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/raid1/www/Hosts/bankrupt/TCR_Public/210121.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, January 21, 2021, Vol. 25, No. 20 Headlines 4402 MAMMOTH: Seeks 34 More Days to File Motion to Sell Property ALIXPARTNERS LLP: Moody's Rates First Lien Credit Facilities 'B2' ALIXPARTNERS LLP: S&P Rates Secured Dual-Currency Term Loans 'B+' ALTRA MORTGAGE: PRH Buying Assets for $10K, Subject to Overbid ANNAGEN LLC: Trustee Taps Smigel Anderson as Special Counsel ARCHDIOCESE OF NEW ORLEANS: Firm Notes of March 1 Deadline ARIVO ACCEPTANCE 2021-1: DBRS Gives Prov. B Rating on Class D Notes BEASLEY BROADCAST: S&P Places 'CCC+' ICR on CreditWatch Positive BLACKROCK INTERNATIONAL: Taps Keating Firm as Legal Counsel CAMBRIAN HOLDING: Fowler Bell Updates on KEMI, et al. CAMBRIAN HOLDING: Stan Cave Represents Hazard Coal, 2 Others CENTURIA FOODS: Voluntary Chapter 11 Case Summary CHARLETTA D. JONES: Default Judgment OKs Brandywine Property Sale CLAUDIA JOSEFINA N. FRAUSTO: Onate Buying Omaha Property for $165K COLGATE ENERGY III: Moody's Gives First Time B2 Corp. Family Rating COLGATE ENERGY: S&P Assigns 'B-' ICR; Outlook Stable COMCAR INDUSTRIES: Travelers Wants Treatment of Class 4 Clarified COMMERCIAL METALS: S&P Rates New $300MM Sr. Unsecured Notes 'BB+' COMMUNITY HEALTH: Doubles Size of Bond Offerings COMMUNITY HEALTH: S&P Rates Junior-Priority Secured Notes 'CCC-' COMMUNITY INTERVENTION: Feb. 16 Hearing on Futures' Assets Sale Set COMMUNITY INTERVENTION: Hearing on South Bay Assets Sale on March 4 CONCRETE PLUMBING: Moody's Rates New $350MM Second Lien Notes 'B3' CONCRETE PUMPING: S&P Alters Outlook to Stable, Affirms 'B' ICR CONGERS PHARMACY: Seeks to Hire Bronson Law Offices as Counsel CONSOLIDATED COMMUNICATIONS: Loan Add-on No Impact on Moody's CFR COSI INC: Court Extends Plan Exclusivity Until March 22 CSL CAPITAL: S&P Rates New $750MM Senior Unsecured Notes 'CCC' CYRIL FULTON: Trustee Selling Naples Condo Unit 201 for $1.2-Mil. DAVID M. MONAGO: Court Confirms $7K Sale of Property in Bradford DBMP LLC: Plan Exclusivity Extended Thru March 22 DESTILERIA NACIONAL: Feb. 12 Hearing on Competing Plans DESTINATION HOPE: Gets OK to Hire Sodl & Ingram as Special Counsel DIMENSION DESIGN: Seeks to Employ JMM CPA as Accountant DO@KING PLOW ARTS: Seeks Approval to Hire Real Estate Agent EVERGREEN MORTGAGE: Robinson Buying Orangeburg Property for $65K FESTIVE WORKS: Case Summary & 3 Unsecured Creditors FIRSTENERGY SOLUTIONS: Legal Fees Hearing Pushed Back to July FRANCESCA'S HOLDINGS: Committee Retains Cole Schotz as Counsel FRANCESCA'S HOLDINGS: Committee Taps Province as Financial Advisor FRANCESCA'S HOLDINGS: TerraMar Tops Auction, Keeping 275 Stores FRANKLIN AUTO BODY: Seeks to Hire M. Greenwald as Accountant FRANKLIN AUTOR BODY: Seeks to Hire Douglas T. Tabachnik as Counsel GLADSTONE INVESTMENT: Egan-Jones Withdraws BB+ Sr. Unsec. Ratings GRATITUDE TRAINING: Gets OK to Hire Van Horn Law Group as Counsel GREEN MOUNTAIN: Cotney Represents 5 FLSA Claimants HIGHLAND MANAGEMENT: Ross, McKenzie Represent Ellington Claimants IMMUNSYS INC: Seeks Approval to Hire Fish & Richardson IN-SHAPE: Agrees to Slash Break-Up Fee for Lead Bidder INTEGRATED AG XI: Case Summary & 7 Unsecured Creditors JACOBSON DEVELOPMENT: Voluntary Chapter 11 Case Summary LETTUCE DEVELOP: Seeks Approval to Hire Dakil as Auctioneer LETTUCE DEVELOP: Seeks to Hire Cocheran & Associates as Accountant LIGHTHOUSE RESOURCES: Auction of Washington Assets Set for Feb. 16 LONGHORN JUNCTION: Seeks to Hire Hilco as Real Estate Advisor MAGNOLIA LANE: March 4 Plan Confirmation Hearing Set MALLINCKRODT PLC: Court OKs Payment of Groups' Fees Despite Outcry MARCO POLO RESTAURANT: Case Summary & 18 Unsecured Creditors MARLEY STATION: MCB Offers $19.7 Million for Glen Burnie Mall MEADE INSTRUMENTS: Fair Harbor Offers $13.5K for Proof of Claim MICHAEL GALMOR: Trustee's $66K Sale of 132-Acre Wheeler Land Okayed MICHAEL K. HERRON: $400K Sale of Pittsburgh Property to Wang OK'd MICHAEL K. HERRON: Sale of Pittsburgh Property to Oakland Confirmed MILLS FORESTRY: Unsecureds to Get Share of Income for 3 Years MRI FOOD HALLS: Cargo Food Authority Files for Chapter 7 NAJEEB A. KHAN: Trustee Selling Grove of Peoria Interest for $120K NORTHERN HOLDINGS: Seeks June 25 Plan Exclusivity Extension O & B HACKING: Gets Short Extension of Plan Deadline PREMIERE JEWELLERY: Trustee Seeks to Hire Omni as Claims Agent PURDUE PHARMA: Insurer Says Committees Can't Bring Coverage Suits QUALITY PERFORATING: $2.33M Sale of All Assets to Bulls Approved RAMAN ENTERPRISES: Plan & Disclosure Statement Due July 15 RONNA'S RUFF: Proposed Online BigIron Auction of Equipment Approved RTI HOLDING: Dennis Mill Buying RT Tampa's Valrico Assets for $1.6M SCULPT MEDICAL: Plan of Reorganization Confirmed by Judge SHADDEN LLC: March 8 Plan Confirmation Hearing Set SUNDIVE COMMODITY: Case Summary & 20 Largest Unsecured Creditors SUPERIOR ENERGY: Davis, Porter Update List of Noteholders TIGER OAK: Choice Bank Says Disclosures Misleading TIGER OAK: In Talks With Committee on Consensual Plan TIMOTHY M. ROEWE: $195K Sale of Franklin Property to Kuenzels OK'd TM HEALTHCARE: Seeks April 15 Plan Exclusivity Extension TRC FARMS: Wins March 18 Solicitation Exclusivity Extension VECTOR LAUNCH: Plan Declared Effective Jan. 19, 2021 VILLA VERDE: Court Confirms Reorganization Plan VITALITY HEALTH: Seeks Approval to Tap Stretto as Claims Agent WARDMAN HOTEL: Jan. 21 Deadline for Panel Questionnaires Set WATERS RETAIL: No Objections Filed; Court Confirms Plan WIRTA HOTELS: Holiday Inn Has Issues With Assumption, Cure Amount Z & J LLC: Unsecured Creditors to be Paid in Full With Interest [*] Hotel Bankruptcy Filings Rise Amid Spike in COVID [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 4402 MAMMOTH: Seeks 34 More Days to File Motion to Sell Property ---------------------------------------------------------------- 4402 Mammoth Investors, LLC filed with the U.S. Bankruptcy Court for the Central District of California a notice of its request to extend its deadline to file either a motion to sell the real property subject to the lien of Creditor Stonehaven, LLC, a motion to refinance that property, or a proposed Plan and Disclosure Statement -- presently Jan. 15, 2021 -- for 34 days (i.e., until Feb. 18, 2021). A hearing on the Motion via ZoomGov is set for Feb. 11, 2021, at 10:00 a.m. Objections, if any, must be filed 14 days prior to the hearing date. The Debtor filed a voluntary petition for relief under Chapter 11 on an emergency basis on Feb. 26, 2018, initiating the case. Its major asset is real property located at 120 Stonehaven Drive, in Los Angeles, California. Several disputed matters have been heard and determined in the case after extensive litigation with Stonehaven, as follows: 1. Stonehaven filed a motion for relief from automatic stay on May 14, 2018. At the initial hearing on June 27, 2018, the Court denied the motion on the "bad faith" grounds alleged in the motion, and set the motion for evidentiary hearing as to two remaining issues -- the value of the Property and the amount owed to Stonehaven. After evidentiary hearings and briefing on several issues, the Court entered an order denying Stonehaven's relief from stay motion on July 26, 2019. 2. Mammoth filed an objection to Stonehaven's Proof of Claim on Jan. 12, 2019. Following a multi-day evidentiary hearing on the Objection, the Court determined that Stonehaven's claim was allowable in an amount far less than Stonehaven had claimed, primarily because the "compounding" feature of the Note was impermissible and the late charges assessed by Stonehaven were excessive. A verbal ruling was made on Oct. 11, 2019; no order has yet been entered as to the allowed amount of the Stonehaven claim. However, Stonehaven computed the principal, interest and late charges portion of its claim under the rules stated by the Court at $2,533,442 as of Oct. 11, 2019, with interest accruing at $750 per day thereafter. 3. After the Court had made its verbal ruling on Stonehaven's claim on Oct. 11, 2019, Stonehaven filed a motion to amend its claim on Nov. 6, 2019. After additional briefing, the matter was heard on February 20, 2020 and taken under submission. The Court entered a Memorandum of Decision and an Order denying Stonehaven's motion to amend its claim on July 31, 2020. 4. Mammoth filed a motion to refinance the Property on Nov. 7, 2019, which was revised on Nov. 14, 2019. After evidentiary hearings, the refinance motion was taken under submission on March 5, 2020. The Court entered an Order denying that motion without prejudice (for the specific reasons stated in the Order) on Aug. 3, 2020. 5. On Aug. 21, 2020, the Court entered a Scheduling Order which stated in part as follows: "5. By Nov. 6, 2020, the Debtor must file either (a) a motion to sell the property subject to Stonehaven's lien; (b) a motion to refinance that property; or (c) a plan and disclosure statement. 6. A further status conference will be held heard on Dec. 10, 2020 at 10:00 a.m." 6. On Nov. 6, 2020, Mammoth filed a "Motion for Extension of Time to File Motion to Sell, Motion to Refinance, or Plan and Disclosure Statement." The First Extension Motion was granted by an Order entered Dec. 14, 2020, which extended the deadline to Jan. 15, 2021. 7. The issue of the amount, if any, of attorneys' fees and costs due to Stonehaven secured by the Property has not yet been resolved. As directed by the Scheduling Order, Stonehaven filed supplemental declarations regarding its fees and costs on Sept. 10, 2020, to which Mammoth responded on Sept. 24, 2020 and to which Stonehaven replied on Oct. 1, 2020. TThe matter of Stonehaven's attorneys' fees was taken under submission on Oct. 8, 2020. No order has yet been entered. To this point, all of the deadlines set by the Court (including in the Scheduling Order) have been met or extended by order. The deadline fixed for Mammoth to file a motion to sell the property, motion to refinance the property, or a Chapter 11 plan and disclosure statement was set solely by the Scheduling Order, not by a statute or rule. It is not a "small business case" or a Subchapter V case. Three factors constitute cause for a further enlargement of the time for Mammoth to file a motion to sell or refinance the property, or a Plan and Disclosure Statement. First, Mammoth has made progress in filing a renewed motion to refinance the Property that will overcome the reason why the prior motion to refinance was denied without prejudice -- payment of Stonehaven in full. First Choice Bank ("FCB") has been in discussions with Mammoth regarding such a loan. In view of the lack of income generated by the Property and the above-market interest accruing to Stonehaven, Mammoth is strongly motivated to close the refinance loan as soon as possible. Second, the Court has not yet entered an order with respect to Stonehaven's attorney's fees and costs. At this point, the range of that possible determination is an unknown amount between zero and the full amount requested by Stonehaven ($372,695). In relationship to the amount owed to Stonehaven on the principal and interest portion of its debt, and as a fraction of the value of the Property, that variation is significant: It affects the terms of the loan that Mammoth will ultimately obtain, and the requirement for the availability of other funding for payment of Stonehaven's fees and costs. Finally, Stonehaven will not be prejudiced by the extension requested by the Motion. Stonehaven's note bears interest at the over-market rate of 18%, and a relative of its principal occupies the Property without payment of rent. There is no harm that could befall Stonehaven as a result of the requested extension. Accordingly, Mammoth asks that the Court extension sought. About 4402 Mammoth Investors, LLC Real estate lessor 4402 Mammoth Investors, LLC, holds a single asset, a residential single family residence located at 120 Stonehaven Way, Los Angeles, California. The Company previously sought bankruptcy protection on Sept. 26, 2016 (Bankr. C.D. Cal. Case No. 16-22700). 4402 Mammoth Investors, LLC, based in Glendale, CA, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 18-12055) on Feb. 26, 2018. The Hon. Julia W. Brand presides over the case. In the petition signed by Arthur R. Aslanian, manager, the Debtor estimated $1 million to $10 million in both assets and liabilities. Mark T. Young, Esq., at Donahoe & Young LLP, serves as bankruptcy counsel. Greenberg Glusker Fields Claman & Machtinger LLP; Hennelly & Grossfeld LLP, as special litigation counsels. ALIXPARTNERS LLP: Moody's Rates First Lien Credit Facilities 'B2' ----------------------------------------------------------------- Moody's Investors Service assigned a B2 rating to AlixPartners, LLP's proposed senior secured first lien credit facilities. The B2 Corporate Family Rating and stable outlook remain unchanged. AlixPartners is issuing a new $2.2 billion senior secured first lien term loan B due 2028 and a new $170 million revolver due 2026 to refinance existing debt and partially fund an approximately $360 million special dividend. The new senior secured credit facilities will replace the existing senior secured credit facilities that consist of a $85 million revolver and approximately $1.9 billion term loan B. The assigned rating is subject to review of final documentation and no material change in the size, terms and conditions of the transaction as advised to Moody's. Moody's expects the structure of the new facilities to be substantially similar to the current credit facilities. The new facilities will be guaranteed by the Partnership's existing and future wholly owned domestic subsidiaries and will be secured by a first priority lien on substantially all of the company's assets and each of its subsidiary guarantors' assets as well as a pledge of the capital stock held by the company and its directly owned domestic subsidiaries. Assignments: Issuer: AlixPartners, LLP Senior Secured 1st Lien Term Loan B, Assigned B2 (LGD3) Senior Secured 1st Lien Revolving Credit Facility, Assigned B2 (LGD3) RATINGS RATIONALE The transaction is a credit negative since Moody's expects leverage to increase pro forma for the new debt and additionally, $100 million of the company's cash on hand will be used to fund a portion of the special dividend. As of year-end 2020, the company had approximately $400 million of cash on the balance sheet. The transaction increases availability under the revolver since the size of the revolver is increasing to $170 million from $85 million. Moody's estimates that debt/EBITDA will increase to 5.9x pro forma for the transaction (leverage adjusted for Moody's standard adjustments) from 5.2x as of the end of September 2020. Free cash flow generation for the LTM September 2020 period was solid at $160 million driven by sustained EBITDA margins in the 20% to 25% area and favorable impact from working capital. Moody's expect that free cash flow will be in the $100 million area for the next twelve months. AlixPartners' credit profile is constrained by the aggressive financial policies reflected in its frequent sizeable debt funded shareholder distributions. The company's proposed shareholder distributions follows distributions of $380 million in May 2019, $185 million in April 2018, $260 million in April 2017, $125 million in July 2015, and $190 million in July 2013 that have all been accomplished through leveraging transactions. The company has been able to de-lever through earnings growth after each distribution. Moody's expects that these special distributions will continue on an opportunistic basis and we expect the company to be prudent with financial policy during times of economic recessions. Moody's also expects leverage to be maintained well below the 7.0x downgrade threshold should there be any earnings decline in the future. The company's rating is supported by its balanced business profile and strong name recognition. AlixPartners' provides a portfolio of consulting services that operate in varying economic cycles. The consulting practice advises its clients on top line growth initiatives, integration of acquisitions, execution of digital strategies and profit optimization in a growing economy. In times of counter cyclical economic periods such as recessions or industry specific downturns, the company's restructuring services helps clients by focusing on the balance sheet, cash flow improvement, debt restructuring, asset rationalization, and improving operating performance. Its less cycle financial advisory services advice companies when faced with regulatory, risk management, fraud, and litigation related needs. The revenue mix over the last 10 years is more exposed to pro-cyclical businesses, but provides sufficient balance to mitigate downside risk when the global economy slows. AlixPartners' solid performance track record has been demonstrated by its organic growth. During the last downturn, the company's revenues declined only in one year. Since the last recession, the company has delivered revenue growth that ranges from the high single digits to teens. The company also benefits from its presence in various geographies and the diversity of service offerings across its business segments. AlixPartners' credit profile is also supported by its relatively strong employee retention, which is a key factor in the revenue earning ability of the firm. Key employee turnover is generally a major concern for consulting firms because the industry is highly relationship driven and the loss of a significant number of key employees could materially affect the company's service delivery and profitability. Over the recent years, AlixPartners' voluntary employee attrition rates have remained relatively stable and consistent with the long term trends, reflecting high compensation packages and the attractiveness of working at a growing company. As long as the employment and macro-economic environment in the United States continues to be favorable, employee turnover risks persist. However, continued high levels of cash compensation and significant equity participation by managing directors subject to a long-term vesting schedules partially mitigates this risk. The stable outlook reflects our expectation that leverage will remain well below the downgrade threshold of 7.0x over the next year as well as the expectation that company will maintain a good liquidity profile. The stable outlook incorporates the view that company's business profile is well balanced between cyclical, counter-cyclical and less-cyclical revenue sources and engagements. Given the well-known recognition among the company's clients and potential clients Moody's expect that utilization of the workforce will remain strong through the economic cycle. Absent any additional special distributions Moody's expect the company to be able to generate free cash flow and for the company to delever. Moody's expects that AlixPartners will maintain good liquidity supported by cash levels of at least $100 million, access to the new $170 million revolving credit facility maturing January 2026 and free cash flow generation of at least $100 million over the next 12 months. Moody's view AlixPartners' governance risk as high due to its ownership by management and private equity firms. Financial policy has been aggressive over the recent years due to frequent debt funded distributions. AlixPartners' board of directors consists of the management team. Financial disclosures are also more limited than for public companies. Environmental considerations are not material credit factors. There is some social risk in that the company is privy to confidential and private information regarding its clients and any information breach would have a material credit impact on the company. The corona virus is also a social consideration given that consulting businesses are very people driven and depend on the ability to travel and maintain client relationships. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company demonstrates a commitment to more conservative financial policies, sustains its Moody's adjusted debt-to-EBITDA below 5.0x and EBITDA-less-capex to interest above 2.5x. The ratings could be downgraded if the company experiences declining revenues and operating margins or high employee turnover rates. Debt-financed dividends or acquisitions causing adjusted debt-to-EBITDA to increase above 7.0x and EBITDA-less-capex to interest to decline below 1.5x, or a material weakening in liquidity could also pressure the ratings. AlixPartners, LLP is a global provider of a broad range of consulting services, including Enterprise Improvement, Financial Advisory, Digital, and Turnaround & Restructuring. The company operates 23 offices located in the Americas, Europe, the Middle East and Asia. Since January 2017, AlixPartners' owners include the company's founder Jay Alix, a group of investors composed of CDPQ, PSP Investments, and Investcorp, and its existing Managing Directors. For the LTM period ended September 30, 2020, AlixPartners generated revenues of approximately $1.6 billion. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. ALIXPARTNERS LLP: S&P Rates Secured Dual-Currency Term Loans 'B+' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '3' recovery rating to AlixPartners LLP's proposed $2.2 billion senior secured dual-currency term loans and $150 million senior secured revolver (undrawn). The '3' recovery rating indicated its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery of principal in the event of a payment default. AlixPartners plans to use the proceeds from this transaction, along with available cash, to refinance its existing senior secured credit facility and issue a roughly $360 million special dividend to its equity holders. The company's transaction financing includes a first-lien senior secured credit facility comprising a $1.775 billion term loan, a EUR344 million term loan, and an undrawn $150 million revolver. S&P said, "We expect the roughly $285 million of incremental debt from this refinancing will cause the company's leverage to remain elevated toward the higher end of our threshold for the current rating with pro forma leverage remaining at 6x in 2021 before declining to the high-5x area in 2022 due to continued organic revenue and EBITDA growth. However, the incremental debt burden leaves AlixPartners with little room for additional debt leverage at the current rating." "Our 'B+' issuer credit rating and stable outlook on the company remain unchanged, which reflects our expectation that its business trends will remain solid due to the sustained demand for its consulting, financial advisory, and restructuring services during the coronavirus pandemic and economic recession. We expect the demand for its services to continue to support organic revenue growth in the high-single digit percent area and enable it to expand its EBITDA base over the next two years." "We could lower our issuer credit rating on AlixPartners if the demand for its services declines, causing its leverage to remain above 6x and its discretionary cash flow (DCF) to debt to fall below 2% on a sustained basis. This could occur if its revenue declines by more than 5%, the company pursues additional debt-financed dividends, or its EBITDA margin declines by more than 100 basis points." "It is unlikely that we will raise our rating on AlixPartners over the next 12 months primarily due its aggressive financial policy and history of debt-funded dividends. An upgrade would require the company to report a stronger-than-expected operating performance combined with a more conservative financial policy while reducing its leverage to the mid-4x area on a consistent basis." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario contemplates a default occurring in 2025 because of factors such as a weak operating performance due to adverse events that effect its reputation, intense competition resulting in the loss of key clients or managing directors, difficulty attracting and retaining qualified professionals, or unsuccessful new market launches, which could exacerbate its already high levels of leverage. -- S&P believes the company's lenders would pursue a reorganization rather than a liquidation in a hypothetical default due to its favorable brand, client relationships, and asset-lite business model. -- AlixPartners LLP is the borrower under its proposed senior secured first-lien credit facility, which comprises $2.2 billion of outstanding first-lien dual-currency term loans and a $150 million revolving credit facility. -- The credit facility is unconditionally guaranteed by its parent AlixPartners Holdings LLP and subsidiary AlixPartners Holdings II LLC, in addition to the company's other material domestic U.S. subsidiaries. The credit facility is secured by substantially all domestic tangible and intangible assets of the borrower and guarantors, in addition to a pledge of 65% of the capital stock of the company's first-tier foreign subsidiaries. -- Other default assumptions include an 85% draw on the revolving credit facility, LIBOR is 2.5%, and all debt amounts include six months of prepetition interest. Simulated default assumptions -- Simulated year of default: 2025 -- EBITDA at emergence: About $210 million -- EBITDA multiple: 6x Simplified waterfall -- Net enterprise value (after 5% administrative costs): About $1.2 billion -- Senior secured debt claims: About $2.3 billion -- Recovery expectations: 50%-70% (rounded estimate: 50%) ALTRA MORTGAGE: PRH Buying Assets for $10K, Subject to Overbid -------------------------------------------------------------- Altra Mortgage Capital, LLC, filed with the U.S. Bankruptcy Court for the Central District of California a notice of its proposed bidding procedures in connection with the sale of assets to PRH Capital, LLC for $10,000, subject to overbid. The Assets to be sold consists of the following intellectual property: (a) the two Trademarks: (i) ALTLOAN and (ii) NOREDTAPE; (b) the Three Domain Names: (i) altloan.com; (ii) noredtape.com; (iii) altapp.com, including websites and marketing materials and social media assets for them; (c) the Real Estate Investors and Mortgage Brokers and Pricing Database; (d) the web based, front-end Loan Pricing Software; and (e) all of the goodwill relating to the Purchased Assets. During the COVID-19 pandemic, the Debtor was faced with the stoppage of the secondary market on which it sells the loans it originates. The secondary market for the type of loans that Debtor originates, Non-Qualified ("NQ") mortgage loans, ceased operating. Because the Debtor lost its ability to sell its loans when the secondary market closed, it paused its operations. On Sept. 10, 2020, the Debtor filed voluntary Chapter 11 bankruptcy in the Court. It has no employees, sales or income. The Debtor proposes to sell any and all assets to raise money for the bankruptcy estate. Blake Scheifele is the Managing Member of PRH Capital. PRH Capital is also a 40% owner and the General Partner of the Debtor. The consideration to be paid for the Assets, which is also the minimum bid amount for the auction sale is $10,000. The sale is subject to higher and better bids at the auction on Feb. 18, 2021 at 2:30 p.m. The minimum bid increment is $1,000. The sale closing date is Feb. 19, 2021, on which the Buyer must wire the full payment to the Seller. The Purchaser will acquire the Assets free and clear of liens, claims, encumbrances, and interests. To qualify as a bidder, and to obtain a copy ofthe Asset Purchase Agreement with the terms of sale, interested bidders must contact the Law Offices of Michael Jay Berger, the counsel for the Debtor and Seller. Pre-purchase due diligence is subject to the signing of a confidentiality agreement. Due diligence may be conducted by contacting the counsel for the Debtor. The deadline for bidder qualification is the later of seven days before the auction or Feb. 12, 2021 at 5:00 p.m. (PT). The sale is not subject to commissions. There are no anticipated tax consequences of the sale to the Debtor. The Buyers should consult their own tax counsel to obtain tax advice. The value in these intellectual property Assets resides in the light traffic to the urls, and the minor name and brand recognition ofthe domain names and trademarks. The light web traffic, and the minor name and brand recognition could potentially generate leads in the future when the market revives after the COVID-l9 pandemic. Therefore, the Purchaser has offered $10,000 for these assets. The valuation was reached on a cost to obtain method. It would cost approximately $10,000 to purchase the domain names, to register the trademarks, and to purchase a customer list in the open market. The Database contains many stale names because there was no salesforce in place to update it during COVID-l9. There is no market for the Software because it is too costly to operate and maintain. Nobody was interested in acquiring the Software because it requires too much expertise to operate and maintain, and is therefore too expensive to operate. Several large software companies now offer similar platforms, which are inexpensive to license, require little to no upfront investment, and no special expertise to operate. objections to the proposed date, if any, must be filed with the Court by no later than Feb. 4, 2021 at 5:00 pm. (PT). The Debtor asks the Court to waive the 14-day waiting period set forth in Bankruptcy Rule 6004(h). A copy of the Bidding Procedures is available at https://bit.ly/3oZ6Ztm from PacerMonitor.com free of charge. The Purchaser: PRH CAPITAL LLC 1507 7th Street, #415 Santa Monica, CA 90401 Counsel for Debtor: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Avenue, 6th Floor, Beverly Hills, CA 90212 E-mail: Michael.berger@bankruptcypower.com Sofya.Davtyan@bankruptcypower.com