creek Plaza II, LP & Fall Creek
Plaza, III, LP, filed their voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32989) on June 9, 2020. At the time of filing, the Debtors
estimated 10,000,001 to $50 million in both assets and liabilities.
Dean W Greer, Esq. represents the Debtors as counsel.
FINANCIAL GRAVITY: Hires Weaver and Tidwell as Auditors
-------------------------------------------------------
Financial Gravity Companies, Inc., has engaged the firm of Weaver
and Tidwell, L.L.P. as its new independent auditors. The decision
to engage Weaver as the Company's independent registered public
accounting firm was approved by the Company's Board of Directors.
During the two most recent fiscal years and through the Engagement
Date, the Company has not consulted with Weaver regarding either:
1. The application of accounting principles to any specified
transaction, either completed or proposed, or the type of
audit opinion that might be rendered on the Company's
financial statements, and neither a written report was
provided to the Company nor oral advice was provided that
Weaver concluded was an important factor considered by the
Company in reaching a decision as to the accounting,
auditing or financial reporting issue; or
2. Any matter that was either the subject of a "disagreement"
(as defined in paragraph (a)(1)(iv) of Item 304 of
Regulation S-K and the related instructions thereto) or a
"reportable event" (as described in paragraph (a)(1)(v) of
Item 304 of Regulation S-K).
About Financial Gravity
Headquartered in Allen, Texas, Financial Gravity is a parent
company of financial services companies including brokerage, wealth
management, estate planning, family office services, risk
management, business and personal tax planning, business
consulting, and financial advisor services. Financial Gravity's
mission is to synergistically bring together companies that create
symbiotic advantages to each other in order to bring a complete
financial experience to the clients that it serves.
Financial Gravity reported a net loss of $623,485 for the year
ended Sept. 30, 2019, compared to a net loss of $1.52 million for
the year ended Sept. 30, 2018. As of March 31, 2020, the Company
had $1.96 million in total assets, $635,873 in total current
liabilities, $228,056 in total non-current liabilities, and $1.09
million in total stockholders' equity.
Whitley Penn LLP, in Dallas, Texas, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
Dec. 30, 2019, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.
GAUCHO GROUP: Board Appoints Reuben Cannon as Director
------------------------------------------------------
The Board of Directors of Gaucho Group Holdings, Inc. appointed
Reuben Cannon as a Class I director of the Board.
Mr. Cannon has been a stockholder of the Company for several years
and is a producer and casting director who has helped shape and
guide some of the most critically acclaimed film and television
projects in Hollywood during the past 30 years. The Company
believes Mr. Cannon is uniquely qualified to serve as a director of
the Company because of running his successful long-term business in
Hollywood and connections to promote the Company's luxury brand
goods.
Mr. Cannon worked at Universal Studios from 1970 to 1978,
eventually becoming a casting director. He also was the head of
television casting for Warner Brothers from 1977 to 1978. In 1978,
Mr. Cannon started his own casting agency called Reuben Cannon &
Associates. His agency has cast nearly one hundred television
series and films. Projects include "The Color Purple" (11 Oscar
nominations), "Columbo," "Alfred Hitchcock Presents," "The A Team,"
the 1990s remake of "Perry Mason", the Emmy-Award winning comedy
series "The Bernie Mac Show," "My Wife and Kids," and "Boondocks."
Producing credits include "The Women of Brewster Place" and
"Brewster Place" (in collaboration with Oprah Winfrey), "Down in
the Delta" (directed by Dr. Maya Angelou), and "Get on the Bus"
(with Spike Lee). In 2004, Mr. Cannon formed a production alliance
with Tyler Perry Studios and is currently Executive Producer for
Tyler Perry's "House of Payne." In addition to two Emmy
nominations, he has received numerous awards including an Honorary
Doctorate of Human Letters from Morehouse College, and the "Behind
the Lens Award" for outstanding contributions in entertainment in
the areas of film and television. He has been credited with
launching the careers of many of today's major film and television
stars. He is also a producer in both film and television. Mr.
Cannon attended Southeast City College.
About Gaucho Group
Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its
wholly-owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina. GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort. In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories. The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.
Gaucho Group reported a net loss attributable to common
stockholders of $7.38 million for the year ended Dec. 31, 2019,
compared to a net loss attributable to common stockholders of $6.40
million for the year ended Dec. 31, 2018. As of March 31, 2020,
the Company had $5.98 million in total liabilities, $7.05 million
in total liabilities, $9.02 million in series B convertible
redeemable preferred stock, and a total stockholders' deficiency of
$10.09 million.
Marcum LLP, in New York, NY, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated
March 30, 2020 citing that the Company has a significant working
capital deficiency, has incurred significant losses and needs to
raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
GLOBAL EAGLE: Marcum Replaces KPMG as Accountants
-------------------------------------------------
The Audit Committee of the Board of Directors of Global Eagle
Entertainment Inc. approved the dismissal of KPMG LLP as the
Company's independent registered public accounting firm, effective
on July 14, 2020.
The audit reports of KPMG on the consolidated financial statements
of the Company and subsidiaries as of and for the years ended Dec.
31, 2019 and 2018 did not contain any adverse opinion or a
disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope, or accounting principles, except that (i)
KPMG's report dated May 14, 2020 on the Company's consolidated
financial statements as of and for the years ended Dec. 31, 2019
and 2018, which report was included in the Company's Annual Report
on Form 10-K for the year ended Dec. 31, 2019 filed with the SEC on
May 15, 2020 contained (a) a separate paragraph stating that (1)
the Company's recurring losses from operations, insufficient cash
flows generated from operations, potential violations of financial
covenants and ability to timely service debt, and uncertainty
arising from the COVID-19 outbreak raise substantial doubt about
its ability to continue as a going concern, and (2) that the
consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty; and (b) a
separate paragraph stating that as discussed in Notes 2, 3 and 4 of
the consolidated financial statements (1) the Company changed its
method for accounting for Leases due to the adoption of Accounting
Standard Update (ASU) No. 2016-02, Leases (Topic 842), and all
related amendments effective Jan. 1, 2019; and (2) the Company
changed its method for accounting for Revenue due to the adoption
of Accounting Standard Update (ASU) No. 2014-09, Revenue from
Contracts with Customers (Topic 606), and all related amendments
effective Jan. 1, 2018; and (ii) KPMG's report dated March 18, 2019
on the Company's consolidated financial statements as of and for
the years ended Dec. 31, 2018 and 2017, which report was included
in the Company's Annual Report on Form 10-K for the year ended Dec.
31, 2018 filed with the SEC on March 18, 2019, included a paragraph
stating that KPMG, in its report dated March 18, 2019, expressed an
adverse opinion on the effectiveness of the Company's internal
control over financial reporting.
During the fiscal years ended Dec. 31, 2019 and Dec. 31, 2018 and
the subsequent interim periods through July 14, 2020, there were
(i) no disagreements (as that term is defined in Item 304(a)(1)(iv)
of Regulation S-K and the related instructions) between the Company
and KPMG on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure,
which disagreements, if not resolved to the satisfaction of KPMG,
would have caused KPMG to make reference in connection with their
opinion, and (ii) no "reportable events" (as that term is defined
in Item 304(a)(1)(v) of Regulation S-K), except for the material
weaknesses identified in the Company's internal control over
financial reporting related to its control environment, risk
assessment, information and communication, and control activities,
as previously disclosed under Part II, Item 9A of the Company's
2018 Annual Report and 2019 Annual Report.
On July 14, 2020, the Audit Committee approved the appointment of
Marcum LLP as the Company's independent registered public
accounting firm, effective immediately.
Global Eagle said that during the fiscal year ended Dec. 31, 2019
and Dec. 31, 2018 and through the subsequent interim periods,
neither the Company, nor any party on behalf of the Company,
consulted with Marcum with respect to either (i) the application of
accounting principles to a specified transaction, either completed
or proposed, or the type of the audit opinion that might be
rendered with respect to the Company's consolidated financial
statements, and no written report or oral advice was provided to
the Company by Marcum that was an important factor considered by
the Company in reaching a decision as to any accounting, auditing
or financial reporting issue, or (ii) any matter that was subject
to any disagreement (as that term is defined in Item 304(a)(1)(iv)
of Regulation S-K and the related instructions) or a reportable
event (as that term is defined in Item 304(a)(1)(v) of Regulation
S-K).
About Global Eagle
Headquartered in Los Angeles, California, Global Eagle --
http://www.GlobalEagle.com/-- is a provider of media, content,
connectivity and data analytics to markets across air, sea and
land. Global Eagle offers a fully integrated suite of media
content and connectivity solutions to airlines, cruise lines,
commercial ships, high-end yachts, ferries and land locations
worldwide.
Global Eagle incurred a net loss of $153.44 million for the year
ended Dec. 31, 2019, compared to a net loss of $236.60 million for
the year ended Dec. 31, 2018. As of March 31, 2020, the Company
had $630.48 million in total assets, $1.08 billion in total
liabilities, and a total stockholders' deficit of $455.85 million.
KPMG LLP, in Los Angeles, California, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
May 14, 2020, citing that the Company's recurring losses from
operations, insufficient cash flows generated from operations,
potential violations of financial covenants and ability to timely
service debt, and uncertainty arising from the COVID-19 outbreak
raise substantial doubt about its ability to continue as a going
concern.
Bankruptcy Warning
The Company said in its Quarterly Report for the period ended March
31, 2020, that "We have engaged financial and legal advisors to
assist us in, among other things, analyzing various strategic
alternatives to address our liquidity and capital structure,
including strategic and refinancing alternatives to restructure our
indebtedness in private transactions. If the negative impact from
COVID-19 continues ... or if there is not otherwise a material
improvement in our business, results of operations and liquidity,
we may be forced to further reduce or delay our business activities
and capital expenditures, sell material assets, seek additional
capital or be required to file for bankruptcy court protection.
Due to our current financial constraints, there is a substantial
risk that it may be necessary for us to seek protection under
Chapter 11 of the United States Bankruptcy Code."
GLOBAL EAGLE: Moody's Hikes CFR to Ca, Outlook Negative
-------------------------------------------------------
Moody's Investors Service downgraded Global Eagle Entertainment,
Inc.'s corporate family rating to Ca from Caa2 as well as the
company's probability of default rating to Ca-PD/LD from Caa2-PD.
Moody's also downgraded the rating on the company's first lien
facilities to Caa2 from B3. The speculative grade liquidity rating
remains at SGL-4. The outlook is negative.
Its rating actions follow the company's announcement on Friday that
it had not made the interest payment due on its first lien
facilities on 9 July 2020 and had agreed, with its lenders, to
amend the first lien credit agreement. The amendment extends the
grace period for the missed interest payment from five business
days (i.e. 16 July 2020) to August 1, 2020. Moody's views the
amendment as a distressed exchange and the /LD appended PDR
reflects the resulting limited default on the first lien
facilities. The /LD will be removed in the near term.
The impact on air travel from the COVID-19 pandemic, which Moody's
considers a social risk, is a key driver of its rating action as it
weakened Global Eagle's liquidity and led to the described
distressed exchange.
Downgrades:
Issuer: Global Eagle Entertainment, Inc.
Probability of Default Rating, Downgraded to Ca-PD /LD from
Caa2-PD
Corporate Family Rating, Downgraded to Ca from Caa2
Senior Secured Bank Credit Facility, Downgraded to Caa2 (LGD3) from
B3 (LGD3)
Outlook Actions:
Issuer: Global Eagle Entertainment, Inc.
Outlook, Remains Negative
RATINGS RATIONALE
The downgrade of Global Eagle's CFR to Ca reflects Moody's
expectations of an upcoming imminent restructuring of Global
Eagle's debt as the company's ongoing liquidity seems inadequate in
the face of the COVID-19 related disruption to the air travel
sector. The airline and the cruise industries continue to face
severe declines in their levels of operations due to the ongoing
coronavirus pandemic. Moody's regards the current pandemic as a
social risk under its ESG framework, given the substantial
implications for health and safety.
The global response to the coronavirus outbreak has meant that
regional and international air-travel have experienced extreme cuts
in demand and capacity. The severity and length of the crisis means
that despite strong cost reduction efforts, Global Eagle is likely
to default on its debt obligations within the next three months.
The company has also stated that it is in active talks with its
lenders and Moody's believes these talks are very likely to result
in an overhaul of the current capital structure. The company's
SGL-4 speculative grade liquidity rating reflects Moody's views
that the company's liquidity profile is too weak to allow the
company to continue operating under its current capital structure
over the next 12 months. At the end of Q2 2020, Global Eagle had
$30.7 million in cash and no availability under its $85 million
revolving credit facility.
The negative outlook reflects Moody's expectations that a debt
restructuring is highly likely.
The Ca CFR reflects Moody's assumption of a 50% average family
recovery rate at default. The Caa2 rating on the first lien
facilities ($85 million RCF and $505 million Term Loan) reflects
their ranking ahead of $189 million of second lien notes (unrated)
and $82.5 million of convertible notes.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if Moody's estimates of recovery in
a potential event of default deteriorate.
The ratings could be upgraded if the company reduced its debt level
and improved its liquidity profile.
With headquarters in Los Angeles, California, Global Eagle
Entertainment Inc. is a provider of connectivity and content to the
worldwide travel industry. The company operates through two
segments Connectivity and Media & Content. The company generated
revenue of $657 million in 2019.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
GRUPO AEROMEXICO: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------------
The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in the Chapter 11 cases of Grupo Aeromexico,
S.A.B. de C.V. and its affiliates.
The committee members are:
1. The Bank of New York Mellon, as Indenture Trustee
Corporate Trust, Default Administration Group
240 Greenwich Street, Floor 7 East
New York, NY 10286
Attention: Mr. David M. Kerr
Tel: 973.715.0195
Email: david.m.kerr@bnymellon.com
2. Asociacion Sindical de Pilotos Aviadores
Palomas 110 1ER Piso Reforma Social
CDMX, Miguel Hidalgo 11650 MEXICO
Attn.: Santiago López Cadena
Tel: 52.55.1224.0012
Email: santiagolopezcad@gmail.com
-- and –
Attn: Francisco Eduardo Gomez Ortigoza Gonzalez
Tel: 52.55.8548.3855
Email: avioneto@hotmail.com
3. Nordic Aviation Capital
401 E. Las Olas Blvd., 17th Floor
Fort Lauderdale, FL 33301
Attn: Mr. Philip M. Bolger
Tel: 802.310.0114
Email: PHB@NAC
4. Falko Regional Aircraft Limited
1 Bishop Square, St. Albans Rd. West,
Hatfield, AL10 9NE, United Kingdom
Attn.: Mr. Marcus Rowley
Tel: 44.1707.25516
Email: marcus.rowley@falko.com
5. General Electric Company
3135 Easton Turnpike
Fairfield, CT 06828
Attn.: T. Kellan Grant, Esq.
Tel: 513.243.0880
Email: kellan.grant@ge.com
6. World Fuel Services, Inc.
9800 N.W. 41st St.
Miami, FL 33178
Attn: Mr. Richard D. McMichael
Tel: 305.428.8233
Email: rmcmichael@wfscorp.com
7. Sabre GLBL Inc.
3150 Sabre Drive
Southlake, TX 76092
Attn.: Jane Ann Neiswender, Esq.
Tel: 817.233.8759
Email: janeann.neiswender@sabre.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Grupo Aeromexico
Grupo Aeromexico, S.A.B. de C.V. -- https://www.aeromexico.com/ --
is a holding company whose subsidiaries are engaged in commercial
aviation in Mexico and the promotion of passenger loyalty programs.
Aeromexico, Mexico's global airline, has its main hub at Terminal
2 at the Mexico City International Airport. Its destinations
network features the United States, Canada, Central America, South
America, Asia and Europe.
Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.
Timothy Graulich, Esq., of Davis Polk and Wardell LLP, serves as
counsel to the Debtors.
GRUPO FAMSA: Seeks to Hire Epiq Corporate as Claims Agent
---------------------------------------------------------
Grupo Famsa, S.A.B. de C.V. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Epiq Corporate
Restructuring, LLC, as its claims and noticing agent.
The firm will oversee the distribution of notices and the
maintenance, processing and docketing of proofs of claim filed in
the Chapter 11 cases of the company and its affiliates.
Epiq will charge these hourly fees:
Clerical/Administrative Support $25 - $45
IT/Programming $65 - $85
Case Managers $70 - $165
Consultants/Directors/VPs $160 - $165
Solicitation Consultant $190
Executive VP, Solicitation $190
Executives No Charge
Before the petition date, the Debtors provided Epiq a retainer in
the amount of $25,000.
Kate Mailloux, a senior director at Epiq, disclosed in court
filings that the firm is "disinterested" as defined in Section
101(14) of the Bankruptcy Code.
Epiq can be reached through:
Kate Mailloux
Epiq Bankruptcy Solutions, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
Phone: (646) 282-2523
About Grupo Famsa, S.A.B. de C.V.
Grupo Famsa, S.A.B. de C.V. is a variable capital public stock
corporation under the laws of Mexico, originally organized on Dec.
27, 1979 under the name Corporacion Famsa, S.A. The Debtor is not
a public reporting company in the United States pursuant to the
Securities Exchange Act of 1934. The Debtor is the parent company
of several non-debtor subsidiaries, both in the United States and
Mexico, which operate in the retail and banking sectors. Visit
https://www.grupofamsa.com for more information.
Grupo Famsa, S.A.B. de C.V. commenced a voluntary prepackaged
bankruptcy case under chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 20-11505) on June 26, 2020. The petition was
signed by Luis Gerardo Villareal, Board Member. At the time of
filing, the Debtor estimated $1 billion to $10 billion in both
assets and liabilities. Pedro A. Jimenez, Esq. at PAUL HASTINGS LLP
represents the Debtor as counsel.
HD SUPPLY: Moody's Alters Outlook on Ba1 CFR to Negative
--------------------------------------------------------
Moody's Investors Service affirmed HD Supply, Inc.'s Ba1 Corporate
Family Rating and Ba1-PD Probability of Default Rating. Moody's
also affirmed the Ba1 rating on HDS' senior secured term loan
maturing 2023 and the Ba2 rating on the company's senior unsecured
notes due 2026. The SGL-1 Speculative Grade Liquidity Rating is
maintained. The outlook is changed to negative from stable.
The change in outlook to negative from stable results from ongoing
economic uncertainty resulting in lower demand for maintenance and
repair and operations especially within the hospitality business.
Further, Moody's expects that the potential for longer term
disruption in these segments will have a more pronounced impact on
the remaining HDS operations following the separation of the
Construction & Industrial business.
The rapid and widening spread of the coronavirus outbreak and the
resulting economic contraction are creating a severe and extensive
credit shock, greatly reducing demand for products used in the
hospitality end market and limiting construction. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on HD Supply of the deterioration in
credit quality it has triggered.
HDS plans to separate by fiscal year-end 2020 (on or about January
31, 2021) its Facilities Maintenance and C&I businesses into two
independent publicly traded companies, resulting in each company
having a high degree of product and end market concentration. C&I
is showing less volatility during the current economic downturn
relative to the Facilities Management business. HDS will have only
Facilities Maintenance once the separation is complete. Moody's
believes that the hospitality segment within Facilities Management
will be a drag on earnings well into 2021.
"Despite revenue and earnings pressures credit metrics will remain
good," according to Peter Doyle, a Moody's VP-Senior Analyst.
"However, ongoing uncertainty within the hospitality business will
have a greater impact on the remaining HD Supply operations
following the planned separation."
The following ratings are affected by its action:
Affirmations:
Issuer: HD Supply, Inc.
Probability of Default Rating, Affirmed Ba1-PD
Corporate Family Rating, Affirmed Ba1
Senior Secured Bank Credit Facility, Affirmed Ba1 (LGD3)
Senior Unsecured Regular Bond/Debenture, Affirmed Ba2 (LGD5)
Outlook Actions:
Issuer: HD Supply, Inc.
Outlook, Changed to Negative from Stable
RATINGS RATIONALE
HDS' Ba1 CFR reflects sound credit metrics despite reduced
profitability. Moody's projects revenue will decline by 15% to $5.2
billion for fiscal year 2020 on a year-over-year basis. Moody's
also forecasts adjusted operating margin contracting but remaining
healthy at about 10.6% over the next year versus 11.5% for LTM Q1
2020. Management is reducing costs by lowering personnel expenses
to meet the decline in demand. However, these efforts will be
offset by decreasing volumes due to end market contraction, which
reduces operating leverage and will contribute to the contraction
in margin. Moody's projects leverage remaining near 3.0x through
2020. Interest coverage, measured as EBITA-to-interest expense,
will fall towards 5.0x through the balance of fiscal year 2020.
HDS' SGL-1 Speculative Grade Liquidity Rating reflects Moody's view
that the company will maintain a very good liquidity profile over
the next year, generating free cash flow throughout the year. HDS
also has abundant revolver availability and no near-term
maturities. Its revolving credit facility expires in 2022 followed
by the senior secured term loan maturing 2023.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade:
(All ratios incorporate Moody's standard adjustments)
- Operating margin is sustained near 15%
- Debt-to-LTM EBITDA is maintained near 2.0x
- EBITA-to-interest expense sustained above 7.5x
- A very good liquidity profile is preserved
- Ongoing positive trends in end markets fuel sustained organic
growth
Factors that could lead to a downgrade:
(All ratios incorporate Moody's standard adjustments)
- Operating margin is sustained below 10%
- Debt-to-LTM EBITDA is expected to stay above 3.0x
- The company's liquidity profile deteriorates
HD Supply, Inc., headquartered in Atlanta, Georgia, is one of the
largest North American industrial distributors of products and
services for maintenance, repair and operations, and specialty
construction.
The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.
IMAGEWARE SYSTEMS: Nantahala Reports 8.4% Equity Stake
------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Nantahala Capital Management, LLC, Wilmot B. Harkey,
and Daniel Mack reported that as of July 15, 2020, they
beneficially own 11,434,329 shares of common stock of Imageware
Systems, Inc., which represents 8.4 percent based upon 129,035,167
shares of Common Stock outstanding.
This Schedule 13D relates to Common Stock of the Issuer purchased
by Nantahala through the accounts of certain private funds and
managed accounts. Nantahala serves as the investment adviser to
the Nantahala Investors and may direct the vote and dispose of the
11,434,329 shares of Common Stock held by the Nantahala Investors.
As the principals of Nantahala, Mr. Harkey and Mr. Mack may direct
the vote and disposition of the 11,434,329 shares of Common Stock
held by the Nantahala Investors.
The Reporting Persons previously filed a Schedule 13G with respect
to the Common Stock of the Issuer as most recently amended with the
SEC on Feb. 14, 2020 reporting that they beneficially owned 9.5% of
the issued and outstanding shares of Common Stock of the Issuer.
A full-text copy of the regulatory filing is available for free
at:
https://is.gd/UDHChY
About ImageWare Systems
Headquartered in San Diego, CA, ImageWare Systems, Inc. --
http://www.iwsinc.com/-- is a developer of mobile and cloud-based
identity management solutions, providing two-factor, biometric and
multi-factor cloud-based authentication solutions for the
enterprise. The company delivers next-generation biometrics as an
interactive and scalable cloud-based solution. ImageWare brings
together cloud and mobile technology to offer two-factor,
biometric, and multi-factor authentication for smartphone users,
for the enterprise, and across industries. The Company's products
are used to manage and issue secure credentials, including national
IDs, passports, driver licenses and access control credentials.
ImageWare recorded a net loss available to common shareholders of
$17.25 million for the year ended Dec. 31, 2019, compared to a net
loss available to common shareholders of $16.46 million for the
year ended Dec. 31, 2018. As of March 31, 2020, the Company had
$7.96 million in total assets, $10.54 million in total liabilities,
$9.06 million in mezzanine equity, and $11.64 million in total
shareholders' deficit.
Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2011, issued a "going concern" qualification in its
report dated May 15, 2020 citing that the Company does not generate
sufficient cash flows from operations to maintain operations and,
therefore, is dependent on additional financing to fund operations.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.
IMAGEWARE SYSTEMS: Restructures Certain Senior Securities
---------------------------------------------------------
ImageWare Systems, Inc. has reached an agreement with holders of
over 90% of its Series A Convertible Preferred Stock to restructure
Series A Preferred held by those holders. The restructuring
results in the waiver of dividends payable to the holders executing
the agreement due for the quarters ending March 31 and June 30,
2020, and, depending on the performance of the Company's Common
Stock, the remainder of fiscal 2020. The restructuring also paves
the way for the Company to finance its working capital requirements
through the issuance of a senior security.
Restructuring Terms
* One-half of the Series A Preferred held by the holders who
executed agreements will be exchanged for an equivalent
number of newly created Series A-1 Convertible Preferred
Stock.
* The Series A-1 Preferred would be convertible into Common
Stock of the Company at $0.65 per share and would
automatically convert into Common Stock when the volume
weighted average closing price (VWAP) of the Company's
Common Stock for the preceding twenty trading days is at
least $1.00.
As a result of the restructuring, the Series A Preferred exchanged
for Series A-1 Preferred will be cancelled. The remaining Series A
Preferred may be automatically converted into Series A-1 Preferred
in the event the VWAP for the preceding five trading days prior to
a quarterly dividend payment date is less than $0.35 per share, and
if greater than $0.35 per share, the Company will have the option
to either pay the required dividend, or convert the Series A
Preferred into Series A-1 Preferred.
Kristin A. Taylor, president and chief executive officer, said "We
are very pleased to have reached this agreement with certain
holders of our Series A Preferred, and hope to reach a similar
agreement with the holders of our Series C Convertible Preferred
Stock in the near future. This significant milestone represents a
substantial first step in our restructuring program which the new
management team prioritized since joining the Company and paves the
way for financing discussions with current and prospective
investors to provide the Company with required working capital.
The positive resolution of these issues will preserve the equity in
the business and is beneficial to all stakeholders of the Company.
We are encouraged to now be able to execute upon our new strategic
business and financing plan which will result in increased
long-term valuation, revenue and much needed results."
About ImageWare Systems
Headquartered in San Diego, CA, ImageWare Systems, Inc. --
http://www.iwsinc.com/-- is a developer of mobile and cloud-based
identity management solutions, providing two-factor, biometric and
multi-factor cloud-based authentication solutions for the
enterprise. The company delivers next-generation biometrics as an
interactive and scalable cloud-based solution. ImageWare brings
together cloud and mobile technology to offer two-factor,
biometric, and multi-factor authentication for smartphone users,
for the enterprise, and across industries. The Company's products
are used to manage and issue secure credentials, including national
IDs, passports, driver licenses and access control credentials.
ImageWare recorded a net loss available to common shareholders of
$17.25 million for the year ended Dec. 31, 2019, compared to a net
loss available to common shareholders of $16.46 million for the
year ended Dec. 31, 2018. As of March 31, 2020, the Company had
$7.96 million in total assets, $10.54 million in total liabilities,
$9.06 million in mezzanine equity, and $11.64 million in total
shareholders' deficit.
Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2011, issued a "going concern" qualification in its
report dated May 15, 2020 citing that the Company does not generate
sufficient cash flows from operations to maintain operations and,
therefore, is dependent on additional financing to fund operations.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.
IMERYS TALC: AII Objects to Disclosure Statement
------------------------------------------------
American International Industries ("AII") objects to the Disclosure
Statement for Joint Chapter 11 Plan of Reorganization of Imerys
Talc America, Inc. and its Debtor Affiliates.
AII objects to the Disclosure Statement on the grounds that it does
not provide "adequate information" as required under Section
1125(b) of the Bankruptcy Code.
"The Trust and TDP documents are absolutely critical to enable AII,
and similarly situated creditors, to evaluate and vote on the Plan.
Additionally, the inevitable litigation between Johnson & Johnson
and the Debtors makes the Plan unconfirmable," AII said.
AII believes the Debtors' Disclosure Statement should not be
approved.
AII asserts that the Court should also deny approval of the
disclosure statement where a debtors' plan is patently
unconfirmable. It would waste the Court's and the parties'
resources to allow Debtors to solicit votes on the Plan.
A full-text copy of American International's objection to
disclosure dated June 16, 2020, is available at
https://tinyurl.com/yboq7anr from PacerMonitor.com at no charge.
Counsel for American International:
SAUL EWING ARNSTEIN & LEHR LLP
Mark Minuti
1201 N. Market Street, Suite 2300
P.O. Box 1266
Wilmington, DE 19899-11266
Telephone (302) 421-6800
E-mail: mark.minuti@saul.com
- and -
LATHROP GPM, LLP
Julia A. Gowin
1888 Century Park East. Suite 1000
Los Angeles, CA 90067-1623
Tel: (310) 789-4600
Fax: (310) 789-4601
E-mail: Julia.gowin@lathropgpm.com
- and -
Raymond J. Urbanik
2101 Cedar Springs Road, Suite 1400
Dallas, TX 75201-2134
Telephone: (469) 983-6032
E-mail: Raymond.urbanik@lathropgpm.com
About Imerys Talc America
Imerys Talc and its subsidiaries-- https://www.imerys-performance
-additives.com/ -- are in the business of mining, processing,
selling, and distributing talc. Talc is a hydrated magnesium
silicate that is used in the manufacturing of dozens of products in
a variety of sectors, including coatings, rubber, paper, polymers,
cosmetics, food, and pharmaceuticals. Its talc operations include
talc mines, plants, and distribution facilities located in: Montana
(Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and
Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood,
and Foleyet). It also utilizes offices located in San Jose,
California and Roswell, Georgia.
Imerys Talc America, Inc., and two subsidiaries, namely Imerys Talc
Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13,
2019.
The Debtors were estimated to have $100 million to $500 million in
assets and $50 million to $100 million in liabilities as of the
bankruptcy filing.
The Hon. Laurie Selber Silverstein is the case judge.
The Debtors tapped Richards, Layton & Finger, P.A., and Latham &
Watkins LLP as counsel; Alvarez & Marsal North America, LLC, as
financial advisor; and Prime Clerk LLC as claims agent.
IMERYS TALC: Hartford Objects to Plan & Disclosures
---------------------------------------------------
Interested parties Hartford Accident and Indemnity Company and
First State Insurance Company submitted a joinder to Certain
Insurers' Objection to the Disclosure Statement and the proposed
confirmation schedule filed in connection with the plan of Imerys
Talc America, Inc. and its Debtor Affiliates, and state as
follows:
* Hartford agrees with the points made in the Certain Insurers'
Objection. Hartford joins to emphasize that the Disclosure
Statement also does not provide adequate information to creditors
in Class 4 because it ignores a pending motion -- Johnson &
Johnson's Motion to Lift Stay -- the resolution of which will
unmistakably have a significant effect on this chapter 11 case and
on the treatment that Class 4 claimants receive in it.
* The Disclosure Statement provides Class 4 claimants with no
analysis of the consequences that would result if claims are
returned to the tort system and defended by Johnson & Johnson.
