/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/210108.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, January 8, 2021, Vol. 25, No. 7 Headlines 1100 CLEARVIEW: Seeks to Hire Robert L. Marrero as Counsel 11965 SAN PABLO: Unsecureds to Have 16% Recovery in $4M Sale Plan ACADIA HEALTHCARE: S&P Places 'B' ICR on CreditWatch Positive AERKOMM INC: Closes US$2.4 Million Public Offering of Common Stock AGD SYSTEMS: Seeks March 22 Plan Exclusivity Extension AGEMY FAMILY: U.S. Trustee Unable to Appoint Committee ALGY TRIMMINGS: Gets Interim OK to Hire Gamberg & Abrams as Counsel AMC ENTERTAINMENT: Mulls European Debt Agreement to Raise Liquidity AMERICAN PURCHASING: U.S. Trustee Appoints Creditors' Committee AMERICAN ZINC: Asks Court to Approve $14.75 Million Settlement ARCHDIOCESE OF SANTA FE: Seeks Approval to Hire Real Estate Broker ASAIG LLC: Hires Donlin Recano as Claims Agent ASAIG LLC: Seeks to Hire Carl Marks Advisory, Appoint CRO BLUE DOLPHIN: Four Proposals Passed at Annual Meeting CAPITAL TRUCK: Hires Bruner Wright as Legal Counsel CBL & ASSOCIATES: Enters Mediation With Wells Fargo Over $1.1B Loan CIGAR BROTHERS: Proposed Sale of Personal Properties Approved CNC PUMA: Seeks to Hire J. Luke Hendrix as Bankruptcy Counsel COMCAR INDUSTRIES: Seeks Approval to Hire Receivables Control Corp. CRACK'D EGG: Judge Dubious on Use of Ch. 11 Stay to Fight Mask Rule CRED INC: Borrower Seeks to Sue 3rd Parties to Recover Losses DANCEL LLC: Court Sets Feb. 11 Plan Confirmation Hearing DIOCESE OF BUFFALO: Hires Lippes Mathias as Litigation Counsel DO@KING PLOW ARTS: Maileg Buying Atlanta Property for $3.2 Million DOWNTOWN DENNIS: Unsecured to Recover Up to 100% in Sale Plan DR. S. DAYYANI OD: Hires McBride Law as Bankruptcy Counsel DURA-TRAC FLOORING: Seeks to Hire Forrest & Company as Accountant DURA-TRAC FLOORING: Seeks to Hire Pierson Legal as Counsel EBONY MEDIA: Asks Court for More Time to File Plan, Close Sale ECOARK HOLDINGS: Two Proposals Passed at Special Meeting EMERGENT CAPITAL: Court Confirms Reorganization Plan EQUITABLE HOLDINGS: Moody's Rates $300MM Preferred Stock 'Ba1(hyb)' ERESEARCH TECHNOLOGY: Moody's Rates New $50MM 1st Lien Loan 'B2' EVIO INC: CEO William Waldrop Resigns; Interim CEO Named EVIO INC: Delays Filing of 2020 Annual Report EXTRACTION OIL: Court OKs Chapter 11 Midstream Settlements FIELDWOOD ENERGY: Wants Plan Exclusivity Extended Until March 1 FIGUEROA MOUNTAIN: U.S. Trustee Appoints Creditors' Committee FIVE DREAMS: Seeks to Hire Heavenrich & Company as Consultant FOXWOOD HILLS: Taps Elliott Davis as Accountant FRANCESCA'S HOLDINGS: Jan. 15 Auction of Substantially All Assets FRONTIER COMMUNICATIONS: To Expand Fiber Network to Exit Chapter 11 GARRETT MOTION INC: Equity Holders Seek $2.5 Million Investor Fees GENERAL MOTORS: 6th Cir. Revives Neglected Power Plant Suit vs DTE GIRARDI KEESE: Court Okays Trustee in Involuntary Chapter 7 Case GORHAM PAPER: $8.75-Mil. Sale of All Assets Closed on Dec. 31 GULFPORT ENERGY: Hires Alvarez & Marsal, Appoints CRO HEARTWISE INCORPORATION: Taps Greenberg Traurig as Special Counsel HGIM CORP: S&P Cuts ICR to 'SD' on Distressed Term Loan Repurchase HIGHLAND CAPITAL: Bankruptcy Plan Faces Pushback from CLO Investor HWY 24 LUMBER: Seeks Approval to Hire Eric Liepins as Counsel IN-SHAPE HEALTH: U.S. Trustee Rips 'Extreme' Ch. 11 Break-Up Fee INNOVATION PET: Hires Shulman Bastian as Bankruptcy Counsel INNOVATIVE CHEMICAL: S&P Affirms 'B-' ICR; Outlook Positive INTERSTATE COMMODITIES: 1000 Davis Offers $570K for Troy Property INVERSIONES CARIBE: Amends Plan to Add Condado Deal ISIS MEDICAL: Seeks to Hire Shaneyfelt & Associates as Counsel J. JACOBS HOLDINGS: Voluntary Chapter 11 Case Summary J.CREW INC: To Close Peoria, Illinois Factory Outlet JAMCO SERVICES: Seeks to Hire Condon Tobin as Bankruptcy Counsel JDUB'S BREWING: Hires New Mill Capital as Sale Agent JORDAN LANDING: Court Extends Plan Exclusivity Thru Jan. 20 JUAN L. LARINO: Proposes Sale of Newark Real Property for $350K K&W CAFETERIAS: Seeks to Hire Leonard Call as Broker KAISER AND ASSOCIATES: Seeks to Hire Stubbs & Perdue as Counsel KHAN AVIATION: Trustee Selling Interest in Heartland & Workstream LIGHTHOUSE RESOURCES: Hires BDO Consulting, Appoints CRO LIGHTHOUSE RESOURCES: Hires Potter Anderson as Co-Counsel LIGHTHOUSE RESOURCES: Hires Stretto as Administrative Agent LIGHTHOUSE RESOURCES: Taps Jackson Kelly as Legal Counsel LIGHTHOUSE RESOURCES: Taps Jones Lang LaSalle as Real Estate Broker LIVEXLIVE MEDIA: Appoints Vivendi Exec to Board of Directors LOUISIANA HIGHWAY: Seeks to Hire Fishman Haygood as Counsel LOVES FURNITURE: Files for Chapter 11 Bankruptcy LUCKY'S MARKET: Plan Exclusivity Period Extended Thru Jan. 15 MACY'S INC: List of 37 Stores Slated for Closure in 2021 MAGELLAN HEALTH: S&P Keeps 'BB+' ICR on CreditWatch Positive MANHATTAN HOSPITALITY: Seeks to Hire Sader Law Firm as Counsel MAPLE LEAF: Seeks to Hire CBS-Global as Real Estate Broker MATREIYA TRANS: Asks for Extension of Plan Confirmation Deadline MATREIYA TRANS: DePalma $330K Claim to Get $235K Lump Sum MEADE INSTRUMENTS: Orion Gets Assets, Unsecureds Get 30% in Plan MILLS FORESTRY: Hires Jarrard Law Group as Special Counsel MONTICELLO HORIZON: Seeks to Hire Kalter Kaplan as Special Counsel MTE HOLDINGS: Court Extends Plan Exclusivity Thru Feb. 8 MTPC LLC: Gets OK to Hire Stretto as Claims Agent NESCO HOLDINGS: Signs Amended Employment Agreement with CFO NIC ACQUISITION: Moody's Assigns B3 Corp. Family Rating NORTHWEST HARDWOODS: Court Approves Chapter 11 Exit Without Delay OIL INTERNATIONAL: U.S. Trustee Unable to Appoint Committee ORANGE COUNTY BAIL: $900K Sale of Saddozai Residence to Fund Plan ORGANIC POWER: Feb. 5 Hearing on Disclosure Statement PACIFIC DRILLING: Plan Effective; Trustee Appeals Plan Order PACIFICO NATIONAL: Seeks to Hire Attorney in ALBOP Case PANOP CAB: Asks for 120-Day Extension of Plan Confirmation Deadline PANOP CAB: Offers Creditor $1.6M Buyout for Medallions PAPPY'S SAND: Proposes Feb. 11 Auction of Vehicles and Equipment PAPPY'S TRUCKS: Proposes Ritchie Auction of 20 Vehicles on Feb. 11 PAPS CAB: DePalma to Get Medallions, $425K Under Plan PARKING MANAGEMENT: Unsec. Creditors to Recover 37% to 40% in Plan PEAK SERVICES: Seeks Approval to Hire Colorado Accounting PEAK SERVICES: Seeks to Hire Berken Cloyes as Legal Counsel PENLAND HEATING: $4.5K Private Sale of Personal Property Approved POWELL 512: Case Summary & 2 Unsecured Creditors PREIT: Retains NYSE Spot After Share Price Stabilizes PRESERBA COMPANIA: Amends Plan to Add Condado Settlement RAINIER PROPERTIES: Hires Konstantinos Sparagis as Special Counsel RANGE RESOURCES: Moody's Hikes CFR to B1 & Alters Outlook to Stable RED PLUM LG: Gets OK to Hire Power Law as Legal Counsel REDDLINE ENERGY: Seeks to Hire McWhorter Cobb as Counsel REDRHINO: Seeks Court Approval to Hire Accountant RONNA'S RUFF: Seeks to Hire BigIron as Auctioneer SCARISBRICK LAND: Hires Scot S. Farthing as Legal Counsel SCHOMBURG ASSET: Seeks to Hire Weiss Law Group as Legal Counsel SEASONS CORPORATE: Court Confirms Liquidating Plan SELIM'S DOENER: Seeks to Hire Lane Law Firm as Legal Counsel SHD LLC: Seeks to Hire Woods Rogers as Legal Counsel SHEA 92: U.S. Trustee Unable to Appoint Committee SHELTON BROTHERS: Hires Fitzgerald Attorneys as Legal Counsel SMWS GROUP: Feb. 16 Hearing on Disclosure Statement SN TEAM: Seeks to Hire Avalon Legal Group as Special Counsel SORROEIX INC: Seeks to Hire Harris Shelton as Legal Counsel SPEEDCAST INT'L: Black Diamond May Submit Last Minute Offer STEIN MART: Asks Court to Extend Plan Exclusivity Until Jan. 18 SUMMIT VIEW: Deadline for Plan Supplement Extended to Jan. 15 SUNDER HOLDINGS: Unsec. Creditors to Recover Up to 100% in Plan SUNOCO LP: Fitch Affirms 'BB' LongTerm IDR, Outlook Positive SUPERIOR ENERGY: Hires Alvarez & Marsal as Restructuring Advisor SUPERIOR ENERGY: Hires Ernst & Young to Provide Tax Services SUPERIOR ENERGY: Seeks to Hire KPMG LLP as Auditor TAB HOLDINGS: Case Summary & 14 Unsecured Creditors THOC PA: Unsecured Creditors Will Recover 40% in Plan THOMAS FUCHS: Seeks to Tap Hoffman Larin as Legal Counsel TIMOTHY PLACE: Gets Interim OK to Hire Claims Agent TPS OLDCO: Seeks Approval to Hire RSM US as Tax Accountant TYLER LEASE: Seeks Approval to Hire Bankruptcy Attorney UM-BELLA LLC: Seeks to Hire Richard A. Perry as Legal Counsel UNIVERSITY PLACE: Two More Creditors Appointed to Committee UPLAND POINT: Unsec. Creditors to Get Disposable Income for 3 Years URSA PICEANCE: Court Approves Chapter 11 Plan After Sale VEEJ CORP: Hires Jeffrey S. Shinbrot as Legal Counsel VTES INC: Seeks Approval to Tap Stretto as Claims Agent WATSON GRINDING: January 24 Claimants Win Approval of Plan WHITING PETROLEUM: To Cut Capital Spending by 60% in 2021 WOMEN'S CARE: Moody's Assigns First Time 'B3' Corp. Family Rating WOMEN'S CARE: S&P Assigns 'B-' ICR; Outlook Stable [*] Commercial Chapter 11s Up 29% in 2020 [*] New COVID Relief Law Has Limited Bankruptcy Protections on PPP ********* 1100 CLEARVIEW: Seeks to Hire Robert L. Marrero as Counsel ---------------------------------------------------------- 1100 Clearview, LLC seeks authority from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Robert L. Marrero, LLC as its counsel. The firm's services will include: a) advise and consult with the Debtor concerning questions arising in the conduct of the administration of the estate and concerning the Debtor's rights and remedies with regard to the estate's assets, the claims of secured, preferred, and unsecured creditors and other parties in interest; b) appear for, prosecute, defend, and represent the Debtor's interests in suits arising in or related to its Chapter 11 case; c) investigate and prosecute preference and other actions arising under the Debtor's avoiding powers; d) assist in the preparation of pleadings and other documents; and e) present a plan of reorganization. The firm will be paid at hourly rates as follows: Robert Marrero, Esq. $350 Associates $150 - $250 Law Clerks $75 - $125 Paralegals $65 - $95 Robert L. Marrero is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Robert L. Marrero, Esq. Robert L. Marrero, LLC 401 Whitney Ave., Suite 126 Gretna, LA 70056 Tel: (504) 366-8025 Email: marrero1035@bellsouth.net About 1100 Clearview LLC 1100 Clearview, LLC filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 20-12053) on Dec. 15, 2020, listing under $1 million in both assets and liabilities. Robert L. Marrero, LLC represents the Debtor as counsel. 11965 SAN PABLO: Unsecureds to Have 16% Recovery in $4M Sale Plan ----------------------------------------------------------------- 11965 San Pablo, LLC., submitted a First Amended Combined Plan of Reorganization and Disclosure Statement which modifies and supersedes the Debtor's initial Combined Chapter 11 Plan of Reorganization and Disclosure Statement. The Debtor will sell the 11965 San Pablo LLC collateral by March 31, 2021, paying secured creditor the principal amount of the claim totaling $3,775,000 from the proceeds of the sale, the same amount that TMPC Services, LLC, the only secured creditor, is claiming as owed as a secured claim. The Debtor has filed a motion for approval of a sale to Outvst Accelerator LLC for a total sum of $4,000,000 in cash with no general or financing contingencies. After closing cost, payment of the priority claim of property taxes and administrative costs, the Debtor is expected to net $175,000. A pro-rata portion of $175,000 likely to result in a 16% recovery of allowed claims for general unsecured creditors. Allowed claims of general unsecured creditors in Class 2(b) will receive a pro rata share of a fund totaling $148,000, created by Debtor's receipt of $200,000 from the proposed sale of the real property less taxes and the $15,000 of professional fees projected. According to the Liquidation Analysis, unsecured claims are estimated to total $1,328,566. Creditors in class 2 may not take any collection action against Debtor so long as Debtor is not in material default under the Plan. This class is impaired and is entitled to vote on confirmation of the Plan. Most creditors (those in impaired classes) are entitled to vote on confirmation of the Plan. Completed ballots must be received by Debtor's counsel, and objections to confirmation must be filed and served, no later than Jan. 15, 2021. The court will hold a hearing on confirmation of the Plan on Feb. 5, 2021 at 11:00 a.m. A full-text copy of the First Amended Combined Plan of Reorganization and Disclosure Statement dated Jan. 5, 2021, is available at https://bit.ly/2XfwDOh from PacerMonitor.com at no charge. About 11965 San Pablo 11965 San Pablo, LLC, located at 11965 San Pablo Avenue, El Cerrito, California is a Single Asset Real Estate Debtor. 11965 San Pablo sought Chapter 11 protection (Bankr. N.D. Cal. Case No. 20-41443) on Sept. 1, 2020. In the petition signed by Jack Boyajian, manager, the Debtor was estimated to have assets and liabilities in the range of $1 million to $10 million. The case is assigned to Judge Charles Novack. The Debtor tapped Jeffrey Lewiston, Esq., as counsel. ACADIA HEALTHCARE: S&P Places 'B' ICR on CreditWatch Positive ------------------------------------------------------------- S&P Global Ratings placed all its ratings on Acadia Healthcare Co. Inc. including the issuer credit rating and all issue-level ratings, on CreditWatch with positive implications, pending the close of the sale of The Priory Group. On Dec. 30, 2020, Acadia Healthcare Co. Inc. announced that it has entered into a definitive agreement to sell its U.K. operations, operated under the name The Priory Group, to Waterland Private Equity for proceeds of approximately $1.35 billion. At transaction close, S&P would likely upgrade Acadia to 'B+' from 'B' based on its expectation that the company will use the proceeds from the sale of the business to repay debt, and it expects the reduction in leverage to be permanent. Acadia has limited volume disruption amid the pandemic, and S&P expects volume to remain near normal levels. S&P said, "Despite the escalation in COVID-19 cases, we don't expect significantly reduced volume for Acadia's services, and we expect volume to benefit from the anticipated easing of the pandemic over the next year. We expect only some disruptions in volumes in the near term from traditional referral sources, such as emergency rooms and medical professionals, as well as travel restrictions and stay-at-home orders." "We expect lower leverage and expanded EBITDA margins to offset the decline in scale and diversification." "While the sale of U.K. operations will significantly lower the company's scale and concentrate its operations in the U.S., we expect margins to increase and leverage to decline below 5x at close. We expect organic revenue growth of about 3% in 2021, mostly from bed additions at existing facilities, de novo facility additions, and maturation of previously added beds, offset by some COVID-19 impact. We expect the pace of growth, notwithstanding near-term disruption from the pandemic, to exceed our expectation of low-single-digit percentage organic growth for health care providers. We expect some margin expansion, driven by improved staffing, cost-saving initiatives, 2020 cost-management actions, and other efficiencies from facility expansions. We expect annual free operating cash flow to improve due to higher margins and lower capital expenditures, which will primarily be used to fund de novo bed expansion at new and existing facilities. This results in debt to EBITDA of below 5x in 2021 and 2022." CreditWatch S&P said, "We plan to resolve the CreditWatch when the transaction closes and the company uses the anticipated $1.35 billion in proceeds to repay debt. We expect the transaction to close in the first quarter of 2021. At close, we could raise the issuer credit rating, as well as the secured and unsecured debt ratings, one notch, notwithstanding the final impact on recovery ratings after debt repayment." AERKOMM INC: Closes US$2.4 Million Public Offering of Common Stock ------------------------------------------------------------------ Aerkomm Inc. completed on Dec. 31, 2020, an initial closing of a "best efforts" underwritten public offering of its common stock, par value $0.001 per share, in which the Company issued and sold 96,160 shares of Common Stock at a price per share of Euro 20.50, or approximately U.S.$25.00, for gross proceeds of EUR1,971,280, or US$2,403,778. The sole underwriter for the Offering was Invest Securities SA, who has entered into a sub-placement agent agreement with Yuanta Securities (Hong Kong) Company Limited. The material terms of the Offering are described in the prospectus, dated Nov. 5, 2020, filed by the Company with the Securities and Exchange Commission on Nov. 12, 2020, pursuant to Rule 424(b) under the Securities Act of 1933, as amended. The Offering is registered with the Commission pursuant to a Registration Statement on Form S-1, as amended (File No. 333-237942), initially filed by the Company on April 30, 2020 and declared effective by the Commission on Nov. 6, 2020. Although the shares offered by the prospectus were registered under the Securities Act, no shares were or will be offered, sold or delivered within the United States or to U.S. persons (as defined in Regulation S under the Securities Act), and no directed selling efforts (as defined in Regulation S) in the United States relating to the Company or the Offering will be made. The shares offered by the prospectus are only being offered, sold and delivered to non-U.S. persons (as defined in Regulation S) in offshore transactions (as defined in Regulation S) outside the United States. Additional closings of the Offering may be held from time to time until March 6, 2021, which date may be extended until April 5, 2021 and further extended for up to an additional 45 days if the over-subscription option is exercised. The Common Stock is listed on the OTC Markets Group Inc. OTCQX Best Market and on the Professional Segment of the regulated market of Euronext Paris under the symbol "AKOM." With respect to the Offering, the Company entered into a "best efforts" underwriting agreement with Invest Securities SA. The Underwriting Agreement provides for the offer and sale of up to 1,951,219 shares of Common Stock on a best efforts basis, at the public offering price of EUR20.50 per share, less underwriting commissions. Under the terms of the Underwriting Agreement, the underwriter is not required to sell any specific number of shares in the Offering and is under no obligation to purchase any shares in the Offering for its own account. The Company has granted the Underwriter the option for a period of 45 days to purchase up to an additional 15% of the total number of shares of Common Stock to be offered by the Company in the Offering at the public offering price, less underwriting commissions, solely to cover over-subscriptions, if any. The Underwriting Agreement contains customary representations and warranties, agreements and obligations, closing conditions and termination provisions. The Company has agreed to indemnify the Underwriter against certain liabilities and to contribute to payments the Underwriter may be required to make because of any of those liabilities. About Aerkomm Headquartered in Nevada, USA, Aerkomm Inc. -- http://www.aerkomm.com-- is a full-service development stage provider of in-flight entertainment & connectivity (IFEC) solutions, intended to provide airline passengers with a broadband in-flight experience that encompasses a wide range of service options. Those options include Wi-Fi, cellular, movies, gaming, live TV, and music. The Company plans to offer these core services, which it is currently still developing, through both built-in in-flight entertainment systems, such as a seat-back display, as well as on passengers' own personal devices. Aerkomm recorded a net loss of $7.98 million for the year ended Dec. 21, 2019, compared to a net loss of $8.15 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $48.87 million in total assets, $9.04 million in total liabilities, and $39.82 million in total stockholders' equity. AGD SYSTEMS: Seeks March 22 Plan Exclusivity Extension ------------------------------------------------------ Debtor AGD Systems Corporation, asks the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to extend by 60 days the Debtor's exclusive period to file a plan of reorganization and to solicit acceptances to March 22, 2021 and May 21, 2021, respectively. The Debtor is a party to an adversary proceeding styled AGD SYSTEMS CORP, CASE Plaintiffs, vs. TEMPUS APPLIED SOLUTIONS, LLC, et al., Adv. Proc. NO: 20-01352-MAM, the outcome of which will inform the plan terms. Discovery is currently pending. The Debtor believes that their request for extension is reasonable, given the Debtor's progress to date. The Debtor said it is not seeking the extension to delay the administration of the case and does not believe that any creditors or parties in interest will be prejudiced by the requested extension. A copy of the Debtor's Motion to extend is available from PacerMonitor.com at https://bit.ly/38l3tnc at no extra charge. About AGD Systems Corp. AGD Systems Corporation is a registered U.S. Defense contractor that provides services such as aircraft modernization, acquisition, training, logistics, and sustainment. AGD Systems Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-18695) on August 12, 2020. AGD Systems President Mark Daniels signed the petition. At the time of the filing, the Debtor disclosed estimated assets of $1 million to $10 million and estimated liabilities of $500,000 to $1 million. Judge Erik P. Kimball oversees the case. Brian K. McMahon, P.A. is the Debtor's legal counsel, and also Kelley Fulton & Kaplan, P.L., as counsel. AGEMY FAMILY: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Agemy Family Corporation, according to court dockets. About Agemy Family Corporation Agemy Family Corporation, a company that operates in the laundry facilities and dry cleaning services industry, sought Chapter 11 protection (Bankr. M.D. Fla. Case No. 20-08608) on Nov. 22, 2020, estimating at least $100,000 to $500,000 in assets and less than $1 million to $10 million in liabilities. Agemy Family President Allie Hassan Agemy signed the petition. Judge Roberta A. Colton oversees the case. David W. Steen, P.A. is the Debtor's legal counsel. ALGY TRIMMINGS: Gets Interim OK to Hire Gamberg & Abrams as Counsel ------------------------------------------------------------------- Algy Trimmings Co., Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Gamberg & Abrams as its bankruptcy counsel. The firm's services will include: (a) advising the Debtor regarding its powers and duties in the continued management and operation of its business and properties; (b) attending meetings and negotiating with representatives of creditors and other parties; (c) advising the Debtor on matters relating to the evaluation of the assumption, rejection or assignment of unexpired leases and executory contracts; (d) advising the Debtor regarding legal issues arising in or relating to its ordinary course of business; (e) taking all necessary action to protect and preserve the Debtor's estates, including the prosecution of actions on its behalf, the defense of any actions commenced against the estate, negotiations concerning all litigation in which the Debtor may be involved and objections to claims filed against the estate; (f) preparing legal papers; (g) negotiating and preparing a plan of reorganization, disclosure statement and all related documents, and taking any necessary action to obtain confirmation of such plan; (h) attending meetings with third parties and participating in negotiations; and (i) court appearances. Gamberg & Abrams will be paid based upon its normal and usual hourly rates and will be reimbursed for out-of-pocket expenses incurred. The Debtor paid Gamberg & Abrams the amount of $22,000 on Dec. 9, 2020. After deducting fees and expenses, the remaining balance of $3,133 is held in the firm's trust account. Thomas Abrams, Esq., a partner at Gamberg & Abrams, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Gamberg & Abrams can be reached at: Thomas L. Abrams, Esq. Gamberg & Abrams 633 S. Andrews Av., Suite 500 Fort Lauderdale, FL 33301 Tel: (954) 523-0900 Email: tabrams@tabramslaw.com About Algy Trimmings Co. Inc. Algy Trimmings Co., Inc. -- https://www.algyteam.com -- manufactures guard uniforms, winter guard uniforms, dance team uniforms, drill team uniforms, majorette, cheer, campwear and warm-ups. Algy Trimmings Co., Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-23791) on Dec. 18, 2020. The petition was signed by Susan Gordon, president. At the time of the filing, the Debtor disclosed $382,483 in assets and $2,494,623 in liabilities. Thomas L. Abrams, Esq., at Gamberg & Abrams, represents the Debtor as counsel. AMC ENTERTAINMENT: Mulls European Debt Agreement to Raise Liquidity ------------------------------------------------------------------- Katherine Doherty and Antonio Vanuzzo of Bloomberg News report that AMC Entertainment Holdings Inc. is in talks to raise new money backed by its European cinemas to help it avert bankruptcy and stay operating during the pandemic. The world's largest movie theater chain is having discussions for new financing including a potential GBP400 million ($544 million) package offered by first-lien lenders. It's planning to use its U.K.-based Odeon Cinemas Group unit as collateral, according to people with knowledge of the talks. A lender group, including Apollo Global Management, Davidson Kempner Capital Management and Ares Management Corp., is contemplating increasing a debt facility tied to Odeon. About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hot dogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. AMC operates over 900 theatres with 10,000 screens globally, including over 661 theatres with 8,200 screens in the United States and over 244 theatres with approximately 2,200 screens in Europe. The Company's subsidiary also includes Carmike Cinemas, Inc. AMC was forced to close its shutter its theaters when the Covid-19 pandemic struck in March 2020. It has reopened its theaters but admissions have been substantially low. The world's biggest theater chain said in an October 2020 filing that liquidity will be largely depleted by the end of this year or early next year if attendance doesn't pick up, and it's exploring actions that include asset sales and joint ventures. AMERICAN PURCHASING: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------------- The U.S. Trustee for Region 21 on Jan. 5 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of American Purchasing Services, LLC. The committee members are: 1. Jeff Mittman, President Bosma Enterprises, Inc. d/b/a Bosma Enterprises for the Blind 6270 Corporate Dr. Indianapolis, IN 46278 Tel: 317-684-0600 E-mail: jeffm@bosma.org 2. Janine Karwacki, Manager Boston Scientific Corporation 300 Boston Scientific Way Marlborough, MA 01752 Tel: 508-382-0252 E-mail: janine.karwacki@bsci.com 3. John Carley, President Trinet Internet Solutions, Inc. 108 Discovery Irvine, CA 92618 Tel: 949-442-8900 Fax: 949-442-8905 E-mail: john@trinetcom.com 4. Terry E. Smith, President JLS Medical 6610 Mimosa Lane Dallas, TX 75230 Tel: 479-221-8819 Fax: 214-960-4328 E-mail: terry.smith@jlsmedical.com 5. Thomas W. Piatak, CEO Magellan Transport Logistics, Inc. 8505 Baycenter Road Jacksonville, FL 32256 Tel: 904-620-0311 E-mail: tpiatak@magtl.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 American Purchasing Services American Purchasing Services, LLC, which conducts business under the name American Medical Depot, is a distributor of medical, surgical, dental and laboratory supplies and equipment. It is owned 100% by American Medical Depot Holdings, LLC. American Purchasing Services and its affiliates, including DVSS Acquisition Company, LLC, AMD Pennsylvania, LLC and American Medical Depot Holdings, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 20-23495) on Dec. 11, 2020. At the time of the filing, the Debtors had estimated assets of between $10 million and $50 million and liabilities of between $50 million and $100 million. Judge Scott M. Grossman presides over the cases. The Debtors tapped Berger Singerman LLP as their legal counsel, CR3 Partners LLC as restructuring advisor, and Prime Clerk LLC as notice and claims agent. AMERICAN ZINC: Asks Court to Approve $14.75 Million Settlement -------------------------------------------------------------- Law360 reports that investors in American Zinc urged a Delaware federal judge to approve a $14.75 million settlement ending claims that the company executives' misrepresentations about a recycling plant inflated its stock price. Investors on Tuesday, Jan. 5, 2020, asked the court for preliminary approval of the proposed settlement deal, saying the four-and-a-half-year litigation had been hard fought and the settlement amount provided a significant return to investors. The investor group is led by Dyson Capital Management Ltd. and Raymond Cook, and Ross O. Swimmer is acting as an additional plaintiff in the suit. The request was unopposed by the executives. About American Zinc Recycling Horsehead Holding Corp., n/k/a American Zinc Recycling LLC, is the parent company of Horsehead Corporation, a U.S. producer of specialty zinc and zinc-based products and a recycler of electric arc furnace dust; The International Metals Reclamation Company, LLC, a recycler of metals-bearing wastes and a leading processor of nickel-cadmium (NiCd) batteries in North America; and Zochem Inc., a zinc oxide producer located in Brampton, Ontario. Horsehead, headquartered in Pittsburgh, Pa., has seven facilities throughout the U.S. and Canada. The Debtors currently employ approximately 730 full-time individuals. Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal Products, LLC, The International Metals Reclamation Company, LLC, and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016. The petition was signed by Robert D. Scherich as vice president and CFO. The Debtors disclosed total assets of $1 billion and total liabilities of $544.6 million. As of the Petition Date, the Debtors' consolidated long-term debt obligations totaled $420.7 million. Judge Christopher S. Sontchi is assigned to the case. The Debtors have engaged Kirkland & Ellis LLP as general counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management Advisors, LLC, as financial advisor, Lazard Middle Market LLC as investment banker, Epiq Bankruptcy Solutions, LLC, as claims and noticing agent and Aird & Berlis LLP as Canadian counsel. Andrew Vara, acting U.S. trustee for Region 3, appointed seven creditors of Horsehead Holding Corp. to serve on the official committee of unsecured creditors. Lowenstein Sandler LLP serves as counsel to the Committee, while Drinker Biddle & Reath LLP serves as co-counsel. The Unsecured Creditors Committee is represented by Kenneth A. Rosen, Esq., Bruce Buechler, Esq., and Philip J. Gross, Esq., at Lowenstein Sandler LLP. The U.S. Trustee's office appointed Aquamarine Capital and six others to serve on Horsehead Holding Corp.'s committee of equity security holders. The Equity Committee tapped Nastasi Partners as its bankruptcy co-counsel; Richards, Layton & Finger P.A. as its co-counsel; and SSG Capital Advisors, LLC as its financial advisor. ARCHDIOCESE OF SANTA FE: Seeks Approval to Hire Real Estate Broker ------------------------------------------------------------------ The Roman Catholic Church of the Archdiocese of Santa Fe seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to hire Wendy Mileta of Realty One of Santa Fe as real estate broker. The broker will provide services in connection with the sale of the Debtor's properties located at 336 & 344 South Second St. and 401 South Fourth St., Raton, N.M. The Debtor will pay the broker a 6 percent commission on the sales price of the properties. If the Debtor removes the property from the market prior to the listing expiration date, the broker will receive $500 for the properties at 336 & 344 South Second St., and $100 for the properties at 401 South Fourth St., Raton, N.M. Ms. Mileta disclosed in court filings that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The broker can be reached at: Wendy Mileta Realty One of Santa Fe 1400, 2nd St. Raton, NM 87740 Tel: 575-707-1662 Email: wendymileta@yahoo.com About the Archdiocese of Santa Fe The Roman Catholic Church of the Archdiocese of Santa Fe -- https://www.archdiosf.org/ -- is an ecclesiastical territory or diocese of the southwestern region of the United States in the state of New Mexico. At present, the Archdiocese of Santa Fe covers an area of 61,142 square miles. There are 93 parish seats and 226 active missions throughout this area. The Archdiocese of Santa Fe sought Chapter 11 protection (Bankr. D.N.M. Case No. 18-13027) on Dec. 3, 2018, to deal with child abuse claims. It reported total assets of $49,184,579 and total liabilities of $3,700,000 as of the bankruptcy filing. Judge David T. Thuma oversees the case. The archdiocese tapped Elsaesser Anderson, Chtd. and Walker & Associates, P.C., as bankruptcy counsel, Stelzner, Winter, Warburton, Flores, Sanchez & Dawes, P.A as special counsel, and REDW LLC as accountant. ASAIG LLC: Hires Donlin Recano as Claims Agent ---------------------------------------------- ASAIG, LLC seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas to hire Donlin, Recano & Company, Inc. as its claims and noticing agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Debtor's Chapter 11 case. Donlin will be paid at these hourly rates: Executive Management No charge Senior Bankruptcy Consultant $175 to $205 Case Manager $160 to $175 Consultant/Analyst $130 to $155 Technology/Programming Consultant $95 to $120 Clerical $35 to $45 Donlin will also be reimbursed for out-of-pocket expenses incurred. Nellwyn Voorhies, executive director of Donlin Recano, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Donlin can be reached at: Nellwyn Voorhies Donlin, Recano & Company, Inc. 6201 15th Avenue Brooklyn, NY 11219 Toll Free Tel: (800) 591-8236 About ASAIG LLC ASAIG, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 20-35600) on Nov. 17, 2020. The petition was signed by A. Kelly Williams, manager. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Judge Marvin Isgur oversees the case. Matthew Okin, Esq., at Okin Adams LLP, represents the Debtor as counsel. ASAIG LLC: Seeks to Hire Carl Marks Advisory, Appoint CRO --------------------------------------------------------- ASAIG, LLC seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas to hire Carl Marks Advisory Group LLC as its financial advisor and appoint Brian Williams, a partner at the firm, as its chief restructuring officer. The CRO is expected to perform these services: a) serving as independent manager and the sole responsible officer for the Debtor; b) negotiating the terms of any debtor-in-possession financing or agreement regarding the use of cash collateral on behalf of the Debtor; c) investigating and preparing the Debtor's go-forward business and restructuring strategies; d) directing and conferring with all retained estate professionals, including the Debtor's legal counsel, investment banker, and the financial advisor; e) reviewing and approving any and all payments or transfers by or for the benefit of Debtor to ensure compliance with the Bankruptcy Code and applicable orders of the court; f) negotiating bidding procedures and agreeing to the terms of any proposed sale of the Debtor's assets; g) formulating and prosecuting of any plan of reorganization or liquidation for the Debtor; and h) taking any and all other actions that are necessary or appropriate to manage and operate the Debtor without the requirement for any approval of the Debtor's managers or equity interest holders. The services that the financial advisor will render are: a) reviewing the Debtor's current financial condition and related financial projections along with their underlying assumptions to determine the viability of the Debtor and the liquidity requirements related thereto; b) preparing financial information for distribution to the Debtor's constituents, including, without limitation, cash flow projections and budgets, cash receipts and disbursement analysis, analysis of various asset and liability accounts, and analysis of proposed transactions for which court approval is sought; c) reviewing, analyzing and developing cash flow forecasts and liquidity budgets to help manage cash and monitor DIP financing in accordance with the court's interim DIP order, any final DIP order entered by the court, and the Debtor's reporting obligations related thereto; d) preparing the Debtor's schedules and statements of financial affairs; e) classifying claims against the Debtor, including priority, administrative, and general unsecured claims, including reconciliations, confirmation of balances, and initial dispute resolution; f) supporting U.S. Trustee information requests and preparing monthly operating reports as required; g) dealing with statutory committee requirements, and handling all requests for financial information from any statutory committee appointed in the Chapter 11 Cases; h) analyzing executory contracts and unexpired leases and finalizing any contract assumption and/or rejection schedules; and i) performing other tasks and duties reasonably related to the Engagement Letter and reasonably acceptable to Carl Marks. The Debtor has agreed to pay Carl Marks as follows: a) Fixed Monthly Fee. The Debtor shall pay Carl Marks a fixed monthly fee at the following rates: (i) $175,000 for the first three monthly periods of the engagement, followed by (ii) $125,000 for each monthly period thereafter. The Debtor shall pay Carl Marks such monthly fee in advance, via wire transfer, beginning upon execution of the engagement letter and at the beginning of each monthly period thereafter in which advisory services are to be provided. b) Expenses. Carl Marks shall be entitled to reimbursement for all reasonable out-of-pocket expenses incurred by it in the performance of its duties. Mr. Williams disclosed in court filings that the firm and its professionals neither hold nor represent any interests adverse to the Debtor's estate. The firm can be reached through: Brian A. Williams Carl Marks Advisory Group LLC 900 Third Avenue New York, NY 10022 Telephone: (212) 909-8400 Email: mpfefferle@carlmarks.com About ASAIG LLC ASAIG, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 20-35600) on Nov. 17, 2020. The petition was signed by A. Kelly Williams, manager. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Judge Marvin Isgur oversees the case. Matthew Okin, Esq., at Okin Adams LLP, represents the Debtor as counsel. BLUE DOLPHIN: Four Proposals Passed at Annual Meeting ----------------------------------------------------- Blue Dolphin Energy Company held its Annual Meeting of Stockholders virtually on Dec. 31, 2020, at which the stockholders: (1) elected Jonathan P. Carroll, Amitav Misra, Christopher T. Morris, Ryan A. Bailey, and Herbert N. Whitney as directors; (2) ratified the selection of UHY LLP as Blue Dolphin's independent public accounting firm for the fiscal year ending Dec. 31, 2020; (3) approved, on an advisory basis, a non-binding vote on executive compensation; and (4) approved, on an advisory basis, a triennial frequency of Say On Pay votes. About Blue Dolphin Headquartered in Houston, Texas, Blue Dolphin -- http://www.blue-dolphin-energy.com-- is an independent downstream energy company operating in the Gulf Coast region of the United States. The Company's subsidiaries operate a light sweet-crude, 15,000-bpd crude distillation tower with approximately 1.2 million bbls of petroleum storage tank capacity in Nixon, Texas. Blue Dolphin was formed in 1986 as a Delaware corporation and is traded on the OTCQX under the ticker symbol "BDCO". As of Sept. 30, 2020, the Company had $67.65 million in total assets, $76.21 million in total liabilities, and a total stockholders' deficit of $8.56 million. UHY LLP, in Sterling Heights, Michigan, the Company's auditor since 2002, issued a "going concern" qualification in its report dated March 30, 2020, citing that the Company is in default under secured and related party loan agreements and has a net working capital deficiency. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CAPITAL TRUCK: Hires Bruner Wright as Legal Counsel --------------------------------------------------- Capital Truck, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Bruner Wright, P.A. to investigate and pursue possible avoidance actions and any other claims. Fees related to the pursuit of avoidance actions or other claims against non-debtor third parties will be charged on a contingency fee basis at the rate of 40 percent of funds or assets collected on behalf of the Debtor's estate whether by judgment, award, settlement, or the like following approval of Bruner Wright's employment. Bruner Wright has no connection with the Debtor, the creditors or any other party in interest, according to court filings. The firm can be reached through: Robert C. Bruner, Esq. Byron Wright III, Esq. Bruner Wright, P.A. 2810 Remington Green Circle Tallahassee, FL 32308 Office: (850) 385-0342 Fax: (850) 270-2441 Email: rbruner@brunerwright.com twright@brunerwright.com About Capital Truck Capital Truck, Inc., a company based in Tallahassee, Fla., filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 20-40287) on July 14, 2020. Capital Truck President Mark Thomas signed the petition. At the time of the filing, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Bruner Wright, P.A. is the Debtor's bankruptcy counsel. CBL & ASSOCIATES: Enters Mediation With Wells Fargo Over $1.1B Loan ------------------------------------------------------------------- Mike Pare of Chattanooga Times Free Press reports that mall owner CBL & Associates Properties Inc., which filed for bankruptcy protection last 2020, has agreed to try to mediate a dispute with a bank involving $1.1 billion in loans to the company. Chattanooga-based CBL on Thursday, January 7, 2021, was to have held a pre-mediation conference with Wells Fargo Bank, National Association, and will later hold more talks and potentially avoid a trial that was slated to begin next week. CBL, one of the nation's biggest mall owners, has alleged Wells Fargo, acting as the agent for some of its lenders, forced the company to file for bankruptcy on an accelerated timeline last November 2020 and that the bank improperly contended that CBL defaulted on its debt. CBL has said in court papers that Wells Fargo tried to exercise control over some of the operator's properties, including Northgate Mall in Hixson. Some 22 CBL properties were used as collateral to a credit line the lenders extended to CBL in early 2019. CBL said Wells Fargo late last year sent almost 400 letters to over 200 tenants at the properties, directing them to begin paying rent to Wells Fargo rather than to CBL. "Wells Fargo's unlawful conduct has created chaos and confusion for CBL's tenants and forced CBL to file for bankruptcy on an accelerated timeline and threatens to jeopardize the success" of the company's Chapter 11 reorganization, the complaint said. But Wells Fargo in court papers has denied any wrongdoing. CBL has said it's taking the rents and segregating them until the dispute is heard by the court. U.S. Bankruptcy Court Judge David R. Jones said this week in an order that CBL, Wells Fargo, and other parties "agree that mediation may be an efficient and effective mechanism to consensually resolve all issues relating to these Chapter 11 cases." The judge said that another Bankruptcy Court judge for the Southern District of Texas, Marvin Isgur, will serve as mediator. The order said that the non-binding mediation shall terminate when determined by Judge Isgur or on Jan. 21, unless the parties agree to an extension. "Judge Isgur has absolute discretion as to the timing and means and methods of any mediation," the order said. CBL filed for bankruptcy protection after the company was battered by the coronavirus pandemic along with the shift by many shoppers to online retailers. Still, the longtime company said its centers would remain open and "business as usual" as it reworks its massive debt load in bankruptcy court. Court papers said the company has $2.58 billion in total debts. In Chattanooga, the company operates Hamilton Place and Northgate malls along with nearby shopping centers. CBL's portfolio includes 107 properties totaling 66.7 million square feet in 26 states. CBL has said it hopes to exit Chapter 11 as soon as possible in 2021. CBL Chief Executive Officer Stephen Lebovitz said last month that the company sees more leasing to unique users this year. Lebovitz said CBL has seen a pickup in some sectors which have done well in the pandemic such as furniture, food-related companies, wholesale clubs and supermarkets. "We've had a lot interest in former anchor locations for those kind of uses, including home-related categories," he said. About CBL & Associates CBL & Associates Properties, Inc. -- http://www.cblproperties.com/ -- is a self-managed, self-administered, fully integrated real estate investment trust (REIT) that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, open-air and mixed-use centers, outlet centers, associated centers, community centers, and office properties. CBL's portfolio is comprised of 107 properties totaling 66.7 million square feet across 26 states, including 65 high-quality enclosed, outlet and open-air retail centers and 8 properties managed for third parties. It seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. CBL, CBL & Associates Limited Partnership and certain other related entities filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in Houston, Texas, on Nov. 1, 2020 (Bankr. S.D. Tex. Lead Case No. 20-35226). The Debtors have tapped Weil, Gotshal & Manges LLP as their legal counsel, Moelis & Company as restructuring advisor and Berkeley Research Group, LLC as financial advisor. Epiq Corporate Restructuring, LLC, is the claims agent. CIGAR BROTHERS: Proposed Sale of Personal Properties Approved ------------------------------------------------------------- Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the Middle District of Florida authorized Cigar Brothers, LLC's sale of the following personal properties for a minimum of the sums shown (Exhibit A): Item Quantity Price Total Ice Bin 2 $597 $1,194 Drainboard 1 $201 $201 Bottle Display 2 $336 $672 Speed Rail 2 $70.80 $141.60 Wine Cooler 1 $2,867.70 $2,867.70 Back Bar 2 $1,398 $2,796 Draft Beer Cooler 1 $1,797 $1,797 Camera System 10 1 $1,609.36 $1,609.36 Cocktail Tables 7 $85 $595 Bar Stool 40 $75 $3,000 Smoking Chair 28 $75 $2,100 T.V.s 10 $100 $1,000 Ventalation System 6 $2,000 $12,000 Portable Bar 1 $250 $250 High Top Bar Tables 9 $30 $270 A hearing on the Motion was held on Dec. 29, 2020. The sale is free and clear of liens, with all liens attaching to the proceeds of sale. The Debtor will hold the proceeds of sale for pro rata distribution in accordance with a Liquidating Chapter 11 Plan to be filed with the Court. The counsel for the Debtor, David W. Steen, Esq., is directed to provide expedited service of the Order on interested parties who do not receive service by CM/ECF and file a proof of service within three days of entry of the Order. A copy of the Exhibit A is available at https://bit.ly/3hMuK4U from PacerMonitor.com free of charge. About Cigar Brothers Cigar Brothers, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 20-05599) on July 23, 2020, disclosing under $1 million in both assets and liabilities. Judge Catherine Peek Mcewen oversees the case. The Debtor is represented by David W. Steen, P.A. CNC PUMA: Seeks to Hire J. Luke Hendrix as Bankruptcy Counsel ------------------------------------------------------------- CNC Puma Corporation Inc. seeks authority from the U.S. Bankruptcy Court for the Central District of California to hire the Law Offices of J. Luke Hendrix as its bankruptcy counsel. The firm's services will include: a. advising the Debtor regarding matters of bankruptcy law; b. assisting the Debtor with the requirements of the Office of the United States Trustee; c. assisting the Debtor in the administration of the estate's assets and liabilities; d. representing the Debtor at the initial debtor interview and 341 meetings of creditor; e. representing the Debtor on any cash collateral motions or other first day motions; f. preparing the Chapter 11 plan and supporting documents; g. responding to any objections to plan confirmation and preparing an amended plan prior to confirmation; h. advising the Debtor regarding creditor claims and represent the Debtor on any objections to creditor claims; i. appearing at all hearings on behalf of the Debtor; and j. representing the Debtor in all other matters. J. Luke Hendrix, Esq., principal at the firm, will charge $300 per hour for his services. The firm received $14, 717 from the Debtor for its pre-bankruptcy services. Mr. Hendrix disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: J. Luke Hendrix, Esq. Law Offices of J. Luke Hendrix 28693 Old Town Front St Suite 400-D Temecula, CA 92590 Tel: (951) 221-3721 Email: luke@jlhlawoffices.com About CNC Puma Corporation Inc. CNC Puma Corporation Inc. -- https://www.thebankoldtown.com -- owns and operates bar and restaurants specializing in Mexican cuisine. CNC Puma Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-17551) on Nov. 19, 2020. Ryan Parent, chief financial officer and secretary, signed the petition. At the time of filing, the Debtor disclosed $250,128 in assets and $1,134,882 in liabilities. The Law Offices of J. Luke Hendrix represents the Debtor as counsel. COMCAR INDUSTRIES: Seeks Approval to Hire Receivables Control Corp. ------------------------------------------------------------------- Comcar Industries, Inc. and its affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to hire Receivables Control Corporation as their accounts receivable management agent. The Debtors require the agent to: a. Post cash daily, provide account by account reconciliation, and refund cash received that does not belong to the Debtors; b. Provide daily lock box reports in order to post cash and reconcile any funds received by the Debtors; c. Contact and demand payment for all of the Debtors' outstanding accounts receivable; d. Provide receivables documentation to all customers r Debtors on any accounts where it is requested, including invoices and contract copies; e. Provide detailed reporting as to the condition of the receivable, and provide recovery projections for the entire portfolio; f. Assist with the commencement of legal action to recover accounts receivable; g. Accept payments and endorse checks, notes or money orders for deposit in a trust