Debra.Reed@bankruptcypower.com Altra Mortgage Capital, LLC sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 1:20-bk-11653-VK) on Sept. 10, 2020. ANNAGEN LLC: Trustee Taps Smigel Anderson as Special Counsel ------------------------------------------------------------ Lawrence Frank, the appointed trustee in the Chapter 11 case of Annagen, LLC, seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Smigel Anderson & Sacks, LLP as special counsel. Smigel Anderson will represent the bankruptcy trustee with respect to any actions to be taken against any parties interfering with the Debtor's contracts with customers, including violations of non-disclosure agreements and breach of non-competition contracts. Smigel Anderson will be paid at these rates: Michael Kelly $350 per hour Stuart Sacks $325 per hour The Debtor will reimburse the firm for out-of-pocket expenses incurred. Stuart Sacks, Esq., at Smigel Anderson, disclosed in a court filing that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stuart S. Sacks, Esq. Smigel ANderson & Sacks, LLP 4431 North Front Street, 3rd Floor Harrisburg, PA 17110-1778 Phone: (717) 234-2401 Fax: (717) 234-3611 Email: ssacks@sasllp.com About Annagen LLC Annagen, LLC is a privately held corporation that provides colocation, infrastructure and application hosting services that work side by side with a large variety of industries including healthcare, financial, education, transportation and government to accelerate their technology evolution from the ground to the cloud. It operates a data center in Harrisburg, Pa. Visit https://www.netrepid.com for more information. Annagen filed a Chapter 11 petition (Bankr. M.D. Pa. Case No. 19-03631) on Aug. 27, 2019. The petition was signed by Annagen President Samuel D. Coyl. At the time of the filing, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Judge Henry W. Van Eck oversees the case. The Debtor tapped Purcell, Krug & Haller and the Law Offices of John M. Hyams as its bankruptcy counsel; Thomas, Thomas & Hafer, LLC as its special counsel; and RSB & Associates, P.C. as its accountant. Lawrence G. Frank, Esq., was appointed as trustee in the Debtor's Chapter 11 case on Oct. 14, 2020. The trustee is represented by his own firm, the Law Office of Lawrence G. Frank. ARCHDIOCESE OF NEW ORLEANS: Firm Notes of March 1 Deadline ---------------------------------------------------------- Soren E. Gisleson, a partner at Herman, Herman & Katz, LLC, wrote on New Orleans Legal Examiner an article titled "Implications of a Bankruptcy Filing On Priest Abuse Cases". Lawsuits are costly, time consuming, and can damage a company's finances and reputation. Some businesses that face legal allegations file for bankruptcy due to the cost of the legal process and possible settlements. However, it doesn't always mean the business will close. Typically, Chapter 11 bankruptcy offers the chance to restructure finances to resolve debt, with the goal of maintaining operations in a stronger position once settled. The Catholic church is facing dozens of claims of sexual abuse, some of which date back more than 30 years. The financial impact of the abuse cases led the Archdiocese of New Orleans to file for Chapter 11 bankruptcy in May 2020. As a result of the filing, survivors of sexual abuse by clergy have until March 1, 2021, to seek financial compensation. Given the billions in property ownership and the hundreds of millions of net income it enjoys, the Archdiocese is not in any danger of "closing" or "going out of business." Chapter 7 and Chapter 11 Bankruptcy Options There are two types of bankruptcy that a business may file for: Chapter 7 and Chapter 11. While they have different purposes and processes, they both provide an automatic stay. An automatic stay means pending litigation and legal action against a company is prevented until a federal court bankruptcy judge sets a bar date or the bankruptcy is dismissed for bad faith. The bar date is the last day anyone can make a claim against the business. Once the deadline passes, no financial compensation can be sought without seeking leave from a court. Unlike Chapter 7 bankruptcy, which involves the closure of the business and liquidation of all assets to settle liabilities, Chapter 11 allows a business to reorganize its finances. The company creates a plan for its operations, debts, and assets. If approved, it provides the chance for businesses to remain open and better positioned post-bankruptcy. How Bankruptcy Affects the Settlement Process One of the main differences for lawsuits that involve bankruptcy is which court makes important rulings. Bankruptcy moves the proceedings to federal court, where a federal judge makes rulings instead of a state court judge and jury. Many advocates and victims of clergy abuse feel this is unfair because it takes the hearing out of public court, further enabling the Archdioceses to hide the breadth and depth of the abuse and its misconduct. When a company is being sued and files for bankruptcy, there's a chance the bankruptcy or the abuse claims will be dismissed, but it depends on the type of bankruptcy and the organization's financial situation. For Chapter 11, typically, a settlement pool of funds is created during the restructuring process. If accepted, it's divided among the victims pursuant to agreement of the victims or with court oversight. There is a long history of sexual abuse lawsuits and a pattern of Chapter 11 filings by dioceses in the United States. While the term "bankruptcy" often causes fear that the company won't have to pay its victims what they deserve, or at all, large settlements have been reached with the church on many occasions. In fact, dioceses across the country have paid out billions of dollars to victims of sexual abuse. In 2018, the Archdiocese of St. Paul and Minneapolis reached a $210 million settlement with 450 abuse survivors, one of the largest the church has ever had to pay. Claims against businesses that file for Chapter 11 bankruptcy have a set timeframe to seek financial compensation due to the bar date. Historically, bankruptcy by dioceses has prompted an influx of claims since victims have one final chance to be financially compensated for the abuse they suffered. With March 1, 2021, approaching quickly, the number of sexual abuse claims by clergy in New Orleans will soon be known. How bankruptcy affects the church's legal woes is yet to be seen, but victims are more than ready for the church to take responsibility for their actions -- and inaction. As a victim of sexual abuse, speaking up is never easy. It takes courage to come forward and tell your story. If you or someone you know has been a victim of sexual abuse, you should seek help now. The attorneys at Herman Herman and Katz have decades of experience representing sexual abuse victims. They can answer any questions you may have and help you determine what steps need to be taken to protect your legal rights. We understand what you are going through, and we will make sure you feel comfortable, confident, and informed every step of the way. Please call us at 844-943-7626 or schedule a free, confidential consultation before March 1, 2021, so we can make sure your voice is heard. About the Archdiocese of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans is a non-profit religious corporation incorporated under the laws of the State of Louisiana. On the Web: https://www.nolacatholic.org/ Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square Miles in southeast Louisiana and includes eight civil parishes -- Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. The archdiocese is represented by Jones Walker LLP. Donlin, Recano & Company, Inc. is the claims agent. The Office of the U.S. Trustee appointed a committee of unsecured creditors on May 20, 2020. The committee is represented by Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARIVO ACCEPTANCE 2021-1: DBRS Gives Prov. B Rating on Class D Notes ------------------------------------------------------------------- DBRS, Inc. assigned provisional ratings to the following classes of notes to be issued by Arivo Acceptance Auto Loan Receivables Trust 2021-1: -- $165,719,000 Class A at A (sf) -- $12,523,000 Class B at BBB (sf) -- $6,213,000 Class C at BB (sf) -- $8,543,000 Class D at B (sf) The provisional ratings are based on DBRS Morningstar's review of the following analytical considerations: (1) Transaction capital structure, proposed ratings, and form and sufficiency of available credit enhancement. -- Credit enhancement in the form of overcollateralization, subordination, amounts held in the cash collateral account, and excess spread. Credit enhancement levels are sufficient to support the DBRS Morningstar expected cumulative net loss (CNL) assumption under various stress scenarios. -- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested. For the transaction, the ratings address the timely payment of interest on a monthly basis and principal by the legal final maturity date. DBRS Morningstar assumptions for cash flow modeling are described more fully under the Cash Flow Analysis section of the corresponding report. (2) DBRS Morningstar's projected losses include the assessment of the impact of the Coronavirus Disease (COVID-19). While considerable uncertainty remains with respect to the intensity and duration of the pandemic, DBRS Morningstar-projected CNL includes an assessment of the expected impact on consumer behavior. (3) DBRS Morningstar adjusted the expected loss assumption in consideration of the period of stress related to the coronavirus pandemic. This adjustment takes into account DBRS Morningstar's set of macroeconomic scenarios for select economies related to the coronavirus, available in its commentary "Global Macroeconomic Scenarios: December Update," published on December 2, 2020. DBRS Morningstar initially published macroeconomic scenarios on April 16, 2020, and they have been regularly updated. The scenarios were last updated on December 2, 2020, and are reflected in DBRS Morningstar's rating analysis. The assumptions consider the moderate macroeconomic scenario outlined in the commentary, with the moderate scenario serving as the primary anchor for current ratings. The moderate scenario factors in increasing success in containment during the first half of 2021, enabling the continued relaxation of restrictions. (4) DBRS Morningstar has performed an operational review of Arivo Acceptance, LLC (Arivo) and considers the entity to be an acceptable originator and servicer of subprime and nonprime auto loans. The transaction structure provides for a transition of servicing in the event a Servicer Termination Event occurs. Wilmington Trust National Association (rated AA (low) with a Negative trend by DBRS Morningstar) is the Backup Servicer, and Systems & Services Technologies, Inc. is the contracted subagent to perform the backup servicer's duties. (5) The credit quality of the collateral and performance of Arivo's auto loan portfolio. The weighted-average (WA) remaining term of the Initial Receivables is approximately 66 months with WA seasoning of approximately five months. The nonzero WA credit score of the pool is 558 and the WA annual percentage rate is 16.07%. (6) Loss performance for Arivo's loan originations is limited. As a result, in addition to Arivo's loan performance data, DBRS Morningstar incorporated proxy analysis to help determine the timing of expected losses for the pool. The proxy analysis evaluated certain demographic characteristics of Arivo's originations relative to those of other issuers where DBRS Morningstar possessed more extensive performance history. (7) DBRS Morningstar assigned the Class D notes a rating of B (sf). While DBRS Morningstar's "Rating U.S. Retail Auto Loan Securitizations" methodology does not set forth a range of multiples for this asset class for the B (sf) level, the analytical approach for this rating level is consistent with that contemplated by the methodology. The typical range of multiples applied in the DBRS Morningstar stress analysis for a B (sf) rating is 1.00 times (x) to 1.25x. (8) The legal structure and presence of legal opinions that address the true sale of the assets to the Issuer, the nonconsolidation of the special-purpose vehicle with Arivo, that the trust has a valid first-priority security interest in the assets and the consistency with DBRS Morningstar's "Legal Criteria for U.S. Structured Finance" methodology. The transaction is being structured as a Rule 144A transaction offering four classes of notes: Class A, Class B, Class C, and Class D. Initial Class A credit enhancement of 15.65% includes a cash collateral account (1.00% of the aggregate pool balance (the initial pool balance plus the subsequent receivable balance), funded at inception and non-declining); overcollateralization (OC) of 0.60% of the initial pool balance as of the initial cut-off date; and subordination of 14.05% of the aggregate pool balance. Initial Class B enhancement of 9.20% includes a 1.00% cash collateral account, OC of 0.60% and 7.60% subordination. Initial Class C enhancement of 6.00% includes a 1.00% cash collateral account, OC of 0.60% and 4.40% subordination. Initial Class D enhancement of 1.60% includes a 1.00% cash collateral account and 0.60% OC. Notes: All figures are in U.S. dollars unless otherwise noted. BEASLEY BROADCAST: S&P Places 'CCC+' ICR on CreditWatch Positive ---------------------------------------------------------------- S&P Global Ratings placed the 'CCC+' issuer credit rating on Beasley Broadcast Group Inc. on CreditWatch with positive implications. At the same time, S&P assigned a preliminary 'B-' issue-level rating and '3' recovery rating to the proposed $280 million senior secured notes. The '3' recovery rating indicates S&P's expectation of meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a payment default. Beasley is issuing $280 million of senior secured notes due 2026 and plans to use the proceeds to refinance its entire capital structure. If the transaction is completed, it would eliminate the company's near-term covenant and maturity risks and, depending on the interest rate, could allow the company to generate free operating cash-flow (FOCF) to debt in the low- to mid-single digit percent range. This would give Beasley an extended runway to return leverage to below 5x from well over 6x currently. Refinancing will address Beasley's upcoming maturities and covenant concerns, but will likely come at a high interest rate. The company will use proceeds from the senior notes due 2026 to repay all of its existing debt and will add about $3 million in cash to the balance sheet. S&P said, "While the company will not have a revolving credit facility after the transaction closes, we believe it will have sufficient cash to fund operations through the expected recovery in broadcast radio advertising in 2021. Additionally, canceling the revolver will eliminate the existing first-lien net leverage covenant and the new notes do not contain restrictive financial maintenance covenants. The improvement to near-term liquidity will come at a cost as we expect the company's cost of debt to materially increase with the new notes. The existing capital structure has a 1% LIBOR floor and a 4.5% spread and contains 3% and 1% fees at the end of 2021 and 2022. We expect the new debt to carry a materially higher interest burden over the next few years." Beasley's leverage will remain elevated above 6x though 2021 and the company will need to use virtually all its cash flow to reduce leverage. S&P estimates Beasley Broadcast Group Inc.'s adjusted leverage to remain significantly above 6x in 2021 as the expected recovery in broadcast radio advertising is offset by the resumption of costs that were deferred during the downturn and increased costs to support growth in digital revenue. S&P said, "We expect leverage to normalize in the low-6x area in 2022, when we expect EBITDA will approach pre-pandemic levels. Given the secular declines facing the broadcast radio industry, we believe it will be very difficult for Beasley to reduce its leverage through EBITDA growth. With these new notes, Beasley will need to use virtually all its free cash flow to reduce leverage and maintain the sustainability of its capital structure. The proposed notes feature call protection for the first two years, but we expect the company could repurchase notes in the open market or build cash to redeem notes when the protection expires. If it uses all its cash for reducing leverage, we believe the company will be able to reduce leverage back below 5x before its next refinancing cycle. If the company chooses to use the cash for acquisitions that are not immediately accretive, or that contain any integration risks, it could cause the new capital structure to become unsustainable over the long term." "We expect to resolve the CreditWatch placement when the transaction closes or when we know what the interest burden will be. If the transaction closes at an interest rate around 9% or below, we believe the company will generate sufficient cash flow to reduce leverage, resulting in a likely upgrade to 'B-'. If the transaction is not successful, the issuer credit rating would likely remain 'CCC+'." BLACKROCK INTERNATIONAL: Taps Keating Firm as Legal Counsel ----------------------------------------------------------- Blackrock International, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire The Keating Firm, APLC as its legal counsel. The Debtor needs the firm's services in connection with its Chapter 11 case, which include legal advice regarding its powers and duties in the continued management of its business and property. The firm will be paid at these rates: David Patrick Keating $250 per hour Paralegal and Law Clerks $75 per hour The firm received $1,262, plus the filing fee of $1,738. David Patrick Keating, Esq., a partner at Keating Firm, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Keating Firm can be reached at: David Patrick Keating, Esq. The Keating Firm, APLC P.O. Box 3426 Lafayette, LA 70502 Tel: (337)594-8200 Email: rickkeating@charter.net About Blackrock International Inc. Blackrock International, Inc. is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Blackrock International filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 20-50922) on Dec. 15, 2020. Helen Jean Williams, authorized representative, signed the petition. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $100,000 and $500,000. Judge John W. Kolwe oversees the case. The Keating Firm, APLC serves as the Debtor's legal counsel. CAMBRIAN HOLDING: Fowler Bell Updates on KEMI, et al. ----------------------------------------------------- Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, the law firm of Fowler Bell PLLC submitted an amended supplement to disclose an updated list of creditors that it is representing in the Chapter 11 cases of Cambrian Holding Company, Inc., et al. Fowler Bell PLLC have been engaged to represent: * Kentucky Employers' Mutual Insurance Company 250 W. Main Street, Suite 1100 Lexington, Kentucky 40507. * Komatsu Financial Limited Partnership c/o Vedder Price 1633 Broadway, 31st Floor New York, NY 10019 * ArcelorMittal Dofasco, G.P. c/o Jenner & Block LLP 353 N. Clark Street Chicago, IL 60654-3456 * Carbon Partners, Inc. c/o Egerton, McAfee Armistead & Davis, P.C. 900 S. Gay Street, 14th floor Knoxville, TN 37902 * Pikeville Medical Center, Inc. c/o Don Combs 126 Healthcare Drive Pikeville, KY 41501 KEMI, et al., assert claims against the Debtors. Counsel for KEMI, et al.: FOWLER BELL PLLC Taft A. McKinstry, Esq. 300 West Vine Street, Suite 600 Lexington, KY 40507-1660 Telephone: (859) 252-6700 Facsimile: (859) 255-3735 E-mail: TMcKinstry@Fowlerlaw.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/35W48Kk About Cambrian Holding Belcher, Kentucky-based Cambrian Holding Company, Inc., and its subsidiaries produce and process metallurgical coal and thermal coal for use by utility providers and industrial companies located primarily in the eastern United States and Canada. The company began operations in 1991 and, over time, acquired various mines and mining-related assets from major coal corporations. Cambrian Holding Company and 18 of its affiliates each filed a petition seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Lead Case No. 19-51200) on June 16, 2019. At the time of the filing, Cambrian Holding Company had estimated assets and liabilities of less than $50,000. Judge Gregory R. Schaaf oversees the cases. The Debtors tapped Frost Brown Todd, LLC as bankruptcy counsel; Whiteford, Taylor & Preston, LLP as litigation counsel; Jefferies, LLC as investment banker; and FTI Consulting, Inc., as financial advisor. Epiq Corporate Restructuring, LLC, is the notice, claims and solicitation agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on June 26, 2019. The committee tapped Foley & Lardner, LLP as legal counsel; Barber Law PLLC as local counsel; and B. Riley FBR, Inc. as financial advisor. CAMBRIAN HOLDING: Stan Cave Represents Hazard Coal, 2 Others ------------------------------------------------------------ Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, the Law Office of Stan Cave disclosed that it is representing Hazard Coal Corporation, Kentucky River Properties LLC, and Timberlands, LLC in the Chapter 11 cases of Cambrian Holding Company, Inc., et al. Counsel for Hazard Coal, et al., can be reached at: Stanton L. Cave, Esq. Law Office of Stan Cave P.O. Box 910457 Lexington, KY 40591-0457 Telephone: (859) 309-3000 Facsimile: (859) 309-3001 Email: stan.cave@stancavelaw.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/2XZ8ID0 About Cambrian Holding Belcher, Kentucky-based Cambrian Holding Company, Inc., and its subsidiaries produce and process metallurgical coal and thermal coal for use by utility providers and industrial companies located primarily in the eastern United States and Canada. The company began operations in 1991 and, over time, acquired various mines and mining-related assets from major coal corporations. Cambrian Holding Company and 18 of its affiliates each filed a petition seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Lead Case No. 19-51200) on June 16, 2019. At the time of the filing, Cambrian Holding Company had estimated assets and liabilities of less than $50,000. Judge Gregory R. Schaaf oversees the cases. The Debtors tapped Frost Brown Todd, LLC as bankruptcy counsel; Whiteford, Taylor & Preston, LLP as litigation counsel; Jefferies, LLC as investment banker; and FTI Consulting, Inc., as financial advisor. Epiq Corporate Restructuring, LLC, is the notice, claims and solicitation agent. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on June 26, 2019. The committee tapped Foley & Lardner, LLP as legal counsel; Barber Law PLLC as local counsel; and B. Riley FBR, Inc. as financial advisor. CENTURIA FOODS: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Centuria Foods, Inc. 4022 Technology Way Carson City, NV 89706 Business Description: Centuria Foods, Inc. -- https://centuriafoods.com -- manufactures and sells a full-spectrum of CBD oil products. Chapter 11 Petition Date: January 20, 2021 Court: United States Bankruptcy Court District of Nevada Case No.: 21-50046 Judge: Hon. Bruce T. Beesley Debtor's Counsel: Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 E-mail: mzirzow@lzlawnv.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Slavik Nenaydokh, officer, director, and designated responsible person. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/V3KYO6Q/CENTURIA_FOODS_INC__nvbke-21-50046__0001.0.pdf?mcid=tGE4TAMA CHARLETTA D. JONES: Default Judgment OKs Brandywine Property Sale ----------------------------------------------------------------- Judge Lori S. Simpson of the U.S. Bankruptcy Court for the District of Maryland has entered a default judgment authorizing Janet M. Nesse, Chapter 7 Trustee for the estate of Ron Jones, to sell Jones' co-ownership interest in the real property located at 6707 Chatham Park Drive, in Brandywine, Maryland. Mr. Jones co-owned the Property with Debtor Charletta D. Jones. The Trustee sought entry of a default judgment against Mr. Jones, a defendant in the Adversary Case No. 20-00241-LSS. The default judgment is entered in favor of the Trustee and against the Defendant. The Trustee is authorized to retain any net proceeds, after satisfaction of costs of sale of the Property, until receipt of a Court order directing disbursement. The Trustee: OFFICE OF THE TRUSTEE 6305 Ivy Lane, Suite 600 Greenbelt, MD 20770 The Defendant: Ron Jones 3825 Saxton Court White Plains, MD 20854 The bankruptcy case is In re: Charletta D. Jones, (Bankr. D. Md. Case No. 19-25050-LSS). CLAUDIA JOSEFINA N. FRAUSTO: Onate Buying Omaha Property for $165K ------------------------------------------------------------------ Claudia Josefina Newton Frausto and Eduardo Teodulo Torres ask the U.S. Bankruptcy Court for the District of Nebraska to authorize the sale of the real property commonly known as 11621 Drexel Street, in Omaha, Nebraska, legally described as Lot 115, in Brookhaven West, A Subdivision, as surveyed, platted and recorded in Douglas County, Nebraska, to Lino Onate for $165,000. The following hold lien on the property: (i) Pinnacle Bank (first lienholder), (ii) the Internal Revenue Service (second lienholder), and (iii) Nebraska Department of Revenue ("NDOR") (third lienholder). These liens will be paid in full subject to a proper payoff. Great Western Bank holds a judicial lien on the property arising out of a judgment rendered in the Douglas District Court bearing case number CI 18-909 (POC No. 10). Great Western will receive all net sale proceeds from the sale, after the payoff of the Pinnacle, IRS and NDOR liens that currently encumber the property, except that the bank will allow the Debtors to retain $10,000 of the net sale proceeds. The sale will be free and clear of liens and liens will attach to the proceeds of the Sale in the order of their priority. The anticipated closing date is Feb. 10, 2021. The transfer of the title to real property as described will not result in a tax liability to the Federal or State government arising out of said transfer. Time is of the essence to allow the Debtors to close on the property no later than Feb. 10, 2021 to allow time to have the funds provided to Pinnacle prior to the Trustee Sale that is scheduled for Feb. 17, 2021. They are asking a shortened notice of 14 days on their Motion to Sell Free and Clear as the last day to file an objection/resistance. By the Motion, the Debtors pray that the Court grants the relief sought. Claudia Josefina Newton Frausto and Eduardo Teodulo Torres sought Chapter 11 protection (Bankr. D. Neb. Case No. 20-81097) on Sept. 8, 2020. COLGATE ENERGY III: Moody's Gives First Time B2 Corp. Family Rating ------------------------------------------------------------------- Moody's Investors Service assigned first-time ratings to Colgate Energy Partners III, LLC, including a B2 Corporate Family Rating, B2-PD Probability of Default Rating and B3 rating to the proposed $300 million senior unsecured notes due 2028. The outlook is stable. Colgate will use net proceeds from the notes offering to repay most of its revolver borrowings outstanding and to fund a distribution to shareholders. The transaction is expected to close in late January. "Colgate Energy has a short operating and financial history but is well positioned to grow production and reserves while maintaining low financial leverage and good liquidity," commented Jonathan Teitel, a Moody's analyst. Assignments: Issuer: Colgate Energy Partners III, LLC Probability of Default Rating, Assigned B2-PD Corporate Family Rating, Assigned B2 Senior Unsecured Notes, Assigned B3 (LGD5) Outlook Actions: Issuer: Colgate Energy Partners III, LLC Outlook, Assigned Stable RATINGS RATIONALE Colgate's B2 CFR reflects low financial leverage and strong interest coverage offset by small scale, limited asset diversification and a high proportion of proved undeveloped reserves. Colgate has a short operating track record and financial history during which it grew production to about 30 Mboe/d in December 2020 from 3 Mboe/d in January 2018. While geographically concentrated in the Delaware Basin, the Permian Basin is a top tier oil-producing region in the US. Colgate plans to reinvest cash flow that drives growth while maintaining low leverage and flexibility around distributions to owners. Colgate's consistent hedging program partially mitigates commodity price volatility. The company's proved undeveloped reserves provide the company with a large drilling inventory to grow production but require significant capital investment to develop. Moody's expects Colgate to maintain good liquidity well into 2022. Pro forma for the transaction, Colgate will have an estimated $5 million of cash and $236 million available on its $265 million borrowing base revolving credit facility due January 2023 (reduced from the current $315 million borrowing base concurrent with the transaction). Revolver financial covenants are comprised of a maximum net leverage ratio and a minimum current ratio. Moody's expects Colgate will maintain ample compliance headroom with these covenants into 2022. Colgate's proposed $300 million of senior unsecured notes due 2028 are rated B3, one notch below the CFR, reflecting effective subordination to the company's secured $265 million borrowing base revolver due 2023 (unrated). The stable outlook reflects Moody's expectation that Colgate will grow production and improve credit metrics into 2022 while maintaining low leverage and good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include consistent positive free cash flow generation while significantly growing both production and reserves at competitive returns; maintenance