* This failure to provide creditors with information about a
critical motion that may alter the scope of Debtors' liabilities
forecloses any possibility that the Disclosure Statement provides
"adequate information" within the meaning of Sec. 1125 of the
Bankruptcy Code.
A full-text copy of Hartford's objection to disclosure dated June
16, 2020, is available at https://tinyurl.com/y8xzf4mt from
PacerMonitor.com at no charge.
Co-Counsel for Interested Parties:
Richard M. Beck
Sally E. Veghte (DE Bar No. 4762)
KLEHR HARRISON HARVEY BRANZBURG LLP
919 Market Street, Suite 1000
Wilmington, DE 19801
Tel: (302) 426-1189
Fax: (302) 426-9193
E-mail: rbeck@klehr.com
sveghte@klehr.com
- and -
James P. Ruggeri
Joshua D. Weinberg
Miranda H. Turner
SHIPMAN & GOODWIN, LLP
1875 K Street NW, Suite 600
Washington, DC 20006-1251
Tel: (202) 741-7750
Fax: (202) 469-7751
E-mail: jruggeri@goodwin.com
jweinberg@goodwin.com
mturner@goodwin.com
About Imerys Talc America
Imerys Talc and its
subsidiaries--https://www.imerys-performance-additives.com/ -- are
in the business of mining, processing, selling, and distributing
talc. Talc is a hydrated magnesium silicate that is used in the
manufacturing of dozens of products in a variety of sectors,
including coatings, rubber, paper, polymers, cosmetics, food, and
pharmaceuticals. Its talc operations include talc mines, plants,
and distribution facilities located in: Montana (Yellowstone,
Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas
(Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet).
It also utilizes offices located in San Jose, California and
Roswell, Georgia.
Imerys Talc America, Inc., and two subsidiaries, namely Imerys Talc
Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13,
2019.
The Debtors were estimated $100 million to $500 million in assets
and $50 million to $100 million in liabilities as of the bankruptcy
filing.
The Hon. Laurie Selber Silverstein is the case judge.
The Debtors tapped Richards, Layton & Finger, P.A., and Latham &
Watkins LLP as counsel; Alvarez & Marsal North America, LLC as
financial advisor; and Prime Clerk LLC as claims agent.
IRI HOLDINGS: Moody's Alters Outlook on B3 CFR to Stable
--------------------------------------------------------
Moody's Investors Service affirmed IRI Holdings, Inc.'s ratings,
including the B3 Corporate Family Rating, and changed outlook to
stable from negative.
The change in outlook to stable from negative and affirmation of
the B3 CFR reflect IRI's meaningful improvements in liquidity, an
expectation for positive cash flow and continued organic growth in
the mid-to-high single digits over the next 12-18 months. An
increase in demand for the company's products during the
coronavirus outbreak will drive incremental business growth in the
remainder of 2020. The company's plans to issue approximately $80
million of incremental first lien secured debt to be used for
general corporate or acquisition purposes does not impact the
stable outlook.
Moody's took the following actions:
Affirmations:
Issuer: IRI Holdings, Inc.
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Gtd Senior Secured First Lien Revolving Credit Facility, Affirmed
B2 (LGD3)
Gtd Senior Secured First Lien Term Loan, Affirmed B2 (LGD3)
Gtd Senior Secured Second Lien Term Loan, Affirmed Caa2 (LGD5)
Outlook Actions:
Issuer: IRI Holdings, Inc.
Outlook, Changed to Stable from Negative
RATINGS RATIONALE
IRI Holdings, Inc.'s B3 CFR continues to reflect the company's high
albeit improving leverage, weak interest coverage, modest
profitability margin and intense industry competition. The
governance risks Moody's considers in IRI's credit profile include
an aggressive financial strategy stemming from the private equity
ownership that is supportive of operating with high leverage over
an extended period of time. The ratings are supported by a
blue-chip customer base in the consumer-packaged goods, retail and
consumer health sectors, a sticky, contracted revenue base
supported by long term contracts with customers, entrenched
position in a duopolistic market measurement segment that benefits
from formidable barriers to entry, solid track record of EBITDA
growth.
Moody's expects earnings growth will lead to further deleveraging,
with Debt/EBITDA approaching 10x (Moody's adjusted) over the next
12-18 months, down from exceptionally high leverage of 12x as of
LTM 3/2020 and 13x at the end of 2019. Moody's adjusts EBITDA to
expense capitalized development costs.
IRI's liquidity is adequate based on Moody's expectation that IRI
will generate positive free cash flow in the $40-$50 million range
in the coming year and a $105 million cash balance with full
revolver availability as of June 19, 2020. Moody's expects that
after a period of heavy reliance on its $80 million revolver in
2019 to fund investments, revolver drawings will be minimal and
capital investments will moderate to under $45 million over the
coming year. Scheduled annual amortization under the $1.21 billion
first lien term loan is $12.1 million. There are no funded debt
maturities until November 2025 when the first lien term loan comes
due. The company is subject to 7.45 times springing first-lien
leverage covenant, applicable only when at least 35% ($28 million)
of the revolver is utilized. Given an expectation for minimal
borrowings under the revolver and the generous allowances for
credit agreement EBITDA calculations, Moody's expects IRI will be
able to comfortably meet its compliance ratio requirement over the
next four quarters.
The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Moody's believes the consumer measurement and data analytics sector
has less exposure than many others and the impact of the outbreak
is mixed in this sector. More specifically, the disruptions to
consumer spending patterns and supply chain caused by the
coronavirus are creating a greater demand for IRI's surveys,
consulting projects, data feeds and panel solutions. At the same
time, a small portion of IRI's revenue is generated only when the
physical stores are open. This revenue is forgone during the
temporary store closures due to the coronavirus outbreak.
The stable outlook reflects Moody's expectation for improving
earnings over the next 12 to 18 months, adequate liquidity and
continued delivering through earnings growth.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if revenue fails to grow, liquidity
deteriorates or profitability weakens such that Moody's expected
debt-to-EBITDA fails to improve to below 11x (Moody's adjusted)
over the next twelve to eighteen months, or if free cash flow
deteriorates toward breakeven.
The ratings could be upgraded if the company demonstrates
significant top-line growth and is able to sustain Debt/EBITDA
(Moody's-adjusted) below 7x, and free cash flow as a percentage of
debt in the mid-single-digits.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
Headquartered in Chicago, Illinois, IRI Holdings, Inc. provides
market measurement data and related services to consumer-packaged
goods and health care manufacturers in the US and internationally.
The company has been privately-held by Vestar Capital since
November 2018. IRI reported revenue of approximately $1.3 billion
for the latest twelve months ending March 31, 2020.
J.C. PENNEY: Committee Taps FTI Consulting as Financial Advisor
---------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed to the
Chapter 11 cases of J.C. Penney Company, Inc. and its debtor
affiliates seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ FTI Consulting, Inc. as
financial advisor to the Committee effective as of May 29, 2020.
FTI Consulting will perform the following services to the
Committee:
(a) assistance in the review of financial related disclosures
required by the Court;
(b) assistance in the preparation of analyses required to
assess any proposed debtor-in-possession (DIP) financing or use of
cash collateral;
(c) assistance with the assessment and monitoring of the
Debtors' short term cash flow, liquidity, and operating results;
(d) assistance with the review of the Debtors' proposed key
employee retention and other employee benefit programs;
(e) assistance with the review of the Debtors' analysis of
core business assets and the potential disposition or liquidation
of non-core assets;
(f) assistance with the review of the Debtors' cost/benefit
analysis with respect to the affirmation or rejection of various
executory contracts and leases;
(g) assistance with the review of the Debtors' identification
of potential cost savings;
(h) assistance with review and analysis of the Debtors' real
estate optimization strategy;
(i) assistance with review of any tax issues associated with,
but not limited to, claims/stock trading, preservation of net
operating losses, refunds due to the Debtors, plans of
reorganization, and asset sales;
(j) assistance in the review of the claims reconciliation and
estimation process;
(k) assistance in the review of other financial information
prepared by the Debtors;
(l) attendance at meetings and assistance in discussions with
the Debtors, potential investors, banks, other secured lenders, the
Committee and any other official committees organized in these
chapter 11 proceedings, the U.S. Trustee, other parties-in-interest
and professionals hired by the same, as requested;
(m) assistance with the review and/or preparation of
information and analysis necessary for the confirmation of a plan
and related disclosure statement in these chapter 11 proceedings;
(n) assistance in the evaluation and analysis of avoidance
actions;
(o) assistance in the prosecution of Committee
responses/objections to the Debtors' motions; and
(p) render such other general business consulting or such
other assistance as the Committee or its counsel may deem necessary
that are consistent with the role of a financial advisor and not
duplicative of services provided by other professionals in this
proceeding.
FTI Consulting will coordinate with other professionals retained by
the Committee to avoid unnecessary duplication of services.
FTI Consulting's professionals and paralegals anticipated to be
assigned to this case and their current customary hourly rates
are:
Senior Managing Directors $815 -
$1,295
Directors/Senior Directors/Managing Directors $580 -
$905
Consultants/Senior Consultants $350 -
$660
Administrative/Paraprofessionals $145 -
$280
In addition, FTI Consulting will charge the Committee for
out-of-pocket expenses incurred related to the representation.
The firm is not owed any amounts with respect to pre-petition fees
and expenses.
Samuel E. Star, a senior managing director with FTI Consulting,
Inc., disclosed in court filings that the firm does not hold or
represent any interest adverse to the estate, nor does the firm's
involvement in these cases compromise its ability to continue such
consulting services.
The firm can be reached through:
Samuel E. Star
FTI CONSULTING, INC.
Three Times Square, 9th Floor
New York, NY, 10036
Telephone: (212) 247-1010
Facsimile: (212) 841-9350
E-mail: samuel.star@fticonsulting.com
About J.C. Penney Company
J.C. Penney Company, Inc., one of the U.S.'s largest department
store operators with about 1,100 locations in the United States and
Puerto Rico, and its debtor affiliates filed their voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Tex. Case No. 20-20182) on May 15, 2020. Judge David
R. Jones oversees the cases. Debtors tapped Kirkland & Ellis LLP
and Kirkland & Ellis International LLP as their counsel, Jackson
Walker LLP as their local and conflicts counsel, and KPMG LLP as
tax consultant.
The Official Committee of Unsecured Creditors appointed to these
Chapter 11 cases tapped Cooley LLP and Cole Schotz P.C. as
co-counsels and FTI Consulting, Inc. as financial advisor.
J.C. PENNEY: Creditors' Committee Hires Cooley LLP as Co-Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed to the
Chapter 11 cases of J.C. Penney Company, Inc. and its debtor
affiliates seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ Cooley LLP as co-counsel to
the Committee effective as of May 29, 2020.
Cooley will perform the following services to the Committee:
(a) attend the meetings of the Committee;
(b) review financial and operational information furnished by
the Debtors to the Committee;
(c) analyze and negotiate the budget and the terms and use of
the Debtors' debtor-in-possession financing;
(d) assist in the Debtors' efforts to market and sell their
assets in a manner that maximizes value for creditors;
(e) assist the Committee in negotiations with the Debtors and
other parties-in-interest on the Debtors' proposed chapter 11 plan
and/or exit strategy for these chapter 11 cases;
(f) confer with the Debtors' management, counsel, and
financial advisor and any other retained professional;
(g) confer with the principals, counsel, and advisors of the
Debtors' lenders and equityholders;
(h) advise the Committee as to the ramifications regarding all
of the Debtors' activities and motions before this Court;
(i) review and analyze the Debtors' financial advisors' work
product and report to the Committee;
(j) investigate and analyze certain of the Debtors'
prepetition conduct, transactions, and transfers;
(k) provide the Committee with legal advice in relation to
these chapter 11 cases;
(l) prepare various pleadings to be submitted to the Court for
consideration; and
(m) perform such other legal services for the Committee as may
be necessary or proper in these proceedings.
Cooley will coordinate with co-counsel Cole Schotz P.C. to avoid
unnecessary duplication of services rendered on behalf of the
Committee.
Cooley's attorneys and paralegals primarily responsible for
representing the Committee, and their current customary hourly
rates are:
Jay R. Indyke, Partner $1,400
Cathy Hershcopf, Partner $1,250
Richard Kanowitz, Partner $1,250
Philip Bowman, Partner $1,200
Jonathan Kim, Partner $1,075
Michael Klein, Special Counsel $1,015
Summer McKee, Associate $970
Lauren Reichardt, Associate $970
Evan Lazerowitz, Associate $875
Paul Springer, Associate $800
David Fleischer, Paralegal $450
Mollie Canby, Paralegal $300
In addition, Cooley will charge the Committee for out-of-pocket
expenses incurred related to the representation.
Cooley did not receive a retainer with respect to this
representation.
The following is provided in response to the request for additional
information set forth in Paragraph D.1. of the U.S. Trustee
Guidelines:
Question: Did you agree to any variations from, or alternatives to,
your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Response: Cooley has not represented the client in the 12 months
prepetition. Cooley currently represents, or in the past 12 months
has represented, and/or may represent in the future certain
Committee members and/or their affiliates in their capacities as
official committee members in other chapter 11 cases, all of which
involve matters wholly unrelated to the Debtors and these chapter
11 cases.
Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?
Response: Yes. For the period from May 29, 2020 through August 31,
2020.
Jay R. Indyke, a partner of the law firm of Cooley LLP, disclosed
in court filings that the firm is a "disinterested person" as that
term is defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jay R. Indyke, Esq.
COOLEY LLP
55 Hudson Yards
New York, NY 10001-2157
Telephone: (212) 479-6080
Facsimile: (212) 479-6275
E-mail: jindyke@cooley.com
About J.C. Penney Company
J.C. Penney Company, Inc., one of the U.S.'s largest department
store operators with about 1,100 locations in the United States and
Puerto Rico, and its debtor affiliates filed their voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Tex. Case No. 20-20182) on May 15, 2020. Judge David
R. Jones oversees the cases. Debtors tapped Kirkland & Ellis LLP
and Kirkland & Ellis International LLP as their counsel, Jackson
Walker LLP as their local and conflicts counsel, and KPMG LLP as
tax consultant.
The Official Committee of Unsecured Creditors appointed to these
Chapter 11 cases tapped Cooley LLP and Cole Schotz P.C. as
co-counsels and FTI Consulting, Inc. as financial advisor.
J.C. PENNEY: Creditors' Committee Taps Cole Schotz as Co-Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed to the
Chapter 11 cases of J.C. Penney Company, Inc. and its debtor
affiliates seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ Cole Schotz P.C. as co-counsel
to the Committee effective as of May 29, 2020.
Cole Schotz will provide the following legal services to the
Committee:
(a) advise the Committee with respect to its rights, duties,
and powers in these Cases;
(b) assist and advise the Committee in its consultations with
the Debtors relative to the administration of these Cases;
(c) assist the Committee in analyzing the terms of any
debtor-in-possession financing in these Cases;
(d) assist the Committee in analyzing the claims of the
Debtors' creditors and the Debtors' capital structure and in
negotiating with holders of claims;
(e) assist the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors and of the operation of the Debtors' business;
(f) assist the Committee in its investigation of the liens and
claims of the Debtors' lenders and the prosecution of any claims or
causes of action revealed by such investigation;
(g) assist the Committee in its analysis of, and negotiations
with, the Debtors or any third-party concerning matters related to,
among other things, the assumption or rejection of leases of
nonresidential real property and executory contracts, asset
dispositions, financing or other transactions, and the terms of one
or more plans of reorganization for the Debtors and accompanying
disclosure statements and related plan documents;
(h) assist and advise the Committee with respect to the
Debtors' proposed business plan and their real estate portfolio;
(i) assist and advise the Committee in communicating with
unsecured creditors regarding significant matters in these Cases;
(k) review and analyze applications, orders, statements of
operations, and schedules filed with the Court and advise the
Committee as to their propriety;
(l) assist the Committee in preparing pleadings and
applications as may be necessary in furtherance of the Committee's
interests and objectives;
(m) prepare, on behalf of the Committee, any pleadings,
including without limitation, motions, memoranda, complaints,
adversary complaints, objections or comments in connection with any
of the foregoing; and
(n) perform such other legal services as may be required or
requested or as may otherwise be deemed in the interests of the
Committee in accordance with the Committee's powers and duties as
set forth in the Bankruptcy Code, Bankruptcy Rules or other
applicable law.
Cole Schotz will coordinate with co-counsel Cooley LLP to avoid
unnecessary duplication of services rendered on behalf of the
Committee.
Cole Schotz's attorneys and paralegals primarily responsible for
representing the Committee, and their current standard hourly rates
are:
Seth Van Aalten, Member $800
Michael Sirota, Member $990
Warren Usatine, Member $785
Michael Warner, Member $840
Justin P. Alberto, Member $625
Sarah A. Carnes, Associate $650
Anthony De Leo, Associate $550
Benjamin Wallen, Associate $350
Shelby Nace, Associate $325
Kerri LaBrada, Paralegal $265
The range of hourly rates for other professionals are as follows:
Members $375 - $990
Special Counsel $480 - $625
Associates $210 - $650
Paralegals $210 - $330
In addition, Cole Schotz will charge the Committee for
out-of-pocket expenses incurred related to the representation.
Cole Schotz did not receive any retainer from the Debtors, the
Committee, or any other entity in these cases.
The following is provided in response to the request for additional
information set forth in Paragraph D.1 of the U.S. Trustee Fee
Guidelines.
Question: Did you agree to any variations from, or alternatives to,
your standard billing arrangements for this engagement?
Answer: No.
Question: Do any of the professionals included in this engagement
vary their rate based on the geographical location of the
bankruptcy case?
Answer: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Answer: Cole Schotz did not represent the Committee in the 12
months prepetition.
Question: Has your client approved your prospective budget and
staffing plan, and if so, for what budget period?
Answer: The Committee has approved a budget and staffing plan for
Cole Schotz covering the first interim period of May 29, 2020
through August 31, 2020. Cole Schotz will work with Cooley and the
Committee on future budget and staffing plans in these Cases to the
extent necessary.
Seth Van Aalten, a member at Cole Schotz P.C., disclosed in court
filings that the firm is a "disinterested person" as that term is
defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Seth Van Aalten, Esq.
COLE SCHOTZ P.C.
1325 Avenue of the Americas, 19th Floor
New York, NY 10019
Telephone: (212) 752-8000
Facsimile: (212) 752-8393
E-mail: svanaalten@coleschotz.com
About J.C. Penney Company
J.C. Penney Company, Inc., one of the U.S.'s largest department
store operators with about 1,100 locations in the United States and
Puerto Rico, and its debtor affiliates filed their voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Tex. Case No. 20-20182) on May 15, 2020. Judge David
R. Jones oversees the cases. Debtors tapped Kirkland & Ellis LLP
and Kirkland & Ellis International LLP as their counsel, Jackson
Walker LLP as their local and conflicts counsel, and KPMG LLP as
tax consultant.
The Official Committee of Unsecured Creditors appointed to these
Chapter 11 cases tapped Cooley LLP and Cole Schotz P.C. as
co-counsels and FTI Consulting, Inc. as financial advisor.
J.C. PENNY: Committee Taps Jefferies LLC as Investment Banker
-------------------------------------------------------------
The official committee of unsecured creditors of J.C. Penney
Company, Inc. and its affiliates seeks authority from the U.S.
Bankruptcy Court for the Southern District of Texas to retain
Jefferies LLC as its investment banker.
The firm's services will include:
(a) advising the committee on any potential or actual
transaction;
(b) assisting the committee in examining, analyzing and
evaluating any potential or proposed restructuring;
(c) assisting the committee in evaluating and analyzing any
debtor-in-possession or exit financing as well as other potential
financing alternatives;
(d) advising the committee on any capital structure, debt
capacity and feasibility issues in connection with any
transaction;
(e) assisting the committee in analyzing business plans and
forecasts of Debtors;
(f) analyzing strategic alternatives available to Debtors;
(g) assisting the committee in evaluating and negotiating any
restructuring proposals and alternatives, and evaluating the impact
on unsecured recoveries;
(h) advising the committee on the current state of the
restructuring and capital markets;
(i) assisting the committee in the evaluation of historical
and projected financial information, including by assessing and
monitoring retail and real estate market performance;
(j) assisting the committee in analyzing historical
transactions in connection with any fraudulent transfer or other
avoidance analyses performed by the committee; and
(k) providing valuation analyses and testimony.
Jefferies will be compensated as follows:
a. A monthly fee of $175,000 per month until the termination
of the engagement agreement between Debtors and Jefferies.
b. A transaction fee of $6 million payable upon the
consummation of any transaction that involves the confirmation of a
Chapter 11 plan if the committee either supports or does not file
and prosecute any material objection to such transaction (or if the
committee does file and prosecute any material objection to such
transaction, such objection is either withdrawn, settled or
otherwise consensually resolved), provided, however, that, upon the
consummation of any transaction that is not a supported
restructuring transaction, the fee shall be equal to $2 million.
Robert White, managing director at Jefferies, disclosed in a court
filing that his firm neither holds nor represents any interest
adverse to Debtors' bankruptcy estates.
The firm can be reached through:
Robert J. White
Jefferies LLC
520 Madison Avenue
New York, NY 10022
Phone: 1-212-284-2300
About J.C. Penney Company
J.C. Penney Company, Inc., one of U.S.'s largest department store
operators with about 1,100 locations in the United States and
Puerto Rico, and its debtor affiliates filed their voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Tex. Case No. 20-20182) on May 15, 2020. Judge David
R. Jones oversees the cases.
Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as their counsel, Jackson Walker LLP as their
local and conflicts counsel, and KPMG LLP as tax consultant.
Okin Adams, LLP is legal counsel for the ad hoc committee
representing equity interest holders in Debtors' bankruptcy cases.
The Office of the U.S. Trustee for Region 7 appointed a committee
to represent unsecured creditors in Debtors' cases. The committee
is represented by Cole Schotz, P.C. and Cooley, LLP.
KEN GARFF: Moody's Confirms Ba2 CFR, Outlook Negative
-----------------------------------------------------
Moody's Investors Service, Inc. confirmed all ratings of Ken Garff
Automotive, LLC including the Ba2 corporate family rating. The
outlook is negative. These actions conclude the review for
downgrade that commenced on April 17, 2020.
"Its confirmation reflects Garff's solid Q1, and overall sector
fundamentals that indicate the 'dip' for the rated dealers was
shallower and briefer than originally thought, with the result that
Moody's believes Garff's Q2 performance will be relatively close to
2019, resulting in credit metrics that will continue their modest
improvement," stated Moody's Lead Garff Analyst Charlie O'Shea.
"Moody's notes that the key EBIT/interest metric of 2.3 times did
modestly improve over FYE 2019, which is a contributing factor in
its confirmation."
The negative outlook reflects Moody's concern that interest
coverage, even with the Q1 improvement, remains close to the
downgrade trigger, and a reversal of recent positive trends
potentially due to the risks associated with COVID-19 may pressure
this key metric. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Its action reflects the
effectiveness of the steps Ken Garff has taken to minimize the
negative impact on its credit quality of the reduction in vehicle
sales due to the shifts in market demand and sentiment in these
unprecedented operating conditions.
Confirmations:
Issuer: Ken Garff Automotive, LLC
Probability of Default Rating, Confirmed at Ba2-PD
Corporate Family Rating, Confirmed at Ba2
Senior Unsecured Regular Bond/Debenture, Confirmed at B1 (LGD5)
Outlook Actions:
Issuer: Ken Garff Automotive, LLC
Outlook, Changed to Negative from Rating Under Review
RATINGS RATIONALE
Garff's Ba2 rating considers its favorable position in its chosen
markets, predominantly in its home state of Utah, its brand mix
with heavy domestic weighting, its flexible business model, with
shifting emphasis towards used vehicles as this segment lags the
rated universe, and its stable ownership and management befitting a
third-generation company. The rating also reflects Garff's moderate
leverage with debt/EBITDA of 4.3x.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if operating performance and financial
policy decisions result in debt/EBITDA sustained below 4 times, and
EBIT/interest sustained above 3.5 times with liquidity remaining at
least good. Ratings could be downgraded should operating
performance or financial policy decisions result in debt/EBITDA
climbing above 5 times or -- EBIT/interest sustained below 2.5
times.
Ken Garff Automotive, LLC, headquartered in Salt Lake City, Utah,
is a top-ten US auto retailer.
The principal methodology used in these ratings was Retail Industry
published in May 2018.
KENTUCKY BIOSCIENCE: Seeks to Hire Seiller Waterman as Counsel
--------------------------------------------------------------
Kentucky BioScience International, LLC seeks authority from the
U.S. Bankruptcy Court for the Western District of Kentucky to
employ Seiller Waterman, LLC as its legal counsel.
The firm will provide the following services:
a. advise Debtor of its powers and duties in the continued
operation of its affairs and management of its assets;
b. undertake all necessary actions to protect and preserve
Debtor's estate, including the prosecution of actions on behalf of
Debtor, the defense of any actions commenced against its,
negotiations concerning all litigation in which Debtor is involved,
and objecting to claims filed against its bankruptcy estate;
c. prepare legal papers in connection with the administration
of Debtor's estate; and
d. assist Debtor in the formulation and implementation of its
Chapter 11 plan.
Seiller Waterman will be paid at hourly rates as follows:
David M. Cantor $365
Neil C. Bordy $360
Paul J. Krazeise $300
Keith J. Larson $300
William P. Harbison $300
Joseph H. Haddad $275
Erica L. Sherrard $225
Rebecca L. Swann $130
Law Clerks $125
David Cantor, Esq., a partner at Seiller Waterman, disclosed in
court filings that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
Seiller Waterman can be reached at:
David M. Cantor, Esq.
Seiller Waterman, LLC
Meidinger Tower, 22nd Floor
462 S. Fourth Street
Louisville, KY 40202
Telephone: (502) 584-7400
Facsimile: (502) 583-2100
Email: cantor@derbycitylaw.com
About Kentucky BioScience
Kentucky BioScience International, LLC is engaged in the business
of growing, harvesting and selling CBD biomass. Its principal
office is located in Murray, Ky.
On April 4, 2020, an involuntary petition for Chapter 7 (Bankr.
W.D. Ky. Case No. 20-50220) was filed against Kentucky BioScience
by its creditor, R Hilltop Farm, LLC. On June 17, 2020, the court
issued an order converting the case to a Sub-Chapter V of Chapter
11. Judge Alan C. Stout oversees the case.
R Hilltop is represented by Todd A. Farmer, Esq.
Kentucky BioScience has tapped David M. Cantor, Esq., at Seiller
Waterman, LLC, as its legal counsel.
KIM DOLLEH: Gets Approval to Hire BizBode as Real Estate Agent
--------------------------------------------------------------
Kim Dolleh Center LLC received approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ BizBode LLC as
real estate agent.
BizBode will assist in the marketing and sale of Debtor's property
located at 160 North Main St., Alpharetta, Ga.
The total commission for the sale of the property shall not exceed
5 percent of the sales price (3 percent if no co-broker is
involved) and shall be paid from the proceeds of sale of the real
estate.
Gus Nassif, a real estate agent at BizBode, disclosed in court
filings that the firm is a "disinterested person" as that term is
defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Gus Nassif
BizBode LLC
11045 Glenbarr Drive,
Johns Creek, GA 30097
Telephone: (404) 642-2360
About Kim Dolleh Center
Kim Dolleh Center LLC, a company based in Alpharetta, Ga., filed a
Chapter 11 petition (Bankr. N.D. Ga. Case No. 20-66085) on May 4,
2020. In the petition signed by Kim Summers-Dolleh, managing
member, the Debtor was estimated to have $1 million to $10 million
in both assets and liabilities. Ian Falcone, Esq., of Falcone Law
Firm, is Debtor's bankruptcy counsel.
KR MEDICAL: Seeks to Hire Lane Law as Legal Counsel
---------------------------------------------------
KR Medical Technologies, LLC, seeks authority from the US
Bankruptcy Court for the Southern District of Texas to hire The
Lane Law Firm, PLLC, as its attorney.
KR Medical requires Lane Law to:
a. assist, advise and represent the Debtors relative to the
administration of the chapter 11 case;
b. assist, advise and represent the Debtors in analyzing the
Debtors' assets and liabilities, investigating the extent and
validity of lien and claims, and participating in and reviewing any
proposed asset sales or dispositions;
c. attend meetings and negotiate with the representatives of
the secured creditors;
d. assist the Debtors in the preparation, analysis and
negotiation of any plan of reorganization and disclosure statement
accompanying any plan of reorganization;
e. take all necessary action to protect and preserve the
interests of the Debtors;
f. appear, as appropriate, before this Court, the Appellate
Courts, and other Courts in which matters may be heard and to
protect the interests of the Debtors before said Courts and the
U.S. Trustee; and
g. perform all other necessary legal services in these cases.
Lane Law will be paid at these hourly rates:
Russell Van Beustring $425
Robert C. Lane $350
Associate Attorneys $250
Legal Assistants $175
Support Staff $75
Lane received a retainer on or about April 17, 2020, from the
Debtor in the amount of $5,000. Lane later received a retainer on
or about May 5, 2020, from the Debtor in the amount of $5,000. Lane
later received a final retainer on or about June 8, 2020, from the
Debtor in the amount of $35,000, for a total of $45,000 for
financial advice and representation of the Debtor. Prepetition
professional fees and expenses owed to Lane totaling $6,635.75 were
billed against this retainer as of the petition date, leaving a
retainer balance of $38,364.25 held by Lane as of the Petition Date
for post-petition services.
Lane Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Russell Van Beustring, partner of The Lane Law Firm, LLC, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Lane Law can be reached at:
Russell Van Beustring, Esq.
THE LANE LAW FIRM, PLLC
6200 Savoy, Suite 1150
Houston, TX 77036
Tel: (713) 595-8200
Fax: (713) 595-8201
About KR Medical Technologies, LLC
KR Medical Technologies, LLC, sought protection under Chapter 11 of
the Bankrupty Code (Bankr. S.D. Tex. Case No. 20-33139) on June 23,
2020, listing under $1 million in both assets and liabilities.
Russell Van Beustring, Esq. at THE LANE LAW FIRM, PLLC, represents
the Debtor as counsel.
KTR GLOBAL: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: KTR Global Partners, LLC
1050 E. Pecos Rd.
Chandler, AZ 85225
Business Description: KTR Global Partners, LLC --
https://www.ktr-centers.com -- owns and
operates an indoor action sports playground
serving kids of all ages and abilities.
Chapter 11 Petition Date: July 16, 2020
Court: United States Bankruptcy Court
District of Arizona
Case No.: 20-08282
Judge: Hon. Brenda K. Martin
Debtor's Counsel: Gerald L. Shelley, Esq.
FENNEMORE CRAIG, P.C.
2394 E Camelback Rd
Suite 600
Phoenix, AZ 85016
Tel: 602.916.5000
E-mail: gshelley@fclaw.com
Total Assets as of December 31, 2019: $1,294,450
Total Liabilities as of December 31, 2019: $1,533,572
The petition was signed by Michelle Dinsdale, owner.