account held by the agent, which shall be a separate account set up only to hold the Debtors' collected accounts receivable; and h. Remit the net proceeds held in the trust account to the Debtors on the first week of each month following the collection of accounts receivable. The agent will be compensated as follows: -- a contingency fee of 15 percent on all amounts collected without attorney intervention; -- Collections through attorney intervention: Total Dollars Collected Per Account ($U.S.) Contingency Rates $0 - $24,999.99 40 percent $25,000 and over 30 percent -- Foreign Accounts Receivable: Account collected without attorney intervention 33 1/3 percent Account referred to attorneys negotiable Receivables Control Corporation is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The agent can be reached through: Derek Vidor Receivables Control Corporation 7373 Kirkwood Court Suite #200 Maple Grove, MN 55369 Phone: 763-315-9600 About Comcar Industries Comcar Industries is a transportation and logistics company headquartered in Auburndale, Fla., with over 40 strategically-located terminal and satellite locations across the United States. For more information, visit https://comcar.com/ On May 17, 2020, Comcar Industries and related entities sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-11120). In the petitions signed by CRO Andrew Hinkelman, Comcar Industries was estimated to have $50 million to $100 million in assets and liabilities as of the bankruptcy filing. The Hon. Laurie Selber Silverstein is the presiding judge. The Debtors tapped DLA Piper LLP (US) as counsel, FTI Consulting, Inc. as financial advisor; and Bluejay Advisors, LLC as investment banker. Donlin Recano & Company, Inc. is the claims agent. CRACK'D EGG: Judge Dubious on Use of Ch. 11 Stay to Fight Mask Rule ------------------------------------------------------------------- Matthew Santoni of Law360 reports that a Pennsylvania federal judge questioned Tuesday, Jan. 5, 2021, whether a Pittsburgh-area restaurant was prematurely challenging the legality of Pennsylvania Gov. Tom Wolf's pandemic control measures in bankruptcy court as a way to avoid the Allegheny County Health Department's lawsuit seeking to shut the diner down for ignoring those orders. U.S. Bankruptcy Judge Jeffery A. Deller said it did not appear on its face that the health department was exceeding its powers to enforce regulations and public health orders when it sought to close The Crack'd Egg for the restaurant's failure to follow state-issued mask requirements or occupancy limits, though he did not immediately rule on the county's request to lift the stay on litigation that came down when parent company The Cracked Egg LLC filed for Chapter 11 in early October 2020. James R. Cooney of Robert O. Lampl Law Office, representing the restaurant, claimed via videoconference that the county lawsuit, filed about two weeks before the bankruptcy, was not exempt from the bankruptcy stay because the mask mandate and occupancy limit the county sought to enforce were not legal or binding. "Isn't that putting the cart before the horse?" Judge Deller asked. "That is really a defense to whether a violation can be enforced, not whether the government agency is looking to implement its police and enforcement power." Attorneys for the Allegheny County Health Department argued that the stay on their case should be lifted because government enforcement actions are exempt from the automatic halt on litigation that comes with a bankruptcy filing, saying the case should be remanded to state court because it only involved whether the county could enforce the state mandate. But Cooney countered that the statewide orders from Wolf and Pennsylvania Secretary of Health Rachel Levine requiring public mask use and limiting indoor dining were unenforceable since they lacked the authority of law that could only come from the state legislature. "We would agree [with the court] if there were valid regulations. The governor's declarations are rulings by executive fiat," he told the judge. "It is for the court of first instance to determine the validity of the law, and that is this court." Allegheny County had sued the restaurant in September for allegedly letting employees and patrons in without masks amid the pandemic and for ignoring the occupancy limit intended to maintain safe distances between customers. The Cracked Egg filed a countersuit in federal court challenging the state mandates and tried to remove the county suit to federal court as well. Shortly after the federal court remanded the county's lawsuit back to state court, The Cracked Egg filed for bankruptcy, which had the effect of halting the suit seeking its closure and letting it continue to operate during its reorganization. The restaurant's social media pages shared posts against virus mitigation measures and showed events being held in defiance of the county's order and a recently-expired statewide shutdown of indoor dining. Judge Deller gave a brief, preemptive rebuke to any attempts to deny the seriousness of the pandemic, noting the number of cases and deaths nationwide and the effect it had on businesses. "It is real all the way around," he said. Cooney replied that while the pandemic was real, it should be up to the county to prove the efficacy of the mask orders and social distancing measures it sought to enforce. "The county has the burden to prove that mitigation orders have any effect," he said. "They need proof that masks control the spread of disease, or that 50% occupancy controls the spread of disease, and they have not done that." Vijya Patel, representing Allegheny County, said Pennsylvania's Disease Control Law gives the health department the power to regulate businesses that affect the public health, and even if there wasn't a statewide mask order, the county could still use the law to shut down the restaurant if its practices posed a significant risk of spreading COVID-19. "The department's action is an exercise of its regulatory power to protect the public's health and safety," she said. "Even if The Cracked Egg takes issue with the validity of the underlying order, it has no bearing on whether the stay can be lifted." Any arguments about the validity of the state orders should be heard by the state court when it takes up the county's complaint, which it couldn't while the stay was in effect and the case was removed to bankruptcy court, Patel said. Though the county argued that the enforcement lawsuit wasn't "related to" the bankruptcy, Judge Deller noted that if successful, the county's request to shut down the restaurant would undoubtedly affect its ability to earn income to support its Chapter 11 plan. Patel countered that a shutdown would be "temporary" if the restaurant complied with the rules and received the county's permission to reopen — it could even go from 25% occupancy to 50% if it had the right safety plans. Both sides noted that the restaurant was currently operating at full capacity "at its own risk." Judge Deller took the arguments under advisement Tuesday and said he would issue a ruling "shortly." The Allegheny County Health Department is represented in-house by Michael A. Parker and Vijya Patel, and Frances Liebenguth of the Allegheny County Law Department. About Crack'd Egg Crack'd Egg is family owned and operated culinary driven gourmet eatery in Brentwood that serves breakfast and lunch. The Cracked Egg LLC filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 20-22889) on Oct. 9, 2020. In the petition signed by Kimberly Waigand, the owner, the Company was estimated to have less than$50,000 in assets and $100,000 to $500,000 in liabilities as of the filing. The Cracked Egg LLC is represented by James R. Cooney, Robert O. Lampl, Sy O. Lampl, Alexander L. Holmquist and Ryan J. Cooney of Robert O. Lampl Law Office. CRED INC: Borrower Seeks to Sue 3rd Parties to Recover Losses ------------------------------------------------------------- Law360 reports that the creditor of cryptocurrency investment platform Cred Inc. Wednesday, January 6, 2021, asked a Delaware bankruptcy judge for permission to go after third parties to recover millions of dollars it says it lost when Cred was unable to return bitcoins it had accepted as collateral for a loan. Over the course of a six-hour remote hearing, cryptocurrency miner UpgradeYa told the court it never surrendered its property rights to the now-unaccounted for bitcoins and should be allowed to pursue third parties possibility involved in their loss, while Cred and its unsecured creditors committee claimed the cryptocurrency was estate property. About Cred Inc. Cred Inc. is a cryptocurrency platform that accepts loans of cryptocurrency from non-U.S. persons and pays interest on those loans. Cred -- https://mycred.io/ -- is a global financial services platform serving customers in over 100 countries. Cred is a licensed lender and allows some borrowers to earn a yield on cryptocurrency pledged as collateral. Cred Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-12836) on Nov. 7, 2020. Cred was estimated to have assets of $50 million to $100 million and liabilities of $100 million to $500 million as of the bankruptcy filing. The Debtors tapped Paul Hastings LLP as their bankruptcy counsel, Cousins Law LLC as local counsel, and MACCO Restructuring Group, LLC as financial advisor. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Dec. 3, 2020. McDermott Will & Emery LLLP is the Committee's counsel. DANCEL LLC: Court Sets Feb. 11 Plan Confirmation Hearing -------------------------------------------------------- Judge Scott H. Gan has entered an order approving the Final Disclosure Statement of Dancel, LLC, and setting a hearing to consider confirmation of the Debtor's Plan. The Court will consider whether to confirm the Plan at a hearing on Feb. 11, 2021 at 2:00 p.m. Interested parties are to appear via http://www.zoomgov.com. The hearing ID is 160 335 5056 and the passcode is 095394. Objections to confirmation of the Plan must be filed and served by February 2, 2021. Any creditor desiring to vote for or against confirmation of the Plan must complete and sign a ballot. To be timely, a completed ballot must be delivered to the Proponent at the address listed in paragraph 3 above by Feb. 4, 2021 (which is at least five business days prior to the Confirmation Hearing). About Dancel L.L.C. Dancel, L.L.C., operates Jack in the Box restaurants with multiple locations in Bernalillo County, N.M. Dancel filed a voluntary Chapter 11 petition (Bankr. D. Ariz. Case No. 19-10446) on Aug. 20, 2019. In the petition signed by Laura Olguin, manager, the Debtor was estimated to have $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The case is assigned to Judge Scott H. Gan. Charles R. Hyde, Esq., at The Law Offices of C.R. Hyde, PLC, serves as the Debtor's counsel. DIOCESE OF BUFFALO: Hires Lippes Mathias as Litigation Counsel -------------------------------------------------------------- The Diocese of Buffalo, New York seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ Lippes Mathias Wexler Friedman LLP as special litigation counsel. Lippes Mathias is anticipated to render these professional services: (a) represent Bishop Richard Malone and Auxiliary Bishop Edward Grosz in the lawsuit captioned as The People of the State of New York, by Letitia James, Attorney General of the State of New York v. Diocese of Buffalo et al. in the Supreme Court of the State of New York, County of New York, Index No. 452354/2020; and (b) advise Bishop Malone and Auxiliary Bishop Grosz in connection with the lawsuit. The hourly rates of Lippes Mathias' principal lawyers expected to work on this matter are: Partners $325 Associates $140 - $310 In addition, Lippes Mathias will seek reimbursement for out-of-pocket expenses incurred in connection with this representation. Lippes Mathias has agreed to discount the primary partner's standard hourly rates by 35 percent for this matter, in recognition of the Diocese's religious mission. Dennis Vacco, Esq., a partner at Lippes Mathias, 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: Dennis C. Vacco, Esq. Lippes Mathias Wexler Friedman LLP 50 Fountain Plaza, Suite 1700 Buffalo, NY 14202 Telephone: (716) 853-5100 Facsimile: (716) 853-5199 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 and Lippes Mathias Wexler Friedman LLP are 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. DO@KING PLOW ARTS: Maileg Buying Atlanta Property for $3.2 Million ------------------------------------------------------------------ DO@King Plow Arts Center, LLC, asks the U.S. Bankruptcy Court for the Northern District of Georgia to authorize the private sale of the remaining three parcels of real property located at 517 Jones Avenue, in Atlanta, Georgia to Maileg North America for $3.2 million. A hearing on the Motion is set for Jan. 28, 2021, at 11:00 a.m. The Debtor owns the real property. The purpose of the case is to allow for its orderly sale, preserve the Debtor's equity therein, and pay creditors in full. The real property is composed of five parcels, two of which, known as the "Proposed Beltline Parcels," have already been sold pursuant to the Court's Order dated April 21, 2020. The Debtor has engaged in negotiations to sell the Property to Maileg. A number of creditors assert liens on the Property, including the following: CenterState Bank; ACE (Acess Capital For Entrepreneurs); Invest Atlanta; Sherwin Williams Co.; Stability Engineering; Shields Engineering; AHA Consulting; Investa Services; Georgia Department of Revenue; and Georgia Department of Labor. The Debtor believes that the Secured Creditors will consent to the proposed sale. The Debtor asks entry of an order authorizing it to sell the Property to the Maileg on the terms set forth in the Commercial Sales Agreement free and clear of liens, claims, and encumbrances, with all liens or security interests of the Secured Creditors attaching to the proceeds of the sale. As shown in the Agreement attached, the Debtor proposes to sell the Property to the Maileg for $3.2 million. It submits that the proposed purchase price amounts to fair market value for the Property. The Debtor has determined that selling the Property pursuant to the Agreement is in the best interests of the estate and its creditors because such a sale will enable the Debtor to pay all of its creditors and emerge from bankruptcy. It asks the Court to approve the Agreement as a private sale. Finally, the Debtor asks that the order granting the Motion be effective immediately by providing that the 14-day stays applicable under Rule 6004(h) of the Bankruptcy Rules be waived. A copy of the Agreement is available at https://bit.ly/3rYAOvS from PacerMonitor.com free of charge. The Purchaser: MAILEG NORTH AMERICA Attn: Dusty Zeiner 1110 Ridgeland Parkway, Suite 102 Alpharetta, GA 30004 Telephone: (678)503-7620 E-mail: dz@maileg.dk The Purchaser is represented by: TAYLOR ENGLISH DUMA LLP 1600 Parkwood Circle, Suite 200 Atlanta, GA 30339 Attn: Nida Rizvi, Esq. E-mail: nrizvi@taylorenglish.com About DO@King Plow Arts Center DO@King Plow Arts Center LLC is a commercial, performing and visual arts center in Atlanta. DO@King Plow Arts Center sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-60066) on Jan. 2, 2020. In the petition signed by Nacasha Leca Ruffin, authorized representative, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Judge Jeffery W. Cavender oversees the case. William A. Rountree, Esq. at Rountree Leitman & Klein, LLC, is the Debtor's legal counsel. DOWNTOWN DENNIS: Unsecured to Recover Up to 100% in Sale Plan ------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington held a hearing on Downtown Dennis Real Estate LLC's Disclosure Statement and Plan on Dec. 18, 2020. Marc Stern on behalf of Debtor; Mike Gossler on behalf of largest creditor OFF, LLC; Kathryn Perkins on behalf of United States Trustee appeared at the hearing. Mr. Stern said the Debtor has agreed to add language in the Disclosure Statement that would resolve U.S. Trustee's objection to the injunction provisions. Mr. Stern also stated at the hearing that the Plan will return 100 cents on the dollar to unsecured creditors. But the U.S. Trustee pointed out that the Debtor has a pot plan rather than a 100% guaranteed plan. OFF's counsel said that the Debtor needs to add disclosures regarding the valuation of the Debtor's property and potential environmental issues. At the conclusion of the hearing, the Debtor's counsel agreed to submit a revised disclosure statement to address concerns raised by the judge and the parties. The Debtor filed its First Amended Disclosure Statement on Dec. 30, 2020, the deadline set by the Court. A hearing on the Amended Disclosure Statement is scheduled for Jan. 15, 2021 at 9:30 a.m. Sale/Refinancing Plan According to the Amended Disclosure Statement, the Debtor's Plan dated Nov. 17, 2020, is accomplished through the continuation of the Debtor's primary business, the ownership, management, leasing and/or refinance or sale of commercial real estate. The Debtor seeks to accomplish payments under the Plan primarily from the net proceeds and revenues generated through the leasing, sale or refinance of the real property located at 2201, 2207 and 2213 Everett Ave., Everett, Washington 98201 ("The Property"), to make mortgage payments and plan payments. The Debtor seeks to restructure the notes held by OFF, LLC, and secured by the Property. The secured creditors of the estate will be paid the present value of their claim at a market interest rate over 120 months with a balloon payment. Payments under the Plan will be made through net income generated from the Property and/or through a sale or refinance of the Property. The Effective Date of the proposed Plan is projected to be March 15, 2021. The first payment due under the Plan based upon the projected Effective Date is March 15, 2021. The Debtor's manager, Dennis Wagner, will manage the Debtor's business. The Debtor will work to lease, refinance and/or sell The Property providing funds for the payment of creditors. The proceeds from net income resulting from the leasing or the sale/refinance of the Property will be used to fund the payments to both secured and unsecured creditors provided for under the Plan. It is anticipated there will be sufficient funds from the above sources to pay all Allowed Secured and Allowed Unsecured Claims in full. According to the Amended Disclosure Statement, Class 4 General unsecured claims owed totaling $86,946 are impaired. The claims will be paid over 60 months in fully amortized monthly payments of principal and interest on a principal balance of $86,946 or such other amount is allowed in the Claims Order. In the event funds are insufficient to pay Class 4 claims in full upon any sale of the Property or other assets, Class 4 claimants will receive a pro-rata share of the funds available to pay Class 4 Unsecured Claims. The Debtor intends to hire Michael Fear of Coldwell Banker Bain to list the Debtor's property. The listing price will be set by Mr. Fear pursuant to the comparative market analysis that he will complete. A full-text copy of the First Amended Disclosure Statement dated Dec. 30, 2020, is available at https://bit.ly/38b8UFp from PacerMonitor.com at no charge. About Downtown Dennis Real Estate Downtown Dennis Real Estate, LLC, owns and operates the property located at 2201, 2207 and 2213 Everett Ave., Everett, Washington 98201. Downtown Dennis Real Estate sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 20-12859) on Nov. 17, 2020. At the time of the filing, the Debtor disclosed total assets of $2,910,519 and total liabilities of $1,511,516. Judge Timothy W. Dore oversees the case. The Law Office of Marc S. Stern serves as the Debtor's bankruptcy counsel. DR. S. DAYYANI OD: Hires McBride Law as Bankruptcy Counsel ---------------------------------------------------------- Dr. S. Dayyani, OD, a Professional Optometric Corp, seeks authority from the United States Bankruptcy Court for the Central District of California to hire McBride Law, PC as its general bankruptcy counsel. The Debtor requires the counsel to: a. advise and assist Debtor with respect to Chapter 11 case requirements, including the preparation of a Chapter 11 plan, among other requirements, and help the Debtor stay in compliance with the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the court's Local Bankruptcy Rules, and the Guidelines of the United States Trustee; b. appear with and represent the Debtor at its initial interview; c. appear with and represent the Debtor at the meeting of creditors; d. represent the Debtor in contested matters, adversary proceedings and any other hearings before the court; e. if appropriate, assist the Debtor in post-petition borrowing and motions concerning the same; f. review and, if appropriate, pursue avoidable transfers and other claims that the estate may have against third parties; g. analyze and review the validity of claims of creditors who file proofs of claims and, if appropriate, object to those claims; h. analyze the validity of all administrative expenses and, if appropriate, object to those expenses; i. assist Debtor with the settlement and compromise of claims by or against the estate or pertaining to matters relating to the Debtor's Chapter 11 case; j. assist the Debtor in the formulation, proposal, confirmation and implementation of a Chapter 11 plan; k. represent the Debtor in litigation against Aetna; and l. perform other general legal services relating to Debtor's administration of the estate. McBride will be paid as follows: a. $5,000 for the Chapter 11 proceeding as a flat fee. b. $20,000 for the litigation against Aetna for six months after the filing as a flat fee. c. 20 percent contingency fee of all monies recovered from Aetna. d. Further, if the litigation is not resolved within six months after filing the Debtor's Chapter 11 case, the Debtor and McBride will renegotiate the amount of legal fees payable for work in adversary proceedings. Factors the parties will consider in re-negotiating the fee component of the fee agreement, if necessary, include: i. The amount of time expended by McBride during the six-month period in advancing the litigation, with time accrued (but not charged) against a bill rate of $250 per hour for attorneys and $150 per hour for paralegals; ii. The then-current status of the litigation and the amount of work expected to be required; iii. Whether a trial is anticipated, or whether the case is likely to be settled in advance of trial without the need for extensive trial preparation; iv. The role of McBride vis a vis other co-counsel who may be employed by Debtor to perform legal services in the adversary proceedings; and v. The likelihood of achieving a recovery from Aetna and the projected amount of such recovery. McBride Law and its attorneys are disinterested persons as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Kevin McBride, Esq. McBride Law, PC 700 South Flower Street, Suite 1000 Los Angeles, CA 90017 Tel: (213) 600-6077 Fax: (213) 600-6005 Email: km@mcbride-law.com About Dr. S. Dayyani, OD Dr. S. Dayyani, OD, a Professional Optometric Corp -- https://www.samoeyecare.com -- owns and operates an optometry clinic. As a licensed optometrist, Dr. Dayyani provides exams, diagnoses, and treatments of all disorders that affect the eye or vision. Dr. S. Dayyani filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. 20-20237) on Nov. 16, 2020. The petition was signed by Sharokh Dayanni, president. At the time of the filing, the Debtor disclosed $1,321,029 in assets and $476,508 in liabilities. Judge Barry Russell presides over the case. Kevin McBride, Esq., at McBride Law, PC, represents the Debtor as counsel. DURA-TRAC FLOORING: Seeks to Hire Forrest & Company as Accountant ----------------------------------------------------------------- Dura-Trac Flooring Ltd. Co. seeks authority from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Forrest & Company, Inc. as its accountant. Forrest & Company will charge $250 per hour for the services of Bart Forrest, a certified public accountant and founder of the firm. The firm received a retainer in the amount of $5,000. Mr. Forrest disclosed in court filings that his firm does not have interests adverse to the Debtor or its estate. The firm can reached through: Bart W. Forrest, CPA Forrest & Company, Inc. 30021 Tomas Street, Suite 300 Rancho Santa Margarita, CA 92688 Phone (949) 635-5701 Fax (949) 635-5702 Cell: (949) 690-1399 Email: bart@forrestandcompany.net About Dura-Trac Flooring Dura-Trac Flooring Ltd., a privately held company in the carpet and flooring business, filed a Chapter 11 petition (Bankr. N.D. W.Va. Case No. 20-00838) on Nov. 16, 2020. In the petition signed by Mark Cerasi, managing member, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Pierson Legal Services serves as the Debtor's bankruptcy counsel. DURA-TRAC FLOORING: Seeks to Hire Pierson Legal as Counsel ---------------------------------------------------------- Dura-Trac Flooring Ltd. Co. seeks authority from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Pierson Legal Services to handle its Chapter 11 case. Pierson Legal will be paid at these rates: Attorneys $400 per hour Paralegals $200 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. James Pierson, Esq., a partner at Pierson Legal Services, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Pierson Legal can be reached at: James M. Pierson, Esq. Pierson Legal Services P.O. Box 2291 Charleston, WV 25328 Tel: (304) 925-2400 Email: jpierson@piersonlegal.com About Dura-Trac Flooring Dura-Trac Flooring Ltd., a privately held company in the carpet and flooring business, filed a Chapter 11 petition (Bankr. N.D. W.Va. Case No. 20-00838) on Nov. 16, 2020. In the petition signed by Mark Cerasi, managing member, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Pierson Legal Services serves as the Debtor's bankruptcy counsel. EBONY MEDIA: Asks Court for More Time to File Plan, Close Sale -------------------------------------------------------------- Law360 reports that the publisher of Ebony magazine has asked a Texas bankruptcy judge to give it more time to file its Chapter 11 plan, saying it is still working on finalizing the $14 million sale of its assets to a company owned by a former NBA player. In a motion filed late Monday, January 5, 2021, Ebony Media Operations asked U.S. Bankruptcy Judge David Jones for a 60-day extension of its exclusivity period -- the time it has the sole right to file a Chapter 11 plan -- which expired on Monday, January 5, 2021. About Ebony Media Holdings Ebony Media Holdings LLC is the publisher of Black cultural magazines Ebony and Jet. Creditors Parkview Capital Credit Inc. and David M. Abner & Associates, Plum Studio filed involuntary Chapter 7 petitions against Ebony Media Operations, LLC, and Ebony Media Holdings LLC (Bankr. S.D. Tex. Case No. 20-33665 and 20-33667) on July 23, 2020. The court on Sept. 3, 2020, entered an order approving a stipulation signed by the Debtors and the petitioners to an entry of order for relief in the bankruptcy cases and the conversion of the cases to cases under Chapter 11 of the Bankruptcy Code. The Debtors have tapped Pendergraft & Simon, LLP as their legal counsel and FTI Capital Advisors, LLC as their investment banker. ECOARK HOLDINGS: Two Proposals Passed at Special Meeting -------------------------------------------------------- Ecoark Holdings, Inc. held a special meeting of stockholders on Dec. 29, 2020, at which the stockholders: (i) ratified the amendment to the Articles of Incorporation of the Company to increase the number of shares of Common Stock the Company is authorized to issue from 20,000,000 shares to 40,000,000 shares, on a post-Reverse Split basis; and (ii) approved an amendment to the Articles of Incorporation to decrease the number of shares of Common Stock the Company is authorized to issue from 40,000,000 shares to 30,000,000 shares, on a post-Reverse Split basis. Because based on the tabulated preliminary voting results there were sufficient votes at the time of the Special Meeting for Proposal 1 and Proposal 2 to be approved, Proposal 3 or Proposal 4 were rendered moot and no vote was taken on these proposals at the Special Meeting. (iii) approval of an amendment to the Articles of Incorporation to increase the number of shares of Common Stock the Company is authorized to issue from 20,000,000 shares to 30,000,000 shares, on a post-Reverse Split basis; and (iv) approval of an adjournment of the Special Meeting to a later date or time, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the Special Meeting, there are not sufficient votes to approve any of the other proposals before the Special Meeting. About Ecoark Holdings Rogers, Arkansas-based Ecoark Holdings, Inc., founded in 2011, Ecoark is a diversified holding company. Ecoark Holdings has four wholly-owned subsidiaries: Ecoark, Inc., a Delaware corporation which is the parent of Zest Labs, Inc., 440IoT Inc., Banner Midstream Corp., and Trend Discovery Holdings Inc. Through its subsidiaries, the Company is engaged in three separate and distinct business segments: (i) technology; (ii) commodities; and (iii) financial. Ecoark reported a net loss of $12.14 million for the year ended March 31, 2020, compared to a net loss of $13.65 million for the year ended March 31, 2019. As of Sept. 30, 2020, the Company had $33.50 million in total assets, $15.71 million in total liabilities, and $17.79 million in total stockholders' equity. EMERGENT CAPITAL: Court Confirms Reorganization Plan ---------------------------------------------------- Judge Brendan L. Shannon entered an order confirming Emergent Capital, Inc.'s Second Amended Chapter 11 Plan of Reorganization. The Court set a hearing on Dec. 21 to consider confirmation of the Plan. Class 3 Senior Secured Note Claims, Class 4 Convertible Unsecured Note Claims and Class 6 Equity Interests are impaired under the Plan and the only classes entitled to vote on the Plan. The voting classes have voted to accept the Plan. General Unsecured Claims in Class 5 are unimpaired under the Plan and will recover 100%. For the avoidance of doubt, nothing in the Plan or the Confirmation Order will: (i) supersede, amend, modify, alter or otherwise change in any way the terms of (a) that certain Amended and Restated Agreement of Limited Partnership of White Eagle Asset Portfolio, LP dated as of August 16, 2019 (the "Partnership Agreement"), by and among White Eagle General Partner, LLC, Palomino JV GP Limited, Palomino JV, L.P., and Lamington, or (b) that certain Subscription Agreement dated as of Aug. 16, 2019 (the "Subscription Agreement"), by and among White Eagle, White Eagle General Partner, LLC, Lamington, and Debtor, (ii) operate as a waiver of any right or obligation of any party to the Partnership Agreement or the Subscription Agreement, or (iii) in any way modify, change, impair, affect, diminish or release the rights or obligations of any party to the Partnership Agreement or the Subscription Agreement. In full and final resolution of the objection to the Plan asserted by Allan Pohl, individually and in his capacity as trustee of the Phyllis Pohl Irrevocable Trust, and as representative of Phyllis Pohl, and Kimberly Sheris (jointly, the "Pohl Claimants"), the Settlement Agreement between the Debtor, Imperial Premium Finance, LLC ("IPF"), the Pohl Claimants, and solely with respect to certain provisions, Wilmington Trust, National Association, in its capacity as Securities Intermediary for the benefit of White Eagle Asset Portfolio, LP ("White Eagle"), and White Eagle, is approved pursuant to Section 1123(b)(3)(A) of the Bankruptcy Code. The Debtor and IPF are authorized and directed to take any and all necessary and appropriate actions to implement the terms of such Settlement Agreement. Any disputes or claims arising from the Settlement Agreement shall be determined by this Court. In order to perform its obligations under the Settlement Agreement, the Debtor is authorized to acquire and convey to the Pohl Claimants or their designee the $9 million life insurance policy (#01N1364514) issued by Lincoln Benefit Life Company on the life of Phyllis Pohl (the "Pohl Policy") in accordance with the terms of the General Conveyance and Bill of Sale with White Eagle. The Pohl Policy shall be transferred and conveyed to the Pohl Claimants or their designee free and clear of all liens, claims, and encumbrances. A copy of the Second Amended Plan filed Dec. 18, 2020 is available at https://bit.ly/38nwyyn About Emergent Capital Emergent Capital Inc. (OTCQX: EMGC) is a specialty finance company that invests in life settlements. Emergent Capital, through its subsidiaries, owns a 27.5% equity interest in White Eagle Asset Portfolio, LP, which holds a valuable portfolio of life settlement assets. On the Web: http://www.emergentcapital.com/ On Oct. 15, 2020, Emergent Capital and its wholly-owned subsidiary Red Reef Alternative Investment, LLC filed voluntary petitions for relief under Chapter 11 of Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-12602). Miriam Martinez, chief financial officer of Emergent Capital, signed the petitions. Emergent Capital disclosed $175.1 million in assets and $115.9 million in liabilities as of May 31, 2020, while Red Reef Alternative Investment estimated to have less than $50,000 in both assets and liabilities. Judge Brendan Linehan Shannon oversees the cases. The Debtors have tapped Pachulski Stang Ziehl & Jones LLP as their bankruptcy counsel; Curtis, Mallet-Prevost, Colt & Mosle LLP as special litigation counsel; Kelley Drye & Warren LLP as general non-bankruptcy counsel; Winston & Strawn LLP as tax counsel; and RSM US, LLP as valuation advisor. Kurtzman Carson Consultants LLC is the claims agent and administrative advisor. EQUITABLE HOLDINGS: Moody's Rates $300MM Preferred Stock 'Ba1(hyb)' ------------------------------------------------------------------- Moody's Investors Service has assigned a Ba1(hyb) rating to Equitable Holdings, Inc.'s (senior debt Baa2 positive) anticipated issuance of around $300 million of Series C non-cumulative preferred stock. Proceeds from the offering will be used to pay off outstanding debt, which may include a portion of the $800 million of senior notes due in 2023. The outlook on Equitable and its insurance subsidiaries remains positive. RATINGS RATIONALE The Baa2 senior unsecured debt rating on Equitable and the A2 insurance financial strength ratings of its insurance company subsidiaries are based on Equitable's well-established positions in individual annuity and life insurance, particularly in the individual retirement, life insurance, 403(b) savings and estate planning markets. The ratings also reflect Equitable's utilization of diversified distribution channels including a strong captive agency force, as well as its diversified earnings that benefit from economies of scale and solid capital. These strengths are partially mitigated by a business profile with a concentration on the liability side of a legacy portfolio of variable annuities with guaranteed benefits. While Equitable has lowered the risk profile of its VA and universal life with secondary guarantees segments through comprehensive hedging, concentrating new sales in de-risked products, as well as the previously announced reinsurance transaction with Venerable Holdings, Inc., it still has exposure to earnings, capital management and asset liability management challenges associated with its large block of VAs with long-term guarantees. The positive outlook reflects Moody's view that the Venerable transaction will reduce Equitable's exposure to capital and earnings volatility from its legacy VA block. The terms of the transaction also demonstrate the company's prudent risk management of the VA business and its economic hedging program. The positive outlook also reflects Equitable's successful execution of its operations as a standalone entity, as reflected by sustained sales and consistent profitability, its significant derisking of its legacy business independent from the transaction, as well as its sophisticated hedging program and relatively low sensitivity to interest rates. The Ba1(hyb) rating on the preferred securities reflects Moody's typical notching for instruments issued by insurers relative to their IFS and senior debt ratings. Moody's believes that the coronavirus-driven economic downturn and ultra-low interest rates will stress most aspects of life insurers' financials, including those of Equitable. This includes sales, investment income, reserves and capital adequacy. Most life insurers, including Equitable, start with healthy capital and asset quality to weather this storm over the near term, but these conditions will weaken their creditworthiness if they persist. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The following could result in an upgrade of the ratings of Equitable's ratings: continued successful execution of the operation of the US business as a standalone entity, reflected by sustained sales; return-on-capital consistently greater than 8%; and successful runoff of legacy business. Given that Equitable has a positive outlook, a downgrade is unlikely. However, the following could result in the outlook returning to stable from positive: failure to runoff or divest legacy business; consolidated RBC ratio falling below 400% (on a company action level basis); and cash flow coverage and earnings coverage consistently below 3x and 5x, respectively. The following rating was assigned: Equitable Holdings, Inc. - preferred non-cumulative, assigned Ba1(hyb). The principal methodology used in this rating was Life Insurers Methodology published in November 2019. Equitable Holdings is headquartered in New York and provides mainly life insurance, annuities and investment management products. As of September 30, 2020, Equitable Holdings reported total assets of $262.5 billion and total equity of $18.9 billion. ERESEARCH TECHNOLOGY: Moody's Rates New $50MM 1st Lien Loan 'B2' ---------------------------------------------------------------- Moody's Investors Service confirmed the B3 Corporate Family Rating and B3-PD Probability of Default Rating for eResearch Technology, Inc. Moody's also confirmed the B2 rating of the existing senior secured first lien revolving credit facility, and senior secured first lien term loan, which has been upsized by $750 million. This concludes the review for downgrade initiated on December 11, 2020 following ERT's announcement that it had entered into an agreement to merge with BioClinica, a leading provider of specialized services to the pharmaceutical industry, with a focus on clinical imaging. At the same time, Moody's assigned a B2 rating to ERT's proposed $50 million first lien senior secured delayed draw term loan due 2027. The ratings outlook has been changed to stable from rating under review. The proceeds from the issuance of the incremental first lien term loan and delayed draw loan, as well as an incremental $150 million second lien term loan and $50 million second lien delayed draw term loan (both unrated), along with an equity contribution and cash on hand, will be used to finance a merger with BioClinica Holding I, LP, as well as pay fees and expenses associated with the transaction. The stable rating outlook reflects Moody's expectations that ERT will successfully integrate BioClinica and generate mid-single digit revenue growth and solid cash flows, supporting the company's ability to reduce high leverage and maintain good liquidity. However, even with expected EBITDA growth, leverage is expected to remain very high due to the company's aggressive financial policies. Assignments: Issuer: eResearch Technology, Inc. Senior Secured First Lien Delayed Draw Term Loan, Assigned B2 (LGD3) Confirmations: Issuer: eResearch Technology, Inc. Probability of Default Rating, Confirmed at B3-PD Corporate Family Rating, Confirmed at B3 Senior Secured First Lien Revolving Credit Facility, Confirmed at B2 (LGD3) Senior Secured First Lien Term Loan, Confirmed at B2 (LGD3) Outlook Actions: Issuer: eResearch Technology, Inc. Outlook, Changed To Stable From Rating Under Review RATINGS RATIONALE eResearch Technology, Inc.'s B3 Corporate Family Rating reflects its very high financial leverage with pro forma adjusted debt-to-EBITDA above 8.0x. The rating also reflects the elevated financial risk associated with private equity ownership evidenced by aggressively high initial debt levels following the 2020 leveraged buy-out, as well as a track record of growth through debt-funded acquisitions. Social risks for ERT include a data breach event, where intellectual property and other internal types of sensitive records could be subject to legal or reputational issues. The rating is also constrained by the risk that larger better capitalized companies could choose to pursue developing their own electronic clinical outcome assessments. However, the rating is supported by the company's strong market position in the niche electronic based clinical outcome assessment and clinical imaging markets, solid growth prospects driven by favorable industry fundamentals (expansion in ERT's bookings combined with growth in clinical trials), solid EBITDA margins and high revenue visibility provided by contract backlog. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if the company delivers sustained revenue and earnings growth with increased stability in profit margins and successful integration of BioClinica. A commitment to conservative financial posture partially evidenced by debt/EBITDA approaching 6.0 times, along with a record of strong positive free cash flows could also support a upgrade. Moody's could downgrade the ratings if operating performance deteriorates, if the company has challenges integrating BioClinica, or if free cash flow turns negative on a sustained basis. Liquidity deterioration, aggressive financial policies or EBITA-to-interest below 1.0x would also cause a ratings downgrade. Social and governance considerations are material to ERT's credit profile. The rating reflects negative social risk as a result of the coronavirus outbreak. The company saw meaningful revenue declines largely due to the pandemic, which resulted in delays of a number of expected clinical trials. Nonetheless, Moody's believes that medical research support service providers face generally lower social risks than many other healthcare providers. Additionally, social risks for ERT include a data breach event, where intellectual property and other internal types of sensitive records could be subject to legal or reputational issues. ERT was exposed to a ransomware attack in September 2020, which forced the company to temporarily take its systems offline and engage cybersecurity experts to assist in remediation. This created a meaningful disruption in the company's operations. Moody's believes the company is likely to commit meaningful resources over the next 12 months to further enhance its data security. Among governance considerations, ERT's financial policies under private equity ownership are aggressive, reflected in high initial debt levels following the 2020 leveraged buy-out followed by the pending acquisition of BioClinica. Moody's expects management's strategy is to continue supplementing organic growth with acquisitions, using debt if other suitable opportunities arise. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Headquartered in Philadelphia, Pennsylvania, ERT is a provider of centralized cardiac safety, respiratory efficacy services, and electronic clinical outcome assessment solutions to biopharmaceutical sponsors and contract research organizations involved in the clinical trials of new drugs. In December 2020, the company announced that it had entered into a definitive agreement to merge with Bioclinica, a leading provider of clinical trial imaging solutions. ERT is owned by private equity firms Nordic Capital and Astorg Partners with Novo (and Cinven, following BioClinica merger) holding a minority stake. ERT generated pro forma revenues of approximately $833 million for the twelve months ended September 30, 2020. EVIO INC: CEO William Waldrop Resigns; Interim CEO Named -------------------------------------------------------- William Waldrop notified EVIO, Inc. of his resignation as chief executive officer and chair of the Board of Directors effective Dec. 31, 2020. Mr. Waldrop's resignation is concurrent to expiration of his employment agreement and was not the result of any disagreement or other dispute with the Company on any matter relating to the Company's operations, policies, or practices. Mr. Waldrop will continue to serve as a consultant to the company to assist with transition to new CEO. Appointment of Interim Chief Executive Officer Effective Jan. 1, 2021, Lori Glauser, chief operating officer and president, will serve as interim chief executive officer and Chair of the company. Ms. Glauser's employment agreement has been renewed for a period of two years, with a salary of $180,000 per year. Ms. Glauser, age 51, has been chief operating officer and director of the company since the company's inception in August, 2014. Ms. Glauser has 30 years' experience in technology and strategic consulting. Ms. Glauser began her career as an engineer at Stone & Webster Engineering in 1991. In 1995 she joined Stone & Webster Management Consultants. From 2007 until 2014, Ms. Glauser held several roles in management consulting and advised several startup companies. Her positions included senior manager, advisory services at EY, managing consultant at IBM Global Business Services, product manager at Itron, Inc., and associate director at SNL Financial. Ms. Glauser holds a BS in Mechanical Engineering with a minor in Materials Science from the University of New Hampshire, and an MBA from the University of Alabama in Huntsville. About EVIO, Inc. EVIO, Inc., formerly Signal Bay, Inc. -- http://www.eviolabs.com-- provides analytical testing and advisory services to the emerging legalized cannabis industry. The Company is domiciled in the State of Colorado, and its corporate headquarters is located in Bend, Oregon. Evio reported a net loss of $20.67 million for the year ended Sept. 30, 2019, compared to a net loss of $11.94 million on for the year ended Sept. 30, 2018. As of June 30, 2020, the Company had $6.85 million in total assets, $21.55 million in total liabilities, and a total deficit of $14.69 million. BF Borgers CPA PC, in Lakewood, CO, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 18, 2020 citing that the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. EVIO INC: Delays Filing of 2020 Annual Report --------------------------------------------- EVIO, Inc. filed a Form 12b-25 with the Securities and Exchange Commission notifying the delay in the filing of its Annual Report for the period ended Sept. 30, 2020. The Company said the financial information could not be assembled and analyzed without unreasonable effort and expense to it. The Form 10-K will be filed as soon as practicable. About EVIO, Inc. EVIO, Inc., formerly Signal Bay, Inc. -- http://www.eviolabs.com-- provides analytical testing and advisory services to the emerging legalized cannabis industry. The Company is domiciled in the State of Colorado, and its corporate headquarters is located in Bend, Oregon. Evio reported a net loss of $20.67 million for the year ended Sept. 30, 2019, compared to a net loss of $11.94 million on for the year ended Sept. 30, 2018. As of June 30, 2020, the Company had $6.85 million in total assets, $21.55 million in total liabilities, and a total deficit of $14.69 million. BF Borgers CPA PC, in Lakewood, CO, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 18, 2020 citing that the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. EXTRACTION OIL: Court OKs Chapter 11 Midstream Settlements ---------------------------------------------------------- Law360 reports that the bankrupt energy driller Extraction Oil & Gas received approval Tuesday, Jan. 5, 2021, from a Delaware bankruptcy judge for a pair of settlements with midstream contract partners that improve the terms of prepetition contracts and allow for those deals to be assumed in the Chapter 11 case. During a virtual hearing, debtor attorney Nicholas Adzima of Kirkland & Ellis LLP said the settlements resolved pending adversary cases with contract counterparties Platte River Midstream LLC and DCP Operating Company LP and avoided continued fighting over the rejection of those executory contracts. About Extraction Oil & Gas Denver-based Extraction Oil & Gas, Inc. -- http://www.extractionog.com/-- is an independent energy exploration and development company focused on exploring, developing, and producing crude oil, natural gas, and NGLs primarily in the Wattenberg Field in the Denver-Julesburg Basin of Colorado. Extraction Oil & Gas and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-11548) on June 14, 2020. At the time of the filing, the Debtors estimated $1 billion to $10 billion in both assets and liabilities. Judge Christopher S. Sontchi oversees the cases. The Debtors tapped Kirkland & Ellis, LLP, Kirkland & Ellis International, LLP and Whireford, Taylor & Preston, LLC as legal counsel; Alvarez & Marsal North America, LLC as restructuring advisor; and Moelis & Company and Petrie Partners Securities, LLC as investment banker and financial advisor. Kurtzman Carson Consultants, LLC, is the claims and balloting agent and administrative advisor and PricewaterhouseCoopers LLP (PwC) is the Debtors' independent audit services provider. FIELDWOOD ENERGY: Wants Plan Exclusivity Extended Until March 1 --------------------------------------------------------------- Debtors Fieldwood Energy LLC and its affiliates, ask the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to extend by 90 days the Debtors' exclusive period to file a Chapter 11 plan of reorganization and to solicit acceptances through and including March 1, 2021, and April 30, 2021. According to the Debtors, cause exists to grant them the initial extension of the Exclusive Periods. As announced on the first day of the chapter 11 cases, prepetition the Debtors reached agreements in principle with certain of their significant stakeholders (e.g., Apache Corporation and the Consenting Creditors) regarding the disposition of certain of the Debtors' assets and funding to allow the Debtors time to reorganize their business. The Debtors have continued these efforts to maximize value for all stakeholders throughout the early stages of these chapter 11 cases. Since the Petition Date, the Debtors have executed a seamless transition into chapter 11, obtained Court approval of important "first day" and "second day" operational relief, filed schedules and statements of financial affairs for all Debtors, and obtained up to $100 million in debtor-in-possession financing. Most importantly, the Debtors have continued to press forward in discussions with the Consenting Creditors, Apache, their regulators, and other key parties in interest regarding the terms of a comprehensive restructuring. The Debtors have significantly advanced negotiations with the Consenting Creditors regarding the terms of a chapter 11 plan and disclosure statement, are close to finalizing the Apache Definitive Documents (as defined in the Apache Term Sheet) with Apache and the Consenting Creditors, and remain in active discussions with several other key stakeholders regarding the restructuring. Also, the Debtors are paying administrative expenses as they come due and will continue to do so, as they continue to monitor their liquidity closely and are confident that sufficient funding will be available to satisfy their post-petition payment obligations. In addition to advancing discussions with the Consenting Creditors and Apache, the Debtors have made significant progress with several other key stakeholders, including BOEM and BSEE, the FLFO Lender, and the Creditors' Committee, and the Debtors will use the additional time to continue to advance those discussions with the aim of reaching a consensual global deal. A copy of the Debtors' Motion to extend is available from primeclerk.com at https://bit.ly/3lTdPyg at no extra charge. About Fieldwood Energy Fieldwood Energy LLC -- www.fieldwoodenergy.com -- is a portfolio company of Riverstone Holdings focused on acquiring and developing conventional assets, primarily in the Gulf of Mexico region. It is the largest operator in the Gulf of Mexico owning an interest in approximately 500 leases covering over two million gross acres with 1,000 wells and 750 employees. Fieldwood Energy and its 13 affiliates previously sought Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 18-30648) on February 15, 2018, with a prepackaged plan that would deleverage $3.286 billion of funded by $1.626 billion. On August 3, 2020, Fieldwood Energy and its 13 affiliates again filed voluntary Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No. 20-33948). Mike Dane, senior vice president, and chief financial officer signed the petitions. At the time of the filing, Debtors disclosed $1 billion to $10 billion in both assets and liabilities. Judge David R. Jones oversees the cases. The Debtors have tapped Weil, Gotshal & Manges LLP as their legal counsel, Houlihan Lokey Capital, Inc. as an investment banker, and AlixPartners, LLP as financial advisor. Prime Clerk LLC is the claims, noticing, and solicitation agent. The first-lien group has employed O'Melveny & Myers LLP as its legal counsel and Houlihan Lokey Capital, Inc. as its financial advisor. The RBL lenders have employed Willkie Farr & Gallagher LLP as their legal counsel and RPA Advisors, LLC as their financial advisor. The cross-holder group has tapped Davis Polk & Wardwell LLP as its legal counsel and PJT Partners LP as its financial advisor. On August 18, 2020, the Office of the U.S. Trustee appointed a committee of unsecured creditors. Stroock & Stroock & Lavan, LLP, and Conway MacKenzie, LLC serve as the committee's legal counsel and financial advisor, respectively. On November 30, the Committee received approval to hire Mani Little & Wortmann, PLLC as its legal counsel. FIGUEROA MOUNTAIN: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------- The U.S. Trustee for Region 16 on Jan. 5 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Figueroa Mountain Brewing, LLC. The committee members are: (1) Amir Santiago c/o Gaines and Gaines 27200 Agoura Road, Suite 101 Calabasas, CA 91301 Tel: 818-703-8985 E-mail: evan@gaineslawfirm.com (2) Cal-Therm, Inc. 5595 Daniels Street, #F Chino, CA 91710 Attn: Brian Campbell Tel: 562-824-5954 E-mail: Brian@Cal-therm.com (3) Ball Rig Welding, LLC 68 Stuart Court Oroville, CA 95965 Tel: 530-712-1286 E-mail: ryan@ballwigwelding.