of good liquidity and low leverage; a leveraged full cycle ratio maintained above 1.5x and debt/PD reserves below $8/boe. Factors that could lead to a downgrade include negative free cash flow that leads to higher debt; production declines or significant deterioration in liquidity. An LFCR below 1x, debt/PD above $10/boe or RCF to debt below 30% could result in a ratings downgrade. The principal methodology used in these ratings was Independent Exploration and Production Industry published in May 2017. Colgate, headquartered in Midland, Texas, is a privately-owned independent exploration and production company in the Permian Basin. The company is owned by Pearl Energy Investments, NGP Energy Capital, company management and other employees. COLGATE ENERGY: S&P Assigns 'B-' ICR; Outlook Stable ---------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to Texas-based oil and gas exploration and production (E&P) company Colgate Energy Partners III LLC (Colgate). S&P is also assigning its 'B' and '2' recovery ratings to the company's proposed senior unsecured notes. The '2' recovery rating indicates S&P's expectation for substantial (70%-90%; rounded estimate: 85%) recovery of principal in the event of default. S&P said, "The stable outlook reflects our view that Colgate will maintain modest leverage metrics over the next 12-24 months while growing its production and proved developed reserves. We project Colgate's debt to EBITDA will remain below 1.5x while funds from operations (FFO) to debt remains above 70% over the next two years." "Our 'B-' rating on Colgate reflects its small proved reserve base and production level, its high percentage of proved undeveloped reserves (71%), its lack of geographic diversification, as well as its private equity ownership and proposed dividend payout. Our rating also considers the company's historically low cash costs, high weighting to oil, its moderate leverage metrics, and robust hedging program." Colgate holds a 33,000 net acre position in the Delaware Basin of West Texas and New Mexico, with proved reserves of 144 million barrels of oil equivalent (mmboe) as of year-end 2020 (SEC based), consisting of about 58% oil and about 29% proved developed. In addition, Colgate holds about 7,000 net royalty acres across its position, increasing its net revenue interest (NRI) and enhancing overall profitability. S&P considers the company's profitability to be above average compared with peers because Colgate has higher NRI and competitively low cash operating costs. Colgate's cost structure benefits from 100% of its oil, gas, and water connected to pipelines, in addition to low service costs and wider well spacing than average Delaware Basin peers at 32 wells per 10,000 gross acres. S&P said, "The company plans to run a three-rig drilling program in 2021 that we expect to drive nearly 30% production growth in 2022. Colgate's production averaged about 30,000 boe/day in December 2020 which, up from 3,000 boe/day as of January 2018 after running a two-rig program. After dropping to zero rigs in 2020 because of the sharp drop in oil prices, Colgate is running two rigs and plans to add a third in first-quarter 2021. Based on this activity level, the company expects to maintain average production in the 30,000 boe/day area in 2021 and grow production by 30% in 2022. We anticipate execution risk associated with Colgate's ambitious growth program, given the company's limited history, which we reflect in our rating. Colgate has drilled and completed 50 gross horizontal wells over its history and plans to complete 30 gross wells in 2021. Colgate operates most of its planned wells for 2021, with an average NRI of 77.5%." Colgate has a solid hedging program covering 100% of its proved developed producing or about 70% of its total estimated 2021 oil production at an average price of about $51.5 per barrel (bbl). It will have about 44% of its total production at an average price of $45.15/bbl in 2022, providing some downside protection in case commodity prices decline. Further, S&P expects Colgate's credit metrics to remain strong for the rating with average debt to EBITDA of about 1.25x in 2021 and 2022 and FFO to debt in the low- to mid-70% range. Financial sponsor ownership constrains Colgate's financial risk profile. The largest holders are Pearl Energy Investments (with about two-thirds ownership), NGP Energy Capital (about one-third), and management. Combined, the financial sponsors hold five of the seven board seats, and company management holds the remaining two seats. In S&P's view, this concentration gives the financial sponsors significant influence on Colgate's strategic direction, as well as the ability to influence Colgate's financial policy and ultimately its capital structure. S&P said, "We expect the company to distribute its discretionary free cash flow in the form of dividends, similar to how it's using a portion of the proceeds from the unsecured debt issuance. While the bond's restricted payments covenant provides modest protection in the form of either a 1.0x debt to EBITDA ceiling or consolidated net income basket of 50% of consolidated net income beginning Jan. 1, 2021, we anticipate Colgate will use any incremental cash flow below these thresholds for equity distributions." "The stable outlook reflects our view that Colgate's credit metrics will remain modest as it quickly grows production and proved reserves over the next two years, and that the company will generate positive free operating cash flow. Despite our assumption that it will use a portion of the excess cash for dividend payments, we expect modest credit metrics, with average debt to EBITDA of about 1.25x and FFO to debt in the mid-70% area over the next two years." "We could lower our rating on Colgate if leverage rises above its financial covenant of 3.5x, which could lead its lenders to reduce the level of its credit facility. This would most likely result from either lower commodity prices beyond our 2021 and 2022 assumptions of $45/bbl or Colgate experiencing difficulties executing its ambitious growth target." "While unlikely in the near term, we could upgrade Colgate if it increases its proved developed reserves and production to a level more consistent with higher-rated peers while maintaining adequate liquidity." COMCAR INDUSTRIES: Travelers Wants Treatment of Class 4 Clarified ----------------------------------------------------------------- Travelers Casualty and Surety Company of America filed a limited objection and reservation of rights regarding the Motion of Comcar Industries, Inc., et al. for entry of an order approving the Combined Disclosure Statement and Plan. Travelers, in support of the Debtors' operations, issued prepetition surety bonds for various of the Debtors' workers' compensation, customs and transportation obligations. Various of the Debtors are obligated to indemnify Travelers for its losses pursuant to their indemnity agreements and common law. Travelers' losses are not fully liquidated at this time and are anticipated to exceed the amount of its collateral. As such, under the Debtors' proposed combined plan and disclosure statement, Travelers would hold Class 4 General Unsecured Claims. The Debtors' proposed plan does not substantively consolidate the Debtors. The Debtors request that the Court approve on an interim basis the Proposed Combined Plan and Disclosure Statement for purposes of solicitation. Travelers filed a limited objection seeking clarification of the treatment of Class 4 General Unsecured Claims. Travelers further asserts that: * The treatment of Class 4 and Class 5 creditors is difficult to discern. It is not clear whether all Class 4 creditors must be paid in full before Class 5 creditors may receive a distribution. * The proposed Combined Plan and Disclosure Statement should clearly articulate how the Pro Rata shares of creditors holding claims against multiple Debtors will be calculated in addition to clarifying the treatment of Class 4 Creditors. * There is certain information missing from the Combined Plan and Disclosure Statement that a disclosure statement would customarily contain, such as a liquidation analysis and key governing documents. * If the proposed consolidated balloting and tabulation procedures are approved, such approval should be without waiver of or prejudice to any objection to confirmation of the Plan on procedural or substantive grounds, including the right of Travelers to assert its claims against each of the Debtors and non-debtors, until it has received full satisfaction. Counsel for Travelers Casualty: Lisa Bittle Tancredi, Esquire Womble Bond Dickinson (US) LLP 1313 North Market Street, Suite 1200 Wilmington, DE 19081 Tel: 302.252.4320 Fax: 443.769.1510 E-mail: Lisa.Tancredi@wbd-us.com 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. * * * On June 25, 2020, the Bankruptcy Court entered orders authorizing the Debtors to (i) sell substantially all of the assets of CT to Bulk Transport Company, East, Inc., (ii) sell substantially all of the assets of CTL to Adams Resources & Energy, Inc., and Service Transport Company, and (iii) sell the MCT assets to Contract Freighters, Inc. On Sept. 4, 2020, the Court entered an order authorizing the sale of substantially all of CCC to Bulk Transport Company East, Inc. COMMERCIAL METALS: S&P Rates New $300MM Sr. Unsecured Notes 'BB+' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating to Commercial Metals Co.'s proposed 10-year, $300 million senior unsecured notes. The rating is based on preliminary terms and conditions. The company will use the proceeds from this offering, in addition to cash on hand, to address its $350 million senior unsecured notes that mature in 2026. S&P expects the transaction to extend the company's debt maturity profile. All of its other ratings on the company are unchanged. COMMUNITY HEALTH: Doubles Size of Bond Offerings ------------------------------------------------ Paula Seligson of Bloomberg News reports that Community Health Systems Inc., the debt-laden hospital chain that's been staging a comeback, has more than doubled the size of a bond offering as it takes advantage of some of the lowest yields ever for speculative-grade issuers. After strong recent earnings results, the company is using the momentum to refinance a high coupon and push out maturities. Community is selling a $1.8 billion high-yield bond maturing in 2029 and announced a related tender offer Tuesday. The bond offering's size was increased from $750 million due to strong demand from investors. In a statement, Community Health Systems (NYSE: CYH) on Jan. 19, 2021 announced that its wholly owned subsidiary, CHS/Community Health Systems, Inc. (the "Issuer"), amended the terms of its previously announced cash tender offer (the "Tender Offer") for its outstanding Junior-Priority Secured Notes due 2023 (the "2023 Junior-Priority Secured Notes") to (i) increase the Tender Offer Consideration (as defined in the Issuer's Offer to Purchase dated January 19, 2021 (the "Offer to Purchase")) from $1,035 per $1,000 principal amount of 2023 Junior-Priority Secured Notes validly tendered and accepted for purchase in the Tender Offer to $1,044.06 per $1,000 principal amount of 2023 Junior-Priority Secured Notes validly tendered and accepted for purchase in the Tender Offer and (ii) remove the $750 million tender cap (the "Tender Cap"), increasing the maximum aggregate principal amount of 2023 Junior-Priority Secured Notes that are subject to purchase under the Tender Offer from $750 million to any and all 2023 Junior-Priority Secured Notes outstanding, in each case subject to the conditions set forth in the Issuer's Offer to Purchase. As a result of the increase in the Tender Offer consideration, and in respect of the 2023 Junior-Priority Secured Notes that are validly tendered at or prior to 5:00 p.m., New York City time, on Feb. 1, 2021, unless extended (such date and time, as the same may be extended, the "Early Tender Deadline"), the new Total Consideration (as defined in the Offer to Purchase) for the 2023 Junior-Priority Secured Notes is $1,074.06 per $1,000 principal amount of the 2023 Junior-Priority Secured Notes. The Issuer intends to fund the Tender Offer with the net proceeds from its previously announced junior-priority secured notes offering, which was upsized from $750 million to $1,775 million, and cash on hand. About Community Health Systems Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. The Company, through its subsidiaries, owns, leases or operates 99 affiliated hospitals in 17 states with an aggregate of approximately 16,000 licensed beds. The Company's headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Community Health reported a net loss attributable to the Company's stockholders of $675 million for the year ended Dec. 31, 2019, following a net loss attributable to the Company's stockholders of $788 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $16.51 billion in total assets, $17.99 billion in total liabilities, $481 million in redeemable non-controlling interests in equity of consolidated subsidiaries, and a total stockholders' deficit of $1.95 billion. * * * As reported by the TCR on Nov. 29, 2019, S&P Global Ratings raised its issuer credit rating on U.S.-based hospital operator Community Health Systems Inc. to 'CCC+' from 'SD' (selective default). The upgrade to 'CCC+' reflects the company's longer-dated debt maturity schedule, and S&P's view that Community's efforts to rationalize its hospital portfolio as well as improve financial performance and cash flow should strengthen credit measures over the next couple of years. In November 2020, Fitch Ratings affirmed the Long-Term Issuer Default Ratings (IDR) of Community Health Systems, Inc. (CHS) and subsidiary CHS/Community Health Systems, Inc. at 'CCC'. COMMUNITY HEALTH: S&P Rates Junior-Priority Secured Notes 'CCC-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'CCC-' issue-level rating (two notches below its 'CCC+' issuer credit rating) and '6' recovery rating to Community Health Systems Inc.'s proposed junior-priority secured notes due 2029, which will be issued by its subsidiary CHS/Community Health Systems Inc. The '6' recovery rating indicated its expectation for negligible (0%-10%; rounded estimate: 0%) recovery for the debtholders in the event of a payment default. The new debt will enable Community Health to refinance a portion of its existing junior-priority secured debt due in 2023, which S&P rates at the same level. S&P said, "All of our other ratings on Community Health, including our 'CCC+' issuer credit rating and stable outlook, are unaffected and continue to reflect our improved view of the company's operations and our belief that the risk of additional distressed exchanges or a payment default have declined following its recent financial transactions. However, our ratings also reflect our belief that the risks to the long-term sustainability of Community Health's capital structure remain, especially given the uncertainty stemming from the coronavirus pandemic." COMMUNITY INTERVENTION: Feb. 16 Hearing on Futures' Assets Sale Set ------------------------------------------------------------------- Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the District of Massachusetts will convene a hearing via Zoom on Feb. 16, 2021, at 12:30 p.m., to consider the sale by Community Intervention Services, Inc., South Bay Mental Health Center, Inc., and Futures Behavior Therapy Center, LLC, of substantially all of Futures' assets it utilized in operating its assets, to FBTC Transitional Sub, LL or its eligible designee for $7.5 million, subject to certain adjustments, subject to overbid. Each Participant must send a notice to Courtroom Deputy Stephen Reynolds at stephen_reynolds@mab.uscourts.gov no later than 4:30 p.m. on Feb. 10, 2021. Prior to the Hearing, the Courtroom Deputy will send an email to each Participant providing the login information to appear at the Hearing by video or by telephone. Any questions regarding participation in the Hearing should be directed to Stephen Reynolds at (413) 785-6909. Any person wishing to listen to the Hearing by telephone must email the Courtroom Deputy no later than 48 hours prior to the start of the Hearing; otherwise telephonic information may not be made available. About Community Intervention Services, Inc. Community Intervention Services, Inc. sought Chapter 11 protection (Bankr. D. Mass. Case No. 21-40002EDK). The case is being jointly administered with the bankruptcy cases of its affilliates Community Intervention Services Holdings, Inc., Futures Behavior Therapy Center, LLC, and South Bay Mental Health Center, Inc. COMMUNITY INTERVENTION: Hearing on South Bay Assets Sale on March 4 ------------------------------------------------------------------- Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the District of Massachusetts will convene a hearing via Zoom on March 4, 2021, at 11:00 a.m., to consider the sale by Community Intervention Services, Inc. and South Bay Mental Health Center, Inc. of substantially all of South Bay's assets it utilized in operating its assets, to SB Transitional Sub, LLC or its eligible designee for $32 million, subject to certain adjustments, subject to overbid. Each Participant must send a notice to Courtroom Deputy Stephen Reynolds at stephen_reynolds@mab.uscourts.gov no later than 4:30 p.m. on Feb. 26, 2021. Prior to the Hearing, the Courtroom Deputy will send an email to each Participant providing the login information to appear at the Hearing by video or by telephone. Any questions regarding participation in the Hearing should be directed to Stephen Reynolds at (413) 785-6909. Any person wishing to listen to the Hearing by telephone must email the Courtroom Deputy no later than 48 hours prior to the start of the Hearing; otherwise telephonic information may not be made available. About Community Intervention Services, Inc. Community Intervention Services, Inc. sought Chapter 11 protection (Bankr. D. Mass. Case No. 21-40002EDK). The case is being jointly administered with the bankruptcy cases of its affilliates Community Intervention Services Holdings, Inc., Futures Behavior Therapy Center, LLC, and South Bay Mental Health Center, Inc. CONCRETE PLUMBING: Moody's Rates New $350MM Second Lien Notes 'B3' ------------------------------------------------------------------ Moody's Investors Service has assigned a B3 rating to Concrete Pumping Holdings, Inc.'s ("CPH") proposed second lien senior secured notes and upgraded the company's Speculative Grade Liquidity Rating (SGL) to SGL-2 from SGL-3. Moody's also affirmed CPH's existing ratings, including the B2 Corporate Family Rating, B2-PD Probability of Default Rating, and B2 rating on the company's existing first lien term loan. The outlook is stable. The B3 rating on the company's proposed $350 million second lien senior secured notes, maturing in January 2026, is one notch below the B2 Corporate Family Rating reflecting its subordination to the ABL revolver (not rated). The ABL is expected to be amended and upsized to $125 million. The issuance of the second lien senior secured notes and borrowings from the ABL will be used to repay the outstanding $381 million of first lien term loan. The B2 rating on the first lien term loan with be withdrawn at the close of the transaction. The affirmation of the B2 CFR reflects Moody's expectation that the transaction will be leverage neutral and only extend the company's maturity profile by one year. While the upgrade of the Speculative Grade Liquidity rating reflects the elimination of required amortization through the refinancing of CPH's term loan and the increase in available liquidity and extended expiration date of the amended and upsized ABL. Assignments: Issuer: Concrete Pumping Holdings, Inc. Senior Secured Notes, Assigned B3 (LGD4) Upgrades: Issuer: Concrete Pumping Holdings, Inc. Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3 Affirmations: Issuer: Concrete Pumping Holdings, Inc. Corporate Family Rating, Affirmed B2 Probability of Default Rating, Affirmed B2-PD Gtd. Senior Secured Term Loan, Affirmed B2 (LGD4) Outlook Actions: Issuer: Concrete Pumping Holdings, Inc. Outlook, Remains Stable RATINGS RATIONALE CPH's B2 Corporate Family Rating reflects the company's robust EBITDA margin, service capability, geographic footprint, variable cost structure, limited working capital requirements, and free cash generation. As the company grows organically and through acquisition, management is focused on maintaining a strong balance sheet and directing free cash flow to debt reduction. Moody's is forecasting free cash flow and adjusted debt to EBITDA for 2021 and 2022 of $38 million and 3.6x and $39 million and 3.5x, respectively. The rating also reflects CPH's small scale. However, the company is larger than its US competitors in the fragmented concrete pumping industry. In addition, CPH serves cyclical end markets in the residential and non-residential construction space, which can result in volatile operating results. The stable outlook reflects Moody's expectation of steady growth in revenue and earnings, in conjunction with, prudent balance sheet management and good liquidity. The SGL-2 Speculative Grade Liquidity rating reflects Moody's expectation that the company will maintain good liquidity. Moody's expects CPH will continue to rely on its revolver and maintain an average of 65% availability over the next twelve months. The company's ABL facility will be governed by a springing fixed charge ratio covenant that is triggered if (i) an Event of Default has occurred, or (ii) minimum excess availability is below the greater of 12.5% of the ABL Revolver Limit, $16.5 million, or 12.5% of the UK Borrowing Base. Moody's expects CPH to remain in compliance over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if debt-to-EBITDA is maintained below 3.5x and EBITA-to-interest expense is above 3.0x on a sustained basis. Moody's could also upgrade the ratings if the company continues to increase its scale while maintaining good liquidity and a disciplined approach to acquisitions and leverage. Moody's could downgrade the ratings if debt-to-EBITDA rises above 4.5x and EBITA-to-interest expense falls below 1.0x for a sustained period, or if there is a deterioration in the company's liquidity profile. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Concrete Pumping Holdings, Inc. is a leading provider of concrete pumping services and concrete environmental waste management solutions in the United States and United Kingdom. In the United States, the company operates across approximately 90 locations in 22 states in the Pacific, Rocky Mountain, Central, South Central, and Southeastern regions. CPH operates in the United Kingdom through approximately 30 branch locations. Eco-Pan, a subsidiary of CPH, operates a route-based business model in the US providing custom metal pans and containers to construction sites in which waste concrete is placed, picked up, and disposed of at concrete recycling centers. Revenue was $304 million for the fiscal year ended October 31, 2020. CONCRETE PUMPING: S&P Alters Outlook to Stable, Affirms 'B' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook on Concrete Pumping Holdings Inc. (CPH) to stable from negative and affirmed its 'B' issuer credit rating. At the same time, S&P assigned its 'B' issue-level rating and '4' recovery rating to its proposed second-lien senior secured notes. The '4' recovery rating indicated its expectation for average (30%-50%; rounded estimate: 45%) recovery in the event of a default. S&P said, "The stable outlook reflects our expectation that CPH could benefit from a strong residential construction market and growth in infrastructure projects over the next 12 months. The company's exposure to the infrastructure (13% of fiscal-year-end 2020 revenue) and residential construction (30% of revenue) end markets, as well as its concrete waste and containment services, have supported its relatively good overall operating performance despite the global macroeconomic weakness stemming from COVID-19. We forecast continued strong expansion in CPH's Eco-Pan segment supported by its cross-selling to both new and existing customers. In 2020, the company's U.K. Concrete Pumping segment declined by roughly 20% due to the lockdowns related to the pandemic. However, it has recently reported a good improvement in the utilization of its services. As the U.K. starts to reopen, we expect the company's sales to return to pre-COVID levels by 2022 in this region." "Although most governments have deemed construction an essential business, we expect CPH's exposure to commercial construction (57% of revenue) to continue to be a headwind. However, the company has the ability to pivot away from the commercial end markets that have been most affected by COVID-19, such as hospitality and retail, and focus on the areas showing greater strength during the downturn, such as warehouses, distribution centers, data centers, and health care." "We expect CPH's S&P Global Ratings-adjusted debt leverage to be in the 3x-4x range over the next 12 months and anticipate it will continue to reduce its leverage going forward. The company outperformed our expectations in 2020. While we continue to expect some headwinds from CPH's exposure to the commercial construction end markets, it managed its business well through the recent lockdowns in the March to May 2020 timeframe. That said, the commercial construction market typically lags the general economic cycle and we believe that the company could still face pressure over the medium term. However, CPH's highly variable cost structure will likely enable it to manage well through difficult periods and provide it with modest margin stability. This view drives our recent revision of the company's business risk to weak from vulnerable. That said, we believe the company has a smaller scale, narrow product focus relative to larger companies, competes in the highly fragmented and competitive concrete pumping space, and remains exposed to highly cyclical construction end markets. Still, we expect the company's S&P Global Ratings-adjusted debt to EBITDA to be in the 3x-4x range over the next 12 months supported by its favorable product volumes and cost mix and a modest economic recovery in 2021." "We expect CPH will generate modest positive free cash flow and maintain adequate liquidity throughout the forecast period. As of Oct. 31, 2020, the company had $6.7 million of cash on its balance sheet and $58 million available under its ABL. The proposed refinancing will increase the availability under the revolver to $86 million. In our opinion, the company has managed its costs well during the COVID-19 related global economic downturn and we anticipate it will continue to generate positive S&P Global Ratings-adjusted free operating cash flow (FOCF) in the $30 million-$35 million range over the next 12 months." "The stable outlook on CPH reflects our expectation that it will benefit from the anticipated growth in its infrastructure and residential construction end markets over the next 12 months. We expect the company to generate positive FOCF, and leverage in the 3x-4x range over the next 12 months." S&P could lower its rating on CPH if: -- The conditions in its construction end markets deteriorate causing its operating performance to decline by more than S&P anticipates, such that its free cash flow declines meaningfully that it is negligible or neutral and/or leverage trends toward 6x over the next 12 months. -- It pursues significant debt-funded acquisitions or shareholder-friendly activity resulting in the same level of leverage. Although unlikely over the next 12 months, S&P could raise its rating on CPH if: -- There is no deterioration in its cash flow or leverage metrics such that its debt to EBITDA is at or below 3x during a period of economic stability, and the company commits to this level of leverage over time, inclusive of potential acquisitions and shareholder returns. -- It sustains FOCF to debt solidly above 10%. CONGERS PHARMACY: Seeks to Hire Bronson Law Offices as Counsel -------------------------------------------------------------- Congers Pharmacy, Inc. seeks approval from the U.S Bankruptcy Court for the Southern District of New York to hire Bronson Law Offices, P.C. as its legal counsel. The Debtor requires the services of the firm to: (i) assist in the administration of the Debtor's Chapter 11 case; (ii) prepare or review operating reports; (iii) set a deadline for filing proofs of claim; (iv) seek court approval to use cash collateral; (v) review claims and resolve claims, which should be disallowed; and (vi) assist in reorganizing and confirming a Chapter 11 plan. H. Bruce Bronson, Esq., the firm's attorney who will be handling the case, will be paid at the rate of $450 per hour. The rates charged by paralegals and legal assistants range from $150 to $200 per hour. Bronson Law Offices is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court papers filed by the firm. Bronson Law Offices can be reached at: H. Bruce Bronson, Esq. Bronson Law Offices, P.C. 480 Mamaroneck Ave. Harrison, NY 10528 Tel: 914-269-2530 Fax: 888-908-6906 Email: hbbronson@bronsonlaw.net About Congers Pharmacy Congers Pharmacy Inc. filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 20-23275) on Dec. 15, 2020. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Robert D. Drain presides over the case. Bronson Law Offices, P.C. is the Debtor's legal counsel. CONSOLIDATED COMMUNICATIONS: Loan Add-on No Impact on Moody's CFR ----------------------------------------------------------------- Moody's Investors Service says that Consolidated Communications, Inc.'s $150 million first lien senior secured term loan B add-on has no effect on the company's B2 CFR, the B2 rating on the secured credit facility or the stable outlook. Proceeds from the Add-on will be used to largely fund an expansion of the company's current network upgrade plan to an upsized target of 1.6 million fiber passings over the next seven years. This expansion will increase fiber passings to 70% of Consolidated's overall network footprint from 60% under its current plan and enable further EBITDA upside potential. Consolidated's B2 CFR reflects continued but slowing revenue decline trends exacerbated by continued traditional voice access line losses within its high margin legacy telecom segment, network access revenue erosion, persistent competition from cable and wireless operators and high pro forma leverage (Moody's adjusted) of 5.3x at year-end 2020, which reflects the $150 million Add-on. These negative factors are offset by Consolidated's improved financial flexibility to accelerate investment in its ILEC networks, including upgrading its core northern New England residential network, to now encompass approximately 1.6 million fiber home passings over the next seven years to enhance competitive positioning, grow market share and bolster future revenue and EBITDA growth. Stabilizing declining revenue with network investments and growth from data and transport and broadband services is critical to offsetting declining legacy revenue. While Consolidated's common stock dividend elimination in 2019 improved free cash flow and enabled greater focus on deleveraging through debt repayment, Moody's expects greater prioritization of capital investments with discretionary cash flow going forward. Given Moody's treatment of preferred stock issued by Consolidated as equity and our expectation of the conversion of a $350 million subordinated note held by Searchlight Capital into preferred equity by mid-year 2021, pro forma leverage (Moody's adjusted) at year-end 2021 will decline towards 4.6x. Consolidated's deleveraging trajectory could also benefit from a further slowing of revenue decline trends and continued cost cutting efforts. The potential for non-core divestitures, but excluding sales of interests in any wireless partnerships which contribute a meaningful portion of consolidated free cash flow currently, would likely amplify planned capital investment efforts or secondarily pay down debt. The company also benefits from diversified operations across carrier, commercial and consumer end markets, as well as an advanced 45,000-plus fiber-route mile backbone network that has more stable revenue prospects than copper-based local exchange carriers. Moody's views Consolidated's liquidity as good, as reflected by its SGL-2 speculative grade liquidity rating. As of September 30, 2020 and pro forma for the Add-on, the company will have $250 million in cash and cash equivalents and full availability under its $250 million revolving credit facility. Moody's still expects meaningful internal operating cash flow for full year 2020, partly as a result of the 2019 dividend elimination, but also expects increased capital intensity beginning in the fourth quarter of 2020 associated with the early ramping stage of the comprehensive network upgrade plan tied to Searchlight Capital's recent subordinated note investment in the company. Moody's notes that the Company expects to avoid cash payments and fully PIK under this subordinated note for the first two years, or through year-end 2022, as it accelerates its primary buildout in its northern New England markets; Consolidated can elect to PIK or pay cash for the first five years of its partnership with Searchlight Capital. The company will face no debt maturities for about five years, further supporting liquidity. Consolidated is expected to have capital spending of approximately $225 million in 2020 with a meaningful increase to about $340 million in 2021, resulting in an approximate $125 million reduction of free cash flow generated in 2020 to around $25 million in 2021. Under the company's network upgrade plans capital investment as a percentage of revenue will expand from the current teens area to a range around the 25% area for several years, with success-based investing comprising a growing portion of this investing over time. Moody's rates the company's first lien senior secured credit facility, consisting of a five year $250 million revolver and a seven year $1.4 billion term loan B (inclusive of the $150 million Add-on), and $750 million of eight year first lien senior secured notes B2, in line with the company's B2 CFR. Moody's has not provided any ratings lift relative to the CFR for the loss absorption provide by Searchlight Capital's subordinated note (unrated) given the high likelihood of its conversion to preferred during 2021. The first lien senior secured credit facility and first lien senior secured notes are pari passu. These first lien lenders benefit from a pledge of stock and security in assets of all subsidiaries, with the exception of Consolidated Communications of Illinois and its majority-owned subsidiary, East Texas Fiber Line Incorporated. The stable outlook reflects our expectation for slowing revenue declines over the next 12-18 months, steady EBITDA margins in the high 30% range and closer to breakeven free cash flow generation as a result of accelerating capital investments. The outlook also assumes conversion of the company's subordinated note into preferred stock over the next 12 months which will drive leverage (Moody's adjusted) to around 4.5x by year-end 2021. Given Consolidated's current competitive positioning and network upgrade execution risks, upward pressure is limited but could develop if leverage was sustained below 4x (Moody's adjusted) and free cash flow was at least 10% of total debt (Moody's adjusted) on a sustained basis. An upgrade would also require the company to maintain a good liquidity profile. Downward pressure on the rating could arise should Moody's adjusted debt/EBITDA increase above 5x on a sustained basis or should the company's liquidity deteriorate or should execution of its growth strategy materially slow below budgeted expectations. Consolidated Communications, Inc. is a broadband and business communications provider offering a wide range of communications solutions to consumer, commercial and carrier customers across a 23-state service area and an advanced fiber network spanning more than 45,000 fiber route miles. The company maintains headquarters in Mattoon, IL. During the last 12 months ended September 30, 2020, the company generated $1.3 billion in revenue. COSI INC: Court Extends Plan Exclusivity Until March 22 ------------------------------------------------------- At the behest of Cosi, Inc. and its affiliates, Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware extended the period in which the Debtors may file a chapter 11 plan through and including March 22, 2021, and to solicit acceptances through and including May 19, 2021. Since the Petition Date, the Debtors have rejected the leases for thirty-three unprofitable locations, and implemented other cost-cutting initiatives to best position the Debtors for a successful reorganization. Prior to the pandemic, the Debtors have made considerable progress in streamlining and focusing their operations, including by greatly reducing their portfolio of nonresidential real estate leases and the overall cost structure of their business. Due to the circumstances imposed by the global pandemic and related restrictions, the Debtors have been hindered due to no fault of their own in formulating a plan of reorganization, and, accordingly, are in need of a further extension of their Exclusivity Periods to complete their restructuring. Despite all of the restaurant industry's travails throughout 2020, the Debtors are presently in serious plan negotiations with multiple parties. Now that vaccines are rolling out and the Exclusivity Periods extended, the Debtors are continuing to push towards their goal of having a plan on file with the Court in the first quarter of 2021. A copy of the Debtor's Motion to extend is available from PacerMonitor.com at https://bit.ly/39MzJiy at no extra charge. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/36aVwzJ at no extra charge. About Cosi Inc. Cosi, Inc. -- https://www.getcosi.com/ -- and its affiliates operate fast-casual restaurants under the COSI brand. COSI features flatbread made fresh throughout the day and specializes in a variety of made-to-order hot and cold sandwiches, salads, bowls, breakfast wraps, bagels, melts, soups, flatbread pizzas, snacks, desserts, and a large offering of handcrafted, coffee-based, and specialty beverages. Cosi, Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10417) on Feb. 24, 2020. Cosi, Inc., was estimated to have $10 million to $50 million in assets and liabilities. Judge Brendan L. Shannon is the case judge. The Debtors tapped Cozen O'Connor as counsel. Omni Agent Solutions is the claims and noticing agent. CSL CAPITAL: S&P Rates New $750MM Senior Unsecured Notes 'CCC' -------------------------------------------------------------- S&P Global Ratings assigned its 'CCC' issue-level rating and '6' recovery rating to CSL Capital LLC's proposed $750 million senior unsecured notes due 2029. CSL Capital LLC is a wholly owned subsidiary of Little Rock, Ark.-based telecom REIT Uniti Group Inc. The '6' recovery rating indicated its expectation of negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. The company will use the proceeds from these notes to fund a tender offer for up to $750 million of its 8.25% senior unsecured notes due 2023 and pay related fees and expenses. S&P views this debt transaction favorably because it would enable Uniti to reduce the approximately $5 billion of debt it has maturing from 2023 to 2025. Uniti has been aiming to refinance or extend its debt maturities following its settlement with Windstream and improved access to capital markets. During the fourth quarter of 2020, Uniti upsized its revolving credit facility by $82 million to $500 million and extended the maturity by two years to 2024, although about $60 million of the previous commitment amount will still come due in 2022 since some lenders elected not to extend. S&P said, "Because the transaction will not affect Uniti's credit metrics, our 'B-' issuer credit rating and stable outlook are unchanged. Our ratings on the company continue to reflect the tight linkage of Uniti's credit profile to that of its largest tenant, Windstream, which continues to face revenue and EBITDA declines from market share loses to incumbent cable providers despite longer-term plans to upgrade its network with fiber." Notwithstanding ongoing efforts to diversify its business, Uniti derives about 80% of its EBITDA from annual lease payments from Windstream." CYRIL FULTON: Trustee Selling Naples Condo Unit 201 for $1.2-Mil. ----------------------------------------------------------------- John Young, of the firm of BDO Northern Ireland, the duly appointed trustee of the bankruptcy estate of Cyril Fulton, asks the U.S. Bankruptcy Court for the Middle District of Florida to authorize the private sale of the condominium unit located at 9566 Gulf Shore Drive, Unit 201, in Naples, Collier County, Florida, to Michael M. Barlow and Ruth E. Barlow for $1,187,500, subject to higher and better offers. On May 30, 2018, the Chancery Division of the High Court of Justice in Northern Ireland (United Kingdom), Case No. 14/050790, entered an order adjudicating the estate of the Debtor bankrupt. The Debtor's principal residence is 67 Dromore Road, Lurgan, BT66 7JQ, Northern Ireland (United Kingdom). In connection with the Foreign Proceeding, the Trustee is charged with the duty of locating assets of the Debtor's estate and administering those assets for the benefit of the creditors of the Foreign Proceeding. He has located an asset of the Debtor's estate: The Condo. A review of the title search obtained by the Trustee prior to the filing of the Motion reflects the following liens, claims and encumbrances: a. Ad valorem real property taxes for tax year 2020, due to the Collier County Tax Collector, in the approximate amount of $12,530. The Trustee proposes that the claim will attach to the proceeds of the Proposed Sale and be either (i) paid in an amount agreed to by the Trustee and Tax Collector at or after closing, or (ii) determined by further Order of the Court; b. Tax Certificate #3752 held by Keys Funding LLC / U.S. Bank custodian for Keys Funding, LLC, issued on June 1, 2020 by the Tax Collector for unpaid real property taxes for tax year 2019, in the approximate amount $13,150, plus interest accruing at a rate of 0.25%. The Trustee proposes that the claim will attach to the Sale Proceeds and be either (i) paid in an amount agreed to by the Trustee and Tax Certificate Holder at or after closing, or (ii) determined by further Order of the Court; c. Mortgage recorded on Dec. 8, 2014 in Official Record Book 5101, Page 1960, of the Public Records of Collier County, Florida, in favor of Hillman, in the amount of $415,000. The Trustee proposes that the claim, to the extent valid, will attach to the Sale Proceeds and be either (i) paid in an amount agreed to by the Trustee and Hillman at or after closing, or (ii) determined by further Order of the Court; and d. Unpaid maintenance assessments, fees and/or costs owed to the Condo Association, in the approximate amount of $50,272. The Trustee proposes that the claim, to the extent valid, will attach to the Sale Proceeds and be either (i) paid in an amount agreed to by the Trustee and Condo Association at or after closing, or (ii) determined by further Order of the Bankruptcy Court. At present, there are no other known liens, claims or encumbrances on or against the Condo. The Condo is currently titled (jointly) in the names of the Debtor and his non-debtor (adult) son, Paul W. Fulton. The Debtor's interest in the Condo is property of his estate under the Foreign Proceeding. Accordingly, the Condo is subject to administration by the Trustee, under the laws of the United States, for the benefit of the creditors of the Foreign Proceeding. On Aug. 27, 2019, in the Circuit Court for the Twentieth Judicial Circuit in and for Collier County, Florida, under case No. 11-2019-CA-003420-0001-XX ("Foreclosure Action"), Richard Hillman filed a Complaint against the Debtor, Paul Fulton, and Manatee Resort Condominium Association, Inc., seeking to, among other things, foreclose on the Debtor's interest (and now the Foreign Proceeding estate's interest) in the Condo. Similarly, on April 28, 2020, in the Circuit Court for the Twentieth Judicial Circuit in and for Collier County, Florida, under case No. 11-2020-CA-001404-0001-XX ("Condo Assoc. Action"), the Condo Association filed a Complaint against the Debtor and others, also asking to, among other things, foreclose on his interest (and now the Foreign Proceeding estate's interest) in the Condo. On Dec. 8, 2020, the Trustee filed a Petition for Recognition of Foreign Main Proceedings, thereby initiating the instant bankruptcy proceeding. The Trustee also filed his (a) Expedited Motion for Provisional Relief, and (b) Motion for Recognition of Foreign Main Proceeding. On Dec. 11, 2020, the Court entered an Order Approving the Expedited Motion for Provisional Relief. Accordingly, both the Foreclosure Action and Condo Assn. Action are currently subject to the automatic stay. On Jan. 11, 2021, the Court held a hearing to consider and approved the Trustee's Motion for Recognition of Foreign Main Proceeding. On Jan. 4, 2021, and subject to Court approval, the Trustee accepted an all-cash offer from the Proposed Buyers to purchase the Condo for the sum of $1,187,500 free and clear of liens, claims and encumbrances, with the valid liens, claims and encumbrances to attach to the sale proceeds. The parties have executed their Jan. 4, 2021 Sales Contract. Pursuant to the Contract, the Condo is being sold "as is, where is," with no representations or warranties of any type being given by the Trustee and/or his employees, agents or representatives, including, but not limited to, its attorneys. All inspection contingencies under the Contract expire on Jan. 19, 2021. Conveyance of title to the Condo will be made by a Trustee's Quit Claim Deed. Further, the Proposed Sale is subject to payment of a brokers' commission of 6% of the total Purchase Price (i.e. $71,250), payment of which is contingent upon (i) entry of a Final Sale Order and (ii) the Proposed Buyer (or successful bidder) closing on the Proposed Sale. The Proposed Buyers (or the successful bidder) will be responsible for the payment of all ad valorem real property taxes for the year 2021 and subsequent years. The Trustee intends for the Proposed Sale to be a private sale, and not a public auction. However, the Proposed Sale is subject to higher and better offers. At the Sale Hearing, the Court will select the highest and best bid for the Condo after considering the recommendations of the Trustee and other interested parties. Any party other than the Proposed Buyer wishing to submit an offer for the Condo will be required to do so by (a) by tendering a $20,000 non-refundable bid deposit to the Trustee), and (b) providing proof of funds necessary to close on the sale of the Condo, each no later than two business days prior to the Sale Hearing. The Trustee recommends that bidding be conducted at the Sale Hearing in $10,000 increments. Unless otherwise ordered by the Court, any successful bidder other than the Proposed Buyer must confirm on the record at the Sale Hearing that it is willing to purchase the Condo on the same terms and conditions set forth in the Sale Motion and the Contract. The Trustee asks authority to close on the sale of the Condo immediately, or as soon as possible, upon entry of the Final Sale Order, with the Proposed Buyers or the successful bidder. If the Proposed Buyers or the successful bidder, as the case may be, fails to timely close, the Trustee asks authority to close the sale transaction with the next highest bidder. The Back-up Bidder will similarly be required to close within the same time frame. Because time is of the essence with respect to the Proposed Sale, and the Trustee wishes to close the sale at the earliest possible time in accordance with the terms of the Contract, and because the sale is being noticed to all interested parties, he asks that the Court waives the 14-day stay period pursuant to Rule 6004(h). Based upon, among other things, the current condition of the Condo and the tax assessed value, the Trustee believes that the Purchase Price is fair and reasonable and that the value of the Estate's interest in the Condo will be maximized if the Trustee if authorized to sell the Condo to Proposed Buyers. A copy of the Contract is available at https://bit.ly/35Lkeq3 from PacerMonitor.com free of charge. The Purchasers: Michael M. Barlow and Ruth E. Barlow 260 Fairway Circle Naples, FL 34110 Counsel for Trustee: James A. Timko, Esq. Harris J. Koroglu, Esq. SHUTTS & BOWEN LLP 300 South Orange Ave., Suite 1600 Orlando, FL 32801 Telephone: (407) 835-6808 Facsimile: (407) 849-7212 E-mail: jtimko@shutts.com hkoroglu@shutts.com The bankruptcy case is In re: Cyril Fulton, (Bankr. M.D. Fla. Case No. 2:20-bk-08940-FMD). On Sept. 11, 2018, John Young of the firm of BDO Northern Ireland was appointed as the trustee of the bankruptcy estate of the Debtor. On Jan. 11, 2021, the Court recognized the foreign main proceeding. DAVID M. MONAGO: Court Confirms $7K Sale of Property in Bradford ---------------------------------------------------------------- Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the Western District of Pennsylvania confirmed the sale by David M. Monago and Kristin L. Monago of the real property located at 3 Osborne Place, in Bradford, McKean County, Pennsylvania, Tax Parcel Index No. 03-015-227-0, to Frederick W. Fesenmyer for $7,000, on the terms of their Agreement of Sale. The sale is free and divested of liens and claims, with such liens and claims be transferred to the proceeds of sale. The following expenses/costs will immediately be paid at the time of closing. Failure of the Closing Agent to timely make and forward the disbursements required by this Order will subject the closing agent to monetary sanctions, including among other things, a fine or the imposition of damages, after notice and hearing, for failure to comply with the above terms of the Order. Except as to the distribution specifically authorized, all remaining funds will be held by the Counsel for the Debtors pending further Order of the Court after notice and hearing. 1) Delinquent real estate taxes payable to the McKean County Tax Claim Bureau in the approximate amount of $1,104, plus the sum of $147 representing 2012 Tax Collector R/E CNTY-Bradford 3rd. 2) Current real estate taxes, pro-rated to the date of closing; 3) Delinquent water and sewer charges will be paid to the Bradford Sanitary Authority in the approximate amount of $388. 4) The costs of local newspaper advertising in the amount of $207, to be reimbursed to The Quinn Law Firm; 5) The costs of legal journal advertising in the amount of $194, to be reimbursed to The Quinn Law Firm; 6) Reimbursement to The Quinn Law Firm of the filing fee for the Motion to Sell Property of the Estate Free and Clear of Liens in the amount of $188; 7) Other: The sum of no more than $750 will be paid to the closing agent who represents the Debtor at the time of the real estate closing. 8) Other: Any and all due and owing municipal fees, as well as any and all current water and sewer charges, if applicable, will be paid at the time of the closing. 9) Other: Transfer Taxes will be paid in accordance with the terms of the Agreement for Sale attached to the Motion for Sale of Real Property Free and Divested of Liens. The Debtor is to pay one-half of the transfer taxes due and owing, which equals 1% of the purchase price or $70. Within seven days of the date of the Order, the Debtors will serve a copy of the within Order on each Respondent/Defendant (i.e., each party against whom relief is sought) and its attorney of record, if any, upon any attorney or party who answered the motion or appeared at the hearing, the attorney for the debtor, the Closing Agent, the Purchaser, and the attorney for the Purchaser, if any, and file a Certificate of Service. The closing will occur within 30 days of the Order. Within seven days following closing, the Debtors will file a Report of Sale which will include a copy of the HUD-1 or other Settlement Statement. On Jan. 13, 2020, David M. Monago and Kristin L. Monago filed a voluntary Chapter 13 Bankruptcy Petition in the U.S. Bankruptcy Court for the Western District of Pennsylvania, at Case No. 20-10027 TPA. On March 17, 2020, the case (Bankr. W.D. Pa. Case No. 20-10027) was converted to a Chapter 11 proceeding. DBMP LLC: Plan Exclusivity Extended Thru March 22 ------------------------------------------------- Judge J. Craig Whitley of the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division extended the periods within which DBMP LLC has the exclusive right to file a Chapter 11 plan through and including March 22, 2021, and to solicit acceptances of the plan through and including May 21, 2021. Now with the additional time, the Debtor will be able to complete the tasks that need to be done in order to achieve the goal of confirming a plan of reorganization. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/35NiSuH at no extra charge. About DBMP LLC DBMP LLC is a North Carolina limited liability company and the direct parent company of Millwork & Panel LLC, which manufactures vinyl siding and polyvinyl chloride (PVC) trim products for the construction market at facilities it owns in Claremont, N.C. and Social Circle, Ga. It is a defendant in tens of thousands of asbestos-related lawsuits pending in courts throughout the United States. DBMP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 20-30080) on January 23, 2020. At the time of the filing, the Debtor disclosed assets of between $500 million and $1 billion and liabilities of the same range. Judge Laura T. Beyer previously oversees the case, now Judge J. Craig Whitley presides over the case. The Debtor tapped Jones Day as legal counsel; Robinson, Bradshaw & Hinson, P.A., and Schiff Hardin LLP as special counsel; Bates White, LLC as a consultant; and Epiq Corporate Restructuring, LLC as claims, noticing, and balloting agent. The Official Committee of Asbestos Personal Injury Claimants of DBMP LLC tapped Hamilton Stephens Steele Martin, PLLC, as local counsel to the Committee. DESTILERIA NACIONAL: Feb. 12 Hearing on Competing Plans ------------------------------------------------------- On Jan. 13, 2021, debtor Destileria Nacional, Inc., submitted with the U.S. Bankruptcy Court for the District of Puerto Rico its own Chapter 11 Plan and a Disclosure Statement. On Jan. 14, 2021, Judge Enrique S. Lamoutte conditionally approved the Disclosure Statement and ordered that: * Feb. 12, 2021 at 10:00 a.m. via Microsoft Teams Video & Audio Conferencing and/or Telephonic is the hearing for the consideration of the final approval of the Disclosure Statement and the confirmation of the Plan. * Acceptances or rejections of the Plan may be filed in writing by the holders of all claims on/or before 10 days prior to the date of the hearing on confirmation of the Plan. * Any objection to the final approval of the Disclosure Statement and/or the confirmation of the Plan will be filed on/or before 10 days prior to the date of the hearing on confirmation of the Plan. * The Debtor will file with the Court a statement setting forth compliance with each requirement in Section 1129, the list of acceptances and rejections and the computation of the same, within seven working days before the hearing on confirmation. A full-text copy of the Disclosure Statement Order entered Jan. 14, 2021, is available at https://bit.ly/3sEn6yK Two Plans at Feb. 12 Hearing Aside from the Debtor, Miramar Brewery, LLC, on Dec. 31, 2020, filed a Disclosure Statement and competing Plan of Reorganization. The Court has earlier conditionally approved the Disclosure Statement, set a Feb. 12 hearing to consider confirmation of Miramar' Plan. Accordingly, the judge will consider both plans at the Feb. 12 hearing. Under the Debtor's Plan, it is anticipated that the Debtor will continue its operation unless a new lockdown order is entered in response to the COVID-19 pandemic. In such case, the Debtor’s operation will be modified to comply with any future executive order. In any scenario, the Debtor will continue under the current management in specific Dr. William Cruz, its president. The Plan will be funded from the income generated from the business operation, as well as funding from external sources such as equity holders or party in interest. Under the Plan, holders of Class 2 postpetition trade claims are unimpaired. Holders of Class 3 prepetition unsecured trade claim, which are impaired, will receive their pro rata share of the Debtor’s available funds until each holder receives up to 95% dividend of its allowed Claim. A full-text copy of the Debtor’s Disclosure Statement dated Jan. 13, 2021, is available at https://bit.ly/2LWzQzJ from PacerMonitor.com at no charge. As reported in the TCR, creditor Miramar Brewing LLC filed a Chapter 11 Small Business Plan that provides that Miramar intends to acquire assets of the Debtor, free and clear of liens and encumbrances, for the continued operation of the related business. The primary purpose of the Plan is to provide for payment to all creditors, including administrative and priority claimants, and creditors holding general unsecured claims, in full satisfaction of their claims, on the Effective Date, through the purchase of all of the assets of the Debtor by Miramar. Holders of Class 2 general unsecured claims in the aggregate sum of approximately $489,835 will receive payment from the sum of $437,901, equivalent to approximately 90 percent of the total amount of claims, to be distributed pro rata, on the Effective Date. A full-text copy of Miramar's Disclosure Statement dated Dec. 31, 2020, is available at https://bit.ly/2KZR6Ef from PacerMonitor.com at no charge. About Destileria Nacional Destileria Nacional, Inc., a beer manufacturer headquartered in Guaynabo, P.R., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-01247) on March 6, 2020. At the time of the filing, the Debtor estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor hired Isabel Fullana-Fraticelli & Asoc. PSC as its legal counsel. DESTINATION HOPE: Gets OK to Hire Sodl & Ingram as Special Counsel ------------------------------------------------------------------ Destination Hope, Inc. received approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Sodl & Ingram PLLC as its special counsel to assist in transactional matters related to the sale of its assets. The firm will charge $395 per hour and will seek reimbursement for work-related costs. Andrew Sodl, Esq., a partner at Sodl & Ingram, 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: Andrew Sodl, Esq. Sodl & Ingram PLLC 233 E Bay Street, Suite 1113 Jacksonville, FL 32202 Phone: (904) 257-5777 Email: andrew.sodl@si-law.com About Destination Hope Based in Fort Lauderdale, Fla., Destination Hope, Inc. offers comprehensive drug rehab and mental health programs, with a special focus on dual diagnosis while providing clients with the knowledge and tools to overcome their addiction. Visit https://destinationhope.com for more information. Destination Hope sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-19402) on Aug. 28, 2020. Benjamin Brafman, the company's president, signed the petition. At the time of the filing, the Debtor had estimated assets of between $500,000 and $1 million and liabilities of between $10 million and $50 million. Judge Peter D. Russin oversees the case. Wernick Law, PLLC is the Debtor's legal counsel. DIMENSION DESIGN: Seeks to Employ JMM CPA as Accountant ------------------------------------------------------- Dimension Design, Inc. seeks approval from the U.S Bankruptcy Court for the Northern District of Illinois to employ JMM CPA as its accountant. The Debtor requires an accountant to prepare and perform an audit of its employee benefit plan (401(k)) for the 2019 fiscal year. JMM CPA will receive a flat fee of $7,000. James Moyna, a partner at JMM CPA, disclosed in court filings that his firm is a "disinterested" person within the meaning of Section 101(14) of the bankruptcy code. JMM CPA can be reached through: James M. Moyna JMM CPA 872 Milwaukee Ave #124 Libertyville, IL 60048 Phone: 847.682.3696 Email: James.Moyna@Jmoynacpa.com About Dimension Design Inc. Glenview, Ill.