The Debtor did not include in the petition a list of its 20 largest
unsecured creditors.
A copy of the petition is available for free at PacerMonitor.com
at:
https://is.gd/nxCUNn
LAKEWAY PUBLISHERS: Hires Dirks Van Essen as Broker
---------------------------------------------------
Lakeway Publishers, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Tennessee to employ Dirks, Van
Essen & Murray as its broker.
The Debtor desires to sell its business as requires by its
confirmed plan of liquidation.
The Debtor will pay a monthly retainer of $5,000 for the first 10
months of the agreement.
The commission for each transaction will be computed on the
aggregate total gross sales price of the transaction according to
the following formula:
-- Deal value up to and including $500,000: Greater of $5,000
or 5 percent
-- Deal value greater than $500,000 and less than $1 million:
5 percent
-- Deal value greater than $1 million: A calculation according
to the 5-4-3-2-1 formula [that is: the sum of 5 percent for the
first $1 million of the sales price; 4 percent of the second $1
million, 3 percent of the third $1 million, 2 percent of the fourth
$1 million, and 1 percent of any amount greater than $4 million].
Owen Van Essen, president of Dirks, disclosed in a court filing
that his firm does not hold or represent any interest adverse to
the Debtors' estates.
Dirks can be reached through:
Owen Van Essen
Dirks, Van Essen Murray & April
119 East Marcy Street, Suite 100
Santa Fe, NM 87501
Phone: (505) 820-2700
Fax: (505) 820-2900
Email: owen@dirksvanessen.com
About Lakeway Publishers
Lakeway Publishers, Inc. is a multi-state publisher of newspapers,
magazines and special publications. Lakeway owns and operates
community newspapers and magazines in Tennessee, Missouri,
Virginia, and Florida. Lakeway Publishers was incorporated in 1966
and is based in Morristown, Tenn.
Lakeway Publishers, Inc., and affiliate Lakeway Publishers of
Missouri, Inc. each filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Tenn. Lead Case No. 19-51163) on
May 31, 2019. In the petitions signed by Jack R. Fishman,
president, Lakeway Publishers, Inc., disclosed $20,884,027 in
assets and $9,245,645 in liabilities while Lakeway Publishers of
Missouri listed $7,047,972 in assets and $9,206,193 in
liabilities.
The Debtors tapped Quist, Fitzpatrick & Jarrard, PLLC, led by Ryan
E. Jarrard, as bankruptcy counsel; Burnette Dobson & Pinchak, as
special counsel; Maneke Law Group, as special counsel.
LANDAU BKN HOLDINGS: Seeks to Hire Zachar Law as Special Counsel
----------------------------------------------------------------
Landau BKN Holdings, LLC seeks authority from the U.S. Bankruptcy
Court for the District of Arizona to employ Zachar Law Firm, P.C.
as its special counsel.
Zachar Law Firm will provide legal services related to Debtor's
legal malpractice claims against Brooks Holcombs and her firm
Brooks J. Holcomb, PLLC, and Jordan Wolff.
The firm will be compensated on a contingency basis as follows:
(1) 25 percent of the total settlement or recovery in the
event the claims settle or are resolved within the first 90 days of
representation;
(2) 35 percent of the total settlement or recovery in the
event the claims settle or are resolved between the 90th and 180th
days; and
(3) 40 percent of the total settlement or recovery in the
event the claims are resolved after the 180th day.
Zachar Law Firm does not represent any interest adverse to Debtor
and its bankruptcy estate, according to court filings.
The firm can be reached through:
David Catanese, Esq.
Zachar Law Firm, P.C.
714 E. Rose Lane
Phoenix, AZ 85014
Phone: 602-494-4800
Fax: 602-494-3320
About Landau BKN Holdings
Landau BKN Holdings, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 20-04622) on May 1, 2020.
At the time of the filing, Debtor disclosed $2,643,172 in assets
and $4,905,531 in liabilities. Judge Daniel P. Collins oversees
the case. Keery McCue, PLLC is Debtor's legal counsel.
LILIS ENERGY: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------
The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in the Chapter 11 cases of Lilis Energy, Inc.
and its affiliates.
The committee members are:
1. SCM Water, LLC and SCM Crude, LLC
20239 State Highway 249, #450
Houston, Texas 77070
Ben Beckham
(281) 655-3200
ben.beckham@armenergy.com
2. Culberson Construction, LLC
4500 Colony Rd.
Grandbury, Texas 76048
Rusty Terrell
(817) 573-3079
rterrell@ccincservices.com
3. Clearpoint Chemicals LLC
18300 Scenic Hwy 98, Ste. F
Fairhope, AL 36532
Craig Nelson
(251) 990-7311
cnelson@clearpointchemicals.com
4. Newpark Resources, Inc.
9320 Lakeside Blvd., Suite 100,
The Woodlands, TX 773841
Kara Griffith
(281) 362-6828
kgriffith@newpark.com
5. Select Energy Services
1233 West Loop South, Ste. 1400
Houston, TX 77027
Randy Friedsam
713-203-5277
rfriedsam@selectenergyservices.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Lilis Energy
Lilis Energy, Inc. is a publicly-traded, independent oil and
natural gas company focused on the exploration, development,
production, and acquisition of crude oil, natural gas, and natural
gas liquids. Headquartered in Fort Worth, Texas, Lilis is a pure
play Permian Basin company with focused operations in the Delaware
Basin. For more information, visit https://www.lilisenergy.com.
Lilis Energy and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 20-33274)
on June 28, 2020. As of Dec. 31, 2019, Debtors had total assets
of $258.599 million and total liabilities of $251.226 million.
Judge David R. Jones oversees the cases.
Debtors have tapped Vinson & Elkins, LLP as legal counsel; Barclays
Capital, Inc. as investment banker and financial advisor; BDO, USA
LLP as accountant and tax advisor; and Stretto as notice, claims
and solicitation agent.
MAN HANDS: Seeks to Hire Henry & Regel as Counsel
-------------------------------------------------
Man Hands, LLC, seeks authority from the United States Bankruptcy
Court for the Northern District of Texas to hire the law firm of
Henry & Regel, LLC, as its counsel.
Man Hands require Henry & Regel to:
(a) provide legal advice with respect to Debtor's powers and
duties as Debtor in possession in the continued operation of its
business and the management of its property;
(b) take all necessary action to protect and preserve the
Debtor's estate, including all prosecution of actions on behalf of
the Debtor, the defense of any actions commenced against the
Debtor, negotiations concerning litigation in which the Debtor is
involved, and objections to claims filed against the Debtor's
estate;
(c) prepare on behalf of the Debtor all necessary motions,
answers, orders, reports, and other legal papers in connection with
the administration of its estate;
(d) assist the Debtor in preparing for and filing a
disclosure statement, or a brief history of business operations, a
liquidation analysis, and projections demonstrating the ability of
the Debtor to make proposed plan payments as required by Subsection
V of Chapter 11;
(e) perform any and all other legal services for the Debtor
in connection with the Chapter 11 case; and
(f) preform such legal services as the Debtor may request
with respect to any matter, including, but not limited to,
corporate finance and governance, contracts, labor, and tax.
On May 13, 2020, Henry & Regel received a retainer of $15,000 plus
the filing fee of $1,717.00. Prior to the filing of this Chapter 11
bankruptcy, Henry & Regel applied $4,470 from funds received for
attorney's fees and $1,717 for the Chapter 11 filing fee.
Henry & Regel's hourly billing rates are:
John P. Henry $450
Partner and Associate Attorneys $350
Paralegals and Legal Assistants $30 - $50
John Henry, Esq. of Henry & Regel attests that the firm does not
presently hold or represent any interest adverse to the interest of
the Debtor or this Estate and is disinterested within the meaning
of 11 U.S.C. Sec. 101(14).
The firm can be reached through:
John Henry, Esq.
Henry & Regel, LLC
2100 Ross Avenue, Suite 800
Dallas, T 75201
Phone: 972-299-8445
About Man Hands, LLC
Man Hands, LLC is a privately hedl company that operates in the
food service industry.
Based in Mansfield, Texas, Man Hands, LLC, filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Tex. Case No. 20-42090) on June 22, 2020. The petition was
signed by Jason Boso, president and manager. At the time of filing,
the Debtor estimated $50,000 to $100,000 in assets and $1 million
to $10 million in liabilities. John P. Henry, Esq. at HENRY &
REGEL, LLC represents the Debtor as counsel.
MARTIN MIDSTREAM: Extends Tender Offer Early Participation Date
---------------------------------------------------------------
Martin Midstream Partners L.P. and its subsidiary, Martin Midstream
Finance Corp., have extended:
(1) the early participation date with respect to its
previously announced exchange offer and cash tender offer
to exchange or purchase, as applicable, the Issuers'
outstanding 7.25% senior unsecured notes due 2021 from
5:00 p.m., New York City time, on July 22, 2020, to 5:00
p.m., New York City time, on July 23, 2020;
(2) the rights offering funding date with respect to the
previously announced rights offering for certain holders
of Existing Notes that participate in the Exchange Offer
to acquire the Issuers' 10.00% senior secured 1.5 lien
notes due 2024 from 5:00 p.m., New York City time, on
July 28, 2020, to 5:00 p.m., New York City time, on
July 29, 2020;
(3) the expiration time with respect to the Exchange Offer
and Cash Tender Offer, as applicable, from 5:00 p.m., New
York City time, on Aug. 6, 2020, to 5:00 p.m., New York
City time, on Aug. 7, 2020; and
(4) the expected settlement date with respect to the Exchange
Offer and Cash Tender Offer, as applicable, from Aug. 11,
2020, to Aug. 12, 2020, in each case, unless extended or
earlier terminated by the Issuers.
These dates are being extended to provide time for administrative
compliance with the steps necessary to respond to the Exchange
Offer and Cash Tender Offer.
The Exchange Offer, Cash Tender Offer and related consent
solicitations are being made pursuant to the Issuers' Exchange
Offer Memorandum, Consent Solicitation, Rights Offering, and
Disclosure Statement Soliciting Acceptances of a Prepackaged Plan
of Reorganization and Offer to Purchase and Consent Solicitation
Statement, each dated July 9, 2020, which set forth a more detailed
description of the terms of the Offers. Terms used but not defined
herein have the meaning ascribed to them in the Offering Memorandum
or Offer to Purchase, as applicable.
Other than the extension, all other terms and conditions of the
Offers and the Partnership's solicitation of votes to accept a
prepackaged plan of reorganization, including, without limitation,
the Voting Record Date and Voting Deadline remain unchanged.
The Partnership may further amend, extend or, subject to certain
conditions and applicable law, terminate each Offer at any time in
its sole discretion. The Partnership's obligation to accept for
exchange or purchase, as applicable, any Existing Notes that are
validly tendered and not validly withdrawn and accepted for
exchange or purchase, as applicable, pursuant to the Offers is
condition on the satisfaction or waiver by the Partnership of the
applicable conditions described in the Offering Memorandum or Offer
to Purchase.
Epiq Corporate Restructuring, LLC has been retained to serve as the
Information Agent, Solicitation Agent, Exchange Agent, Subscription
Agent and Voting Agent for the Exchange Offer and as the
Information and Depositary Agent for the Cash Tender Offer.
Questions concerning the Offers or the Plan Solicitation may be
directed to Epiq at Tabulation@epiqglobal.com, with a reference to
"Martin Midstream" in the subject line. Eligible holders of
Existing Notes who desire to obtain and complete an Exchange Offer
eligibility letter should also contact Epiq at the email address
above. Consult your broker, dealer, commercial bank or trust
company or other nominee for assistance on how to tender your
Existing Notes and related consents.
Neither the Issuers nor any other person makes any recommendation
as to whether holders of Existing Notes should tender their
Existing Notes in the Exchange Offer or Cash Tender Offer or
provide their consents in the consent solicitation, and no one has
been authorized to make such a recommendation. Eligible holders of
Existing Notes should read carefully the Offering Memorandum or
Offer to Purchase before making an investment decision to
participate in the Exchange Offer or Cash Tender Offer, as
applicable. In addition, holders of Existing Notes must make their
own decisions as to whether to tender their Existing Notes in the
Exchange Offer or Cash Tender Offer, as applicable, and provide the
related consent in the consent solicitation, and if they so decide,
the principal amount of the Existing Notes to tender.
About Martin Midstream
Martin Midstream Partners L.P. is a publicly traded limited
partnership with a diverse set of operations focused primarily in
the United States Gulf Coast region. The Partnership's primary
business lines include: (1) terminalling, processing, storage, and
packaging services for petroleum products and by-products; (2) land
and marine transportation services for petroleum products and
by-products, chemicals, and specialty products; (3) sulfur and
sulfur-based products processing, manufacturing, marketing and
distribution; and (4) natural gas liquids marketing, distribution
and transportation services.
Martin Midstream reported a net loss of $174.95 million for the
year ended Dec. 31, 2019, compared to net income of $55.66 million
for the year ended Dec. 31, 2018. As of March 31, 2020, the
Company had $612.20 million in total assets, $641.70 million in
total liabilities, and a total partners' capital of $29.50
million.
* * *
In March 2020, Moody's Investors Service downgraded Martin
Midstream Partners L.P.'s Corporate Family Rating to Caa3 from B3.
"MMLP's rating downgrade reflect increased debt refinancing risks
and elevated risk of default, including from a distressed
exchange," said Jonathan Teitel, Moody's Analyst.
S&P Global Ratings lowered its issuer credit rating on Martin
Midstream Partners L.P. (Martin) to 'CCC-' from 'B-' as the company
faces large upcoming debt maturities of about $575 million in the
next 12 months, as reported by the TCR on March 25, 2020.
MATADOR RESOURCES: Moody's Hikes CFR to B2, Outlook Stable
----------------------------------------------------------
Moody's Investors Service upgraded Matador Resources Company's
Corporate Family Rating to B2 from B3, Probability of Default
Rating to B2-PD from B3-PD, and senior unsecured notes to B3 from
Caa1. There is no change to the SGL-3 Speculative Grade Liquidity
Rating. The rating outlook was revised to stable.
The upgrade of Matador's CFR reflects its improved prospects for
near-term free cash flow generation after years of significant
outspending, underpinned by an improved cost structure and greater
efficiencies realized through a focus on longer laterals in its
drilling program.
The following ratings/assessments are affected by its action:
Ratings Upgraded:
Issuer: Matador Resources Company
Corporate Family Rating, Upgraded to B2 from B3
Probability of Default Rating, Upgraded to B2-PD from B3-PD
GTD Senior Unsecured Global Notes, Upgraded to B3 (LGD5) from Caa1
(LGD5)
Outlook Actions:
Issuer: Matador Resources Company
Outlook, Changed to Stable from Negative
RATINGS RATIONALE
In response to the collapse in oil prices in early March, the
company cut its six-rig drilling program in half over the course of
the second quarter, cut back on its non-operated well and land
acquisition programs, and undertook a number of other measures to
reduce its operating expenses and overhead. As a result, Moody's
projects Matador to be able to hold production flat or grow at a
low-to-single digit rate with a three-rig program while generating
free cash flow at $40/bbl. Matador also benefits from a large and
repeatable drilling inventory, which has good growth potential. The
B2 CFR is constrained by Matador's relatively high debt leverage,
measured by its debt to average daily production ratio which
Moody's expects to approach $20,000 by year-end 2020, excluding
debt at Matador's midstream joint venture, San Mateo Midstream,
LLC. Matador's limited size and scale and its narrow focus on
developing its Delaware Basin acreage are also limiting factors on
the rating. Although debt at San Mateo increases Matador's
consolidated debt, the JV's existing cash flow and potential future
cash flow growth help reduce the impact on the company's
consolidated financial leverage. The company's production profile
will gradually become more oil-concentrated as it focuses
development on its oil-weighted Delaware Basin acreage.
Matador's Speculative Grade Liquidity Rating is SGL-3, reflecting
Moody's expectation that Matador will maintain adequate liquidity
under its base case commodity prices. At March 31, 2020, the
company had $27 million of cash, and $339 million available under
its revolving credit facility, pro forma for the February 2020
commitment size increase. Matador benefits from hedging on about
80% of its oil production at average prices considerably above
Moody's 2020 WTI oil price assumption. The company has layered in
hedging on a significant portion of expected 2021 production at
$35/bbl, as a measure of protection for its three-rig drilling
program.
Availability under the revolver should provide sufficient funding
to cover Matador's second and third quarter outspending, before the
company begins generating free cash flow. The credit agreement
requires the company to maintain a leverage ratio (maximum net debt
to adjusted EBITDA) under 4.0x. Moody's expects Matador to remain
in compliance with the leverage covenant through at least mid-2021
under base case pricing. Matador's investment in its midstream
joint venture, San Mateo Midstream, LLC, is unencumbered by
Matador's borrowing base facility and could potentially be a source
of alternate liquidity. The company has no debt coming due until
the revolver expires in 2023.
The B3 rating on Matador's $1,050 million of senior unsecured notes
due 2026, one notch below the B2 CFR, reflects the notes
subordination to the company's senior secured revolving credit
facility expiring in October, 2023. The credit facility has a
maximum commitment size of $1,500 million; the February 2020
redetermination affirmed the borrowing base at $900 million.
Matador elected to set the commitment size of the credit facility
at $700 million. A sizeable increase in the elected commitment size
of the revolver could pressure the ratings on the unsecured notes.
The stable outlook reflects Moody's expectation that the company
will be able to generate free cash flow in 2021 under a three-rig
program while maintaining current levels of production.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded in a more supportive oil price
environment, if RCF/debt is above 25% and the company's leveraged
full-cycle ratio approaches 1.5x. Ratings could be downgraded if
RCF/debt falls below 15%, the leveraged full-cycle ratio below 1x
or liquidity becomes constrained.
The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.
Dallas, TX-based Matador Resources Company is an independent
exploration and production company focused on developing its
acreage in the oil and liquids-rich Wolfcamp and Bone Spring plays
of the Delaware Basin. The company also operates in the Eagle Ford
Shale, the Haynesville Shale, and the Cotton Valley plays. The
company engages in midstream operations through San Mateo
Midstream, its joint venture with Five Point Energy. Average daily
production in 2019, was 66,200 barrels per day, of which 58% was
oil.
MAVERICK RESTORATION: Hires Robert A. Whitley as Special Counsel
----------------------------------------------------------------
Maverick Restoration & Waterproofing, LLC, seeks authority from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Robert A. Whitley, Attorney at Law, PLLC, as special counsel to the
Debtor.
Maverick Restoration requires Robert A. Whitley to assist and
provide legal services in the collection of monies owed by American
Elite Construction, and sending notices and filing lien claim
pursuant to relevant provisions of Texas Property Code.
Robert A. Whitley will be paid at these hourly rates:
Attorneys $275
Paralegals $75
Robert A. Whitley will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Robert A. Whitley, partner of Robert A. Whitley, Attorney at Law,
PLLC, assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtor and its
estates.
Robert A. Whitley can be reached at:
Robert A. Whitley, Esq.
ROBERT A. WHITLEY, ATTORNEY AT LAW, PLLC
12621 Featherwood Drive, Suite 282
Houston, TX 77034
Tel: (281)-741-5225
About Maverick Restoration
Maverick Restoration & Waterproofing, LLC, is a restoration &
waterproofing contractor based in Santa Fe, Texas.
Maverick Restoration & Waterproofing, LLC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
20-32528) on May 7, 2020, listing under $1 million in both assets
and liabilities. Susan Tran Adams at Corral Tran Singh LLP
represents the Debtor.
MAX FINE FURNITURE: Seeks to Hire Pulman Cappuccio as Counsel
-------------------------------------------------------------
Max Fine Furniture & Appliances, Inc. seeks authority from the US
Bankruptcy Court for the Southern District of Texas to employ
Pulman, Cappuccio & Pullen, LLP, as substitute counsel.
Max Fine requires Pulman to:
a. obtain confirmation of the First Amended Plan and final
approval of the First Amended DS;
b. take all necessary actions to protect and preserve Debtor's
estate, including the prosecution of actions on Debtor's behalf,
the defense of any action commenced against Debtor, the negotiation
of disputes in which Debtor is involved, and preparation of
objections to claims filed against Debtor's estate;
c. prepare on behalf of Debtor any necessary applications,
answers, complaints, motions, objections, responses, orders,
reports, and any other pleadings and court filings in connection
with the administration and prosecution of the Debtor's Bankruptcy
Case;
d. advise and consult with Debtor concerning legal questions
regarding all aspects of the Debtor's Bankruptcy Case, including
issues regarding administering the bankruptcy estate's assets, sale
or lease of such assets, claims and objections to claims, and any
appropriate litigation including avoidance actions or affirmative
claims of the estates against third parties (in both bankruptcy
court and other necessary judicial forums);
e. assist Debtor with confirming a plan of reorganization,
including, if necessary, attending and assisting in negotiation
sessions, discussions and meetings with the Debtor's creditors; and
f. perform all other necessary legal services in connection
with the Bankruptcy Case.
Pulman Cappuccio will be paid at these hourly rates:
Thomas Rice, Counsel $395
Catherine Stone Curtis, Partner $325
Amber L. Fly, Associate $250
Paralegal $160
Law Clerk $150
The Firm received a $50,000 retainer from Debtor as security for
payment for consultation and services to be rendered for Debtor.
Thomas Rice, Esq., a partner at Pulman, Cappuccio & Pullen, attests
that his firm does not hold or represent an interest adverse to the
estate and his firm and its attorneys are disinterested persons
under 11 U.S.C. Sec. 101(14).
The counsel can be reached through:
Thomas Rice, Esq.
PULMAN, CAPPUCCIO & PULLEN, LLP
2161 N.W. Military Highway, Suite 400
San Antonio, TX 78213
Tel: (210) 222-9494
Fax: (210) 892-1610
Email: Trice@pulmanlaw.com
About Max Fine Furniture & Appliances, Inc.
Max Fine Furniture & Appliances, Inc. --
https://www.maxfinefurniture.com/ -- sells a wide selection of
bedroom, living room, dining room, leather, home office, kids
furniture and brand name mattresses. It carries several brands,
including Ashley, Restonic Mattresses, and Best Chair.
Max Fine Furniture & Appliances, Inc., sought Chapter 11 protection
on March 17, 2020 (Bankr. S.D. Tex. Case No. 20-70114). In the
petition signed by Maximo Saenz, president, the Debtor estimates
$6,283,658 in assets and $4,261,778 in liabilities.
Jana Smith Whitworth, Esq., at JS WHITWORTH LAW FIRM, PLLC, is the
Debtor's counsel.
MBM SAND: Taps Pendergraft & Simon as Legal Counsel
---------------------------------------------------
MBM Sand Company, LLC received approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Pendergraft &
Simon, LLP as its legal counsel.
Pendergraft & Simon will provide the following legal services to
Debtor:
(a) advise Debtor with respect to its powers and duties under
the Bankruptcy Code;
(b) conduct examinations of witnesses, claimants and other
persons;
(c) prepare legal papers;
(d) represent Debtor at the meeting of creditors and such
other services as may be required during the course of the
bankruptcy proceedings;
(e) represent Debtor in all proceedings before the bankruptcy
court and in any other judicial or administrative proceeding where
its rights may be litigated or otherwise affected;
(f) prepare, file, negotiate and implement a plan of
reorganization;
(g) advise Debtor concerning questions arising in the
administration of its bankruptcy estate and concerning its rights
and remedies with regard to the estate's assets and creditors'
claims;
(h) investigate pre-bankruptcy transactions and prosecute, if
appropriate, preference and other avoidance actions arising under
Debtor's avoidance powers and those held by the estate;
(i) defend, if necessary, any motions to lift the automatic
stay, contested matters and adversary proceedings, and prosecute
any objections to claim;
(j) appear before the court; and
(k) assist Debtor with real estate and business organizations
issues related to its Chapter 11 case.
The firm's attorneys and staff will be paid at hourly rates as
follows:
Leonard Simon $500
William P. Haddock $300
Senior paralegal/Senior law clerk $200
Junior paralegal/Senior law clerk $100
Debtor paid the firm a retainer of $10,000.
Pendergraft & Simon and its attorneys are "disinterested persons"
within the meaning of Section 101(14) of the Bankruptcy Code,
according to court filings.
The firm can be reached through:
Leonard H. Simon, Esq.
William P. Haddock, Esq.
Pendergraft & Simon, LLP
2777 Allen Parkway, Suite 800
Houston, TX 77019
Telephone: (713) 528-8555
Facsimile: (713) 868-1267
About MBM Sand Company
MBM Sand Company, LLC, which is primarily engaged sand mining
business, sought Chapter 11 protection (Bankr. S.D. Tex. Case No.
20-32883) on June 1, 2020. At the time of the filing, Debtor
disclosed assets of $1 million to $10 million and estimated
liabilities of the same range. Judge Eduardo V. Rodriguez oversees
the case.
Debtor has tapped Pendergraft & Simon LLP, led by Leonard Simon,
Esq., as its legal counsel.
METAL PARTNERS: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------
The U.S. Trustee for Region 17 appointed a committee to represent
unsecured creditors in the Chapter 11 cases of Metal Partners
Rebar, LLC and its affiliates.
The committee members are:
1. Gerdau Ameristeel US, Inc.
Attention: Jeffrey W. Spear, Esq.
1540 Broadway
New York, NY 10036
(212) 692-1038
JWSpear@duanemorris.com
2. Commercial Metals Co.
6565 N. McArthur Blvd., Suite 800
Irving, TX 75039
(214) 689-5887
suzy.rhodes@cmc.com
3. Consolidated Construction Products
Attention: Kenneth Lance
P.O. Box 1329
Andover, OH 44033
(440) 293-7788
klance@consolidatedconstructionproducts.com
4. Steel Dynamics – Roanoke
Attention: Parker Arthur
102 Westside Blvd NW
Roanoke, VA 24017
(800) 753-3532
parker.arthur@steeldynamics.com
5. Eastern States Steel
Attention: Mike Capinsky
P.O. Box 7076
Audubon, PA 19407
(610) 275-3375
mikec@easternstatesteel.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Metal Partners Rebar
Metal Partners Rebar, LLC and four affiliates concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Nev. Lead Case No. 20-12878) on June 16, 2020. The
petitions were signed by Joseph Tedesco, chief financial officer.
At the time of the filing, Metal Partners Rebar disclosed assets of
$10 million to $50 million and liabilities of $50 million to $100
million; BGD LV Holding, LLC disclosed assets of less than $50,000
and liabilities of less than $50,000; BRG Holding, LLC disclosed
assets of $1 million to $10 million and liabilities of $10 million
to $50 million; and BCG Ownco, LLC disclosed assets of $1 million
to $10 million and liabilities of $10 million to $50 million.
The Hon. Mike K. Nakagawa oversees the cases.
The Debtors tapped Saul Ewing Arnstein & Lehr LLP as their
bankruptcy counsel; Larson & Zirzow, LLC as general reorganization
co-counsel; High Ridge Partners, LLC as financial advisor; and SSG
Advisors, LLC as investment banker.
MOHAJER12 CORP: Seeks to Hire Pawlowski & Associates as Accountant
------------------------------------------------------------------
Mohajer12 Corp. seeks authority from the U.S. Bankruptcy Court for
the Southern District of Alabama to employ Pawlowski & Associates
PC as its accountant.
The firm will provide the following services:
a. prepare federal and state income tax returns;
b. keep and prepare financial records of Debtor's business;
c. prepare profit and loss worksheets;
d. balance the books; and
e. perform other accounting services.
The firm's services will be provided mainly by Mark Pawlowski, a
certified public accountant, who will charge $250 per hour.
Mr. Pawlowski disclosed in court filings that he neither represents
nor holds an interest adverse to Debtor's bankruptcy estate.
Mr. Pawlowski can be reached at:
Mark A. Pawlowski, CPA
Pawlowski & Associates PC
5905 Airport Boulevard, Suite B
Mobile, AL 36608
Phone: 251-300-2700
About Mohajer12 Corp.
Mohajer12 Corp. filed for Chapter 11 protection (Bankr. S.D. Ala.
Case No. 18-02674) on July 3, 2018. The petition was signed by
Mohajer12 President Husain Abdulla. At the time of the filing,
Debtor disclosed $2.91 million in assets and $3.34 million in
liabilities. Judge Jerry C. Oldshue oversees the case.
Barry A. Friedman, Esq., at Friedman, Poole & Friedman, P.C. is
Debtor's legal counsel.
Debtor filed its Chapter 11 plan of reorganization and disclosure
statement on March 23, 2020.
NAMB & ASSOCIATES: Hires Mandelbaum Salsburg as New Legal Counsel
-----------------------------------------------------------------
Namb & Associates, Inc. received approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Mandelbaum
Salsburg PC as its new legal counsel.
Mandelbaum will substitute for Ballon Stoll Bader & Nadler P.C.,
the law firm that initially handled Debtor's Chapter 11 case.
Attorneys and paralegals at Mandelbaum will be paid at hourly rates
as follows:
Partner $435-695
Associate $250-415
Paralegal $250-300
Vincent Roldan, Esq., at Mandelbaum, disclosed in a court filing
that his firm is a "disinterested person" as defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Vincent J. Roldan, Esq.
Mandelbaum Salsburg P.C.
3 Becker Farm Road
Roseland, NJ 07068
Phone: (973) 736-4600
Fax: (973) 325-7467
Email: vroldan@lawfirm.ms
About Namb & Associates
Namb & Associates, Inc., a company based in Manhasset, N.Y., sought
protection under Chapter 11 of the Bankruptcy Court (Bankr.
E.D.N.Y. Case No. 20-71595) on March 12, 2020. The petition was
signed by Namb & Associates President Kawall Deosaran. At the time
of the filing, Debtor disclosed assets of $1 million to $10 million
and liabilities of the same range.
Judge Louis A. Scarcella oversees the case. Debtor has tapped
Warshaw
Bursten, LLP as its special counsel.
NCL CORP: Moody's Rates New Secured Notes 'Ba2'
-----------------------------------------------
Moody's Investors Service assigned a Ba2 rating to NCL Corporation
Ltd.'s proposed senior secured note issuance. The company's other
ratings are unchanged including its Ba2 Corporate Family Rating,
Ba2-PD Probability of Default Rating, Ba2 existing senior secured
rating, and B1 senior unsecured rating. The company's ratings
remain on review for downgrade, including the Ba2 rating on the
planned secured note issuance.
The proceeds of the planned issuance of $675 million senior secured
notes, along with a planned issuance of $250 million of convertible
senior notes and $250 million of common equity, will be used to
bolster the company's liquidity including refinancing its $675
million fully drawn revolver that expires in March 2022. "The
planned issuances improve NCL's liquidity profile by adding cash to
the balance sheet and pushing out maturities, important steps as
the company endures this period of suspended operations and
material monthly cash burn," stated Pete Trombetta, Moody's lodging
and cruise analyst. Pro forma for this transaction and the
company's $2.4 billion capital raise in May, Moody's estimates the
company's cash balance should provide the company adequate
liquidity to withstand no operations through late 2021. This
includes ongoing ship operating expenses, administrative operating
expenses, interest expense and expected capital expenditures and
excludes cash refunds of customer deposits as well as cash inflows
from new and existing bookings.