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 Figueroa Mountain Brewing LLC Founded in 2020, Figueroa Mountain Brewing, LLC -- https://www.figmtnbrew.com -- is a manufacturer of beer with principal place of business in Buellton, Calif. Figueroa Mountain Brewing sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11208) on Oct. 5, 2020. Jaime Dietenhofer, its manager, signed the petition. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of the same range. Judge Martin R. Barash presides over the case. Lesnick Prince & Pappas LLP is the Debtor's legal counsel. FIVE DREAMS: Seeks to Hire Heavenrich & Company as Consultant ------------------------------------------------------------- Five Dreams Holdings, LLC seeks authority from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Heavenrich & Company, Inc. as its business consultant to assist in preparing and executing the strategic sale or joint venture of Tranquil Gardens. Tranquil Gardens is an assisted living and memory care community owned by a non-debtor entity, Five Dreams Management, LLC. Heavenrich will receive a success fee of 4 percent of the sale price or contributed joint venture value of Tranquil Gardens. In addition, if a joint venture is secured for the purpose of new construction, Heavenrich will have the exclusive right for a six-month period to secure debt for the new construction. The success fee for new debt shall be 1 percent of the debt amount. If the Debtor elects to lease the community, Heavenrich will receive a success fee of 4 percent of the gross payments collected during the leasehold term. Heavenrich is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Adam Heavenrich Heavenrich & Company, Inc 203 North LaSalle Street, Suite 2100 Chicago, IL 60601 Office: 312-558-1590 Fax: 312-896-1501 About Five Dreams Holdings Five Dreams Holdings, LLC filed as a single asset real estate (as defined in 11 U.S.C. Section 101(51B)) Five Dreams Holdings filed a petition for relief under Chapter 11 of the Bankruptcy Code (N.D. Ga. Case No. 19-58641) on June 3, 2019. In the petition signed by Brian Stewart, manager, the Debtor estimated $50,000 in assets and $10 million to $50 million in liabilities. Leslie M. Pineyro, Esq., at Jones & Walden, LLC, represents the Debtor as counsel. FOXWOOD HILLS: Taps Elliott Davis as Accountant ----------------------------------------------- Foxwood Hills Property Owners Association, Inc. received approval from the U.S. Bankruptcy Court for the District of South Carolina to hire Elliott Davis, LLC as its accountant. The Debtor is in need of an accountant to prepare financial audit. The estimated fee for the firm's services is $12,500. Elliott Davis and its employees are disinterested persons as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. Elliott Davis can be reached through: Scott McClelland, CPA Elliott Davis, LLC 1901 Main Street, Suite 900 Columbia, SC 29201 Phone: 803-256-0002 About Foxwood Hills Property Owners Association Foxwood Hills Property Owners Association, Inc. is an organization of owners of Foxwood Hills -- a lake front community of primary and vacation homes nestled in the northwest corner of Oconee County, S.C. Foxwood Hills Property Owners Association filed its voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 20-02092) on May 8, 2020. At the time of the filing, the Debtor disclosed $4,253,427 in assets and $219,780 in liabilities. Judge Helen E. Burris oversees the case. Nexsen Pruet, LLC the Debtor's legal counsel. FRANCESCA'S HOLDINGS: Jan. 15 Auction of Substantially All Assets ----------------------------------------------------------------- Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware authorized the bidding procedures proposed by Francesca's Holdings Corp. and affiliates in connection with the auction sale of substantially all assets. In accordance with the Bidding Procedures, the Debtors may, in consultation with the Consultation Parties, designate one or more Stalking Horse Bidders for all or various segments of their business and may enter into a Stalking Horse Asset Purchase Agreement, subject to higher or otherwise better offers at the Auction, which establishes a minimum Qualified Bid at the Auction with respect to the assets that are the subject thereof. In the event that they select one or more parties to serve as a Stalking Horse Bidder, upon such selection, the Debtors will file the Stalking Horse Order asking that the Court (a) designates the Stalking Horse Bidder and, (b) to the extent necessary, approves any stalking horse bid protections, including a break-up fee and expense reimbursement, in favor of any designated Stalking Horse Bidder. The Stalking Horse Order will be submitted to the Court either (x) under certification of the counsel, in which case such order will be entered by the Court without notice and a hearing; or (y) on an expedited basis with a hearing provided for on 24 hours' notice. The salient terms of the Bidding Procedures are: a. Bid Deadline: Jan. 13, 2021, at 5:00 p.m. (ET) b. Initial Bid: An amount of $250,000 over and above the aggregate of the Stalking Horse Purchase Price and the Stalking Horse Bid Protections c. Deposit: 5% of the Purchase Price d. Auction: In the event the Debtors receive by the Bid Deadline one or more Qualified Bids in addition to any Stalking Horse Bid, an Auction will be conducted at 10:00 a.m. (ET) on Jan. 15, 2021 virtually through Zoom, GoToMeeting, WebEx or similar platform that allows parties to participate remotely, or such other time or location as the Debtors will notify all Qualified Bidders (including any Stalking Horse Bidder). If no Qualified Bids with respect to the Assets, other than a Stalking Horse Bid, are received on or before the Bid Deadline, the Debtors will not conduct the Auction with respect to the Assets and will ask approval of the sale of the Assets pursuant to the applicable Stalking Horse Asset Purchase Agreement at the Sale Hearing. e. Bid Increments: $100,000 f. Sale Hearing: Jan. 21, 2021 at 11:00 a.m. (ET) g. Sale Objection Deadline: Jan. 14, 2021, at 5:00 p.m. (ET) The Debtors will notify Potential Bidders of their status as Qualified Bidders no later than 4:00 p.m. (ET) on Jan. 14, 2021. The form of Sale Notice is approved. Within two Business Days after entry of the Order, or as soon as reasonably practicable thereafter, the Debtors will serve or cause to be served the Sale Notice upon the Sale Notice Parties. Within five business days after entry of the Bidding Procedures Order or as soon as practicable thereafter, the Debtors will publish the Sale Notice, with such modifications as may be appropriate for purposes of publication, once in the National Edition of USA Today and, to the extent the Debtors deem appropriate, in any other local or regional publications. Promptly after the conclusion of the Auction, if any, and the selection of the Successful Bid(s) and Back-Up Bid(s), the Debtors will file with the Court and post on the Case Information Website the Notice of Auction Results, which will identify such Successful Bid(s) and Back-Up Bid(s) and the corresponding asset purchase agreements for each of the Successful Bid(s) and Back-Up Bid(s). The Auction Objection Deadline is Jan. 19, 2021 at 5:00 p.m. (ET). To the extent the Successful Bidder fails to consummate the Sale, and the Back-Up Bidder is not a Stalking Horse Bidder, the Debtors will provide all interested parties with sufficient notice of, and at least seven days to object to, the Back-Up Bidder, and such Back-Up Bid will be heard by the Court at a later date on at least 10 days' notice. They will file a form of order approving the Sale no later than 10 calendar days before the Sale Hearing. The Assumption and Assignment Procedures set forth in the Motion are approved. The Assumption and Assignment Objection Deadline is Jan. 14, 2021, at 5:00 p.m. (ET). The Debtors shall, promptly following the conclusion of the Auction, file and serve the Notice of Auction Results for those Counterparties for which they or their agents do not have an email address, on each Counterparty that received a Potential Assumption and Assignment Notice and any Supplemental Assumption and Assignment Notice. Objections of any Counterparty related solely to the identity of and adequate assurance of future performance provided by the Successful Bidder (other than any Stalking Horse Bidder) must be filed by 12:00 p.m. (ET) on Jan. 20, 2021. From the proceeds of the sale of any of the Debtors' assets or closing of any store located in the state of Texas and in the jurisdictions of the Local Texas Tax Authorities, the claim amount 2020, plus an amount equal to the 2020 Claim Amount for any store open after Jan. 1, 2021 and for which the Local Texas Tax Authorities' 2021 tax claims have not been assumed by the purchaser of the Debtors' assets, will be set aside by the Debtors in a segregated account as adequate protection for the secured claims of the Local Texas Tax Authorities or paid to the Local Texas Tax Authorities prior to the distribution of any proceeds to any other creditor. The liens asserted by the Local Texas Tax Authorities will attach to the Tax Account to the same extent and with the same priority as the liens the Local Texas Tax Authorities assert against such assets of the Debtors. The Tax Account will be maintained solely for the purpose of providing adequate protection for the Tax Liens prior to the distribution of any proceeds to any other creditor and will constitute neither the allowance of the claims of the Local Texas Tax Authorities, nor a floor or cap on the amounts the Local Texas Tax Authorities may be entitled to receive. Funds in the Tax Account may be distributed upon agreement between the Local Texas Tax Authorities and the Debtors, with the consent of the DIP Agent, or by subsequent order of the Court, duly noticed to the Local Texas Tax Authorities, and the DIP Agent. All time periods set forth in the Order will be calculated in accordance with Bankruptcy Rule 9006(a). Notwithstanding any Bankruptcy Rule (including, without limitation, Bankruptcy Rule 6004(h), 6006(d), 7062 or 9014) or Local Rule that might otherwise delay the effectiveness of the Order, the terms and conditions of the Order will be immediately effective and enforceable upon its entry. A copy of the Bidding Procedures is available at https://bit.ly/2JOJsMs from PacerMonitor.com free of charge. About Francesca's Holdings Francesca's Holdings Corporation -- http://www.francescas.com/-- is a specialty retailer which operates a nationwide-chain of boutiques providing customers a unique, fun and personalized shopping experience. The merchandise assortment is a diverse and balanced mix of apparel, jewelry, accessories and gifts. Today, francesca's operates approximately 702 boutiques in 47 states and the District of Columbia and also serves its customers through http://www.francescas.com/ Francesca's reported a net loss of $25.02 million for the fiscal year ended Feb. 1, 2020, compared to a net loss of $40.94 million for the fiscal year ended Feb. 2, 2019. Ernst & Young LLP, in Houston, Texas, the Company's auditor since 2010, issued a "going concern" qualification in its report dated May 1, 2020, citing that the COVID-19 pandemic has caused a material adverse effect on the Company's sales, results of operations, and cash flows, and the Company has stated that substantial doubt exists about its ability to continue as a going concern. Francesca's sought Chapter 11 protection (Bankr. D. Del. Case No. 20-13076) (Lead Debtor), and its affiliates, Francesca's LLC (Bankr. D. Del. Case No. 20-13077), Francesca's Collections, Inc. (Bankr. D. Del. Case No. 20-13078) and Francesca's Services Corp. (Bankr. D. Del. Case No. 20-13079) on Dec. 3, 2020. The cases are assigned to Brendan Linehan Shannon. The Debtors tapped Mark D. Collins, Esq., Michael J. Merchant, Esq., Jason M. Madron, Esq., at Richards, Layton & Finger, P.A. as their local counsel; and Maria DiConza, Esq., Joseph Zujkowski, Esq., and Diana M. Perez, Esq., at O'Melveny & Myers LLP as their bankruptcy counsel. As of Nov. 1, 2020, the Debtors' total assets is at $264.7 million and $290.5 million in debt. The petitions were signed by Andrew Clarke, president and chief executive officer. FRONTIER COMMUNICATIONS: To Expand Fiber Network to Exit Chapter 11 ------------------------------------------------------------------- Jon Brodkin of Ars Technica reports that Frontier Communications has agreed to expand its fiber-to-the-premises network and improve its poor service quality as part of a bankruptcy settlement in California. Frontier committed to deploy fiber to 350,000 homes and businesses within six years on a schedule that would require the first 100,000 by the end of 2022, 250,000 by the end of 2024, and the full 350,000 by year-end 2026. The settlement, filed in late December 2020, is pending approval by the California Public Utilities Commission (CPUC). Frontier agreed to the terms with the Communications Workers of America (CWA), a union that represents Frontier employees; The Utility Reform Network (TURN), a consumer-advocacy group; and Cal Advocates, the public advocate office at CPUC. To ensure that Frontier doesn't build only in wealthy areas, the 350,000-location deployment must include 150,000 customer locations where Frontier estimates it would receive less than a 20 percent "internal rate of return." For those 150,000 locations, Frontier will have to consult with the CWA, TURN, Cal Advocates, and tribal government leaders "to discuss the potential areas for deployment, including tribal lands and tribal communities," the settlement said. "As part of the proposed settlement, Frontier will be required to spend at least $1.75 billion over the next four years on service quality and network enhancement projects, as well as provide a detailed plan with input from CWA, TURN and Cal Advocates that identifies needs like plant repair, maintenance, hiring, and how Frontier intends to address them," the CWA said in a press release last week. The union said it also "secured a commitment from Frontier to maintain its total employee technician staffing in California over the next three years, from 2021 to 2024, and to maintain ten call center locations across the state." About Frontier Communications Frontier Communications Corporation (NASDAQ: FTR) offers a variety of services to residential and business customers over its fiber-optic and copper networks in 29 states, including video, high-speed internet, advanced voice, and Frontier Secure digital protection solutions. Frontier Communications Corporation and 103 related entities sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-22476) on April 14, 2020. Judge Robert D. Drain oversees the cases. The Debtors tapped Kirkland & Ellis LLP as legal counsel; Evercore as financial advisor; and FTI Consulting, Inc., as restructuring advisor. Prime Clerk is the claims agent, maintaining the page http://www.frontierrestructuring.com/and https://cases.primeclerk.com/ftr The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in Debtors' Chapter 11 cases. The committee tapped Kramer Levin Naftalis & Frankel LLP as its counsel; Alvarez & Marsal North America, LLC as financial advisor; and UBS Securities LLC as investment banker. GARRETT MOTION INC: Equity Holders Seek $2.5 Million Investor Fees ------------------------------------------------------------------ Law360 reports that the official committee of equity security holders in the Chapter 11 case of auto parts maker Garrett Motion Inc. has asked a New York judge to have the debtor pay up to $2.5 million in fees and expenses for a pair of investors pursuing a potential equity financing transaction. In its motion late Monday, January 4, 2021, the committee said the financing transaction is being pursued as a potential alternative to a Chapter 11 asset sale that is currently underway and that it would form the backbone of a stand-alone plan of reorganization that reinstates existing shares in Garrett Motion, refinances existing debt. About Garrett Motion Based in Switzerland, Garrett Motion Inc. (NYSE: GTX) designs, manufactures and sells highly engineered turbocharger and electric-boosting technologies for light and commercial vehicle original equipment manufacturers ("OEMs") and the global vehicle and independent aftermarket. Garrett Motion and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-12212) on Sept. 20, 2020. Garrett disclosed $2,066,000,000 in assets and $4,169,000,000 in liabilities as of June 30, 2020. The Debtors tapped SULLIVAN & CROMWELL LLP as counsel; QUINN EMANUEL URQUHART & SULLIVAN LLP as co-counsel; PERELLA WEINBERG PARTNERS as investment banker; MORGAN STANLEY & CO. LLC as investment banker; and ALIXPARTNERS LLP as restructuring advisor. KURTZMAN CARSON CONSULTANTS LLC is the claims agent. GENERAL MOTORS: 6th Cir. Revives Neglected Power Plant Suit vs DTE ------------------------------------------------------------------ Law360 reports that DTE Energy must face claims it directed a subsidiary to let a power plant on leased land fall into disrepair after the Sixth Circuit revived claims brought by the landowner, finding enough evidence was submitted to support piercing the corporate veil under Michigan law. The unanimous, published opinion reverses a lower court order that allowed DTE Energy Services Inc. to avoid being held financially liable for the damage its subsidiary allegedly caused to leased land by neglecting and abandoning a power plant to the point that the facility contaminated the surrounding area. Sixth Circuit Opinion This alleged breach-of-contract case arises out of General Motors's ("GM") bankruptcy. In 2007, GM sold a power plant to an energy company, DTE Energy Pontiac North, LLC ("DTEPN"). GM also leased the land under the plant to DTEPN for ten years. For its part, DTEPN agreed to sell utilities produced at the plant to GM, to maintain the plant according to specific criteria, and to take care of any environmental issues caused by the plant. DTEPN's parent company, DTE Energy Services, Inc., ("DTE Energy")1guaranteed that DTEPN would meet GM's utility needs and its environmental and maintenance responsibilities, or DTE Energy itself would step in to fulfill DTEPN's obligations. Two years later, GM filed for bankruptcy. GM and DTEPN agreed to GM's rejection of the above contracts, but DTEPN exercised its right as a tenant to continue occupying the power plant's grounds. As part of GM's reorganization, an environmental trust wascreated to assume ownership of some of GM's industrial property, including the land occupied by DTEPN. DTEPN remained in possession of the premises until the lease expired. At that time, DTEPN turned the land over to the trust, which discovered that DTEPN had allowed the power plant to fall into disrepair and contaminate the trust's property. The trust sued DTEPN and DTE Energy for breach of contract and various other claims. "The trust's claims against DTEPN are not before us. Instead, we focus on the trust's attempts to hold DTE Energy responsible for its subsidiary's alleged wrongs. As relevant here, the district court dismissed the claims against DTE Energy because (1) the trust's allegations did not support piercing the corporate veil under Michigan law, and (2) DTE Energy's guaranty terminated after GM rejected the associated contracts in bankruptcy. We conclude that the district court erred in both of its rulings. Accordingly, we REVERSEthe district court's dismissal of Plaintiffs' amended complaint regarding DTE Energy; REVERSE the district court's dismissal of Plaintiffs' breach-of-Associated-Agreements claim regarding DTE Energy; and REMAND to the district court for proceedings consistent with this opinion," Circuit Judge Griffin said. A full-text copy of the opinion is available at: https://www.opn.ca6.uscourts.gov/opinions.pdf/21a0003p-06.pdf About DTE Energy Services Headquartered in Detroit, Michigan, DTE Energy is an energy company. The Company's utility operations consist primarily of DTE Electric and DTE Gas. DTE Electric is engaged in the generation, purchase, distribution, and sale of electricity to customers. DTE Gas is engaged in the purchase, storage, transportation, distribution, and sale of natural gas to customers, and the sale of storage and transportation capacity. About General Motors With its global headquarters in Detroit, Michigan, General Motors -- http://www.gm.com/-- is one of the world's largest automakers, traces its roots back to 1908. General Motors Co. was formed to acquire the operations of General Motors Corp. through a sale under 11 U.S.C. Sec. 363 following Old GM's bankruptcy filing. The U.S. government provided financing. The deal was closed July 10, 2009, and Old GM changed its name to Motors Liquidation Co. Old GM -- General Motors Corporation -- filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on June 1, 2009. The Honorable Robert E. Gerber presides over the Chapter 11 cases. The Debtors tapped Weil, Gotshal & Manges LLP, Jenner & Block LLP, and Honigman Miller Schwartz and Cohn LLP as counsel; and Morgan Stanley, Evercore Partners and the Blackstone Group LLP as financial advisor. Garden City Group served as claims and notice agent of the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Unsecured Creditors Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis & Frankel LLP served as bankruptcy counsel to the Creditors Committee. Attorneys at Butzel Long served as counsel on supplier contract matters. FTI Consulting Inc. served as financial advisors to the Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, represented the Asbestos Committee. Legal Analysis Systems, Inc., served as asbestos valuation analyst. The Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan was declared effect on March 31, 2011. On Dec. 15, 2011, Motors Liquidation was dissolved. On the Dissolution Date, pursuant to the Plan and the Motors Liquidation Company GUC Trust Agreement, dated March 30, 2011, between the parties thereto, the trust administrator and trustee -- GUC Trust Administrator -- of the Motors Liquidation Company GUC Trust, assumed responsibility for the affairs of and certain claims against MLC and its debtor subsidiaries that were not concluded prior to the Dissolution Date. GIRARDI KEESE: Court Okays Trustee in Involuntary Chapter 7 Case ---------------------------------------------------------------- Law360 reports that a California bankruptcy judge ordered the appointment of a trustee to take control of the finances of famed trial lawyer Tom Girardi and his firm, Girardi Keese, following a virtual hearing Tuesday, January 5, 2021, that neither Girardi nor his lawyers attended. U.S. Bankruptcy Judge Barry Russell ordered the Office of the U.S. Trustee to appoint an interim trustee in the bankruptcy cases against Girardi and his firm and authorized the trustee "to immediately enter onto the premises of the debtor and take possession of the books and records, accounts, and all aspects of the debtor." About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It was known for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys: Andrew Goodman Goodman Law Offices, Apc Tel: 818-802-5044 E-mail: agoodman@andyglaw.com Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee. The Chapter 7 trustee can be reached at: Elissa D. Miller 333 South Grand Ave., Suite 3400 Los Angeles, California 90071-1406 Telephone: 213.626.2311 Facsimile: 213.629.4520 E-mail: emiller@sulmeyerlaw.com GORHAM PAPER: $8.75-Mil. Sale of All Assets Closed on Dec. 31 ------------------------------------------------------------- Gorham Paper and Tissue, LLC and its affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a notice of (i) closing of the sale of substantially all their assets to Gorham Acquisition, LLC, and (ii) filing of amended sale exhibits. The aggregate consideration for the sale and transfer of the Assets consists of: (a) Subject to adjustment as set forth in the Agreement, (i) $8.75 million in cash payable by means of a completed federal funds wire transfer to an account or accounts designated by the Sellers in writing not later than three Business Days prior to the Closing Date, less (ii) the Deposit, which, for the avoidance of doubt, constitutes a component of and will be credited against the Purchase Price on the Closing Date; (b) a credit bid pursuant to section 363(k) of the Bankruptcy Code of all the DIP Financing Obligations held by the Purchaser, which may include any DIP Financing Obligations assigned to, and assumed by, the Purchaser by the DIP Lender, if a party other than the Purchaser or affiliated with the Purchaser holds DIP Financing Obligations at any relevant time, which credit bid, for the avoidance of doubt, will be credited against the Purchase Price on the Closing Date; and (c) the assumption by Purchaser of the Assumed Liabilities, which will include the indebtedness owed by White Mountain to the Bank of New Hampshire. On Nov. 7, 2020, the Debtors filed their Bid Procedures and Sale Motion with the Court proposing to sell substantially all of their assets to Gorham or any other successful bidder at an auction. On Nov. 19, 2020, following a hearing on approval of the bid procedures portion of the Sale Motion, the Court entered its Bid Procedures Order, and on Dec. 14, 2020, without any other qualified bids, Gorham was selected as the successful bidder. On Dec. 18, 2020, the Court entered the Sale Order, pursuant to which, among other things, it approved the Sale to the Purchaser. The Sale closed on Dec. 31, 2020. Prior to closing, the Purchaser finalized Exhibit B (Assumed Contracts) to the Sale Order and the Debtors and the Purchaser made corresponding modifications to the schedules to the Asset Purchase Agreement attached to the Sale Order as Exhibit A. Copies of the final Asset Purchase Agreement and the Assumed Contract list are attached to the Notice as Exhibits 1 and 2, respectively. The documents filed in the Debtors' chapter 11 cases, including all documents related to the Sale, may be obtained by visiting the website of Donlin Recano & Co., Inc. at https://www.donlinrecano.com/Clients/gpt/Index. A copy of the Exhibits is available at https://bit.ly/3rVJuDr from PacerMonitor.com free of charge. About Gorham Paper and Tissue Founded in 2011, Gorham Paper and Tissue LLC -- http://www.gorhampt.com/-- operates a paper mill and manufactures customized tissues, towels and specialty packagings. Gorham Paper and Tissue and affiliate White Mountain Tissue, LLC, sought Chapter 11 protection (Bankr. D.N.H. Lead Case No. 20 12814 and 20-12815) on Nov. 4, 2020. Gorham Paper was estimated to have assets of $1 million to $10 million and liabilities of $50 million to $100 million. The Hon. Karen B. Owens is the case judge. The Debtors have tapped Bernstein, Shur, Sawyer & Nelson, P.A. as their bankruptcy counsel, Polsinelli PC as local counsel, and B. Riley Securities as investment banker. Donlin Recano & Company, Inc. is the claims and noticing agent. On Nov. 10, 2020, the Office of the United States Trustee for the District of Delaware appointed the official committee of unsecured creditors. Reed Smith agreed to serve as the committee's legal counsel. GULFPORT ENERGY: Hires Alvarez & Marsal, Appoints CRO ----------------------------------------------------- Gulfport Energy Corp. and its subsidiaries seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Alvarez & Marsal North America, LLC as their restructuring advisor, and designate Mark Rajcevich as their chief restructuring officer. The Debtors need a restructuring advisor to: i. assist in the development and management of financial and liquidity forecasting, including but not limited to, the development of a 13-week cash flow and liquidity forecast; ii. develop and validate other financial models as requested by the Debtors; iii. assist in financing issues, including the preparation of reports and liaison with creditors, with the CRO serving as principal contact; iv. assist in the identification of cost reduction and operations improvement opportunities; v. report to the Debtors' Board of Directors as desired or directed by the Debtors' chief executive officer; vi. provide testimony by the CRO, to the extent applicable, with respect to matters on which Alvarez & Marsal has been engaged, in any proceedings under the United States Bankruptcy Code, any similar judicial proceedings, or any related mediation, arbitration, or other process; vii. assist the Debtors in the preparation of financial-related disclosures required by the court; and viii. provide other activities approved by the Debtors' CEO and agreed to by Alvarez & Marsal. Alvarez & Marsal will be paid as follows: Restructuring: Hourly rate ----------- Managing Director $900 - $1,150 (including the CRO) Director $700 - $875 Analysts/Associates $400 - $675 Case Management: Hourly Rate ----------- Managing Director $850 - $1,000 (including the CRO) Director $675 - $825 Analysts/Associates $400 - $625 In the event a going-concern restructuring or sale transaction is consummated, the Debtors will pay Alvarez & Marsal a $2,875,000 incentive fee, payable upon the earlier of the consummation of a Chapter 11 plan of reorganization and the sale, transfer or disposition of all or a substantial portion of the assets or equity of the Debtors in one or more transactions. Alvarez & Marsal received $300,000 as a retainer. Mr. Rajcevich disclosed in court filings that the firm is a "disinterested person" as defined by Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark Rajcevich Alvarez & Marsal North America, LLC 700 Louisiana Street, Suite 3300 Houston, TX 77002 Tel: +1 713 571 2400 Fax: +1 713 547 3697 About Gulfport Energy Corp. Gulfport Energy Corporation (NASDAQ: GPOR) -- http://www.gulfportenergy.com/-- is an independent natural gas and oil company focused on the exploration and development of natural gas and oil properties in North America and a producer of natural gas in the contiguous United States. Headquartered in Oklahoma City, Gulfport holds significant acreage positions in the Utica Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma. In addition, Gulfport holds non-core assets that include an approximately 22% equity interest in Mammoth Energy Services, Inc. (NASDAQ: TUSK) and has a position in the Alberta Oil Sands in Canada through its 25% interest in Grizzly Oil Sands ULC. Gulfport Energy reported net loss of $2.0 billion for the year ended Dec. 31, 2019 as compared to net income of $430.6 million for the year ended Dec. 31, 2018. As of June 30, 2020, Gulfport had $2.58 billion in total assets, $2.35 billion in total liabilities, and $231.34 million in total stockholders' equity. As of Sept. 30, 2020, Gulfport had $2,375,559,000 in assets and $2,520,336,000 in liabilities. Gulfport and its subsidiaries sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35562) on Nov. 13, 2020. The Hon. David R. Jones is the case judge. The Debtors tapped Kirkland & Ellis LLP as their bankruptcy counsel; Jackson Walker L.L.P. as local bankruptcy counsel; Alvarez & Marsal North America, LLC as restructuring advisor; and Perella Weinberg Partners L.P. and Tudor, Pickering, Holt & Co. as financial advisor; and PricewaterhouseCoopers LLP as tax services provider. Epiq Corporate Restructuring LLC is the claims agent. Wachtell, Lipton, Rosen & Katz is counsel for the special committee of Gulfport's Board of Directors while Chilmark Partners is the financial advisor. Katten Muchin Rosenman LLP is counsel for the special committee of the governing body of each Debtor other than Gulfport while M-III Parnters, LP is the financial advisor. The Office of the U.S. Trustee appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Nov. 27, 2020. The committee is represented by Norton Rose Fulbright US LLP and Kramer Levin Naftalis & Frankel, LLP. HEARTWISE INCORPORATION: Taps Greenberg Traurig as Special Counsel ------------------------------------------------------------------ Heartwise Incorporation seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Greenberg Traurig, LLP as special counsel. The Debtor requires Greenberg Traurig to: (a) advise the Debtor regarding its appeal on the judgment in the case captioned, "Vitamins Online, Inc. v. Heartwise, Inc."; (b) file necessary notices regarding the said case; (c) provide services related to advancing the appeal; and (d) advise the Debtor regarding regulatory matters related to the Debtor's business. Greenberg Traurig will be paid at these hourly rates: Justin Prochnow $750 Peggy Hunt $550 Sarah Goldberg $490 The Debtor will pay the firm for the final allowance of all fees and expenses incurred at the conclusion of the case, regardless of whether interim compensation has been paid. Greenberg Traurig is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code, according to a court filing. The firm can be reached at: Justin J. Prochnow, Esq. Greenberg Traurig, LLP 1144 15th Street, Suite 3300 Denver, CO 80202 Direct: +1 303.572.6562 Tel: +1 303.572.6500 Fax: +1 303.572.6540 Email: prochnowjj@gtlaw.com About Heartwise Incorporation Heartwise Incorporation filed for Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 20-13335) on Dec. 4, 2020. Tuong V. Nguyen, chief executive officer, signed the petition. At the time of the filing, the Debtor disclosed $7,653,717 in assets and $12,030,563 in liabilities. Judge Mark S. Wallace presides over the case. The Debtor is represented by Blakeley LLP. HGIM CORP: S&P Cuts ICR to 'SD' on Distressed Term Loan Repurchase ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Louisiana-based offshore vessel provider HGIM Corp. to 'SD' (selective default) from 'CC'. At the same time, S&P lowered its issue-level rating on the company's first-lien term loan to 'D' from 'CC'. The downgrade to 'SD' follows the completion of HGIM's previously announced cash tender offer to repurchase a portion of its $350 million first-lien term loan at a well-below par value. The company tendered $11.4 million in face value for $5.7 million in cash. S&P views the transaction as distressed and tantamount to default because debt investors did not receive the originally promised amount. The transaction was conducted through a Dutch auction tender, whereby HGIM offered to repurchase debt at between $400 and $500 per $1,000 principal amount. The company was willing to spend up to $25 million in cash. Following the transaction, about $339 million par value of HGIM's first-lien term loan remains outstanding. S&P expects to review its issuer credit rating and issue-level ratings on HGIM once it believes no further transactions it could view as distressed are likely to occur. HIGHLAND CAPITAL: Bankruptcy Plan Faces Pushback from CLO Investor ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that Highland Capital Managment LP's proposed bankruptcy plan would violate its fiduciary duties, according to a group of investors in collateralized loan obligation vehicles the firm is managing. Highland is placing the interests of its creditors over those of investors, NexPoint Advisors LP and a group of affiliated entities said in an objection filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas. "The debtor intends to effectively wind-down and liquidate the CLOs' assets within two years—an arbitrary proposition having nothing to do with what is in the best interests of the CLOs," the investors said. About Highland Capital Management Highland Capital Management LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management, L.P., sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. Highland was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Bank. N.D. Tex. Case No. 19-34054). Judge Stacey G. C. Jernigan is the case judge. The Debtor's counsel is James E, O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP. Development Specialists Inc. and CEO Bradley Sharp are the financial adviser and restructuring officer. Foley & Lardner LLP, as special Texas counsel. Kurtzman Carson Consultants LLC is the claims and noticing agent. The Office of the U.S. Trustee appointed a committee of unsecured creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP as bankruptcy counsel; Young Conaway Stargatt & Taylor LLP as co-counsel with Sidley Austin; and FTI Consulting, Inc. as financial advisor. HWY 24 LUMBER: Seeks Approval to Hire Eric Liepins as Counsel ------------------------------------------------------------- HWY 24 Lumber & Feed, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Eric A. Liepins, P.C. as its legal counsel. The firm will provide services in connection with the Debtor's Chapter 11 case for the purpose of orderly liquidating the assets, reorganizing the claims of the estate, and determining the validity of claims asserted in the estate. The firm will be paid at these hourly rates: Eric A. Liepins $275 Paralegals and Legal Assistants $30 - $50 The firm received a retainer of $5,000, plus the filing fee and will be reimbursed for out-of-pocket expenses. Eric Liepins, Esq., the sole shareholder of the law firm, disclosed in court filings that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Eric A. Liepins, Esq. Eric A. Liepins, P.C. 12770 Coit Road, Suite 1100 Dallas, TX 75251 Tel: (972) 991-5591 Fax: (972) 991-5788 About HWY 24 Lumber & Feed HWY 24 Lumber & Feed, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Texas Case No. 20-42468) on Dec. 16, 2020. 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. Eric A. Liepins, P.C. serves as the Debtor's legal counsel. IN-SHAPE HEALTH: U.S. Trustee Rips 'Extreme' Ch. 11 Break-Up Fee ---------------------------------------------------------------- Law360 reports that the federal bankruptcy watchdog took issue Tuesday, Jan. 5, 2021, with $1.5 million in proposed bid protections offered up by In-Shape in connection with its potential $45.3 million sale to an affiliate of post-petition lenders, saying the steep break-up fee may discourage competing bids. The California-based fitness company does not need a $1.5 million break-up fee to preserve the value of its estate under Chapter 11 because the potential purchaser already has a strategic incentive to bid, U.S. Trustee Andrew Vara told the court. About In-Shape Health In-Shape is a regional health club operator. Before the outbreak of COVID-19, In-Shape operated 65 clubs with over 470,000 members. Its clubs offer premium amenities and member-focused community club experiences at tiered pricing levels in secondary markets around California. Visit https://www.inshape.com/ for more information. In 2012, Fremont Group purchased 78% of the Company from the Rothbards and their co-investors. Fremont Group remains the majority equity owner of ISHC. In-Shape Holdings, LLC, and two affiliates, including In-Shape Health Clubs, LLC, sought Chapter 11 protection (Bankr. D. Del. Case No. 20-13130) on Dec. 16, 2020. In-Shape Holdings was estimated to have $50 million to $100 million in assets and $100 million to $500 million in liabilities as of the bankruptcy filing. The Hon. Laurie Selber Silverstein oversees the cases. The Debtors tapped KELLER BENVENUTTI KIM LLP as bankruptcy counsel; TROUTMAN PEPPER HAMILTON SANDERS LLP as local bankruptcy co-counsel; and CHILMARK PARTNERS, LLC as investment banker. B. RILEY FINANCIAL, INC., is the real estate advisor. Stretto is the claims agent. INNOVATION PET: Hires Shulman Bastian as Bankruptcy Counsel ----------------------------------------------------------- Innovation Pet, Inc. seeks authority from the U.S. Bankruptcy Court for the Central District of California to hire Shulman Bastian Friedman & Bui LLP as its bankruptcy counsel. The firm will provide these services: 1. advise the Debtor with respect to its rights, powers, duties and obligations in the administration of its Chapter 11 case, the management of its business affairs and the management of its property; 2. advise and assist the Debtor with respect to compliance with the requirements of the Office of the United States Trustee; 3. advise the Debtor regarding matters of bankruptcy law, including the rights and remedies of the Debtor with respect to its assets and with respect to the claims of creditors; 4. represent the Debtor in any proceedings or hearings in the bankruptcy court related to bankruptcy law issues; 5. conduct examinations of witnesses, claimants or adverse parties, and assist in the preparation of reports, accounts and pleadings; 6. advise the Debtor regarding its legal rights and responsibilities under the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure; and 7. perform other legal services in connection with the case. The firm's hourly rates are as follows: Attorneys Hourly Rate Leonard M. Shulman $675 James C. Bastian, Jr. $675 Alan J. Friedman $675 J. Ronald Ignatuk $595 Gary A. Pemberton $595 Franklin J. Contreras $550 Lynda T. Bui $495 Shane M. Biornstad $495 Kiara W. Gebhart $495 Melissa Davis Lowe $495 Ryan O'Dea $495 Rika M. Kido $450 Jai H. Kim $425 Bryan Whitmer-Cabrera $400 Brandon J. Iskander $350 Sarah M. St. John $275 Paralegals Lorre Clapp $250 Pamela G. Little $250 Erlanna L. Lohayza $250 Lori Gauthier $250 Anne Marie Vernon $195 Tammy Walsworth $195 Tonia Mann-Wooten $185 Joyce Cheng $300 Of Counsel A. Lavar Taylor $675 Jeffrey W. Broker $595 Michael J. Petersen $595 Law Clerks Sarah Spitzer $150 The firm is a "disinterested person" as that term is defined in Bankruptcy Code Section 101(14), according to court filings. The firm can be reached through: James C. Bastian, Jr., Esq. Melissa Davis Lowe, Esq. Shulman Bastian Friedman & Bui LLP 100 Spectrum Center Drive, Suite 100 Irvine, CA 92618 Tel: 949-340-3400 Fax: 949-340-3000 Email: JBastian@shulmanbastian.com MLowe@shulmanbastian.com About Innovation Pet Innovation Pet, Inc. -- https://www.innovationpet.com/ -- is a pet products company that offers innovative products that meet the needs and solves problems for pets and their caring guardian. Its products include chicken coops, coop odor eliminator, coop nesting and cleaning, dog houses, hutches and cottontails, hutch odor eliminator, duck houses, and cat and dog treats, toys and litter treatment. Innovation Pet sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 20-13223) on Nov. 19, 2020. In the petition signed by Victoria Coopman, chief executive officer, the Debtor disclosed total assets of $1,085,209 and and total debt of $3,364,179. The case is assigned to Judge Scott C. Clarks. The Debtor tapped James C. Bastian, Jr., Esq., and Melissa Davis Lowe, Esq., at Shulman Bastian Friedman & Buii LLP, as counsel. INNOVATIVE CHEMICAL: S&P Affirms 'B-' ICR; Outlook Positive ----------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on Innovative Chemical Products Group (ICP). S&P's 'B' issue-level rating on its existing first-lien credit facility, and its 'CCC' issue-level rating on its existing second lien term loan along with the recovery ratings are unchanged. S&P expected to withdraw the issue level and recovery ratings once ICP has repaid all existing debt. S&P is also assigning its 'B' issue-level and '2' recovery ratings to the proposed first-lien credit facility and its 'CCC' issue-level and '6' recovery ratings to the proposed second-lien term loan (Gardner-Gibson Acquisition Corp. as borrower). The rating action follows the announcement that ICP will acquire Gardner-Gibson and refinance its capital structure. The company plans to issue a $950 million first-lien credit facility, consisting of a $125 million revolver and $825 million term loan, as well as a $225 million second-lien term loan. S&P expects ICP to use the proceeds to fund the acquisition and pay down the existing first- and second-lien term loans. S&P said, "We view the acquisition of Gardner-Gibson as an enhancement to ICP's business. The addition provides access to new products and customers, and improves profitability. The acquisition doubles ICP's size and increases its manufacturing footprint across the U.S. The company expects meaningful cross-selling opportunities, given the complementary products and access to new customers. ICP already experienced margin expansion in 2020, and with the addition of Gardner-Gibson (which generates solid EBITDA margins), we believe pro forma EBITDA margins will remain above average. Our assessment also reflects the asset-light business model, leading positions in niche market applications, low customer concentration, and strong customer retention supported by research and development and innovation capabilities." Partially offsetting these strengths are the company's small market share in the global coatings, adhesives, and sealants markets, exposure to the cyclical home construction market, and low geographic diversity. Although ICP is doubling in size, it is still a relatively small niche player with low market shares in the highly fragmented coatings, adhesives, and sealants markets. Market leaders such as PPG Industries Inc. and Sherwin-Williams Co. benefit from significantly stronger market positions, geographic and end-market diversification, and a more specialized product mix. S&P said, "ICP has significant exposure to the cyclical home construction end market, though this is somewhat mitigated by the fact that its products are used more for maintenance, which we expect to be less affected by potential future downturns than new construction. ICP is relatively concentrated geographically; less than 15% of its revenue comes from outside the U.S. We view ICP as weaker than specialty chemical peer Innophos Holdings Inc. Innophos is similar in size to ICP, but it has greater end-market and geographic diversity, as well as a stronger market position." "We still assess ICP's financial risk profile as highly leveraged. We expect ICP to maintain its aggressive financial policies (given the company's financial sponsor ownership by Audax Group), high debt to EBITDA, and acquisitive growth strategy. We forecast ICP's weighted-average adjusted debt to EBITDA will be 6x-7x and funds from operations (FFO) to debt will be below 12% over the next 12 months." "Although ICP has a history of successfully integrating bolt-on acquisitions, Gardner-Gibson will be by far the largest acquisition the company has ever made. We believe this poses significant risk that the integration process is more costly or takes longer than anticipated to achieve targeted synergies. The acquisition is also occurring during a time of tremendous economic uncertainty given the COVID-19 pandemic. This could hinder ICP's growth prospects and ability to maintain EBITDA margins." "The positive outlook on ICP reflects the potential that we could raise our rating in the next 12 months if the company successfully integrates the Gardner-Gibson acquisition, achieves the targeted synergies in a timely manner, and sustains improved EBITDA margins. In our base-case scenario, we expect significant revenue growth in 2021 due to the recent acquisitions of Leeson Polyurethanes and Gardner-Gibson. We expect positive revenue growth in 2021 as the economy recovers, supporting volume growth in the company's end markets. We expect margins to stay above average as