-based Dimension Design, Inc. -- http://www.dimensiondesign.com/-- is an event and experience agency that delivers custom environments to support the face-to-face marketing activities of exhibit houses and brands and turns visions into reality. With three U.S. locations, Dimension Design offers designs, graphics, marketing agencies and fabrication, onsite set-up installation and dismantle, and asset maintenance. Dimension Design sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 20-17920) on Sept. 30, 2020. Dimension Design President Michael J. Rogers 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 Lashonda A. Hunt oversees the case. Levenfeld Pearlstein, LLC, is the Debtor's legal counsel. DO@KING PLOW ARTS: Seeks Approval to Hire Real Estate Agent ----------------------------------------------------------- Do@King Plow Arts Center, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ David Todd, Jr., a real estate agent at CBRE. The Debtor requires a real estate agent to list and market its real property for sale, identify and negotiate with potential buyers, and assist the Debtor to close a sale. Mr. Todd will get a 5 percent commission on the sales price at closing, to be split equally with the buyer's agent if there is one. In court papers, Mr. Todd disclosed that he is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Mr. Todd can be reached at: David Todd, Jr. CBRE 3550 Lenox Road NE, Suite 2300 Atlanta, GA 30326 Tel.: +1 404 504 7900 Fax: +1 404 504 0021 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. EVERGREEN MORTGAGE: Robinson Buying Orangeburg Property for $65K ---------------------------------------------------------------- Evergreen Mortgage Notes, LLC, asks the U.S. Bankruptcy Court for the Middle District of Florida to authorize the sale of the property located at 243 Eastwood Circle, in Orangeburg, Orangeburg County, South Carolina, TMS 0209-00-09-011.000, to Barbara Robinson for $64,500. The Debtor's property includes several real properties at various locations throughout the United States. A portion of its business involved the purchase and eventual sale of real property to derive a profit for Debtor and its investors. One such property is the Property. On March 10, 2020, the Debtor retainer Keller Williams Palmetto and Linda Fischer as realtors to list and sell the home for the benefit of its investors, which are now creditors in the proceeding, on the terms of their Exclusive Right to Sell Contract, dated March 10, 2020. As noted in its Schedules, the Debtor, in its business judgment, received and accepted an offer of $64,500 from the Buyer in accordance with the terms of the Contract of Sale. The sale will be free and clear of any and all liens, claims, and/or encumbrances, under Section 363(f), other than the property taxes. The Debtor represents that the Buyer's offer is the highest and best offer received for the Property. On information and belief, the Property is unencumbered by lien but is encumbered by property taxes in the amount of $1,248. Pursuant to S.C. Code Section 12-37-10, et seq., the property taxes operate as a lien upon the Property with priority over all other liens. On Jan. 6, 2021, the Debtor received a request from the Buyer asking certain repairs to the Property -- the Addendum to Contract of Sale for Inspection Repairs -- including the related Property Inspection Report. The Debtor received an estimate for the cost of the requested repairs in the amount of $1,675 and anticipates that any purchaser of the Property would have similar demands. The Buyer also sent an Addendum to the Contract to Sale the Property extending the closing date to Jan. 29, 2021. The Debtor also asks that the order authorizes payment to its real estate agent who managed the sale of the Property. The Debtor, in its business judgment, believes that it is in the best interest of its estate and creditors to sell the Property through which it will realize the greatest value for the asset. Rejection of the Contract the Property could result in damages. A copy of the Contract is available at https://bit.ly/35SsFjh from PacerMonitor.com free of charge. The Purchaser: Barbara Robinson E-mail: barbaragrandma4@gmail.com About Evergreen Mortgage Notes, LLC Evergreen Mortgage Notes, LLC is engaged in activities related to real estate. Evergreen Mortgage Notes, LLC sought Chapter 11 protection (Bankr. M.D. Fla. Case No. 20-07071) on Dec. 31, 2020. The Debtor listed total assets at $459,500 and total liabilities at $1,270,000. The Debtor tapped Andrew S. Ballentine, Esq., at de Beaubien, Simmons, Knight, Et Al. as counsel. The petition was signed by Marc Younger, CEO. FESTIVE WORKS: Case Summary & 3 Unsecured Creditors --------------------------------------------------- Debtor: Festive Works, LLC 504 Ellen Street Union, NJ 07083 Chapter 11 Petition Date: January 20, 2021 Court: United States Bankruptcy Court District of New Jersey Case No.: 21-10445 Judge: Hon. John K. Sherwood Debtor's Counsel: John S. Mairo, Esq. PORZIO, BROMBERG & NEWMAN, P.C. 100 Southgate Parkway Morristown, NJ 07962 Tel: 973-538-4006 Fax: 973-538-5146 E-mail: jsmairo@pbnlaw.com Debtor's Financial Advisor: M. GREENWALD ASSOCIATES LLP Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Agapios Kyritsis, member. A copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/6WNHLVY/Festive_Works_LLC__njbke-21-10445__0001.0.pdf?mcid=tGE4TAMA FIRSTENERGY SOLUTIONS: Legal Fees Hearing Pushed Back to July ------------------------------------------------------------- Jim Mackinnon of Akron Beacon Journal reports that the judge overseeing the final stages of the FirstEnergy Solutions bankruptcy case has agreed to push back a hearing to July 2021 on whether to approve more than $68 million in professional fees and expenses to international law firm Akin Gump. As part of that, U.S. Bankruptcy Court Judge Alan Koschik in Akron also agreed to delays in the filings of affidavits by four Ohio lobbyists with Akin Gump in answering questions tied to the criminal investigation of the $61 million Larry Householder bribery case. The criminal case also has involved Akron utility FirstEnergy Corp. and its former FirstEnergy Solutions generation subsidiary, the renamed Energy Harbor Corp., that emerged out of Chapter 11 bankruptcy last year in Koschik's court. The January 19, 2021 hearing lasted less than an hour. Akin Gump represented FirstEnergy Solutions during its Chapter 11 bankruptcy, and also was a key lobbying firm for the passage of House Bill 6, a key part of the ongoing federal Householder investigation. H.B. 6 provided significant subsidies to two Ohio nuclear power plants now owned by Energy Harbor. About FirstEnergy Solutions Akron, Ohio-based FirstEnergy Solutions, Corp. (FES) is a subsidiary of FirstEnergy Corp (NYSE:FE). FES -- http://www.firstenergycorp.com/-- provides energy-related products and services to retail and wholesale customers; and owns and operates 5,381 MWs of fossil generating capacity through its FirstEnergy Generation subsidiaries. FES also owns 4,048 MWs of nuclear generating capacity through its FirstEnergy Nuclear Generation subsidiary. Nuclear generating plants are operated by FirstEnergy Nuclear Operating Company (FENOC), which is a separate subsidiary of FirstEnergy Corp. On March 31, 2018, FirstEnergy Solutions and 6 affiliates, including FENOC, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Ohio Lead Case No. 18-50757). The cases are pending before the Honorable Judge Alan M. Koschik and their cases be jointly administered under Case No. 18-50757. Parent company, First Energy Corp. and its other subsidiaries, including its regulated subsidiaries, are not part of the filing and will not be subject to the Chapter 11 process. First Energy Corp. listed $42.2 billion in total assets against $4.07 billion in total current liabilities, $21.1 billion in long-term debt and other long-term obligations and $13.1 billion in non-current liabilities as of Dec. 31, 2017. The Debtors tapped Akin Gump Strauss Hauer & Feld LLP as bankruptcy counsel; Brouse McDowell LPA as co-counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC, as restructuring advisor and Charles Moore as chief restructuring officer; and Prime Clerk as claims and noticing agent. The Debtors also tapped Willkie Farr & Gallagher LLP, Hogan Lovells US LLP and Quinn Emanuel Urquhart & Sullivan, LLP as special counsel. The U.S. Trustee for Region 9 appointed an official committee of unsecured creditors on April 12, 2018. Milbank, Tweed, Hadley & McCloy LLP and Hahn Loeser & Parks LLP serve as counsel to the committee. * * * Bankruptcy Judge Alan M. Koschik on Oct. 16, 2019 confirmed FirstEnergy's plan that erased $4 billion in debt and that was supported by more than 93 percent of voting creditors. FirstEnergy Solutions exited bankruptcy with a new name, Energy Harbor Corp., and ownership obtained by big bondholders Avenue Capital Group and Nuveen Asset Management LLC. FRANCESCA'S HOLDINGS: Committee Retains Cole Schotz as Counsel -------------------------------------------------------------- The official committee of unsecured creditors of Francesca's Holdings Corporation and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain Cole Schotz P.C. as its legal counsel. The firm's services will include: a. advising the committee regarding its powers, rights and duties in the Debtors' Chapter 11 cases; b. assisting the committee in its consultations with the Debtors regarding the administration of the cases; c. assisting the committee in reviewing and negotiating terms for unsecured creditors with respect to (i) the execution of a debtor-in-possession financing facility and the use of cash collateral, (ii) the Debtors' requests to continue certain intercompany transactions and make payments with respect thereto, (iii) the confirmation of a Chapter 11 plan of reorganization or liquidation, and (iv) other requests for relief which would impact unsecured creditors; d. investigating the liens asserted by the Debtors' purported secured lenders; e. taking all necessary actions to protect and preserve the estates of the Debtors for the benefit of creditors, including the investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors, the investigation of previous operation of the Debtors' businesses, and the investigation and prosecution of estate claims and causes of action; f. advising the committee on the corporate aspects of the Debtors' reorganization or liquidation and the plans or other means to effect reorganization or liquidation as may be proposed in connection therewith, and participating in the formulation of any such plan or means of implementing reorganization or liquidation, as necessary; g. preparing legal papers; h. representing the committee in hearings and other judicial proceedings; and i. other necessary legal services. Cole Schotz will be paid at these rates: Members and Special Counsel $405 to $950 per hour Associates $275 to $510 per hour Paralegals $200 to $310 per hour Litigation Support Specialists $305 to $405 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. In response to the request for additional information set forth in Paragraph D.1. of the Revised U.S. Trustee Guidelines, Cole Schotz disclosed that: -- The firm has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. -- None of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case. -- The firm has not represented the committee in the 12 months prior to the Debtors' bankruptcy filing. -- The committee approved the firm's budget and staffing plan for the period of Dec. 14, 2020 through Feb. 28, 2021. Seth Van Aalten, Esq., a partner at Cole Schotz, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Cole Schotz can be reached at: Seth Van Aalten, Esq. Sarah A. Carnes, Esq. Cole Schotz P.C. 1325 Avenue of the Americas, 19 th Floor New York, NY 10019 Tel: (212) 752-8000 Fax: (212) 752-8393 Email: svanaalten@coleschotz.com scarnes@coleschotz.com About Francesca's Holdings Francesca's Holdings Corporation is a specialty retailer that operates a nationwide-chain of boutiques providing a diverse assortment of apparel, jewelry, accessories and gifts. As of Dec. 1, 2020, the Debtor operates 558 boutiques in 45 states and the District of Columbia, and also serves customers through www.francescas.com, the Debtor's e-commerce website, and its recently launched mobile app. For more information, visit www.francescas.com. Francesca's Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-13076) on Dec. 3, 2020. Francesca's Holdings had total assets of $264.7 million and total liabilities of $290.5 million as of Nov. 1, 2020. Judge Brendan Linehan Shannon oversees the cases. The Debtors tapped O'Melveny & Myers LLP and Richards, Layton & Finger P.A. as legal counsel, FTI Capital Advisors LLC as financial advisor and investment banker, and A&G Realty Partners as real estate advisor. Bankruptcy Management Solutions Inc. is the notice, claims and balloting agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' cases. Cole Schotz P.C. and Province, LLC serve as the committee's legal counsel and financial advisor, respectively. FRANCESCA'S HOLDINGS: Committee Taps Province as Financial Advisor ------------------------------------------------------------------ The official committee of unsecured creditors of Francesca's Holdings Corporation and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain Province, LLC as its financial advisor. The firm's services will include: a. reviewing financial and operational information furnished by the Debtors; b. monitoring the sale process, reviewing bidding procedure, interfacing with the Debtors' professionals, and advising the committee regarding the process; d. scrutinizing the economic terms of various agreements; e. analyzing the Debtors' proposed business plans and developing alternative scenarios, if necessary; f. assessing the Debtors' various pleadings and proposed treatment of unsecured creditor claims therefrom; g. preparing, or reviewing as applicable, avoidance action and claim analyses; h. assisting the committee in reviewing the Debtors' financial reports; i. advising the committee on the current state of the Debtors' Chapter 11 cases; j. advising the committee in negotiations with the Debtors and third parties as necessary; k. participating as a witness in court hearings; and l. other activities approved by the committee and agreed to by Province. Province will be paid at these rates: Principal $880 - $975 Managing Director $670 - $790 Senior Director $600 - $670 Director $550 - $600 Vice President $510 - $550 Senior Associate $430 - $510 Associate $360 - $430 Analyst $240 - $360 Paraprofessionals $185 The firm will also be reimbursed for out-of-pocket expenses incurred. Edward Kim, managing director at Province, 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: Edward Kim Province, LLC 2360 Corporate Circle, Suite 330 Henderson, NV 89074 Phone: +1 (702) 685-5555 Email: ekim@provincefirm.com About Francesca's Holdings Francesca's Holdings Corporation is a specialty retailer that operates a nationwide-chain of boutiques providing a diverse assortment of apparel, jewelry, accessories and gifts. As of Dec. 1, 2020, the Debtor operates 558 boutiques in 45 states and the District of Columbia, and also serves customers through www.francescas.com, the Debtor's e-commerce website, and its recently launched mobile app. For more information, visit www.francescas.com. Francesca's Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-13076) on Dec. 3, 2020. Francesca's Holdings had total assets of $264.7 million and total liabilities of $290.5 million as of Nov. 1, 2020. Judge Brendan Linehan Shannon oversees the cases. The Debtors tapped O'Melveny & Myers LLP and Richards, Layton & Finger P.A. as legal counsel, FTI Capital Advisors LLC as financial advisor and investment banker, and A&G Realty Partners as real estate advisor. Bankruptcy Management Solutions Inc. is the notice, claims and balloting agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' cases. Cole Schotz P.C. and Province, LLC serve as the committee's legal counsel and financial advisor, respectively. FRANCESCA'S HOLDINGS: TerraMar Tops Auction, Keeping 275 Stores --------------------------------------------------------------- Francesca's Holdings Corporation on Jan. 19, 2021 disclosed that after a comprehensive sale process, multiple bids, and a fulsome auction conducted under Section 363 of the United States Bankruptcy Code its Stalking Horse Bidder, Francesca's Acquisition LLC, an affiliate of TerraMar Capital LLC ("TerraMar"), and Tiger Capital LLC (collectively, the "Buyer") was selected as the winning bidder under an enhanced asset purchase agreement. The Buyer will acquire certain assets of the Company. The Company will be sold on a going concern basis and TerraMar has committed to continuing operating at least 275 francesca's(R) boutiques. Andrew Clarke, Chief Executive Officer under its new ownership, said, "We are extremely pleased with the interest in francesca's(R) during a robust auction process and that TerraMar emerged as the winning bidder. TerraMar shares our belief in the future of the business, has proven experience in supporting companies like ours through the next phase of growth and is committed to a revitalized francesca's.(R) The Buyer was chosen as the winning bidder based in part on its commitment to the future business and its recognition of the value of our people and our brand. Upon court approval and the final closing of the transaction, we believe francesca's(R) will emerge a stronger company poised to drive growth by exploring new brand avenues, expanding our ecommerce channels, and providing our customers with the latest fashion options and treasure hunt experiences they know and love." "We look forward to partnering with Andrew and the francesca's(R) team as we begin a new era for francesca's(R). The Company is well positioned to continue providing great products for its customers in an omni-channel approach. We are very focused on francesca's(R) being a good partner for suppliers, landlords and other key stakeholders going forward," said Joshua Phillips, Managing Partner of TerraMar Capital. The transaction is expected to close by the end of January 2021, subject to approval of the U.S. Bankruptcy Court for the District of Delaware currently set for approval on January 21, 2021. Upon the completion of the sale, the francesca's(R) business will successfully exit from its Chapter 11 Bankruptcy proceeding. francesca's(R) is represented by O'Melveny & Myers LLP and Richards Layton & Finger, P.A. as bankruptcy counsel and FTI Consulting, Inc. and FTI Capital Advisors LLC as the Company's financial advisor and investment banker. TerraMar Capital, LLC and Francesca's Acquisition, LLC retained the services of McDonald Hopkins LLC and Young Conaway Stargatt & Taylor, LLP as counsel. Tiger Capital Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. Additional Information Additional information about the asset sale, as well as other documents related to the restructuring and reorganization proceedings, is available at https://cases.stretto.com/francescas. About Francesca's Holdings Corp. Francesca's Holdings Corp. is a specialty retailer that operates a nationwide-chain of boutiques providing a diverse assortment of apparel, jewelry, accessories, and gifts. As of Dec. 1, 2020, Francesca's operated 558 boutiques in 45 states and the District of Columbia and also serves customers through www.francescas.com, its e-commerce website, and its recently launched mobile app. Francesca's Holdings Corp. and three affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 20-13076) on Dec. 3, 2020. Francesca's disclosed $264,700,000 in assets and $290,500,000 in liabilities as of Nov. 1, 2020. The Hon. Brendan Linehan Shannon is the case judge. The Debtors tapped O'MELVENY & MYERS LLP as general bankruptcy counsel; and FTI CAPITAL ADVISORS LLC as financial advisor and investment banker. RICHARDS, LAYTON & FINGER, P.A., is the local counsel. A&G REALTY PARTNERS is the real estate advisor. TIGER CAPITAL GROUP, LLC, is the store closure sales consultant. STRETTO is the claims agent. FRANKLIN AUTO BODY: Seeks to Hire M. Greenwald as Accountant ------------------------------------------------------------ Franklin Auto Body, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire M. Greenwald Associates LLP as its accountant. The firm's services will include: a) providing ordinary course tax compliance in connection with federal, state and local income tax matters; b) rendering accounting assistance in connection with reports required by the court and by the Office of the U.S. Trustee; c) providing expert testimony if required; d) interfacing with accountants and other financial consultants for other creditor groups; e) assisting the Debtor in the preparation or amendment of any financial information required by the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure; f) reviewing and analyzing of the Debtor's bank and other records for potential preference and fraudulent conveyance activities, among other things; and g) assisting with such other matters as counsel to the Debtor may request from time to time. M. Greenwald will be paid at these rates: Partners $350 to $375 per hour Para Professionals $75 to $150 per hour The firm has requested a retainer of $5,000. M. Greenwald is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court papers filed by the firm. The firm can be reached through: Sean Raquet, CPA M. Greenwald Associates LLP 711 32nd Street Union City, NJ 07087 Phone: +1 201-863-5348 Fax: 201-392-1277 Email: info@MGAssociatesLLP.com About Franklin Auto Body Franklin Auto Body, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 21-10126) on Jan. 8, 2021. 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. The Law Offices Of Douglas T Tabachnik, PC serves as the Debtor's counsel. FRANKLIN AUTOR BODY: Seeks to Hire Douglas T. Tabachnik as Counsel ------------------------------------------------------------------ Franklin Auto Body, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire the Law Offices of Douglas T. Tabachnik, P.C. as its legal counsel. The firm's services will include: a. advising the Debtor regarding its powers and duties; b. taking all necessary actions to protect and preserve the Debtor's estate; c. assisting the Debtor in obtaining approval of a disclosure statement and confirmation of its Chapter 11 plan of liquidation; d. preparing legal papers; e. court appearances; and f. other legal services that may be necessary in the Debtor's Chapter 11 case. The firm will be paid at these rates: Douglas T. Tabachnik, Esq. $550 per hour Juliet T. Wyne, Esq. $495 per hour Renee D'Alba (paralegal) $195 per hour Douglas T. Tabachnik is a "disinterested person" as that phrase is defined in Section 101(14) of the Bankruptcy Code, according to court papers filed by the firm. The firm can be reached through: Douglas T Tabachnik, Esq. Law Offices Of Douglas T Tabachnik, PC 63 W Main St, Suite C Englishtown, NJ 07726 Phone: 732-780-2760 Email: dtabachnik@dttlaw.com About Franklin Auto Body Franklin Auto Body, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 21-10126) on Jan. 8, 2021. 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. The Law Offices Of Douglas T Tabachnik, PC serves as the Debtor's counsel. GLADSTONE INVESTMENT: Egan-Jones Withdraws BB+ Sr. Unsec. Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company, on January 12, 2021, withdrew its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by Gladstone Investment Corporation. Headquartered in McLean, Virginia, Gladstone Investment Corporation operates as a close-end, non-diversified management investment firm. GRATITUDE TRAINING: Gets OK to Hire Van Horn Law Group as Counsel ----------------------------------------------------------------- Gratitude Training, LLC received approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Van Horn Law Group, P.A. as its legal counsel. The firm will render these services: (a) advise the Debtor regarding its powers and duties and the continued management of its business operations; (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; and (e) represent the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan. Van Horn Law Group's hourly rates are as follows: Chad Van Horn, Esq. $450 Associates $350 Jay Molluso $250 Law Clerks $200 Paralegals $200 In addition, the firm will be reimbursed for out-of-pocket expenses. Chad Van Horn, Esq., founding partner of Van Horn Law Group, disclosed in court filings that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Chad Van Horn, Esq. Van Horn Law Group, P.A. 330 N. Andrews Ave., Suite 450 Fort Lauderdale, FL 33301 Telephone: (954) 765-3166 Email: Chad@cvhlawgroup.com About Gratitude Training Gratitude Training, LLC, a coaching company that offers transformational trainings, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-10143) on Jan. 8, 2021. Gratitude Training President signed the petition. At the time of the filing, the Debtor disclosed $40,811 in assets and $1,788,435 in liabilities. Judge Peter D. Russin presides over the case. Chad Van Horn, Esq. at Van Horn Law Group, P.A. serves as the Debtor's legal counsel. GREEN MOUNTAIN: Cotney Represents 5 FLSA Claimants -------------------------------------------------- In the Chapter 11 cases of Green Mountain Specialties Corp., the law firm of Cotney Construction Law LLP submitted a verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose that it is representing Tyler Cloer, Wesley Spearman, Joseph Bergen-Gallipeau, David Robinson and Steven Dyer. In May of 2018, Cotney was retained to represent Tyler Cloer, Joseph Bergen- Gallipeau, Steven Dyer, David Robinson, and Wesley Spearman related to a dispute each of the Creditors had against the Debtor, Green Mountain Specialties Corp. Creditors, through Cotney as counsel, filed an action alleging violations of the Fair Labor Standards Act and unpaid wages under Florida law against the Debtor in the District Court for the Middle District of Florida, Orlando Division. As of Jan. 19, 2021, each of the Creditors and their disclosable economic interests are: Amount of Claim --------------- Tyler Cloer $1,602.75 7011 Aloma Ave., Apt. A Winter Park, FL 32792 Wesley Spearman $1,010.00 174 Beeler Rd. Lawrenceburg, TN 38464 Joseph Bergen-Gallipeau $367.44 723 Leland Dr. Deltona, FL 32725 David Robinson $1,296.20 723 Leland Dr. Deltona, FL 32725 Steven Dyer $944.50 640 Muscovy Circle, Apt F Deland, FL 32720 * per terms of the Judgement, $9,530.47 is attributable to all of the Creditors The nature of the claim as to each of the Creditors is damages under FLSA and unpaid wages. Cotney represents only the Creditors in this case and the Creditors are only represented by Cotney in this case. Nothing contained in this Verified Statement is intended or should be construed to constitute a waiver or release of any rights, claims, actions, defenses, setoffs or recoupments to which the Creditors may be entitled, in law or in equity, under any agreement or otherwise. Cotney reserves the right to amend or supplement this Verified Statement in accordance with the requirements of Bankruptcy Rule 2019. Counsel for Creditors can be reached at: John C. Brock, Jr., Esq. COTNEY CONSTRUCTION LAW LLP 3110 Cherry Palm Dr. Suite 290 Tampa, FL 33619 Tel: (813) 579-3278 Fax: (813) 902-7612 Email: jbrock@cotneycl.com kking@cotneycl.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/35WdKEU About Green Mountain Specialties Corp. Green Mountain Specialties Corp., filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 20-06370) on Nov. 17, 2020, disclosing under $1 million in both assets and liabilities. The Debtor is represented by the Law Offices of L. William Porter III, P.A. HIGHLAND MANAGEMENT: Ross, McKenzie Represent Ellington Claimants ----------------------------------------------------------------- In the Chapter 11 cases of Highland Capital Management, L.P., the law firms of Ross & Smith, PC and Baker & McKenzie LLP submitted a verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose that they are representing these creditors: Scott Ellington 2525 N. Pearl Street #1202 Dallas, TX 75201 Disclosable Economic Interest: not less than $7,604,375.00. Thomas Surgent 4441 Beverly Drive Dallas, TX 75205 Disclosable Economic Interest: not less than $3,958,628.14. Frank Waterhouse 2604 Dublin Park Drive Parker, TX 75094 Disclosable Economic Interest: not less than $2,102,260.99. Isaac Leventon 409 Pleasant Valley Lane Richardson, TX 75080 Disclosable Economic Interest: not less than $1,342,379.68. Counsel for Scott Ellington, Thomas Surgent, Frank Waterhouse, and Isaac Leventon can be reached at: Judith W. Ross, Esq. Frances A. Smith, Esq. Eric Soderlund, Esq. ROSS & SMITH, PC 700 N. Pearl Street, Suite 1610 Dallas, TX 75201 Telephone: 214-377-7879 Facsimile: 214-377-9409 E-mail: judith.ross@judithwross.com frances.smith@judithwross.com eric.soderlund@judithwross.com - and - Michelle Hartmann, Esq. BAKER & McKENZIE LLP 1900 North Pearl Suite 1500 Dallas, TX 75201 Telephone: 214-978-3000 Facsimile: 214-978-3099 E-mail: michelle.hartmann@bakermckenzie.com - and - Debra A. Dandeneau, Esq. BAKER & McKENZIE LLP 452 Fifth Ave New York, NY 10018 Telephone: 212-626-4875 E-mail: debra.dandeneau@bakermckenzie.com A copy of the Rule 2019 filing is available at https://bit.ly/3ixlNgy at no extra charge. About Highland Capital Management Highland Capital Management LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital was the world's largest non-bank buyer of leveraged loans in 2007. It also managed collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. 