Assignments:
Issuer: NCL Corporation Ltd.
Senior Secured Regular Bond/Debenture, Assigned Ba2
(LGD3); Rating on Review for Downgrade
RATINGS RATIONALE
NCL's credit profile is supported by its market position as the
third largest ocean cruise operator worldwide, as well as its
well-known brand names -- Norwegian Cruise Line, Oceania Cruises,
and Regent Seven Seas Cruises, as well as the strong performance of
its new ships in terms of pricing and bookings relative to its
other ships which enables the company to compete against larger
rivals across all its price points. Moody's view that over the long
run, the value proposition of a cruise vacation relative to
land-based destinations as well as a group of loyal cruise
customers supports a base level of demand once health safety
concerns have been effectively addressed. In the short run, NCL's
credit profile will be dominated by the length of time that cruise
operations continue to be highly disrupted and the resulting
impacts on the company's cash consumption and its liquidity
profile. The normal ongoing credit risks include its high leverage,
the highly seasonal and capital-intensive nature of cruise
companies and the cruise industry's exposure to economic and
industry cycles, weather incidents and geopolitical events.
The review for downgrade will focus on NCL's recovery prospects in
2021 given the recent resurgence in coronavirus cases in certain
states increasing the uncertainty around the reopening of the US
and the company's plans for the eventual return to service of its
US operations, including what precautions will be put in place when
sailings do resume and the associated incremental costs.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Prior to the ratings being placed on review for downgrade the
factors that could lead to a downgrade include: operations being
suspended for longer than its base case assumption or updated
expectations for a weaker recovery, that results in debt/EBITDA
remaining above 4.0x or EBITA/interest is below 4.5x over the next
two years. Any deterioration in liquidity could also cause negative
rating pressure. Given the review for downgrade an upgrade is
unlikely in the short term, however longer-term ratings could be
upgraded if debt/EBITDA and EBITA/interest expense improved to
below 3.75x and above 4.5x, respectively.
NCL Corporation Ltd., headquartered in Miami, FL, is a wholly owned
subsidiary of Norwegian Cruise Line Holdings, Ltd. Norwegian
operates 28 cruise ships with approximately 59,150 berths under
three brand names; Norwegian Cruise Line, Oceania Cruises, and
Regent Seven Seas Cruises. Net revenues were about $5.0 billion for
the fiscal year ended December 31, 2019.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
NEIMAN MARCUS: Hires Alvarez & Marsal as Financial Advisor
----------------------------------------------------------
Neiman Marcus Group LTD LLC and its debtor affiliates seeks
approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ Alvarez & Marsal North
America, LLC, to serve as financial advisors to the Disinterested
Manager of Neiman Marcus Group LTD LLC.
Services Alvarez & Marsal will render are:
(a) assistance in the evaluation of any financial and
valuation issues raised in connection with the Disinterested
Manager's investigation of the MyTheresa transaction;
(b) assistance with interviews, examinations and the review of
documents and other materials in connection with the MyTheresa
investigation;
(c) assistance in the preparation of reports and other
documents necessary in connection with the MyTheresa
investigation;
(d) provision of testimony with respect to the MyTheresa
investigation, to the extent requested by the Disinterested Manager
or directed by the Court;
(e) assistance with analyzing, negotiating and/or structuring
any potential settlement of claims with respect to the MyTheresa
transaction;
(f) assistance in undertaking any additional tasks or duties
that the Court may direct or that the Disinterested Manager may
determine are necessary and appropriate in connection with the
Disinterested Manager's investigation; and
(g) assistance in any other activities as are approved by the
Disinterested Manager and agreed to by Alvarez & Marsal, including
with respect to any other conflict matter identified by the
Disinterested Manager.
Alvarez & Marsal's customary hourly billing rates are:
Managing Director $875–1,150
Manager / Director $575-875
Analyst / Associate $300-675
Dennis Stogsdil, a managing director with Alvarez & Marsal,
disclosed in court filings that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code and as required under section 327(a) of the Bankruptcy Code.
The firm can be reached through:
Dennis Stogsdil
ALVAREZ & MARSAL NORTH AMERICA LLC
600 Madison Avenue, 8th Floor
New York, NY 10022
Tel: +1 646 495 4153
About Neiman Marcus Group
Neiman Marcus Group LTD, LLC is a luxury omni-channel retailer
conducting store and online operations principally under the Neiman
Marcus, Bergdorf Goodman, and Last Call brand names. It also
operates the Horchow e-commerce website offering luxury home
furnishings and accessories. Since opening in 1907 with just one
store in Dallas, Neiman Marcus and its affiliates have
strategically grown to 67 stores across the United States. For
more
information, visit https://www.neimanmarcus.com/
Neiman Marcus Group LTD and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32519) on May 7, 2020. At the time of the filing, the Debtors
were each estimated to have assets of between $1 billion and $10
billion and liabilities of the same range.
Judge David R. Jones oversees the cases.
Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsel; Jackson Walker, LLP as
local counsel; Berkeley Research Group, LLC as restructuring
advisor; Lazard Freres & Co. LLC as investment banker; and Stretto
as claims, noticing and solicitation agent.
The Official Committee of Unsecured Creditors appointed in the
Chapter 11 Cases tapped Pachulski Stang Ziehl & Jones LLP as lead
counsel and Cole Schotz P.C. as co-counsel.
NET ELEMENT: Howard Ash Quits from Board of Directors
-----------------------------------------------------
Howard Ash submitted his resignation, effective July 13, 2020, as
director of Net Element, Inc. and as chairman of the audit,
compensation and nominating and governance committees of the board
of directors of the Company. Mr. Ash has served on the Board of
Directors of the Company since June 13, 2016.
About Net Element
Headquartered in North Miami Beach, Florida, Net Element, Inc.
(NASDAQ: NETE) -- http://www.NetElement.com/-- operates a
payments-as-a-service transactional and value-added services
platform for small to medium enterprise ("SME") in the U.S. and
selected emerging markets. In the U.S. it aims to grow
transactional revenue by innovating SME productivity services using
blockchain technology solutions and Aptito, its cloud-based,
restaurant and retail point-of-sale solution. Internationally, Net
Element's strategy is to leverage its omni-channel platform to
deliver flexible offerings to emerging markets with diverse
banking, regulatory and demographic conditions.
Net Element recorded a net loss attributable to the company's
stockholders of $6.46 million for the year ended Dec. 31, 2019,
compared to a net loss attributable to the company's stockholders
of $4.94 million for the year ended Dec. 31, 2018. As of March 31,
2020, the Company had $19.96 million in total assets, $17.13
million in total liabilities, and $2.83 million in total
stockholders' equity.
Daszkal Bolton LLP, in Fort Lauderdale, Florida, the Company's
auditor since 2015, issued a "going concern" qualification in its
report dated March 30, 2020 citing that the Company has sustained
recurring losses from operations and has working capital and
accumulated deficits that raise substantial doubt about its ability
to continue as a going concern.
NEUMEDICINES INC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Neumedicines, Inc.
480 W. Norman Ave.
Arcadia, CA 91007
Business Description: Neumedicines, Inc. --
https://www.neumedicines.com -- is a
clinical stage biopharmaceutical company
engaged in the research and development of
HemaMax, recombinant human interleukin 12
(rHuIL-12), for the treatment of: cancer, in
combination with standard of care (SOC,
radiotherapy, chemotherapy, or
immunotherapy); and Hematopoietic Syndrome
of Acute Radiation Syndrome (HSARS), as a
monotherapy.
Chapter 11 Petition Date: July 17, 2020
Court: United States Bankruptcy Court
Central District of California
Case No.: 20-16475
Judge: Hon. Ernest M. Robles
Debtor's Counsel: Crystle J. Lindsey, Esq.
WEINTRAUB & SETH, APC
11766 Wilshire Boulevard
Suite 1170
Los Angeles, CA 90025
Tel: (310) 207-1494
E-mail: crystle@warlaw.net
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Timothy Gallaher, 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/Uz0loS
NOTOX TECHNOLOGIES: Delays Filing of Quarterly Report
-----------------------------------------------------
Notox Technologies Corp. said it was unable to complete the
preparation of its Form 10-Q for the period ended May 31, 2020 in a
timely manner because of unanticipated delays.
About Notox Technologies
Notox Technologies is in the business of developing and
commercializing innovative technologies. Through Notox, the
Company owns 100% of the right, title and interest in and to the
License Agreement with the Clinic formerly held by ZHC.
Notox reported a net loss and comprehensive loss of C$635,045 for
the year ended Aug. 31, 2019, compared to a net loss and
comprehensive loss of C$810,825 for the year ended Aug. 31, 2018.
As of Feb. 29, 2020, the Company had C$4.78 million in total
assets, C$5.59 million in total liabilities, and a total
stockholders' deficiency of $812,058.
Davidson & Company LLP, in Vancouver, Canada, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated Nov. 29, 2019, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.
NPC INTERNATIONAL: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------------
Henry Hobbs Jr., the acting U.S. trustee for Region 7, appointed a
committee to represent unsecured creditors in the Chapter 11 cases
of NPC International, Inc., and its affiliates.
The committee members are:
1. Realty Income Corporation
Attn: Kirk Carson, Esq., AVP
11995 El Camino
San Diego, CA 92130
Tel: 858-284-5256
Fax: 858-481-4862
Email: kcarson@realtyincome.com
2. International Pizza Hut Franchise Holders Assoc.
Attn: Joe Linot, Executive Director
7829 E. Rockhill # 201
Wichita, KS 67206
Tel: 316-219-2618
Email: jlinot@iphfha.com
Mayer Brown LLP
Sean T. Scott, Esq.
71 South Wacker Drive
Chicago, IL 60606
Tel: 312-701-8310
Email: stscott@mayerbrown.com
3. Jessica Padgett
Attn: Brett T. Burmeister, Esq.
14701 E. 42nd Street S
Independence, MO 64055
Tel: 816-373-5590
Fax: 816-373-2112
Email: brett@bgattorney.com
Burmeister Gilmore LLP
Brett T. Burmeister, Esq.
14701 E. 42nd Street S
Independence, MO 64055
Tel: 816-373-5590
Fax: 816-373-2112
Email: brett@bgattorney.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About NPC International
NPC International, Inc. -- https://www.npcinternational.com/ -- is
a franchisee company with over 1,600 franchised restaurants across
two iconic brands -- Wendy's and Pizza Hut -- spanning 30 states
and the District of Columbia.
NPC International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
20-33353) on July 1, 2020. At the time of the filing, Debtors
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range. Judge David R. Jones oversees the
cases.
The Debtors tapped Weil, Gotshal & Manges, LLP, as bankruptcy
counsel; Alixpartners, LLP as financial advisor; Greenhill & Co.,
LLC as investment banker; and Epiq Corporate Restructuring, LLC as
claims, noticing and solicitation agent and administrative advisor.
ODYSSEY ENGINES: Gets Interim Approval to Hire Financial Advisor
----------------------------------------------------------------
Odyssey Engines, LLC and its affiliates received interim approval
from the U.S. Bankruptcy Court for the Southern District of Florida
to employ Bedford Advisers as their financial advisor.
Bedford will advise Debtors on restructuring, turnaround solutions
and additional financings; assess liquidities; manage cash flows;
renegotiate covenants; and give advice on routine business matters
associated with the operation of their businesses.
The current rate for the proposed retention is $10,000 per month.
Ryan Rapp, a principal at Bedford, disclosed in court filings that
the firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Ryan Rapp
Bedford Advisers
Telephone: (551) 486-6328
Facsimile: (949) 215-0546
Email: ryan.rapp@bedford-advisers.com
About Odyssey Engines
Odyssey Engines, LLC and its affiliates engage in the business of
commercial and industrial machinery and equipment rental and
leasing.
On June 23, 2020, Odyssey Engines and its affiliates concurrently
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 20-16772). At the
time of the filing, each Debtor disclosed assets of $1 million to
$10 million and liabilities of $10 million to $50 million. Judge
Robert A. Mark oversees the cases.
Debtors have tapped David R. Softness, P.A. as legal counsel; GGG
Partners, LLC as chief restructuring officer; and Bedford Advisers
as financial advisor.
ODYSSEY ENGINES: Gets Interim Approval to Hire GGG Partners as CRO
------------------------------------------------------------------
Odyssey Engines, LLC and its affiliates received interim approval
from the U.S. Bankruptcy Court for the Southern District of Florida
to employ GGG Partners, LLC as their chief restructuring officer in
connection with their Chapter 11 cases.
GGG Partners will provide the following services:
(a) putting together a package of materials for potential
buyers or investors;
(b) communicating with such parties and other stakeholders
regarding the status, progress and timelines for execution;
(c) working with Debtors and their legal counsel to evaluate
options;
(d) managing the general requirements of Chapter 11 including
initial packages and monthly reporting; and
(e) generally acting as Debtors' chief restructuring officer.
The rates charged by GGG Partners range from $340 to $375 per hour.
The firm received the sum of $29,147.94 as retainer.
Katie Goodman, a managing partner at GGG Partners, disclosed in
court filings that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Katie Goodman
GGG Partners, LLC
3155 Roswell Rd NE, Suite 120
Atlanta, GA 30305
Telephone: (404) 256-0003
Facsimile: (404) 256-4555
Email: kgoodman@gggpartners.com
About Odyssey Engines
Odyssey Engines, LLC and its affiliates engage in the business of
commercial and industrial machinery and equipment rental and
leasing.
On June 23, 2020, Odyssey Engines and its affiliates concurrently
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 20-16772). At the
time of the filing, each Debtor disclosed assets of $1 million to
$10 million and liabilities of $10 million to $50 million. Judge
Robert A. Mark oversees the cases.
Debtors have tapped David R. Softness, P.A. as legal counsel; GGG
Partners, LLC as chief restructuring officer; and Bedford Advisers
as financial advisor.
ONE EARTH: Seeks to Hire Brumberg Mackey as Legal Counsel
---------------------------------------------------------
One Earth Landscape Management, Inc. seeks authority from the U.S.
Bankruptcy Court for the Western District of Virginia to employ
Brumberg, Mackey & Wall, P.L.C. as its legal counsel.
The firm's services will include:
a. advising Debtor of its rights, powers and duties under the
Bankruptcy Code;
b. preparing legal papers and reviewing all financial reports
to be filed in Debtor's Chapter 11 case;
c. assisting Debtor in the negotiation and documentation of
post-petition financing and related transactions;
d. reviewing the nature and validity of liens asserted against
Debtor's property and advising Debtor concerning the enforceability
of such liens;
e. advising Debtor regarding its ability to initiate actions
to collect and recover property for its bankruptcy estate;
f. assisting Debtor in connection with any potential property
or asset dispositions;
g. assisting Debtor in reviewing, estimating and resolving
claims asserted against its estate;
h. commencing litigation to assert rights held by Debtor,
protect assets of its estate and further the goal of completing its
liquidation; and
i. providing general corporate and other non-bankruptcy legal
services.
The firm's attorneys and paralegals will be paid at hourly rates as
follows:
Dennis Brumberg Attorney $350
Richard Wall Attorney $350
Nelson Mackey Jr. Attorney $350
Mark Black Attorney $300
Sheila Black Paralegal $75
Andrea Day Paralegal $75
The Debtor provided Brumberg with an advance deposit of $17,500.
Brumberg is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filigs.
The firm can be reached through:
Mark A. Black, Esq.
Dennis P. Brumberg, Esq.
Brumberg, Mackey & Wall, P.L.C.
600 Professional Arts Building
30 W. Franklin Road
Roanoke, VA 24011
Phone: (540) 343-2956
Fax: (540) 343-2987
Email: mblack@bmwlaw.com
About One Earth Landscape Management
One Earth Landscape Management, Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No.
20-70640) on June 29, 2020. Debtor has tapped Brumberg, Mackey &
Wall, P.L.C. as its legal counsel.
PARKHILL PEDIATRIC: Hires Fox Consulting as Financial Advisor
-------------------------------------------------------------
Parkhill Pediatric Surgery Center, LLC, seeks authority from the
U.S. Bankruptcy Court for the Northern District of Texas to employ
Fox Consulting as its financial advisor.
Services Fox Consulting will render are:
(a) assist the Debtor in implementing and managing a cash flow
budget and prepare related financial reporting to the Debtor’s
management, DIP lender, and other stakeholders;
(b) assist the Debtor in preparing schedules and statement of
financial affairs;
(c) assist the Debtor in preparing monthly operating reports;
(d) assist the Debtor in all financial aspects of preparing
and proposing a plan of reorganization;
(e) assist the Debtor in claims analysis and forecasting; and
(f) assist the Debtor in all other matters concerning
financial analysis.
Fox Consulting will receive an hourly compensation of $100 per
hour, capped at $5,000 per month.
Ray Fox, the owner of Fox Consulting, attests that neither the firm
nor any member or associate thereof holds any interest materially
adverse to the interest of the Debtor’s estate or to any class of
creditors or equity security
holders, by reason of any direct or indirect relationship to,
connection with, or interest in the Debtor.
The firm can be reached through:
Ray Fox
Fox Consulting
9217 Clover Valley Dr.
Dallas, TX 75243
Tel: (469) 867-3617
About Parkhill Pediatric Surgery Center
ParkHill Pediatric Surgery Center LLC, d/b/a Legent Pediatric
Surgery Center, provides outpatient pediatric services. The
company is based in Dallas, Texas.
ParkHill Pediatric sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Tex. Case No. 20-31534) on May 29, 2020.
At the time of the filing, the Debtor was estimated to have assets
of $1 million to $10 million and liabilities of $1 million to $10
million. The petition was signed by Dr. Glen R. Wyant, manager.
Brandon Tittle, Esq., of Ferguson Braswell Fraser Kubasta PC, is
the Debtor's bankruptcy counsel. William W. Camp P.C. is the
Debtor's special litigation counsel.
PETROLIA ENERGY: Three Directors Resign from Board
--------------------------------------------------
The chairman of Board of Directors of Petrolia Energy Corporation
has accepted resignations from Richard Dole, Joel Oppenheim, and
Saleem Nizami, effective July 13, 2020. This will reduce the size
of the Board from seven to four members streamlining the governing
body in a continued effort to reorganize the Company.
The Company is grateful to the exiting directors for their valued
service and contribution in helping the Company successfully
navigate the challenges faced by the oil industry today.
The Company will continue to focus on its core assets and
reorganize for compliance and growth to find, screen and integrate
value generating acquisitions allowing for material value creation
for investors.
About Petrolia Energy
Petrolia Energy Corporation -- https://www.petroliaenergy.com/ --
is an international oil & gas company, headquartered in Houston,
Texas, is in the business of oil and gas exploration, development
and production.
As of March 31, 2019, the Company had $12.58 million in total
assets, $5.02 million in total liabilities, and $7.56 million in
total stockholders' equity.
"The Company has suffered recurring losses from operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern. We plan to generate profits by
working over existing wells and drilling productive oil or gas
wells. However, we will need to raise additional funds to workover
or drill new wells through the sale of our securities, through
loans from third parties or from third parties willing to pay our
share of drilling and completing the wells. We do not have any
commitments or arrangements from any person to provide us with any
additional capital. If additional financing is not available when
needed, we may need to cease operations. There can be no assurance
that we will be successful in raising the capital needed to drill
oil or gas wells nor that any such additional financing will be
available to us on acceptable terms or at all. Any wells which we
may drill may not be productive of oil or gas. Management believes
that actions presently being taken to obtain additional funding
provide the opportunity for the Company to continue as a going
concern," the Company stated in its quarterly report for the period
ended March 31, 2019.
PHILIRON INC: Seeks to Hire Houlihan Lawrence as Real Estate Broker
-------------------------------------------------------------------
Philiron, Inc. seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to employ Houlihan Lawrence
Commercial Real Estate Group as real estate broker.
The firm will assist in marketing Debtor's property located at 2,
4, 6 and 8 Main St., Port Chester, N.Y. The proposed commission is
3 percent, which is slightly lower than the standard commission for
this type of property.
Michael Rackenberg, a real estate broker at Houlihan, is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code, according to court filings.
The professional can be reached at:
Michael Rackenberg
Houlihan Lawrence Commercial Real Estate Group
800 Westchester Avenue, Suite N-505
Rye Brook, NY 10573
Telephone: (914) 220-7000
Email: mrackenberg@HoulihanLawrence.com
About Philiron
Philiron, Inc. is a domestic business corporation that owns a
property at 2, 4, 6, and 8 Main St., Port Chester, N.Y.
Philiron filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y.
Case No. 20-22114) on Jan. 23, 2020, disclosing under $1 million in
both assets and liabilities. Judge Robert D. Drain oversees the
case.
Debtor is represented by Anne Penachio, Esq., at Penachio Malara,
LLP.
PHUNWARE INC: Refinances Senior Convertible Note
------------------------------------------------
Phunware, Inc., has entered into a refinancing transaction on terms
more favorable to the Company for the issuance of senior
convertible notes of the Company in the initial principal amount of
$4.32 million with a maturity date of Dec. 31, 2021, pursuant to a
Securities Purchase Agreement by and among the Company and the same
institutional investor. Canaccord Genuity, LLC acted as sole
placement agent in the transaction. Upon closing of the sale of
the Note, the Company is expected to receive gross cash proceeds of
$1.75 million after paying off the note issued to the Buyer on
March 20, 2020, as well as applicable Placement Agent and legal
fees in connection with the transaction. The obligations of the
Notes are to be repaid by the Company in cash only, but at the
Buyer's election, may be converted at a fixed price of $3 per share
subject to certain adjustments. As additional consideration, the
Company also issued the Buyer a warrant for the purchase of common
stock representing 30% coverage of the principal amount of the
Notes that are exercisable in cash for $4 per share.
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.
Phunware incurred a net loss of $12.87 million in 2019 compared to
a net loss of $9.80 million in 2018. As of March 31, 2020, the
Company had $28.84 million in total assets, $27.49 million in total
liabilities, and $1.35 million in total stockholders' equity.
Marcum LLP, in Houston, TX, the Company's auditor since 2017,
issued a "going concern" qualification in its report dated March
30, 2020 citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
POWER BAIL: Seeks Approval to Tap John R. Mayer as Special Counsel
------------------------------------------------------------------
Power Bail Bonds, Inc. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ John R.
Mayer, A Professional Law Corporation, as its special counsel.
The professional services John R. Mayer will render to the Debtor
will be limited to non-Lexington National Insurance Corporation
matters:
(a) Review cases where summary judgment has been entered
against the Debtor on forfeited bail bonds to determine if a
technical basis may exist for setting aside the judgment and
exonerating the bond.
(b) Prepare motions to set aside summary judgment and
exonerate bond on technical grounds discovered through the services
outlined in paragraph 2(a), for the Debtor to file itself through a
licensed bail agent, as permitted by the California Superior
Courts, or for Special Counsel to file as necessary.
(c) Develop a motion to exonerate bonds based on the
government restrictions imposed as a result of COVID-19 and/or
other factors, for the Debtor to file itself through a licensed
bail agent, as permitted by the California Superior Courts, or for
Special Counsel to file as necessary.
(d) Respond to oppositions to motions to set aside summary
judgment, exonerate bail bond, or extension the appearance period
as requested by the Debtor.
(e) Appear at hearings on any of the above-referenced motions,
as requested by Debtor.
(f) Other legal services requested by Debtor.
The Debtor paid a pre-petition retainer to the firm in the total
sum of $20,000.00. The source of the retainer was from the Debtor's
assets. All services rendered in these proceedings will be billed
against the retainer.
The fee structure for the services to be provided are as follows:
(a) - Flat fee of $150 for each defendant for which one or
more judgments was entered within the same county.
(b) - $275.00 per hour.
(c) - $275.00 per hour.
(d) - $275.00 per hour.
(e) - San Diego County - Flat fee of $250.00 per appearance.
Outside San Diego County - Flat fee of $850.00 per appearance,
unless such appearance is telephonic or by video, in which case the
fees shall be $250.00.
(f) - $275.00 per hour.
John R. Mayer, a partner with the law firm of John R. Mayer, A
Professional Law Corporation, disclosed in court filings that he is
a "disinterested person" within the meaning of Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
John R. Mayer, Esq.
JOHN R. MAYER, APLC
3033 5th Ave., Suite 227
San Diego, CA 92103
Telephone: (619) 255-1357
Facsimile: (619) 342-7118
About Power Bail Bonds
Power Bail Bonds, Inc., based in Temecula, CA, filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 20-14155) on June 15, 2020. In
the petition signed by Marcus Romero, chief executive
officer/president, the Debtor disclosed $55,112,483 in assets and
$2,673,222 in liabilities.
Hon. Mark S. Wallace oversees the case. The Debtor tapped Douglas
A. Plazak, Esq., at Reid & Hellyer, APC, as bankruptcy counsel and
John R. Mayer, A Professional Law Corporation, as special counsel.
PREMIERE JEWELLERY: Seeks to Hire Armstrong Teasdale as Counsel
---------------------------------------------------------------
Premiere Jewellery, Inc. and its debtor-affiliates seeks authority
from the United States Bankruptcy Court for the Southern District
of New York to employ Armstrong Teasdale LLP as their counsel.
Services Armstrong Teasdale will perform are:
(a) provide legal advice with respect to the Debtors' powers
and duties as debtors-in-possession in the continued operation of
its business and management of its properties;
(b) attend meetings and negotiating with representatives of
creditors and other parties in interest and advising and consulting
on the conduct of Chapter 11 Cases, including the legal and
administrative requirements of operating in chapter 11;
(c) take necessary action to protect and preserve the Debtors'
estates, including the prosecution of actions commenced under the
Bankruptcy Code on their behalf, and objections to claims filed
against the estates;
(d) prepare and prosecute on behalf of the Debtors' motions,
applications, answers, orders, reports and papers necessary to the
administration of the estates;
(e) advise and assist the Debtors with respect to
restructuring alternatives, including, to the extent applicable,
preparing and pursuing confirmation of a chapter 11 plan and
approval of a disclosure statement;
(f) appear in Court and protecting the interests of the
Debtors before the Court; and
(g) perform all other legal services for the Debtors which may
be necessary and proper in these cases.
Standard hourly rates charged by Armstrong Teasdale are:
Partners $375 - $895
Of Counsel $395 - $555
Associates $250 - $435
Paralegals $125 - $305
Law Clerks $200
Jeffrey A. Wurst, Esq., partner at Armstrong Teasdale, attests that
the firm is a "disinterested person," as defined in section 101(14)
of the Bankruptcy Code and as required by section 327(a) of the
Bankruptcy Code, according to court filings.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Wurst disclosed that his firm has not agreed to a variation of its
standard or customary billing arrangements for its employment with
the Debtors, and that no professional in his firm has varied his
rate based on the geographic location of the Debtors' cases.
A budget and staffing plan has been discussed and approved among
the firm and the Debtors, according to the attorney.
Armstrong can be reached through:
Jeffrey A. Wurst, Esq.
ARMSTRONG TEASDALE LLP
919 Third Avenue, 37th Floor
New York, NY 10222
Tel: (212) 409-4400
Email: jwurst@atllp.com
About Premiere Jewellery, Inc.
Premiere Jewellery, Inc. and its affiliates design, sell, and
distribute fashion jewelry serving the private label and branded
needs of the retail industry.
Premiere Jewellery, Inc. and its affiliates concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 20-11484) on June 25, 2020. The
petitions were signed by Howard A. Moser, chief restructuring
officer. At the time of filing, the Debtor disclosed up to $50
million in assets and $10 million to $50 million in liabilities.
Jeffrey A. Wurst, Esq. at ARMSTRONG TEASDALE LLP represents the
Debtors as counsel.
PRIME GLOBAL: Chief Executive Officer Resigns
---------------------------------------------
Weng Kung Wong resigned as chief executive officer, interim chief
financial officer, and secretary and as a member of the Board of
Directors of Prime Global Capital Group Incorporated.
On July 15, 2020, Maylee Gan Suat Lee and Soo Choon Meng resigned
as directors of the Company and as members of the Board of
Directors.
The company said the resignations were not due to any disagreement
with the Company on any matter relating to its operations, policies
or practices.
On July 15, 2020, Muhamad Zakaria Bin Othman was appointed as chief
executive officer, interim chief financial officer, and secretary
and as a member of the Board of Directors.
Muhamad Zakaria Bin Othman, age 39, is currently a director of
Vetho Phoenix Sdn Bhd and Gaeawave Sdn Bhd, both of which are
investment companies. Mr. Zakaria is also a director in various
other companies who are in the field of property holding,
investment holding, locally and international companies.
About Prime Global
Prime Global Capital Group Incorporated, through its subsidiaries,
is principally engaged in the operation of a durian plantation,
leasing and development of the operation of oil palm and durian
plantation, commercial and residential real estate properties in
Malaysia.
Prime Global reported a net loss of $267,321 for the year ended
Oct. 31, 2019, compared to a net loss of $553,962 for the year
ended Oct. 31, 2018. As of Jan. 31, 2020, the Company had $45.27
million in total assets, $17.90 million in total liabilities, and
$27.36 million in total equity.
ShineWing Australia, in Melbourne, Australia, issued a "going
concern" qualification in its report dated Jan. 28, 2020 citing
that the Company has a working capital deficiency, and accumulated
deficit from recurring net losses maturing in less than one year as
of Oct. 31, 2019. All these factors raise substantial doubt about
its ability to continue as a going concern.
PROFESSIONAL INVESTORS: Involuntary Chapter 11 Case Summary
-----------------------------------------------------------
Alleged Debtor: Professional Investors Security Fund, Inc.
350 Ignacio Blvd., #300
Novato, CA 94949
Type of Business: The Debtor is a real estate investment company.
Involuntary Chapter 11 Petition Date: July 16, 2020
Court: United States Bankruptcy Court
Northern District of California
Case Number: 20-30579
Petitioners' Counsel: Debra Grassgreen, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
150 California Street, 15th Floor
San Francisco, CA 94111
Tel: (415) 217-5102
E-mail: dgrassgreen@pszjlaw.com
Alleged creditors who signed the involuntary petition:
Name of Petitioner Nature of Claim Claim Amount
------------------ --------------- ------------
Jacques Achsen Promissory Note $3,366,808
124 Pine Street
San Anselmo, CA 94960
Samuel Goldberger, Promissory Note $200,000
Trustee of the B Trust
447860 Rosewood Terrace
Mendocino, CA 95460
Elizabeth A. Goldblatt Promissory Note $188,455
Trustee of the Elizabeth
Ann Goldblatt Living Trust
(and Elizabeth Goldblatt IRA)
PO Box 726
Point Reyes Station, CA 94956
Arthur Indenbaum, Trustee Promissory Note $750,000
of the Spiren Trust (2013)
2834 Gough Street
San Francisco, CA 94123
Andrew Roy Michaels Promissory Note $377,250
(and Andrew Roy Michaels IRA)
PO Box 808
Point Reyes Station, CA 94956
Mary Michaels, Trustee of the Promissory Note $430,422
Michaels Family Trust
(and Mary Michaels IRA)
PO Box 808
Point Reyes Station, CA 94956
Joel Rubenzahl Promissory Note $100,000
(and Joel Rubenzahl IRA)
3159 Rubenzahl (and Joel
Rubenzahl IRA)
3159 Lewiston Avenue
Berkeley, CA 94705
A full-text copy of the Involuntary Petition is available for free
at:
https://is.gd/0uKAzi
PROFESSIONAL SALES: Seeks to Hire Alan Green CPA as Accountant
--------------------------------------------------------------
Professional Sales, L.P. seeks authority from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Alan Green CPA,
PLLC as its accountant.