the company benefits from acquisition-related synergies, insourcing initiatives, shift in mix toward higher-margin product lines, and raw material cost reductions associated with commodity price declines and strategic sourcing initiatives. We expect weighted-average adjusted debt to EBITDA to be 6x-7x over the next year. Our base-case scenario does not factor in any additional transformational acquisitions or dividends." "We could raise our rating on ICP within the next 12 months if the company achieves the targeted synergies in a timely manner. We could also raise our rating if ICP proves to be more resilient than we expect against the macroeconomic headwinds. This could occur if construction market growth accelerates faster than we project, leading to stronger volumes and revenue growth. We could consider a higher rating if we believe the integration risk has diminished and ICP can maintain improved EBITDA margins and weighted-average adjusted debt to EBITDA of about 6x or below. For a higher rating, we would need to expect the company's financial policies would support maintaining these credit metrics." "We could revise the outlook to stable within the next 12 months if unexpected challenges arise related to the integration of the Gardner-Gibson acquisition, such as greater-than-expected costs or delays in synergy capture. Such scenarios could lead to weaker profitability and credit measures than what we forecast in our base case. Specifically, in a downside scenario, we would expect EBITDA margins to drop below average on a sustained basis, along with weaker-than-expected top-line growth. We could also consider a negative rating action if ICP pursues another large debt-funded acquisition, or if unexpected cash outlays or business challenges reduce the company's liquidity position such that free cash flow turns negative and liquidity sources are less than 1.2x liquidity uses." INTERSTATE COMMODITIES: 1000 Davis Offers $570K for Troy Property ----------------------------------------------------------------- Interstate Commodities, Inc., asks the U.S. Bankruptcy Court for the Northern District of New York to authorize the private sale of interest in the real property located at 7 Madison Street, 307, 209 and 311 1st Street, in Troy, New York, to 1000 Davis, LLC for $570,000, cash. A committee of unsecured creditors has been appointed in the case. The Debtor, through its counsel, consulted with the Committee which approved of its intention to sell the Real Property, the retention of the real estate broker and the marketing plan. The Real Property consists of an approximately 19,558 square foot facility, most of which is utilized as office space. The Real Property also has a parking lot, and storage space for approximately 7,450 tons of feed ingredients. In addition, the Debtor leases part of the Real Property to T-Mobile for its wireless communications antenna. After its retention, the Debtor's Broker, NAI Platform, entered into with extensive negotiations with interested parties, including the ultimate prospective purchaser of the Real Property. There were three other offers for the Real Property. On Jan. 4, 2021, the Debtor entered into a Contract of Sale of the Real Property with the Purchaser for a purchase price of $570,000, payable in cash with no financing contingency whatsoever, and a 10% deposit having been tendered to the Broker to hold in escrow, subject to Court approval. Included in the Sale is the assumption and assignment of a 2014 Site Lease Agreement for approximately 180 square feet of the Real Property between the Debtor and T-Mobile Northeast, LLC for its use in connection with its wireless communications business. Subject to Court approval, the Purchaser and the Debtor have agreed to the terms and conditions for the assignment of the Lease Agreement and sale of the Real Property. By the Motion, the Debtor asks an order authorizing and approving the private sale of the Real Property "as is, where is" without any representation or warranties of any kind, and free and clear of all liens, claims, and encumbrances, with such Liens, if any, to be paid from sale proceeds at the closing of the sale. The Debtor proposes a private sale of the Property in order to obtain best value for the Real Property. It expects that the proposed private sale will provide a fair and expeditious process to maximize the value of the Real Property for the benefit of creditors and its estate. A copy of the Contract is available at https://bit.ly/3nb5vKQ from PacerMonitor.com free of charge. About Interstate Commodities Interstate Commodities Inc. engages in the merchandise of commodities. It offers whole corn, soybean meal, soybeans, soy hulls, soyhull pellets, corn gluten meal, canola meal, sunflower meal, beet pulp pellets, citrus pulp pellets, and wheat. Interstate Commodities filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. N.Y. Case No. 20-11139 on Aug. 26, 2020. The petition was signed by Michael G. Piazza, chief operating officer. At the time of filing, the Debtor disclosed $12,558,336 in assets and $25,513,305 in liabilities. Gerard R. Luckman, Esq., at FORCHELLI DEEGAN TERRANA LLP, is the Debtor's counsel. The Court appointed NAI Platform as Real Estate Broker. INVERSIONES CARIBE: Amends Plan to Add Condado Deal --------------------------------------------------- Inversiones Caribe Delta, Inc., submitted a Second Amended Plan of Reorganization on Dec. 30, 2020, amending the Plan that was filed on Sept. 20, 2019. The Debtor said it has submitted the Second Amended Plan in order to incorporate the terms and conditions of the Joint Stipulation to Settle the Debtor's Objection to CONDADO 2, LLC's Proof of Claim 7, as to the prepetition interest and prepetition debt, and of the Joint Stipulation for the Treatment of Condado's Claim as to the amount and treatment under the Amended Plan. Class 5 Condado 2's secured claim (asserted in the amount of $4.666 million) will be allowed in the amount of $4,000,000 to be paid through monthly installments of $22,538, over a period of seven years from the Effective Date, that is in 84 consecutive monthly installments. There are no changes to the proposed treatment of Class 7 General Unsecured Claims, which are impaired. Unsecured creditors with claims totaling $139,670.50 will get a 5% dividend of their allowed claim in a term of 60 consecutive months, commencing on the Effective Date. The proposed Second Amended Plan will be funded with Debtor's own assets, the collection of any account receivables, Debtor's cash in bank, funds from debtor's post-petition operations including new leases, a capital contribution from Debtor's shareholder, a financing in the amount of $5,000,000, if necessary to settled secured claims under Class 5. A full-text copy of the Second Amended Plan of Reorganization dated Dec. 30, 2020, is available at https://bit.ly/355MD9K from PacerMonitor.com at no charge. Attorney for the Debtor: Carmen D. Conde Torres C. CONDE & ASSOC. San Jose Street #254, 5th Floor San Juan, P.R. 00901-1253 Tel: (787) 729-2900 Fax: (787) 729-2203 E-mail: condecarmen@condelaw.com About Inversiones Caribe Inversiones Caribe owns a parcel of land in Dorado, Puerto Rico, which is valued at $6 million, and a commercial property in Ponce, Puerto Rico, which is valued at $1.4 million. Inversiones Caribe Delta filed a Chapter 11 petition (Bankr. D.P.R. Case No. 19-00388) on Jan. 29, 2019. In the petition signed by Carlos F. Muratti, president, the Debtor disclosed $7,415,061 in assets and $3,619,549 in liabilities. The case has been assigned to Judge Brian K. Tester. Carmen D. Conde Torres, Esq., at C. Conde & Assoc., is the Debtor's counsel. The case is jointly administered with the Chapter 11 case of Preserba Compania de Desarrollos, Inc. (Case No. 19-00387). ISIS MEDICAL: Seeks to Hire Shaneyfelt & Associates as Counsel -------------------------------------------------------------- ISIS Medical, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Shaneyfelt & Associates, LLC as its bankruptcy counsel. The firm will provide services in connection with the Debtor's Chapter 11 case, which include: (a) advising the Debtor with respect to its powers and duties in the continued management and operations of its business; (b) attending meetings and negotiating with the representatives of the creditors and other parties in interest; (c) taking all necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any action commenced against the Debtor, negotiations concerning all litigation in which the Debtor is involved, and objections to claims filed against the estate; (d) preparing legal papers; (e) preparing a plan of reorganization and related documents and taking necessary actions to obtain confirmation of such plan; (f) advising the Debtor in connection with any potential sale of assets; (g) court appearances; (h) consulting with the Debtor regarding tax matters; and (i) performing all other necessary legal services in connection with the case. The firm will be paid at these hourly rates: Paul H. Shaneyfelt, Esq. $300 Paraprofessionals $125 The Debtor will reimburse the firm for work-related expenses. The firm received a $16,000 retainer from the Debtor for the preparation and filing of the case and $1,717 for the filing fee. Shaneyfelt & Associates is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to a court filing. The firm can be reached at: Paul H. Shaneyfelt, Esq. Shaneyfelt & Associates, LLC 315 Public Square, Suite 204 Troy, OH 45373 Tel: (937) 216-7727 Fax: (937) 552-9954 Email: paulshaneyfeltlaw@gmail.com About ISIS Medical ISIS Medical, Inc. filed for Chapter 11 bankruptcy protection (Bankr. S.D. Ohio Case No.: 20-32705) on Dec. 17, 2020. Colleen Duch, vice-president and sole shareholder of the Debtor, signed the petition. At the time of the filing, the Debtor disclosed $13,900,974 in assets and $6,034,068 in liabilities. Shaneyfelt & Associates, LLC is the Debtor's legal counsel. J. JACOBS HOLDINGS: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- J. Jacobs Holdings, LLC 21-80009 2002 Douglas Street, Ste. 102 Omaha, NE 68102 Dismal River Holdings, LLC 21-80010 2002 Douglas Street Suite 102 Omaha, NE 68102 DRC III, LLC 21-80011 2002 Douglas Street Ste. 102 Omaha, NE 68102 HC Land Co., LLC 21-80012 2002 Douglas Street, Ste. 102 Omaha, NE 68102 Chapter 11 Petition Date: January 7, 2021 Court: United States Bankruptcy Court District of Nebraska Judge: Hon. Brian S. Kruse Debtors' Counsel: Patrick R. Turner, Esq. TURNER LEGAL GROUP, LLC 139 S. 144th Street Omaha, NE 68010 Tel: 402-690-3675 E-mail: pturner@turnerlegalomaha.com J. Jacobs Holdings' Estimated Assets: $10 million to $50 million J. Jacobs Holdings' Estimated Liabilities: $10 million to $50 million Dismal River Holdings' Estimated Assets: $10 million to $50 million Dismal River Holdings' Estimated Liabilities: $10 million to $50 million DRC III's Estimated Assets: $10 million to $50 million DRC III's Estimated Liabilities: $10 million to $50 million HC Land Co., LLC's Estimated Assets: $1 million to $10 million HC Land Co., LLC's Estimated Liabilities: $1 million to $10 million The petitions were signed by Joel Jacobs, authorized representative. The Debtors stated they have no unsecured creditors. Copies of the petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/MLYTOXQ/J_Jacobs_Holdings_LLC__nebke-21-80009__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/M3O44YA/Dismal_River_Holdings_LLC__nebke-21-80010__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/NJV6KYY/DRC_III_LLC__nebke-21-80011__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/SGOTM7Q/HC_Land_Co_LLC__nebke-21-80012__0001.0.pdf?mcid=tGE4TAMA J.CREW INC: To Close Peoria, Illinois Factory Outlet ---------------------------------------------------- Nick Vlahos of Journal Star reports that the Peoria, Illinois factory outlet of the national specialty-retail chain J. Crew is to close by the end of January 2021, according to management at The Shoppes at Grand Prairie. In September, J. Crew emerged from Chapter 11 bankruptcy protection, for which it filed in May 2020. It became the first major retailer to file for bankruptcy during the coronavirus pandemic. When it filed for Chapter 11, J. Crew had 181 namesake stores and 170 factory stores. Post-bankruptcy, it shed 11 namesake stores and no factory stores. "While we were fortunate enough not to have our location close immediately, the company did decide it was a location to close in their restructuring efforts," Megan Otto, a Grand Prairie spokeswoman, stated in an email. Among the J. Crew stores that closed initially were two in the Chicago area. About J.Crew Group J.Crew Group, Inc., is an internationally recognized omni-channel retailer of women's, men's and children's apparel, shoes and accessories. As of May 4, 2020, the Company operated 181 J.Crew retail stores, 140 Madewell stores, jcrew.com, jcrewfactory.com, madewell.com and 170 factory stores. The company was purchased in 2011 by TPG Capital and Leonard Green & Partners LP for $3 billion. J.Crew Group, Inc., and 17 related entities, including its parent, Chinos Holdings, Inc., sought Chapter 11 protection on May 4, 2020 after reaching agreement with lenders on a deal that will convert $1.65 billion of the Company's debt into equity. The lead case is In re Chinos Holdings, Inc. (Bankr. E.D. Va. Lead Case No. 20-32181). J.Crew was estimated to have at least $1 billion in assets and liabilities as of the bankruptcy filing. Weil, Gotshal & Manges LLP served as legal counsel, Lazard was investment banker and AlixPartners, LLP was the restructuring advisor to J.Crew Group, Inc. Omni Agent Solutions was the claims agent. Anchorage Capital Group and other members of an ad hoc committee were represented by Milbank LLP as legal counsel and PJT Partners LP as investment banker. The Official Committee of Unsecured Creditors was represented by Robert J. Feinstein, Bradford J. Sandler, Shirley S. Cho and Debra I. Grassgreen of Pachulski Stang Ziehl & Jones LLP and Robert S. Westermann and Brittany B. Falabella of Hirschler Fleischer PC. * * * J.Crew Group on Sept. 10, 2020, announced that it has successfully completed its financial restructuring process and emerged from Chapter 11 well positioned for long-term growth. As part of its financial restructuring, the Company has equitized more than $1.6 billion of secured indebtedness, and Anchorage Capital Group has become the majority owner of the Company. JAMCO SERVICES: Seeks to Hire Condon Tobin as Bankruptcy Counsel ---------------------------------------------------------------- Jamco Services, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Condon Tobin Sladek Thornton, PLLC as its bankruptcy counsel. Condon Tobin will provide services in connection with the Debtor's Chapter 11 case, which include: (a) advising the Debtor with respect to its rights, powers and duties in the continued management and operation of its businesses and assets; (b) attending meetings and negotiating with representatives of creditors and other parties in interest, and advising the Debtor on the conduct of cases, including all of the legal and administrative requirements of operating in Chapter 11; (c) taking all necessary actions to protect and preserve the Debtor's estates, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the estate, negotiations concerning litigation in which the Debtor may be involved, and objections to claims filed against the estate; (d) preparing legal papers; (e) preparing and negotiating a plan of reorganization, disclosure statement and all related documents and taking necessary actions to obtain confirmation of the plan; (f) advising the Debtor in connection with the sale of its assets; (g) appearing before the bankruptcy court, any appellate courts and the U.S. Trustee; and (h) performing other necessary legal services in connection with the case. Condon Tobin will be paid at these hourly rates: Seth Moore $485 Kristen Anderson $275 The Debtor will reimburse all the actual and necessary expenses, which Condon Tobin incurs. The Debtor paid Condon Tobin $173,617 for its pre-bankruptcy services and $62,000 as a retainer. Condon Tobin is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code, according to a court filing. Condon Tobin can be reached at: J. Seth Moore, Esq. Aaron Z. Tobin, Esq. Condon Tobin Sladek Thornton, PLLC 8080 Park Lane, Suite 700 Dallas, TX 75231 Telephone: (214) 265-3852 Facsimile: (214) 691-6311 Email: atobin@ctstlaw.com About Jamco Services Jamco Services, LLC, which conducts business under the name Jam Construction, is a full-service heavy equipment construction company. Its services include drilling construction, frac pit construction, site remediation, oilfield construction, game fencing, pit lining and oilfield construction. Visit https://www.jamcoservices.com/ for more information. Jamco Services sought Chapter 11 protection (Bankr. W.D. Tex. Case No. 20-70142) on Nov. 25, 2020. The Debtor was estimated to have $1 million to $10 million in assets and liabilities. Condon Tobin Sladek Thornton, PLLC, led by James Seth Moore, is the Debtor's counsel. JDUB'S BREWING: Hires New Mill Capital as Sale Agent ---------------------------------------------------- JDub's Brewing Co., LLC seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to hire New Mill Capital Holdings, LLC. The Debtor needs the firm's services to assist in the marketing and sale of its personal properties, including furniture, fixtures and equipment, which it used to operate its craft beer brewery and tap room located at 1215 Mango Ave., Sarasota, Fla. New Mill will be compensated as follows: (i) New Mill shall retain a 5 percent commission from the gross sales price of all items of property sold prior to or at the public auction sale. The firm shall charge to successful bidders and retain an industry standard buyer's premium of 15 percent in addition to the commission. (ii) New Mill shall recoup its advanced expenses incurred in connection with its performance of the equipment auction agreement solely from its commission and buyer's premium retained from the sale proceeds. Any expenses incurred by New Mill due to postponing or suspending the auction to entertain turnkey offers shall be retained directly from the first sale proceeds in addition to the commission and buyer's premium retained. New Mill does not have interests adverse to the Debtor's estate, according to court filings. The firm can be reached through: Eric Weiler New Mill Capital Holdings, LLC 50 Louis St NW, 6th Floor Grand Rapids, MI 49503 Phone: 888-801-6032 Fax: 818-337-7198 Fax info@newmillcapital.com About JDub's Brewing Company JDub's Brewing Company, LLC, is a privately held company in the beverage manufacturing industry. JDub's Brewing sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.20-02926) on April 6, 2020. In the petition signed by CEO Jeremy Joerger, the company disclosed $697,542 in assets and $1,687,781 in debt. Judge Michael G. Williamson presides over the case. Daniel Etlinger, Esq., at Jennis Law Firm, serves as the Debtor's counsel. JORDAN LANDING: Court Extends Plan Exclusivity Thru Jan. 20 ----------------------------------------------------------- At the behest of Debtor Jordan Landing, L.P., Judge Neil P. Olack of the U.S. Bankruptcy Court for the Southern District of Mississippi, Northern Division, extended the period in which the Debtor may file a chapter 11 plan through and including January 20, 2021, and to solicit acceptances for a plan through March 22, 2021. Since the Petition Date, the Debtor has reached an agreement with Bonneville Mortgage Company providing for its continued use of cash collateral as evidenced by interim and final agreed orders. These orders already provide agreed time limitations on the Debtor's ability to attempt to restructure under Chapter 11. The Debtor's operations have outperformed their budgeted projections. The Debtor has exchanged information with Bonneville in order to cooperate and collaborate on the restructuring efforts, to the extent possible and to minimize cost and distraction. Also, the Debtor has obtained clarity and understanding about the ad valorem tax issues that have contributed to its financial distress, however, further work on addressing these issues remains important to the Debtor's ability to reorganize. Neither Bonneville Mortgage Company nor the Tennessee Housing Development Agency, the only two active creditors, in this case, oppose the Debtor's requested extension. The Debtor continues to pay post-petition obligations as and when they come due. The extension will enable the Debtor to formulate and implement a confirmable plan and deal with additional tasks that will be necessary for a successful reorganization. A copy of the Debtor's Motion to extend is available from PacerMonitor.com at https://bit.ly/3bbDuAw at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/3bd7wDQ at no extra charge. About Jordan Landing, L.P. Jordan Landing, L.P., a single asset real estate company, sought Chapter 11 protection (Bankr. S.D. Miss. Case No. 20-02176) on August 13, 2020. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of the same range. Judge Neil P. Olack oversees the case. McCraney Montagnet Quin & Noble PLLC is Debtor's legal counsel. JUAN L. LARINO: Proposes Sale of Newark Real Property for $350K --------------------------------------------------------------- Juan Luis Larino asks the U.S. Bankruptcy Court for the District of New Jersey to authorize the sale of the real property located at 772 Summer Avenue, in Newark, New Jersey, to Cesar Martinez and Angelica Rivas-Guevara for $350,000. The Debtor owns the Property. Prior to the Petition Date, the Debtor was attempting to sell his real properties. However, the Internal Revenue Service filed liens in the amount of $935,626 against the Debtor and his real properties, including the Property. Thus, the Debtor filed for bankruptcy with the intention of selling his real properties and using the net sale proceeds to cure the tax arrears owed to the IRS. The Property is a 2,548 sq. ft. multi-family home in the Branch Brook Park area of Newark, New Jersey. The Property is currently occupied by tenants. It is the subject of a pending adversary proceeding before the Court filed by Cesar Martinez. The Debtor and Cesar Martinez were business partners in various real estate investments projects going back to 2006. On Feb. 6, 2007, the Debtor, Cesar Martinez and another former business partner purchased the Property with two other connected lots. The lots were thereafter developed with the intent to be sold as separate lots with newly constructed homes in each lot. As was customary between all three business partners, title to the Property and lots was transferred solely under the Debtor's name after the lots were purchased in order to obtain a mortgage. In accordance with the Adversary Complaint, Cesar Martinez paid $176,000 towards the purchase of the aforementioned lots. However, Cesar Martinez alleges that his total investment for the development of the Property and lots was approximately $296,000 in labor, materials and expenses. The Debtor disputes the total amount investment made by Cesar Martinez. In an effort to resolve the ongoing dispute and pending adversary proceeding, the parties have reached a settlement via the sale of the Property. The motion authorizing the settlement agreement is pending before the Court. Subject to Court authorization, the Debtor has entered into a contract for the sale of the Property to the Purchasers. The purchase price for the sale of the Property is $350,000 and the Debtor has agreed to a buyer's credit of $160,000 which represents the Purchaser's agreed upon cash investment for the original purchase and construction of the Property. The sale of the Property is contingent on Court approval. Liens that may encumber the Property may include: (i) any and all unpaid property taxes; (ii) any and all unpaid municipal charges for water and/or sewer; (iii) federal tax lien in favor of the IRS in the amount of $935,626 (Proof of Claim No. 1); and (iv) judgment lien in favor of the State of New Jersey Worker's Compensation Dept. in the amount of $155,160 (DJ-091451-2018). The pertinent terms of the Purchase Agreement are: i. Purchase Price: $350,000 - a) Deposit - $2,000 (currently in trust with the Debtor's bankruptcy attorney), b) Investment Made by the Buyer for Construction of Property - $160,000, c) Balance due at closing - $198,000 (Cash purchase) ii. Purchasers: Cesar Martinez-Cueva & Angela Rivas-Guevara iii. Physical Condition of Property: The Property is being sold "as is, where is, and with all faults" - the Seller agrees to maintain the grounds, buildings, and improvements subject to ordinary wear and tear until closing. iv. Time and Place of Closing: Dec. 4, 2020 or as extended by mutual agreement of the parties v. Personal Property and Fixtures: All fixtures are included unless they are excluded from the Purchase Agreement vi. Ownership: The Seller agrees to transfer and the Buyers agree to accept ownership of the property free of all claims and rights of others except: a) rights of utility companies; and b) recorded agreements which limit the use of the property. vii. Flood Area. If this property is in a "flood area" the Buyers may cancel the contract. viii Cancellation of contract: If the contract is legally and rightfully canceled, the Buyers can get back the deposit and the parties will be free of liability to each other. However, if the contract is canceled in accordance with paragraphs 13, 14, 15, or 16 of the purchase agreements, the Seller will pay the Buyers for all title and survey costs, amount not to exceed $750. ix. Adjustments at Closing. The Buyers and the Seller agree to adjust the following expenses as of the closing date: rents, municipal water charges, sewer charges and taxes. x. Underground Oil Tanks: The Seller represents that there are no abandoned underground storage tanks upon the premises that have not been treated or otherwise modified pursuant to any applicable rules and regulations of the New Jersey Department of Environmental Protection Agency and municipal ordinances. xi. Risk of Loss: The Seller is responsible for any damage to the Property, except for normal wear and tear, until closing. xii. The Sale of Property is contingent on Court approval. xiii. Coronavirus - COVID 19: If close of the sale is not possible or practical as a result of unforeseen circumstances related to COVID-19, the parties agree as follows: (a) they may postpone the closing by up to 14 days to accommodate any unforeseen circumstances, after which either the Purchasers or the Seller may cancel the Purchase Agreement and the Purchasers' deposit will be returned to Purchaser; (b) If the Purchasers is unable to close on a loan and proceed with closing because of their loss of income from Covid-19 related issues, then either of the parties may cancel the Purchase Agreement and the Purchasers' deposit will be returned to them. Special Counsel Adolfo Lopez, Esq., was retained for the purposes of representing the Debtor in the Sale of the Property. The Debtor asks the Court to allow the Realtor's fees to be paid from the sale proceeds at closing and in accordance with D.N.J. LBR 2016-1. Finally, the Debtor asserts that given the goal by the parties in the case to sell the Property and bring the case to conclusion in the short term, there is cause to waive the stay, and he asks that upon approval of the sale, the 14-day period pursuant to Rule 6004(h) be waived by the Court. A copy of the Contract is available at https://bit.ly/2LnRpIZ from PacerMonitor.com free of charge. The Purchasers: Cesar Martinez and Angelica Rivas-Guevara 43 Montgomery Street Bloomfield, NJ 07003 Juan Luis Larino sought Chapter 11 protection (Bankr. D.N.J. Case No. 19-30898) on Nov. 4, 2019. The Debtor tapped David L. Stevens, Esq., at Scura, Wigfield, Heyer & Stevens as counsel. K&W CAFETERIAS: Seeks to Hire Leonard Call as Broker ---------------------------------------------------- K&W Cafeterias, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to hire Leonard, Call at Kingston Inc. as its broker. The broker will market the residential condo at Unit 501, Maisons-Sur-Mer, Myrtle Beach, S.C. The Debtor has agreed to pay the broker a 6 percent commission at closing. Robin Bailey-Miles is anticipated to act as primary listing agent in connection with this engagement. Ms. Bailey-Miles and her firm are disinterested persons as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The broker can be reached through: Robin Bailey-Miles Leonard, Call at Kingston Inc. 9770 Kings Rd Myrtle Beach, SC 29572 Phone: +1 800-382-3332 About K&W Cafeterias K&W Cafeterias, Inc., a company based in Winston Salem, N.C., filed a Chapter 11 petition (Bankr. M.D.N.C. Case No. 20-50674) on Sept. 2, 2020. Judge Benjamin A. Kahn presides over the case. In the petition signed by Dax C. Allred, president, the Debtor disclosed $30,085,274 in assets and $22,189,229 in liabilities. The Debtor tapped Northen Blue, LLP as its bankruptcy counsel, and Bell Davis & Pitt P.A. and Constangy Brooks Smith & Prophete LLP as its special counsel. William Miller, U.S. bankruptcy administrator, appointed a committee to represent unsecured creditors in Debtor's Chapter 11 case. The committee is represented by Waldrep Wall Babcock & Bailey, PLLC. KAISER AND ASSOCIATES: Seeks to Hire Stubbs & Perdue as Counsel --------------------------------------------------------------- Kaiser and Associates, DDS, P.A. seeks authority from the U.S. Bankruptcy Court for the Middle District of North Carolina to employ Stubbs & Perdue, P.A. as its counsel. The firm will provide these services: a. take all actions necessary to authorize the use of cash collateral pursuant to Section 363 of the Bankruptcy Code; b. advise the Debtor with respect to its powers and duties in the continued management, operation and reorganization of its business; c. review claims asserted against the Debtor by its creditors, equity holders and other parties; d. represent the Debtor's interests at the meeting of creditors under Section 341 of the Bankruptcy Code; e. attend meetings, conferences and negotiations with representatives of creditors and other parties; f. review and examine, if necessary, any and all transfers, which may be avoided under the appropriate provisions of the Bankruptcy Code; g. take all necessary actions to protect and preserve the Debtor's estate; h. prepare legal papers; i. prepare a plan of reorganization, disclosure statement and all related agreements or documents; j. represent the Debtor in connection with any potential post-petition financing; k. advise the debtor in connection with the sale or liquidation of any assets and property to third parties; l. appear before the bankruptcy court, appellate court and the Office of the Bankruptcy Administrator; m. represent the Debtor in general, corporate or transnational matters that arise during the course of the administration of the case; and n. advise the Debtor with respect to negotiation, documentation, implementation, consummation, and closing of any corporate transactions, including sales of assets, in the bankruptcy case. The firm's hourly rates are: Trawick H. Stubbs, Jr. Attorney $475 Laurie B. Biggs Attorney $395 William H. Kroll Attorney $350 Destiney P. Thompson Attorney $200 Wendy P. Karam Paralegal $175 Leslie Sheffield Paralegal $130 A $5,000 retainer was paid to Stubbs & Perdue on Nov. 16, 2020 by Dr. Sepehr Kaiser on behalf of the Debtor for representation in the U.S. Bankruptcy Court, Eastern District of North Carolina, Case No.: 19-01944-5-DMW. Meanwhile, a $5,000 retainer was paid to Stubbs & Perdue on Dec. 16, 2020 by Dr. Sepehr Kaiser on behalf of the Debtor for representation in the pending Chapter 11 case. William Kroll, Esq., at Stubbs & Perdue, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Stubbs & Perdue can be reached at: William H. Kroll, Esq. Stubbs & Perdue, P.A. 310 Craven Street P.O. Box 1654 New Bern, NC 28563-1654 Tel: (252) 633-2700 Fax: (252) 633-9600 Email: tstubbs@stubssperdue.com About Kaiser and Associates Kaiser and Associates, DDS, P.A. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 20-80555) on Dec. 16, 2020, listing under $1 million in both assets and liabilities. Judge Lena M. James oversees the case. Stubbs & Perdue, P.A. represents the Debtor as counsel. KHAN AVIATION: Trustee Selling Interest in Heartland & Workstream ----------------------------------------------------------------- Kelly M. Hagan, the Chapter 11 trustee for Khan Aviation, Inc. and its affiliates, asks the U.S. Bankruptcy Court for the Western District of Michigan to authorize the sale for $112,500 of the estate's interest in (i) Workstream Technologies, Inc. to Heartland Ventures Fund I, L.P., and (i) Heartland Ventures Management, LLC to Heartland Ventures. Among the assets of the estate is are a 0.1% non-voting interest in Heartland Management and approximately 53,896 preferred shares in Workstream. Pursuant to a settlement agreement with the Heartland Venture Parties, the Trustee asks the approval of the sale of the estate's interest in Heartland Management back to Heartland Management and the estate's interest in Workstream to the Heartland Fund. The Trustee's Motion for Approval of Compromise Pursuant to F.R.B.P. 9019 with the Heartland Venture Parties ("9019 Motion") is being filed contemporaneously with the Heartland Sale Motion. The consummation of the sale as contemplated in the Heartland Sale Motion is contingent upon the approval of the 9019 Motion. The Trustee asks approval to sell the Heartland Fund and Workstream free and clear of all liens, interests and encumbrances with liens and encumbrances attaching to the proceeds of the sale. The Heartland Fund and Workstream interests are allegedly encumbered by a security interest granted to KeyBank National Association dated July 19, 2019, securing obligations in excess of $140 million. The Security Agreement is in dispute and is subject to an adversary proceeding being prosecuted by the Trustee, being Adversary Proceeding 19-80119-swd. The Adversary Proceeding asserts that the Security Agreement should be voided on various grounds including 11 U.S.C. Section 547 and Section 548. The granting of the Security Agreement was done within the 90 days of the Petition Date to secure obligations of separate entities referred to as the Interlogic Borrowers. The Trustee does not believe that the Heartland Management and Workstream interest are encumbered by any other obligation except the obligation, if any, owed to KeyBank. Pursuant to the Settlement Agreement, the Trustee has accepted an offer for the Heartland Management and Workstream interests in the amount of $112,500 pursuant to the Purchase and Sale Agreement. In addition to the cash price and pursuant to the Settlement Agreement, the Trustee is receiving consent from the Heartland GP to sell an interest in Heartland GP to Hari Agarwal in a separate transaction. Also, the parties are receiving mutual releases as part of the Settlement Agreement. All valid liens, interests and encumbrances attaching to the Heartland Management and Workstream interests will attach to the net proceeds from the sale. The Trustee will not utilize the net proceeds from the sale without the consent of KeyBank or further order of the Court. The transfer of the Heartland Management and Workstream interests will be "as is, where is" and free and clear of all liens, interests and encumbrances. The Trustee believes that a sale of the Heartland Management and Workstream interests is in the best interest of the estate and creditors. Finally, the Trustee asks a waiver of the 14-day stay period set forth in Federal Rules of Bankruptcy Procedure, Rule 6004(h). A copy of the Agreement is available at https://bit.ly/38dU5BG from PacerMonitor.com free of charge. About Khan Aviation Khan Aviation, Inc. and its affiliates, GN Investments LLC, KRW Investments Inc., NJ Realty LLC, NAK Holdings LLC, and Sarah Air LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mich. Case Nos. 19-04261, 19-04262, 19-04264, 19-04266, 19-04267 and 19-04268) on Oct. 8, 2019. The cases are jointly administered with that of Najeeb Ahmed Khan (Bankr. W.D. Mich. Case No. 19-04258), which is the lead case. Judge Scott W. Dales presides over the cases. The Debtors are represented by Robert F. Wardrop, II, Esq., at Wardrop & Wardrop, P.C. Kelly Hagan was appointed as Chapter 11 trustee for the Debtors' bankruptcy estates. The trustee is represented by Hagan Law Offices, PLC. At the time of the filing, the Debtors' estimated assets and liabilities are as follows: Debtors Assets Liabilities ------- -------------------- ---------------------- Khan Aviation $1-mil. to $10-mil. $1-mil. to $10-mil. GN Investments $1-mil. to $10-mil. $100-mil. to $500-mil. KRW Investments $10-mil. to $50-mil. $100-mil. to $500-mil. NJ Realty $1-mil. to $10-mil. $100-mil. to $500-mil. NAK Holdings $1-mil. to $10-mil. $100-mil. to $500-mil. Sarah Air $500,000 to $1-mil. $100-mil. to $500-mil. LIGHTHOUSE RESOURCES: Hires BDO Consulting, Appoints CRO -------------------------------------------------------- Lighthouse Resources, Inc. and its affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ BDO Consulting Group, LLC and BDO USA, LLP, and designate Robert Novak as their chief restructuring officer. Mr. Novak and his firm will render these services: a. develop restructuring plans or strategic alternatives to be presented to the Board of Directors, and present such finding and recommendations to the Board; b. oversee the execution of a restructuring plan acceptable to the Board; c. review and make recommendations regarding all payments and disbursements of cash by any and all means; d. review and make recommendations regarding any and all future cash obligations, including new contracts, leases, rentals and purchase orders; e. develop and implement actions to maximize the Debtors' cash flow and liquidity; f. review and recommend, in collaboration with the chief executive officer and other officers of the Debtors, hiring or firing decisions with respect to all personnel in order to control costs and maximize timely and effective execution of restructuring; g. assist the Debtors in negotiations and communications with their creditors; h. serve as the Debtors' principal contact with their stakeholders with respect to restructuring matters; i. prepare contingency plans to prepare the Debtors for a Chapter 7 filing, if necessary, and develop and prepare a Chapter 7 plan of reorganization if applicable; j. review the reclamation plan and proposed surviving entity for efficiency and effectiveness and oversee a detailed review by a qualified third party, if applicable; k. prepare schedules and statement of financial affairs and assist in the claims management process; l. assist in the development and implementation of key employee compensation and other critical employee benefit programs and provide court testimony in support thereof; and m. support the sales process as part of the acceptable restructuring plan. BDO's hourly rates are: Managing Director $595 - $795 Director/Senior Manager $475 - $550 Manager/Vice President $425 - $475 Senior Associate $325 - $425 Associate $150 - $300 BDO received retainers in the total amount of $190,000. Mr. Novak disclosed in court filings that the firm and its employees neither hold nor represent an interest adverse to the Debtors' estates. The firm can be reached through: Robert Novak BDO USA, LLP 100 Park Avenue New York, NY 10017 Telephone: (212) 885-8000 Facsimile: (212) 697-1299 About Lighthouse Resources Lighthouse Resources Inc. owns and operates two coal mines located in Wyoming and Montana, delivering low sulfur, subbituminous coal to both domestic and export customers. It also owns and operates the Millennium Bulk Terminal in Longview, Washington. Lighthouse Resources is widely recognized for its extraordinary performance in both safety and environmental stewardship. Its flagship project is the development of a trade route for coal from the Rocky Mountain region of the United States to demand centers in Asia. Utah-based Lighthouse Resources and 13 subsidiaries, including Decker Coal Company, filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 20-13056) on Dec. 3, 2020. Lighthouse Resources was estimated to have $100 million to $500 million in assets and liabilities as of the filing. The Debtors tapped Jackson Kelly PLLC and Potter Anderson & Corroon LLP as their bankruptcy counsel, BDO USA LLP as restructuring advisor, and Stretto as claims and noticing agent and administrative advisor. The Debtors also hired Energy Ventures Analysis to market and sell their coal mining assets, and Lang LaSalle Americas Inc. to market and sell assets related to the dock facility owned by Millennium Bulk Terminals-Longview, LLC. LIGHTHOUSE RESOURCES: Hires Potter Anderson as Co-Counsel --------------------------------------------------------- Lighthouse Resources, Inc. and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Potter Anderson & Corroon, LLP. Potter Anderson will serve as co-counsel with Jackson Kelly PLLC, the other firm handling the Debtors' Chapter 11 cases. Potter Anderson's hourly rates are: Partners $715 - $890 Counsel $690 Associates $385 - $495 Paraprofessionals $290 - $305 L. Katherine Good, Esq., a partner at Potter Anderson, disclosed in court filings that the firm is a "disinterested person" under Section 101(14) of the Bankruptcy Code. The firm can be reached through: L. Katherine Good, Esq. Potter Anderson & Corroon, LLP 1313 N. Market Street, 6th Floor Wilmington, DE 19801-3700 Telephone: (302) 984-6000 Facsimile: (302) 658-1192 Email: kgood@potteranderson.com About Lighthouse Resources Lighthouse Resources Inc. owns and operates two coal mines located in Wyoming and Montana, delivering low sulfur, subbituminous coal to both domestic and export customers. It also owns and operates the Millennium Bulk Terminal in Longview, Washington. Lighthouse Resources is widely recognized for its extraordinary performance in both safety and environmental stewardship. Its flagship project is the development of a trade route for coal from the Rocky Mountain region of the United States to demand centers in Asia. Utah-based Lighthouse Resources and 13 subsidiaries, including Decker Coal Company, filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 20-13056) on Dec. 3, 2020. Lighthouse Resources was estimated to have $100 million to $500 million in assets and liabilities as of the filing. The Debtors tapped Jackson Kelly PLLC and Potter Anderson & Corroon LLP as their bankruptcy counsel, BDO USA LLP as restructuring advisor, and Stretto as claims and noticing agent and administrative advisor. The Debtors also hired Energy Ventures Analysis to market and sell their coal mining assets, and Lang LaSalle Americas Inc. to market and sell assets related to the dock facility owned by Millennium Bulk Terminals-Longview, LLC. LIGHTHOUSE RESOURCES: Hires Stretto as Administrative Agent ----------------------------------------------------------- Lighthouse Resources, Inc., and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto as their administrative agent. Stretto will render these services: a) Assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports in support of confirmation of a Chapter 11 plan; b) Prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; c) Assist in the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs, and gather data in conjunction therewith; d) Provide a confidential data room, if requested; and e) Manage and coordinate any distributions pursuant to the plan. Stretto will be paid at these hourly rates: Director of Solicitation $230 Solicitation Associate $209 Director $192 - $230 Associate/Senior Associate $65 - $182 Analyst $30 - $60 Stretto received a retainer in the total amount of $50,000. Sheryl Betance, a senior managing director at Stretto's Corporate Restructuring, 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: Sheryl Betance Stretto 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: Sheryl.betance@stretto.com About Lighthouse Resources Lighthouse Resources Inc. owns and operates two coal mines located in Wyoming and Montana, delivering low sulfur, subbituminous coal to both domestic and export customers. It also owns and operates the Millennium Bulk Terminal in Longview, Washington. Lighthouse Resources is widely recognized for its extraordinary performance in both safety and environmental stewardship. Its flagship project is the development of a trade route for coal from the Rocky Mountain region of the United States to demand centers in Asia. Utah-based Lighthouse Resources and 13 subsidiaries, including Decker Coal Company, filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 20-13056) on Dec. 3, 2020. Lighthouse Resources was estimated to have $100 million to $500 million in assets and liabilities as of the filing. The Debtors tapped Jackson Kelly PLLC and Potter Anderson & Corroon LLP as their bankruptcy counsel, BDO USA LLP as restructuring advisor, and Stretto as claims and noticing agent and administrative advisor. The Debtors also hired Energy Ventures Analysis to market and sell their coal mining assets, and Lang LaSalle Americas Inc. to market and sell assets related to the dock facility owned by Millennium Bulk Terminals-Longview, LLC. LIGHTHOUSE RESOURCES: Taps Jackson Kelly as Legal Counsel --------------------------------------------------------- Lighthouse Resources, Inc. and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Jackson Kelly PLLC as their legal counsel. The firm's services will include: a. advising the Debtors with respect to their powers and duties in the continued management and operation of their businesses and properties; b. attending meetings and negotiating with representatives of creditors, interest holders and other parties in interest; c. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors' interests in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the estates; d. preparing legal papers; e. assisting the Debtors in seeking approval to use cash collateral and get debtor-in-possession financing; f. taking necessary actions to negotiate, prepare and obtain approval of a disclosure statement and confirmation of a plan of reorganization; g. advising the Debtors in connection with any potential sale of assets or stock and taking necessary action to guide the Debtors through such potential sale; h. analyzing proofs of claim filed against the Debtors and potential objections to such claims; i. analyzing executory contracts and unexpired leases and the potential assumptions, assignments or rejections of such contracts and leases; j. consulting with creditors, the U.S. Trustee for the District of Delaware and any official committee appointed in the Debtors' Chapter 11 cases concerning the administration of the cases; k. advising on corporate, litigation, finance, tax and other legal matters; and l. other necessary legal services in connection with the cases. Jackson Kelly's hourly rates are: Attorneys $210 to $565 Paraprofessionals $55 to $200 Naumann, Mary Elisabeth $380 Malhouitre, Chacey R. $345 Amandus, Elizabeth A. $320 Jackson Kelly received retainers from the Debtors in the total amount of $1.2 million. Chacey Malhouitre, Esq., a member of Jackson Kelly, disclosed in court filings 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 fee applications filed by attorneys in larger Chapter 11 cases, Mr. Malhouitre made the following disclosures: -- Jackson Kelly 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; -- Jackson Kelly's billing rates and material financial terms for the pre-bankruptcy engagement are identical to the terms post-petition, except that the firm will apply for court approval for post-petition compensation and accordance with the Bankruptcy Code, the Bankruptcy Rules, the Local Rules, and any orders from the court; and -- The Debtors and Jackson Kelly expect to develop a prospective budget and staffing plan for the firm's engagement for the post-petition period as appropriate. Jackson Kelly can be reached at: Mary Elisabeth Naumann, Esq. Chacey Malhouitre, Esq. Jackson Kelly PLLC 100 West Main Street, Suite 700 Lexington, KY 40507 Tel: 859-255-9500 Email: mnaumann@jacksonkelly.com chacey.malhouitre@jacksonkelly.com About Lighthouse Resources Lighthouse Resources Inc. owns and operates two coal mines located in Wyoming and Montana, delivering low sulfur, subbituminous coal to both domestic and export customers. It also owns and operates the Millennium Bulk Terminal in Longview, Washington. Lighthouse Resources is widely recognized for its extraordinary performance in both safety and environmental stewardship. Its flagship project is the development of a trade route for coal from the Rocky Mountain region of the United States to demand centers in Asia. Utah-based Lighthouse Resources and 13 subsidiaries, including Decker Coal Company, filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 20-13056) on Dec. 3, 2020. Lighthouse Resources was estimated to have $100 million to $500 million in assets and liabilities as of the filing. The Debtors tapped Jackson Kelly PLLC and Potter Anderson & Corroon LLP as their bankruptcy counsel, BDO USA LLP as restructuring advisor, and Stretto as claims and noticing agent and administrative advisor. The Debtors also hired Energy Ventures Analysis to market and sell their coal mining assets, and Lang LaSalle Americas Inc. to market and sell assets related to the dock facility owned by Millennium Bulk Terminals-Longview, LLC. LIGHTHOUSE RESOURCES: Taps Jones Lang LaSalle as Real Estate Broker ------------------------------------------------------------------- Lighthouse Resources, Inc. and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Jones Lang LaSalle Americas, Inc. as their real estate broker. The Debtors require Jones Lang to: a. submit to Debtors for review and approval the names of prospective purchasers prior to dissemination of any sales and marketing materials to such purchaser. If Debtors have not responded or objected to any name within five days of the firm's submission of the names, then the list shall be deemed approved by the Debtors; b. from and after the date which is 45 days following Oct. 12, 2020, reasonably cooperate with any licensed real estate brokers or agents representing a prospective purchaser; c. provide the Debtors with written reports summarizing all activities of the firm in connection with the 540-acre zoned heavy industrial site operated by Millennium Bulk Terminals-Longview, LLC, and certain properties owned by Barlow Point Land Company, LLC and Columbia Land Co., LLC; d. maintain records of the offering package or portions of the offering package delivered to a prospect and the dates such deliveries were made. Additionally, the firm will: a. accept, deliver and present to the Debtors offers and counteroffers to buy, sell, or lease the Millennium facility and the properties; b. assist the Debtors in developing, communicating, negotiating and presenting offers and counteroffers until a sale or lease agreement is signed and all contingencies are satisfied or waived; and c. answer the Debtors' questions relating to any offer, counteroffer, notice or contingency. The firm will be paid as follows: a. An initial retainer of $75,000, paid on Oct. 20, 2020. b. A "structuring advisory fee" of $75,000 per month. c. A "success fee" as compensation for the sale of the Millennium facility and the properties, which is 2 percent of the first $20 million and 1.5 percent of any amount in excess of the $20 million of the gross purchase price; provided that in no event shall the success fee exceed 15 percent of cash proceeds received from the sale. Jones Lang will also receive reimbursement for out-of-pocket expenses incurred. Keith Stauber, a managing director at Jones Lang, 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: Keith Stauber Jones Lang LaSalle Americas, Inc. 200 East Randolph Drive, Floor 43-48 Chicago, IL 60601 Tel : +1 312 782 5800 Fax : +1 312 782 4339 Email: keith.stauber@am.jll.com About Lighthouse Resources Lighthouse Resources Inc. owns and operates two coal mines located in Wyoming and Montana, delivering low sulfur, subbituminous coal to both domestic and export customers. It also owns and operates the Millennium Bulk Terminal in Longview, Washington. Lighthouse Resources is widely recognized for its extraordinary performance in both safety and environmental stewardship. Its flagship project is the development of a trade route for coal from the Rocky Mountain region of the United States to demand centers in Asia. Utah-based Lighthouse Resources and 13 subsidiaries, including Decker Coal Company, filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 20-13056) on Dec. 3, 2020. Lighthouse Resources was estimated to have $100 million to $500 million in assets and liabilities as of the filing. The Debtors tapped Jackson Kelly PLLC and Potter Anderson & Corroon LLP as their bankruptcy counsel, BDO USA LLP as restructuring advisor, and Stretto as claims and noticing agent and administrative advisor. The Debtors also hired Energy Ventures Analysis to market and sell their coal mining assets, and Lang LaSalle Americas Inc. to market and sell assets related to the dock facility owned by Millennium Bulk Terminals-Longview, LLC. LIVEXLIVE MEDIA: Appoints Vivendi Exec to Board of Directors ------------------------------------------------------------ LiveXLive Media has appointed Maria Garrido to the Company's Board of Directors. The appointment brings the total number of board members to ten. Ms. Garrido is a multilingual, multinational executive with 24 years of experience in both operational and strategic roles in consumer goods, media, communications, and entertainment. She is currently senior vice president of Brand Marketing at Vivendi Group (OTCPK: VIVEF) as well as chief insights officer for Havas Group, where she leads a team of more than 300 people in 40+ countries and is responsible for the global Meaningful Brands study. Maria joined Havas in 2014 after 18 years of multi-national experience in North America, Latin America and Europe holdings at various companies, most notably Colgate-Palmolive and Mondelez. She is a prolific global public speaker, having appeared on Bloomberg news, The Guardian's Summit, Cartagena Inspira, Mumbrella Australia, South Tech Summit, World Retail Congress, APAC Hall Healthcare Conference, IBC and IAB Mexico. She is a member of the International Women's Forum and Marketing World50 and has also been a Media Jury member for Cristal Media Festival, Dubai Lynx, Cannes International Festival of Creativity, and president Entertainment Jury Eurobest. Maria is fluent in French, Spanish and English. Robert Ellin, LiveXLive Chairman and CEO, commented, "We are pleased to have Maria join the LiveXLive Board. Her experience and acumen in international marketing and branding will be a welcome addition. I speak for our entire board in welcoming Maria to LiveXLive." Maria Garrido commented, "I am thrilled to be joining the LiveXLive Board at such an exciting time for the Company and the entertainment business overall. LiveXLive is visionary in its approach to artists, superfans and brands and is tirelessly committed to delivering enhanced entertainment experiences. LiveXLive is also completely in sync with the increasing demands of audiences today and is already clearly laying the groundwork for tomorrow's growth. I look forward to being a part of this exciting company." LiveXLive has the first talent-centric platform focused on superfans and building long-term franchises in on-demand audio and video, podcasting, vodcasting, OTT linear channels, pay-per-view, and livestreaming. Its model includes multiple monetization paths including subscription, advertising, sponsorship, merchandise sales, licensing, and ticketing. LiveXLive recently raised revenue guidance for its 2021 fiscal year based on strength in its core businesses. About LiveXLive Media Headquartered in West Hollywood, CA, LiveXLive -- http://www.livexlive.com-- is a global digital media company focused on live entertainment. The Company operates LiveXLive, a live music video streaming platform; and Slacker Radio, a streaming music pioneer; and also produces original music-related content. LiveXLive is at 'live social music network', delivering premium livestreams, digital audio and on-demand music experiences from the world's top music festivals and concerts, including Rock in Rio, EDC Las Vegas, Hangout Music Festival, and many more. LiveXLive also gives audiences access to premium original content, artist exclusives and industry interviews. Through its owned and operated Internet radio service, Slacker Radio (www.slacker.com), LiveXLive delivers its users access to millions of songs and hundreds of expert-curated stations. LiveXLive reported a net loss of $38.93 million for the year ended March 31, 2020, compared to a net loss of $37.76 million for the year ended March 31, 2019. As of Sept. 30, 2020, the Company had $81.01 million in total assets, $67.81 million in total liabilities, and $13.20 million in total stockholders' equity. BDO USA, LLP, in Los Angeles, California, the Company's auditor since 2018, issued a "going concern" qualification in its report dated June 26, 2020, citing that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. In addition, the COVID-19 pandemic could have a material adverse impact on the Company's results of operations, cash flows and liquidity. LOUISIANA HIGHWAY: Seeks to Hire Fishman Haygood as Counsel ----------------------------------------------------------- Louisiana Highway St. Gabriel, LLC and its affiliates seek authority from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Fishman Haygood, L.L.P., as their counsel. The firm's services will include: a. advising the Debtors with respect to their rights, powers and duties in the continued operation and management of their business and property; b. preparing and pursuing confirmation of a plan of reorganization and approval of a disclosure statement; c. preparing legal documents and reviewing all financial reports to be filed; d. advising the Debtors concerning and preparing responses to applications, motions, pleadings, notices and other documents which may be filed by other parties; e. court appearances; f. representing the Debtors in connection with the use of cash collateral or obtaining post-petition financing; g. assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; h. investigating the nature and validity of liens asserted against the property of the Debtors, and advising the Debtors concerning the enforceability of said liens; i. investigating and advising the Debtors concerning, and taking such action as may be necessary to collect, income and assets in accordance with applicable law, and the recovery of property for the benefit of the Debtors' estate; j. advising and assisting the Debtors in connection with any potential property dispositions; k. advising the Debtors concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring, and recharacterizations; l. assisting the Debtors in reviewing, estimating and resolving claims asserted against the Debtors' estate; m. commencing and conducting litigation necessary and appropriate to assert rights held by the Debtors, protect assets of the Debtors' chapter 11 estates or otherwise further the goal of completing the Debtors' successful reorganization; and n. performing all other legal services for the Debtors which may be necessary and proper in these cases. Fishman Haygood's hourly rates are: William H. Patrick, III $525 Brent Barriere $525 Cherie Nobles $350 Associates $250-350 Paralegals $120 - $150 Fishman Haygood is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: William H. Patrick, III, Esq. Fishman Haygood, LLP 201 St. Charles Avenue, Suite 4600 New Orleans, LA 70170-4600 Telephone: (504) 556-5525 Mobile: (504) 556-5525 Fax: (504) 586-5250 About Louisiana Highway St. Gabriel, LLC Louisiana Highway St. Gabriel, LLC and five affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. La. Lead Case No. 20-10824) on Dec. 17, 2020. At the time of the filing, Louisiana Highway had estimated assets of less than $50,000 and liabilities of between $500,001 and $1 million. William H. Patrick, III, Esq., at Fishman Haygood LLP, serves as the Debtors' counsel. LOVES FURNITURE: Files for Chapter 11 Bankruptcy ------------------------------------------------ JC Reindl of Detroit Free Press reports that Loves Furniture, the company that took over many shuttered Art Van Furniture locations last summer, has filed for Chapter 11 bankruptcy. Loves Furniture's bankruptcy filing comes less than a year after Art Van Furniture's bankruptcy, which turned into a total liquidation for the storied furniture brand that began in the 1950s and grew into the Midwest's top furniture and mattress retailer. Loves Furniture has been under financial pressure since almost the day it opened, and recently announced it would close numerous locations and keep just 13 stores open -- 12 in Michigan and one outside Toledo. Loves Furniture went into business in late summer of 2020 after a Texas-based private equity firm, US Assets Inc., whose founder and CEO is named Jeff Love, bought 27 shuttered Art Van stores in Michigan, plus 10 other Art Van and Levin and Wolf locations in other states. In a December 2020 interview, Loves Furniture CEO Mack Peters told the Free Press that Loves was struggling to fill its stores with fresh inventory because of pandemic-related supply issues affecting the furniture industry, resulting in long delivery delays that turned off customers. The company also has a growing stack of unpaid vendor bills, including from Detroit-based Fairmont Sign Co. that says it is owed more than $700,000. About Loves Furniture Loves Furniture Inc. d/b/a Loves Furniture and Mattresses -- http://www.lovesfurniture.com/-- is a furniture retailer that sells furniture, mattresses, home decor, and appliances. Loves Furniture Inc. sought Chapter 11 protection (Bankr. E.D. Mich. Case No. 21-40083) on Jan. 6, 2021. The Debtor was estimated to have $10 million to $50 million in assets and liabilities. BUTZEL LONG, led by Max J. Newman, is the Debtor's counsel. LUCKY'S MARKET: Plan Exclusivity Period Extended Thru Jan. 15 ------------------------------------------------------------- At the behest of Debtors Lucky's Market Parent Company and its affiliates, Judge John T. Dorsey ruled that: 1. pursuant to Bankruptcy Code section 1121(d), the Debtors' Exclusivity Period is extended through and including January 15, 2021, and with the consent of the Committee and the Prepetition Secured Lender, the Debtors shall have the right to file under certification of counsel a further order extending the Exclusivity Period to March 1, 2021. 2. pursuant to Bankruptcy Code section 1121(d), the Debtors' Exclusive Solicitation Period is extended through and including March 15, 2021, and with the consent of the Committee and the Prepetition Secured Lender, the Debtors shall have the right to file under certification of counsel a further order extending the Exclusivity Period to April 28, 2021. 3. the extensions of the Exclusivity Period and the Exclusive Solicitation Period granted herein are without prejudice to such further requests that may be made pursuant to Bankruptcy Code section 1121(d) by the Debtors or any other party in interest, for cause shown, upon notice and a hearing. The Debtors said they have clearly made progress to achieve the objectives of chapter 11. "We have liquidated a majority of our assets, and actively defending or pursuing litigation, including the WARN Act Litigation, the ATA Litigation, and the Bonita Springs Litigation," the Debtors state. In addition, the Debtors' conduct with the ongoing discussions with their stakeholders, demonstrated that the Debtors are acting in a transparent manner. The Debtors continued narrowing the claims pools via the claim reconciliation process and have finalized the Global Settlement with the Committee and Prepetition Secured Lender. To that end, the Debtors filed the Disclosure Statement and Plan, which enjoy the full support of the Committee and the Prepetition Secured Lender. The U.S. Bankruptcy Court for the District of Delaware entered the Disclosure Statement Order and the Debtors are soliciting acceptances of the Plan. Also, the Debtors continue to work with stakeholders to obtain approval of the Disclosure Statement. The Debtors have timely paid quarterly fees to the United States Trustee, all other administrative obligations in the ordinary course of business, and have sufficient liquidity to continue paying administrative expenses as they become due and will continue to make such payments. The extension will now allow the Debtors to work cooperatively with their key constituents toward soliciting acceptance of the in the most cost-efficient manner possible manner as approved within the Disclosure Statement. A copy of the Debtors' Motion to extend is available from PacerMonitor.com at https://bit.ly/3owpYLk at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/2L2Sgil at no extra charge. About Lucky's Market Lucky's Market Parent Company, LLC -- https://www.luckysmarket.com/ -- together with its owned direct and indirect subsidiaries, is a specialty grocery store chain offering a broad range of grocery items through the Company's "L" private label. Each of the company's stores has full-service departments, which include producing meat, seafood, culinary, apothecary, beer and wine, and grocery. In addition to the stores, the company operates a produce warehouse in Orlando, Fla., to supply nearly all products for its Florida and Georgia stores. Lucky's Market Parent and 21 of its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. Del. Lead Case No. 20-10166) on January 27, 2020. At the time of the filing, the Debtors were estimated to have $100 million to $500 million in assets and $500 million to $1 billion in liabilities. The petitions were signed by Andrew T. Pillari, chief financial officer. Judge John T. Dorsey presides over the cases. Christopher A. Ward, Esq. and Liz Boydston, Esq., of Polsinelli PC, serve as counsel to the Debtors. Alvarez & Marsal acts as financial advisor; PJ Solomon as investment banker; and Omni Agent Solutions as notice and claims agent. The Official Committee of Unsecured Creditors has retained Hahn & Hessen LLP as Lead Counsel; Womble Bond Dickinson (US) LLP as Counsel; Norton Rose Fulbright US LLP as Special Litigation Counsel; and Province, Inc. as Financial Advisor. MACY'S INC: List of 37 Stores Slated for Closure in 2021 -------------------------------------------------------- Lauren Thomas and Nate Rattner of CNBC report that Macy's is closing dozens of department stores this year, in a bid to move out of underperforming malls and trim a real estate empire that isn't as valued as it once was. The closures are part of a previously announced plan by Macy's to shut 125 locations by 2023, which the retailer outlined last February 2020. In turn, the company has said it plans to focus on investing in the best malls across the United States and grow off-mall. Liquidation sales have already started at some of the locations that are closing. The rest are slated to start later this January 2021. In 2020, Macy's closed about 30 locations. Macy's currently operates 544 of its namesake department stores, along with 34 Bloomingdale's locations, 19 Bloomingdale's outlets and 166 Bluemercury shops, according to its website. Here's the full list of Macy's stores expected to close this 2021: 1. Paradise Valley, AZ 2. El Cajon Parkway, CA 3. Hilltop, CA 4. Brass Mill Center, CT 5. Crystal Mall, CT 6. Port Charlotte Town Center, FL 7. Volusia Mall, FL 8. Greenbriar, GA 9. Hyatt Regency (Maui), HI 10. Grand Teton Mall, ID 11. Water Tower Place, IL 12. College Mall, IN 13. Marlow Heights, MD 14. Independence Center, MO 15. Northpark Mall, MO 16. West Park Mall (MO), MO 17. Sangertown Square, NY 18. White Plains Galleria, NY 19. Great Lakes Mall, OH 20. Richland Mall, OH 21. Tri-County Mall, OH 22. The Avenue Carriage Crossing, TN 23. Old Hickory Mall, TN 24. Golden Triangle, TX 25. Post Oak Mall, TX 26. Rivercenter, TX 27. Rolling Oaks, TX 28. Vista Ridge Mall, TX 29. Commons at Federal Way, WA 30. Northtown, WA 31. Monterey, CA (Furniture) 32. Winter Haven, FL 33. Cambridgeside, MA 34. Lima, OH 35. Lloyd Center, OR 36. Santa Monica, CA (Bloomingdale's) 37. South Towne Center, UT These stores are already closed: 1. Park Place, AZ 2. Oakbrook, IL (Furniture) 3. Woodfield, IL (Furniture) 4. Commack, NY 5. Eastland, OH (Furniture Clearance) 6. Harrisburg, PA 7. Medinah Temple, IL (Bloomingdale's) 8. Southwest Plaza, CO* 9. Dover Mall, DE* *Macy's has closed these locations to in-store shopping and has converted them into fulfillment centers. About Macy's Inc. Macy's, Inc., an omni-channel retail organization, operates stores, Websites, and mobile applications. The company was formerly known as Federated Department Stores, Inc., and changed its name to Macy's, Inc., in June 2007. Macy's Inc. was founded in 1830 and is based in Cincinnati, Ohio. MAGELLAN HEALTH: S&P Keeps 'BB+' ICR on CreditWatch Positive ------------------------------------------------------------ S&P Global Ratings kept its 'BB+' issuer credit and debt ratings on Magellan Health Inc. on CreditWatch with positive implications. The recovery on the company's unsecured notes remains a '3' (rounded estimate: 65%). S&P expects Magellan's credit quality to improve following the sale of its managed care operation to Molina and its pending acquisition by Centene. Magellan's business post MCC sale consists of behavioral and specialty health and pharmacy services, with expected revenues from continuing operations of approximately $4.5 billion in 2020. Magellan completed the sale of its managed care division, Magellan Complete Care (MCC), to Molina on Dec. 31, 2020. (S&P initially placed its ratings on Magellan on CreditWatch positive in May 2020 following this announced sale.) In exchange for the divested business, Magellan received $850 million (before taxes and expenses), as well as about $190 million in excess capital above regulatory requirements at MCC subsidiaries at closing, leaving the company with close to $1 billion from the sale net of taxes and fees. As a result, Magellan's financial profile has improved materially, with S&P Global Ratings-adjusted leverage in a net negative position at year-end 2020, compared with adjusted leverage of 2.7x at year-end 2019. After selling its managed care operation, Magellan announced on Jan. 4 a definitive agreement under which Centene will acquire the company (this excludes the managed care operation that had just been sold) in a cash deal valued at $2.2 billion. The transaction is expected to close in the second half of 2021. S&P said, "With the announced Centene transaction, we expect all Magellan debt to be repaid by transaction close or shortly thereafter. Given that Centene is higher rated (BBB-/Stable/--), larger, and more diversified, combined with our expectation that Magellan debt will be repaid, we expect Magellan's credit quality to improve if the transaction closes." "We expect to resolve the CreditWatch placement on Magellan after the acquisition by Centene closes, expected sometime in the second half of 2021. If the transaction closes, we will likely raise our rating by one notch commensurate with that on Centene based on our view of prospective credit characteristics and strategic importance within Centene. We will likely then withdraw our rating if all Magellan debt is repaid at transaction close, or shortly thereafter, as expected. If the transaction does not close, we will resolve the CreditWatch by either affirming our ratings on Magellan or raising them by one notch based on expected stand-alone fundamentals at Magellan from a business and financial profile perspective. In particular, if the transaction does not close, we would need to have confidence that Magellan will deploy sale proceeds in a manner such that leverage is sustained below 2x in order to raise the ratings." MANHATTAN HOSPITALITY: Seeks to Hire Sader Law Firm as Counsel -------------------------------------------------------------- Manhattan Hospitality, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire The Sader Law Firm as bankruptcy counsel. The Debtor requires the law firm to: (a) advise the Debtor with respect to its rights and obligations and regarding other matters of bankruptcy law; (b) prepare a plan of reorganization and other legal documents; (c) represent the Debtor at the meeting of creditors and hearings on confirmation of its plan of reorganization; (d) represent the Debtor in adversary proceedings and other contested bankruptcy matters; and (e) represent the Debtor in other matters that may arise in connection with its reorganization proceeding and business operations. The firm will be paid at these hourly rates: Neil S. Sader $340 Bradley D. McCormack $325 Paralegal $100 The firm will also be reimbursed for out-of-pocket expenses it incurs. Prior to the filing, the Debtor paid a retainer fee of $10,000 to the firm. Sader Law Firm and its attorneys are "disinterested parties" within the meaning of Section 101(14) of the Bankruptcy Code, according to a court filing. Sader Law Firm can be reached at: Bradley D. McCormack, Esq. Sader Law Firm 2345 Grand Boulevard, Suite 2150 Kansas City, MO 64108 Tel.: 816-561-1818 Fax: 816-561-0818 Email: bmccormack@saderlawfirm.com About Manhattan Hospitality Manhattan Hospitality, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 20-41003) on Dec. 17, 2020. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10,000,000 and liabilities of between $10,000,001 and $50,000,000. The Debtor is represented by Sader Law Firm. MAPLE LEAF: Seeks to Hire CBS-Global as Real Estate Broker ---------------------------------------------------------- Maple Leaf Cheese Cooperative seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to employ CBS-Global, LLC as its real estate broker. CBS-Global's services will include the marketing and listing of the Debtor's properties, which consist of land, buildings and cheese production equipment; coordinating competing offers and contingencies; communicating with interested buyers; attending to all contingencies identified in an offer to purchase; and providing all professional services necessary to effectuate the closing of the properties. The firm will be paid a commission of 7.5 percent of the gross selling price of the properties. The Debtor paid CBS-Global an upfront, non-refundable retainer fee of $5,000. CBS-Global is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The broker can be reached through: Michael J Schwantes CBS-Global, LLC 319 N Broadway Green Bay, WI 54303 Phone: +1 920-432-1166 About Maple Leaf Cheese Cooperative Maple Leaf Cheese Cooperative, a dairy product manufacturing business based in Monroe, Wis., sought Chapter 11 protection (Bankr. W.D. Wis. Case No. 20-13006) on Dec. 9, 2020. The petition was signed by Jeremy Mayer, board president. At the time of the filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Michael Best & Friedrich LLP serves as the Debtor's bankruptcy counsel. MATREIYA TRANS: Asks for Extension of Plan Confirmation Deadline ---------------------------------------------------------------- Matreiya Trans, Corp, filed a motion to extend its time to confirm a Plan of Reorganization and Disclosure Statement for 120 days through and including June 14, 2021. On Dec. 30, 2020, the Debtor filed a Chapter 11 Small Business Disclosure Statement with Exhibits and Chapter 11 Small Business Plan of reorganization. This first requested extension is warranted and necessary to afford the Debtors a meaningful opportunity to pursue the chapter 11 reorganization process and build a consensus among economic stakeholders, all as contemplated by chapter 11 of the Bankruptcy Code. The extension will enable the Debtor to harmonize the diverse and competing interests that exist and seek to resolve any conflicts in a reasoned and balanced manner for the benefit of all parties in interest. About Matreiya Trans Corp. Matreiya Trans Corp. is a taxi medallion corporation located at 105 East 34th Street, Suite 174, New York. Matreiya Trans Corp. sought Chapter 11 protection (Bankr. E.D.N.Y. Case No. 19-47711) on Dec. 26, 2019. Matreiya disclosed $157,164 in assets and $330,000 in liabilities as of the bankruptcy filing. The petition was signed by Michael L. Simon, president. The LAW OFFICES OF ALLA KACHAN, P.C., serves as bankruptcy counsel to the Debtor. MATREIYA TRANS: DePalma $330K Claim to Get $235K Lump Sum --------------------------------------------------------- Matreiya Trans, Corp., submitted a Plan and Disclosure Statement. Under the Plan, the medallion creditor, DePalma Acquisition 1 LLC, owed $329,999, will receive a short buyout of the medallion numbered 6e35 in the form of a lump sum of $235,000. The lump sum will be paid on the Effective Date, in full settlement of the loan. The unsecured priority claim of New York State Department of Taxation & Finance in the amount of $1,356, will be paid in full in one lump sum payment on the Effective Date. The Disclosure Statement does not identify other unsecured claims. The Debtor is seeking to fund the transaction from business operations and the contribution of personal funds of the Debtor's principal, Karen E. Simon. A full-text copy of the Disclosure Statement dated Dec. 30, 2020, is available at https://bit.ly/2X6HZ70 from PacerMonitor.com at no charge. Attorney for the Debtor: ALLA KACHAN, ESQ. 3099 Coney Island Ave, 3rd Floor Brooklyn, NY 11235 Tel: (718) 513-3145 Fax: (347) 342-315 E-mail: alla@kachanlaw.com About Matreiya Trans Corp. Matreiya Trans Corp. is a taxi medallion corporation located at 105 East 34th Street, Suite 174, New York. Matreiya Trans Corp. sought Chapter 11 protection (Bankr. E.D.N.Y. Case No. 19-47711) on Dec. 26, 2019. Matreiya disclosed $157,164 in assets and $330,000 in liabilities as of the bankruptcy filing. The petition was signed by Michael L. Simon, president. The LAW OFFICES OF ALLA KACHAN, P.C., serves as bankruptcy counsel to the Debtor. MEADE INSTRUMENTS: Orion Gets Assets, Unsecureds Get 30% in Plan ---------------------------------------------------------------- In the Chapter 11 case of Meade Instruments Corporation, a Plan of Reorganization and a Disclosure Statement have been filed by the Official Committee of Unsecured Creditors. The Committee has proposed the Plan with the support and financial contributions of the Debtor's largest creditor, Optronic Technologies, Inc. d/b/a Orion Telescopes & Binoculars ("Orion"). A Disclosure Statement Hearing thru telephonic will be held on Feb. 10, 2021 at 2:00 p.m. in Courtroom 6C 411 West Fourth Street Santa Ana, CA 92701 The hearing to confirm the Plan has been scheduled for Feb. 20, 2021, at 2:00 p.m. (Pacific Daylight Time), or as soon thereafter as the matter may be heard, in Courtroom 6C of the United States Bankruptcy Court, Street, Santa Ana, California, before the Honorable Mark Wallace, United States Bankruptcy Judge, presiding. Orion is a California based distributor of telescopes and longtime competitor of the Debtor on the distribution side of the Debtor's business. In 2016, Orion initiated a lawsuit against related entities Debtor, Sunny Optics, Inc., and Ningbo Sunny Electronic Co., Ltd., in the United States District Court for the San Jose Division of the Northern District of California, Case No. 5:16-cv-06370 EJD, alleging that Ningbo conspired with competitors to fix prices and Ningbo's 2013 acquisition of Meade violated Clayton Act Sec. 7. After three extremely costly years of litigation (with attorneys' fees and costs to defendants exceeding $9 million), on November 26, 2019, a jury verdict was issued in favor of Orion against all defendants jointly in the amount of $16.8 million. Treble damages were awarded pursuant to 15 U.S.C. Sec. 15(a), bringing the joint and several liability under the impending judgment to $50,400,000. Other than the claim of Shepard Mullin Richter & Hampton ("SMRH"), the Debtor did not list any secured debt. Pursuant to a stipulation with the Debtor and the Committee, SMRH agreed that any claim it has would be treated as a general unsecured claim. Orion filed a proof of claim in the amount of $53,660,743 (the "Orion Claim"), of which $16.8 million was awarded as compensatory damages, and the balance reflecting treble damages and attorney's fees. A third significant claim has been scheduled in favor of Ningbo in the amount of $11,092,577 (the "Ningbo Claim"). There are $970,000 of general unsecured claims by other parties. The Debtor's primary operating assets consist of (a) cash on hand, (b) existing inventory and work in progress, (c) fixtures, furniture, and equipment, (d) intellectual property, and (e) accounts receivable. Broadway estimates that the liquidation value of the Debtor's assets is approximately $8.8 million and after wind down expenses, there would be total funds available for distribution after liquidation of $7.55 million. Orion to Get Assets Under the Plan, Class 1 - Orion Unsecured Claim in the amount of $53,660,743 is impaired. On the Effective Date, in exchange for the Plan Consideration, a new company formed by Orion will receive title to all of the assets of the Debtor not including the Estate Litigation Claims, free and clear of all liens, claims and encumbrances. Class 2 - General Unsecured Claims are impaired. Allowed General Unsecured Claims wil receive a pro rata distribution of the cash available in the GUC Fund, after payment of fees and expenses of the Plan Agent, in full and final satisfaction of their allowed claims. Under the Plan, the Class 1 Orion Unsecured Claim will recover 11.84% while Class 2 General Unsecured Claims will recover 30%. In a Chapter 7 scenario, Class 1 and Class 2 will recover 14.4%. On or before the Effective Date, NewCo and/or Orion will provide the following consideration in exchange for the Transferred Assets: 1. Payment of all Allowed Administrative Expenses; 2. Payment of all Allowed Section 503(b)(9) Claims, provided however, that any Allowed Section 503(b)(9) claim in favor of Ningbo Sunny will be paid to Orion; 3. Payment of all Allowed Priority Unsecured Claims (estimated at $45,000); 4. The first installment of the GUC Fund Amount. The GUC Fund Amount equals $50,000 plus 30% of the current filed and/or scheduled general unsecured claims, not including the Class 1 Claim, claim of SMRH, of any insider claims. The GUC Fund Amount shall be paid to the Reorganized Debtor to create the GUC Fund. The GUC Fund Amount will be paid equally in three annual installments, with the first being due on the Effective Date, the second being due on the First Anniversary of the Effective Date, and the third being due on the Second Anniversary Date of the Effective Date. The second and third installments shall be reduced on a dollar for dollar basis to the extent that 5% of the gross revenues from the sale of Meade products by NewCo is less than the amount of the installment due. 5. Assumption of all obligations under any Assumed Contracts. 6. Assumption of the obligation to pay any costs associated with the SMRH Malpractice Action under the retention agreement with Sall Spencer and Parker Mills. A full-text copy of the Disclosure Statement dated Dec. 30, 2020, is available at https://bit.ly/2KXBW2c from PacerMonitor.com at no charge. Attorneys for Official Committee of Unsecured Creditors of Meade Instruments Corporation: Mark S. Horoupian Claire K. Wu SulmeyerKupetz 333 South Grand Avenue, Suite 3400 Los Angeles, California 90071 Telephone: 213.626.2311 Facsimile: 213.629.4520 E-mail: Mhoroupian@sulmeyerlaw.com ckwu@sulmeyerlaw.com About Meade Instruments Corp. Meade Instruments Corp. designs and manufactures optical products, including telescopes, cameras, binoculars, and sports optics products. Meade Instruments Corp. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-14714) on Dec. 4, 2019. In the petition signed by Victor Aniceto, president, the Debtor was estimated to have $10 million to $50 million in both assets and liabilities. Marc C. Forsythe, Esq., at Goe Forsythe & Hodges LLP is the Debtor's legal counsel. Sall Spencer Callas & Krueger, a Law Corporation, and Parker Mills LLP, as co-special litigation counsels. MILLS FORESTRY: Hires Jarrard Law Group as Special Counsel ---------------------------------------------------------- Sammy Clyde Mills and Mills Forestry Service, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Georgia to hire Jarrard Law Group, LLC as their special counsel. Jarrard Law has agreed to represent the Debtors with respect to inquiries regarding the Pay Roll Protection (PPP) loan obtained by Debtor Mills Forestry Service for a non-refundable fixed fee of $5,000. Jarrard Law is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: C. Brian Jarrard, Esq. Jarrard Law Group, LLC 150 N Michigan Ave UNIT 2800 Chicago, IL 60601 Phone: +1 312-216-5196 About Mills Forestry Service Mills Forestry Service, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No. 20-60110) on March 7, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Edward J. Coleman III oversees the case. The Debtor tapped Stone & Baxter, LLP as its legal counsel. MONTICELLO HORIZON: Seeks to Hire Kalter Kaplan as Special Counsel ------------------------------------------------------------------ Monticello Horizon Legacy, LLC seeks authority from the U.S. Bankruptcy Court for the Southern District of New York to employ Kalter, Kaplan, Zeiger & Forman as special counsel to assist in the sale of its real property. The firm's services will include: a. drafting and negotiating a contract of sale; b. representing the Debtor during the signing of the contract; c. representing the Debtor during the due diligence period; d. communicating with the attorney for the buyer, building agents, financial institutions, brokers and other relevant parties to the sale; and e. representing the Debtor at the actual closing. The firm will receive a flat fee of $1,350 per sale of each parcel of real property and reimbursement of out-of-pocket expenses. Kalter Kaplan neither represents nor holds any interest adverse to the Debtor and its estate, according to court filings. The firm can be reached through: Terry Forman, Esq. Kalter Kaplan Zeiger & Forman 6166 NY-42 Woodbourne, NY 12788 Phone: +1 845-434-4777 About Monticello Horizon Legacy South Fallsburg, N.Y.-based Monticello Horizon Legacy, LLC filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-35665) on June 24, 2020. In the petition signed by Esther Loeffler, managing member, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. The Hon. Cecelia G. Morris oversees the case. Michelle Trier, Esq., at Genova & Malin, serves as the Debtor's bankruptcy counsel. MTE HOLDINGS: Court Extends Plan Exclusivity Thru Feb. 8 -------------------------------------------------------- Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware extended the periods within which MTE Holdings LLC and its affiliates have the exclusive right to file a Chapter 11 plan through and including February 8, 2021, and to solicit acceptances of the plan through and including April 9, 2021. According to the Debtors, they continue to work in good faith with all major credit groups and claimants to meet emergence deadlines and to submit a consensually-agreed-to plan construct. Following the receipt of bids for the acquisition of substantially all of their assets, the Debtors, together with their advisors, determined that it was in the best interest of all parties in- interest to (i) extend the deadline for potential purchasers to bid on the Debtors' assets; and (ii) continue negotiating a consensual plan of reorganization rather than to proceed with the Auction on November 13, 2020, as originally intended. In addition, the Debtors are now involved in mediation with the 53 statutory lienholders who are asserting lien priority over the Natixis and BMO security interest as well as statutory lienholders who do not have priority over the Natixis and BMO security interest but have superior rights to other creditors. As the mediation progresses, the Debtors expect to determine at least general estimates of creditor recoveries for constructing a reorganization plan. With this additional information, the Debtors and creditor groups can negotiate a plan that better approximates the appropriate recoveries for the various statutory lienholder claimants. And while major parties-in-interest are working assiduously and in good faith to formulate an emergence path, significant uncertainty remains as to whether the Debtors will emerge as a stand-alone entity or hold an auction for the sale of substantially all of their assets, or undertake some hybrid of the two. The Debtors continue to pay their post-petition debts as they become due and are administratively solvent as reflected in their operating reports. No creditor will be prejudiced by the extension because the purpose of the extension is to provide the main creditor groups an emergence plan that maximizes the value of the Debtors. The additional time would allow certain potential bidders to engage further with the Debtors while allowing the Debtors additional time to negotiate a viable plan construct with the support of Natixis (and BMO), and in consultation with Riverstone and the Ad Hoc Committee, to meet the Amended Milestones. A copy of the Debtors' Motion to extend is available from stretto.com at https://bit.ly/2Iu6Ca6 at no extra charge. A copy of the Court's Extension Order is available from stretto.com at https://bit.ly/3rUX4qA at no extra charge. About MTE Holdings MTE Holdings LLC is a privately held company in the oil and gas extraction business. MTE sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 19-12269) on October 22, 2019. In the petition signed by its authorized representative, Mark A. Siffin, the Debtor disclosed assets of less than $50 billion and debts of $500 million. Previously, Judge Karen B. Owens has been assigned to the case. Now, Judge Christopher S. Sontchi oversees the case. The Debtor tapped Kasowitz Benson Torres LLP as its bankruptcy counsel; Morris, Nichols, Arsht & Tunnell, LLP as its local counsel; Greenhill & Co., LLC, as financial advisor and investment banker; Ankura Consulting LLC, as a chief restructuring officer; and Stretto as its claims and noticing agent. MTPC LLC: Gets OK to Hire Stretto as Claims Agent ------------------------------------------------- MTPC, LLC and its affiliates received approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire Stretto as their claims and noticing agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Debtors' Chapter 11 cases. Stretto will provide the services on an as-needed basis and upon request or agreement of the Debtor in accordance with its rate structure. Stretto was paid a retainer of $50,000 and will be reimbursed for out-of-pocket expenses incurred. Sheryl Betance, managing director of corporate restructuring of Stretto, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Stretto can be reached at: Sheryl Betance Stretto 410 Exchange, Ste. 100 Irvine, CA 92602 Tel: (714) 716-1872 Email: sheryl.betance@stretto.com About MTPC LLC MTPC LLC is a proton-therapy cancer-treatment center that serves a multi-state area of the Southeastern United States and began operations in 2018. MTPC is located in a 43,500 square-foot building adjacent to the campus of the Williamson Medical Center, in Franklin, Tenn. MTPC is a freestanding center with three active treatment rooms including one fixed beam and two gantries. The Proton Therapy Center, LLC (PCPTK) is a Tennessee limited liability company that was organized in 2010. PCPTK is located in an 88,000 square-foot building on the campus of the Provision Case CARES Cancer Center at Dowell Springs, in Knoxville, Tenn., a comprehensive healthcare campus focusing on cancer treatment, patient care, research, and education. It is a freestanding center with three active treatment rooms including one fixed beam and two gantries. PCPT Hamlin is a Florida limited liability company that was organized in 2018. PCPT Hamlin will include an approximately 36,700 square foot building in the 900-acre Hamlin planned development in the "Town Center" of the 23,000 acre "Horizon West" planning area of West Orange County. MTPC, LLC and affiliates The Proton Therapy Center, LLC, and PCPT Hamlin, LLC, sought Chapter 11 protection (Bankr. M.D. Tenn. Lead Case No. 20-05438) on Dec. 15, 2020. As of Aug. 31, 2020, MTPC's unaudited financial statements reflected total assets of approximately $105,600,000 and total liabilities of approximately $131,200,000, PCPTK's unaudited financial statements reflected total assets of approximately $93,400,000 and total liabilities of approximately $130,200,000, and PCPT Hamlin's unaudited financial statements reflected total assets of approximately $139,200,000 and total liabilities of approximately $138,500,000. The Hon. Randal S. Mashburn is the case judge. The Debtors tapped Waller Lansden Dortch & Davis, LLP and Foley & Lardner, LLP as bankruptcy counsel, and Trinity River Advisors, LLC as restructuring advisor. Stretto is the claims agent. NESCO HOLDINGS: Signs Amended Employment Agreement with CFO ----------------------------------------------------------- Nesco Holdings, Inc. and Joshua A. Boone, the Company's chief financial officer, entered into an amendment to the existing Employment Agreement and the existing Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement between the Company and Mr. Boone, dated as of May 15, 2020 and June 15, 2020, respectively. The Amendment revises the vesting conditions of the restricted stock units granted to Mr. Boone pursuant to the Original RSU Agreement if Mr. Boone's employment is terminated by the Company without cause or if Mr. Boone resigns for good reason (as such terms are defined in the Original Employment Agreement) within twelve months following a change in control (as defined in the Company's Amended and Restated 2019 Omnibus Incentive Plan). In the event of a Qualifying Termination, Mr. Boone's RSUs will remain outstanding and eligible to vest for two years, with one half of the RSUs vesting if the Company's ten day average closing stock price equals or exceeds $6.00 per share and one half of the RSUs vesting if the Company's ten day average closing stock price equals or exceeds $8.00 per share. If Mr. Boone is terminated without cause or resigns for good reason not in connection with a change in control, his RSUs will remain outstanding and eligible to vest for one year, with one half of the RSUs vesting if the Company's ten day average closing stock price equals or exceeds $6.00 per share and one half of the RSUs vesting if the Company's ten day average closing stock price equals or exceeds $10.00 per share. Amendment to Post-Termination Exercise Period On Dec. 28, 2020, the Compensation Committee of the Board of Directors of the Company extended the post-termination exercise period for all options to purchase shares of the Company's common stock that are currently outstanding and held by current employees of the Company from three months to two years following an optionholder's termination of service by the Company without "Cause" or by the optionholder for "Good Reason", in each case within twelve months following a "Change in Control" (if and as each term is defined in the Plan, an option agreement or an employment agreement between the Company and the holder). About Nesco Nesco -- https://investors.nescospecialty.com -- is a provider of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets. Nesco offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets including electric lines, telecommunications networks and rail systems. Nesco's coast-to-coast rental fleet of over 4,500 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools, and accessories. Nesco reported net losses of $27.05 million in 2019, $15.53 million in 2018, and $27.09 million in 2017. As of Sept. 30, 2020, the Company had $769.45 million in total assets, $40.88 million in total current liabilities, $752.97 million in total long-term liabilities, and a total stockholders' deficit of $24.41 million. * * * As reported by the TCR on Dec. 11, 2020, S&P Global Ratings placed all of its ratings on NESCO Holdings Inc., including its 'CCC+' issuer credit ratings on the company and its subsidiary Capitol Investment Merger Sub 2 LLC, on CreditWatch with positive implications. NIC ACQUISITION: Moody's Assigns B3 Corp. Family Rating ------------------------------------------------------- Moody's Investors Service has assigned B3 Corporate Family Rating to NIC Acquisition Corp., an entity that represents Innovative Chemical Products Group, following ICP's acquisition of Gardner-Gibson, a manufacturer of coatings, adhesives, sealants and underlayment used in building repair and maintenance applications. At the same time, Moody's has assigned B3 ratings to ICP's newly proposed first lien credit facilities, which comprise $125 million first lien revolver and $825 million first lien term loan, as well as a Caa2 rating to the new $225 million second lien term loan. The rating outlook is stable. Proceeds of the new term loans will be used to refinance ICP's existing credit facilities and pay for the acquisition of Gardner-Gibson, as well as transaction-related fees and expenses. Rating assignments: Issuer: NIC Acquisition Corp. (an entity that represents ICP) Corporate Family Rating, Assigned B3 Probability of Default Rating, Assigned B3-PD Outlook, Stable Borrowers: NIC Acquisition Corp., CPC Acquisition Corp. and Gardner-Gibson Acquisition Corp. $125 million Gtd. senior secured first lien revolving credit facility, Assigned B3 (LGD3) $825 million Gtd. senior secured first lien term loan, Assigned B3 (LGD3) $225 million Gtd. senior secured second lien term loan, Assigned Caa2 (LGD6) RATINGS RATIONALE ICP's B3 CFR takes into consideration the company's high financial leverage after the acquisition of Gardner-Gibson and aggressive growth strategy under its private equity ownership, which are partly mitigated by its improved business scale and potential synergies, as well as a diverse portfolio of specialty coatings, adhesives and sealants with a relatively stable earnings profile. A key rating constraint is ICP's high debt leverage in the range of low to mid-seven times in the first year after the acquisition of Gardner-Gibson based on our estimates. Moody's have made more conservative assumptions than management about operational synergies, earnings improvement and cash flow generation, considering business execution risks after this large acquisition. Moody's expects ICP to improve its adjusted debt leverage below 7.0x in about one to two years, as business synergies from the acquisition will accumulate and the company's low capital intensity will enable free cash flow generation. Partly mitigating the risk of high financial leverage is an improvement in ICP's business profile. The acquisition of Gardner-Gibson will expand ICP's product offerings, broaden its customer base and nearly double ICP's revenues. Gardner-Gibson has overlapping customers with ICP and its coatings, adhesives, sealants, and underlayment used in reroofing and reflooring applications are complementary to ICP's coatings, adhesives and sealants in building renovation. The acquisition will enhance ICP's business resilience, thanks to the recurring demand of Gardner-Gibson's products used in repair and renovation. The substantial share of their products used in building repair and renovation also contributed to a relatively stable business and financial performance at both ICP and Gardner-Gibson, despite the COVID-19 outbreak in 2020. The acquisition will also result in costs savings from procurement, logistics optimization and overhead reduction, as well as cross-sales opportunities. ICP has a track record of making bolt-on acquisitions in the specialty coatings, adhesives and sealants sector and has improved its profit margins in the last several years. However, business execution risks will be elevated given the operational adjustments needed to achieve synergies after this large acquisition. Additionally, earnings growth at Gardner-Gibson may not be as strong as in the past considering its increasing reliance on a number of big box retailers and its focus on the mature coatings business in North America. The private equity firm ownership continues to constrain ICP's credit profile. While management aims to improve earnings and reduce debt leverage, bolt-on acquisitions remain an integral part of the business strategy. ICP's adjusted debt leverage has been maintained at about seven times in the last three years, as management completed a number of debt-financed bolt-on acquisitions. Management fee payout will also constrain the retention of cash for debt reduction. ICP will have adequate liquidity to support its business operations for the next four quarters. The new $125 million revolving credit facility will be large enough to cover seasonal working capital needs and one-off expenses related to business integration and restructuring. The revolver contains a springing financial covenant—first lien leverage ratio not exceeding 7.75x, which will be tested if the outstanding revolver exceeds 35% of the total commitment. Moody's expects the company will remain in compliance with its financial covenant. The B3 ratings on the $125 million first lien revolver and $825 million first lien term loan are in line with the CFR and reflect the preponderance of the first lien facilities in the debt capital structure and their first priority secured interest in substantially all assets and outstanding equity interest of the borrowers, guarantors and their subsidiaries. The Caa2 rating on the $225 million second lien term loan, two notches below the CFR, reflects its subordination to the first lien credit facilities based on Moody's Loss Given Default for Speculative-Grade Companies Methodology. ICP's covenant-lite loans allow for generous EBITDA add-backs and incremental term loans that result in weak protection for creditors. The stable rating outlook reflects our expectation that ICP will improve earnings and reduce debt leverage to be consistent with the rating requirements. Moody's also expect the company to make acquisitions at reasonable price multiples without substantially increasing its leverage above 7.0x over time. Its diversified product offerings, niche market focus, business synergies and exposure to the relatively resilient architectural coatings and renovation market help mitigate the impact of the global pandemic. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is unlikely given its high debt leverage, but could be considered if ICP increases its business scale and earnings by successfully implementing its roll-up strategy, demonstrates a track record of free cash flow generation and reduces its debt leverage to below 5.5x. Moody's could downgrade the rating, if there is a deterioration in ICP's revenues or earnings as a result of business integration issues or weaker operating environment. Debt leverage in excess of 7.0x, negative free cash flow and deterioration in liquidity could also result in a rating downgrade. Innovative Chemical Products Group, formed in late 2015, is a leading formulator of specialty coatings, adhesives, sealants, and elastomers serving the industrial and construction markets. ICP operates in two business segments--ICP Building Solutions Group and ICP Industrial Solutions Group. In January 2021, ICP announced the acquisition of Gardner-Gibson, a manufacturer of coatings, adhesives, sealants and underlayment used in building repair and maintenance applications. ICP is controlled by funds affiliated with Audax Management Company, LLC, together with other investors including management. The principal methodology used in these ratings was Chemical Industry published in March 2019. NORTHWEST HARDWOODS: Court Approves Chapter 11 Exit Without Delay ----------------------------------------------------------------- Law360 reports that Northwest Hardwoods secured a Delaware bankruptcy judge's approval Wednesday, Jan. 6, 2021, to immediately put its Chapter 11 reorganization into effect, after a more than six-week sprint through the nearly $450 million debt restructuring. Judge Brendan L. Shannon waived Bankruptcy Code's ordinary 14-day delay, concluding that the Debtors had shown that the plan received "overwhelming" support from those entitled to vote since the case opened on Nov. 23, 2020. As reported in the TCR, Northwest Hardwoods, Inc., et al., have proposed a Prepackaged Chapter 11 Plan of Reorganization that would reduce the Company's debt by $270 million. Secured noteholders have agreed to convert their $379 million of secured notes into $110 million of new exit term loans and 99% of the equity in reorganized Hardwood Holdings Inc. (HHI) (subject to dilution by a management incentive plan). Existing equity holders will receive 1% of the new common stock of Reorganized HHI. Unsecured creditors are unimpaired under the Plan and will recover 100% of their claims. A full-text copy of the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization dated Dec. 28, 2020, is available at https://bit.ly/3hBPLzn from PacerMonitor.com at no charge. About Northwest Hardwoods Headquartered in Tacoma, Wash., Northwest Hardwoods, Inc., is the largest United States manufacturer of North American hardwood lumber based on sawmill capacity, with a current estimated annual hardwood lumber capacity of approximately 320 million board feet. Its North America operations include 20 facilities that produce over 20 species of domestic hardwoods. Northwest Hardwoods serves more than 2,000 active customers across over 60 countries. Northwest Hardwoods and two affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-13005) on Nov. 23, 2020. The Debtors were estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. The Hon. Christopher S. Sontchi is the case judge. The Debtors tapped Gibson, Dunn & Crutcher LLP as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as co-bankruptcy counsel; and Huron Consulting Services LLC as financial advisor. Prime Clerk is the claims agent. The secured noteholders are represented by Willkie Farr & Gallagher LLP as legal counsel and Guggenheim Securities, LLC, as financial advisor. OIL INTERNATIONAL: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The U.S. Trustee, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Oil International Service Corp., according to court dockets. About Oil International Service Corp. Oil International Service Corp. is a real estate holding company for foreign national. Oil International Service sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-22907) on Nov. 25, 2020. At the time of the filing, the Debtor disclosed $800,000 in assets and $1,085,707 in liabilities. Judge Jay A. Cristol presides over the case. Florida bankruptcy Group, LLC is the Debtor's bankruptcy counsel. ORANGE COUNTY BAIL: $900K Sale of Saddozai Residence to Fund Plan ----------------------------------------------------------------- Debtor Orange County Bail Bonds, Inc., filed a Second Amended Small Business Plan of Reorganization and Second Amended Disclosure Statement on Jan. 5, 2021. General Unsecured Claims totaling $19,697 in Class 2 will accrue interest at the federal judgment rate and will receive quarterly payments of Debtor's Disposable Income based on the Projections on a pro rata basis with Class 3 beginning on the first date of each calendar quarter following the Effective Date for the earlier of 5 years from the Effective Date or until their claims are paid in full. The Disputed General Unsecured Claim of Global in the amount of $545,879, if allowed, will accrue interest at the federal judgment rate and will receive quarterly payments of Debtor's Disposable Income based on the Projections (attached as Exhibit C to the Plan) on a pro rata basis with Class 3 beginning on the first date of each calendar quarter following the Effective Date for the earlier of 5 years from the Effective Date or until their claims are paid in full. Within seven days after the Effective Date, the Debtor's counsel will distribute the Saddozai Proceeds first to pay all Administrative Claims and then all remaining proceeds will be distributed to Class 2 creditors and the Class 3 creditor on a pro rata basis as set forth in the Plan. Since the filing of the FADS on Nov. 6, 2020, the Debtor received an offer on the Saddozai Residence of $890,000. The offer lapsed when the offeror failed to make the earnest money deposit of $28,000 by Nov. 25, 2020. The Debtor then lowered the listing price to $925,000. On Dec. 8, 2020, the Debtor received an offer for $900,000. The Motion to Approve this offer and sell the Saddozai Residence is set for Jan. 7, 2021, and no opposition was filed nor has an overbidder contacted Debtor's counsel as of Jan. 5, 2021. The Debtor believes that the Saddozai Proceeds will be sufficient to pay off all creditors other than the Class 2 and Class 3 creditors, who Debtor proposes will be paid a portion of the Saddozai Proceeds sufficient to pay $100,000 to Global and a corresponding pro rata distribution to Class 2 creditors. The Debtor believes that the Saddozai Residence will sell for $900,000. Ballot must be returned to Goe Forsythe & Hodges LLP so that it is actually received by GFH on Feb. 9, 2021. Any party in interest in the case -- including any Creditor that voted (or was deemed to have voted) to accept or reject the Plan -- may file an objection to confirmation of the Plan by Feb. 9, 2021. The Court will hold a hearing on whether or not to confirm the Plan on March 4, 2021 at 10:30 a.m. at Courtroom 5A in the Ronald Reagan Federal Building and Courthouse, 411 W. Fourth Street, Santa Ana, CA 92701. A full-text copy of the Second Amended Plan of Reorganization and Disclosure Statement dated Jan. 5, 2021, is available at https://bit.ly/38jpnqT from PacerMonitor.com at no charge. Attorneys for Orange County Bail: Marc C. Forsythe Charity J. Manee GOE FORSYTHE & HODGES LLP 18101 Von Karman Ave., Suite 1200 Irvine, CA 92612 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 E-mail: MForsythe@goeforlaw.com CManee@goeforlaw.com About Orange County Bail Bonds Orange County Bail Bonds Inc. -- http://www.bailall.com/-- is a bail bond service headquartered in Santa Ana, Calif. The company is family owned and operated, and specializes in bail bonds for drug-related and drunk driving DUI offenses, spousal abuse and domestic violence charges, prostitution solicitation charges, felonies, and misdemeanors. Starting in 1963, the company has been servicing Orange County, Los Angeles, Riverside, San Bernardino, and San Diego. Orange County Bail Bonds sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-12411) on June 21, 2019. At the time of the filing, the Debtor was estimated to have assets of less than $1 million and liabilities of between $1 million and $10 million. The case is assigned to Judge Erithe A. Smith. Marc Forsythe, Esq., at Goe & Forsythe, LLP, is the Debtor's counsel; and Griffiths Diehl & Company, Inc., is the accountant to the Debtor. ORGANIC POWER: Feb. 5 Hearing on Disclosure Statement ----------------------------------------------------- Judge Edward A. Godoy has entered an order setting a hearing to consider approval of Disclosure Statement of Organic Power LLC is scheduled for Feb. 5, 2021 at 1:30 p.m. via Microsoft Teams. Objections to the form and content of the Disclosure Statement must be filed and served not less than 14 days prior to the hearing. As reported in the TCR, Organic Power filed a Plan of Reorganization and a Disclosure Statement. The Plan would provide payment in full of all secured, priority, administrative expenses and general unsecured claims plus interest. A full-text copy of the Disclosure Statement dated Dec. 17, 2020, is available at https://bit.ly/3prd01A from PacerMonitor at no About Organic Power Organic Power LLC -- https://prrenewables.com/ -- is a supplier of renewable energy and a provider of environmentally sustainable food waste recycling services based in Puerto Rico. It offers food processing companies, restaurants, pharmaceuticals and retail outlets an alternative to landfill disposal. Organic Power sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 19-01789) on April 1, 2019. At the time of the filing, the Debtor estimated assets and estimated liabilities of between $10 million and $50 million. Aimee I. Lopez Pabon of Godreau & Gonzalez LLC is serving as counsel for the Debtor. PACIFIC DRILLING: Plan Effective; Trustee Appeals Plan Order ------------------------------------------------------------ Pacific Drilling S.A., et al., announced that its Modified First Amended Joint Plan of Reorganization has been substantially consolidated, and the effective date of the Plan occurred Dec. 31, 2020. Professionals seeking final approval of all fees and expenses incurred from the Petition Date through the Effective Date are required to submit fee applications by Feb. 1, 2021. Judge David R. Jones on Dec. 21, 2020 had entered an order approving the Disclosure Statement and confirming the Plan. As reported in the TCR, in accordance with the confirmed Plan, the Company will de-lever its balance sheet by eliminating over $1 billion of funded debt obligations and have access to additional liquidity to operate going forward with approximately $100 million in cash on hand at emergence and an undrawn $80 million senior secured delayed draw term loan exit facility. A notice of appeal to the district court was filed before the bankruptcy court on Dec. 30, 2020 and January 4, 2021. Patrick F. Lennon, Liquidating Trustee appointed in the 2018 liquidating plan of Pacific Drilling Services, Inc., et al. in the prior case, is filing an appeal of the order confirming the Plan. The appeal has been assigned to United States District Judge Keith Ellison. About Pacific Drilling Pacific Drilling (NYSE: PACD) provides deepwater drilling services. Pacific Drilling's fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. On the Web: http://www.pacificdrilling.com/ On Nov. 12, 2017, Pacific Drilling S.A. along with affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 17-13193). In that case, Pacific tapped Togut, Segal & Segal LLP as counsel; Evercore Partners International LLP as investment banker; and AlixPartners, LLP, as restructuring advisor. Pacific Drilling S.A. and its affiliates returned to Chapter 11 bankruptcy (Bankr. S.D. Tex. Lead Case No. 20-35212) on Oct. 30, 2020, to seek approval of a bankruptcy-exit plan that will cut debt by $1.1 billion. As of June 30, 2020, Pacific Drilling had $2,166,943,000 in assets and $1,142,431,000 in liabilities. In the present case, Greenhill & Co. is acting as financial advisor to the Debtors, Latham & Watkins LLP and Jones Walker LLP are serving as legal counsel, and AlixPartners is acting as restructuring advisor to Pacific Drilling in connection with the restructuring. Prime Clerk LLC is the claims agent. Houlihan Lokey is acting as financial advisor and Akin Gump Strauss Hauer & Feld LLP is acting as legal advisor to the noteholders. PACIFICO NATIONAL: Seeks to Hire Attorney in ALBOP Case ------------------------------------------------------- Pacifico National, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Jonathan Hooks, Esq., an attorney practicing in Alabama. Mr. Hooks will represent the Debtor before the Alabama Board of Pharmacy on the pending complaint styled Pacifico National, Inc., d/b/a Amex Pharmacy, Non-Resident Pharmacy Permit Number 113088, and Michael C. Boehmer, Pharmacist License Number 16397. As disclosed in a court filing, Mr. Hooks is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. About Pacifico National Pacifico National, Inc., which conducts business under the name AmEx Pharmacy, is a nationwide compounding pharmacy specializing in dermatology and the development of topical therapies. It services patients in 38 states throughout the United States. Visit https://amexpharmacy.com for more information. Pacifico National filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-05009) on Sept. 3, 2020. Pacifico National President Mark L. Sangree signed the petition. At the time of the filing, the Debtor disclosed $363,794 in assets and $6,583,984 in liabilities. The Debtor is represented by Thomas H Yardley Law Offices. PANOP CAB: Asks for 120-Day Extension of Plan Confirmation Deadline ------------------------------------------------------------------- Panop Cab, Corp., et al., filed a motion to extend their time to confirm a Plan of Reorganization and Disclosure Statement for 120 days through and including June 14, 2021. On December 30, 2020, the Debtors filed the Chapter 11 Small Business Disclosure Statement with Exhibits and Chapter 11 Small Business Plan of reorganization. This first requested extension of the Time period for confirmation is warranted and necessary to afford the Debtors a meaningful opportunity to pursue the chapter 11 reorganization process and build a consensus among economic stakeholders, all as contemplated by chapter 11 of the Bankruptcy Code. The extension of the time period for confirmation will enable the Debtors to harmonize the diverse and competing interests that exist and seek to resolve any conflicts in a reasoned and balanced manner for the benefit of all parties in interest. About Panop Cab, et al. Panop Cab, Corp., et al., are taxi mini fleet corporations located at 1620 Caton Avenue, Brooklyn, New York 11226. Panop Cab, Corp., based in Brooklyn, NY, and its debtor-affiliates sought Chapter 11 protection (Bankr. E.D.N.Y. Lead Case No. 19-47710) on Dec. 26, 2019. In their petitions, the Debtors estimated these assets and liabilities: Total Assets Total Liabilities ------------ ----------------- Panop Cab, Corp. $310,200 $1,135,000 Matreiya Trans Corp. $157,164 $330,000 222 East Corp. $314,700 $1,135,000 Rainee Trans, Corp. $312,752 $1,135,000 MLS Managment Corp $311,692 $1,135,000 The petitions were signed by Michael L. Simon, president. The LAW OFFICES OF ALLA KACHAN, P.C. serves as bankruptcy counsel. PANOP CAB: Offers Creditor $1.6M Buyout for Medallions ------------------------------------------------------ Panop Cab, Corp., et al., submitted a Chapter 11 Small Business Plan and a Disclosure Statement on Dec. 29, 2020. A hearing on the Disclosure Statement is scheduled for Feb. 3, 2021 at 10:30 a.m. The taxi medallion creditor, National Credit Union Administration Board as liquidating agent for LOMTO Federal Credit Union, with a secured claim in the amount of $4,631,268 in Class 1, will receive a short buyout of the medallions numbered: 6J54; 6.155, 4P21; 4P22, 7Y64; 7Y65, 1K40; 1K41, with a lump sump payment of $1.6 million. The lump sum payment will be in full settlement of the appurtenant loans. The class is impaired. The Disclosure Statement does not identify any unsecured claims. The Debtors are seeking to fund the transaction from the continuing business operations and the contribution of personal funds of the Debtors' principal, Michael L. Simon. A full-text copy of the Disclosure Statement dated December 30, 2020, is available at https://bit.ly/3rXk73Z from PacerMonitor.com at no charge. Attorney for Debtors Panop Cab, Corp., et al.: ALLA KACHAN, ESQ. 3099 Coney Island Ave, 3rd Floor Brooklyn, NY 11235 Tel: (718) 513-3145 Fax: (347) 342-315 E-mail: alla@cachanlaw.com About Panop Cab, et al. Panop Cab, Corp., et al., are taxi mini fleet corporations located at 1620 Caton Avenue, Brooklyn, New York 11226. Panop Cab, Corp., based in Brooklyn, NY, and its debtor-affiliates sought Chapter 11 protection (Bankr. E.D.N.Y. Lead Case No. 19-47710) on Dec. 26, 2019. In their petitions, the Debtors estimated these assets and liabilities: Total Assets Total Liabilities ------------ ----------------- Panop Cab, Corp. $310,200 $1,135,000 Matreiya Trans Corp. $157,164 $330,000 222 East Corp. $314,700 $1,135,000 Rainee Trans, Corp. $312,752 $1,135,000 MLS Managment Corp $311,692 $1,135,000 The petitions were signed by Michael L. Simon, president. The LAW OFFICES OF ALLA KACHAN, P.C. serves as bankruptcy counsel. PAPPY'S SAND: Proposes Feb. 11 Auction of Vehicles and Equipment ---------------------------------------------------------------- Pappy's Sand & Gravel, Inc. asks the U.S. Bankruptcy Court for the Northern District of Texas to authorize the sale of its vehicles and equipment (Schedule A to Agreement) located at 2040 Dowdy Ferry Road, in Dallas, Texas, by auction to be conducted by Ritchie Brothers Auctioneers on Feb. 11, 2021, for the highest amount bid on each item. Creditor Newtek Small Business Finance, Inc. consents and approves of the sale by auction. The Debtor and Ritchie Brothers Auctioneers have executed their Multi-Channel Sales Agreement. The Vehicles are (i) 2016 Ford F-250 XL, VIN 1FT7W2BT0GED38222 (Ford Credit, Account No. 54172270), and (ii) 2016 Ford F-250 S-Duty, VIN 1FDRF3GT1GEA27207 (Ford Credit, Account No. 54331651). The Debtor believes the sale proceeds will be sufficient to completely pay off the first liens on the individual vehicles or equipment, if any. Any balance will pay to Newtek and taxes for business personal property. The sale will be free and clear of all liens, claims and encumbrances, and such liens, claims and encumbrances will attach to the sales proceeds. The secured lender will be paid after closing of the sale. The excess sale proceeds, if any, will be paid to creditors in accordance with their lien priority positions as determined by the Court. The Debtor asks that the 14-day period following the entry of an Order allowing the sale be waived. A copy of the Agreement is available at https://bit.ly/3bdOpJU from PacerMonitor.com free of charge. Counsel for Debtor: Joyce W. Lindauer, Esq. Guy H. Holman, Esq. Kerry S. Alleyne, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main St., Suite 500 Dallas, TX 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 Pappy's Sand & Gravel, Inc. sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 20-32723-sgj) on Oct. 28, 2020. PAPPY'S TRUCKS: Proposes Ritchie Auction of 20 Vehicles on Feb. 11 ------------------------------------------------------------------ Pappy's Trucks, Ltd. asks the U.S. Bankruptcy Court for the Northern District of Texas to authorize the sale of its 20 vehicles located at 2040 Dowdy Ferry Rd., in Dallas, Texas, listed on Schedule A to Multi-Channel Sales Agreement, by auction to be conducted by Ritchie Brothers Auctioneers on Feb. 11, 2021, for the highest amount bid on each item. Creditor Newtek Small Business Finance, Inc. consents and approves of the sale by auction. The Debtor believes the sale proceeds will be sufficient to completely pay off the first liens on the individual vehicles or equipment, if any. Any balance will pay to Newtek and taxes for business personal property. The sale will be free and clear of all liens, claims and encumbrances, and such liens, claims and encumbrances will attach to the sales proceeds. The secured lenders will be paid after closing of the sale. The excess sale proceeds, if any, will be paid to creditors in accordance with their lien priority positions as determined by the Court. The Debtor asks that the 14-day period following the entry of an Order allowing the sale be waived. A copy of the Agreement is available at https://bit.ly/3nnjAoM from PacerMonitor.com free of charge. About Pappy's Trucks Ltd. Pappy's Trucks Ltd., a freight shipping and trucking company, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-33605) on Oct. 31, 2019. At the time of the filing, the Debtor was estimated to have assets of between $1 million and $10 million and liabilities of the same range. The case is assigned to Judge Stacey G. Jernigan. The Debtor tapped Joyce W. Lindauer Attorney, PLLC, as its legal counsel. PAPS CAB: DePalma to Get Medallions, $425K Under Plan ----------------------------------------------------- Paps Cab, Corp., et al., submitted an Amended Chapter 11 Small Business Plan and an Amended Disclosure Statement on Dec. 30, 2020. A hearing to consider approval of the Debtor's Disclosure Statement is scheduled for Feb. 2, 2021 at 10:30 a.m. The Plan offers secured creditor DePalma Acquisition 1 LLC, a surrender of the Seven NYC Taxi Medallions # 21137; 2H38; 2H39; 7G56; 7G58; 2M80; 2M81, the collateral for the referenced loans, which will satisfy the secured portion of the claim. As to the unsecured portion of the claim of DePalma Acquisition, the parties have agreed that the Debtor will provide DePalma a repayment of a total amount of $425,000 in full settlement of the resulting deficiency. The repayment will be in the form of a lump sum down payment of $350,000 within 10 days after court approval of the settlement, with the remaining $75,000 to be paid 30 days after the down payment, over a six-month period. The Plan will be funded from the personal funds of the corporate principal, Vadim Natenzon. The Disclosure Statement does not identify other unsecured claims. A full-text copy of the Amended Disclosure Statement dated December 30, 2020, is available at https://bit.ly/2L39VpZ from PacerMonitor.com at no charge. Attorney for Debtors Paps Cab, Corp., et al.: ALLA KACHAN, ESQ. 3099 Coney Island Ave, 3rd Floor Brooklyn, NY 11235 Tel: (718) 513-3145 Fax: (347) 342-315 E-mail: alla@kachanlaw.com About Paps Cab Corp. Paps Cab Corp., Vicmarie Hacking, Corp. and Snowstorm Hacking, Corp. concurrently filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 19-47238) on Dec. 2, 2019, listing under $1 million in both assets and liabilities. Alla Kachan, Esq. at LAW OFFICES OF ALLA KACHAN, P.C. represents the Debtors as counsel. PARKING MANAGEMENT: Unsec. Creditors to Recover 37% to 40% in Plan ------------------------------------------------------------------ The Court on Dec. 16, 2020, convened a hearing to consider confirmation of Parking Management, Inc.'s Amended Plan on Dec. 16. At the conclusion of the hearing, the Debtor's counsel agreed to submit a Second Amended Plan that will be subject to changes agreed to with David Sommer, counsel to Inner Harbor East Garage, LLC, et al. In its November objection to the Amended Plan, Inner Harbor pointed out that the Debtor's new paragraph 3 of page 3 reveals further flaws in the Plan, and that the Plan does not show cure payments being deducted from net operating income to calculate disposable income, and the Court should reject Debtor's belated attempt to reduce the disposable income available for distribution to creditors. Parking Management submitted a Second Amended Chapter 11 Subchapter V Plan, on Dec. 30, 2020. According to the Second Amended Plan, during the term of the Plan, the Debtor will pay the creditors the sums set forth herein. Specifically, all of the Debtor's projected disposable income (includes (1) projected gross operating revenues, less (2) projected expenses and projected funding of capital expenditures and operating contingency reserves ("Disposable Income")) for 36 months shall be distributed to general unsecured creditors plus an additional amount to total $5,642,000. Inner Harbor East Garage, LLC and Thames Street Garage, LLC (collectively the "Baltimore Landlords") will have an allowed "substantial contribution" claim under Section 503(b)(3)(D) of the Bankruptcy Code, in the amount of $100,000, on account of their contribution to the outcome of this chapter 11 case, including their contribution to the amendments reflected in this Second Amended Plan, which inure to the benefit of the Debtor's creditors; such $100,000.00 claim shall be paid from the $5,642,000.00 (and shall reduce such amount accordingly), using the first dollars available. Unsecured creditors holding allowed claims will receive distributions, which the Debtor has estimated at approximately 37 cents on the dollar. In the event that the PPP loan is forgiven, in part or in whole, general unsecured creditors may receiver a higher recovery as the unsecured creditors' pool will be reduced by the amount forgiven. The Debtor anticipates 100% forgiveness which would reduce the unsecured claims by $1,862,735 and may result in a projected 40 cents on the dollar recovery. A full-text copy of the Second Amended Chapter 11 Subchapter V Plan dated December 30, 2020, is available at https://bit.ly/38cQlAo from PacerMonitor.com at no charge. Attorneys for the Debtor: Michael J. Lichtenstein Shulman, Rogers, Gandal, Pordy & Ecker, P.A. 12505 Park Potomac Avenue, Sixth Floor Potomac, Maryland 20854 Tel: (301) 230-5231 Fax: (301) 230-2891 E-mail: mjl@shulmanrogers.com Counsel to Inner Harbor East Garage: David G. Sommer Jared S. Dvornicky Gallagher Evelius & Jones LLP 218 N. Charles Street, Suite 400 Baltimore, MD Telephone: (410) 951-1414 Facsimile: (410) 468-2786 E-mail: dsommer@gejlaw.com jdvornicky@gejlaw.com About Parking Management Parking Management, Inc. -- https://www.pmi-parking.com/ -- is a parking operator in Washington, DC. It operates 88 leased or managed properties throughout the Washington, DC and Baltimore metropolitan areas, specializing in complex mixed-use properties and has experience in all levels of commercial and residential parking operations. Parking Management sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 20-15026) on May 7, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Thomas J. Catliota oversees the case. Shulman, Rogers, Gandal, Pordy & Ecker, PA, is the Debtor's counsel. JW Infinity Consulting, LLC, is the Debtor's financial advisor. PEAK SERVICES: Seeks Approval to Hire Colorado Accounting --------------------------------------------------------- Peak Services Colorado, Inc. seeks authority from the U.S. Bankruptcy Court for the District of Colorado to hire Colorado Accounting and Tax Services, Inc. as its accountant. The firm's services will include the preparation and filing of tax returns and monthly operating reports. The services will be provided mainly by Barton Beckley, a certified public accountant, who will be paid at the rate of $195 per hour. The firm will charge a flat fee of $400 for any tax return filed. Mr. Beckley 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: Barton Beckley, C.P.A. Colorado Accounting and Tax Services, Inc. 1120 Lincoln St Ste 908 Denver, CO 80203-2138 Phone: (303) 948-2686 About Peak Services Colorado Inc. Peak Services Colorado, Inc., filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 20-17961) on Dec. 11, 2020. At the time of filing, the Debtor estimated $100,001 to $500,000 in assets and liabilities. Stephen E. Berken, Esq. at Berken Cloyes P.C. represents the Debtor as counsel. PEAK SERVICES: Seeks to Hire Berken Cloyes as Legal Counsel ----------------------------------------------------------- Peak Services Colorado, Inc. seeks authority from the U.S. Bankruptcy Court for the District of Colorado to hire Berken Cloyes P.C. as its counsel. The firm's services will include: a. advising the Debtor with respect to its powers and duties; b. advising the Debtor with respect to its responsibilities to comply with the U.S. Trustee's Operating Guidelines and Reporting Requirements as well as the rules of the court; c. preparing legal documents; d. protecting the interests of the Debtor in all matters pending before the court; and e. representing the Debtor in negotiation with its creditors to prepare a plan of reorganization or other exit plan. The firm's professionals and their hourly rates are: Stephen E. Berken $350 Sean Cloyes $350 Associate Attorney $275 Paralegals $125 Stephen Berken, Esq., disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. Berken Cloyes can be reached through: Stephen E. Berken, Esq. 1159 Delaware Street Denver, CO 80202 Tel.: (303) 623-4357 Fax: (720) 554-7853 Email: stephenberkenlaw@gmail.com About Peak Services Colorado Inc. Peak Services Colorado, Inc., filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 20-17961) on Dec. 11, 2020. At the time of filing, the Debtor estimated $100,001 to $500,000 in assets and liabilities. Stephen E. Berken, Esq. at Berken Cloyes P.C. represents the Debtor as counsel. PENLAND HEATING: $4.5K Private Sale of Personal Property Approved ----------------------------------------------------------------- Judge David M. Warren of the U.S. Bankruptcy Court for the Eastern District of North Carolina authorized Penland Heating and Air Conditioning, Inc.'s private sale of its (i) 2015 Nissan NV200, VIN 3N6CM0KN1FK717029, to Jarrod Penland for $4,000; and (ii) 2001 Kaufman B Trailer, VIN 15XFB18281L001986, to Thomas Shaw for $500. The sale is free and clear of all liens, claims, encumbrances, rights and interests, with such liens and interests to attach to the proceeds of sale. The net proceeds will be paid to the holders of valid liens and security interests, in accordance with their respective priority. The validity, priority, and extent of the liens of such lienholders and claimants, if any, are reserved for subsequent determination. The 14-day stay applicable to order authorizing the sale of property pursuant to Rule 6004(h) of the Federal Rules of Bankruptcy Procedure are waived. About Penland Heating and Air Conditioning Based in Hillsborough, N.C., Penland Heating and Air Conditioning, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 20-01795) on May 1, 2020, listing under $1 million in both assets and liabilities. Judge David M. Warren oversees the case. Debtor is represented by The Law Offices of Oliver & Cheek, PLLC. POWELL 512: Case Summary & 2 Unsecured Creditors ------------------------------------------------ Debtor: Powell 512, LLC 2319 Bedford Ave Brooklyn, NY 11216 Business Description: Powell 512, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Company is the owner of fee simple title to a 3-family house valued at $850,000. Chapter 11 Petition Date: January 6, 2021 Court: United States Bankruptcy Court Eastern District of New York Case No.: 21-40032 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Charles Higgs, Esq. THE LAW OFFICE OF CHARLES A. HIGGS 44 South Broadway 100 White Plains, NY 10601 Tel: (917) 673-3768 E-mail: charles@frestartesq.com Total Assets: $850,000 Total Liabilities: $1,160,000 The petition was signed by Mickey Berishick, managing member. A copy of the petition containing, among other items, a list of the Debtor's two unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/MMAS7NY/Powell_512_LLC__nyebke-21-40032__0001.0.pdf?mcid=tGE4TAMA PREIT: Retains NYSE Spot After Share Price Stabilizes ----------------------------------------------------- Jacob Adelman of the Philadelphia Inquirer reports that PREIT will retain its spot on the New York Stock Exchange after seeing its share price stabilize as it emerged from bankruptcy with new leeway from its creditors. Pennsylvania Real Estate Investment Trust PREIT, as the company is formally known, said in a regulatory filing Wednesday that it received a notice from the NYSE this week indicating that it had regained compliance with an exchange requirement that its stock close at an average price of $1 a share over 30 consecutive days. It had been warned about two months earlier that it was in danger of breaching that standard. "We are pleased to have regained compliance with all NYSE listing requirements," PREIT chief executive Joseph F. Coradino said in a statement. "We remain focused on execution of our strategic plan to strengthen the company and create value by re-establishing our portfolio as multi-use destinations." Shares of PREIT only once closed lower than $1 since surging 48% to close at $1.26 on Nov. 24, 2020 as its restructuring plan involving new borrowing and a relaxation of some existing debt deadlines neared approval in U.S. Bankruptcy Court. Before that, shares had closed under $1 for 76 consecutive days. Shares closed at $1.03 on Wednesday, January 6, 2021, up a cent from the previous day's close. PREIT is the biggest mall owner in Philadelphia and its surrounding counties, with properties that include the Cherry Hill Mall, Willow Grove Park, and Plymouth Meeting Mall, as well as a partnership interest in Center City's Fashion District Philadelphia mall. As PREIT and other big retail landlords struggled to recover from the impact of the coronavirus pandemic in late September, the NYSE warned the company that it risked delisting because its trading price had fallen below $1 for too long of a stretch. Just more than a month later, it filed for Chapter 11 bankruptcy to seek court approval for its restructuring deal, saying the plan would let it complete a business overhaul aimed at reversing its sagging financial fortunes. The deal, through which PREIT also relinquished control of the Fashion District to partner Macerich Co., was approved Nov. 30, 2020. About PREIT Pennsylvania Real Estate Investment Trust (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. On the Web: http://www.preit.com/ PREIT and certain of its affiliates filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 20-12737) on Nov. 1, 2020, to implement its prepackaged Chapter 11 plan. The Debtors have tapped DLA Piper LLP (US) LLP and Wachtell, Lipton, Rosen & Katz as their legal counsel, and PJT Partners LP as their financial advisor. PREIT's claims agent is Prime Clerk, maintaining the page https://cases.primeclerk.com/PREIT PRESERBA COMPANIA: Amends Plan to Add Condado Settlement -------------------------------------------------------- Preserba Compania De Desarrollos, Inc., submitted an Amended Plan of Reorganization on Dec. 30, 2020. The Debtor said it has amended the Plan in order to incorporate the terms and conditions of the Joint Stipulation to Settle the Debtor's Objection to CONDADO 2, LLC's Proof of Claim 2, as to the prepetition interest and prepetition debt, and of the Joint Stipulation for the Treatment of Condado's Claim as to the amount and treatment under the Amended Plan. Under the Plan, Class 2 Secured Creditor Condado 2, LLC in the amount of $3,600,000 is impaired. Condado's allowed secured claim will be paid under the Amended Plan, through monthly installments of $17,686, over a period of seven years from the Effective Date, that is in 84 consecutive monthly installments. Class 4 General Unsecured Claims in the amount of $8,061 is impaired. The Debtor proposes to pay holders of allowed claims under this class a 5% dividend of their allowed claim in a term of 60 consecutive months, commencing on the Effective Date. The proposed Amended Plan will be funded with Debtor's own assets, the lease/sale of the 56 units of Condominio Miraflor and the principal of the Debtor payment to general unsecured creditors and priorities, if necessary. A full-text copy of the Amended Plan of Reorganization dated Dec. 30, 2020, is available at https://bit.ly/38WjKOI from PacerMonitor.com at no charge. Attorney for the Debtor: Carmen D. Conde Torres C. CONDE & ASSOC. San Jose Street #254, 5th Floor San Juan, P.R. 00901-1253 Tel: (787) 729-2900 Fax: (787) 729-2203 E-mail: condecarmen@condelaw.com About Preserba-Compania Preserba-Compania De Desarrollos, Inc. is a Single Asset Real Estate Debtor (as defined in 11 U.S.C. Section 101(51B)). It owns in fee simple a lot located at State Road #156, Georgetti Street Puebnlo Ward Comerio, PR 00782 having an appraised value of $3 million. Preserba-Compania De Desarrollos filed a Chapter 11 petition (Bankr. D.P.R. Case No. 19-00387) on Jan. 29, 2019. In the petition signed by Carlos F. Muratti, president, the Debtor disclosed $3,022,253 in assets and $2,888,061 in liabilities. The case is assigned to Judge Mildred Caban Flores. The Debtor is represented by Carmen D. Conde Torres, Esq. at C. Conde & Assoc. RAINIER PROPERTIES: Hires Konstantinos Sparagis as Special Counsel ------------------------------------------------------------------ Rainier Properties International, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ the Law Offices of Konstantine Sparagis, P.C. as special counsel. The Debtors need the firm's legal assistance to negotiate and resolve real estate tax claims. Konstantinos Sparagis, Esq., will be paid at the rate of $350 per hour while paralegals will be paid at $75 per hour. The initial retainer is $3,500. Mr. Sparagis disclosed in a court filing that he is a disinterested person as such term is defined in Section 101(14) of the Bankruptcy Code. Mr. Sparagis can be reached at: Konstantinos Sparagis, Esq. Law Offices of Konstantine Sparagis, P.C. 8 S. Michigan Ave., 27th FL Chicago, IL 60603 Phone: 312-753-6956 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. The Debtors tapped Bach Law Offices, Inc. and the Law Offices of Konstantine Sparagis, P.C. as their bankruptcy counsel and special counsel, respectively. RANGE RESOURCES: Moody's Hikes CFR to B1 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Investors Service upgraded Range Resources Corporation's Corporate Family Rating to B1 from B2, Probability of Default Rating to B1-PD from B2-PD and existing senior unsecured notes to B2 from B3. The Speculative Grade Liquidity Rating remains unchanged at SGL-2. The rating outlook was revised to stable from negative. At the same time, Moody's rated Range's proposed unsecured notes due 2029 B2. The offering proceeds are likely to be used to reduce Range's borrowings under its revolver. "The upgrade reflects Range's meaningfully reduced refinancing risk, modest debt reduction and improved cost structure," said Arvinder Saluja, Moody's Vice President. "In addition, the proposed issuance will further extend its maturity profile, while increasing the availability under its revolver and being leverage neutral." Upgrades: Issuer: Range Resources Corporation Corporate Family Rating, Upgraded to B1 from B2 Probability of Default Rating, Upgraded to B1-PD from B2-PD Senior Subordinated Regular Bond/Debenture, Upgraded to B3 (LGD6) from Caa1 (LGD6) Senior Unsecured Regular Bond/Debenture, Upgraded to B2 (LGD5) from B3 (LGD4) Assignments: Issuer: Range Resources Corporation Senior Unsecured Regular Bond/Debenture, Assigned B2 (LGD5) Outlook Actions: Issuer: Range Resources Corporation Outlook, Changed To Stable From Negative RATINGS RATIONALE Range's B1 CFR reflects its improved financial leverage and hedge position, and meaningfully reduced refinancing risks, with less than $800 million in remaining debt maturities through 2023, compared to about $2 billion debt maturities through 2023 at year-end 2019. However, Range's ratings are constrained by its sensitivity to volatile natural gas and natural gas liquids prices, with natural gas contributing about 70% of production, and an unhedged production profile after 2021. Range's low cost structure will help the company generate modest free cash flow, even though weak commodity prices stressed the company's earnings despite the reduction in operating costs in 2020. Moody's expects Range to continue to cut operating and development costs. The CFR is also supported by Range's strong operating efficiency, large scale, and good asset-based leverage metrics. In addition, Range benefits from long-lived reserves, historically conservative financial policies, and a high level of operational control over its reserves, enabling significant discipline over the pace of future development. Range's proposed and existing senior unsecured notes are rated B2, one notch below the assigned B1 CFR, due to their structural subordination to the company's $2.4 billion senior secured revolving credit facility. The company's subordinated notes are rated B3 reflecting their subordinated position relative to the secured and unsecured debt in the capital structure. Moody's expects Range to have good liquidity in 2021 as reflected by the SGL-2 Speculative Grade Liquidity Rating, with positive free cash flow. Pro forma for the debt offering, Range has about $2.2 billion in borrowing capacity under its $2.4 billion senior secured revolving credit facility due April 2023. It had $706 million borrowings and $332 million of letters of credit outstanding under its revolver at September 30, 2020. The borrowing base for the revolving credit facility is subject to semi-annual redetermination in May and November, and was previously reaffirmed at $3 billion in 2020. Moody's expects Range to maintain ample cushion under its financial covenants. The company's next maturities occur in June 2021 with $45 million of debt coming due and in the second half of 2022 with about $228 million of debt coming due. Range's stable rating outlook reflects Moody's expectation of meaningful free cash flow generation in 2021. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would be contingent on Range's ability to produce free cash flow on a consistent basis, and paying down debt to achieve sustainable retained cash flow to debt ratio above 30% while maintaining leveraged full-cycle ratio above 1.5x. Range's ratings could be downgraded if the company generates negative free cash flow or retained cash flow to debt below 15%, or demonstrates deteriorating cash margins, capital returns and operating cash flow. Range Resources Corporation is an independent exploration and production company that is headquartered in Fort Worth, Texas. The principal methodology used in these ratings was Independent Exploration and Production Industry published in May 2017. RED PLUM LG: Gets OK to Hire Power Law as Legal Counsel ------------------------------------------------------- Red Plum LLC received approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Power Law P.C. as its legal counsel. The firm's services will include: (a) assisting the Debtor in complying with the appropriate Bankruptcy Code sections and rules governing the operations of its business. (b) assisting the Debtor in complying with the requirements of the Office of the U.S. Trustee. (c) assisting in the formulation and preparation of a Chapter 11 plan of reorganization; (d) assisting the Debtor with its operations, including reviewing claims and financial statements and providing information to various parties; and (e) other legal services related to the Debtor's Chapter 11 case. Stacie Power, Esq., the firm's attorney who will be handling the case, will be paid at $425 per hour while paralegal, Hailey Jackson, will be paid at $85 per hour. The law firm received a total deposit of $4,000 from the Debtor's sponsor which was deposited in the client trust account. The Debtor paid the filing fee, while the Debtor's sponsor agreed to pay an additional $3,500 retainer upon approval of the firm's employment. Ms. Power disclosed in court filings that her law firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The law firm can be reached at: Stacie L. Power, Esq. Power Law, P.C. 1058 Mangrove Ave. Suite C Chico, CA 95926 Phone: 530-576-5740 Fax: 888-790-2216 About Red Plum LG Belmont, Calif.-based Red Plum LG, LLC filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 20-30710) on Sept. 10, 2020. The petition was signed by Mitesh Patel, managing member, signed the petition. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Hannah L. Blumenstiel presides over the case. Power Law, P.C., serves as the Debtor's bankruptcy counsel. REDDLINE ENERGY: Seeks to Hire McWhorter Cobb as Counsel -------------------------------------------------------- Reddline Energy, Inc. seeks authority from the U.S. Bankruptcy Court for the Northern District of Texas to employ McWhorter, Cobb & Johnson, LLP, as its legal counsel. The firm's services will include: a. preparing motions, notices, orders and legal papers necessary to comply with the requisites of the Bankruptcy Code and Bankruptcy Rules; b. advising the Debtor regarding the preparation of operating reports, motions for use of cash collateral, and Chapter 11 plan of reorganization; c. advising the Debtor concerning questions arising in the conduct of the administration of the estate, the Debtor's rights and remedies with regard to the estate's assets, and the claims of creditors and other parties; and d. assisting the Debtor with any and all sales of assets, closings of such sales, and distributions to creditors. Todd Johnston, Esq., the attorney who will be handling the case, has no connection with the Debtor or any of its creditors, according to court filings. The firm can be reached through: Todd J. Johnston, Esq. McWhorter, Cobb & Johnson, LLP 1722 Broadway Lubbock, TX 79401 Phone: 806/762-0214 Fax: 806/762-8014 Email: tjohnston@mcjllp.com About Reddline Energy Inc. Reddline Energy, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 20-50239) on Dec. 18, 2020. At the time of the filing, the Debtor estimated $1,000,001 to $10 million in assets and $500,001 to $1,000,000 in liabilities. Todd Jeffrey Johnston, Esq., at Mcwhorter Cobb & Johnson, LLP serves as the Debtor's counsel. REDRHINO: Seeks Court Approval to Hire Accountant ------------------------------------------------- Redrhino: The Epoxy Flooring Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Jennifer Liu, a certified public accountant practicing in California. Ms. Liu will be paid at the rate of $275 per hour for the preparation of tax returns and $250 for the preparation of the Debtor's monthly operating reports, financial reports, income and expense reports and financial statements. Michael Kenealy, the Debtor's principal, paid the accountant a $3,000 retainer from his personal funds. Ms. Liu is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to a court filing. The accountant can be reached at: Jennifer Liu 9454 Wilshire Blvd., 6th Floor, Suite 628 Beverly Hills, CA 90212 Tel: 310-801-2479 About Redrhino Redrhino: The Epoxy Flooring Company, Inc. is an independent contractor offering epoxy coating for concrete floors. Redrhino filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Case No. 20-20257) on Nov. 16, 2020. The petition was signed by Michael D. Kenealy, president. At the time of the filing, the Debtor disclosed $38,800 in assets and $1,563,449 in liabilities. Judge Sandra R. Klein oversees the case. The Law Offices of Michael Jay Berger represents the Debtor as counsel. RONNA'S RUFF: Seeks to Hire BigIron as Auctioneer ------------------------------------------------- Ronna's Ruff Bark Trucking, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ BigIron Online Auction Co. as auctioneer. BigIron will assist the Debtor in the sale of its equipment via online auction When the Debtor's equipment is sold and the transaction closes, BigIron will disburse the proceeds to the Debtor. From the gross proceeds of sale shall be deducted, in the following order: (1) amounts due to third parties which have an interest in the equipment sold, specifically including but not limited to any amounts owed to the Debtor's secured creditors or lienholders); (2) the service fees owed to BigIron; (3) BigIron's advertising costs, (4) storage fees, (5) equipment preparation costs, (6) transportation expenses, (7) setup fees, (8) costs of ownership certification and lien searches; and (8) any other costs and expenses incurred by BigIron related to the equipment sale. The firm was not owed any amounts by the Debtor as of the petition date and does not hold a claim against the Debtor's estate. BigIron is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, according to a court filing. The firm can be reached at: BigIron Online Auction Co. PO Box 266 213 Beaver St. St. Edward NE, 68660-0266 Telephone: (800) 937-3558 Facsimile: (402) 678-2511 Email: customer.service@bigiron.com About Ronna's Ruff Bark Trucking Ronna's Ruff Bark Trucking, Inc., is a privately held company in the skidding logs business. Ronna's Ruff Bark Trucking, based in Shippenville, Pa., filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 19-11167) on Nov. 25, 2019. In the petition signed by Erick Merryman, the owner, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. The Honorable Thomas P. Agresti is the presiding judge. Michael S. JanJanin, Esq., at Quinn Buseck Leemhuis Toohey & Kroto, Inc., serves as bankruptcy counsel. No committee, examiner, or trustee has been appointed in the case. SCARISBRICK LAND: Hires Scot S. Farthing as Legal Counsel --------------------------------------------------------- Scarisbrick Land Holdings, LLC seeks authority from the U.S. Bankruptcy Court for the Western District of Virginia to hire Scot S. Farthing Attorney at Law, PC as its counsel. The firm's services will include: a. negotiating and preparing a plan of reorganization and all related documents; b. taking all necessary actions to protect and preserve the estate of the Debtor, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor in involved and the preparation and objections to claims filed against the Debtor's estate; c. prepare legal papers; and d. performing all other necessary legal services in connection with the prosecution of the Debtor's Chapter 11 case. The firm's attorneys will be paid at these rates: Scot Farthing, Esq. $250 per hour Robert Copeland, Esq. $300 per hour Associate Attorneys $175 per hour The Debtor paid the firm an advance fee in the amount of $12,000. The firm will also be reimbursed for out-of-pocket expenses incurred. Scot Farthing, Esq., disclosed in court filings that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Scot S. Farthing can be reached at: Scot S. Farthing, Esq. Scot S. Farthing, P.C. 107 Roanoke St. Christianburg, VA 24073 Tel: (540) 382-0333 / (276) 200-2676 Fax: 276-625-0333 About Scarisbrick Land Holdings Scarisbrick Land Holdings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No. 20-71134) on Dec. 18, 2020. In the petition signed by Jon Bowerbank, sole member and manager, the Debtor disclosed $5,498,205 in assets and $2,338,323 in liabilities. Scot S. Farthing Attorney at Law, PC represents the Debtor as counsel. SCHOMBURG ASSET: Seeks to Hire Weiss Law Group as Legal Counsel --------------------------------------------------------------- Schomburg Asset Fund LLC seeks authority from the U.S. Bankruptcy Court for the District of Columbia to hire The Weiss Law Group, LLC as its counsel. The firm's services will include: (a) Advising the Debtor regarding its powers, rights and duties; (b) Advising the Debtor regarding the legal and administrative requirements of its Chapter 11 case; (c) Taking appropriate actions to protect and preserve the estate, including prosecuting actions on the Debtor's behalf, defending actions commenced against the Debtor, and representing the Debtor's interests in any negotiations or litigation in which it may be involved; (d) Preparing legal papers; (e) Representing the Debtor's interests at the initial debtor interview, meeting of creditors and court hearings; (f) Assisting the Debtor in the formulation, negotiation and implementation of a Chapter 11 plan; (g) Assisting the Debtor in the negotiation, documentation, implementation, consummation and closing of transactions, including the sale of assets; (h) Advising the Debtor with respect to the use of cash collateral and obtaining financing; (i) Reviewing claims and advising the Debtor in connection with objections to such claims; (j) Advising the Debtor with respect to executory contracts and unexpired leases, including assumptions, assignments, rejections and renegotiations; (k) Coordinating with other professionals employed in the Debtor's case; (l) Reviewing and analyzing applications, orders, motions, pleadings and other documents; (m) Communicating with creditors and other parties in interest; and (n) Communicating, coordinating and negotiating with the Subchapter V Trustee. Brett Weiss, Esq., the attorney who will be handling the case, charges an hourly fee of $495. Paralegals will charge $125 per hour. On or about Dec. 15, 2020, the Debtor paid the firm a retainer in the amount of $7,500, plus the $1,738 filing fee. Brett Weiss, Esq., at Weiss Law Group, disclosed in a court filing that the firm and its attorneys do not represent any interest adverse to the Debtor's bankruptcy estate. The firm can be reached through: Brett Weiss, Esq. The Weiss Law Group, LLC 6404 Ivy Lane, Suite 650 Greenbelt, MD 20770 Phone: (301) 924-4400 Email: brett@BankruptcyLawMaryland.com About Schomburg Asset Fund Schomburg Asset Fund LLC is the owner of fee simple title to five properties located in Washington, DC, having an aggregate current value of $2.32 million (based on comparable sale and liquidation value estimates). Schomburg Asset Fund LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 20-00481) on Dec. 17, 2020. The petition was signed by Dixon Oladele, member. At the time of filing, the Debtor estimated $2,373,677 in assets and $1,898,384 in liabilities. Brett Weiss, Esq. at The Weiss Law Group, LLC, serves as the Debtor's counsel. SEASONS CORPORATE: Court Confirms Liquidating Plan -------------------------------------------------- Judge Nancy Hershey Lord has entered an amended order confirming the Amended Joint Plan of Liquidation submitted by Seasons Corporate LLC, et al., and the Official Committee of Unsecured Creditors. The sole impaired class -- Class II General Unsecured Claims -- has overwhelmingly voted to accept the Plan, as set forth in the Certification of Balloting. The Court found that the Plan is feasible based upon the availability of sufficient funds to pay all allowed Administrative and Priority Claims in full with the balance of funds to be distributed to General Unsecured Creditors on a pro-rata basis. A copy of the Plan Confirmation Order is available at: https://bit.ly/2L10vM0 As reported in the TCR, Seasons Corporate LLC, et al., and their Official Committee of Unsecured Creditors submitted a Chapter 11 Plan and a Joint Disclosure Statement. The Joint Proponents anticipate that various purported Secured Claims (including large Secured Claims filed by Bank United and Supersol) will be reclassified as General Unsecured Claims (Class II), and that creditors holding General Unsecured Claims will receive a distribution equal to approximately 5% of their allowed claims. A full-text copy of the Joint Disclosure Statement dated Aug. 17, 2020, is available at https://tinyurl.com/y2cy942z from PacerMonitor.com at no charge. About Seasons Corporate Seasons Corporate, LLC, and its operating entities include Blue Gold Equities LLC, Central Ave. Market, LLC, Amsterdam Ave. Market, LLC, Wilmot Road Market, LLC, Seasons Express Inwood, LLC, Seasons Lakewood, LLC, Seasons Maryland, LLC, Seasons Clifton, LLC, Seasons Cleveland, LLC, Lawrence Supermarket, LLC, Upper West Side Supermarket, LLC. Blue Gold, launched in 2010, owns and operates nine retail kosher food stores under the name of "Seasons" in New York, New Jersey, Ohio and Maryland. On Sept. 16, 2018, Blue Gold Equities LLC and 11 affiliates, including Seasons Corporate, filed voluntary petitions seeking relief under the provisions of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 18-45280). Blue Gold disclosed $31 million in total assets and $42 million in total liabilities. The Hon. Nancy Hershey Lord is the case judge. Zeichner Ellman & Krause LLP, led by Nathan Schwed, Peter Janovsky, and Robert Guttmann, serve as the Debtors' counsel. Getzler Henrich & Associates, LLC, is the restructuring advisor. Omni Management Group, Inc., is the claims and noticing agent. SELIM'S DOENER: Seeks to Hire Lane Law Firm as Legal Counsel ------------------------------------------------------------ Selim's Doner Kebap House LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire The Lane Law Firm, PLLC as its legal counsel. The Debtor will require the firm to: (a) assist the Debtor in the administration of its Chapter 11 case; (b) assist the Debtor 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 secured creditors; (d) assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement; (e) take all necessary actions to protect and preserve the interests of the Debtors; (f) appear before the bankruptcy court and other courts and the U.S. Trustee; and (g) perform all other necessary legal services in the Debtor's Chapter 11 case. Robert Lane will be paid at these hourly rates: Robert C. Lane Esq. $425 Associate Attorney $225 - $350 Paralegals/legal assistants $150 The firm will also be reimbursed for out-of-pocket expenses. According to a court filing, Lane Law Firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Tel: (713) 595-8200 Voice Fax: (713) 595-8201 Facsimile Email: notifications@lanelaw.com About Selim's Doener Kebap House Selim's Doener Kebap House LP filed for Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 20-33015) on Dec. 10, 2020. At the time of the filing, the Debtor disclosed assets of between $100,001 and $500,000 and liabilities of the same range. Judge Harlin Dewayne Hale presides over the case. The Debtor is represented by The Lane Law Firm, PLLC. SHD LLC: Seeks to Hire Woods Rogers as Legal Counsel ---------------------------------------------------- SHD, LLC seeks authority from the U.S. Bankruptcy Court for the Western District of Virginia to hire Woods Rogers PLC as its legal counsel. The firm's services will include: (a) advising the Debtor of its powers and duties in the distribution of property of its estate; (b) preparing legal papers; (c) attending court hearings and proceedings; and (d) other legal services in connection with the Debtor's Chapter 11 case. Woods Rogers will be paid at these hourly rates: Michael E. Hastings $595 Justin E. Simmons $255 Lindsey Moore $200 Woods Rogers will also be reimbursed for out-of-pocket expenses incurred. Michael Hastings, Esq., a member of Woods Rogers, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael E. Hastings, Esq. Woods Rogers PLC 10 S. Jefferson Street, Suite 1400 Roanoke, VA 24011 Tel: 540-983-7568 Fax: 540-322-3417 Email: mhastings@woodsrogers.com About SHD LLC SHD, LLC filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No. 20-50831) on Nov. 30, 2020. In the petition signed by Robert E. Ladd, manager, the Debtor estimated $1 million to $10 million in both assets and liabilities. Michael E. Hastings, Esq., at Woods Rogers PLC, represents the Debtor as counsel. SHEA 92: U.S. Trustee Unable to Appoint Committee ------------------------------------------------- The Office of the U.S. Trustee on Jan. 6 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Shea 92 LLC. About Shea 92 Shea 92, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Shea 92 filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-12640) on Nov. 19, 2020. The petition was signed by Divyesh N. Patel, managing member of Sharda Advisors, LLC. At the time of the filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Eddward P Ballinger Jr. presides over the case. Richardson & Richardson, P.C. is the Debtor's legal counsel. SHELTON BROTHERS: Hires Fitzgerald Attorneys as Legal Counsel ------------------------------------------------------------- Shelton Brothers, Inc. seeks authority from the U.S. Bankruptcy Court for the District of Massachusetts to hire Fitzgerald Attorneys at Law, P.C. as its counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers, rights and duties in the continued management and operation of its business; (b) advise the Debtor regarding the legal and administrative requirements of operating its Chapter 11 bankruptcy case; (c) take all necessary actions to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any action commenced against the Debtor, and representing the Debtor's interests in any negotiations or litigation in which the Debtor may be involved, including objections to the claims filed against the estate; (d) prepare legal papers; (e) represent the Debtor's interests at the meeting of creditors; (f) assist the Debtor in the formulation, negotiation and implementation of a Chapter 11 plan and all documents related thereto; (g) advise the Debtor regarding the negotiation, documentation, implementation, consummation and closing of corporate transactions, including sales of assets, in this Chapter 11 bankruptcy case; (h) assist and advise the Debtor with respect to the use of cash collateral and obtaining Debtor-in-Possession or exit financing and negotiating, drafting, and seeking approval of any documents related thereto; (i) review and analyze all claims filed against the Debtor's Bankruptcy Estate and to advise and represent the Debtor in connection with the possible prosecution of objections to claims; (j) assist and advise the Debtor concerning any executory contract and unexpired leases, including assumptions, assignments, rejections, and renegotiations; (k) coordinate with other professionals employed in the case to rehabilitate the Debtor's affairs; and (l) perform all other bankruptcy related legal services for the Debtor that may be or become necessary during the administration of this case; (h) assist and advise the Debtor with respect to the use of cash collateral and obtaining Debtor-in-Possession or exit financing and negotiating, drafting, and seeking approval of any documents related thereto; (i) review and analyze all claims filed against the Debtor's Bankruptcy Estate and advise and represent the Debtor in connection with the possible prosecution of objections to claims; (j) assist and advise the Debtor concerning any executory contract and unexpired leases, including assumptions, assignments, rejections and renegotiations; (k) coordinate with other professionals employed in the case to rehabilitate the Debtor's affairs; and (l) perform all other bankruptcy-related legal services for the Debtor. Fitzgerald holds a retainer in the amount of $40,322. Andrea O'Connor, Esq., at Fitzgerald Attorneys, 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: Andrea M. O'Connor, Esq. Fitzgerald Attorneys at Law, P.C. 46 Center Square East Longmeadow, MA 01028 Telephone: (413) 486-1110 Email: amo@fitzgeralatlaw.com About Shelton Brothers Inc. Shelton Brothers, Inc. is a beer importing and distributing company located in Belchertown, Mass. Shelton Brothers filed a voluntary petition under the provisions of Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 20-30606) on Dec. 18, 2020. The petition was signed by Daniel W. Shelton, president. At the time of the filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Andrea M. O'Connor, Esq., at Fitzgerald Attorneys at Law, P.C., represents the Debtor as counsel. SMWS GROUP: Feb. 16 Hearing on Disclosure Statement --------------------------------------------------- Judge Maria Ellena Chavez-Ruark has set a hearing for Feb. 16, 2021, at 10:00 a.m. to consider the approval of the Disclosure Statement in support of Chapter 11 Trustee's Plan for SMWS Group, LLC. The hearing will be held in Courtroom 3C of the U.S. Bankruptcy Court, U.S. Courthouse, 6500 Cherrywood Lane, Greenbelt, Maryland 20770. Jan. 27, 2021, is fixed as the last day for filing and serving written objections to the Disclosure Statement. As reported in the Troubled Company Reporter, Gary A. Rosen, the Chapter 11 Trustee for debtor SMWS Group, LLC, filed a First Amended Plan of Liquidation and a Disclosure Statement on Dec. 22, 2020. The Plan will be funded from the proceeds held by the Trustee in his escrow account resulting from the settlement of state court litigation against Geico Insurance Company, representing Jaswant Deol, and from the sale of the Debtor’s Real Property located at 14125 Seneca Road, Germantown, MD 20874. In addition, the Trustee may file an adversary proceeding against Taste of New Orleans and Ashfaq Shah for missed lease payments and damage to the Debtor’s Property. Class 3 Unsecured Claims will be paid in full and are unimpaired and not entitled to vote on the Plan. A full-text copy of the Disclosure Statement dated Dec. 22, 2020, is available at https://bit.ly/37W7oXl from PacerMonitor.com at no charge. About SMWS Group SMWS Group LLC is a lessor of real estate based in Germantown, Maryland. The company filed for chapter 11 bankruptcy protection (Bankr. D. Md. Case No. 19-12941) on March 6, 2019, with estimated assets of $1 million to $10 million and estimated liabilities at $500,000 to $1 million. The petition was signed by Asia Shah, managing member. Gary A. Rosen was appointed as Chapter 11 Trustee on Oct. 16, 2019. SN TEAM: Seeks to Hire Avalon Legal Group as Special Counsel ------------------------------------------------------------ SN Team LLC seeks authority from the U.S. Bankruptcy Court for the District of Nevada to employ Avalon Legal Group as its special counsel. The Debtor needs the firm's legal assistance to resolve dispute over its purchase of a property located at 229 Silver Rings Ave., North, Las Vegas, Nev. The Debtor bought the property through a homeowner's association auction sale. The firm will receive a retainer of $5,000 from the Debtor. Avalon is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Bryan Naddafi, Esq. Avalon Legal Group LLC 6030 S. Rainbow Blvd, Suite D1 Las Vegas, NV 89118 Phone: (702) 522-6450 Fax: (702) 848-5420 About SN Team LLC SN Team LLC is a Nevada limited liability company with principal place of business in Clark County, Las Vegas. SN Team filed a Chapter 11 petition (Bankr. D. Nev. Case No. 20-10812) on Feb. 13, 2020. On the petition date, the Debtor estimated between $500,000 and $1,000,000 in assets, and between $100,000 and $500,000 in liabilities. Wendy J. Merrill, managing member, signed the petition. Judge August B. Landis oversees the case. Andersen Law Firm, Ltd. represents the Debtor as counsel. SORROEIX INC: Seeks to Hire Harris Shelton as Legal Counsel ----------------------------------------------------------- Sorroeix, Inc. seeks authority from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Harris Shelton Hanover Walsh, PLLC as its counsel. The firm will provide these services: a. advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; b. assist the Debtor in the preparation of its statement of financial affairs, schedules, statement of executory contracts and unexpired leases, pleadings and other legal papers; c. represent the Debtor in any proceeding that is instituted to reclaim property or obtain relief from the automatic stay imposed by Section 362 of the Bankruptcy Code, or that seeks the turnover or recovery of property; d. assist in the formulation, negotiation and confirmation of a plan of reorganization; e. investigate the assets, liabilities and financial condition of the Debtor that may be required; f. attend court hearings and represent the Debtor in matters involving the Debtor's affairs; g. prosecute and defend litigation; h. advise the Debtor regarding the assumption or rejection of executory contracts and leases; i. represent the Debtor in matters that may arise in connection with its business operations, financial and legal affairs and dealings with creditors; and j. advise the Debtor on general corporate and litigation issues. Harris Shelton will be paid at these rates: Partners $450 per hour Associates $200 per hour Paraprofessionals $100 per hour Harris Shelton will be paid a retainer in the amount of $25,000. The firm will also be reimbursed for out-of-pocket expenses incurred. Steven Douglass, Esq., a partner at Harris Shelton, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Harris Shelton can be reached at: Steven N. Douglass, Esq. Harris Shelton Hanover Walsh, PLLC 40 S. Main Street, Suite 2210 Memphis, TN 38103-2555 Tel: (901) 525-1455 Email: snd@harrisshelton.com About Sorroeix Inc. Sorroeix, Inc. sought Chapter 11 protection (Bankr. W.D. Tenn. Case No. 20-11492) on Nov. 25, 2020. The petition was signed by Matthew Jones, president and chief executive officer. 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 Jimmy L. Croom presides over the case. The Debtor tapped Steven N. Douglas, Esq., at Harris Shelton, PLLC, as counsel. SPEEDCAST INT'L: Black Diamond May Submit Last Minute Offer ----------------------------------------------------------- Steven Church of Bloomberg News reports that Black Diamond Capital Management LLC may make a last-minute bid in the coming days for bankrupt satellite services provider SpeedCast International Ltd., a lawyer for the hedge fund told a judge in federal court on Tuesday, January 6, 2021. Black Diamond is trying to get all of its questions about SpeedCast answered before it decides how much, if anything, to offer for the company, lawyer Albert L. Hogan said during a bankruptcy hearing held by video. Last December 2020, U.S. Bankruptcy Judge Marvin Isgur halted a hearing on whether to approve a reorganization proposal that would hand control to Centerbridge Partners LP. About SpeedCast International Headquartered in New South Wales, Australia, SpeedCast International Limited and its affiliates provide remote and offshore satellite communications and information technology services. SpeedCast's fully-managed service is delivered to more than 2,000 customers in 140 countries via a global, multi-access technology, multi-band, and multi-orbit network of more than 80 satellites and an interconnecting global terrestrial network, bolstered by on-the-ground local upport from more than 40 countries. Speedcast services customers in sectors such as commercial maritime, cruise, energy, mining, government, NGOs, enterprise, and media. SpeedCast International and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-32243) on April 23, 2020. At the time of the filing, the Debtors each had estimated assets of between $500 million and $1 billion and liabilities of the same range. Judge David R. Jones oversees the cases. Speedcast is advised by Weil, Gotshal & Manges LLP as global legal counsel and Herbert Smith Freehills as co-counsel. Michael Healy of FTI Consulting, Inc. is Speedcast's Chief Restructuring Officer, and FTI Consulting, Inc. is Speedcast's financial and operational advisor. Moelis Australia Advisory Pty Ltd and Moelis & Company LLC are Speedcast's investment bankers. KCC is Speedcast's claims and noticing agent. The Office of the U.S. Trustee appointed a committee to represent unsecured creditors in Debtors' bankruptcy cases. The committee is represented by Hogan Lovells US, LLP. On Aug. 13, 2020, the Debtor received a $395 million equity commitment from Centerbridge Partners, L.P. and its affiliates, one of its largest lenders. STEIN MART: Asks Court to Extend Plan Exclusivity Until Jan. 18 --------------------------------------------------------------- Debtors Stein Mart, Inc. and its affiliates request the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division to extend the exclusive periods during which the Debtors may file a Chapter 11 plan through and including January 18, 2021, and to solicit acceptances of the plan through and including March 19, 2021. The Debtors and their advisors have been active and engaged since the commencement of these Chapter 11 Cases. During the first few months of these Chapter 11 Cases, the Debtors have focused on, among other things, maximizing value for their estates through the orderly liquidation of the Debtors' assets. While focusing on the value-maximizing liquidation of the Debtors' estates for the benefit of creditors, the Debtors and their advisors have also worked to ensure that the Debtors had a smooth transition in bankruptcy. The Debtors have liquidated substantially all of their store assets, performed a value-maximizing auction of their intellectual property assets that resulted in a proposed purchase price approximately $2 million greater than the stalking horse bid, and have obtained relief to make the Debtors transition into these Chapter 11 Cases a smooth process. This all occurred during the ongoing COVID-19 pandemic, which has limited the Debtors' ability to operate under normal circumstances. On November 5, 2020, the Debtors circulated a draft Plan to the Committee, the Debtors' secured creditors, and the United States Trustee for comment. The Committee identified concerns with the current draft Plan and indicated that the Committee would oppose its confirmation. While the Debtors and the Committee were continuing to negotiate a possible resolution to the Committee's concerns, the Debtors intended to file the current draft Plan without the support of the Committee on November 23, 2020, and during recent negotiations between the Debtors and the Committee, there appeared a potential path toward agreement on a consensual Plan. However, additional investigation and research are required before the Committee can make a decision whether to support a revised, consensual Plan. The Committee anticipates providing the Debtors with an answer regarding the Committee's position on a potential new Plan structure by December 31, 2020. The Debtors' request to extend the Exclusive Periods is not to pressure creditors, but to work consensually with the Committee to develop a value-maximizing Plan. A copy of the Debtors' Motion to extend is available from PacerMonitor.com at https://bit.ly/2JOXBsP at no extra charge. About Retail Ecommerce Ventures Retail Ecommerce Ventures (REV) -- https://www.retailecommerceventures.com/-- was founded by Alex Mehr and Tai Lopez in 2019 to renew businesses that have struggled in the age of e-commerce. Responsible for brands and products that have generated more than $1 billion in sales, including a $258 million exit for Mehr's Zoosk, the two have set their sights on acquiring distressed retail brands with global renown. With unrivaled experience in digital marketing and advertising, they create thriving online stores where physical-first operations previously struggled. About Stein Mart Stein Mart, Inc. (NASDAQ: SMRT) -- http://www.SteinMart.com/-- is a national specialty omni off-price retailer offering designer and name-brand fashion apparel, home decor, accessories, and shoes at everyday discount prices. Stein Mart provides real value that customers love every day. The company operates 281 stores across 30 states. Stein Mart Inc. and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case Nos. 20-02387 to 20-02389) on Aug. 12, 2020. As of May 2, 2020, the Debtors had total assets of $757.6 million and total liabilities of $791.2 million. Judge Jerry A. Funk oversees the cases. The Debtors tapped Foley & Lardner LLP as their legal counsel, Clear Thinking Group LLC as a financial advisor, and Stretto as claims and noticing agent. SUMMIT VIEW: Deadline for Plan Supplement Extended to Jan. 15 ------------------------------------------------------------- Summit View, LLC, sought and obtained an order extending until Jan. 15, 2021, the time to file its supplement to its Amended Disclosure Statement and Amended Plan of Reorganization. On Dec. 11, 2020, the Court entered an order scheduling a hearing to consider confirmation of the Plan for Feb. 24, 2021 at 9:30 a.m. In seeking the extension, the Debtor said it is in the process of finalizing its supplement but requires additional time to complete the document. The intervening holiday season and certain developments in the case have resulted in the need for additional time to complete the supplement. For instance, the Debtor is working on the updated supplement to reflect the recent case developments, as well as an updated proforma and a "waterfall" of projected payments. The supplement will provide additional information to all creditors and parties in interest to allow them to make an informed decision about the Debtor's Plan. Attorneys for the Debtor: Alberto F. Gomez, Jr. JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP 401 E. Jackson Street #3100 Tampa, FL 33602 Telephone: 813-225-2500 Facsimile: 813-223-7118 E-mail: Al@jpfirm.com About Summit View Summit View, LLC, is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). It previously filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 09-06495) on April 2, 2009. Summit View again sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-10111) on Oct. 24, 2019. At the time of the filing, the Debtor was estimated to have assets of between $1 million and $10 million and liabilities of the same range. The Debtor tapped Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP as bankruptcy counsel to the Debtor. Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., is special counsel. SUNDER HOLDINGS: Unsec. Creditors to Recover Up to 100% in Plan --------------------------------------------------------------- Sunder Holdings, LLC, submitted a First Modified Chapter 11 Plan and corresponding Disclosure Statement on Dec. 30, 2020. On Jan. 4, 2020, the Court approved the Disclosure Statement and set a Feb. 11, 2021, to consider confirmation of the Modified Plan. The Plan proposed by the Debtor is a reorganization plan. In August of 2020, Eastern Valuations, LLC conducted an appraisal of the Debtor's properties. As of Sept. 1, 2020, the Lakewood Property has a market value of $5,250,000. As of Sept. 2, 2020, the Whiting Property has a market value of $2,250,000. Accordingly, the total value of the Properties is $7,500,000. The secured claims of Lacy River Debt LLC, Liftforward, Inc., and Daxuan Wang in Class 1 will be paid in full from the proceeds of the $5,260,000 refinancing loan. The secured claim of RCS Funding Group, LLC, on account of the DIP refinancing loan, will be paid in full over 12 months with interest only each month until the loan reaches maturity when the total loan balance is due in a balloon payment. Class 4 Allowed General Unsecured Claims totaling $33,500 is impaired. The Debtor will establish a $33,500 fund to pay each unsecured creditor 100% on their claim as of the Effective Date. However, if any additional claims are filed and allowed by the bankruptcy court all unsecured claims are to be paid pro rata from the $33,500 fund as of the Effective Date. The monies necessary for funding the Plan will be derived from the secured, post-confirmation, loan from RCS Funding Group (the "Refinancing Loan") as well as the unsecured administrative DIP loan from Lakshmi R. Kalluru (the "DIP Loan"). A full-text copy of the First Amended Disclosure Statement dated Dec. 30, 2020, is available at https://bit.ly/3hEVEMl from PacerMonitor.com at no charge. Counsel for the Debtor: Donald F. Campbell, Jr. GIORDANO, HALLERAN & CIESLA, P.C. 125 Half Mile Road, Suite 300 Red Bank, N.J. 07701 Tel: (732) 741-3900 About Sunder Holdings Sunder Holdings, LLC, is a limited liability company under the laws of the State of New Jersey with its principal place of business located at 1166 River Avenue, Lakewood NJ 08701. Sunder was formed by its managing member Harkesh Singh and Harpreet Kaur. Mr. Singh is presently the sole owner and operator of Sunder. Sunder formed as a special purpose vehicle to own, manage and operate its real estate holdings. Sunder owns the commercial properties at 1166 River Avenue, Lakewood, NJ 08701 and 75 Lacey Road, Whiting, NJ 08759. Sunder Holdings filed a Chapter 11 petition (Bankr. D.N.J. Case No. 20-bk-16776) on May 22, 2020. GIORDANO, HALLERAN & CIESLA, P.C., is the Debtor's counsel. SUNOCO LP: Fitch Affirms 'BB' LongTerm IDR, Outlook Positive ------------------------------------------------------------ Fitch Ratings has affirmed Sunoco LP's (SUN) Long-Term Issuer Default Rating (IDR) at 'BB'. Additionally, Fitch has affirmed SUN's and Sunoco Finance Corp.'s, which is a co-issuer on SUN's senior unsecured bonds, senior unsecured rating at 'BB'/'RR4.' Fitch has also affirmed SUN's senior secured revolver at 'BB+'/'RR1.' The Rating Outlook has been revised to Positive from Negative. The Positive Outlook reflects SUN's improving leverage profile and the resiliency demonstrated by the business in the face of the demand destruction wrought by the coronavirus crisis and ensuing economic shutdowns. The ratings are supported by low leverage, healthy margins, and cash flows that benefit from a 15-year take or pay contract with a subsidiary of 7-Eleven, Inc. for approximately 25% of its yearly volumes. KEY RATING DRIVERS Lower Leverage: LTM leverage as of Sept. 30, 2020 was approximately 4.0x, down from 4.7x at year-end 2019. Leverage is significantly lower than Fitch previously forecast and is below Fitch's positive rating sensitivity of 4.5x. Fitch now expects YE20 leverage of approximately 4.3x (4.0x on a net leverage basis), and YE21 leverage to be in the 4.0x-4.3x range. Importantly, management has stated that its new target for leverage is 4.0x, down from its prior target of 4.50x-4.75x. SUN's new distribution coverage target is 1.4x, considerably more robust than its previous target of 1.2x. Fitch believes that sustained leverage and distribution coverage at these levels could lead to an upgrade. EBITDA Growth: Strong EBITDA performance enabled the partnership to meaningfully de-lever through the first nine months of the year. Growth was driven by cents-per-gallon (CPG) margins significantly higher than previous long-term expectations, and supported by the effective cost cutting measures implemented at the onset of the pandemic. Falling sales volumes resulted in higher breakeven levels for many industry players, which necessitated better margins for both retail and wholesale fuel distributors. The partnership continues to benefit from the resulting boost to its margins which has more than offset the cash flow impact of lower volume levels. Cash Flow Stability: As part of the sale of its retail franchise in 2018, SUN entered into a 15-year take-or-pay fuel supply agreement with 7-Eleven, Inc. (7/11) and SEI Fuel Services, Inc. (NR), a wholly owned subsidiary of 7/11, under which SUN will supply approximately 2.2 billion gallons of fuel annually. This supply agreement has guaranteed annual payments to SUN and provides that 7/11 will continue to use the Sunoco brand at currently branded Sunoco stores. Wholesale revenues from SUN's other distributor, dealer and commercial channel sales are more sensitive to volume demand changes, but should maintain stable cash flow generation through the volume swings and as conditions normalize. Demand Uncertainty: SUN's wholesale fuel sales, while supported in part by a long-term fixed-rate contract with 7/11, are highly sensitive to demand fluctuations in the regions where it operates. The outlook for U.S. gasoline demand has shifted dramatically due to the coronavirus as cities and states have maintained varying degrees of restrictions to help combat the spread of the virus. Demand is expected to rebound as economies migrate towards complete re-openings and the health crisis abates; however, demand during the intermediate periods remains uncertain. Cash Flow Conservation: SUN's credit profile benefits from its stable liquidity position, lack of near-term maturities and the measures taken to preserve cash flows as it continues to manage through the current crisis. The partnership implemented effective cost cutting measures and significantly reduced its expected capex spending to maintain flexibility while motor fuel sales volumes remained low. In November, the partnership paid down half of the senior notes due in 2023 with a new issuance of 2029 notes. The remaining notes due in 2023 are expected to be paid down in January. The transaction offers the partnership greater flexibility in managing through any near-term challenges. SUN can use its retained cash flow and other available liquidity sources to cover its working capital needs. Highly Fragmented, Competitive Sector: Concerns for SUN include high levels of competition within the fragmented wholesale motor fuel distribution sector. SUN's ability to drive growth after a recovery will depend largely on its ability to acquire wholesale customers organically or grow through acquisitions, which has the potential to weigh on balance sheet metrics, depending on how growth is financed. Fitch believes that management's leverage and distribution coverage targets indicate a willingness to prudently manage growth and distribution policy while maintaining reasonable credit metrics. Parent Subsidiary Linkage: SUN's ratings reflect its stand-alone credit profile with no express linkage to its parent company. Fitch views Energy Transfer LP (ET; BBB-/Stable; parent company) as possessing the stronger credit profile between the two entities given the size, scale, geographic, operational and cash flow diversity that ET possesses relative to SUN. SUN is rated on a stand-alone basis with no uplift from the stronger parent based on the weak legal, operational and strategic ties between the two entities. Legal ties are considered weak, due to the absence of contractual items, such as guarantees or cross-defaults, connecting the partnership's debt to the parent. Operational and strategic ties are also deemed to be weak. There is limited operational integration between SUN and ET and SUN, despite providing a decent amount of distributions up to ET, does not represent that meaningful a portion of ET earnings so as to have a significant strategic tie. Sponsor Relationship: SUN's ratings consider its relationship with its sponsor and the owner of its general partner, Energy Transfer Operating, L.P. (BBB-/Stable) as generally favorable. SUN is part of the ET family of partnerships. ETO owns, directly or indirectly, 100% of SUN's incentive distribution rights, the non-economic general partner interest in SUN, and 34.3% of SUN's outstanding limited partnership units. Fitch believes SUN's affiliation with its sponsor generally provides modest benefits, particularly in providing an option for financing like SUN's March 2017 preferred equity offering or a potential lever for retaining near-term cash through distribution waivers provided by its sponsor or affiliate partnerships. However, no waivers have been announced or are expected in Fitch's base case forecast. These benefits are not typically available to stand-alone partnerships, and Fitch believes the affiliation with its sponsor ultimately helps lessen event, financing, and operating risks. Energy Transfer and many other publicly traded partnerships have simplified their structures and eliminated incentive distribution payments. SUN has no current plans to eliminate its incentive distribution payments. DERIVATION SUMMARY SUN's primary focus on wholesale motor fuel distribution and logistics is unique relative to Fitch's other midstream energy coverage. Wholesale fuel distribution is a highly fragmented market with low operating margins and is largely dependent on motor fuel demand, which can be cyclical and seasonal. Fitch expects SUN to continue to face headwinds in the near term from lower motor fuel demand levels. Earnings have been buoyed through 3Q20 by cents-per-gallon margins higher than management's previous longer-term margin guidance. The partnership is now guiding to a higher margin level and Fitch expects margin strength to continue to counterbalance the cash flow impact of the demand destruction. SUN's leverage has fallen significantly through the year as cash flow conservation efforts and strong margins have allowed the partnership to de-lever in spite of the challenging environment. Fitch expects that leverage will be between 4.0x-4.3x by yearend 2021, lower than similarly rated AmeriGas Partners, LP (APU; BB/Stable) which is forecast to have leverage around 4.5x-5x by Sept. 30, 2022-Sept. 30, 2023. APU provides retail propane and demand tends to be more seasonally affected (and weather affected) than motor fuel demand. SUN's size and scale are expected to be consistent with, though slightly larger than, Fitch's view on 'BB' category master limited partnerships, which tend to have EBITDA of roughly $500 million per year and a narrow business focus, such as SUN's focus on wholesale motor fuel distribution. KEY ASSUMPTIONS -- Margins remain in line with management's new public guidance range; -- Key contracts are not amended; -- Revolver borrowings and retained earnings used to fund capital needs; -- Distributions held at current levels throughout forecast; -- Total capex, inclusive of growth, acquisition and maintenance spending, of at least $170 million annually from 2021-2023; -- Fitch base case commodity price deck including WTI oil prices of $42/bbl in 2021, $47/bbl in 2022, $50/bbl in 2023 and over the long term. RATING SENSITIVITIES Factor that could, individually or collectively, lead to positive rating action/upgrade: -- Leverage (total debt with equity credit/operating EBITDA) sustained at or below 4.3x with distribution coverage sustained above 1.1x could lead to an upgrade. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Distribution coverage ratio below 1x, combined with leverage (total debt with equity credit to operating EBITDA) at or above 5.0x on a sustained basis could result in negative rating action; -- EBIT Margin at or below 1.5% on a sustained basis could lead to a negative rating action. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Liquidity Adequate: As of Sept. 30, 2020, SUN had $63 million in cash and approximately $1.4 billion available on its $1.5 billion secured revolving credit facility. The revolving credit facility matures on July 27, 2023 and requires the partnership to maintain a net leverage ratio (as defined by the bank agreement) below 5.5x and an interest coverage ratio above 2.25x. The agreement allows for a maximum leverage ratio of 6.0x during a specified acquisition period. As of Sept. 30, 2020, SUN was in compliance with its covenants, and Fitch believes that SUN will remain in compliance with its covenants through its forecast period. The revolver is secured by a security interest in, among other things, of all SUN's present and future personal property and all present and future personal property of its guarantors, the capital stock of its material subsidiaries (or 66% of the capital stock of material foreign subsidiaries), and any intercompany debt. ESG CONSIDERATIONS SUN has a relevance score of '4' for Group Structure as a result of significant related party transactions and ownership concentration arising from SUN's GP and incentive distribution rights ownership by Energy Transfer. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. SUPERIOR ENERGY: Hires Alvarez & Marsal as Restructuring Advisor ---------------------------------------------------------------- Superior Energy Services, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Alvarez & Marsal North America, LLC as their restructuring advisor. The firm's services will include: a. assistance in liquidity management efforts and development of a 13-week cash flow forecast, including on-going variance reports and discussion with the Debtors' stakeholders regarding such; b. assistance in evaluation of the Debtors' business plan and cost savings measures in connection with the preparation of a 13-week cash flow forecast, and presentation of such forecast to creditors and other parties if necessary; c. assistance in financing issues; d. attendance or participation in meetings of the Board of Directors; e. testimony, as necessary, with respect to matters on which A&M has been engaged; f. report to the Board as desired or directed by the Debtors; and g. other general business consulting services. A&M will be paid at these rates: Managing Director $900 - $1,150 per hour Director $700 - $875 per hour Associate/Analyst $400 - $675 per hour Ryan Omohundro, a managing director at A&M, 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 Omohundro Alvarez & Marsal North America, LLC 700 Louisiana Street, Suite 3300 Houston, TX 77002 Tel: +1 713 571 2400 Fax: +1 713 547 3697 About Superior Energy Services Headquartered in Houston, Texas, Superior Energy Services (SPN) serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment. Visit htttp://www.superiorenergy.com for more information. As of June 30, 2020, Superior Energy Services had $1.73 billion in total assets, $222.9 million in total current liabilities, $1.28 billion in long-term debt, $135.7 million in decommissioning liabilities, $54.09 million in operating lease liabilities, $2.53 million in deferred income taxes, $125.74 million in other long-term liabilities, and a total stockholders' deficit of $95.13 million. On Dec. 7, 2020, Superior Energy and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35812) to seek approval of a prepackaged Chapter 11 plan of reorganization. Westervelt T. Ballard, Jr., authorized signatory, signed the petitions. At the time of the filing, Superior Energy disclosed $884,723 in assets and $1,383,151,024 in liabilities. Judge David R. Jones oversees the cases. The Debtors tapped Latham & Watkins, LLP and Hunton Andrews Kurth, LLP as their legal counsel; Ducera Partners, LLC and Johnson Rice & Company, LLC as investment banker and financial advisor; Alvarez & Marsal North America, LLC as restructuring advisor; and Ernst & Young, LLP as tax advisor. Kurtzman Carson Consultants, LLC is the notice, claims and balloting agent. Davis Polk & Wardwell LLP and Porter Hedges LLP serve as legal counsel for an ad hoc group of noteholders. Evercore LLC is the noteholders' financial advisor. FTI Consulting, Inc. serves as financial advisor for the agent for the Debtors' secured asset-based revolving credit facility, with Simpson Thacher & Bartlett LLP acting as legal counsel. SUPERIOR ENERGY: Hires Ernst & Young to Provide Tax Services ------------------------------------------------------------ Superior Energy Services, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Ernst & Young LLP. The firm's services will include: A. Valuation Services a. The scope of valuation services will consist of providing public benchmarking data related to purchase price allocations from precedent transactions and providing fair value estimates of certain tangible and intangible assets as of the emergence date for financial reporting purposes. B. Accounting Services a. Ernst & Young will advise the Debtors on general and technical accounting matters (including tax accounting matters) around the Debtors' financial reporting and documentation of various accounting matters and policies in connection with the preparation of financial statements and related SEC filings. b. Ernst & Young will provide assistance with the assessment of the accounting impact of emergence from bankruptcy, including income tax accounting, to allow the Debtors to apply fresh start accounting in accordance with Accounting Standards Codification (ASC) 852. c. The scope of the accounting services for fresh start and emergence will be delivered in two phases. Phase I will include services related to fresh start accounting and the accounting impact of emergence prior to the confirmation of the Debtors' ownership structure at emergence. Phase II will include potential services after confirmation of the Debtors' ownership structure and related independence restrictions at the emergence. C. Tax Services a. Ernst & Young will advise the Debtors on tax issues related to their Chapter 11 cases and the tax implications of their reorganization and emergence from bankruptcy. Ernst & Young will be paid as follows: Rank Hourly Rate (USD) ---- ----------------- National Partner/ National Managing Director $800 Partner/Principal $750 Managing Director $700 Senior Manager $650 Manager $550 Senior $450 Staff $350 Expected fee range Services at above rates (USD) -------- -------------------- Valuation Services $375,000 - $425,000 Accounting Services $525,000 - $625,000 Tax Services $105,000 - $140,000 Thierry Caruso, partner of Ernst & Young 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. Ernst & Young can be reached at: Thierry Caruso Ernst & Young LLP 5 Houston Center, 1401 McKinney St Suite 2400 Houston, TX 77010 Phone: +1 713-750-1500 About Superior Energy Services Headquartered in Houston, Texas, Superior Energy Services (SPN) serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment. Visit htttp://www.superiorenergy.com for more information. As of June 30, 2020, Superior Energy Services had $1.73 billion in total assets, $222.9 million in total current liabilities, $1.28 billion in long-term debt, $135.7 million in decommissioning liabilities, $54.09 million in operating lease liabilities, $2.53 million in deferred income taxes, $125.74 million in other long-term liabilities, and a total stockholders' deficit of $95.13 million. On Dec. 7, 2020, Superior Energy and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35812) to seek approval of a prepackaged Chapter 11 plan of reorganization. Westervelt T. Ballard, Jr., authorized signatory, signed the petitions. At the time of the filing, Superior Energy disclosed $884,723 in assets and $1,383,151,024 in liabilities. Judge David R. Jones oversees the cases. The Debtors tapped Latham & Watkins, LLP and Hunton Andrews Kurth, LLP as their legal counsel; Ducera Partners, LLC and Johnson Rice & Company, LLC as investment banker and financial advisor; Alvarez & Marsal North America, LLC as restructuring advisor; and Ernst & Young, LLP as tax advisor. Kurtzman Carson Consultants, LLC is the notice, claims and balloting agent. Davis Polk & Wardwell LLP and Porter Hedges LLP serve as legal counsel for an ad hoc group of noteholders. Evercore LLC is the noteholders' financial advisor. FTI Consulting, Inc. serves as financial advisor for the agent for the Debtors' secured asset-based revolving credit facility, with Simpson Thacher & Bartlett LLP acting as legal counsel. SUPERIOR ENERGY: Seeks to Hire KPMG LLP as Auditor -------------------------------------------------- Superior Energy Services, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ KPMG LLP as their auditor. KPMG will provide these services: (a) perform an audit of the Debtors' consolidated balance sheets as of Dec. 31, 2020 and 2019, the related consolidated statements of operations, changes in stockholders' equity or deficit, comprehensive income or loss, and cash flows for each of the years in the three-year period ended December 31, 2020, and the related notes to the financial statements; and (b) quarterly review procedures for the Debtors' March 31, 2020, June 30, 2020 and Sept. 30, 2020 quarters. The firm will also provide additional services, which include debt-restructuring; accounting considerations during and on emergence from bankruptcy; fresh-start accounting; valuation of assets and liabilities on emergence from bankruptcy; and income tax matters as a result of bankruptcy. KPMG and the Debtors have agreed to fixed fees for the audit services. These fees will be billed as follows: Date Amount 31-Dec-20 $175,000 31-Jan-21 $165,000 The firm will be paid for additional services at these rates: Partners/Principals $658 - $980 per hour Managing Directors $623 - $952 per hour Senior Managers/Directors $553 - $784 per hour Managers $483 - $728 per hour Senior Associates $431 - $602 per hour Associates $298 - $364 per hour Matt Malinsky, a partner at KPMG, 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: Matt A. Malinsky KPMG LLP 560 Lexington Avenue New York, NY 10022 Telephone: (212) 872-6562 Email: hbsteinberg@kpmg.com About Superior Energy Services Headquartered in Houston, Texas, Superior Energy Services (SPN) serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment. Visit htttp://www.superiorenergy.com for more information. As of June 30, 2020, Superior Energy Services had $1.73 billion in total assets, $222.9 million in total current liabilities, $1.28 billion in long-term debt, $135.7 million in decommissioning liabilities, $54.09 million in operating lease liabilities, $2.53 million in deferred income taxes, $125.74 million in other long-term liabilities, and a total stockholders' deficit of $95.13 million. On Dec. 7, 2020, Superior Energy and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35812) to seek approval of a prepackaged Chapter 11 plan of reorganization. Westervelt T. Ballard, Jr., authorized signatory, signed the petitions. At the time of the filing, Superior Energy disclosed $884,723 in assets and $1,383,151,024 in liabilities. Judge David R. Jones oversees the cases. The Debtors tapped Latham & Watkins, LLP and Hunton Andrews Kurth, LLP as their legal counsel; Ducera Partners, LLC and Johnson Rice & Company, LLC as investment banker and financial advisor; Alvarez & Marsal North America, LLC as restructuring advisor; and Ernst & Young, LLP as tax advisor. Kurtzman Carson Consultants, LLC is the notice, claims and balloting agent. Davis Polk & Wardwell LLP and Porter Hedges LLP serve as legal counsel for an ad hoc group of noteholders. Evercore LLC is the noteholders' financial advisor. FTI Consulting, Inc. serves as financial advisor for the agent for the Debtors' secured asset-based revolving credit facility, with Simpson Thacher & Bartlett LLP acting as legal counsel. TAB HOLDINGS: Case Summary & 14 Unsecured Creditors --------------------------------------------------- Debtor: Tab Holdings, LLC DBA Chicken Salad Chick 11587 Regency Village Drive Orlando, FL 32821 Business Description: Tab Holdings, LLC owns a franchise for three Chicken Salad Chick fast casual restaurant locations. Chapter 11 Petition Date: January 27, 2021 Court: United States Bankruptcy Court Southern District of Florida Case No.: 21-00048 Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Fax: 407 894 8559 E-mail: jeff@bransonlaw.com Total Assets: $20,864 Total Liabilities: $1,092,824 The petition was signed by Jennifer Pilson, member manager. A copy of the petition containing, among other items, a list of the Debtor's 14 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/D67CFHA/Tab_Holdings_LLC__flmbke-21-00048__0001.0.pdf?mcid=tGE4TAMA THOC PA: Unsecured Creditors Will Recover 40% in Plan ----------------------------------------------------- Thoc, PA, submitted a Chapter 11 Plan and a Disclosure Statement. The Debtor proposes to restructure its current indebtedness and continue some operations to provide a dividend to the creditors of Debtor. The Debtor's assets consist mainly of its accounts receivable and some office furniture and equipment. The value of the assets of the Debtor, if liquidated, would not cover the IRS and secured creditor debt. The Debtor would show that the continued operations of the Debtor as proposed in this plan will provide the unsecured creditors with at least as such as they would recover if the Debtor were liquidated. Class 4 Allowed General Unsecured Creditors are impaired and are projected to recover 40% of their allowed claims. All holders of allowed general unsecured claims will receive their pro rata share of 60 monthly payments of $1,500 commencing 90 days after the Effective Date. A full-text copy of the Disclosure Statement dated Dec. 30, 2020, is available at https://bit.ly/38a4rCL from PacerMonitor.com at no charge. Attorneys for the Debtor: Eric A. Liepins ERIC A. LIEPINS, P.C. 12770 Coit Road, Suite 1100 Dallas, Texas 75251 Tel: (972) 991-5591 Fax: (972) 991-5788 About THOC PA THOC, PA, which operates a medical practice in Dallas under the name Texas Hemotology Oncology Centers, filed a voluntary Chapter 11 petition (Bankr. N.D. Tex. Case No. 19-34237) on Dec. 30, 2019. The case is assigned to Judge Stacey G.C. Jernigan. The Debtor is represented by Eric A. Liepins, Esq., at Eric A. Liepins, P.C. THOMAS FUCHS: Seeks to Tap Hoffman Larin as Legal Counsel --------------------------------------------------------- Thomas Fuchs Creative, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Hoffman, Larin & Agnetti, P.A. as bankruptcy counsel. HLA will render these legal services: (a) advise the Debtor of its duties under the Bankruptcy Code; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's operating guidelines and reporting requirements and with the rules of the court; (c) prepare legal documents; (d) protect the interest of the Debtor in all matters pending before the court; (e) represent the Debtor in negotiations with creditors; and (f) propose and seek confirmation of a plan of reorganization. The Debtor has paid Hoffman Larin a $20,000 retainer. The firm billed fees and costs of $8,000 prior to the petition date, leaving a balance of $12,000. Michael Hoffman, Esq., a partner at Hoffman, 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: Michael S. Hoffman, Esq. Hoffman, Larin & Agnetti, P.A. 909 North Miami Beach Blvd., Suite 201 North Miami Beach, FL 33162 Telephone: (305) 653-5555 Facsimile: (305) 940-0090 Email: mshoffman@hlalaw.com About Thomas Fuchs Creative Thomas Fuchs Creative, LLC filed voluntary petitions for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-23669) on Dec. 16, 2020. 