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. Foley & Lardner LLP, is serving as special Texas counsel. Kurtzman Carson Consultants LLC is the claims and noticing agent. Development Specialists Inc. CEO Bradley Sharp has been tapped as a financial adviser and restructuring officer. 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. IMMUNSYS INC: Seeks Approval to Hire Fish & Richardson ------------------------------------------------------ ImmunSYS, Inc. filed a motion seeking approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Fish & Richardson P.C., a professional utilized in the ordinary course of business. The motion, if granted, would allow the Debtor to hire Fish & Richardson without the requirement of filing fee applications. The Debtor requires the services of the firm to ensure that it is compliant with intellectual property law and that its existing patents and trademarks are extended by filing new patent and trademark applications. The Debtor agreed to pay Fish & Richardson $10,000 monthly and reimburse the firm for work-related expenses. Fish & Richardson neither represents nor holds any interest materially adverse to the Debtor and its estate, according to court papers filed by the firm. Fish & Richardson can be reached through: Todd E. Garcia, Esq. Fish & Richardson P.C. One Marina Park Drive Boston, MA 02210-1878 Phone: 617-542-5070 Email: garcia@fr.com About ImmunSYS Inc. ImmunSYS, Inc. -- www.immunsys.com -- is a clinical-stage biopharmaceutical company focused on developing innovative cancer immunotherapy products to improve the lives of patients with metastatic prostate cancer and other metastatic solid tumors. ImmunSYS filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-24196) on Dec. 31, 2020. Igor Keselman, chief executive officer, signed the petition. At the time of the filing, the Debtor had estimated assets of between $100,000 and $500,000 and liabilities of between $10 million and $50 million. Bast Amron LLP and MDO Partners serve as the Debtor's bankruptcy counsel and special counsel, respectively. IN-SHAPE: Agrees to Slash Break-Up Fee for Lead Bidder ------------------------------------------------------ Law360 reports that the California-based fitness chain In-Shape's committee of unsecured creditors told the Delaware bankruptcy court Monday that a $1 million break-up fee in the gym's potential $45.3 million sale to a stalking-horse bidder has been slashed, just weeks after the U.S. trustee argued the steep fee could discourage competing bids. The official committee of unsecured creditors told the court that In-Shape, which filed for Chapter 11 bankruptcy protection in mid-December citing COVID-19 restrictions that limited its ability to operate health clubs, agreed to make key modifications to the bidding procedures and debtor-in-possession financing after extensive negotiations with the debtor-in-possession agent. 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. INTEGRATED AG XI: Case Summary & 7 Unsecured Creditors ------------------------------------------------------ Debtor: Integrated Ag XI, LLC 8742 E Via De Commercio Scottsdale, AZ 85258 Business Description: Integrated Ag XI, LLC is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: January 20, 2021 Court: United States Bankruptcy Court District of Arizona Case No.: 21-00414 Debtor's Counsel: Alan A. Meda, Esq. BURCH & CRACCHIOLO, P.A. 1850 N. Central Ave., Suite 1700 Phoenix, AZ 85004 Tel: 602-274-8797 Fax: 602-850-9797 E-mail: ameda@bcattorneys.com Total Assets: $33,909,241 Total Liabilities: $20,701,272 The petition was signed by Bryan Hepler, authorized representative. A copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/4L5634I/Integrated_Ag_XI_LLC__azbke-21-00414__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Seven Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Arizona Department of Trade Debt $259 Weights & Measures 1688 W Adams St. Phoenix, AZ 85007 2. EZ Contracting LLC Labor Services $4,783 PO Box 626 Salome, AZ 85348 3. Graywolf Integrated Litigation $2,245,179 Construction Company 1705 W Battaglia Rd Eloy, AZ 85131 4. Plaintiffs of Litigation $0 CV2020-012256 Wilenchik & Bartnerss 2810 N 3rd St Phoenix, AZ 85004 5. Republic Services Waste Removal $279 PO Box 78829 Phoenix, AZ 85062 6. Revolution Industrial LLC Litigation $611,222 5858 W Riggs Rd Chandler, AZ 85226 7. Sawyer Welding & Litigation $549,119 Repair Inc PO Box 66 Arlington, AZ 85322 JACOBSON DEVELOPMENT: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Jacobson Development Group, LLC 613 Eagle Ave West Hempstead, NY 11522 Business Description: Jacobson Development Group, LLC is a Single Asset Real Estate company (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: January 20, 2021 Court: United States Bankruptcy Court Eastern District of New York Case No.: 21-70087 Judge: Hon. Louis A. Scarcella Debtor's Counsel: Ronald D. Weiss, Esq. RONALD D. WEISS, P.C. 734 Walt Whitman Road, Suite 203 Melville, NY 11747 Tel: (631) 371-3737 Fax: (631) 271-3784 E-mail: weiss@ny-bankruptcy.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $0 to $50,000 The petition was signed by Alexander Jacobson, managing member. The Debtor stated it has no unsecured creditors. A copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/X54ETCQ/Jacobson_Development_Group_LLC__nyebke-21-70087__0001.0.pdf?mcid=tGE4TAMA LETTUCE DEVELOP: Seeks Approval to Hire Dakil as Auctioneer ----------------------------------------------------------- Lettuce Develop & Prosper, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Oklahoma to employ Dakil Auctioneers, Inc. The Debtor needs the firm's services to market and sell personal properties that were used to operate its restaurant business by auction. The firm will receive a 10 percent commission on the gross sale price and reimbursement for work-related expenses. Dakil is a "disinterested person" as that term is defined in Sec. 101(14) of the Bankruptcy Code, according to court papers filed by the firm. The firm can be reached through: Louis Dakil Dakil Auctioneers, Inc. 200 NW 114th St. Oklahoma City, OK, 73114 Phone:405-751-6179 Fax: 405-752-9669 About Lettuce Develop & Prosper Lettuce Develop & Prosper, LP filed a Chapter 11 bankruptcy petition (Bankr. N.D. Okla. Case No. 20-11848) on Dec. 9, 2020. At the time of filing, the Debtor estimated $1,000,001 to $10,000,000 in assets and $500,001 to $1,000,000 in liabilities. Judge Dana L. Rasure oversees the case. The Debtor hired McDonald & Kindelt, LLP as its legal counsel. LETTUCE DEVELOP: Seeks to Hire Cocheran & Associates as Accountant ------------------------------------------------------------------ Lettuce Develop & Prosper, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Oklahoma to employ Cocheran & Associates, LLC as its accountant. The Debtor needs the firm's services to market its business and assets for sale through either Section 363 of the Bankruptcy Code or plan of liquidation; prepare and file reports and other financial information; and conduct valuations and related activities required for liquidation. The firm will also provide tax services to allow the Debtor to prepare and file appropriate tax forms and report. Cocheran will charge its customary hourly rates. Brad Cocheran, president of Cocheran, 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: Brad Cocheran Cocheran and Associates, LLC 2256 NW 164th St. Edmond, OK 73013 Phone: (405) 757-0940 Email: info@cocheran.com About Lettuce Develop & Prosper Lettuce Develop & Prosper, LP filed a Chapter 11 bankruptcy petition (Bankr. N.D. Okla. Case No. 20-11848) on Dec. 9, 2020. At the time of filing, the Debtor estimated $1,000,001 to $10,000,000 in assets and $500,001 to $1,000,000 in liabilities. Judge Dana L. Rasure oversees the case. The Debtor hired McDonald & Kindelt, LLP as its legal counsel. LIGHTHOUSE RESOURCES: Auction of Washington Assets Set for Feb. 16 ------------------------------------------------------------------ Judge John T. Dorsey of the U.S. Bankruptcy Court for the District of Delaware authorized the bidding procedures proposed by Lighthouse Resources, Inc. and affiliates relating to one or more sales of the real property and other related assets owned by Debtors Barlow Point Land Co., LLC and Columbia Land Co., LLC. The Sale Schedule is approved and subject to modification in accordance with the Bidding Procedures. The salient terms of the Bidding Procedures are: a. Bid Deadline: Feb. 11, 2021 at 5:00 p.m. (ET) b. Initial Bid & Bid Increments: (i) $0 to $999,000 - Bid Increments of $10,000; (ii) $1 million to $1,999,000 - Bid Increments of $50,000; and (iii) $2 million and up - Bid Increments of $100,000 c. Deposit: 10% of the Purchase Price d. Auction: If the Debtors receive two or more Qualified Bids with respect to All Assets or the same or similar Asset Package (defined below), as applicable, then the Debtors will conduct the Auction to determine the Successful Bidder(s) with respect to such Assets. The Auction will take place at 11:00 a.m. (ET) on Feb. 16, 2021, at the offices of Jackson Kelly PLLC, 100 W. Main Street, Suite 700, in Lexington, Kentucky 40507, (with participation via telephone conference, videoconference or another announced means to be communicated to the attendees) or such later date, time, and location, as selected by the Debtors, in consultation with the Consultation Parties. e. Sale Hearing: March 9, 2021, at 1:00 p.m. (ET) f. Sale Objection Deadline: Feb. 19, 2021, at 12:00 p.m. (ET) g. Any Qualified Bidder who has a valid and perfected lien on any of the Washington Real Property Assets and the right under applicable non-bankruptcy law to credit bid claims secured by such liens will have the right to credit bid any portion and up to the entire amount of their outstanding secured claim. The Sale Notice is approved. No other or further notice of the Auction and Sale will be required. The Assumption and Assignment Procedures are approved. The Debtors may prior to the entry of the Order, but no later than one business day thereafter, file with the Court, and serve on the Contract Counterparties, the Cure Notice with the Assigned Contract Schedule. Any Assigned Contract Objection that remains unresolved as of the Sale Hearing, will be resolved at the Sale Hearing, but such Assigned Contract will be assumed and assigned only upon satisfactory resolution of the Assigned Contract Objection, to be determined in the Successful Bidder's discretion. The requirements of Local Rules 9006-1(c)(ii) and 9029-3(a)(i) are waived to the extent necessary. The requirements of Bankruptcy Rules 6004(h) and 6006(d) are waived. A copy of the Bidding Procedures is available at https://bit.ly/3oWtiQe from PacerMonitor.com free of charge. About Lighthouse Resources Lighthouse Resources Inc., is an owner 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. The Company 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 as general bankruptcy counsel and BDO USA LLP as restructuring advisor. POTTER ANDERSON & CORROON LLP is the local bankruptcy counsel. LANG LASALLE AMERICAS, INC. is the marketer and seller of assets related to the dock facility owned by Millennium Bulk Terminals-Longview, LLC. ENERGY VENTURES ANALYSIS is the marketer and seller of Debtors' coal mining assets. STRETTO is the claims agent. LONGHORN JUNCTION: Seeks to Hire Hilco as Real Estate Advisor ------------------------------------------------------------- Longhorn Junction Land and Cattle Company, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Hilco Real Estate Auctions, LLC as its real estate advisor. The Debtor requires a real estate advisor to market and sell its real property in Georgetown, Texas. The Debtor intends to file a joint plan of reorganization calling for sale of the property. Hilco will be paid as follows: 1. A buyer's premium of 5 percent of the winning bid amount will be charged to the winning bid applicable to the property or each applicable parcel of the property sold during the term. 2. In addition to the buyer's premium, Hilco shall earn a fee equal to a certain percentage of the gross sale proceeds, as follows: Sale Price Hilco Commission Sale Price is below Minimum Reserve Price by more than 10 percent 4 percent but accepted by the Debtor Sale Price is within 10 percent 5 percent (higher or lower) than the Minimum Reserve Price Sale Price exceeds the Minimum 6 percent Reserve Price by more than 10 percent 3. In the event of a credit bid, Hilco shall be due a reduced fee of 2 percent on the full amount of the credit bid (plus any other cash or non-cash consideration). 4. In the event that the Debtor enters into the contract currently under negotiation with Springbrook Partners LP or its assigns for the sale of approximately 24.5 acres in Longhorn Junction, Hilco will be listed as the principal broker and will be entitled to a commission. Upon request of Debtor, Hilco will share its commission with other brokers, including seller's former brokers, provided that the firm receives at least a 1 percent commission on that contract. Jeff Azuse, senior vice president of Hilco, disclosed in court filings that the firm is a "disinterested person" within the meaning of Sections 101(14) and 327(a) of the Bankruptcy Code. The firm can be reached at: Jeff Azuse Hilco Real Estate Auctions, LLC 5 Revere Dr, Suite 410 Northbrook, IL 60062 Phone: 847-714-1288 Email: jazuse@hilcoglobal.com About Longhorn Junction Land Longhorn Junction Land and Cattle Company, LLC and SC Williams, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Lead Case No. 21-10003) on Jan. 4, 2021. At the time of the filing, Longhorn Junction disclosed assets of between $10 million and $50 million and liabilities of the same range. SC Williams had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Judge Tony M. Davis oversees the cases. The Debtors tapped Hayward PLLC and Hilco Real Estate Auctions, LLC as their legal counsel and real estate advisor, respectively. MAGNOLIA LANE: March 4 Plan Confirmation Hearing Set ---------------------------------------------------- On Dec. 14, 2020, the U.S. Bankruptcy Court for the Southern District of Florida conducted a hearing to consider approval of the disclosure statement filed by Magnolia Lane Condominium Association, Inc. On Jan.14, 2021, Judge Laurel M. Isicoff approved the disclosure statement and ordered that: * March 4, 2021 at 9:30 a.m. via Video Conference is the hearing to consider confirmation of the plan. * Feb. 11, 2021 is fixed as the last day for filing and serving fee applications. * Feb. 18, 2021 is fixed as the last day for filing and serving objections to confirmation of the plan. * Feb. 18, 2021 is fixed as the last day for filing a ballot accepting or rejecting the plan. A full-text copy of the order dated Jan. 14, 2021, is available at https://bit.ly/2Nmh9X8 from PacerMonitor.com at no charge. Counsel for the Debtor: John Paul Arcia, P.A. 175 SW 7TH Street, Suite 2000 Miami, FL 33130 Phone: (786) 429-0410 Fax: (786) 429-0411 E-mail: parcia@arcialaw.com About Magnolia Lane Condominium Association Magnolia Lane Condominium Association, Inc., is a condominium association and the corporate entity responsible for the maintenance and operation of real property in which condominium unit owners have use rights. The property is in West Kendall, Miami, Florida. The Association consists of 208 units owned by separate owners. The average current sales price of the condominium units is between $115,000 and $125,000. Magnolia Lane Condominium Association filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 19-24437) on Oct. 28, 2019. In the petition signed by Mercedes Rodriguez, vice president, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Laurel M. Isicoff oversees the case. The Debtor tapped John Paul Arcia, P.A., as its bankruptcy counsel; Florida Property Management Solutions, Inc., as its property manager; and Preferred Accounting Services and Kapila Mukamal, LLP as its accountants. MALLINCKRODT PLC: Court OKs Payment of Groups' Fees Despite Outcry ------------------------------------------------------------------ Law360 reports that a Delaware judge on Tuesday, Jan. 19, 2021, ruled global drug giant Mallinckrodt PLC can pay fees for certain restructuring professionals, despite strong opposition from the federal bankruptcy watchdog and others, saying the debtors used sound business judgment in making the reimbursement request. During a brief hearing held virtually, U.S. Bankruptcy Judge John T. Dorsey said he would let the drugmaker reimburse fees for three key unsecured creditor groups that have signed on to a restructuring support agreement as the drugmaker works toward a Chapter 11 plan to make distributions to creditors. Before filing for bankruptcy, Mallinckrodt negotiated with the Governmental Plaintiff Ad Hoc Committee and an Ad Hoc Group of the Debtors' Noteholders and each of their advisors terms of a comprehensive opioid settlement pursuant to the RSA. The Multi-State Governmental Entities Group later joined the RSA. First lien lenders and the U.S. Trustee have opposed a proposal by Mallinckrodt to pay off fees and expenses of RSA party professionals. The first lien term lenders said that the payment of the unsecured creditor groups' professional fees should only be considered once a Chapter 11 plan is confirmed. About Mallinckdrodt Mallinckrodt -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware in the U.S. (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt plc disclosed $9,584,626,122 in assets and $8,647,811,427 in liabilities as of Sept. 25, 2020. Judge John T. Dorsey oversees the cases. The Debtors tapped Latham & Watkins LLP and Richards, Layton & Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim Securities LLC as investment banker; and AlixPartners LLP as restructuring advisor. Prime Clerk, LLC is the claims agent. The official committee of unsecured creditors retained Cooley LLP as its legal counsel, Robinson & Cole LLP as co-counsel, and Dundon Advisers LLC as its financial advisor. On Oct. 27, 2020, the Office of the United States Trustee for Region 3 appointed an official committee of opioid related claimants (OCC). The OCC tapped Akin Gump Strauss Hauer & Feld LLP as its lead counsel, Cole Schotz as Delaware co-counsel, Province Inc., as financial advisor, and Jefferies LLC as investment banker. MARCO POLO RESTAURANT: Case Summary & 18 Unsecured Creditors ------------------------------------------------------------ Debtor: Marco Polo Restaurant & Tavern, Inc. 527 Morris Avenue Summit, NJ 07901 Business Description: Marco Polo Restaurant & Tavern Inc. owns and operates restaurants serving traditional Italian fare & cocktails. Chapter 11 Petition Date: January 21, 2021 Court: United States Bankruptcy Court District of New Jersey Case No.: 21-10446 Judge: Hon. John K. Sherwood Debtor's Counsel: John S. Mairo, Esq. PORZIO, BROMBERG & NEWMAN, P.C. 100 Southgate Parkway Morristown, NJ 07962 Tel: 973-538-4006 Fax: 973-538-5146 E-mail: jsmairo@pbnlaw.com Debtor's Financial Advisor: M. GREENWALD ASSOCIATES LLP Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Agapios Kyritsis, president. A copy of the petition containing, among other items, a list of the Debtor's 18 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/T4QCPMA/Marco_Polo_Restaurant__Tavern__njbke-21-10446__0001.0.pdf?mcid=tGE4TAMA MARLEY STATION: MCB Offers $19.7 Million for Glen Burnie Mall ------------------------------------------------------------- Judge Mark X. Mullin of the U.S. Bankruptcy Court for the Northern District of Texas will convene a hearing on Feb. 4, 2021, at 9:30 a.m., to consider Marley Station Redemption, LLC's sale to MCB Acquisition Co., LLC for $19.7 million, of the Mall defined as: (a) certain lands consisting of approximately 94.597 acres located in the City of Glen Burnie, County of Anne Arundel, State of Maryland, commonly known as 7900 Ritchie Highway; (b) all buildings, structures, fixtures and improvements presently located on the Land, including specifically, without limitation, a retail building containing approximately 834,725 square feet of gross floor area; (c) all equipment, machinery, supplies and spare parts and personal property used in connection with the use, operation and maintenance of the Improvements, but specifically excluding any and all bank accounts, as well as the 2005 Ford F250 Super Duty Truck, both of which will be retained by the Seller; (d) all easements, licenses, rights and appurtenances relating to the Real Property; (e) all right, title and interest of the Seller, in and to any intangible personal property relating to the Real Property and/or the Personal Property, including all licenses, permits, plans, specifications, operating manuals, trade names, guarantees and warranties; and (f) all leases affecting the Real Property or Improvements, including any extensions, additions and amendments thereto and security or other Lease-related deposits, to the extent any exist. The Debtor's only member is Buck Harris who was the past immediate owner of the Mall. On Dec. 8, 2020, Harris conveyed his interest in the Mall to the Debtor by Special Warranty Deed and corresponding Assignment of Rents. The Mall is subject to the first lien of YAM Capital III, LLC. Shirazi, LLC is the second lienholder on the Mall. Prior to the filing of the bankruptcy case, Shirazi had posted the Real Property for a foreclosure sale on Dec. 11, 2020, at 10:00 a.m. The foreclosure sale was stayed by the Debtor filing the case. Shirazi's second lien debt against the Mall is estimated to be approximately $1.35 million. On Nov. 6, 2020, Harris and the Purchaser agreed, in principle, on the purchase of the Mall and executed a Letter of Intent to Purchase. On Jan. 12, 2021, the Debtor and the Purchaser executed the Amended and Restated Agreement of Sale. The following is a summary of the key provisions: a. Assets to be Sold: The asset to be sold is the Mall as defined in the Amended Motion. b. The purchase price for the Property is $19.7 million. c. The Purchaser within five days of Jan. 12, 2021 will deposit $500,000. Within three business days after the expiration of the Due Diligence Period (defined as the first business day occurring 75 days after Jan. 12, 2021), the Purchaser will deposit $500,000. At closing, the Purchaser will pay the sum of $18.7 million. The Purchaser's obligation to close on the sale is conditioned on, among other things, the entry of an order of the Court approving the sale. The Debtor is serving notice of the Amended Motion on all creditors that have a security interest in the Mall. The proposed sale of the Mall will be a sale free and clear of all liens, claims, interests, and encumbrances, which liens (to the extent valid, enforceable and perfected) will attach to the proceeds in their respective priorities. YAM's first lien debt against the Mall is allegedly estimated to be approximately $17.36 million. Shirazi's second lien debt against the Mall is allegedly estimated to be approximately $1.35 million. The real estate taxes are owed on the Mall at this time -- the amounts of which are still being calculated -- that will be likewise satisfied out of the Purchase Price. Finally, the Debtor asks the Court to waive and dispense with any stay of the order granting the Amended Motion, including any stay pursuant to Rule 6004(h), Federal Rules of Bankruptcy Procedure, so that the order of sale will be effective immediately. A copy of the Amended Agreement is available at https://bit.ly/39GYQDt from PacerMonitor.com free of charge. About Marley Station Redemption, LLC Marley Station Redemption, LLC is a Single Asset Real Estate. The Debtor sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 20-43726) on Dec. 10, 2020. The Debtor tapped Behrooz P. Vida, Esq., at the Vida Law Firm, PLLC as counsel. The Debtor estimated both assets and liabilities in the range of $10 million to $50 million. The petition was signed by Buck Harris, manager. MEADE INSTRUMENTS: Fair Harbor Offers $13.5K for Proof of Claim --------------------------------------------------------------- Meade Instruments Corp. filed with the U.S. Bankruptcy Court for the Central District of California its second amended notice of sale of its General Unsecured Proof of Claim Number 0000010085 filed in the Tuesday Morning Corp.'s Chapter 11 Bankruptcy filed in the U.S. Bankruptcy Court for the Northern District of Texas bearing case number 20-31476 in the amount of $16,451, to Fair Harbor Capital for a cash payment of $13,490. Pursuant to LBR 9013-1(o), any party who opposes the Motion may file and serve a written opposition and request for a hearing 14 days after the date of service of the Notice, plus three additional days if served by mail or pursuant to F. R. Civ. P. 5(b)(2)(D) or (F). On June 2, 2020, the Debtor filed the Proof of Claim. On Nov. 19, 2020, it received an offer from Fair Harbor to purchase the Proof of Claim for the Purchase Price on the terms of their Claim Purchase Agreement. The Purchase Price is approximately 82% of the Claim Amount. Due to factors normally attendant to large chapter 11 cases it is unknown when and how much the Debtor will be paid (or not paid) upon its Claim. Rather than wait an undeterminable length of time for the Tuesday Morning bankruptcy to distribute an undeterminable amount of funds, the Debtor agreed to sell the Proof of Claim to Fair Harbor for the Sale Amount. The Debtor does not believe that the sale will result in an adverse tax consequence to the bankruptcy estate. It asks the entry of an order approving the private sale of the Proof of Claim to Fair Harbor for the Sale Amount. Fair Harbor is a third party with no relationship to the Debtor, or any creditor of the bankruptcy estate. The offer to purchase from Fair Harbor is in the best interest in the estate. Absent any objection to the Motion, the Debtor asks that the 14-day stay under Fed. R. Bankr. P. 6004(h) be waived so that the parties may quickly close the sale. A copy of the Agreement is available at https://tinyurl.com/y65pnme5 from PacerMonitor.com free of charge. 