The firm's services, which include assisting with correcting
Debtor's financial records, will be provided mainly by Alan Green
and Toni Lotspeich who will charge $200 per hour and $125 per hour,
respectively.
The firm will charge $185 per month for the preparation of Debtor's
state and federal tax returns.
Alan Green CPA is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Alan Green, CPA
Alan Green CPA, PLLC
6513 Colleyville Blvd. Suite 400
Colleyville, TX 76034
Phone: (817)268-9260
Fax: (817)251-7907
About Professional Sales
Professional Sales, L.P. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
20-41922) on May 31, 2020. At the time of the filing, Debtor
disclosed assets of between $1 million and $10 million and
liabilities of the same range. Judge Mark X. Mullin oversees the
case. Jeff P. Prostok, Esq., at Forshey & Prostok, LLP, is
Debtor's legal counsel.
PROVECTUS BIOPHARMACEUTICALS: Adds New Member to Board of Directors
-------------------------------------------------------------------
Provectus Biopharmaceuticals reports the addition of Webster Bailey
to the Company's Board of Directors, effective as of July 20, 2020.
Mr. Bailey is a member of the board of directors of the Clover
Fork Coal Company investment trust, which had invested in the
Company.
As contemplated by the Definitive Financing Commitment Term Sheet
entered into on March 19, 2017 between the Company and a group of
its stockholders, which sets forth the terms on which the PRH Group
would provide financing to the Company, Jan Koe resigned from the
Board on July 11, 2020.
Mr. Bailey currently serves as the executive director of Business
Development and Marketing at Cornerstone of Recovery, an East
Tennessee substance abuse rehabilitation center. Since 2007, he
has directed all of Cornerstone's marketing, business development,
and outreach efforts. Mr. Bailey also serves on Cornerstone's
Continuous Quality Improvement and Executive Committees. He is
involved in several East Tennessee substance abuse prevention and
recovery-related initiatives, including having served multiple
terms as President of the boards of directors of the Metro Drug
Coalition and the Blount County Recovery Court Foundation. For
these and other community leadership efforts, Mr. Bailey received
the Community Service Award from the Tennessee Licensed
Professional Counselors Association (2013), the Recovery Services
Award from the Metropolitan Drug Commission (2014), and the
Prevention Champion Award from the Blount County Community Health
Initiative (2015), and was named Professional of the Year by the
East Tennessee Association of Alcoholism and Drug Abuse Counselors
(2016). He received a Bachelor's Degree in Communications and
Public Relations from the University of Tennessee.
Mr. Bailey said, "I am gratified to join Provectus' board of
directors at an exciting time in the Company's history and look
forward to helping advance its goal of developing safe, effective,
and affordable immunotherapy medicines for multiple diseases
including cancer. I feel particularly honored to represent the
Clover Fork Trust and our extended family, which stretches from New
Jersey to Alabama. Many of our family members have been ravaged by
cancer, and the Clover Fork Trust recently committed to do
something about this terrible disease. Helping Provectus make
cancer care more accessible and affordable closely aligns with our
family's goal and dream."
Ed Pershing, CPA, Chair of Provectus' Board, said "We are pleased
to receive Clover Fork Trust's support and obtain Webster's
participation on our board of directors. The coronavirus pandemic
has exposed vulnerabilities in societies around the world and in
the United States in particular. Part of Provectus' mission, and
ingrained in our company culture, is the development of drugs that
bring balance back to our public health care system and provide
greater access to affordable health care."
Mr. Pershing added, "On behalf of our shareholders, the board of
directors thanks Jan Koe for his time, effort, and board
contributions. He worked collaboratively with the PRH Group as it
entered into the 2017 Definitive Financing with Provectus,
introduced a new corporate strategy for the Company, and executed
an initial business plan. I want to personally express my
appreciation for Jan's service on our board."
About Provectus
Provectus Biopharmaceuticals, Inc. is a clinical-stage
biotechnology company developing a new class of drugs for oncology,
hematology, and dermatology based on an entire, wholly-owned,
family of chemical small molecules called halogenated xanthenes.
Provectus reported a net loss of $6.92 million for the year ended
Dec. 31, 2019, compared to a net loss of $8.15 million for the year
ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $1.48
million in total assets, $25.55 million in total liabilities, and a
total stockholders' deficiency of $24.07 million.
Marcum LLP, in New York, the Company's auditor since 2016, issued a
"going concern" qualification in its report dated March 5, 2020,
citing that the Company has a significant working capital
deficiency, has incurred significant losses, and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
Q BIOMED: Posts $2.4 Million Net Loss in Second Quarter
-------------------------------------------------------
Q BioMed Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q, reporting a net loss attributable to
common stockholders of of $2.43 million on $15,000 of net sales for
the three months ended May 31, 2020, compared to a net loss
attributable to common stockholders of $2.89 million on $0 of net
sales for the three months ended
May 31, 2019.
For the six months ended May 31, 2020, the Company reported a net
loss attributable to common stockholders of $8.37 million on
$15,000 of net sales compared to a net loss attributable to common
stockholders of $5.26 million on $0 of net sales for the six months
ended May 31, 2019.
As of May 31, 2020, the Company had $3.63 million in total assets,
$1.52 million in total liabilities, and $2.11 million in total
stockholders' equity.
The Company has not yet established an ongoing source of
significant revenues and must cover its operating through debt and
equity financings to allow it to continue as a going concern. The
Company had approximately $3 million in cash as of May 31, 2020.
The Company's ability to continue as a going concern depends on the
ability to obtain adequate capital to fund operating losses until
it generates adequate cash flows from operations to fund its
operating costs and obligations. If the Company is unable to
obtain adequate capital, it could be forced to cease operations.
Q BioMed said, "We depend upon our ability, and will continue to
attempt, to secure equity and/or debt financing. We cannot be
certain that additional funding will be available on acceptable
terms, or at all. Our management determined that there was
substantial doubt about our ability to continue as a going concern
within one year after the condensed consolidated financial
statements were issued, and management's concerns about our ability
to continue as a going concern within the year following this
report persist."
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/lfAmoT
About Q BioMed Inc.
Q BioMed Inc. -- http://www.QBioMed.com-- is a biotech
acceleration and commercial stage company. The Company is focused
on licensing and acquiring undervalued biomedical assets in the
healthcare sector. Q BioMed is dedicated to providing these target
assets the strategic resources, developmental support, and
expansion capital needed to ensure they meet their developmental
potential, enabling them to provide products to patients in need.
Q BioMed reported a net loss of $10.28 million for the year ended
Nov. 30, 2019, compared to a net loss of $9.27 million for the year
ended Nov. 30, 2018. As of Feb. 29, 2020 the Company had $1.23
million in total assets, $6.46 million in total liabilities, and a
total stockholders' deficit of $5.23 million.
Marcum LLP, in New York, NY, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated
Feb. 28, 2020 citing that the Company has a significant working
capital deficiency, has incurred significant losses and needs to
raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
QUARTER HOMES: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------
The Office of the U.S. Trustee on July 14, 2020 disclosed in a
court filing that no official committee of unsecured creditors has
been appointed in the Chapter 11 case of Quarter Homes, LLC.
About Quarter Homes
Quarter Homes LLC owns commercial real estate, undeveloped land and
residential properties in Arizona.
On June 11, 2020, Quarter Homes filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
20-07065). The petition was signed by Quarter Homes President
David Turcotte. At the time of the filing, Debtor disclosed assets
of between $1 million and $10 million and liabilities of the same
range. Osborn Maledon, P.A. is the Debtor's legal counsel.
RAINIER PROPERTIES: Hires Bach Law Offices as Legal Counsel
-----------------------------------------------------------
Rainier Properties International, Inc. and its affiliates received
approval from the U.S. Bankruptcy Court for the Northern District
of Illinois to employ Bach Law Offices, Inc. as their legal
counsel.
The firm's services will include the preparation of a Chapter 11
plan, negotiation with creditors, examination and resolution of
claims filed against Debtor's bankruptcy estate, and the
prosecution of adversary matters.
The normal billing rate for attorneys Paul Bach, Esq., and Penelope
Bach, Esq., at Bach Law Offices, is $425 per hour.
The initial retainer and the court costs were paid by Debtors in
the amount of $10,000.
Bach Law Offices can be reached at:
Paul M. Bach, Esq.
Penelope N. Bach, Esq.
Bach Law Offices, Inc.
P.O. Box 1285
Northbrook, IL 60062
Telephone (847) 564-0808
Email: Paul@BachOffices.com
pnbach@bachoffices.com
About Rainier Properties International
Rainier Properties International, Inc. and affiliates, Rainier
International, LLC and Monaco International, LLC, concurrently
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Lead Case No. 20-12136) on June
9, 2020. Judge David D. Cleary oversees the cases.
At the time of the filing, Rainier Properties International
disclosed estimated assets of $1 million to $10 million and
estimated liabilities of the same range while Rainier International
and Monaco International disclosed estimated assets of $100,000 to
$500,000 and estimated liabilities of the same range.
Paul M. Bach, Esq., and Penelope N. Bach, Esq., at Bach Law
Offices, Inc. are Debtors' bankruptcy attorneys.
RAYONIER ADVANCED: Second Quarter Results Impacted By COVID-19
--------------------------------------------------------------
Rayonier Advanced Materials Inc. reports preliminary second quarter
results which were impacted by COVID-19 market-related conditions.
The Company expects earnings and Adjusted EBITDA for the quarter to
be slightly below prior year, driven by an approximately 12 percent
decline in revenues. Compared to the prior year period, results
for the second quarter were aided by improvements in Forest
Products and Paperboard segments driven by increased prices for
lumber and lower raw material costs for paperboard, respectively.
These benefits were offset by COVID-related impact on: 1) global
demand for High Yield Pulp and Newsprint; 2) sales volumes in High
Purity Cellulose due to softer demand in textile, automotive and
construction end markets; and 3) logistics delays impacting High
Purity Cellulose volumes. Corporate costs increased modestly from
prior year, primarily due to an increase in non-cash charges. With
a focus on working capital and capital expenditures, liquidity
improved $19 million in the quarter to $164 million, including $49
million of cash.
About Rayonier Advanced
Headquartered in Jacksonville, Florida, Rayonier Advanced Materials
Inc. -- http://www.rayonieram.com-- is a producer of
cellulose-based technologies, including high purity cellulose
specialties, a natural polymer commonly found in filters, food,
pharmaceuticals and other industrial applications. The Company
also manufactures products for lumber, paper and packaging markets.
The Company has manufacturing operations in the U.S., Canada, and
France.
Rayonier Advanced reported a net loss available to common
stockholders of $31.03 million for the year ended Dec. 31, 2019.
* * *
As reported by the TCR on March 6, 2020 S&P Global Ratings lowered
its issuer credit rating on Rayonier Advanced Materials Inc. (RYAM)
to 'CCC+' from 'B-' and lowered its issue-level rating on its
senior unsecured notes to 'CCC' from 'CCC+'. The downgrade
reflects the severe deterioration in RYAM's margins, which caused
its leverage to rise to more than 10x as of Dec. 31, 2019, from
3.6x as of Dec. 31, 2019 and 7.4x as of Sept. 30, 2019.
REJUVI LABORATORY: Hires Bachecki Crom as Accountant
----------------------------------------------------
Rejuvi Laboratory, Inc. seeks authority from the US Bankruptcy
Court for the Northern District of California to hire Bachecki,
Crom & Co., LLP, as its accountant.
Bachecki Crom will prepare an analysis and report regarding Plan
feasibility and confer with the Debtor's officers and Debtor's
counsel regarding the Plan and to testify regarding Plan
feasibility, if necessary.
Bachecki Crom's hourly rates:
Partners $400 - $535
Senior Accountant $250 - $380
Junior Accountant $150 - $240
Bachecki Crom will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jay Crom, partner of Bachecki Crom & Co., LLP, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Bachecki Crom can be reached at:
Jay Crom
BACHECKI CROM & CO., LLP
400 Oyster Point Blvd, Suite 106
San Francisco, CA 94080
Tel: (415) 398-3534
About Rejuvi Laboratory
Founded in 1988 by Dr. Wade Cheng, Rejuvi Laboratory, Inc. --
http://www.rejuvilab.com/-- is an integrated cosmetic laboratory
with ongoing research, development and production capability.
Rejuvi Laboratory sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Cal. Case No. 18-31069) on Sept. 27,
2018. In the petition signed by Wei Cheng, president, the Debtor
disclosed $2,870,211 in assets and $1,357,213 in liabilities. Judge
Dennis Montali presides over the case. Stephen D. Finestone, Esq.
and Jennifer C. Hayes, Esq. at FINESTONE HAYES LLP represent the
Debtor as counsel.
RELIABLE PROFESSIONAL: Seeks Court Approval to Hire Accountant
--------------------------------------------------------------
Reliable Professional Services, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Maryland to employ Rudolph
Isaacs, Jr., CPA, as its accountant.
Debtor requires an accountant to help determine its profit and
loss, prepare bookkeeping for filing tax returns, and file monthly
operating reports for the U.S. Trustee's office.
Mr. Isaacs has agreed to provide services required by the Debtor at
the industry standard rates, subject to the approval of the Court.
To the best of the Debtor's knowledge, information, and belief, Mr.
Isaacs has no interest adverse to the estate of the Debtor or
interested person and he has no connections with the Debtor, other
creditors, any other party-in-interest, the Office of the United
States Trustee, or any representing attorney.
The accountant can be reached at:
Rudolph T. Isaacs, Jr., CPA
ISAACS ACCOUNTING, P.C.
1700 Reisterstown Road, Suite 218
Pikesville, MD 21208
Telephone: (410) 653-1272
Facsimile: (410) 653-1282
About Reliable Professional Services
Reliable Professional Services, LLC, a company that provides school
and employee bus transportation services, filed its voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Md.
Case No. 20-15611) on May 29, 2020. At the time of the filing,
Debtor disclosed $4,296,138 in assets and $6,588,888 in
liabilities. Judge Nancy V. Alquist oversees the case. Daniel A.
Staeven, Esq., at Frost & Associates, LLC, is Debtor's legal
counsel.
RENEGADE STORES: Hires McGrath North as Bankruptcy Counsel
----------------------------------------------------------
Renegade Stores, L.L.C. seeks authority from the United States
Bankruptcy Court for the District of Nebraska to employ McGrath
North Mullin & Kratz, PC, LLO as its bankruptcy counsel.
Renegade Stores requires McGrath North to:
a) perform all necessary services as Debtor's bankruptcy
counsel, including, without limitation, providing Debtor with
advice, representing Debtor, and preparing necessary documents on
behalf of Debtor in the areas of restructuring and bankruptcy;
b) advise Debtor with respect to its powers and duties as
debtors in possession in the continued management and operation of
their businesses and properties;
c) attend meetings and negotiate with creditors and other
parties-in-interest;
d) take all necessary action to protect and preserve Debtor's
estate, including prosecuting actions on Debtor's behalf, defending
any action commenced against Debtor, and representing Debtor's
interests in negotiations
concerning all litigation in which Debtor is involved, including
objections to claims filed against the estate;
e) prepare, or coordinate preparation, on behalf of Debtor of
all motions, applications, answers, orders, reports and papers
necessary to the administration of Debtor's estate;
f) take any necessary action on behalf of Debtor to obtain
approval of a disclosure statement and confirmation of a plan of
reorganization on behalf of Debtor;
g) represent Debtor in connection with any potential
post-petition financing;
h) appear before the Court, any appellate courts, and the
United States Trustee and protect the interests of Debtor's estate
before those Courts and the United States Trustee; and
i) perform all other necessary legal services to Debtor in
connection with this Chapter 11 case as requested by Debtor.
McGrath North received a total retainer in the amount of $42,250
from the Debtor for prepaid fees and as security for the payment of
the unpaid fees and expenses owed to McGrath North by Debtor
pre-petition.
McGrath North is a "disinterested person," as that phrase is
defined in section 101(14) of the Bankruptcy Code (as modified by
section 1107(b) of the Bankruptcy Code), as required by section
327(a) of the Bankruptcy Code, and does not hold or represent an
interest adverse to Debtor's estate, according to court filings.
The firm can be reached through:
Michael T. Eversden, Esq.
Lauren R. Goodman, Esq.
MCGRATH NORTH MULLIN & KRATZ,
P.C. LLO
First National Tower, Suite 3700
1601 Dodge Street
Omaha, NE 68102
Telephone: (402) 341-3070
Facsimile: (402) 341-0216
Email: meversden@mcgrathnorth.com
lgoodman@mcgrathnorth.com
About Renegade Stores, L.L.C.
Renegade Stores, L.L.C. -- https://renegadestores.com -- is a
western and work store, specializing in new, first-quality,
fashion-forward western and work apparel, accessories, and footwear
for the entire family.
Renegade Stores, L.L.C., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Neb. Case No. 20-40902) on June 30,
2020. In the petition signed by Troy Weyhrich, president and CEO,
the Debtor disclosed $1,253,546 in assets and $1,600,701 in
liabilities. Lauren R. Goodman, Esq. at MCGRATH NORTH MULLIN &
KRATZ, PC LLO, is the Debtor's counsel.
RENNOVA HEALTH: Posts $5.8 Million Net Loss in First Quarter
------------------------------------------------------------
Rennova Health, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q, reporting a net loss
to common shareholders of $5.79 million on $1.84 million of net
revenues for the three months ended March 31, 2020, compared to a
net loss to common shareholders of $137.30 million on $5.19 million
of net revenues for the three months ended March 31, 2019.
As of March 31, 2020, the Company had $15.76 million in total
assets, $90.43 million in total liabilities, $5.83 million in
redeemable preferred stock - Series I-1, $1.79 million in
redeemable preferred stock - Series I-2, and a total stockholders'
deficit of $82.28 million.
The Company had a working capital deficit and an accumulated
deficit of $83.7 million and $592.7 million, respectively, at March
31, 2020. In addition, the Company had a loss from continuing
operations of approximately $5.8 million and cash used in operating
activities of $2.5 million for the three months ended March 31,
2020. As of July 17, 2020, the Company's cash position is
deficient; and payments for its operations in the ordinary course
are not being made. The continued losses and other related
factors, including the defaults under the terms of outstanding
debentures and notes payable, for which the Company has received
payment demand notices, raise substantial doubt about the Company's
ability to continue as a going concern for twelve months from the
filing date of this report.
The Company's unaudited condensed consolidated financial statements
are prepared assuming the Company can continue as a going concern,
which contemplates continuity of operations through realization of
assets, and the settling of liabilities in the normal course of
business. Initial cost savings were realized by reducing the
number of laboratory facilities to one for most of its toxicology
diagnostics, thereby reducing the number of employees and
associated operating expenses. The Company plans to separate out
its Advanced Molecular Services Group and Health Technology
Solutions, Inc., as independent publicly traded companies in either
a spin off or transaction with a publicly quoted company.
Completion of this separation is now expected to occur in the third
quarter of 2020. The separations are subject to numerous
conditions, including effectiveness of Registration Statements that
may need to be filed with the Securities and Exchange Commission
and consents, including under various funding agreements previously
entered by the Company. The intent of the separation of AMSG and
HTS is to create separate public companies, each of which can focus
on its own strengths and operational plans.
"The Company's core business is now rural hospitals which is a
specialized marketplace with a requirement for capable and
knowledgeable management. The Company's current financial
condition may make it difficult to attract and maintain adequate
expertise in its management team to successfully operate the
Company's hospitals.
"There can be no assurance that the Company will be able to achieve
its business plan, which is to acquire and operate clusters of
rural hospitals, raise any additional capital or secure the
additional financing necessary to implement its current operating
plan. The ability of the Company to continue as a going concern is
dependent upon its ability to raise adequate capital to fund its
operations and repay its outstanding debentures and other past due
obligations, fully align its operating costs, increase its
revenues, and eventually regain profitable operations," Rennova
Health said.
Impact of the Pandemic
Rennova Health has been closely monitoring the COVID-19 pandemic
and its impact on its operations and it has taken steps intended to
minimize the risk to its employees and patients. These steps have
increased its costs and its revenues have been significantly
adversely affected. Demand for hospital services has substantially
decreased, particularly in the second quarter. The Company has
received PPP loans as well as provider relief funds from the
federal government. If the COVID-19 pandemic continues for an
extended period, the Company expects to incur significant losses
and additional financial assistance may be required. Going
forward, the Company is unable to determine the extent to which the
COVID-19 pandemic will continue to affect its business. According
to the Company, the nature and effect of the COVID-19 pandemic on
its balance sheet and results of operations will depend on the
severity and length of the pandemic in its service areas;
government activities to mitigate the pandemic's effect; regulatory
changes in response to the pandemic, especially those affecting
rural hospitals; and existing and potential government assistance
that may be provided.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/vzVLxD
About Rennova Health
Rennova Health, Inc. -- http://www.rennovahealth.com-- operates
three rural hospitals in Tennessee and provides diagnostics and
supportive software solutions to healthcare providers.
Rennova Health reported a net loss to common shareholders of
$171.89 million for the year ended Dec. 31, 2019, compared to a net
loss to common shareholders of $245.87 million for the year ended
Dec. 31, 2018. As of Dec. 31, 2019, the Company had $14.71 million
in total assets, $83.58 million in total liabilities, $5.83 million
in redeemable preferred stock - Series I-1, $1.82 million in
redeemable preferred stock - Series I-2, and a total stockholders'
deficit of $76.52 million.
Haynie & Company, in Salt Lake City, Utah, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated June 25, 2020, citing that the Company has recognized
recurring losses, negative cash flows from operations, and
currently has minimal revenue producing activities. This raises
substantial doubt about the Company's ability to continue as a
going concern.
REVLON CONSUMER: Reduces Number of Directors
--------------------------------------------
Each of Revlon, Inc., and Revlon Consumer Products Corporation are
reducing the number of directors serving on their respective Board
of Directors. In connection with such actions, each of Ambassador
Nicole Avant, Mitra Hormozi and Jonathan Schwartz have resigned as
a director of Revlon, in each case effective as of July 14, 2020.
Mr. Schwartz also resigned as a member of Revlon's Audit Committee
and as a member of RCPC's Board of Directors, in each case as of
the Effective Date. Also as of the Effective Date, the Company and
Ms. Hormozi agreed to terminate her Consulting Agreement, dated as
of Nov. 7, 2019, as amended, which Consulting Agreement had
previously been suspended as part of the organizational
cost-reduction measures taken by the Company in response to the
ongoing COVID-19 pandemic.
About Revlon
Revlon, Inc. (together with its subsidiaries) conducts its business
exclusively through its direct wholly-owned operating subsidiary,
Revlon Consumer Products Corporation, and its subsidiaries. The
Company manufactures, markets and sells an extensive array of
beauty and personal care products worldwide, including color
cosmetics; fragrances; skin care; hair color, hair care and hair
treatments; beauty tools; men's grooming products; anti-perspirant
deodorants; and other beauty care products.
Revlon Inc. and its subsidiaries reported a net loss of $157.7
million for the year ended Dec. 31, 2019, compared to a net loss of
$294.2 million for the year ended Dec. 31, 2018.
* * *
As reported by the TCR on May 12, 2020, Moody's Investors Service
affirmed Revlon's Corporate Family Rating at Caa3. The affirmation
of the Caa3 CFR with a negative outlook reflects that the
transaction will meaningfully increase the company's cash interest
cost at a time when Revlon will continue to generate negative free
cash flow.
RH HOLDINGS: Seeks to Hire Glankler Brown as Legal Counsel
----------------------------------------------------------
RH Holdings, LLC seeks authority from the U.S. Bankruptcy Court for
the Northern District of Mississippi to hire Glankler Brown, PLLC
as its legal counsel.
The firm's services will include the preparation of a plan of
reorganization and motions to approve the sale of Debtor's assets.
Its attorneys and paralegals will be paid at hourly rates as
follows:
Michael P. Coury Member $400
Ricky Hutchens Associate $250
Jeanie R. Bouck Paralegal $195
Glankler Brown neither represents nor holds any interest adverse to
Debtor, according to court filings.
The firm can be reached through:
Michael P. Coury, Esq.
Glankler Brown, PLLC
6000 Poplar Ave, Suite 400
Memphis, TN 38119
Tel: 901-525-1322
Email: mcoury@glankler.com
About RH Holdings
RH Holdings, a Southaven, Miss.-based company engaged in renting
and leasing real estate properties, filed its voluntary petition
for relief under CHapter 11 of the Bankruptcy Code (Bankr. N.D.
Miss. Case No. 20-12175) on June 25, 2020. The petition was signed
by Charles F. Roberts, III, chief manager. At the time of the
filing, Debtor disclosed $1,312,279 in assets and $4,359,725 in
liabilities. Michael P. Coury, Esq., at Glankler Brown, PLLC, is
Debtor's legal counsel.
ROSEGARDEN HEALTH: Trustee Taps Michalik Bauer as Special Counsel
-----------------------------------------------------------------
Jon Newton, the court-appointed trustee for the Chapter 11 cases of
The Rosegarden Health and Rehabilitation Center LLC and Bridgeport
Health Care Center Inc., seeks approval from the U.S. Bankruptcy
Court for the District of Connecticut to employ Michalik, Bauer,
Silvia & Ciccarillo, LLP as his special counsel.
The Trustee desires to employ MBS&C to assist him, as needed, in
trying to collect the amounts of past due sums from approximately
eight former residents at Bridgeport Health Care Center's nursing
care and rehabilitation facilities in Connecticut.
The firm's professionals will be paid at their normal hourly rates
as follows:
JoAnn C. Silvia, Partner $325
Debrakaye Chevian, Associate $315
Cathy Israel, Paralegal $165
To the best of the Trustee's knowledge, the firm is a
"disinterested person" as that term is defined in section 101(14)
of the Bankruptcy Code.
The firm can be reached at:
MICHALIK, BAUER, SILVIA & CICCARILLO, LLP
35 Pearl St., Suite 300
New Britain, CT 06051
Telephone: (860) 225-8403
Facsimile: (860) 223-4026
About The Rosegarden Health and Rehabilitation
Center
Located in Waterbury, Connecticut, Bridgeport Health Care Center
and The Rosegarden Health and Rehabilitation Center LLC --
http://www.bridgeporthealthcarecenter.com/-- provide long and
short-term nursing care and rehabilitation services. Bridgeport
offers nursing care, Alzheimer's care, rehab/physical therapy,
wound care, dietary, respite care, and hospice care. Rosegarden
services include 24-hour nursing care, APRN on Staff,
short-term/long-term rehab, physical therapy, speech therapy,
occupational therapy, IV therapy/medical/incontinence management,
CPAP/BIPAP/tracheotomy care, podiatry; dental, audiology services,
respiratory care, among others.
Bridgeport Health Care and Rosegarden sought Chapter 11 protection
(Bankr. D. Conn. Case Nos. 18-50488 and 18-30623, respectively) on
April 18, 2018. In the petitions signed by their chief financial
officer, Chaim Stern, Bridgeport estimated assets and liabilities
of less than $50 million, and Rosegarden Health estimated assets
and liabilities of less than $10 million.
The Hon. Julie A. Manning is the case judge.
Richard L. Campbell, Esq., at White and Williams LLP, serves as the
Debtors' counsel.
William K. Harrington, the United States Trustee for Region 2,
appointed Joseph J. Tomaino as patient care ombudsman in the
cases.
The PCO hired Barbara H. Katz, as counsel.
Jon Newton was appointed Chapter 11 trustee for the Debtors. The
Trustee is represented by Reid and Riege, P.C.
RTW RETAILWINDS: July 20 Deadline Set for Committee Questionnaires
------------------------------------------------------------------
The U.S. Trustee is seeking to appoint a committee representative
of the unsecured creditors listed in the bankruptcy cases of RTW
Retailwinds Inc., et al.
If a party wishes to be considered for membership on the Committee,
it must complete a required Questionnaire and return it via email
to Tina.L.Oppelt@usdoj.gov or via facsimile to the attention of
David Gerardi at (973)645-5993. The completed Questionnaire must
be received no later than Monday, July 20, 2020 at 1:00 p.m.
If the unsecured creditors respond to the solicitation, the U.S.
Trustee will schedule an organizational meeting or
telephone conference for the purpose of forming an Official
Unsecured Creditors' Committee.
The Unsecured Creditors' Committee has a vital role in Chapter 11
proceedings. Under the Bankruptcy Code, the Committee has the
right to demand that the debtor consult with the Committee before
making major decisions or changes, to request the appointment of a
trustee or examiner, to participate in the formation of a plan of
reorganization, and in some cases, to propose its own plan of
reorganization.
About RTW Retailwinds
RTW Retailwinds, Inc. [OTC PINK:RTWI], formerly known as New York &
Company, Inc., is a specialty women's omni-channel retailer with a
powerful multi-brand lifestyle platform providing curated fashion
solutions that are versatile, on-trend, and stylish at a great
value. The specialty retailer, first incorporated in 1918, has
grown to now operate 378 retail and outlet locations in 32 states
while also growing a substantial eCommerce business. The Company's
portfolio includes branded merchandise from New York & Company,
Fashion to Figure, and Happy x Nature. The Company's branded
merchandise is sold exclusively at its retail locations and online
at http://www.nyandcompany.com/,http://www.fashiontofigure.com/,
http://www.happyxnature.com/,and through its rental subscription
businesses at http://www.nyandcompanycloset.com/and
http://www.fashiontofigurecloset.com/
RTW Retailwinds, Inc. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. N.J., Case No.
20-18445) on July 13, 2020. The petitions were signed by Sheamus
Toal, CEO, CFO and treasurer. Hon. John K. Sherwood presides over
the cases.
As of July 13, 2020, the Debtors reported total assets of
$405,356,610 and total liabilities of $449,962,395.
Michael D. Sirota, Esq., Stuart Komrower, Esq., Ryan T. Jareck,
Esq., and Matteo W. Percontino, Esq. of Cole Schotz P.C. serve as
counsel to the Debtors. Berkeley Research Group, LLC has been
tapped as financial advisor to the Debtors; B. Riley FBR, Inc. as
investment banker; and Prime Clerk, LLC as claims and noticing
agent.