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 Robert A. Mark presides over the case. Hoffman, Larin & Agnetti, P.A. serves as the Debtor's legal counsel. TIMOTHY PLACE: Gets Interim OK to Hire Claims Agent --------------------------------------------------- Timothy Place, NFP and Christian Healthcare Foundation, NFP received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Globic Advisors, Inc. as their noticing, solicitation and claims agent. The firm will oversee the distribution of notices and the maintenance, processing and docketing of proofs of claim filed in the Debtors' Chapter 11 cases. Globic will be compensated as follows: a. Bondholder Solicitation and Tabulation Agent Services: $10,000 b. Bondholder Noticing Agent: -- Transmit the solicitation to the Depository Trust Company, as the registered holder of the Bonds (along with any other certificated holders). $100 -- Deliver the notice to the underlying DTC Participant Banks, who hold the bonds as custodian for their clients, the bondholders. These banks will notify their clients and their financial advisors/brokers electronically as to the notice. $5 per DTC Participant -- Coordinate with the DTC Participant Banks in order to mail physical copies of the notice to their clients, the bondholders. $0.50 per Bondholder c. Creditor/Interested Parties Noticing Agent: -- $300 Per Noticing Event -- $0.50 per Mailing Contact d. Claims Agent: -- $500 Set-Up -- $10 per Response e. Website: -- $2,000 Set-Up -- $10 per document -- $200 per month Globic is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Robert Stevens Globic Advisors, Inc. 485 Madison Avenue, 7th Floor New York, NY 10022 Tel: (212) 227-9699 Fax: (212) 271-3252 About Park Place of Elmhurst Timothy Place, NFP, owns Park Place of Elmhurst, a continuing care retirement community located in Elmhurst, Ill. The campus is improved with a building which includes (i) 181 independent living apartments, (ii) 46 assisted living apartments, (iii) 20 memory care apartments, (iv) 37 nursing beds, and (v) related common areas and parking. Timothy Place, NFP, first sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 16-bk-01336) on Jan. 17, 2016. Timothy Place, NFP, along with affiliate Christian Healthcare Foundation NFP, again sought Chapter 11 protection (Bankr. N.D. Ill. Lead Case No. 20-21554) on Dec. 15, 2020. The Debtors disclosed total assets of $113,592,694 and total liabilities of $141,267,675 as of the filing. The Hon. Benjamin A. Goldgar is the case judge. Dopkelaw LLC, led by Bruce C. Dopke, is serving as the Debtors' counsel. Globic Advisors, Inc. is the claims agent. TPS OLDCO: Seeks Approval to Hire RSM US as Tax Accountant ---------------------------------------------------------- TPS Oldco, LLC and TPS Holdings, LLC seek approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ RSM US LLP as tax accountant. The firm's services will include tax accounting, tax return preparation, and related accounting services for all post-petition tax periods. The rates of RSM's professionals range from $160 to $625 per hour. The firm will also seek reimbursement for out-of-pocket expenses incurred. The Debtors paid a retainer to RSM in the amount of $50,000. RSM made pre-bankruptcy withdrawals from the retainer in the ordinary course and, as of the petition date, the balance of the retainer was $6,359.90. Michael Bartucca, a partner at RSM, 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: Michael Bartucca RSM US LLP 80 City Square Boston, MA 02129 Telephone: (617) 912-9000 About The Paper Store The Paper Store, LLC is a family-owned and family-operated specialty gift retailer, with 86 stores in seven states and an e-commerce business. The retail locations feature merchandise comprising fashion, accessories, spa, home decor, stationery, jewelry, sports and more from well-regarded brands such as Vera Bradley, Lilly Pulitzer, Godiva, 47 Brands, Alex and Ani, Life is Good, Vineyard Vines, and Sugarfina. Visit http://www.thepaperstore.comfor more information. Paper Store and its affiliate TPS Holdings, LLC sought Chapter 11 protection (Bankr. D. Mass. Case No. 20-40743) on July 14, 2020. In the petition signed by CRO Don Van der Wiel, Paper Store was estimated to have assets of $10 million to $50 million and debt of $50 million to $100 million. Judge Christopher J. Panos oversees the cases. The Debtors tapped Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. as their legal counsel, G2 Capital Advisors as restructuring advisor, SSG Capital Advisors as investment banker, Verdolno & Lowet, P.C. as accountant, and RSM US LLP as tax accountant. Donlin, Recano & Co., Inc. is the claims and noticing agent. TYLER LEASE: Seeks Approval to Hire Bankruptcy Attorney ------------------------------------------------------- Tyler Lease Meiggs seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Ruth Elin Auerbach, Esq., an attorney practicing in San Francisco, Calif., to handle its Chapter 11 case. Ms. Auerbach will render these legal services: (a) prepare schedules and other pleadings required in connection with the case; (b) provide resolution of issues involving creditors and liens against the Debtor's property; (c) assist and advise the Debtor in performing the acts required by the Bankruptcy Code, Federal Rules of Bankruptcy Procedure and Local Bankruptcy Rules; (d) prepare a Chapter 11 plan and seek confirmation of the plan. The attorney will be compensated at her hourly rate of $350, plus reimbursement for expenses incurred. Prior to the filing of its case, the Debtor paid Ms. Auerbach, a retainer in the amount of $10,000. The source of that retainer is the Debtor's pre-bankruptcy earnings. Of that amount, $5,000 was a flat fee for pre-filing services and the Chapter 11 filing fee, and $5,000 was for post-petition services. Ms. Auerbach disclosed in court filings that she is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Ms. Auerbach can be reached at: Ruth Elin Auerbach, Esq. 77 Van Ness Avenue, Suite 201 San Francisco, CA 94102 Telephone: (415) 722-5596 Facsimile: (415) 731-9982 Email: attorneyruth@sbcglobal.net About Tyler Lease Meiggs Tyler Lease Meiggs filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 20-10616) on Nov. 24, 2020, listing under $1 million in both assets and liabilities. Judge Charles Novack oversees the case. Ruth Elin Auerbach, Esq., serves as the Debtor's counsel. UM-BELLA LLC: Seeks to Hire Richard A. Perry as Legal Counsel ------------------------------------------------------------- Um-Bella, LLC seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to hire Richard A. Perry P.A. as its bankruptcy counsel. Um-Bella requires Richard A. Perry to: a. advise the Debtor concerning the operation of any business in compliance with Chapter 11 and orders of the bankruptcy court; b. prosecute and defend any causes of action; c. prepare legal papers; and d. assist in the formulation of a plan of reorganization and preparation of a disclosure statement. The firm will be compensated at the rate of $350 per hour for services rendered by its attorneys and $100 per hour for services rendered by staff. The Debtor paid Richard A. Perry a retainer in the amount of $6,717. The firm will also be reimbursed for out-of-pocket expenses incurred. The firm's founding partner, Richard Perry, Esq., disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard A. Perry, Esq. Richard A. Perry, P.A. 820 East Fort King Street Ocala, FL 34471-2320 Tel: (352) 732-2299 Email: richard@rapocala.com About Um-Bella LLC Um-Bella, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-03543) on Dec. 14, 2020, listing under $1 million in both assets and liabilities. Richard A. Perry, P.A. represents the Debtor as counsel. UNIVERSITY PLACE: Two More Creditors Appointed to Committee ----------------------------------------------------------- Gregory Garvin, Acting U.S. Trustee for Region 18, on Jan. 6 appointed two more creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of University Place Rehabilitation Center, LLC and its affiliates. The new committee members are: 1. Joseph Schrage SNF Payroll & HR 700 N. Central Ave. Ste. 400 Glendale, CA 91203 Tel: 818-200-0340 E-mail: jschrage@snfpayroll.com 2. Sabrina Benjamin 1340 Allegheny Ct. SE Olympia, WA 98503 Tel: 360-701-2504 Fax: 360-878-9869 E-mail: sabrina1956@comcast.net The bankruptcy watchdog announced that Ashley McDow, Esq., at Foley & Lardner, is no longer a member of the committee. About University Place University Place Rehabilitation Center, LLC owns and operates a skilled nursing care facility in University Place, Wash. University Place Rehabilitation Center and its affiliates, Renton Healthcare Rehabilitation Center LLC and Talbot Rehabilitation Center LLC, filed Chapter 11 petitions (Bankr. W.D. Wash. Lead Case No. 20-42793) on Dec. 18, 2020. CEO Eric Orse of Orse & Company, Inc. signed the petitions. University Place Rehabilitation Center disclosed $3,746,381 in assets and $5,684,608 in liabilities. The Debtors tapped Bush Kornfeld LLP as their bankruptcy counsel, and Tracy Law Group, PLLC and McNaul Ebel Nawrot & Helgren PLLC as special counsel. The U.S. Trustee for Region 18 appointed an official committee of unsecured creditors in the Debtors' cases on Jan. 4, 2020. UPLAND POINT: Unsec. Creditors to Get Disposable Income for 3 Years ------------------------------------------------------------------- Upland Point Corporation has proposed a Plan of Reorganization. A hearing to consider confirmation of the Plan is slated for Jan. 13, 2021 at 1:30 p.m. The Internal Revenue Service and the U.S. Trustee have raised objections to the Plan. The Debtor has filed several amendments to the Plan. The Plan of Reorganization proposes to pay creditors of Upland from the net income it earns after deducting regular operating expenses from its regular monthly income. According to the Amended Plan filed Dec. 30, 2020, Upland's financial projections show that Upland will have projected disposable income (as defined by Sec. 1191(d) of the Bankruptcy Code) of $5,395 per month. The funds that may be available to unsecured allowed claims under the Plan are referred to as net disposable income. The net disposable income available is determined after deducting from Upland's gross income all budgeted expenses and all priority and secured claims (including attorney fees and trustee fees). Any remaining funds are therefore available to pay to unsecured creditors their allowed claims. The final Plan payment to allowed unsecured non-priority claims is expected to be paid no less than 3 years from the Effective Date of the Plan. The prior version of the Plan said that payment is expected to be "no more than" 3 years from the Effective Date. If the Plan is confirmed non-consensually, then payments to allowed unsecured non-priority claims, if any, will be made through the SubChapter V trustee on a quarterly basis. Allowed unsecured non-priority claims will be paid a pro-rata share of available funds. The SubChapter V Trustee will be paid his regular hourly rate for all work done to distribute funds under this plan. A full-text copy of the Plan of Reorganization dated December 30, 2020, is available at https://bit.ly/2XoMvyd from PacerMonitor.com at no charge. Attorneys for Upland Upland Point Corporation: Michelle A. Angell Kristin J. Sederholm KREKELER STROTHER, S.C. 2901 West Beltline Highway, # 301 Madison, WI 53713 Tel: 608-258-8555 Fax: 608-258-8299 E-mail: mangell@ks-lawfirm.com About Upland Point Corporation Upland Point Corporation sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wisc. Case No. 20-12186) on Aug. 21, 2020, estimating under $1 million in both assets and liabilities. Judge Catherine J. Furay oversees the case. Michelle A. Angell, Esq., at Krekeler Strother, S.C. represents the Debtor as legal counsel. URSA PICEANCE: Court Approves Chapter 11 Plan After Sale -------------------------------------------------------- Law360 reports that a Delaware judge Wednesday, Jan. 6, 2021, agreed to confirm the Chapter 11 plan of natural gas driller Ursa Piceance Holdings LLC after the debtor and a group of well royalty holders said they would add language to the confirmation order expressly preserving the group's rights to press its claims related to underpaid royalty amounts. During a virtual hearing, attorneys for the debtor said the company has closed on a $60 million sale of its assets and that an adequate amount of sale proceeds have been reserved pending resolution of the claims process, ensuring that the royalty owners will be able to collect. Under the Plan, Class 5 General Unsecured Claims in the amount of $14,303,000 to $20,000,000 will recover just 1% of the claims. A copy of the Amended Chapter 11 Plan filed Jan. 4, 2021, is available for free at PacerMonitor.com at https://bit.ly/2XlmMqg About Ursa Piceance Holdings Ursa Piceance Holdings LLC -- http://www.ursaresources.com/-- is engaged in the development and production of oil and gas in the Piceance Basin, principally in rural areas of Western Colorado. Its operations are focused on natural gas and natural gas liquids. Ursa Piceance Holdings LLC and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-12065) on Sept. 2, 2020. The petitions were signed by Jamie Chronister, chief restructuring officer. The Debtor was estimated to have assets and liabilities of $100 million to $500 million as of the bankruptcy filing. The Hon. Karen B. Owens oversees the cases. Sidley Austin LLP has been tapped as general bankruptcy counsel to the Debtors while Young Conaway Stargatt & Taylor LLP has been tapped as Delaware counsel. Conway MacKenzie Management Services LLC serves as interim management services provider to the Debtors. Lazard Freres & Co. LLC is the Debtors' investment banker, and Prime Clerk LLC is the Debtors' claims and noticing agent. VEEJ CORP: Hires Jeffrey S. Shinbrot as Legal Counsel ----------------------------------------------------- VEEJ Corp. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Jeffrey S. Shinbrot, APLC, as its legal counsel. The firm's services will include: (a) legal advice with respect to the powers, duties and rights of the Debtor under the Bankruptcy Code; (b) the preparation of a Chapter 11 plan of reorganization and disclosure statement; and (c) the preparation of legal documents. The firm's attorney and paralegals will be paid at hourly rates as follows: Jeffrey S. Shinbrot $675 Paralegals $150 Shinbrot received pre-bankruptcy retainers in the total amount of $27,500. Jeffrey Shinbrot, Esq., 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: Jeffrey S. Shinbrot, Esq. Jeffrey S. Shinbrot, APLC 15260 Ventura Blvd., Suite 1200 Sherman Oaks, CA 91403 Telephone: (310)659-5444 Facsimile: (310)878-8304 Email: jeffrey@shinbrotfirm.com About VEEJ Corp. VEEJ Corp sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-20909) on Dec. 23, 2020, listing under $1 million in both assets and liabilities. Judge Neil W. Bason presides over the case. Jeffrey S. Shinbrot, APLC represents the Debtor as counsel. VTES INC: Seeks Approval to Tap Stretto as Claims Agent ------------------------------------------------------- VTES, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Stretto as claims and noticing agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Debtors' Chapter 11 cases of VTES and its affiliates. Prior to the petition date, the Debtors provided Stretto an advance in the amount of $10,000. Stretto will bill the Debtors no less frequently than monthly. The Debtors agreed to pay out-of-pocket expenses incurred by the firm. Sheryl Betance, a managing director at Stretto, 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: Sheryl Betance Stretto 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About VTES Inc. VTES, Inc. and its debtor affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-12941) on Dec. 27, 2020. The petitions were signed by Ravi Puvvala, chief executive officer. At the time of the filing, each Debtor was estimated to have $1 million to $10 million in both assets and liabilities. The Debtors tapped Griffin Hamersky LLP as counsel, Rock Creek Advisors LLC as financial advisor, and Stretto as claims and noticing agent. WATSON GRINDING: January 24 Claimants Win Approval of Plan ---------------------------------------------------------- The January 24 Claimants' Committee has won court approval of its First Amended Combined Disclosure Statement and Joint Plan of Liquidation for Watson Grinding & Manufacturing Co. and Watson Valve Services, Inc. Following a hearing Dec. 30, 2020, Judge Marvin Isgur ruled that the Disclosure Statement contains adequate information within the meaning of Sec. 1125 of the Bankruptcy Code and is APPROVED, and the Plan, subject to clarifications and modifications, is CONFIRMED. The Committee selected Ron Bankston as the Liquidating Trustee, and Eva Engelhart as the Watson Valve Trustee. Classes 3, 4, 5, 6, 7, 10, 11, 12, 13, and 14 have voted to accept the Plan. The January 24 Claimants' Committee's counsel served a notice that the Plan became effective Dec. 31, 2020. Holders of administrative claims arising after June 4, 2020, are required to submit applications for payment of their administrative claims by Jan. 30, 2021. Final fee applications for retained professionals are due March 1, 2021. The January 24 Claimants' Committee (the "Committee"), an official committee appointed in the Watson Grinding Chapter 11 Case to represent the interests of parties holding claims arising out of the January 24, 2020 explosion at the Watson Grinding facility, proposed a Liquidating Plan. Under the Plan, following the Effective Date, Watson Grinding's assets will be transferred to the Liquidating Trust, and Watson Grinding will cease to operate in any capacity. The Liquidating Trust will be managed by the Liquidating Trustee following the Effective Date. The Watson Grinding Estate is anticipated to collect prior to the confirmation hearing, the following insurance proceeds: (i) $3 million in business personal property insurance which was used to satisfy the claim of Texas Capital Bank, (ii) $1.5 million in business interruption insurance, (iii) $1.75 million additional in business personal property insurance, and (iv) $1.65 million in real property insurance. Terms of Plan Class 3 January 24 Claims against Watson Grinding holding claims in the amount of $250 million to $500 million are impaired and will recover 1% to 22.8% of their claims. Each Holder of an Allowed January 24 Claim will receive their pro rata distribution of (i) the Grinding Insurance Recovery, and (ii) the Liquidating Trust Cash remaining on the Final Distribution Date. Class 4 Minor Damage Claims against Watson Grinding in the amount of $500,000, which are impaired, will recover 40% to 100% of their claims. Each Holder of an Allowed Minor Damage Claim against Watson Grinding will receive payment from the Liquidating Trust Cash equal to the lesser of (a) the face amount of such Claim, or (b) $2,000. Class 5 General Unsecured Claims against Watson Grinding in the amount of $4,811,000 are impaired and will recover 100% of their claims. Holders of Class 5 Claims, including the Allowed Matheson Contractual Indemnity Claim but excluding the General Unsecured Claim asserted by Valve against Grinding, will be paid, in full, without interest. Class 6 Indemnity Claims against Watson Grinding are impaired and will recover 1% to 100% of their claims. Each Holder of an Indemnity Claim against Watson Grinding, other than the Allowed Matheson Contractual Indemnity Claim, will receive a pro rata share, along with Class 3 Claimants, of the Liquidating Trust Cash remaining on the Final Distribution Date. Class 10 January 24 Claims against Watson Valve in the amount of $250 million to $500 million are impaired and will recover 1% to 22.8% of their claims. Each Holder of an Allowed January 24 Claim will receive their pro rata distribution of (i) the Valve Insurance Recovery, and (ii) the proceeds of any Valve Claims and Retained Causes of Action. Class 11 Minor Damage Claims against Watson Valve in the amount of $500,000 are impaired and will recover 40% to 100% of their claims. Each Holder of an Allowed Minor Damage Claim against Watson Valve will receive the same treatment as Class 4 Minor Damage Claims against Watson Grinding which will be paid from Liquidating Trust Cash. Class 12 General Unsecured Claims against Watson Valve in the amount of $1,318,010 are impaired and will recover 100% of their claims. The Holders of Class 12 General Unsecured Claims against Watson Valve will be paid, in full, without interest, on the Initial Distribution Date from Valve Cash. Class 13 Indemnity Claims against Watson Valve are impaired and will recover 1% to 100% of claims. Each Holder of an Indemnity Claim against Watson Valve shall receive a Pro Rata share of the proceeds of any Valve Claims and Retained Causes of Action on the Final Distribution Date. A full-text copy of the Plan Confirmation Order and confirmed First Amended Combined Disclosure Statement and Joint Plan of Liquidation dated Dec. 30, 2020, is available at https://bit.ly/3q2zBSP from PacerMonitor.com at no charge. Counsel to the January 24 Claimants Committee: Joshua W. Wolfshohl Aaron J. Power PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, Texas 77002 Telephone: (713) 226-6000 Facsimile: (713) 226-13331 E-mail: jwolfshohl@porterhedges.com apower@porterhedges.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 formed an Official Committee of January 24 Claimants. The Committee retained Porter Hedges LLP, and Burns Bowen Bair LLP, as counsel. WHITING PETROLEUM: To Cut Capital Spending by 60% in 2021 --------------------------------------------------------- Dan Mika of the Greeley Tribune reports that Whiting Petroleum Inc. will spend far less in new drilling and production in 2021 than it planned to do at the beginning of 2020, a signal that energy producers are still reeling from the steep demand cuts due to the pandemic. The Denver-based oil producer expects to spend $240 million in capital expenditures across its plays in Colorado, Montana and North Dakota and drill or turn-in-line 93 wells during 2020, according to guidance released Tuesday, January 5, 2021. The 2021 budget is a steep 61.2% drop from the company's planned maximum of $620 million in capital expenditures at the beginning of 2020 and an early sign of the impact of the dual stressors of a global pandemic curbing fuel demand at the same time that Saudi Arabia and Russia were engaging in a production war that flooded the global market with crude. However, West Texas Intermediate reached $50 per barrel Tuesday, January 5, 2021, for the first time since late February, a sign that demand is recovering. According to the most recent data from the Colorado Oil and Gas Conservation Commission, Whiting produced 43.7% less oil and 38.2% less natural gas in 2020 than it did in 2019. It is now the 12th-largest producer in the county after being eclipsed by Verdad Resources LLC and Bayswater Exploration & Production LLC. About Whiting Petroleum Corporation Whiting Petroleum Corporation, a Delaware corporation -- http://www.whiting.com/-- is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids primarily in the Rocky Mountain region of the United States. Its largest projects are in the Bakken and Three Forks plays in North Dakota and Niobrara play in northeast Colorado. Whiting Petroleum trades publicly under the symbol WLL on the New York Stock Exchange. Whiting Petroleum and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-32021) on April 1, 2020. At the time of the filing, Debtors disclosed $7,636,721,000 in assets and $3,611,750,000 in liabilities. Judge David R. Jones oversees the cases. The Debtors tapped Kirkland & Ellis, LLP, Kirkland & Ellis International, LLP and Jackson Walker L.L.P. as legal counsel; Moelis & Company as investment banker; Alvarez & Marsal as financial advisor; Stretto as claims and solicitation agent, and administrative advisor; and KPMG LLP US as tax consultant. WOMEN'S CARE: Moody's Assigns First Time 'B3' Corp. Family Rating ----------------------------------------------------------------- Moody's Investors Service assigned a B3 Corporate Family Rating and B3-PD Probability of Default Rating to Women's Care Holdings, Inc. Moody's also assigned B2 ratings to the company's senior secured first lien term loan and revolving credit facility, as well as a Caa2 rating to the second lien term loan. The outlook is stable. This is the first time Moody's has rated Women's Care. Proceeds from the new loan facilities, along with new and existing equity, will be used to fund the purchase of Women's Care by BC Partners, and transaction related expenses. The following ratings were assigned: Issuer: Women's Care Holdings, Inc. Corporate Family Rating at B3 Probability of Default Rating at B3-PD Proposed $70 million 5-year Gtd senior secured first lien revolving credit facility at B2 (LGD3) Proposed $360 million 7-year Gtd senior secured first lien term loan at B2 (LGD3) Proposed $120 million 8-year Gtd senior secured second lien term loan at Caa2 (LGD5) Outlook action: Issuer: Women's Care Holdings, Inc. Outlook assigned stable. RATINGS RATIONALE Women's Care's B3 Corporate Family Rating is constrained by: leverage sustained above 7x through 2021 (8x estimated for LTM Dec-20); small scale with revenues of under $400 million; high geographic concentration with Florida accounting for around 80% of revenues; risks inherent to the execution of its active acquisition growth strategy and private equity ownership; and social risks including political pressure to address the affordability of healthcare services, which could impact industry growth and profitability, as well as a declining birth rate in the US. The company benefits from: a strong market position in four core metropolitan areas; a recurring patient base and stable demand characteristics associated with OB/GYN services; long-term growth prospects supported by the early stage of consolidation in the fragmented OB/GYN market and the expansion of ancillary services; and a solid payor profile, with the majority of revenues sourced from commercial reimbursements (about 80%). The stable outlook reflects Moody's expectation of deleveraging towards 7x while generating positive free cash flow and maintaining good liquidity. Women's Care has good liquidity. Pro-forma for the transaction, sources total about $100 million, consisting of cash on hand of $10 million pro-forma for the transaction, full availability under a $70 million committed revolving credit facility (due 2026) and positive free cash flow of close to $20 million during 2021. Uses are limited to about $4 million of mandatory debt amortizations, prior to consideration of the excess cash flow sweep, which we expect to be minimal after acquisitions. The secured revolver is subject to a springing first lien net leverage covenant of 8.15x when more than 35% drawn. Although we do not expect Women's Care to rely on the facility, the company would have a comfortable covenant cushion if triggered. The company has limited capacity to sell assets to raise cash. Women's Care's first lien facilities ($70 million revolver due 2026 and $360 million term loan due 2028) are rated B2, one notch above the B3 CFR given higher recovery and priority ranking within the capital structure. The $120 million second lien term loan due 2029 is rated two notches below the CFR at Caa2, reflecting its subordination to the first lien debt. The debt is guaranteed by the holding company Women's Care (Women's Care Investments, Inc.) and select operating subsidiaries limited to Women's Care Kentucky, LLC. and Physician Business Services, LLC, which controls all practice management service agreements, including centralized cash management for non-guarantor practice subsidiaries. Following are some of the preliminary credit agreement terms, which remain subject to market acceptance. The company expects the proposed first lien term loan to have no financial maintenance covenants while the proposed revolving credit facility will contain a springing maximum first lien leverage ratio (8.15x) that will be tested when the revolver is more than 35% drawn. In addition, the first lien credit facility allow for incremental borrowing under the facility of up to the greater of $68.5 million or 100% of consolidated LTM EBITDA (shared between first lien and second lien facilities). Additional incremental borrowings are permitted subject to either a 5.25x First Lien Net Leverage Ratio (pari passu secured debt), 7.0x Secured Net Leverage Ratio (junior debt), or if unsecured, either (i) 7.00x Total Net Leverage Ratio or (ii) subject to the 2.00x interest coverage ratio. Incremental debt may also be incurred on a leverage neutral basis if used to finance an acquisition or investment. There are leverage-based step-downs in the asset sale prepayment requirement to 50% and 0% if the First Lien Net Leverage Ratio is equal to or less than 4.75x and 4.25x, respectively. Women's care is exposed to social risks arising from the coronavirus pandemic and concerns involving patient health and safety, which may lead to the postponement of deferrable care and intermittent business interruptions until a vaccine is fully deployed and the risk of outbreaks subsides. Uncertainty around the pace of economic recovery may further lead to patients' loss of commercial insurance coverage or decisions to delay pregnancy due to financial constraints, pressuring birth rates. Ongoing social considerations outside the pandemic include concerns around the access and affordability of healthcare services, legislation to address those concerns which may impact industry growth or profitability, and demographic trends including a declining birth rate and slowing population growth on a national level in the U.S. Governance considerations include risks associated with private equity ownership and aggressive financial policies that favor shareholders, including high financial leverage. The company's growth acquisition strategy, which has become more active since 2018, involves event risk, including the possibility of more frequent transactions or material, debt-funded deals in the future. However, Women's care has established a track record of integrating acquisitions with a focus on smaller, tuck-in deals and Moody's expects the company to maintain a pace of growth that supports the successful integration of acquired practices. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Women's Care successfully executes its growth strategy, evidenced by expanded scale and geographic diversity. A demonstrated track record of positive free cash flow and sustained Moody's-adjusted debt/EBITDA below 6x (8x estimated for LTM Dec-20) would also support an upgrade. Deterioration of operating performance or weakening liquidity could result in a rating downgrade. Negative free cash flow before acquisitions or interest coverage (EBITA to interest) falling below 1x would also pressure the rating. Headquartered in Tampa, Florida, Women's Care is a provider of a variety of women's health services, including obstetrics and gynecology, gynecologic oncology, urogynecology, gynecologic pathology, breast surgery, fertility care and genetic counseling. Women's Care has over 130 practices in 3 states and employs 244 OB/GYN and ancillary physicians as well as 115 midwives and advanced registered nurse practitioners. The company is majority owned by BC Partners and generates over $300 million in annual revenues. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. WOMEN'S CARE: S&P Assigns 'B-' ICR; Outlook Stable -------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to Women's Care Holdings Inc. At the same time, S&P assigned its 'B-' issue-level rating and '3' recovery rating to the first-lien debt and its 'CCC' issue-level rating and '6' recovery rating to the second-lien debt. S&P said, "Our assessment of Women's Care's business risk profile reflects its small scale and narrow focus in the fragmented obstetrics/gynecology market. The company generates roughly $380 million of annual pro forma revenue, which places it at the smaller end of the range relative to its rated health care services peers. Women's Care competes in the highly fragmented obstetrics and gynecology (OB-GYN) market and is concentrated in a very small handful of local markets. S&P views the OB-GYN segment favorably because its demand tends to be resilient, supported by long-term patient-physician relationships and a high portion of non-discretionary patient visits for pregnancies, procedures, and preventative care." Somewhat offsetting the company's small scale are its leading market shares across multiple metropolitan statistical areas (MSAs) including Tampa, Orlando, and Jacksonville, Fla. and London, Ky. Women's Care also benefits from its high proportion of births paid through commercial payers with less than 10% of its revenue from government payers. In addition, its business benefits from low capital spending requirements with roughly $5 million in annual capital expenditure. S&P said, "We expect upper single digit percentage organic revenue growth in 2021 supported by resilient demand, management's growth initiatives, and more normalized patient volumes relative to its 2020 levels, which were negatively affected by COVID-19 related disruptions. We view OB-GYN as a relatively stable segment of the health care services industry, which has helped the company sustain its business through the COVID-19 pandemic. Women's Care lost some business, particularly in the second quarter of 2020 when the emergence of COVID-19 led to a shortage of personal protective equipment (PPE) that caused it to voluntarily close multiple offices. However, the company resumed operations at these offices by the third quarter. Although the number of COVID-19 cases remains high and there is continued uncertainty, we believe the company has implemented the necessary safety protocols to operate in 2021 with minimal disruption." "Women's Care derives about 25% of its revenue from ancillary services (such as urogynecology, maternal fetal medicine, fertility, and lab services) and we expect these services to support its growth in 2021. The company also completed a lab expansion project in 2019 and launched its in-sourced testing capabilities in 2020, which we expect will lead to continued growth in 2021. Women's Care is also pursuing opportunities to add ancillary services to its London, Ky. operation. We also expect the company to expand its business through acquisitions, given that it has acquired multiple platforms over the past few years, and anticipate it will remain acquisitive under BC Partners' ownership." "We expect the company to generate modestly positive discretionary cash flow supported by its top-line growth and stable profitability. When evaluating Women's Care's cash flow metrics, we place additional emphasis on its discretionary cash flow, which we calculate after the physician minority interest distributions are paid and before deferred escrow payments. This treatment reflects our view that the deferred escrow payments, which are deferred consideration for acquired practices, are more akin to acquisition spending than operating expenses. We expect the company to generate positive discretionary cash flow throughout our forecast period. In addition, we anticipate its growing top line, stable profit margins, and continued low capital expense requirements will support its cash generation. However, the potential that Women's Care will aggressively pursue large acquisitions involving material integration and transaction costs poses a significant risk to our cash flow forecast." "We expect a highly leveraged financial risk profile with adjusted debt to EBITDA in the 8x-9x range and discretionary cash flow to debt of less than 3% in 2021. We expect Women's Care's credit measures to remain highly leveraged throughout our forecast period. Given its ownership by a financial sponsor, we expect the company to take on debt and use any debt capacity created through EBITDA growth to expand its business or reward its equity holders. Women's Care has historically grown by acquisition and we expect acquisitions to remain a key part of its business strategy going forward as it seeks to consolidate the highly fragmented OB-GYN market." "The stable outlook on Women's Care reflects our expectation its leverage will remain well above 6x and that the company will generate positive free cash flow (in the single-digit millions range) annually (after accounting for dividends to its minority owners but before deferred escrow payments) supported by its resilient demand and stable profitability." S&P could lower its rating on Women's Care if it generates cash flow deficits and it does not expect a near-term and sustainable return to positive discretionary cash flow. This could occur if: -- Its patient volumes decline in 2021, potentially due to a prolonged disruption from COVID-19; -- Its reimbursement rates decline materially; -- Its costs are higher than expected, including non-recurring items, which weakens its cash generation; or -- Overly aggressive financial policies lead it to undertake large debt-funded acquisitions or shareholder rewards. S&P could raise its rating on Women's Care if its cash flow generation improves and it sustains discretionary cash flow to debt of more than 3% on a sustained basis. This could occur if: -- Its operating costs are lower than expected due to the efficient management of its initiatives, such as acquisition integration, consulting fees, and transaction related expenses; and -- Its financial policies support the maintenance of its improved cash generation levels on a sustained basis. [*] Commercial Chapter 11s Up 29% in 2020 ----------------------------------------- Total bankruptcy filings during calendar year 2020 (Jan. 1-Dec. 31) decreased 30% from 2019 as the government and lenders offered stabilization measures in response to the economic challenges resulting from the COVID-19 pandemic. According to data provided by Epiq, total filings fell from 757,634 in 2019 to 529,071 filings during calendar year 2020. Annual bankruptcy filings last registered a similar total in 1986, with 530,438 total filings, and the 30% drop from 2019-20 is the second-largest%age decrease since the 70% drop in filings recorded in 2005-06. That decrease was the result of the implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which prompted total bankruptcies to rise to 2,078,415 ahead of its enactment then fall to 617,660 total filings in 2006. Total consumer filings were 496,565 nationwide for calendar year 2020 (Jan. 1-Dec. 31), 31% fewer than the 718,584 total filings during 2019. The 2020 consumer filing total is the lowest since the 495,553 filings registered in 1987. Chapter 13 filings decreased 46%, as the 152,828 chapter 13s in 2020 were down from the 282,712 filings in 2019. Commercial filings also declined, as the 32,506 business filings in calendar year 2020 represented a 17% drop from the 39,050 recorded in calendar year 2019. Commercial chapter 11 filings, however, increased 29% during calendar year 2020 as the total of 7,128 climbed past the 5,519 recorded during calendar year 2019. The 2020 commercial chapter 11 filing total was the highest total since the 7,789 filings registered in 2012. "Continued government relief programs, moratoriums and lender deferments have helped families and businesses weather the economic challenges over the past year resulting from the COVID-19 pandemic," said ABI Executive Director Amy Quackenboss. "While stabilization programs have achieved their intended effect in keeping families and businesses afloat amid the pandemic, bankruptcy provides a proven economic shelter for companies and consumers facing mounting financial distress." Epiq, citing statistics from its AACER bankruptcy information services business, said that for December 2020, the total new U.S. bankruptcy filings across all chapters was 34,304 for the month, the lowest monthly total since January 2006. The category that continues to grow year-over-year is commercial Chapter 11 filings, which were up 29% with 7,128 new filings in 2020 compared to 5,518 in 2019. "The peak in Chapter 11 filings for Q2 and Q3 is due to preexisting distressed companies coupled with the onset of a zero-revenue environment. The federal backstop proved a vital lifeline for the stabilization of corporations to protect the US economy," said Deirdre O'Connor, managing director of corporate restructuring at Epiq. "This federal intervention created record breaking capital deployment fueled by investors chasing yield as companies attempt to ride out this storm." "New bankruptcy filings continue to slide into record territory as the global pandemic spurs regulatory intervention to keep U.S. consumers and businesses afloat," said Chris Kruse, senior vice president of Epiq AACER. "The second stimulus package totaling over $900 billion is getting capital into the market and delaying bankruptcy filings across the country." In late December 2020, Congress passed and President Trump signed H.R. 133, the "Consolidated Appropriations Act of 2021," into law, which combined $900 billion in stimulus relief for the COVID-19 pandemic in the U.S. along with a $1.4 trillion omnibus spending bill for the 2021 federal fiscal year. A new round of stimulus payments were provided to Americans; measures such as enhanced unemployment benefits, the Paycheck Protection Program and eviction moratoriums were re-established; and greater bankruptcy-relief measures were incorporated into the new law. Visit ABI's COVID-19 Resources page for additional analysis of the bankruptcy provisions of the new law. Total bankruptcy filings for the month of December decreased 35% to 34,307 in 2020 from the 53,066 filings in December 2019. Similarly, the 32,121 total noncommercial filings for December represented a 36% decrease from the December 2019 noncommercial filing total of 50,160. The 2,186 total commercial filings in December 2020 represented a 25% decrease from the 2,906 total commercial filings during the same period in 2019. Commercial chapter 11 filings in December 2020 edged up by one filing, to 393 from the 392 commercial chapter 11 filings in December 2019. The average nationwide per capita bankruptcy filing rate for calendar year 2020 (Jan. 1-December 31) decreased slightly to 1.71 (total filings per 1,000 population) from the 2.44 rate during 2019. States with the highest per capita filing rates (total filings per 1,000 population) through December 2020 were: 1. Alabama (3.85) 2. Delaware (3.62) 3. Tennessee (3.39) 4. Nevada (2.94) 5. Mississippi (2.85) ABI has partnered with Epiq in order to provide the most current bankruptcy filing data for analysts, researchers and members of the news media. Epiq is a provider of managed technology for the global legal profession. [*] New COVID Relief Law Has Limited Bankruptcy Protections on PPP ------------------------------------------------------------------ Kathleen (Katie) Allare of Perkins Coie wrote an article on JDSupra titled "New COVID-19 Relief Law Includes Limited Bankruptcy Protections Regarding PPP Loans." The latest COVID-19 relief legislation provided some additional aid and clarity for a select group of debtors and left many other questions unanswered. The requirements for the next round of the Payroll Protection Program (PPP) and the related changes to the Bankruptcy Code are a small part of the massive appropriations bill signed by President Trump on December 27, 2020. Several key bankruptcy relief sections exclude all Chapter 11 debtors who do not qualify as small business debtors from those provisions. Section 364 of the Bankruptcy Code was amended specifically to authorize post-bankruptcy filing PPP loans for small business debtors who file under Subchapter V of Chapter 11, family farmers under Chapter 12, and individuals filing under Chapter 13 of the Bankruptcy Code. Unforgiven debt created by postpetition PPP loans receives administrative expense priority status under the Bankruptcy Code, rather than simple general unsecured status. This change in the availability of PPP loans for those debtors only becomes effective after the Small Business Administration (SBA) administrator submits a letter to the executive office of the United States trustee that such relief is authorized provided that the debtors meet the other eligibility requirements. The new law is silent about whether (1) general Chapter 11 debtors are barred from receiving a PPP loan during a bankruptcy case, and (2) unforgiven debt under prepetition PPP loans is entitled to priority or may be treated as general unsecured debt. Absent any contrary statutory guidance, it seems likely that courts will restrict post-bankruptcy PPP loans to the types of debtors explicitly listed in the statute and that prepetition PPP loans will not be entitled to special priority status in bankruptcy. Courts may infer that Congress intended to exclude general Chapter 11 debtors from postpetition PPP loans and that Congress removed rulemaking discretion from the SBA regarding debtor eligibility. One wrinkle to this guidance is the change to what generally constitutes property of the bankruptcy estate as listed in Bankruptcy Code Section 541. The new legislation excludes federal COVID-19 relief payments from constituting property of the bankruptcy estate. There is no legislative history to help discern Congressional intent. If relief payments are not property of the estate, it is possible that those funds are not available to serve as collateral for postpetition loans and that prepetition transfers of relief payments (i.e., payments to vendors made from relief payments) may not be subject to avoidance. The new law also protects landlords and suppliers from having payments clawed back in preference actions. If a landlord or supplier entered into a deferred payment agreement with a debtor after March 13, 2020, then the deferred payments (not including fees, penalties, or interest) are exempt from avoidance as a preference under Bankruptcy Code § 547. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2021. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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