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. MICHAEL GALMOR: Trustee's $66K Sale of 132-Acre Wheeler Land Okayed ------------------------------------------------------------------- Judge Robert L. Jones of the U.S. Bankruptcy Court for the Northern District of Texas authorized Kent Ries, the Trustee of Michael Stephen Galmor and Galmor's/G&G Steam Service, Inc., and the Liquidator the Galmor Family Limited Partnership, to sell the land situated in the County of Wheeler, Texas, described as a 132.7-acre tract of land out of Section 4, Block A-8, H. & G.N. Ry. Co. Survey, also known as 132.7 ac in Sec 4, Blk A-8, H&GN, Wheeler County, Texas, to Dennis Smock for $66,350. The Trustee is authorized to pay all valid liens and all contracted for and commercially reasonable closing expenses, including broker fees and expenses. The Purchaser of the Pit Place Property must, through its principal, sign an affidavit of disinterestedness, and that such affidavit will be provided to the counsel for Leslie Pritchard at least 48 hours prior to closing. The Trustee is authorized to execute all documents and instruments necessary to carry out the purposes of intent of the Order. The sale as authorized will be by special warranty deed, and on an "as is, where is," with all present defects basis. The 14-day stay requirement pursuant to F.R.B.P. 6004(h) is waived. Michael Stephen Galmor owns and manages Galmor's/G&G Steam Service, Inc. of Shamrock, Texas. He also raises cattle in his individual capacity. Michael Stephen Galmor sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 18-20209) on June 19, 2018. The Debtor tapped Max Ralph Tarbox, Esq., at Tarbox Law, P.C. as counsel. MICHAEL K. HERRON: $400K Sale of Pittsburgh Property to Wang OK'd ----------------------------------------------------------------- Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the Western District of Pennsylvania confirmed Michael K. Herron's sale of the real property located at 340 Roup Avenue, in Pittsburgh, Pennsylvania, to Lin Yuan Sophia Wang for $400,000. A hearing on the Motion was held via Zoom Video Conference. The sale is free and divested of liens and claims, with all such liens and claims to attach to the proceeds of sale. The expenses/costs will immediately be paid at the time of closing. Failure of the Closing Agent to timely make and forward the disbursements required by the Order will subject the closing agent to monetary sanctions, including among other things, a fine or the imposition of damages, after notice and hearing, for failure to comply with the terms of the Order. Except as to the distribution specifically authorized in the Order, all remaining funds will be held by the Counsel for the Movant pending further Order of the Court after notice and hearing. The expenses/costs are: (1) The following lien(s)/claim(s) and amounts: the first mortgage lien claim of Wells Fargo Bank, N.A. in the amount of $213,109 (good through Nov. 4, 2020, with interest thereafter accruing at $18 per diem); (2) Delinquent real estate taxes, if any; (3) Current real estate taxes, pro-rated to the date of closing; (4) The costs of local newspaper advertising in the amount of $490 reimbursed to the Debtor's counsel, Robleto Kuruce, PLLC; (5) The costs of legal journal advertising in the amount of $276 reimbursed to the Debtor's counsel, Robleto Kuruce, PLLC; (6) The Court approved realtor commission in the amount of $24,000; (7) Attorney fees/administrative expenses in the amount of $35,000, to be held in trust by the Counsel for the Movant pending a later Order of the Court's authorizing such attorney fees/administrative expenses; and (8) The balance of funds realized from the within sale will be held by the Attorney for the Movant/Plaintiff until further Order of Court, after notice and hearing. Within seven days of the date of the Order, the Movant/Plaintiff will serve a copy of the within Order on each Respondent/Defendant (i.e., each party against whom relief is sought) and its attorney of record, if any, upon any attorney or party who answered the motion or appeared at the hearing, the attorney for the debtor, the Closing Agent, the Purchaser, and the attorney for the Purchaser, if any, and file a certificate of service. The Closing will occur within 30 days of the Order. Within seven days following closing, the Movant/Plaintiff will file a Report of Sale which will include a copy of the HUD-1 or other Settlement Statement. Michael K. Herron sought Chapter 11 protection (Bankr. W.D. Pa. Case No. 19-24527) on Nov. 21, 2019. The Debtor tapped Aurelius P. Robleto, Esq., at Robleto Kuruce, PLLC as counsel. MICHAEL K. HERRON: Sale of Pittsburgh Property to Oakland Confirmed ------------------------------------------------------------------- Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the Western District of Pennsylvania confirmed Michael K. Herron's sale of the real property located at 3700 Orpwood Street, in Pittsburgh, Pennsylvania, to Oakland Planning and Development Corp. for $240,000. The sale is free and divested of liens and claims, with all such liens and claims to attach to the proceeds of sale. The expenses/costs will immediately be paid at the time of closing. Failure of the Closing Agent to timely make and forward the disbursements required by the Order will subject the closing agent to monetary sanctions, including among other things, a fine or the imposition of damages, after notice and hearing, for failure to comply with the terms of the Order. Except as to the distribution specifically authorized in the Order, all remaining funds will be held by the Counsel for the Movant pending further Order of the Court after notice and hearing. The expenses/costs are: (1) The following lien(s)/claim(s) and amounts: the first mortgage lien claim of Wells Fargo Bank, N.A. in the amount of $165,328 (good through Nov. 27, 2020, with interest thereafter accruing at $15 per diem); (2) Delinquent real estate taxes, if any; (3) Current real estate taxes, pro-rated to the date of closing; (4) The costs of local newspaper advertising in the amount of $430 reimbursed to the Debtor's counsel, Robleto Kuruce, PLLC; (5) The costs of legal journal advertising in the amount of $248 reimbursed to the Debtor's counsel, Robleto Kuruce, PLLC; (6) The Court approved realtor commission in the amount of $14,400; (7) Attorney fees/administrative expenses in the amount of $35,000, to be held in trust by the Counsel for the Movant pending a later Order of the Court's authorizing such attorney fees/administrative expenses; and (8) The balance of funds realized from the within sale will be held by the Attorney for the Movant/Plaintiff until further Order of Court, after notice and hearing. Within seven days of the date of the Order, the Movant/Plaintiff will serve a copy of the within Order on each Respondent/Defendant (i.e., each party against whom relief is sought) and its attorney of record, if any, upon any attorney or party who answered the motion or appeared at the hearing, the attorney for the debtor, the Closing Agent, the Purchaser, and the attorney for the Purchaser, if any, and file a certificate of service. The Closing will occur within 30 days of the Order. Within seven days following closing, the Movant/Plaintiff will file a Report of Sale which will include a copy of the HUD-1 or other Settlement Statement. Michael K. Herron sought Chapter 11 protection (Bankr. W.D. Pa. Case No. 19-24527) on Nov. 21, 2019. The Debtor tapped Aurelius P. Robleto, Esq., at Robleto Kuruce, PLLC as counsel. MILLS FORESTRY: Unsecureds to Get Share of Income for 3 Years ------------------------------------------------------------- Mills Forestry Service, LLC and Sammy Clyde Mills, III, filed a Chapter 11 Plan of Reorganization and a corresponding Disclosure Statement. Mills Forestry Service is a Georgia limited liability company that operates a timber harvesting and forest service business out of Adrian, Georgia. In summary, Mr. Mills and MFS seek to continue employment with MFS and continue operation of the business, respectively, and to make payments to their respective or joint creditors pursuant to the terms of the joint Plan. MFS will continue as a separate legal entity and retain ownership of its assets. The Debtors propose to satisfy all of their secured and priority governmental claims in full via a combination of (i) a sale of certain collateral and unencumbered property via public auction shortly after confirmation and (ii) payments over time as detailed below. Unsecured claims, consisting of certain deficiency claims and general unsecured trade claims, will receive the Debtors' respective Projected Disposable Income over 3 years. If the Plan is confirmed, then payment of the Projected Disposable Income on a pro rata basis as proposed in this Plan will satisfy unsecured claims in full. A full-text copy of the Disclosure Statement dated January 11, 2021, is available at https://bit.ly/2LDY6a5 from PacerMonitor.com at no charge. Counsel to Debtors: David L. Bury, Jr. G. Daniel Taylor Stone & Baxter, LLP Suite 800, 577 Mulberry Street Macon, Georgia 31201 About Mills Forestry Service Sammy Clyde Mills, III, is a resident of Kite, Georgia. He and his mother each own 50% of the outstanding membership interests in Mills Forestry Service, LLC, a Georgia limited liability company that operates a timber harvesting and forest service business out of Adrian, Georgia. Mr. Mills and Mills Forestry Service sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No. 20-30046 and 20-30058) on March 7, 2020. At the time of the filing, Mills Forestry disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Edward J. Coleman III oversees the cases. The Debtors tapped Stone & Baxter, LLP as legal counsel. MRI FOOD HALLS: Cargo Food Authority Files for Chapter 7 -------------------------------------------------------- MRI Food Halls, Inc., doing business as d/b/a Cargo Food Authority and Bus Stop Brewhouse, filed a Chapter 7 bankruptcy petition (Bankr. D. Minn. Case No. 21-40059) on Jan. 15, 2021. The Debtor's counsel: John D. Lamey, III Lamey Law Firm, P.A. Tel: 651-209-3550 E-mail: bankrupt@lameylaw.com Patrick Rehkamp of Minneapolis/St. Paul Business Journal notes that Williston Holding Co. did not file for bankruptcy, just its subsidiary MRI Food Halls. According to the Business Journal, MRI Food Halls operated two Minneapolis restaurants: Cargo Food Authority, a shipyard-themed dining concept located in Target Center, and Bus Stop Burgers & Brewhouse, which was in the Wells Fargo complex adjacent to U.S. Bank Stadium. The Covid-19 pandemic, related shutdowns and downtown violence attributed to the financial hardships, according to John Lamey, the bankruptcy attorney for MRI, the Business Journal reported. He added that Cargo Food Authority was hit hard in particular by Minnesota Timberwolves games being played without fans. "These are totally shuttered," Mr. Lamey said. "There's no intention of opening back up." MRI listed assets of less than $50,000 and liabilities between $1 million and $10 million. MRI listed gross revenue for roughly the 2020 calendar year of only $240,343. According to the Business Journal, the biggest the creditors in the case include: * Dallas, Texas-based Downtown East Investors: $1 million (Downtown East Investors has a financial interest in the Wells Fargo towers, where Bus Stop Burgers & Brewhouse was located.) * Los Angeles-based AEG Management: $429,167 (AEG manages Target Center) * Minneapolis-based Shamrock Group: $36,000 Cargo Food Authority was a 9,000-square-foot restaurant and took over the former Hubert's restaurant space at Target Center in late 2019. Bus Stop Burgers & Brewhouse officially opened on Dec. 30, 2019. Both locations were developed in part by Brian Ingram,who's had ample experience cultivating creative restaurants around the Twin Cities, including New Bohemia and Seventh Street Truck Park in St. Paul. NAJEEB A. KHAN: Trustee Selling Grove of Peoria Interest for $120K ------------------------------------------------------------------ Mark T. Iammartino, as the Chapter 11 Trustee for the estate of Najeeb Ahmed Khan, asks the U.S. Bankruptcy Court for the Western District of Michigan to authorize the sale of the estate's indirect 10% membership interest in The Grove of Peoria, LLC to Karen Chookaszian for $120,000. As of the Petition Date, the Debtor owned a 33% membership interest in NAP Realty, LLC. NAP Realty, in turn, holds a single asset, which is a 10% membership interest in Grove of Peoria, an apartment complex located in Peoria, Illinois. The current managing member of NAP Realty is Pat Ruszkowski, who has served in such role since before the Petition Date. NAP Realty has received an offer from the property's current majority owner, the Buyer, to purchase the Grove Interest for $120,000 pursuant to the terms set forth in the Agreement. As the holder of a 33% interest in NAP Realty, the estate would receive $40,000 of the sale proceeds from the Transaction. The Trustee believes that Mr. Ruszkowski, as the managing member of NAP Realty, has sufficient authority under controlling governance documents to consummate the Transaction without the consent of the Chapter 11 Trustee or any other member of NAP Realty. However, in an abundance of caution, the Buyer has conditioned the sale upon receipt of all of NAP Realty's individual members' consents to the Transaction. Accordingly, the Chapter 11 Trustee is asking an order authorizing him to provide such consent to the Transaction. The Chapter 11 Trustee has determined that providing the requested consent to the Transaction is fair and reasonable and in the best interests of the estate and creditors. Among other things, the Transaction will allow the estate to recover $40,000 from the estate's approximately 3% indirect interest in the apartment complex, which is a fair recovery based on the Chapter 11 Trustee's assessment of the proposed Transaction. Although no formal valuation report has been issued, the Chapter 11 Trustee and his professionals have reviewed the offer and the related financials and have determined that the cap rate is appropriate and that the offer provides fair value for the position. Furthermore, because the Grove Interest is the only asset held by NAP Realty, the Transaction will permit the estate to quickly liquidate the estate's entire interest in NAP Realty, without the expense, delay, and challenges of valuing or marketing the estate's indirect minority interest in the Peoria property. Accordingly, the Chapter 11 Trustee should be authorized to consent to the Transaction. In light of (a) the Committee's appointment and active involvement in the case and (ii) the costs associated with service of the motion on all creditors, the Chapter 11 Trustee submits that the limited notice contemplated by Bankruptcy Rule 2002(i) is appropriate. A copy of the Agreement is available at https://tinyurl.com/yy8ppe7k from PacerMonitor.com free of charge. The Purchaser: Karen Chookaszian 1100 Michigan Ave Wilmette, IL 60091 About Najeeb Ahmed Khan Najeeb Ahmed Khan sought Chapter 11 protection (Bankr. W.D. Mich. Case No. 19-04258) on Oct. 8, 2019. The Debtor tapped Denise D. Twinney, Esq., and Robert F. Wardrop, II, Esq., at Wardrop & Wardrop. P.C., as counsel. On Oct. 29, 2019, the Court appointed Mark. T. Iammartino, as the Chapter 11 Trustee. On Nov. 1, 2019, the U.S. Trustee appointed an official committee of unsecured creditors. NORTHERN HOLDINGS: Seeks June 25 Plan Exclusivity Extension ----------------------------------------------------------- Northern Holdings, LLC asks the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to extend the Debtor's exclusive period to file a plan of reorganization and to solicit acceptances to June 25, 2021, and September 23, 2021, respectively. Since the filing of this case, the Debtor has undertaken substantial efforts to administer its duties as a DIP as efficiently as possible. The Debtor has filed the requisite schedules and statements with the Court and is in full compliance with the rules and requirements of the United States Trustee. The Debtor is collecting and segregating rents, managing its business affairs effectively, and preserving the value of its assets for the benefit of creditors. The Debtor's goal, in this case, is to quickly sell the 1172 Property and secure financing to pay off Farm Credit, thereby resolving the lender's liens on the remaining two properties. The Debtor is currently negotiating the sale of the 1172 Property for approximately $11,400,000. There are two potential buyers lined up: Rabbit Ridge Wine Winery (insider) and Continental/Broken Earth Winery (third-party). The Debtor is concurrently working with the United States Department of Agriculture to secure financing for this property in the amount of $12,800,000. The Debtor is also negotiating financing for the Live Oak Property in the approximate amount of $9,500,000 and with third party growers Broken Earth Winery and WarRoom Ventures to lease vineyard blocks. This incremental business would result in additional income. The Debtor is also trying to secure a planting/fruit sales contract with Justin Winery, a part of the Wonderful Company. These efforts are slated to generate significant additional income for the Debtor and assist in the process of securing a new loan(s). However, Farm Credit recently propounded substantial discovery requests on the Debtor which has unfortunately required that Mr. Leroy Codding, the sole and managing member and custodian of the record of the Debtor, take some time away from the Debtor's reorganization efforts and instead focus on gathering years of record and documents. The claims bar date of March 31, 2021, has not yet had just passed and Debtor is still in the process of assessing claims and analyzing the need to object to claims; the Exclusivity Period, in this case, should be extended for this reason. Other factors justifying the request for extension of the Exclusivity Periods is the Debtor's improving cash flow – via the influx of capital in the form of property sales and/or refinances. This is the Debtor's first request for an extension of the Exclusive Periods. The Debtor is not seeking an extension of the Exclusive Periods in order to pressure creditors. Further, the Debtor is not depriving the creditors of material or relevant information. Under the circumstances, the Debtor does not believe any party would be prejudiced by the extension of the Exclusive Periods. A copy of the Debtor's Motion to extend is available from PacerMonitor.com at https://bit.ly/3sEPEbu at no extra charge. About Northern Holdings LLC Northern Holdings, LLC is a Minnesota LLC created on April 30, 2012, for the purpose of acquiring and restructuring a wine importer and distribution company in St. Paul, Minn. Northern Holdings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-13014) on October 28, 2020, to stop a foreclosure sale of its real properties by lienholder Farm Credit and so that it can reorganize its financial affairs. In the petition signed by Leroy Codding, managing member, the Debtor estimated $10 million to $50 million in both assets and liabilities. Judge Mark S. Wallace oversees the case. Matthew D, Resnik, Esq., at Resnik Hayes Moradi, LLP, is the Debtor's legal counsel. O & B HACKING: Gets Short Extension of Plan Deadline ---------------------------------------------------- Judge Jil Mazer-Marino has entered an order extending through and including March 10, 2021, O & B Hacking, Corp.'s deadline to confirm a Chapter 11 Small Business Chapter 11 Plan of Reorganization. The Debtor had asked the Court to extend by 120 days, through and including May 25, 2021, its deadline to confirm its Chapter 11 plan. The Debtor said that the extension will enable it to harmonize the diverse and competing interests that exist and seek to resolve any conflicts. O & B Hacking, Corp., filed its Amended Small Business Chapter 11 Plan and a corresponding Disclosure Statement on December 11, 2020. Under the Plan, Class III general unsecured claims in the amount of $24,493 will receive a 10% dividend of their allowed claims in one lump sum payment commencing on the effective date of the Plan. A full-text copy of the Amended Disclosure Statement dated Dec. 11, 2020, is available at https://bit.ly/34yTTLg from PacerMonitor.com at no charge. About O & B Hacking, Corp. Based in Brooklyn, New York, O & B Hacking, Corp. filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-46885) on Nov. 14, 2019, listing under $1 million in both assets and liabilities. Alla Kachan, Esq. at the Law Offices of Alla Kachan, P.C. represents the Debtor as counsel. PREMIERE JEWELLERY: Trustee Seeks to Hire Omni as Claims Agent -------------------------------------------------------------- Marjorie Kaufman, the trustee appointed in the Chapter 11 cases of Premiere Jewellery, Inc. and its affiliates, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to retain Omni Agent Solutions 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. The standard hourly rates of Omni's professionals are as follows: Analyst $35 - $50 Consultants $65 - $160 Senior Consultants $165 - $200 Solicitation and Securities Services $205 Technology/Programming $85 - $135 Paul Deutch, executive vice president of Omni, 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: Brian K. Osborne Omni Agent Solutions 5955 De Soto Avenue, Suite 100 Woodland Hills, CA 91367 Telephone: (818) 906-8300 Email: Bosborne@omniagnt.com About Premiere Jewellery Premiere Jewellery, Inc. and its affiliates design, sell and distribute fashion jewelry, serving the private label and branded needs of the retail industry. On June 25, 2020, Premiere Jewellery and its affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-11484). The petitions were signed by Howard A. Moser, chief restructuring officer. At the time of the filing, Premiere Jewellery disclosed estimated assets of $10 million to $50 million and estimated liabilities of the same range. Judge James L. Garrity oversees the cases. Jeffrey A. Wurst, Esq., at Armstrong Teasdale LLP, represents the Debtors as legal counsel. On July 17, 2020, the court approved the U.S. trustee's appointment of Marjorie E. Kaufman as the Debtors' Chapter 11 trustee. Ms. Kaufman tapped Klestadt Winters Jureller Southard & Stevens, LLP as her legal counsel, Getzler Henrich & Associates LLC as financial advisor, DaHui Lawyers and Simmons Associates, Ltd. as special counsel, and Kahn, Litwin, Renza & Co., Ltd. as accountant. PURDUE PHARMA: Insurer Says Committees Can't Bring Coverage Suits ----------------------------------------------------------------- Law360 reports that an insurance carrier for bankrupt opioid maker Purdue Pharma has asked a New York bankruptcy judge to deny the company's request to share the right to file insurance suits with a pair of its creditor committees, saying the claims would be barred by state law. In a motion filed Friday, Jan. 15, 2021, Ironshore Specialty Insurance Co. said the court should reject Purdue's request to ratify an agreement made in Chapter 11 talks to grant standing to its official unsecured creditors committee and an ad hoc group of state and local governments to pursue claims against the drugmaker's insurance carriers. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell LLP and Dechert LLP as legal counsel; PJT Partners as investment banker; AlixPartners as financial advisor; and Prime Clerk LLC as claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in Debtors' bankruptcy cases. David M. Klauder, Esq., was appointed as fee examiner. The fee examiner is represented by Bielli & Klauder, LLC. QUALITY PERFORATING: $2.33M Sale of All Assets to Bulls Approved ---------------------------------------------------------------- Judge Robert N. Opel, II of the U.S. Bankruptcy Court for the Middle District of Pennsylvania authorized Quality Perforating, Inc.'s sale of all or substantially all assets to Bulls Acquisition Co., LLC for the total purchase price of (i) $2,329,500, plus (ii) the assumption of certain Assumed Liabilities, on the terms of their Asset Purchase Agreement dated Jan. 15, 2021. The Sale Hearing was held on Jan. 15, 2021. The sale is free and clear of all Encumbrances and Interests. All such Encumbrances and Interests of any kind or nature whatsoever (other than permitted encumbrances) will attach (effective upon the transfer of the Acquired Assets to the Buyer) to the proceeds of the cash Purchase Price. Pursuant to sections 105(a) and 365 of the Bankruptcy Code, and subject to and conditioned upon the terms of the APA and the Closing of the Sale, the Debtor's assumption and assignment to the Buyer, and the Buyer's assumption on the terms set forth in the APA, of the Assumed Contracts is approved. Pursuant to the APA, the Debtor is authorized and directed to (a) assume and assign to the Buyer, effective upon the Closing Date of the Sale, the Assumed Contracts free and clear of all Encumbrances and Interests of any kind or nature whatsoever (other than permitted encumbrances) and (b) execute and deliver to the Buyer such documents or other instruments as may be necessary to assign and transfer the Assumed Contracts to the Buyer. All amounts that must be paid and obligations that must be otherwise satisfied in connection with the assignment and assumption of the Assumed Contracts, including Cure Costs and other cure obligations that are required to be cured pursuant to the Bankruptcy Code to effect the assignment and obtain this Order (without giving effect to any acceleration clauses or any default provisions of the kind specified in section 365(b)(2) of the Bankruptcy Code) will be cured by the Buyer as provided in the APA at the Closing Date, or as otherwise agreed by the Buyer and counter-party to any such Assumed Contracts. Within 10 business days following the Closing Date, the Debtor will file with the Court the Final Assumed Contracts Notice. All executory contracts and unexpired leases not specifically set forth in the Final Assumed Contracts Notice will be deemed rejected as of the filing date of such notice. At Closing, the Debtor is authorized to pay from the cash proceeds of the Purchase Price (a) customary costs associated with the Closing of the Sale, including title charges, (b) reimbursement of other expenses required to close the sale, including professionals and third party vendors, (c) real estate taxes and/or other municipal taxes encumbering the Real Property, (d) $2,329,500 to the Debtor's senior secured lender, Peoples Security Bank and Trust, and (e) quarterly fees payable pursuant to 28 U.S.C. Section 1930(a)(6) equal to 1% of the Purchase Price. In addition, the Debtor will set aside a payment in the amount of $20,000 from the Buyer for the benefit of the Debtor's unsecured creditors. The Order will be effective and enforceable immediately upon entry, and any stay of orders provided for in Bankruptcy Rules 6004(h), 6006(d) and any other provision of the Bankruptcy Code or Bankruptcy Rules will not apply. A copy of the APA is available at https://bit.ly/38PVQ8x from PacerMonitor.com free of charge. About Quality Perforating, Inc. Quality Perforating, Inc. is a manufacturer of perforated sheets, coils and component parts. Quality Perforating, Inc. sought Chapter 11 protection (Bankr. M.D. Pa. Case No. 20-03561) on Dec. 16, 2020. The case is assigned to Judge Robert N. Opel II. The Debtor's total assets are valued at $3,608,042 and $9,820,041 in debt. The Debtor tapped Mark J. Conway, Esq., at Law Offices of Mark J. Conway, P.C. as counsel. The petition was signed by Robert W. Farber, president. RAMAN ENTERPRISES: Plan & Disclosure Statement Due July 15 ---------------------------------------------------------- On Jan. 5, 2021 Judge Mark Houle held an initial status conference in the case of Raman Enterprises, LLC. On Jan. 11, 2021, Judge Houle ordered that: * The deadline to file proofs of claim is March 15, 2021. * The deadline for Debtor to file a status report is March 30, 2021. * The deadline for Debtor to file a plan and disclosure statement is July 15, 2021. * The status conference is continued to April 6, 2021 at 2:00 p.m. About Raman Enterprises Raman Enterprises, LLC, filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 6:20-bk-17826) on Dec. 8, 2020. The Debtor hired the Law Office of Donald W. Reid, as counsel. Donald W. Reid can be reached at: Donald W. Reid, Esq. LAW OFFICE OF DONALD W. REID PO Box 2227 Fallbrook, CA 92088 Tel: (951) 777-2460 E-mail: don@donreidlaw.com RONNA'S RUFF: Proposed Online BigIron Auction of Equipment Approved ------------------------------------------------------------------- Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the Western District of Pennsylvania authorized Ronna's Ruff Bark Trucking, Inc.'s online public auction sale of the following equipment: (i) 2015 Mack GU713 Loader Truck, Title No. 73834984; VIN No. 1M2AX07C1FM024014, (ii) 2017 Kenworth W900 Truck, Title No. 76955113; VIN No. 1NKWL40X8HJ158001, and (iii) 2016 Kenworth W900 Truck, Title No. 76201760301; VIN No. 1NKWL40X2GJ459989. The online public auction sale of the Property will be conducted on the date the Order is entered through approximately the following six weeks thereafter by BigIron Online Auction Co. at www.bigiron.com. Pending entry of the Sale Confirmation Order following the auction, the liens are transferred to the proceeds of sale, if and to the extent they may be determined to be valid liens against the sold property. The sale is free, clear and divested of all liens. After due notice to the lien creditors and all Preliminary Objections to the auction sale, if any, having been withdrawn or resolved, the costs of sale of the bankruptcy proceedings (including attorneys' fees, auctioneer fees and costs, normal closing costs, and the costs of maintaining and preserving the property) will be paid in advance of any distribution to said lien creditors or any creditors claiming an interest in the property. The Debtor will immediately serve a copy of the Order on each Respondent (i.e., each party against whom relief is sought) and its attorney of record, if any; upon any attorney or party who answered the motion or appeared at the hearing; the attorney for the debtor; the purchaser, or the attorney for the purchaser, if any, and thereafter, immediately file a certification of service. Within five days following consummation of the sale, the Debtor will file a Motion Requesting Sale Confirmation, which Motion will include a Report of Sale. At the conclusion of the Public Auction Sale, title will vest in the putative purchaser unless an Objection is registered with the Seller or its Agent at the conclusion of bidding on the specific item of property sold. In such event, it is the duty and responsibility of the Seller and its Agent to provide the objecting party with written notice of the objecting party's right to file a formal objection with the Court within seven days of the conclusion of bidding on the specific item of property subject to the objection. In such event, title to the specific item of property will not vest in the putative purchaser until further order of Court. Formal closing on the property will occur within 14 days after filing of the Sale Confirmation Order confirming the auction. As to the proposed distribution of any funds authorized, all funds will be held by the Counsel for Debtor pending further Order of the Court, after notice and hearing. 