RUBIE'S COSTUME: Committee Hires Arent Fox as Counsel
-----------------------------------------------------
The Official Committee of Unsecured Creditors of Rubie's Costume
Company, Inc., and its debtor affiliates, seeks approval from the
U.S. Bankruptcy Court for the Eastern District of New York to
retain Arent Fox LLP as its counsel.
The committee requires Arent Fox to:
(a) advise the Committee of its rights, duties, and powers in
these Chapter 11 Cases;
(b) assist, advise, and represent the Committee in its
consultation with the Debtors relative to the administration of
these Chapter 11 Cases;
(c) assist, advise, and represent the Committee in analyzing
the Debtors' assets and liabilities, investigating the extent and
validity of liens, and participating in and reviewing any proposed
asset sales or dispositions;
(d) attend meetings and negotiate with the representatives of
the Debtors and secured creditors and other parties-in-interest;
(e) assist and advise the Committee in its examination,
investigation, and analysis of the conduct of the Debtors'
affairs;
(f) assist the Committee in the review, analysis, and
negotiation of any plan of reorganization or liquidation that may
be filed and to assist the Committee in the review, analysis, and
negotiation of the disclosure
statement accompanying any plan of reorganization or liquidation;
(g) assist the Committee in the review, analysis, and
negotiation of any financing or funding agreements;
(h) take all necessary actions to protect and preserve the
interests of unsecured creditors, including, without limitation,
the prosecution of actions on behalf of the Committee, negotiations
concerning all litigation in which the Debtors are involved, and
review and analysis of all claims filed against the Debtors'
estates;
(i) generally prepare on behalf of the Committee all
necessary motions, applications, answers, orders, reports, and
papers in support of positions taken by the Committee;
(j) appear, as appropriate, before this Court, the appellate
courts, and other courts in which matters may be heard and to
protect the interests of the Committee before said courts and the
United States Trustee;
(k) perform such other legal services as may be required or
deemed to be in the interests of the Committee; and
(l) perform all other necessary legal services in these
Chapter 11 Cases.
Arent Fox's hourly rates are:
Partners $690 - $1,140
Of Counsel $655 - $1,095
Associates $410 - $710
Paraprofessionals $195 - $395
The firm will also be reimbursed for work-related expenses
incurred.
George Angelich, Esq., a partner at Arent Fox, assured the court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Mr.
Angelich disclosed that:
-- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;
-- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;
-- the firm has not represented the Committee in the 12 months
prepetition; and
-- Arent Fox has developed, and will send to the Committee, a
budget and staffing plan through August 31, 2020.
Arent Fox can be reached at:
George P. Angelich, Esq.
Andrew I. Silfen, Esq.
Beth M. Brownstein, Esq.
Arent Fox LLP
1301 Avenue of the Americas, Floor 24
New York, NY 10019
Tel: (212) 484-3900
Fax: (212) 484-3990
Email: george.angelich@arentfox.com
andrew.silfen@arentfox.com
beth.brownstein@arentfox.com
About Rubie's Costume Company
Rubie's Costume Company Inc. is a distributor, manufacturer and
designer of costume and party-related accessories that serve over
2,000 retail accounts. It also maintains licensing partnerships
with top studios like Nickelodeon, Warner Bros, Lucasfilm, Marvel,
and Disney for products inspired by WWE, Ghostbusters, Stranger
Things, DC Comics, JoJo Siwa, Harry Potter, and Star Wars.
Rubie's Costume Company and its affiliates sought Chapter 11
protection (Bankr. E.D.N.Y. Lead Case No. 20-71970) on April 30,
2020. Rubie's Costume was estimated to have $100 million to $500
million in assets and $50 million to $100 million in liabilities as
of the filing.
Judge Alan S. Trust oversees the cases.
Debtors have tapped Meyer, Suozzi, English & Klein, P.C. and Togut,
Segal & Segal LLP as bankruptcy counsel; BDO USA, LLP as
restructuring advisor; and SSG Capital Advisors LLC as investment
banker. Kurtzman Carson Consultants is the claims agent.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on May 18, 2020. The committee is represented by Arent
Fox, LLP.
RUBIE'S COSTUME: Committee Hires CohnReznick as Financial Advisor
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Rubie's Costume
Company, Inc., and its debtor affiliates, seeks approval from the
U.S. Bankruptcy Court for the Eastern District of New York to
retain CohnReznick LLP as its financial advisors and CohnReznick
Capital its investment banker.
The Committee requires CohnReznick to:
a) review the reasonableness of the cash collateral/DIP
arrangements as to cost to the Debtors and the likelihood that the
Debtors will be able to comply with the terms of the Order;
b) at the request of Committee's counsel, analyze and review
key motions to identify strategic financial issues in the cases;
c) gain an understanding of the Debtors' corporate structure,
including non-Debtor entities;
d) perform a preliminary assessment of the Debtors' short-term
budgets;
e) establish reporting procedures that will allow for the
monitoring of the Debtors' post-petition operations and sales
efforts;
f) monitor, evaluate and/or assist in the bidding procedures
and sales process, including identifying alternative strategies to
maximize potential recoveries to the unsecured creditors;
g) scrutinize proposed transactions, including the assumption
and/or rejection of executory contracts;
h) provide forensic accounting services to identify and
quantify hidden assets and the extent to which insiders (i.e.,
officers, directors and owners) and third parties benefited to the
detriment of the unsecured creditors;
i) monitor Debtors' weekly operating results;
j) monitor Debtors' budget to actual results on an ongoing
basis for reasonableness and cost control;
k) communicate findings to the Committee;
l) review the nature and origin of other significant claims
asserted against the Debtors;
m) investigate and analyze all potential avoidance action
claims;
n) prepare preliminary dividend analyses to determine the
potential return to unsecured creditors;
o) render such assistance as the Committee and its counsel may
deem necessary.
CohnReznick's normal hourly billing rates are:
Partners/Senior Partner $685 to $925
Manager/Senior Manager/Director $520 to $725
Other Professional Staff $375 to $495
Paraprofessionals $375
Kevin P. Clancy, CPA, director at CohnReznick LLP, attests that
CohnReznick is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code, as modified by Section
1107(b) of the Bankruptcy Code.
The advisor can be reached through:
Kevin P. Clancy, CPA
CohnReznick LLP
4 Becker Farm Road
Roseland, NJ
Tel: 973-228-3500
About Rubie's Costume Company
Rubie's Costume Company Inc. is a distributor, manufacturer and
designer of costume and party-related accessories that serve over
2,000 retail accounts. It also maintains licensing partnerships
with top studios like Nickelodeon, Warner Bros, Lucasfilm, Marvel,
and Disney for products inspired by WWE, Ghostbusters, Stranger
Things, DC Comics, JoJo Siwa, Harry Potter, and Star Wars.
Rubie's Costume Company and its affiliates sought Chapter 11
protection (Bankr. E.D.N.Y. Lead Case No. 20-71970) on April 30,
2020. Rubie's Costume was estimated to have $100 million to $500
million in assets and $50 million to $100 million in liabilities as
of the filing.
Judge Alan S. Trust oversees the cases.
Debtors have tapped Meyer, Suozzi, English & Klein, P.C. and Togut,
Segal & Segal LLP as bankruptcy counsel; BDO USA, LLP as
restructuring advisor; and SSG Capital Advisors LLC as investment
banker. Kurtzman Carson Consultants is the claims agent.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on May 18, 2020. The committee is represented by Arent
Fox, LLP.
RUSTY GOLD: Committee Hires Schulman & Co. as Forensic Accountant
-----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 case of Rusty Gold Hydro-Testers, Inc. received approval
from the U.S. Bankruptcy Court for the District of Colorado to
employ Schulman & Company LLC as its forensic accountant and
financial advisor.
Schulman & Company will provide the following forensic accounting
and financial advisory services to the committee:
(a) Assisting in the analysis, review and monitoring of the
restructuring process, assessment of the unsecured claims pool, and
potential recoveries for unsecured creditors;
(b) Developing an understanding of the Debtor's business and
its valuation;
(c) Assisting the committee in identifying, valuing, and, if
authorized, pursuing estate causes of action;
(d) Advising the committee in negotiations with the Debtor and
third parties;
(e) Assisting the committee in reviewing the Debtor's
financial reports;
(f) Reviewing and providing analysis of any disclosure
statement and plan and, if appropriate, assisting the committee in
developing an alternative plan;
(g) Analyzing other options that may be available to the
committee in the Bankruptcy Case;
(h) Attending meetings and assisting in discussions with the
Debtor and other parties-in-interest;
(i) Presenting, as necessary, at meetings of the committee, as
well as meetings with other key stakeholders and parties;
(j) Performing such other advisory services for the committee
as may be necessary or proper in these proceedings; and
(k) Providing testimony on behalf of the committee as and when
may be
deemed appropriate.
Schulman may also advise the committee in pending and potential
litigation matters including the adversary proceeding captioned
Great Western Operating Company LLC v. Rusty Gold Hydro-Testers,
Inc. et al., Adversary Proceeding Number 20-01138-MER.
Subject to the Court's approval, Schulman will charge for its
service on an hourly basis at the following hourly rates:
Peter Schulman $300
Paraprofessionals $65
In addition, Schulman will be reimbursed for its reasonable and
necessary out-of-pocket expenses incurred in connection with this
engagement.
Peter Schulman, a principal at Schulman, disclosed in court filings
that the firm is a "disinterested person" as that term is defined
in Bankruptcy Code Section 101(14).
The accountant can be reached at:
Peter Schulman
SCHULMAN & COMPANY LLC
1200 Cherokee Street Unit 202
Denver, CO 80204
Telephone: (303) 810-9898
About Rusty Gold Hydro-Testers
Rusty Gold Hydro-Testers, Inc., d/b/a Catamount Oilfield Services,
offers a full line of API tubing, casing, and line pipe to the
oilfield industry, headquartered in Fort Morgan, Colorado, filed
its voluntary petition under Chapter 11 of the Bankruptcy Code
(Bankr. D. Colo. Case No. 20-12629) on April 16, 2020. The petition
was signed by Clinton Gould, its president. At the time of the
filing, the Debtor disclosed total assets of $8,944,869 and total
liabilities of $12,808,395. The Hon. Michael E. Romero oversees the
case. The Debtor tapped Buechler Law Office, LLC, as its
attorneys.
The Office of the U.S. Trustee for Region 19 appointed a committee
to represent unsecured creditors in the Chapter 11 case of Rusty
Gold Hydro-Testers, Inc. The Committee retained Sherman & Howard
L.L.C. as counsel and Schulman & Company LLC as its forensic
accountant and financial advisor.
RWDY INC: Seeks to Hire Ayres Shelton as Legal Counsel
------------------------------------------------------
RWDY, Inc. seeks authority from the United States Bankruptcy Court
for the Western District of Louisiana to hire Ayres, Shelton,
Williams, Benson & Paine LLC as its attorney.
RWDY requires Ayres Shelton to:
a. advise the Debtor as to its rights, duties and powers as a
Debtor-in-Possession;
b. prepare and file all necessary statements, schedules, and
other documents;
c. negotiate and prepare one or more plans of reorganization
for the Debtor;
d. represent the Debtor at all hearings, meetings of
creditors, conferences, trials and other proceedings in this case;
and
e. perform such legal services as may be necessary in
connection with this case.
The firm's hourly rates are:
Robert W. Raley $350
Curtis R. Shelton $350
Jennifer Norris Soto $265
Rebecca Harden $ 80
Stephanie Parker $ 80
Ayres Shelton has received in trust a Security Retainer in the
amount of $185,000.
In a court filing, Robert W. Raley, Esq. of Ayres Shelton disclosed
that the firm is "disinterested" as defined in section 101(14) of
the Bankruptcy Code.
Ayres Shelton maintains an office at:
Robert W. Raley, Esq.
Ayres, Shelton, Williams,
Benson & Paine LLC
333 Texas St,
Shreveport, LA 71101
Phone: +1 318-227-3500
Email: bankruptcy@robertraleylaw.com
About RWDY, Inc.
RWDY, Inc. -- http://www.rwdyinc.com-- is an internationally
recognized provider of oil field consultants.
RWDY, Inc. filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D. La. Case No. 20-10616) on June
23, 2020. In the petition signed by Brian T. Owen, president, the
Debtor estimated $50,000 in assets and $10 million to $50 million
in liabilities. Robert W. Raley, Esq. represents the Debtor as
counsel.
RWDY INC: Seeks to Hire Chad M. Garland as Accountant
-----------------------------------------------------
RWDY, Inc. seeks authority from the United States Bankruptcy Court
for the Western District of Louisiana to hire Chad M. Garland, CPA,
LLC, as its accountant.
RWDY requires the accountant to:
a. provide auditing services, including the examination of
financial statements of Debtor's affiliates;
b. assist in preparation of accounting statements;
c. assist in preparation of monthly accounting to the
Bankruptcy Court and the Creditors' Committee;
d. assist in preparation of cash flow forecast;
e. assist in preparation of a plan or plans of
reorganization;
f. prepare tax returns;
g. assist in the preparation of bankruptcy schedules,
statements of financial affairs, and any other filings required in
this case, and all other accounting services that the
Debtor-in-Possession may require.
Chad M. Garland, CPA will charge $275 per hour for his services and
$175 per hour for certified accounting staff.
The accountant has no interest adverse to the Debtor or the estate
of the Debtor in the matters upon which it is to be engaged,
according to court filings.
The accountant can be reached through:
Chad M. Garland, CPA
Chad M. Garland, CPA, LLC
900 Pierremont Road, Suite 120
Shreveport, LA 71106
Phone: (318)-220-4416
Fax: (318) 670-7842
About RWDY, Inc.
RWDY, Inc. -- http://www.rwdyinc.com-- is an internationally
recognized provider of oil field consultants.
RWDY, Inc. filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D. La. Case No. 20-10616) on June
23, 2020. In the petition signed by Brian T. Owen, president, the
Debtor estimated $50,000 in assets and $10 million to $50 million
in liabilities. Robert W. Raley, Esq. represents the Debtor as
counsel.
SEANERGY MARITIME: Regains Compliance with Nasdaq Bid Price Rule
----------------------------------------------------------------
Seanergy Maritime Holdings Corp. reports that The Nasdaq Stock
Market has confirmed that the Company has regained compliance with
Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of
the Company's common stock. The matter is now considered closed.
About Seanergy Maritime
Greece-based Seanergy Maritime Holdings Corp. --
http://www.seanergymaritime.com/-- is an international shipping
company that provides marine dry bulk transportation services
through the ownership and operation of dry bulk vessels. Seanergy
provides marine dry bulk transportation services through a modern
fleet of 10 Capesize vessels, with a cargo-carrying capacity of
approximately 1,748,581 dwt and an average fleet age of
approximately 11 years. The Company is incorporated in the
Marshall Islands and has executive offices in Athens, Greece and an
office in Hong Kong.
Seanergy Maritime reported a net loss of US$11.70 million for the
Dec. 31, 2019, a net loss of US$21.06 million for the year ended
Dec. 31, 2018, and a net loss of US$3.23 million for the year ended
Dec. 31, 2017. As of Dec. 31, 2019, the Company had US$282.55
million in total assets, US$252.69 million in total liabilities,
and US$29.86 million in total stockholders' equity.
Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, the Company's auditor since 2012, issued a "going
concern" qualification in its report dated March 5, 2020 citing
that the Company has a working capital deficiency and has stated
that substantial doubt exists about the Company's ability to
continue as a going concern. In addition, the Company has not
complied with a certain covenant of a loan agreement with a bank.
SEHAR INC: Seeks to Hire Barrett McNagny as Litigation Counsel
--------------------------------------------------------------
Sehar, Inc. seeks approval from the U.S. Bankruptcy Court for the
Northern District of Indiana to employ Barrett McNagny, LLP as its
litigation counsel.
The firm will represent the Debtor in a suit that it filed against
N.W.I. Management, LLC; Hochstetler Concrete, LLC; Redtke
Engineering, LLC; Impact Site Contracting, LLC; and Joshua Walk in
the Noble Superior Court.
William Ramsey, Esq., the firm's attorney who will be handling the
case, disclosed in court filings that he represents no interest
adverse to Debtor.
The attorney can be reached at:
William A. Ramsey, Esq.
Barrett McNagny LLP
215 E. Berry Street
Fort Wayne, IN 46802
Telephone: (260) 423-8824
Facsimile: (260) 423-8920
Email: war@barrettlaw.com
About Sehar Inc.
Sehar, Inc. is a privately held company in the gasoline service
stations industry based in Middlebury, Indiana. On May 11, 2020,
Sehar sought Chapter 11 protection (Bankr. N.D. Ind. Case No.
20-30785). The petition was signed by Sehar President Harpreet
Singh. At the time of the filing, Debtor disclosed total assets of
$56,351,600 and total liabilities of $27,960,931. Fred Wehrwein,
P.C. is Debtor's legal counsel.
SOS TOWING: Seeks to Hire Diana Manning as Accountant
-----------------------------------------------------
SOS Towing, LLC seeks authority from the U.S. Bankruptcy Court for
the Eastern District of Texas to employ Diana Manning CPA, LLC as
its accountant.
The firm's services will include:
a. assisting Debtor in the analysis of its financial
position, assets and liabilities, and in the preparation of tax
returns;
b. assisting Debtor in the accounting of all receipts and
disbursement from the estate and the preparation of all necessary
reports in relation thereto;
c. assisting Debtor in the preparation of a plan of
reorganization, disclosure statement and related documents; and
d. assisting Debtor in the preparation of a final report and
final accounting of the administration of the estate.
The firm will be compensated at the rate of $100 per hour.
Diana Manning is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Diana Manning, CPA
Diana Manning CPA, LLC
7007 Wyoming Blvd NE # D5
Albuquerque, NM 87109
Phone: +1 505-821-2427
About SOS Towing
SOS Towing, LLC, a Texas-based company that offers automotive
towing services, filed a voluntary petition under Chapter 11
Bankruptcy Code (Bankr. E.D. Tex. Case No. 20-40496) on Feb. 18,
2020. The petition was signed by SOS Towing President Anthony
Trujillo. At the time of the filing, Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range. Debtor has tapped Joyce W. Lindauer Attorney, PLLC as its
legal counsel.
STAGE STORES: Seeks Approval to Tap Grant Thornton as Tax Advisor
-----------------------------------------------------------------
Debtors Stage Stores, Inc. and Specialty Retailers, Inc. seek
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Grant Thornton LLP as their tax advisor.
Grant Thornton will perform the following services to the Debtors:
(a) Debt Restructuring Tax Services: tax consulting and
modeling related to the Debtors' 2020 debt modifications and
restructuring efforts, including the following: assisting in
analyzing transaction structures proposed by the Debtors or legal
counsel; assisting cancellation of debt income (CODI) from 2020
debt modifications and its impact on the Debtors' tax attributes;
evaluating future proposed transactions for CODI and impact on
attributes and cash taxes of the Debtors; analyzing potential asset
sales or Bruno's style transactions' preparing stock basis and
asset basis calculations; assessing the amount and location of tax
attributes; providing advice regarding the impact of all
transactions on other taxes, including sales tax and transfer
taxes; and providing consultation regarding other matters related
to debt restructuring;
(b) NOL Services: consult and review the Internal Revenue Code
(IRC) Form 1139 Corporation Application for Tentative Refund for
Stage Stores, Inc. to carryback NOLs for the year ending February
2, 2019, pursuant to the 5 (five) year carryback rules under the
CARES Act;
(c) Use & Sales Tax Refund: assist in performing a sales/use
tax review to identify potential areas of tax overpayments for
purchase transactions for Specialty Retailers, Inc. in Texas for
the period February 1, 2017 through December 31, 2019. During the
course of this project, we will review vendor summary information;
(d) Tax Inventory Accounting Methods: assisting the Debtors
with preparing, calculating, and documenting a proposed accounting
method change pursuant to IRC § 263A;
(e) Personal Property Tax Compliance: prepare applicable
property tax returns for the taxable years 2020, 2021, and 2022;
(f) R&D Tax Credit Study: assisting the Debtors in
identifying, computing, and documenting available state research
and development credits for the tax year ending February 3, 2019;
and
(g) Texas State Examination: assist with the Texas state
examination for the period December 31, 2014 through December 31,
2016.
The Debtors intend that the services of Grant Thornton will
complement and not duplicate the services rendered by any other
professional retained in these chapter 11 cases.
Grant Thornton's hourly rates as negotiated with the Debtors for
services rendered are:
Partner $610 - $815
Director/Senior Manager $435 - $695
Manager $380 - $610
Senior Associate $310 - $450
Associate $190 - $290
Grant Thornton also will seek reimbursement for reasonable,
documented, and necessary expenses incurred in connection with the
services.
As of the Petition Date, Grant Thornton held a retainer of
$85,323.
AdriAnn Jahn, a partner of Grant Thornton LLP, disclosed in court
filings that the firm is a "disinterested person" as that term is
defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
AdriAnn Jahn
GRANT THORNTON LLP
27777 Franklin Road, Suite 800
Southfield, MI 48034
Telephone: (248) 262-1950
Facsimile: (248) 350-3581
E-mail: svanaalten@coleschotz.com
About Stage Stores
Stage Stores, Inc. (SSI) and its affiliates --
http://www.stagestoresinc.com/-- are apparel, accessories,
cosmetics, footwear, and home goods retailers that operate
department stores under the Bealls, Goody's, Palais Royal, Peebles,
and Stage brands and off-price stores under the Gordmans brand.
Stage Stores operates approximately 700 stores across 42 states.
Stage's department stores predominately serve small towns and rural
communities, and its off-price stores are mostly located in
mid-sized Midwest markets.
Stage Stores, Inc. and affiliate Specialty Retailers, Inc., sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32564) on
May 10, 2020.
The Company disclosed $1,713,713,000 of total assets and
$1,010,210,000 of total debt as of Nov. 2, 2019.
The Hon. David R. Jones is the case judge.
The Debtors tapped Kirkland & Ellis LLP as bankruptcy counsel;
Jackson Walker L.L.P. as local bankruptcy counsel; PJ Solomon,
L.P., is investment banker; Berkeley Research Group, LLC as
restructuring advisor; Grant Thornton LLP as tax advisor; and A&G
Realty Partners, LLC as real estate consultant. Gordon Brothers
Retail Partners, LLC, will manage the Company's inventory clearance
sales. Kurtzman Carson Consultants LLC is the claims agent.
The Official Committee of Unsecured Creditors appointed in these
Chapter 11 Cases tapped Cooley LLP and Cole Schotz P.C. as
co-counsels and Province, Inc. as financial advisor.
SUNTECH DRIVE: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------
The Office of the U.S. Trustee on July 14 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of SunTech Drive, LLC.
About SunTech Drive
SunTech Drive, LLC is a privately held solar power electronics
company. SunTech Drive provides source-agnostic, intelligent power
conversion equipment. Its patent pending designs represent a
dramatic departure from the large and costly legacy controllers of
the past. SunTech has replaced traditional electromagnetic cores
and windings with high-speed digital switching silicon and adaptive
firmware. Visit http://suntechdrive.comfor more information.
SunTech Drive filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 20-1394) on
June 8, 2020. In the petition signed by Harold K. Michael, chief
executive officer, Debtor disclosed $199,483 in assets and
$6,675,846 in liabilities. Jeffrey S. Brinen, Esq., at Kutner
Brinen, P.C., is Debtor's legal counsel.
TATUADO HOSPITALITY: Hires Schwartz Law as Litigation Counsel
-------------------------------------------------------------
Tatuado Hospitality Management Group, LLC seeks approval from the
U.S. Bankruptcy Court for the District of Nevada to employ Schwartz
Law, PLLC as special litigation counsel.
The Debtor desires to employ Schwartz Law to provide advice and
guidance in order to analyze the possible existence of any
litigation issues that may be common to this Bankruptcy Case.
The Debtor proposes to compensate Schwartz Law's professionals at
their customary hourly rates below:
Attorneys $345 - $810
Paraprofessionals $195 - $225
In addition, the Debtor will reimburse the firm for any actual and
necessary expenses incurred in connection with this case.
To the best of the Debtor's knowledge, the firm and its attorneys
are "disinterested persons" as that term is defined in section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Samuel A. Schwartz, Esq.
SCHWARTZ LAW, PLLC
601 E. Bridger Avenue
Las Vegas, NV 89101
Telephone: (702) 385-5544
E-mail: saschwartz@nvfirm.com
About Tatuado Hospitality Management Group
Tatuado Hospitality Management Group LLC filed for Chapter 11
bankruptcy (Bankr. D. Nev. Case No. 19-16965) on October 28, 2019,
listing under $1 million in both assets and liabilities. The Debtor
tapped Ryan A. Andersen, Esq., at Andersen Law Firm, Ltd., as
counsel and Schwartz Law, PLLC as special litigation counsel.
Tatuado Hospitality Management Group, LLC, a Nevada company formed
in September 2013, operates two restaurants and bars in Southern
Nevada. It owns Vince Neil's Tatuado Eat Drink Party located inside
the Circus Circus Hotel and Casino in Las Vegas, and Vince Neil's
Tatuado Wild Side Tavern located along Gamebird Road, Pahrump.
The Debtor previously sought Chapter 11 protection (Bankr. D. Nev.
Case No. 16-10460) on Feb. 1, 2016, and was represented by Samuel
A. Schwartz, Esq., and Bryan A. Lindsey, Esq., at Schwartz
Flansburg PLLC. At the time of the filing, the Debtor estimated
assets of less than $50,000 and liabilities of $1 million to $10
million.
TEMPLER ACQUISITION: Seeks to Hire Scott B. Riddle as Legal Counsel
-------------------------------------------------------------------
Templer Acquisitions, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ the Law Office
of Scott B. Riddle, LLC as its legal counsel.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
(a) advise the Debtor of its rights, powers, duties and
obligations in the administration of its bankruptcy case, the
operation of its business and the management of its property;
(b) prepare pleadings and other legal papers, and conduct
examinations incidental to the administration of its bankruptcy
estate;
(c) advise the Debtor in connection with all applications,
motions or complaints for reclamation, adequate protection,
sequestration, relief from stays, appointment of a trustee or
examiner, and all other similar matters;
(d) assist the Debtor in the formulation and presentation of a
plan of reorganization; and
(f) provide all other legal services.
The firm will be paid at the hourly rate of $365 and will receive a
retainer in the amount of $7,500. It will also be reimbursed for
work-related expenses incurred.
Scott Riddle, Esq., managing partner, assured the court that his
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.
Scott B. Riddle can be reached at:
Scott B. Riddle, Esq.
Law Office of Scott B. Riddle, LLC
3340 Peachtree Road, NE
Suite 1800 Tower Place
Atlanta, GA 30326
Tel: (404) 815-0164
Fax: (404) 815-0165
E-mail: scott@scottriddlelaw.com
About Templer Acquisitions, LLC
Based in Mableton, Georgia, Templer Acquisitions, LLC, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga.
Case No. 20-60435) on Jan. 7, 2020, listing under $1 million in
both assets and liabilities.
TOWN SPORTS: Board OKs 2nd Amendment to 2018 Management Plan
------------------------------------------------------------
The Board of Directors of Town Sports International Holdings, Inc.
approved Amendment No. 2 to the Town Sports International Holdings,
Inc. 2018 Management Stock Purchase Plan, as amended and restated
on March 13, 2018, as previously amended by Amendment No. 1 dated
June 15, 2019.
The changes to the MSPP pursuant to the Amendment approved by the
Board of Directors of the Company include, but are not limited to,
revisions to the definition of "Voluntary Holding Period" and to
Article V of the MSPP, in order to provide for certain accelerated
matching and vesting entitlements for participants in the MSPP upon
a change of control.
About Town Sports
Headquartered in Elmsford, New York, Town Sports International
Holdings, Inc. -- https://www.townsportsinternational.com/ -- is a
diversified holding company with subsidiaries engaged in a number
of business and investment activities. The Company's largest
operating subsidiary has been involved in the fitness industry
since 1973 and has grown to become owner and operator of fitness
clubs in the Northeast region of the United States.
Town Sports recorded a net loss attributable to the company and
subsidiaries of $18.56 million for the year ended Dec. 31, 2019,
compared to net income attributable to the company and subsidiaries
of $77,000 for the year ended Dec. 31, 2018. As of Dec. 31, 2019,
the Company had $794.28 million in total assets, $882.62 million in
total liabilities, and $88.34 million in total stockholders'
deficit.
PricewaterhouseCoopers LLP, in New York, New York, the Company's
auditor since at least 1996, issued a "going concern" qualification
in its report dated March 20, 2020 citing that the Company has a
term loan facility maturing in November 2020 and management has
determined that it does not have sufficient sources of cash to
satisfy this obligation. In addition, the COVID-19 pandemic has
had a material adverse effect on the Company's results of
operations, cash flows and liquidity. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
* * *
As reported by the TCR on Nov. 21, 2019, S&P Global Ratings lowered
its issuer credit rating on Town Sports International Holdings Inc.
to 'CCC' from 'B-'. S&P lowered the rating to 'CCC' because Town
Sports' term loan matures in November 2020 and it believes there is
an increased risk of a default over the next 12 months.
TRIDENT BRANDS: Delays Filing of Form 10-Q for Period ended May 31
------------------------------------------------------------------
Trident Brands Incorporated filed with the Securities and Exchange
Commission a Form 12b-25 notifying the delay in the filing of its
Quarterly Report on Form 10-Q for the period ended May 31, 2020.
The Company was unable to file, without unreasonable effort and
expense, its Form 10-Q Quarterly Report because its auditor has not
completed their review of the Form 10-Q. It is anticipated that
the Form 10-Q, will be filed on or before the 5th calendar day
following the prescribed due date of the Registrant's Form 10-Q.
About Trident Brands
Based in Brookfield, Wisconsin, Trident Brands Incorporated, f/k/a
Sandfield Ventures Corp., is focused on the development of high
growth branded and private label consumer products and ingredients
within the nutritional supplement, life sciences and food and
beverage categories. The platforms the Company is focusing on
include: life science technologies and related products that have
applications to a range of consumer products; nutritional
supplements and related consumer goods providing defined benefits
to the consumer; and functional foods and beverages ingredients
with defined health and wellness benefits.
Trident Brands reported a net loss of $12.22 million for the 12
months ended Nov. 30, 2019, compared to a net loss of $8.42 million
for the 12 months ended Nov. 30, 2018. As of Feb. 29, 2020, the
Company had $2.93 million in total assets, $35.70 million in total
liabilities, and a total stockholders' deficit of $32.77 million.
MaloneBailey, LLP, in Houston, Texas, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
March 16, 2020, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.
TUESDAY MORNING: Committee Seeks to Hire Financial Advisor
----------------------------------------------------------
The official committee of unsecured creditors of Tuesday Morning
Corporation and its affiliates seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to retain BDO
Consulting Group, LLC, as its financial advisors.
The Committee requires BDO to:
a. advise and assist the Committee in its analysis and
monitoring of the Debtors' historical, current and projected
financial affairs, including, schedules of assets and liabilities
and statement of financial affairs;
b. advise and assist the Committee with respect to the use of
cash collateral and evaluation of the Debtors' covenant review
protocol and monitoring thereof;
c. review the Debtors' cash flow forecasts and underlying
support and scrutinize cash receipts and disbursements on an
on-going basis;
d. advise and assist the Committee and counsel in its review
of the prepetition lending facilities;
e. review the proposed payments of pre-petition expenses by
the Debtors and perform procedures to ensure that the payments are
appropriate;
f. advise and assist the Committee and counsel in reviewing
and evaluating any court motions, applications, or other forms of
relief filed or to be filed by the Debtors, or any other
parties-in-interest;
g. review and evaluate cash flows and/or other projections of
the Debtors and, as needed, prepare alternative business
projections relating to the valuation of the Debtors' business
enterprise;
h. prepare valuation analyses of the Debtors' businesses and
assets using various professionally accepted methodologies;
i. evaluate financing proposals and alternatives proposed by
the Debtors for Debtor-In Possession financing, use of cash
collateral, exit financing and capital raising supporting any plan
of reorganization;
j. work to develop strategies to maximize recoveries from the
Debtors' assets and advise and assist the Committee with respect to
such strategies;
k. monitor GOB sale process and evaluate Debtors' proposed
additional locations to be added to GOB sale process;
l. monitor the Debtors' sales process and their investment
banker, assist the Committee in evaluating sales proposals and
alternatives and attend any auctions of the Debtors' assets;
m. analyze the financial ramifications of any proposed
transactions for which the Debtors seek Bankruptcy Court approval,
including but not limited to, post-petition financing, sale of all
or a portion of the Debtors' assets, and/or employee incentive and
severance plans;
n. monitor the Debtors' claims management process, analyze
claims including guarantee claims, administrative claims (including
503(b)(9) and stub rent claims), secured claims, priority claims
and potential deficiency claims and summarize claims by entity, as
needed;
o. advise and assist the Committee in identifying and/or
reviewing any asset sales or other pre-petition transactions,
preference payments, fraudulent conveyances, and other potential
causes of action that the Debtors' estates may hold against
insiders and/or third parties;
p. analyze the Debtors' assets and analyze potential
recoveries to creditor constituencies under various scenarios and
prepare the associated recovery waterfall;
q. review and provide analysis of any plan and disclosure
statement relating to the Debtors including, if applicable, the
development and analysis of any plan proposed by the Committee;
r. advise and assist the Committee in its assessment of the
Debtors' employee needs and related costs including evaluation of
any proposed KERP or KEIP plans;
s. analyze intercompany and/or related party transactions of
the Debtors and any non-Debtor affiliate;
t. advise and assist the Committee in the evaluation of the
Debtors' contractual arrangements;
u. attend Committee meetings, court hearings, and auctions as
may be required;
v. assist the Committee in the evaluation of the tax impact of
any proposed transaction;
w. assist Committee Counsel in preparing for any depositions
and testimony, as well as prepare for and provide expert testimony
at depositions and court hearings, as requested;
x. assist in restructuring negotiations/strategic
restructuring analysis; and
y. provide other items as requested by the Committee.
BDO's customary hourly rates are:
Partners / Managing Directors $595 - $850
Directors / Sr. Managers $495 - $595
Managers $350 - $495
Senior Associates $225 - $395
Staff $150 - $250
David E. Berliner, a partner of BDO USA, attests that BDO does not
hold or represent any interest adverse to the Committee in the
matters for which it is proposed to be retained; and is a
"disinterested person" as defined by section 101(14) of the
Bankruptcy Code.
BDO can be reached at:
David E. Berliner, CPA
BDO USA, LLP
100 Park Avenue
New York, NY 10017
Tel: 212-885- 7281
About Tuesday Morning Corp.
Tuesday Morning Corporation, together with its subsidiaries, is a
closeout retailer of upscale home furnishings, housewares, gifts,
and related items. It operates under the trade name "Tuesday
Morning" and is one of the original "off-price" retailers
specializing in providing unique home and lifestyle goods at
bargain values. Based in Dallas, Tuesday Morning operated 705
stores in 40 states as of Jan. 1, 2020. For more information,
visit http://www.tuesdaymorning.com/
On May 27, 2020, Tuesday Morning and six affiliates sought Chapter
11 protection (Bankr. N.D. Tex. Lead Case No. 20-31476). Tuesday
Morning disclosed total assets of $92 million and total liabilities
of $88.35 million as of April 30, 2020.
The Hon. Harlin Dewayne Hale is the case judge.
Debtors tapped Haynes and Boone, LLP as general bankruptcy counsel;
Alixpartners LLP as financial advisor; Stifel, Nicolaus & Co., Inc.
as investment banker; A&G Realty Partners, LLC as real estate
consultant; and Great American Group, LLC as liquidation
consultant. Epiq Corporate Restructuring, LLC is the claims and
noticing agent.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on June 9, 2020. The committee is represented by Munsch
Hardt Kopf & Harr, P.C.
TUESDAY MORNING: Committee Seeks to Hire Munsch Hardt as Counsel
----------------------------------------------------------------
The official committee of unsecured creditors of Tuesday Morning
Corporation and its affiliates seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to retain
Munsch Hardt Kopf & Harr, P.C as its attorneys.
The committee requires Munsch Hardt to:
(a) assist, advise, and represent the Committee with respect
to the administration of the Bankruptcy Case;
(b) provide all necessary legal advice with respect to the
Committee's powers and duties;
(c) assist the Committee in working to maximize the value of
the Debtors' assets for the benefit of the Debtors' unsecured
creditors;
(d) assist the Committee with respect to evaluating and
negotiating a plan of reorganization and, if necessary, either
challenging or supporting as appropriate, the confirmation of a
plan and the approval of an associated disclosure statement;
(e) conduct any investigation, as the Committee deems
appropriate, concerning, among other things, the assets,
liabilities, financial condition and operating issues of the
Debtors;
(f) commence and prosecute any and all necessary and
appropriate actions and/or proceedings on behalf of the Committee
in the Bankruptcy Case;
(g) prepare, on behalf of the Committee, necessary
applications, pleadings, motions, answers, orders, reports and
other legal papers;
(h) communicate with the Committee's constituents and others
as the Committee may consider necessary or desirable in furtherance
of its responsibilities;
(i) appear in Court and represent the interests of the
Committee; and
(j) perform all other legal services for the Committee which
are appropriate, necessary and proper in connection with the
Bankruptcy Case.
Munsch Hardt's customary hourly rates are:
Shareholders $375 to $820
Associates $265 to $410
Paralegals $100 to $280
Kevin M. Lippman, a partner at Munsch Hardt, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Munsch Hardt can be reached at:
Kevin M. Lippman, Esq.
Munsch Hardt Kopf & Harr, P.C.
500 N. Akard Street, Suite 3800
Dallas, TX 75201-6659
Telephone: (214) 855-7500
Facsimile: (214) 855-7584
Email: klippman@munsch.com
About Tuesday Morning Corp.
Tuesday Morning Corporation, together with its subsidiaries, is a
closeout retailer of upscale home furnishings, housewares, gifts,
and related items. It operates under the trade name "Tuesday
Morning" and is one of the original "off-price" retailers
specializing in providing unique home and lifestyle goods at
bargain values. Based in Dallas, Tuesday Morning operated 705
stores in 40 states as of Jan. 1, 2020. For more information,
visit http://www.tuesdaymorning.com/
On May 27, 2020, Tuesday Morning and six affiliates sought Chapter
11 protection (Bankr. N.D. Tex. Lead Case No. 20-31476). Tuesday
Morning disclosed total assets of $92 million and total liabilities
of $88.35 million as of April 30, 2020.
The Hon. Harlin Dewayne Hale is the case judge.
Debtors tapped Haynes and Boone, LLP as general bankruptcy counsel;
Alixpartners LLP as financial advisor; Stifel, Nicolaus & Co., Inc.
as investment banker; A&G Realty Partners, LLC as real estate
consultant; and Great American Group, LLC as liquidation
consultant. Epiq Corporate Restructuring, LLC is the claims and
noticing agent.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on June 9, 2020. The committee is represented by Munsch
Hardt Kopf & Harr, P.C.
TUESDAY MORNING: Committee Taps Montgomery McCracken as Counsel
---------------------------------------------------------------
The official committee of unsecured creditors of Tuesday Morning
Corporation and its affiliates seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to retain
Montgomery McCracken Walker & Rhoads LLP as its attorneys.
The committee requires Montgomery McCracken:
(a) assist, advise, and represent the Committee with respect
to the administration of the Bankruptcy Case;
(b) provide all necessary legal advice with respect to the
Committee's powers and duties;
(c) assist the Committee in working to maximize the value of
the Debtors' assets for the benefit of the Debtors' unsecured
creditors;
(d) assist the Committee with respect to evaluating and
negotiating a plan of reorganization and, if necessary, either
challenging or supporting as appropriate, the confirmation of a
plan and the approval of an associated disclosure statement;
(e) conduct any investigation, as the Committee deems
appropriate, concerning, among other things, the assets,
liabilities, financial condition and operating issues of the
Debtors;
(f) commence and prosecute any and all necessary and
appropriate actions and/or proceedings on behalf of the Committee
in the Bankruptcy Case;
(g) prepare, on behalf of the Committee, necessary
applications, pleadings, motions, answers, orders, reports and
other legal papers;
(h) communicate with the Committee's constituents and others
as the Committee may consider necessary or desirable in furtherance
of its responsibilities;
(i) appear in Court and represent the interests of the
Committee; and
(j) perform all other legal services for the Committee which
are appropriate, necessary and proper in connection with the
Bankruptcy Case.
The firm's customary hourly rates are:
Partners $375 to $820
Senior Counsel and Counsel $335 to $790
Associates $330 to $445
Paralegals $250 to $295
Edward L. Schnitzer, a partner at Montgomery McCracken, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Montgomery McCracken can be reached at:
Edward L. Schnitzer, Esq.
Montgomery McCracken Walker & Rhoads LLP
437 Madison Ave., 24th Floor
New York, NY 10022
Telephone: (212) 867-9500
Facsimile: (212) 599-5085
Email: eschnitzer@mmwr.com
About Tuesday Morning Corp.
Tuesday Morning Corporation, together with its subsidiaries, is a
closeout retailer of upscale home furnishings, housewares, gifts,
and related items. It operates under the trade name "Tuesday
Morning" and is one of the original "off-price" retailers
specializing in providing unique home and lifestyle goods at
bargain values. Based in Dallas, Tuesday Morning operated 705
stores in 40 states as of Jan. 1, 2020. For more information,
visit http://www.tuesdaymorning.com/
On May 27, 2020, Tuesday Morning and six affiliates sought Chapter
11 protection (Bankr. N.D. Tex. Lead Case No. 20-31476). Tuesday
Morning disclosed total assets of $92 million and total liabilities
of $88.35 million as of April 30, 2020.
The Hon. Harlin Dewayne Hale is the case judge.
Debtors tapped Haynes and Boone, LLP as general bankruptcy counsel;
Alixpartners LLP as financial advisor; Stifel, Nicolaus & Co., Inc.
as investment banker; A&G Realty Partners, LLC as real estate
consultant; and Great American Group, LLC as liquidation
consultant. Epiq Corporate Restructuring, LLC is the claims and
noticing agent.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on June 9, 2020. The committee is represented by Munsch
Hardt Kopf & Harr, P.C.
TUESDAY MORNING: Judge Denies Bid to Appoint Equity Committee
-------------------------------------------------------------
Judge Harlin Dewayne Hale of the U.S. Bankruptcy Court for the
Northern District of Texas on July 14 denied the motion filed by
Kevin Barnes, a shareholder of Tuesday Morning Corp., to appoint a
committee of equity security holders in the Chapter 11 cases of the
company and its affiliates.
About Tuesday Morning
Tuesday Morning Corporation is a closeout retailer of upscale home
furnishings,housewares, gifts and related items. It operates under
the trade name "Tuesday Morning" and is one of the original
"off-price" retailers specializing in providing unique home and
lifestyle goods at bargain values. Based in Dallas, Texas, Tuesday
Morning operated 705 stores in 40 states as of Jan. 1, 2020. Visit
http://www.tuesdaymorning.comfor more information.
Tuesday Morning Corporation and six affiliates sought Chapter 11
protection (Bankr. N.D. Tex. Lead Case No. 20-31476) on May 27,
2020. Tuesday Morning disclosed total assets of $92,000,000 and
total liabilities of $88,350,000 as of April 30, 2020. The Hon.
Harlin Dewayne Hale is the case judge.
The Debtors tapped Haynes and Boone, LLP, as general bankruptcy
counsel; Alixpartners LLP as financial advisor; Stifel, Nicolaus &
Co., Inc. as investment banker; A&G Realty Partners, LLC as real
estate consultant; and Great American Group, LLC as liquidation
consultant. Epiq Corporate Restructuring, LLC is the claims and
noticing agent.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on June 9, 2020. The committee has tapped Munsch Hardt
Kopf & Harr, P.C. and Montgomery McCracken Walker & Rhoads, LLP as
its legal counsel.
TWIFORD ENTERPRISES: Hires Porter Simon as Counsel
--------------------------------------------------
Randy L. Royal, the Plan Administrator of Twiford Enterprises,
Inc., seeks authority from the U.S. Bankruptcy Court for the
District of Wyoming to employ Porter Simon, P.C., as counsel to the
Plan Administrator.
Mr. Royal requires Porter Simon to:
a. represent the Plan Administrator in any proceedings before
the court that will require the presentation of testimony
or evidence;
b. recover any property of the estate and is doing, to file
necessary and appropriate proceedings and prosecute or
negotiate them to conclusion; and
c. advise the Plan Administrator on legal matters that are not
the duties and responsibilities of the Plan Administrator;
Porter Simon will be paid at the hourly rate of $390
Porter Simon will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ethan J. Birnberg, partner of Porter Simon, P.C., assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Porter Simon can be reached at:
Ethan J. Birnberg, Esq.
PORTER SIMON, P.C.
40200 Truckee Airport Road, #1
Truckee, CA 96161
Tel: (530) 587-2002
E-mail: birnberg@portersimon.com
About Twiford Enterprises, Inc.
Twiford Enterprises, Inc., is a privately held company in Glendo,
Wyoming in the crop farming industry. The Company owns in fee
simple 2870 acres of land and buildings located at 642 Horseshoe
Creek Road Glendo, Wyoming having an appraised value of $4.65
million. Its gross revenue amounted to $2.23 million in 2017 and
$2.38 million in 2016.
Twiford Enterprises filed a Chapter 11 bankruptcy petition (Bankr.
D. Wyo. Case No. 18-20120) on March 9, 2018. In its petition signed
by its secretary, Jack Twiford, the Debtor disclosed total assets
of approximately $7.68 million and $6.49 million in total debt. The
Hon. Cathleen D. Parker is the case judge. The Debtor hired Stephen
R. Winship, Esq., at Winship & Winship, P.C., as counsel.
ULTRA PETROLEUM: Committee Seeks to Hire Financial Advisor
----------------------------------------------------------
The Official Committee of Unsecured Creditors appointed to the
Chapter 11 cases of Ultra Petroleum Corp. and its debtor affiliates
seeks approval from the U.S. Bankruptcy Court for the Southern
District of Texas to employ Goldin Associates, LLC as financial
advisor to the Committee, effective June 3, 2020.
Goldin Associates will render the following services to the
Committee:
(a) assisting the Committee in evaluating and implementing
strategic and tactical options throughout the proceedings;
(b) assisting in the evaluation of the Debtors' financial and
cash management strategies and processes;
(c) assisting in the analysis of the budgets, financial
forecasts and business plans of the Debtors and the non-debtors,
including foreign affiliates;
(d) assisting in the evaluation of the financial aspects of
court filings by and negotiations with other stakeholders involved
the Cases;
(e) assisting in the evaluation of the Debtors' post-petition
financing arrangements and budgets;
(f) assisting in the evaluation of the Statement of Financial
Affairs, Schedule of Assets and Liabilities, Monthly Operating
Reports, and other bankruptcy reporting;
(g) assisting in the evaluation of Debtors' claims processes;
(h) assisting in the review of any asset sale by Debtors;
(i) assisting in the review of the financial aspects of claims
that could be asserted on behalf of the estate;
(j) assisting with analysis of the potential impact of
reorganization plans and scenarios on the recoveries of
stakeholders;
(k) assisting in the review, evaluation, and formulation of
proposals respecting a plan of reorganization, plan of liquidation,
or any other plan of distribution;
(l) providing financial advisory litigation support in
connection with contested matters, including, but not limited to,
analyses relating to forensic review, damages causation and
calculation, solvency analysis, and valuation;
(m) providing expert witness testimony, reports, and
declarations, if any, concerning any of the subjects encompassed by
its services; and
(n) providing such other advisory services as are customarily
provided in connection with the analysis and negotiation of a
Restructuring and/or Sale, as requested and mutually agreed.
These services will complement and not duplicate the services that
other retained professionals may perform in these chapter 11
cases.
Goldin Associates' professionals will be billed at their respective
standard hourly rates, subject to periodic adjustments, with the
following ranges:
Sr. Managing Directors/Sr. Advisors $1,100 - $1,250
Managing Directors $850 - $1,100
Sr. Directors/Sr. Consultants $700 - $850
Directors $600 - $700
Vice Presidents/Consultants $500 - $600
Analysts/Associates $300 - $500
Goldin Associates will also employ the services of an independent
contractor, Chris Miller of CCM Solutions Group LLC, who is working
as an independent contractor at a rate of $800 per hour.
Gary Polkowitz, a managing director at Goldin Associates, LLC,
disclosed in court filings that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Gary Polkowitz
GOLDIN ASSOCIATES, LLC
350 Fifth Avenue
New York, NY 10118
Telephone: (212) 593-2255
Facsimile: (212) 888-2841
E-mail: gpolkowitz@goldinassociates.com
About Ultra Petroleum
Ultra Petroleum Corp., an independent oil and gas company, engages
in the acquisition, exploration, development, operation, and
production of oil and natural gas properties. Its principal
business activities are developing its natural gas reserves in the
Green River Basin of southwest Wyoming, the Pinedale and Jonah
fields. The company was founded in 1979 and is headquartered in
Englewood, Colorado.
Ultra Petroleum Corp. and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-32631) on May 14,
2020.
The Debtor disclosed total assets of $1,450,000,000 and total debt
of $2,560,000,000 as of March 31, 2020.
The Hon. Marvin Isgur is the case judge.
The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Jackson Walker LLP as local bankruptcy counsel; Quinn
Emanuel Urquhart & Sullivan, LLP as special counsel; Centerview
Partners LLC as investment banker; and FTI Consulting, Inc. as
financial advisor. Prime Clerk LLC is the claims agent.
The Official Committee of Unsecured Creditors appointed to these
Chapter 11 cases tapped Brown Rudnick LLP as its lead counsel;
McKool Smith, PC as co-counsel; and Goldin Associates, LLC as
financial advisor.
ULTRA PETROLEUM: Creditors' Panel Hires McKool Smith as Co-Counsel
------------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed to the
Chapter 11 cases of Ultra Petroleum Corp. and its debtor affiliates
seeks approval from the U.S. Bankruptcy Court for the Southern
District of Texas to employ McKool Smith, PC as co-counsel to the
Committee, effective June 5, 2020.
McKool Smith will render the following services to the Committee:
(a) Assisting, advising, and representing the Committee in its
consultations with the Debtors regarding the administration of
these cases;
(b) Assisting, advising, and representing the Committee in
analyzing the Debtors' assets and liabilities, including
investigating the extent and validity of liens and participating in
and reviewing any proposed asset sales, any asset dispositions,
financing arrangements, cash collateral stipulations or related
proceedings;
(c) Assisting, advising, and representing the Committee in
reviewing and determining the Debtors' rights and obligations under
leases and other executory contracts;
(d) Assisting, advising, and representing the Committee in
investigating the acts, conduct, assets, liabilities, and financial
condition of the Debtors, the Debtors' operations and the
desirability of the continuance of any portion of those operations,
and any other matters relevant to those cases or to the formulation
of a plan;
(e) Assisting, advising, and representing the Committee in its
participation in the negotiation, formulation, and drafting of a
plan of liquidation or reorganization;
(f) Advising the Committee on the issues concerning the
appointment of a trustee or examiner under section 1104 of the
Bankruptcy Code;
(g) Assisting, advising, and representing the Committee in
understanding its powers and its duties under the Bankruptcy Code
and the Bankruptcy Rules and in performing other services as are in
the interests of those represented by the Committee;
(h) Assisting, advising, and representing the Committee in the
analysis and evaluation of claims and liens; and
(i) Providing such other services to the Committee as may be
necessary or appropriate in these cases.
McKool Smith will coordinate with Brown Rudnick LLP, the
Committee's lead counsel, to avoid duplication of services.
The standard hourly rates of the firm's partners and other
professionals are as follows:
John J. Sparacino $895
Joshua J. Newcomer $895
Paul E. Williams $645
Kaitlyn M. Dawson $615
Paraprofessionals $210
McKool Smith will also charge the Committee for all other expenses
incurred in connection with these cases.
The firm has not received any retainer or payment from the Debtors
or the Committee.
The following is provided in response to the request for additional
information set forth in Paragraph D.1 of the U.S. Trustee Fee
Guidelines.
Question: Did you agree to any variations from, or alternatives to,
your standard billing arrangements for this engagement?
Answer: No.
Question: Do any of the professionals included in this engagement
vary their rate based on the geographical location of bankruptcy
case?
Answer: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Answer: No.
Question: Has your client approved your budget and staffing plan,
and if so, for what budget period?
Answer: No.
John J. Sparacino, a principal and an authorized representative of
McKool Smith, PC, disclosed in court filings that the firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
John J. Sparacino, Esq.
MCKOOL SMITH, PC
600 Travis Street, Suite 7000
Houston, TX 77002
Telephone: (713) 485-7300
Facsimile: (713) 485-7344
E-mail: jsparacino@mckoolsmith.com
About Ultra Petroleum
Ultra Petroleum Corp., an independent oil and gas company, engages
in the acquisition, exploration, development, operation, and
production of oil and natural gas properties. Its principal
business activities are developing its natural gas reserves in the
Green River Basin of southwest Wyoming, the Pinedale and Jonah
fields. The company was founded in 1979 and is headquartered in
Englewood, Colorado.
Ultra Petroleum Corp. and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-32631) on May 14,
2020.
The Debtor disclosed total assets of $1,450,000,000 and total debt
of $2,560,000,000 as of March 31, 2020.
The Hon. Marvin Isgur is the case judge.
The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Jackson Walker LLP as local bankruptcy counsel; Quinn
Emanuel Urquhart & Sullivan, LLP as special counsel; Centerview
Partners LLC as investment banker; and FTI Consulting, Inc. as
financial advisor. Prime Clerk LLC is the claims agent.
The Official Committee of Unsecured Creditors appointed to these
Chapter 11 cases tapped Brown Rudnick LLP as its lead counsel;
McKool Smith, PC as co-counsel; and Goldin Associates, LLC as
financial advisor.
VENUS CONCEPT: Reports Preliminary Revenue Results for Q2 2020
--------------------------------------------------------------
Venus Concept Inc. reported preliminary revenue results for the
three months ended June 30, 2020.
Management Commentary:
"While our second quarter revenue performance was significantly
impacted by the COVID-19 global pandemic, we are pleased to see our
business trends improve during the second quarter along with the
gradual reopening of practices throughout the U.S and EMEA" said
Domenic Serafino, chief executive officer of Venus Concept. "New
product launches, including the Venus Bliss, continue to be strong
drivers of U.S. growth in 2020. We are also pleased that our
integration efforts are beginning to pay off; specifically, we had
notable commercial success with the adoption of our ARTAS iX by new
customers in international markets."
Mr. Serafino continued: "While the near-term outlook has been
challenged by this global pandemic, we continue to believe the
long-term opportunity remains extremely compelling for us as a
leading player in both the global minimally invasive/non-invasive
medical aesthetics market and the minimally invasive surgical hair
restoration market. Importantly, our efforts to reduce the
operating expense profile of the combined company are progressing
well and we continue to expect our restructuring program, combined
with previously announced synergies and cost reductions, to result
in cost savings of approximately $38 million in 2020 and continuing
into 2021. Finally, the recently announced common stock purchase
agreement with Lincoln Park Capital Fund, LLC for up to $31 million
is available to enhance our balance sheet and financial condition
to support our future growth initiatives."
Preliminary Second Quarter 2020 Revenue Summary:
* Preliminary total GAAP revenue for the three months ending
June 30, 2020 is expected to be in the range of $16.4
million to $16.9 million, compared to total GAAP revenue of
$27.8 million for the second quarter of 2019, representing a
decrease of 41% to 39% year-over-year.
Second Quarter 2020 Earnings Conference Call:
Management will host a conference call at 5:00 p.m. Eastern Time on
Aug. 13, 2020 to discuss the results of the quarter with a question
and answer session. Those who would like to participate may dial
877-407-2991 (201-389-0925 for international callers) and provide
access code 13706095. A live webcast of the call will also be
provided on the investor relations section of the Company's website
at ir.venusconcept.com.
For those unable to participate, a replay of the call will be
available for two weeks at 877-660-6853 (201-612-7415 for
international callers); access code 13706095. The webcast will be
archived at ir.venusconcept.com.
About Venus Concept
Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related practice enhancement
services. The Company's aesthetic systems have been designed on a
cost-effective, proprietary and flexible platform that enables the
Company to expand beyond the aesthetic industry's traditional
markets of dermatology and plastic surgery, and into
non-traditional markets, including family and general practitioners
and aesthetic medical spas. In the years ended Dec. 31, 2019 and in
2018, a substantial majority of its systems delivered in North
America were in non-traditional markets.
Venus Concept incurred a net loss of $42.29 million in 2019
following a net loss of $14.21 million in 2018. As of March 31,
2020, Venus Concept had $155.26 million in total assets, $108.68
million in total liabilities, and $46.57 million in stockholders'
equity.
MNP LLP, in Toronto, Canada, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated March
30, 2020, citing that the Company has reported recurring net losses
and negative cash flows from operations, which raise substantial
doubt about the Company's ability to continue as a going concern.
VIDANGEL INC: Trustee Hires Hashimoto Forensic as Accountant
------------------------------------------------------------
George Hofmann, the Chapter 11 Trustee of Vidangel, Inc., seeks
authority from the U.S. Bankruptcy Court for the District of Utah
to retain Hashimoto Forensic Accounting, LLC as his accountants and
financial advisors.
Effective July 1, 2020, Mark D. Hashimoto is departing from Piercy
Bowler Taylor & Kern, and has founded his own firm, HFA. The
Trustee desires to continue to retain Hashimoto and his new firm
Hashimoto Forensic to assist with accounting and other financial
matters.
The hourly rates of Hashimoto Forensic's accountants who will be
assisting in this case is $185 to $325.
Mr. Hashimoto assures the court that he is "disinterested" within
the meaning of Sec 101(14) of the Bankruptcy Code and do not hold
or represent an interest adverse to the Estate.
The firm can be reached through:
Mark D. Hashimoto, CPA
Hashimoto Forensic Accounting, LLC
526 E 13630 S
Draper, UT 84020
About Vidangel, Inc.
Based in Provo, Utah, VidAngel, Inc., is an entertainment platform
empowering users to filter language, nudity, violence, and other
content from movies and TV shows on modern streaming devices such
as iOS, Android, and Roku. The company's newly launched service
empowers users to filter via their Netflix, Amazon Prime, and HBO
on Amazon Prime accounts, as well as enjoy original content
produced by VidAngel Studios. Its signature original series, Dry
Bar Comedy, now features the world's largest collection of clean
standup comedy, earning rave reviews from fans nationwide.
VidAngel filed a Chapter 11 petition (Bankr. D. Utah Case No.
17-29073) on Oct. 18, 2017. In the petition signed by CEO Neal
Harmon, the Debtor was estimated to have $1 million to $10 million
in both assets and liabilities.
Judge Kevin R. Anderson oversees the case.
The Debtor tapped J. Thomas Beckett, Esq., at Parsons Behle &
Latimer, as bankruptcy counsel; Durham Jones & Pinegar, Baker
Marquart LLP, and Stris & Maher LLP as special counsel; Call &
Jensen, P.C., as special counsel; and Tanner LLC as auditor and
advisor. The Debtor also hired economic consulting expert Analysis
Group, Inc.
VIDEO DISPLAY: Posts $8K Net Loss in First Quarter
--------------------------------------------------
Video Display Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q, reporting a net loss
of $8,000 on $3.70 million of net sales for the three months ended
May 31, 2020, compared to a net loss of $326,000 on $2.71 million
of net sales for the same period in 2019.
As of May 31, 2020, the Company had $10.25 million in total assets,
$6.79 million in total liabilities, and $3.45 million in total
shareholders' equity.
Cash used by operations for the three months ended May 31, 2020 was
$0.5 million. Adjustments to net loss were $0.1 million for
non-cash depreciation and amortization charges. Changes in working
capital used $0.6 million, primarily due to cash provided by
decreases in accounts receivable and inventories of $1.1 million in
aggregate offset by an increase in contract assets ($655,000) and a
decrease in customer deposits and accounts payable and accrued
liabilities aggregating a use of $1.0 million. Cash provided by
operations for the three months ended May 31, 2019 was $0.3
million.
There was minimal investing activities for the three months ended
May 31, 2020. The Company used $19,000 on capital assets
expenditures and $43,000 on trading security purchases offset with
$18 received from sale of investments. Investing activities used
cash of $0.1 million during the three months ended May 31, 2019
resulting primarily from the purchase of capital assets.
Financing activities provided $1.0 million for the three months
ended May 31, 2020 resulting from $1.0 million proceeds received
from the PPP Loan marginally offset by repayment of $35,000 in
related party loans. Financing activities used $23,000 for the
quarter ended May 31, 2019 related to the final debt payments made
on the Teltron Building.
The Company has a stock repurchase program, pursuant to which it
has been authorized to repurchase up to 2,632,500 shares of the
Company's common stock in the open market. On Jan. 20, 2014, the
Board of Directors of the Company approved a one-time continuation
of the stock repurchase program, and authorized the Company to
repurchase up to 1,500,000 additional shares of the Company's
common stock on the open market, depending on the market price of
the shares. There is no minimum number of shares required to be
repurchased under the program.
For the quarter ending May 31, 2020 and May 31, 2019, the Company
did not purchase any shares of the Video Display Corporation stock.
Under the Company's stock repurchase program, an additional
490,186 shares remain authorized to be repurchased by the Company
at May 31, 2020.
"The ability of the Company to continue as a going concern is
dependent upon the success of management's plans to improve
revenues, the operational effectiveness of continuing operations,
the procurement of suitable financing, or a combination of these.
The uncertainty regarding the potential success of management's
plan create substantial doubt about the ability of the Company to
continue as a going concern," Video Display said.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/mXdv83
About Video Display
Headquartered in Tucker, Georgia, Video Display Corporation is a
provider and manufacturer of video products, components, and
systems for visual display and presentation of electronic
information media in a variety of requirements and environments.
The Company designs, engineers, manufactures, markets, distributes
and installs technologically advanced display products and systems,
from basic components to turnkey systems, for government, military,
aerospace, medical, industrial, and commercial organizations. The
Company markets its products worldwide primarily from facilities
located in the United States.
Hancock Askew & Co., LLP, in Norcross, Georgia, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated May 29, 2020, citing that the Company has historically
reported net losses or breakeven results along with reporting low
levels of working capital. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
WATSON GRINDING: Trustee Hires Hughes Watters as Lead Counsel
-------------------------------------------------------------
Janet S. Northrup, the Chapter 11 Trustee of Watson Grinding and
Manufacturing Co. seeks authority from the United States Bankruptcy
Court for the Southern District of Texas to retain Hughes Watters
Askanase, LLP with Wayne Kitchens as its lead counsel.
The Trustee requires Hughes Watters to:
a) file pleadings with the Court and to represent the estate's
interest in regard to any adversaries, appeals, or contested
matters before this Court and litigation, mediation and arbitration
in other courts, particularly with regard to the estate's interest
in various assets and the positions of secured and unsecured
creditors, whether by motion, adversary action, turnover
proceedings, or litigation activities of every description in other
courts;
b) analyze, institute and prosecute actions regarding
determination and recovery of property of the estate, or of
entities owned in whole or in part by the estate, including
investigation and liquidation of foreign bank accounts,
investigation and prosecution of determination and lien perfection,
avoidance litigation as well as collection and liquidation of
assets of the estate, to the extent such activities would be
economically beneficial to the estate;
c) assist the Trustee where necessary to negotiate and
consummate non-routine sales of the assets of the estate, wherever
they may be found, including sales free and clear of liens, claims
and encumbrances, and to institute any necessary proceedings in
regard thereto;
d) institute and prosecute non-routine objections to
exemptions and non-routine objections to proofs of claim;
e) co-ordinate activities with the United States Trustee as
appropriate in connection with issues of the integrity of the
bankruptcy courts and procedures;
f) aid in the representation of the Debtor in any litigation
against the Debtor in the Debtor's official capacity;
g) render legal advice and assistance with regard to matters
involving taxation of the estate;
h) coordinate with outside counsel concerning insurance
coverages, and whether insurance proceeds are property of the
bankruptcy estate;
i) coordinate with other case professionals and governmental
and regulatory agencies;
j) assist in resolution of title problems associated with the
estate's property;
k) collect any judgments that may be entered in favor of the
estate; and
l) assist the Debtor in such other respects as she may deem
advisable and necessary.
Hughes Watters' hourly rates are:
Wayne Kitchens $505
Steven Shurn $505
Heather McIntyre $405
Alex Perez $405
Hughes Watters is a "disinterested person" within the meaning of 11
U.S.C. 101(14), according to court filings.
The firm can be reached through:
Wayne Kitchens, Esq.
Hughes Watters Askanase, LLP
1201 Louisiana St, 28th Floor
Houston, TX 77002
Tel: 713 - 759 - 0818
Fax: 713 - 759 - 6834
About Watson Grinding & Manufacturing
Watson Grinding & Manufacturing Co. --
http://www.watsongrinding.com/-- provides precision machined
parts, thermal spray coatings and grinding services to companies in
the oil and gas, chemical, and mining industries.
Watson Valve Services, Inc., -- http://watsonvalve.com/-- is a
turn-key OEM manufacturer of severe service ball valves.
Additionally, Watson Valve provides hydrostatic and pneumatic
pressure testing; oxygen service cleaning; on-site and off-site
installation support and troubleshooting; valve dis-assembly,
analysis, repair, and rebuilding; actuation system mounting and
installation; CNC and manual machining; grinding; thermal spray
coatings; coatings analysis; and non-destructive testing.
Watson Grinding and Watson Valve sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case Nos. 20-30967 and
20-30968) on Feb. 6, 2020.
At the time of the filing, Watson Grinding disclosed assets of
between $10 million and $50 million and liabilities of the same
range. Watson Valve had estimated assets of between $10 million
and $50 million and liabilities of between $500,000 and $1
million.
Judge Marvin Isgur oversees the cases.
The Debtors tapped McDowell Hetherington, LLP and Jones, Murray &
Beatty, LLC, as their legal counsel.
On Feb. 21, 2020, the United States Trustee for the Southern
District of Texas appointed the Official Committee of January 24
Claimants. The Committee retained Porter Hedges LLP, and Burns
Bowen Bair LLP, as counsel.
WATSON GRINDING: Trustee Hires Jones Murray as Special Counsel
--------------------------------------------------------------
Janet S. Northrup, the Chapter 11 Trustee of Watson Grinding and
Manufacturing Co. seeks authority from the United States Bankruptcy
Court for the Southern District of Texas to retain Jones Murray &
Beatty, LLP as special counsel.
The Trustee seeks authority to retain Jones Murray as "transition"
counsel to ensure that valuable legal services already provided and
knowledge gained by Jones Murray in the process of providing such
legal services is fully utilized for the benefit of the estate.
Although Hughes Watters & Askanase will take the lead in a number
of project categories, as the Trustee’s general counsel, Jones
Murray will provide representation at the request of the Trustee in
those categories as well. Hughes Watters & Askanase and Jones
Murray will not duplicate work but the Trustee anticipates that the
firms will work closely together on a number of project categories
to ensure effective legal representation and to retain the benefit
of historical knowledge and momentum gained by Jones Murray.
Jones Murray's professionals charge the following hourly rates:
Erin E. Jones, Partner $500
Christopher R. Murray, Partner $500
J. Maxwell Beatty, Partner $500
Ruth Van Meter, Senior Counsel $475
Jackie Pham, Associate $350
Nancy Santana, Paralegal $150
Jessica Avila, Paralegal $90
Jones Murray and its partners are "disinterested" within the
meaning of Section 101(14) of the Bankruptcy Code, according to
court filings.
The firm can be reached through:
Erin E. Jones, Esq.
Christopher R. Murray, Esq.
Jones Murray & Beatty LLP
4119 Montrose, Suite 230
Houston, TX 77006
Tel: 832-529-1999
Fax: 832-529-3393
Email: erin@jmbllp.com chris@jmbllp.com
About Watson Grinding & Manufacturing
Watson Grinding & Manufacturing Co. --
http://www.watsongrinding.com/-- provides precision machined
parts, thermal spray coatings and grinding services to companies in
the oil and gas, chemical, and mining industries.
Watson Valve Services, Inc., -- http://watsonvalve.com/-- is a
turn-key OEM manufacturer of severe service ball valves.
Additionally, Watson Valve provides hydrostatic and pneumatic
pressure testing; oxygen service cleaning; on-site and off-site
installation support and troubleshooting; valve dis-assembly,
analysis, repair, and rebuilding; actuation system mounting and
installation; CNC and manual machining; grinding; thermal spray
coatings; coatings analysis; and non-destructive testing.
Watson Grinding and Watson Valve sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case Nos. 20-30967 and
20-30968) on Feb. 6, 2020.
At the time of the filing, Watson Grinding disclosed assets of
between $10 million and $50 million and liabilities of the same
range. Watson Valve had estimated assets of between $10 million
and $50 million and liabilities of between $500,000 and $1 million.
Judge Marvin Isgur oversees the cases.
The Debtors tapped McDowell Hetherington, LLP and Jones, Murray &
Beatty, LLC, as their legal counsel.
On Feb. 21, 2020, the United States Trustee for the Southern
District of Texas appointed the Official Committee of January 24
Claimants. The Committee retained Porter Hedges LLP, and Burns
Bowen Bair LLP, as counsel.
XLMEDICA INC: Seeks to Hire Callagy Law as Special Counsel
----------------------------------------------------------
XLmedica, Inc., seeks authority from the U.S. Bankruptcy Court for
the Central District of California to employ Callagy Law, P.C. as
its special counsel.
Callagy Law will assist the Debtor and general bankruptcy counsel
with special legal matters that may arise during the pendency of
the case. Callagy Law will represent the Debtor in all claims
relating to conduct by and claims of and against Patrick Pennie and
EmCyte Corp., re state court litigation cases filed in Florida:
Case No. 19-CA-005819 (breach of contract) and Case No.
2:19-cv-00769-JES-NPM (trademark infringement). Relief granted to
EmCyte on June 2, 2020 (Docket No. 30).
Michael J. Smikun, Esq., partner at Callagy Law, will charge $590
per hour for his services.
Mr. Smikun assures the court that the firm does not represent any
interest adverse to the Debtor and its estates.
The firm can be reached through:
Michael J. Smikun, Esq.
Callagy Law, P.C.
650 From Road, Suite 565
Paramus, NJ
Tel: 201-500-2818
About XLmedica, Inc.
XLmedica, Inc., filed a Chapter 11 bankruptcy petition (Bankr. C.D.
Cal. Case No. 20-11634) on Feb. 13, 2020, disclosing under $1
million in both assets and liabilities. The Debtor is represented
by Roksana D. Moradi-Brovia, Esq., at Resnik Hayes Moradi LLP.
YOGI CARPET: Seeks to Hire Latham Luna as Legal Counsel
-------------------------------------------------------
Yogi Carpet & Tile, Inc. seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Latham, Luna,
Eden & Beaudine, LLP as its legal counsel.
Latham will provide the following legal services to the Debtor:
(a) advising as to the Debtor's rights and duties in this
case;
(b) preparing pleadings related to this case, including a plan
of reorganization; and
(c) taking any and all other necessary action incident to the
proper preservation and administration of this estate.
The standard hourly rates for the firm's professionals are as
follows:
Experienced Attorneys $550
Junior Paraprofessionals $160
Prior to the commencement of this case, the Debtor paid an advance
fee of $16,717 for pre- and post-petition services and expenses to
be incurred in connection with this case.
Latham received $4,299, on a current basis, for services rendered
and costs incurred prior to the commencement of this case. The
balance of the advance fee paid to Latham is held in the firm's
trust account.
To the best knowledge of the Debtor, Latham represents no interest
adverse to the Debtor or to the estate in matters upon which it is
to be engaged, and the employment of the firm would be in the best
interest of the estate. Latham has no connection with the
creditors, any other party-in-interest, its respective attorneys
and accountants, the United States Trustee, or any persons employed
by the United States Trustee.
The firm can be reached through:
Daniel A. Velasquez, Esq.
Latham, Luna, Eden & Beaudine, LLP
111 N. Magnolia Ave., Suite 1400
Orlando, FL 32801
Telephone: (407) 481-5800
Facsimile: (407) 481-5801
Email: dvelasquez@lathamluna.com
About Yogi Carpet & Tile
Yogi Carpet & Tile, Inc., a family owned and operated flooring
company formed in June, 1995 and based in Orlando, Florida, filed
its voluntary petition under Chapter 11 of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 20-03358) on June 15, 2020. The petition
was signed by Dario Hernandez, its president. At the time of the
filing, the Debtor disclosed estimated assets of $1 million to $10
million and estimated liabilities of the same range. The Debtor
tapped Latham, Luna, Eden & Beaudine, LLP, led by Daniel A.
Velasquez, Esq., as counsel.
[^] BOND PRICING: For the Week from July 13 to 17, 2020
-------------------------------------------------------
Company Ticker Coupon Bid Price Maturity
------- ------ ------ --------- --------
24 Hour Fitness Worldwide HRFITW 8.000 0.500 6/1/2022
24 Hour Fitness Worldwide HRFITW 8.000 1.063 6/1/2022
Ahern Rentals Inc AHEREN 7.375 44.688 5/15/2023
Ahern Rentals Inc AHEREN 7.375 44.591 5/15/2023
America West Airlines
2001-1 Pass
Through Trust AAL 7.100 86.000 4/2/2021
American Airlines 2011-1
Class A Pass
Through Trust AAL 5.250 84.043 1/31/2021
American Airlines Group AAL 5.000 57.236 6/1/2022
American Airlines Group AAL 5.000 57.439 6/1/2022
American Energy-
Permian Basin LLC AMEPER 12.000 1.750 10/1/2024
American Energy-
Permian Basin LLC AMEPER 12.000 1.500 10/1/2024
American Energy-
Permian Basin LLC AMEPER 12.000 1.500 10/1/2024
Anixter Inc AXE 5.125 105.115 10/1/2021
BPZ Resources Inc BPZR 6.500 3.017 3/1/2049
Basic Energy Services Inc BASX 10.750 11.876 10/15/2023
Basic Energy Services Inc BASX 10.750 11.409 10/15/2023
Bon-Ton Department Stores BONT 8.000 9.475 6/15/2021
Bristow Group Inc/old BRS 6.250 5.776 10/15/2022
Bristow Group Inc/old BRS 4.500 5.750 6/1/2023
Bruin E&P Partners LLC BRUINE 8.875 1.591 8/1/2023
Bruin E&P Partners LLC BRUINE 8.875 1.824 8/1/2023
Buffalo Thunder
Development Authority BUFLO 11.000 50.125 12/9/2022
CBL & Associates LP CBL 5.250 26.250 12/1/2023
CBL & Associates LP CBL 4.600 25.103 10/15/2024
CEC Entertainment Inc CEC 8.000 12.250 2/15/2022
CONSOL Energy Inc CEIX 11.000 39.838 11/15/2025
CSI Compressco LP / CSI
Compressco Finance Inc CCLP 7.250 51.726 8/15/2022
Calfrac Holdings LP CFWCN 8.500 9.647 6/15/2026
Calfrac Holdings LP CFWCN 8.500 8.861 6/15/2026
California Resources Corp CRC 8.000 1.184 12/15/2022
California Resources Corp CRC 6.000 0.277 11/15/2024
California Resources Corp CRC 8.000 1.897 12/15/2022
California Resources Corp CRC 6.000 0.920 11/15/2024
Callon Petroleum Co CPE 6.250 32.347 4/15/2023
Callon Petroleum Co CPE 6.125 29.891 10/1/2024
Callon Petroleum Co CPE 8.250 30.254 7/15/2025
Callon Petroleum Co CPE 6.125 28.705 10/1/2024
Callon Petroleum Co CPE 6.125 28.705 10/1/2024
Chaparral Energy Inc CHAP 8.750 16.000 7/15/2023
Chaparral Energy Inc CHAP 8.750 8.000 7/15/2023
Chesapeake Energy Corp CHK 11.500 11.125 1/1/2025
Chesapeake Energy Corp CHK 5.500 4.000 9/15/2026
Chesapeake Energy Corp CHK 11.500 10.750 1/1/2025
Chesapeake Energy Corp CHK 7.000 4.500 10/1/2024
Chesapeake Energy Corp CHK 8.000 4.000 1/15/2025
Chesapeake Energy Corp CHK 8.000 4.250 6/15/2027
Chesapeake Energy Corp CHK 5.750 4.000 3/15/2023
Chesapeake Energy Corp CHK 4.875 3.563 4/15/2022
Chesapeake Energy Corp CHK 7.500 4.017 10/1/2026
Chesapeake Energy Corp CHK 8.000 3.500 3/15/2026
Chesapeake Energy Corp CHK 8.000 3.501 3/15/2026
Chesapeake Energy Corp CHK 8.000 3.472 1/15/2025
Chesapeake Energy Corp CHK 8.000 3.728 6/15/2027
Chesapeake Energy Corp CHK 8.000 3.728 6/15/2027
Chesapeake Energy Corp CHK 8.000 3.472 1/15/2025
Chesapeake Energy Corp CHK 8.000 3.501 3/15/2026
Dean Foods Co DF 6.500 2.250 3/15/2023
Dean Foods Co DF 6.500 2.001 3/15/2023
Denbury Resources Inc DNR 9.000 41.387 5/15/2021
Denbury Resources Inc DNR 6.375 10.000 12/31/2024
Denbury Resources Inc DNR 7.750 40.948 2/15/2024
Denbury Resources Inc DNR 5.500 1.266 5/1/2022
Denbury Resources Inc DNR 4.625 1.269 7/15/2023
Denbury Resources Inc DNR 9.000 41.435 5/15/2021
Denbury Resources Inc DNR 9.250 41.727 3/31/2022
Denbury Resources Inc DNR 7.750 40.861 2/15/2024
Denbury Resources Inc DNR 9.250 38.194 3/31/2022
Denbury Resources Inc DNR 7.500 44.000 2/15/2024
Denbury Resources Inc DNR 7.500 40.302 2/15/2024
Diamond Offshore Drilling DOFSQ 7.875 12.000 8/15/2025
Diamond Offshore Drilling DOFSQ 4.875 11.000 11/1/2043
Diamond Offshore Drilling DOFSQ 3.450 12.250 11/1/2023
Diamond Offshore Drilling DOFSQ 5.700 12.250 10/15/2039
ENSCO International Inc VAL 7.200 12.534 11/15/2027
EP Energy LLC / Everest
Acquisition Finance Inc EPENEG 7.750 25.000 5/15/2026
EP Energy LLC / Everest
Acquisition Finance Inc EPENEG 7.750 26.663 5/15/2026
Eldorado Resorts Inc ERI 6.000 110.017 9/15/2026
EnLink Midstream Partners ENLK 6.000 38.600 N/A
Energy Conversion Devices ENER 3.000 7.875 6/15/2013
Exela Intermediate LLC /
Exela Finance Inc EXLINT 10.000 24.152 7/15/2023
Exela Intermediate LLC /
Exela Finance Inc EXLINT 10.000 23.004 7/15/2023
Extraction Oil & Gas Inc XOG 7.375 20.000 5/15/2024
Extraction Oil & Gas Inc XOG 5.625 20.000 2/1/2026
Extraction Oil & Gas Inc XOG 5.625 8.700 2/1/2026
Extraction Oil & Gas Inc XOG 7.375 16.050 5/15/2024
FTS International Inc FTSINT 6.250 28.290 5/1/2022
Federal Farm Credit Banks
Funding Corp FFCB 1.620 99.471 4/22/2021
Federal Farm Credit Banks
Funding Corp FFCB 0.980 99.346 4/24/2024
Federal Home Loan Banks FHLB 2.000 99.592 1/21/2025
Federal Home Loan Banks FHLB 2.650 99.684 3/9/2045
Federal Home Loan Banks FHLB 2.850 98.026 7/20/2027
Federal Home Loan Mortgage FHLMC 1.800 99.664 7/21/2023
Ferrellgas Partners LP /
Ferrellgas Partners
Finance Corp FGP 8.625 30.250 6/15/2020
Ferrellgas Partners LP /
Ferrellgas Partners
Finance Corp FGP 8.625 30.250 6/15/2020
Fleetwood Enterprises Inc FLTW 14.000 3.557 12/15/2011
Forum Energy Technologies FET 6.250 41.452 10/1/2021
Frontier Communications FTR 11.000 34.688 9/15/2025
Frontier Communications FTR 10.500 34.000 9/15/2022
Frontier Communications FTR 8.750 32.500 4/15/2022
Frontier Communications FTR 7.125 30.500 1/15/2023
Frontier Communications FTR 6.875 29.500 1/15/2025
Frontier Communications FTR 7.625 32.250 4/15/2024
Frontier Communications FTR 6.250 31.000 9/15/2021
Frontier Communications FTR 9.250 31.000 7/1/2021
Frontier Communications FTR 11.000 34.567 9/15/2025
Frontier Communications FTR 11.000 34.567 9/15/2025
Frontier Communications FTR 10.500 34.397 9/15/2022
Frontier Communications FTR 10.500 34.397 9/15/2022
General Electric Co GE 5.000 78.516 N/A
Global Eagle Entertainment ENT 2.750 6.177 2/15/2035
Goodman Networks Inc GOODNT 8.000 19.875 5/11/2022
Great Western Petroleum
LLC / Great Western
Finance Corp GRTWST 9.000 59.885 9/30/2021
Great Western Petroleum
LLC / Great Western
Finance Corp GRTWST 9.000 61.856 9/30/2021
Grizzly Energy LLC VNR 9.000 6.000 2/15/2024
Grizzly Energy LLC VNR 9.000 6.000 2/15/2024
Guitar Center Inc GTRC 9.500 71.729 10/15/2021
Guitar Center Inc GTRC 9.500 72.765 10/15/2021
Hertz Corp/The HTZ 6.250 39.500 10/15/2022
Hi-Crush Inc HCR 9.500 3.449 8/1/2026
Hi-Crush Inc HCR 9.500 10.579 8/1/2026
High Ridge Brands Co HIRIDG 8.875 2.000 3/15/2025
High Ridge Brands Co HIRIDG 8.875 2.000 3/15/2025
HighPoint Operating HPR 7.000 25.525 10/15/2022
HighPoint Operating HPR 8.750 33.655 6/15/2025
International Wire Group ITWG 10.750 79.971 8/1/2021
International Wire Group ITWG 10.750 79.971 8/1/2021
J Crew Brand LLC /
J Crew Brand Corp JCREWB 13.000 50.500 9/15/2021
JC Penney Corp Inc JCP 6.375 0.585 10/15/2036
JC Penney Corp Inc JCP 7.625 0.950 3/1/2097
JC Penney Corp Inc JCP 7.400 0.550 4/1/2037
JC Penney Corp Inc JCP 5.875 38.970 7/1/2023
JC Penney Corp Inc JCP 5.650 2.125 6/1/2020
JC Penney Corp Inc JCP 8.625 2.000 3/15/2025
JC Penney Corp Inc JCP 5.875 32.000 7/1/2023
JC Penney Corp Inc JCP 8.625 2.500 3/15/2025
JC Penney Corp Inc JCP 7.125 0.736 11/15/2023
JPMorgan Chase & Co JPM 4.400 100.393 7/22/2020
Jonah Energy LLC / Jonah
Energy Finance Corp JONAHE 7.250 19.566 10/15/2025
Jonah Energy LLC / Jonah
Energy Finance Corp JONAHE 7.250 16.243 10/15/2025
K Hovnanian Enterprises Inc HOV 5.000 11.000 2/1/2040
K Hovnanian Enterprises Inc HOV 5.000 11.000 2/1/2040
LSC Communications Inc LKSD 8.750 12.250 10/15/2023
LSC Communications Inc LKSD 8.750 2.875 10/15/2023
Lehman Brothers Holdings LEH 6.000 0.370 7/20/2029
Lexicon Pharmaceuticals LXRX 5.250 64.412 12/1/2021
Liberty Media LMCA 2.250 48.000 9/30/2046
Lonestar Resources America LONE 11.250 13.750 1/1/2023
Lonestar Resources America LONE 11.250 13.037 1/1/2023
MAI Holdings Inc MAIHLD 9.500 16.140 6/1/2023
MAI Holdings Inc MAIHLD 9.500 16.140 6/1/2023
MAI Holdings Inc MAIHLD 9.500 16.140 6/1/2023
MF Global Holdings Ltd MF 9.000 15.625 6/20/2038
MF Global Holdings Ltd MF 6.750 15.625 8/8/2016
Martin Midstream Partners
LP / Martin Midstream
Finance Corp MMLP 7.250 78.779 2/15/2021
Martin Midstream Partners
LP / Martin Midstream
Finance Corp MMLP 7.250 79.774 2/15/2021
Martin Midstream Partners
LP / Martin Midstream
Finance Corp MMLP 7.250 79.774 2/15/2021
Mashantucket Western
Pequot Tribe MASHTU 7.350 15.750 7/1/2026
McClatchy Co/The MNIQQ 6.875 2.500 3/15/2029
McClatchy Co/The MNIQQ 6.875 2.199 7/15/2031
McClatchy Co/The MNIQQ 7.150 1.547 11/1/2027
Men's Wearhouse Inc/The TLRD 7.000 2.538 7/1/2022
Men's Wearhouse Inc/The TLRD 7.000 3.110 7/1/2022
Murray Energy MURREN 12.000 0.635 4/15/2024
Murray Energy MURREN 12.000 0.635 4/15/2024
NWH Escrow HARDWD 7.500 53.250 8/1/2021
NWH Escrow HARDWD 7.500 53.250 8/1/2021
Nabors Industries Inc NBR 0.750 28.500 1/15/2024
Neiman Marcus Group LLC/The NMG 7.125 8.500 6/1/2028
Neiman Marcus Group
LTD LLC / Neiman Marcus
Group LLC / Mariposa
Borrower / NMG NMG 14.000 29.500 4/25/2024
Neiman Marcus Group
LTD LLC / Neiman Marcus
Group LLC / Mariposa
Borrower / NMG NMG 8.000 7.000 10/25/2024
Neiman Marcus Group
LTD LLC / Neiman Marcus
Group LLC / Mariposa
Borrower / NMG NMG 8.750 3.312 10/25/2024
Neiman Marcus Group
LTD LLC / Neiman Marcus
Group LLC / Mariposa
Borrower / NMG NMG 8.000 6.967 10/25/2024
Neiman Marcus Group
LTD LLC / Neiman Marcus
Group LLC / Mariposa
Borrower / NMG NMG 14.000 29.037 4/25/2024
Neiman Marcus Group
LTD LLC / Neiman Marcus
Group LLC / Mariposa
Borrower / NMG NMG 8.750 5.425 10/25/2024
Neiman Marcus Group Ltd LLC NMG 8.000 57.912 10/15/2021
Neiman Marcus Group Ltd LLC NMG 8.750 53.625 10/15/2021
Neiman Marcus Group Ltd LLC NMG 8.000 57.912 10/15/2021
Neiman Marcus Group Ltd LLC NMG 8.750 53.625 10/15/2021
Northwest Hardwoods Inc HARDWD 7.500 35.000 8/1/2021
Northwest Hardwoods Inc HARDWD 7.500 34.206 8/1/2021
OMX Timber Finance
Investments II LLC OMX 5.540 1.660 1/29/2020
Oasis Petroleum Inc OAS 6.875 15.296 3/15/2022
Oasis Petroleum Inc OAS 6.875 16.132 1/15/2023
Oasis Petroleum Inc OAS 2.625 11.000 9/15/2023
Oasis Petroleum Inc OAS 6.250 15.065 5/1/2026
Oasis Petroleum Inc OAS 6.500 17.692 11/1/2021
Oasis Petroleum Inc OAS 6.250 15.271 5/1/2026
Omnimax International Inc EURAMX 12.000 82.250 8/15/2020
Omnimax International Inc EURAMX 12.000 82.385 8/15/2020
Optimas OE Solutions
Holding LLC / Optimas OE
Solutions Inc OPTOES 8.625 50.500 6/1/2021
Optimas OE Solutions
Holding LLC / Optimas OE
Solutions Inc OPTOES 8.625 48.506 6/1/2021
PHH PHH 6.375 60.396 8/15/2021
Party City Holdings Inc PRTY 6.625 14.690 8/1/2026
Party City Holdings Inc PRTY 6.125 15.432 8/15/2023
Party City Holdings Inc PRTY 6.625 16.946 8/1/2026
Party City Holdings Inc PRTY 6.125 16.907 8/15/2023
Pride International LLC VAL 7.875 6.360 8/15/2040
Pyxus International Inc PYX 9.875 6.500 7/15/2021
Pyxus International Inc PYX 9.875 6.115 7/15/2021
Pyxus International Inc PYX 9.875 6.115 7/15/2021
Renco Metals Inc RENCO 11.500 24.875 7/1/2003
Revlon Consumer Products REV 5.750 52.310 2/15/2021
Revlon Consumer Products REV 6.250 21.477 8/1/2024
Rolta LLC RLTAIN 10.750 6.473 5/16/2018
SESI LLC SPN 7.125 39.983 12/15/2021
SESI LLC SPN 7.125 32.658 12/15/2021
SESI LLC SPN 7.750 35.578 9/15/2024
SanDisk LLC SNDK 0.500 84.883 10/15/2020
Sears Holdings SHLD 6.625 9.000 10/15/2018
Sears Holdings SHLD 8.000 1.175 12/15/2019
Sears Holdings SHLD 6.625 8.166 10/15/2018
Sears Roebuck
Acceptance Corp SHLD 7.500 0.670 10/15/2027
Sears Roebuck
Acceptance Corp SHLD 6.750 0.853 1/15/2028
Sears Roebuck
Acceptance Corp SHLD 6.500 0.646 12/1/2028
Sears Roebuck
Acceptance Corp SHLD 7.000 0.778 6/1/2032
Sempra Texas Holdings TXU 5.550 13.500 11/15/2014
Summit Midstream Partners SMLP 9.500 14.875 N/A
Tapstone Energy LLC /
Tapstone Energy
Finance Corp TAPENE 9.750 0.631 6/1/2022
Tapstone Energy LLC /
Tapstone Energy
Finance Corp TAPENE 9.750 0.631 6/1/2022
Teligent Inc/NJ TLGT 4.750 39.340 5/1/2023
TerraVia Holdings Inc TVIA 5.000 4.644 10/1/2019
Tesla Energy Operations TSLAEN 3.600 97.126 8/6/2020
Transworld Systems Inc TSIACQ 9.500 26.883 8/15/2021
Ultra Resources Inc/US UPL 11.000 5.500 7/12/2024
Ultra Resources Inc/US UPL 7.125 0.250 4/15/2025
Ultra Resources Inc/US UPL 7.125 0.754 4/15/2025
Unit UNTUS 6.625 13.750 5/15/2021
Voyager Aviation Holdings
LLC / Voyager Finance Co VAHLLC 8.500 74.219 8/15/2021
Voyager Aviation Holdings
LLC / Voyager Finance Co VAHLLC 8.500 74.389 8/15/2021
Wells Fargo & Co WFC 2.600 99.908 7/22/2020
Whiting Petroleum WLL 6.625 18.000 1/15/2026
Whiting Petroleum WLL 5.750 17.500 3/15/2021
Whiting Petroleum WLL 6.250 18.750 4/1/2023
Whiting Petroleum WLL 6.625 18.124 1/15/2026
Whiting Petroleum WLL 6.625 18.124 1/15/2026
Windstream Services LLC /
Windstream Finance Corp WIN 10.500 5.000 6/30/2024
Windstream Services LLC /
Windstream Finance Corp WIN 9.000 4.738 6/30/2025
Windstream Services LLC /
Windstream Finance Corp WIN 7.500 5.000 6/1/2022
Windstream Services LLC /
Windstream Finance Corp WIN 8.750 5.000 12/15/2024
Windstream Services LLC /
Windstream Finance Corp WIN 6.375 4.634 8/1/2023
Windstream Services LLC /
Windstream Finance Corp WIN 6.375 5.000 8/1/2023
Windstream Services LLC /
Windstream Finance Corp WIN 9.000 1.483 6/30/2025
Windstream Services LLC /
Windstream Finance Corp WIN 8.750 1.619 12/15/2024
Windstream Services LLC /
Windstream Finance Corp WIN 10.500 2.089 6/30/2024
*********
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.
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sell any security of any kind. It is likely that some entity
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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
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Monthly Operating Reports are summarized in every Saturday edition
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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
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*********
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
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Copyright 2020. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***