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, 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. RTI HOLDING: Dennis Mill Buying RT Tampa's Valrico Assets for $1.6M ------------------------------------------------------------------- RTI Holding Company, LLC, and its debtor-affiliates ask the U.S. Bankruptcy Court for the District of Delaware to authorize the private sale of RT Tampa Franchise, L.P.'s the land, easements, appurtenances and improvements located at 1812 E. State Road 60, in Valrico, Florida, to Dennis Mill Holdings, LLC for $1.6 million, on the terms and conditions of the Agreement of Purchase and Sale, dated as of July 16, 2020, as amended, subject to higher and better offers. A hearing on the Motion is set for Feb. 4, 2021, at 1:00 p.m. (ET). The Objection Deadline is Jan. 28, 2021 at, 4:00 p.m. (ET). The Debtors have made extensive efforts to liquidate non-core, obsolete properties not currently used in their operations including the Assets at issue. Prepetition, the Assets were used in the operation of one of the Debtors' restaurants until it closed on April 28, 2019. Accordingly, the Assets are no longer needed for the Debtors' business. Prepetition, in early May 2019, the Seller hired real estate broker SVN Commercial Advisors by John Milsaps to assist the Seller with sale of the Assets. As part of its marketing efforts, the Broker posted a commercial grade sign at the premises; listed the Assets for sale on relevant real estate websites; emailed brokers, property owners and restaurant owners; and sent postcards to approximately 767 property owners and restaurant owners. The initial listing price for the Assets in May 2019 was $2.495 million. From May 2019 through and including September 2019, eight potential buyers made offers of between $1 million and $2.3 million. On July 12, 2019, the Broker initiated a new marketing campaign. On Sept. 29, 2019, the Buyer signed the Purchase Agreement for a price of $2.3 million. Before the closing deadline in the Purchase Agreement, the Buyer sought potential tenants for the location but was unable to locate one that would pay rent in an amount sufficient to support the price. Thus, the Buyer and the Seller entered into an amendment to the Purchase Agreement to reduce the purchase price to $2 million; however, the Buyer was unable to locate a tenant that would pay rent in an amount that would support such price, and on Nov. 26, 2019, the Buyer terminated the Purchase Agreement. On Dec. 16, 2019, Seller received an offer for $1.5 million from a different potential buyer, which offer was not accepted because it was perceived to be too low. On June 29, 2020, the Broker entered into a new listing agreement and on July 16, 2020, the Buyer and the Seller reinstated the Purchase Agreement at a price of $1.6 million. The Purchase Agreement was terminated by the Buyer on Aug. 31, 2020, and then reinstated on Sept. 2, 2020. On Nov. 6, 2020, the Buyer and the Seller entered into an amendment to the Purchase Agreement that extended the closing deadline to Dec. 8, 2020, and then entered into a further amendment on Dec. 18, 2020 that extended the closing deadline to the later of (a) Jan. 7, 2020 or (b) as soon as practicable after the 21-day objection period for the Motion without an objection being filed or if filed overruled; and (c) the Seller has received lender approval. The Purchase Agreement, as amended, is subject to (i) higher or better competing bids that may be made at or in front of the Court and (ii) the Court's approval (by means of the Motion within 30 days of its filing (or as extended an additional 30 days as set forth in the Purchase Agreement, as amended). The Purchase Price would be $1.6 million, net of the Broker's commission of 4% (which commission is subject to the Court's approval and any requirements it may impose). Pursuant to section 4.5 of the Purchase Agreement, the Seller would sell the Assets to the Buyer on an "as is, where is" and "with all faults" basis, subject to certain Warranties. In connection with the Purchase Agreement, the Buyer has submitted a deposit of $25,000. The Buyer is not an officer, director, shareholder, or other insider of the Debtors. As of the date of the Motion, the only liens on the Assets of which the Debtors are aware are the liens of Goldman Sachs Special Lending Group, L.P. as administrative agent ("GSSLG") under that certain Credit and Guaranty Agreement, dated as of Dec. 21, 2017 (as amended, supplemented or otherwise modified, or otherwise modified from time to time). By the Motion, the Debtors ask an order (i) authorizing them to perform under the Purchase Agreement; (ii) approving the Sale of the Assets free and clear of Interests; and (iii) granting the Debtors authority to pay the broker's commission to the Broker. The Debtors submit that the proposed private sale of the Assets to the Buyer in accordance with the Purchase Agreement is appropriate in light of the facts and circumstances of this chapter 11 case. The Buyer emerged from the process as providing the highest and best bid for the Assets. Given the proposed Purchase Price for the Assets and the competitive bidding process already undertaken by the Debtors, the probability that a competing bidder will actually emerge with an offer higher or better to top the bid does not justify the costs associated with approval of bidding procedures and the scheduling of an auction by the Court. To implement the foregoing successfully, the Debtors ask that the Court waives the 14-day stay imposed by Bankruptcy Rule 6004(h), so that they may perform their obligations timely under the Purchase Agreement. A copy of the Agreement is available at https://tinyurl.com/y4d86vnf from PacerMonitor.com free of charge. The Purchaser: DENNIS MILL HOLDINGS, LLC 2964 Peachtree Road NW, Suite 650 Atlanta, GA 30305 Attn: Bryan Pruiett, Manager Telephone: (706) 264-7819 E-mail: bryan@pruiettcapital.com About RTI Holding Company RTI Holding Company, LLC and its affiliates develop, operate and franchise casual dining restaurants in the United States, Guam, and five foreign countries under the Ruby Tuesday brand. The company-owned and operated restaurants (i.e. non-franchise) are concentrated primarily in the Southeast, Northeast, Mid-Atlantic and Midwest regions of the United States. On Oct. 7, 2020, RTI Holding Company and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-12456). At the time of the filing, the Debtors disclosed assets of between $100 million and $500 million and liabilities of the same range. Judge John T. Dorsey oversees the cases. Pachulski Stang Ziehl & Jones LLP and CR3 Partners LLC serve as the Debtors' legal counsel and financial advisor respectively. Epiq Corporate Restructuring LLC is the claims, noticing and solicitation agent and administrative advisor. On October 26, 2020, the U.S. Trustee for the District of Delaware appointed an official committee of unsecured creditors in these chapter 11 cases. The committee tapped Kramer Levin Naftalis & Frankel LLP and Cole Schotz P.C. as counsel and FTI Consulting, Inc. as financial advisor. SCULPT MEDICAL: Plan of Reorganization Confirmed by Judge --------------------------------------------------------- Sculpt Medical, LLC, has won confirmation of its Corrected Fourth Amended Plan of Reorganization dated Aug. 31, 2020. No objections to the Plan were filed. Accordingly, Judge Kimberley H. Tyson on Jan. 11, 2021, confirmed the Plan. Bank of the West filed an objection on Dec. 21, 2020, but withdrew the objection on Dec. 31. This Plan provides for the reorganization of the Debtor under Chapter 11 of the Bankruptcy Code. Pursuant to the Plan, the Debtor will restructure its debts and obligations and continue to operate in the ordinary course of business. Class 2 Allowed Secured Claim held by Ascentium Capital secured by Sculptsure and Pelleve lasers will be treated as set forth in a Settlement Agreement and Mutual Release between Ascentium Capital, the Company, and Julian Oresntein dated January 2020. The Class 2 claimant will retain all liens that secured its Claim as of the Petition Date. Class 3 Secured Claim held by Balboa Capital secured by an Icon laser will be allowed in the amount of $25,000. Class 4 Allowed Secured Claim held by Bank of the West secured by Impact Cyrotherapy equipment will be allowed in the amount of $8,000. Class 5 Allowed Secured Claim held by Bank of the West secured by all the assets of the Debtor will be allowed in the amount of $35,000. The monthly payments of the Classes 3, 4 and 5 will each be calculated based upon a five-year amortization of the Claim and paid in equal monthly installments. The initial payment shall be made on the first day of the seventh full month following the Effective Date of the Plan Class 7 Allowed Claims held by unsecured creditors will receive a pro-rata distribution of a percentage of the Company's Gross Revenue generated over the five-year period commencing on the Effective Date of the Plan. Class 7 will receive 3% of Gross Revenue received by the Debtor in year one, with a 1% increase for each of the following years. A full-text copy of the Fourth Amended Plan is available at https://bit.ly/3oPk0FR from PacerMonitor.com at no charge. A copy of the Plan Confirmation Order is available at https://bit.ly/3ixPez4 Attorneys for the Debtor: Jenny M.F. Fujii, Esq. Kutner Brinen, P.C. SCULPT MEDICAL, LLC 1660 Lincoln St., Suite 1720 Denver, CO 80264 Telephone: 303- 832-2400 Fax: 303-832-1510 E-mail: jmf@kutnerlaw.com About Sculpt Medical Sculpt Medical, LLC, a company that provides laser treatments, cosmetic care and body contouring services, sought Chapter 11 protection (Bankr. D. Colo. Case No. 19-19577) on Nov. 5, 2019. In the petition signed by Robert Kilpatrick, member, the Debtor disclosed total assets of $145,233 and total liabilities of $1,821,114. Judge Kimberley H. Tyson oversees the case. Kutner Brinen, P.C., led by Jenny M.F. Fujii, Esq., is the Debtor's legal counsel. SHADDEN LLC: March 8 Plan Confirmation Hearing Set -------------------------------------------------- Shadden, LLC, filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement in support of the Plan of Reorganization. On Jan. 14, 2021, Judge Kimberley H. Tyson approved the Disclosure Statement and ordered that: * Feb. 26, 2021 is fixed as the last day for the holders of all claims or interests to submit Ballots accepting or rejecting the Plan. * Feb. 26, 2021, is fixed as the last day to file any objection to confirmation of the Plan. * March 8, 2021 at 9:30 a.m. via Zoom video conference is the hearing for consideration of confirmation of the Plan and such objections. 2% for Unsecureds The Debtor's main remaining asset when it filed for bankruptcy was a residence located at 9689 E. Prentice Circle, Greenwood Village, CO. The Debtor sold the property in September 2020. As a result of the sale after payment to the secured lender in the first position, realtor, and related costs, net funds in the amount of $116,952, less a $15 transfer fee, or $116,937, were deposited into a trust account at the offices of the Debtor's Bankruptcy counsel as required under the Stipulation with the UST. The second and third lien holders received $0 from the sale of the Property, and their entire claims will be treated as general unsecured claims. According to the Plan, the total amount of Class 3 General Unsecured Claims currently asserted against the estate, excluding insider claims, is $1,875,336. Class 3 will receive a pro rata distribution of $38,000, which are the allocated net funds from the sale of the Property, after payment of administrative claims, or approximately 2%. A full-text copy of the Disclosure Statement Order entered Jan. 14, 2021, is available at https://bit.ly/2Nc6jmj A copy of the Disclosure Statement dated Nov. 9, 2020, is available at https://bit.ly/3bWCaBT About Shadden LLC Shadden LLC is a Colorado limited liability company formed May 27, 2008 by Hayden Meier as an investment vehicle for real property interests and business investments, including the purchase and sale of a mobile home park, a residence in Michigan, and a condo in Downtown Denver. Shadden LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 19-18726) on Oct. 8, 2019. 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. The case has been assigned to Judge Kimberley H. Tyson. The Debtor tapped Keri L. Riley, Esq., at Kutner Brinen, P.C., as its legal counsel. SUNDIVE COMMODITY: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Sundive Commodity Group, LLC 21010 N. Caramel Apple Trl. Cypress TX 77433 Business Description: Sundive Commodity Group is a merchant wholesaler of petroleum and petroleum products. Chapter 11 Petition Date: January 20, 2021 Court: United States Bankruptcy Court Southern District of Texas Case No.: 21-30163 Judge: Hon. Eduardo V. Rodriguez Debtor's Counsel: Matthew Hoffman, Esq. Alan Brian Saweris, Esq. HOFFMAN & SAWERIS, P.C. 2777 Allen Parkway 1000 Houston, TX 77019 Tel: 713-654-9990 Fax: 713-654-0038 E-mail: matthew@mhsawlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Christopher Barton, president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/MLEBOJI/Sundive_Commodity_Group_LLC__txsbke-21-30163__0002.0.pdf?mcid=tGE4TAMA A copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/MMTDN2Q/Sundive_Commodity_Group_LLC__txsbke-21-30163__0001.0.pdf?mcid=tGE4TAMA SUPERIOR ENERGY: Davis, Porter Update List of Noteholders --------------------------------------------------------- In the Chapter 11 cases of Superior Energy Services, Inc., et al., the law firms of Davis Polk & Wardwell LLP and Porter Hedges LLP submitted an amended verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose an updated list of members of the Ad Hoc Group of Noteholders and their economic interests in the Debtors. The ad hoc group was formed by holders of (a) 7.125% senior notes due 2021 issued by SESI, L.L.C., a Delaware limited liability company and a wholly owned subsidiary of the Company, under that certain Indenture, dated as of December 6, 2011, by and among SESI, as issuer, each of the guarantors party thereto from time to time, and the Bank of New York Mellon Trust Company, N.A., as trustee and/or (b) 7.750% senior notes due 2024 issued by SESI under that certain Indenture, dated as of August 17, 2017. In or around May 2020, the Ad Hoc Group engaged Davis Polk to represent it in connection with a potential restructuring of the Debtors. In or around October 2020, the Ad Hoc Group engaged Porter Hedges to act as co-counsel in these Chapter 11 Cases. As of Jan. 8, 2021, members of the Ad Hoc Group and their disclosable economic interests are: ASCRIBE III INVESTMENTS L.L.C. 299 Park Avenue, 34th Floor New York, NY 10171 * $71,665,000 in aggregate principal amount of 2024 Notes Claims BAYSIDE CAPITAL INC. 1271 Avenue of the Americas 22nd Floor New York, NY 10020 * $33,343,000 in aggregate principal amount of 2021 Notes Claims COHANZICK MANAGEMENT, L.L.C. AND CROSSINGBRIDGE ADVISORS L.L.C. 427 Bedford Road, Suite 230 Pleasantville, NY 10570 * $15,259,000 in aggregate principal amount of 2021 Notes Claims * $5,835,000 in aggregate principal amount of 2024 Notes Claims ERS OF TEXAS 200 E. 18th Street Austin, TX 78701 * $29,208,000 in aggregate principal amount of 2021 Notes Claims * $2,000,000 in aggregate principal amount of 2024 Notes Claims GLENDON CAPITAL MANAGEMENT, L.P. 2425 Olympic Blvd., Suite 500E Santa Monica, CA 90404 * $43,851,000 in aggregate principal amount of 2021 Notes Claims * $51,587,000 in aggregate principal amount of 2024 Notes Claims GOLDENTREE ASSET MANAGEMENT LP 300 Park Avenue, 21st Floor New York, NY 10022 * $254,165,000 in aggregate principal amount of 2021 Notes Claims * $162,061,000 in aggregate principal amount of 2024 Notes Claims MADISON AVENUE INTERNATIONAL L.P. 150 E. 58th Street, Suite 1403 New York, NY 10028 * $39,768,000 in aggregate principal amount of 2021 Notes Claims * $17,742,000 in aggregate principal amount of 2024 Notes Claims MONARCH ALTERNATIVE CAPITAL LP 535 Madison Avenue New York, NY 10022 * $141,985,000 in aggregate principal amount of 2021 Notes Claims * $40,874,000 in aggregate principal amount of 2024 Notes Claims NEWTYN MANAGEMENT, L.L.C. 60 E. 42nd Street, 9th Floor New York, NY 10165 * $5,350,000 in aggregate principal amount of 2021 Notes Claims * $29,848,000 in aggregate principal amount of 2024 Notes Claims NOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT, INC. 309 W. 49th Street, 19th Floor New York, NY 10019 * $14,613,000 in aggregate principal amount of 2021 Notes Claims * $8,320,000 in aggregate principal amount of 2024 Notes Claims RBC CAPITAL MARKET L.L.C. 200 Vesey Street, 9th Floor New York, NY 10281 * $28,729,000 in aggregate principal amount of 2021 Notes Claims * $9,274,400 in aggregate principal amount of 2024 Notes Claims WEXFORD CAPITAL L.P. 677 Washington Blvd., Suite 500 Stamford, CT 06901 * $21,346,000 in aggregate principal amount of 2021 Notes Claims * $689,000 in aggregate principal amount of 2024 Notes Claims Counsel to the Ad Hoc Group can be reached at: PORTER HEDGES LLP John F. Higgins, Esq. Eric M. English, Esq. Megan N. Young-John, Esq. 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Fax: (713) 226-6248 E-mail: jhiggins@porterhedges.com eenglish@porterhedges.com myoung-john@porterhedges.com - and - DAVIS POLK & WARDWELL LLP Damian S. Schaible, Esq. Adam L. Shpeen, Esq. Matthew B. Masaro, Esq. 450 Lexington Avenue New York, NY 10017 Tel: (212) 450-4000 Fax: (212) 701-5800 E-mail: damian.schaible@davispolk.com adam.shpeen@davispolk.com matthew.masaro@davispolk.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/3sCX3Ie 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. TIGER OAK: Choice Bank Says Disclosures Misleading -------------------------------------------------- Choice Financial Group, a secured creditor, submitted an objection to the Disclosure Statement of Tiger Oak Media, Incorporated. The Debtor said in its Dec. 3, 2020 Disclosure Statement: "In May of 2020, Choice Bank and the Debtor began to negotiate the structure of a deal now embraced by the Plan. The proposal by the Debtor involved a restructuring of the debt owed to Choice Bank by the Debtor by way of an assumption of such debt by Lazzari (the owner of the building currently occupied by the Debtor (Lazzari is owned by Craig Bednar)), in exchange for an additional mortgage on the Lazzari Property." In its Disclosure Objection, Choice points out that although the disclosure statement, in general, accurately describes the transaction discussed between the debtor and Choice, the transaction was never consummated. Choice drafted numerous documents to complete the transaction, but nothing was signed. To the contrary, on or around Dec. 15, 2020, the debtor's counsel informed Choice's counsel that the Debtor was seeking financing elsewhere. The new financing was supposed to close by Dec. 31 and pay Choice in full. To date, the debtor has not obtained new financing. In short, the Debtor's disclosure statement describes a transaction with Choice that never closed and has been withdrawn, Choice tells the Court. Attorneys for Choice Bank: Christopher A. Camardello MANTY & ASSOCIATES, P.A. 150 South Fifth Street, Suite 3125 Minneapolis, MN 55402 Phone: (612) 465-0990 Email: chris@mantylaw.com About Tiger Oak Media, Incorporated Tiger Oak Media, Incorporated, is a regional and national publisher of books, magazines, media and events that appeal to targeted audiences. Tiger Oak Media sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Case No. 19-43029) on Oct. 7, 2019. In the petition signed by its chief executive officer, Craig Bednar, the Debtor was estimated to have assets of less than $50,000 and liabilities of less than $10 million. The Hon. Michael E. Ridgway is the case judge. The Debtor tapped Steven Nosek, Esq., and Yvonne Doose, Esq., as bankruptcy attorneys; Lurie, LLP as accountant; and Integrated Consulting Services, LLC as financial consultant. The U.S. Trustee for Region 12 appointed creditors to serve on the official committee of unsecured creditors on Oct. 22, 2019. The committee tapped Bassford Remele, P.A. as its legal counsel, and Platinum Management, LLC as its financial advisor. TIGER OAK: In Talks With Committee on Consensual Plan ----------------------------------------------------- Tiger Oak Media, Incorporated, and its Official Committee of Unsecured Creditors on Dec. 4, 2020, filed a proposed Plan and Disclosure Statement. The Committee filed a withdrawal on Jan. 11, 2021. The Debtor did not join in or separately withdraw the Plan. According to a Jan. 13 status report by the Debtor, the Debtor continues to negotiate with the Committee regarding a Joint Plan. If the Committee is not interested in a Joint Plan, the Debtor intends to proceed with the Plan and will make the amendments to the Disclosure Statement as necessary. The Debtor disclosed that as recently as the afternoon of Jan. 12, 2021, proposed Plan treatment changes to the Committee that would satisfy the Committee's issues with the Joint Plan as filed. The Debtor continues to believe a consensual Plan is achievable and in the best interests of the creditors and would result in creditors receiving substantially more than if the assets were liquidated. The proposed Plan changes include additional cash contributed by the Bednar family in excess of $1,000,000. This is a substantial sum and would provide a substantial payment to creditors. Disclosure Objections There were two objections to the adequacy of the Disclosure Statement: (1) The Objection filed by the United States Trustee. This Objection was filed on Jan. 11, 2021 and the Debtor is in agreement with all of the requested changes. The Debtor was in the process of preparing the necessary amendments to the Disclosure Statement when the Brickman Objection was filed last Thursday Jan. 7, 2021. (2) The Brickman Objection. This Objection was filed last Thursday Jan. 7, 2021. The Brickman Objection contains multiple objections. The Debtor is working to make the changes to meet the Brickman Objection but because of their numerous objections, the Debtor has not been able to complete all of the necessary changes. Issued raised by the Acting United States Trustee and Brickman include: * Majority of unsecured claimants are freelance writers, etc. who will not understand the documents. Additional information should be provided for Class 3 treatment. * Priority proof of claims total approximately $116,000. Tax claim total approximately $49,3125. The remaining priority claims were priority wage claims filed by freelance claimholders. The DS and Plan do not discuss how those claims will be treated. * A list of executory contracts or leases that will be rejected should be included. * There is no explanation for why there are no profit and loss statements for March through July 2020. A copy of the Disclosure Statement dated Dec. 3, 2020, is available at https://bit.ly/38YAGoM About Tiger Oak Media, Incorporated Tiger Oak Media, Incorporated, is a regional and national publisher of books, magazines, media and events that appeal to targeted audiences. Tiger Oak Media sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Case No. 19-43029) on Oct. 7, 2019. In the petition signed by its CEO Craig Bednar, the Debtor was estimated to have assets of less than $50,000 and liabilities of less than $10 million. The Hon. Michael E. Ridgway is the case judge. The Debtor tapped Steven Nosek, Esq. and Yvonne Doose, Esq., as bankruptcy attorneys; Lurie, LLP as accountant; and Integrated Consulting Services, LLC as financial consultant. The U.S. Trustee for Region 12 appointed creditors to serve on the official committee of unsecured creditors on Oct. 22, 2019. The committee tapped Bassford Remele, P.A., as its legal counsel, and Platinum Management, LLC as its financial advisor. TIMOTHY M. ROEWE: $195K Sale of Franklin Property to Kuenzels OK'd ------------------------------------------------------------------ Judge Barry S. Schermer of the U.S. Bankruptcy Court for the Eastern District of Missouri authorized Timothy M. Roewe and Lona S. Roewe to sell their real property in Franklin County, Missouri, described as Lots, 5,6,7 and 8 of Blueberry Acres, a subdivision in part of U.S. Survey #1910, Township 44 North, Range 2 West of the 5th P.M., as per plat of record in Plat Book P page 382 in the office of the recorder of deeds, to Daniel and Trisha Kuenzel for $195,000, pursuant to their Sales Contract dated June 10, 2020. A hearing on the Motion was held on Jan. 6, 2021. The Debtors are authorized to pay at closing from the proceeds of sale any and all closing costs for which the bankruptcy estate is liable, including pro-rated real estate taxes for 2021, under the Sales Contract. They authorized to accept the proceeds of sale and pay at closing from the proceeds of sale any valid and perfected liens and encumbrances on the Property, including (a) first priority deed of trust of Bank of Washington in the approximate amount of $40,339 plus per diem interest, if applicable; (b) second priority deed of trust of Bank of Washington in the approximate amount of $27,725, plus per diem interest if applicable; (c) pay the remaining balance of the sales proceeds into a segregated account at the title company closing the transaction. The Debtors will give notice to all creditors and parties in interest of any sale proceeds paid into the segregated account at the title company after the sale. If no party asserts a right to the proceeds within 30 days of the Debtors' notice, the funds will be released from the segregated account and paid to the Debtors. If a party asserts a lien or encumbrance on the Property, the Debtors will file a motion with the Court and set the matter for hearing. The Debtors are required to file a report of sale within 14 days of closing of the Sale. The stay of Rule 6004 (h) of the Federal Rules of Bankruptcy Procedure does not apply and the Order is immediately effective upon entry. Within three business days of entry of the Order, the Debtors will provide a copy of the Order to all creditors and parties in interest not receiving a copy through the Court's CMECF noticing system, and thereafter file a certificate of service with the Court. Counsel for Debtors: David M. Dare, Esq. HERREN, DARE & STREETT 1051 N. Harrison Ave. St. Louis, MO 63122 E-mail: ddare@hdsstl.com Timothy M. Roewe and Lona S. Roewe sought Chapter 11 protection (Bankr. E.D. Mo. Case No. 17-47469) on Oct. 30, 2017. The Debtors tapped David M. Dare, Esq., at Herren, Dare & Streett as counsel. TM HEALTHCARE: Seeks April 15 Plan Exclusivity Extension -------------------------------------------------------- TM Healthcare Holdings, LLC and its affiliates ask the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to extend the Debtors' exclusive period to file a Chapter 11 plan through and including April 15, 2021, and to solicit acceptances through and including June 14, 2021. The Debtors are operating their businesses and managing their affairs as debtors-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. The Debtors have only been in bankruptcy since September 17, 2021, and are generally paying their post-petition debts as they come due. Further, the Court has authorized the Debtor's employment of Farlie Turner & Co., LLC as their exclusive investment banker to market and potentially sell substantially all of their assets. Farlie Turner has been working closely with the Debtors to best position their businesses for market and finalize a Confidential Information Memorandum to provide to interested parties. As a result, the Debtors believe that Farlie Turner will officially begin marketing the Debtors' businesses the week of January 18, 2021. Once the Debtors can measure market interest in the sale of their assets, the Debtors will have the information necessary to formulate and propose a disclosure statement and plan of reorganization or liquidation. This is the Debtors' first request to extend the Exclusivity Periods and is not seeking the extensions as a delay tactic or to pressure creditors. As of the date, no trustee or examiner has been appointed in any of the Debtors' chapter 11 cases. A copy of the Debtors' Motion to extend is available from PacerMonitor.com at https://bit.ly/3bQrXGY at no extra charge. About TM Healthcare Holdings TM Healthcare Holdings, LLC, a Stuart, Fla.-based company in the health care business, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-20024) on September 17, 2020. The petition was signed by CFO Paul Kamps. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $50 million and $100 million. Judge Erik P. Kimball oversees the case. Shraiberg Landau & Page P.A. is the Debtor's legal counsel. TRC FARMS: Wins March 18 Solicitation Exclusivity Extension ----------------------------------------------------------- At the behest of TRC Farms, Inc., Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, extended the period in which the Debtor may solicit acceptances for a plan to and including March 18, 2021. The Court finds that granting the relief sought in the Debtor's Motion would not prejudice any party to the Debtor's bankruptcy estate, and said relief has been sought in good faith. A copy of the Court's Extension Order is available from PacerMonitor.com at https://bit.ly/2NfglTU at no extra charge. About TRC Farms Inc. TRC Farms, Inc., a privately held company in the livestock farming industry, filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 20-00309) on January 23, 2020. In the petition signed by Timmy R. Cox, president, the Debtor disclosed $3,846,275 in assets and $5,412,282 in liabilities. Judge Joseph N. Callaway oversees the case. The Debtor tapped Ayers & Haidt, PA as its legal counsel, and Carr Riggs & Ingram, LLC as its accountant. VECTOR LAUNCH: Plan Declared Effective Jan. 19, 2021 ---------------------------------------------------- VL Wind Down Inc., f/k/a Vector Launch Inc. and GSC Wind Down Inc. f/k/a Garvey Spacecraft Corporation, have won approval of their Plan of Liquidation. No objections to confirmation of the Plan were filed. Following a hearing on Jan. 11, 2021, Judge John T. Dorsey entered findings of fact, conclusions of law and order confirming the Plan and approving the Disclosure Statement on a final basis. The effective date of the Plan occurred on Jan. 19, 2021, according to a Jan. 19 filing. Requests for payment of administrative expense claims, professional fee claims, and claims for rejection of contracts are due Feb. 18, 2021. Holders of Claims in Class 3 voted to accept the Plan. Under the Plan, Holders of Allowed Claims in Class 3 (General Unsecured Claims) are receiving only 5% to 19% recovery on account of their Allowed Claims. Class 3 General Unsecured Claims are projected to total $6,900,000. VL Wind Down Inc., et al. submitted a Second Amended Combined Disclosure Statement and Joint Chapter 11 Plan of Liquidation. Under the Combined Plan, the Debtors are contributing all the remaining value of their estates to the Liquidating Trust to be used to satisfy the claims of the Debtors' unsecured creditors. The Creditors Committee supported the Plan. The principal assets of the Liquidating Trust include Cash resulting from the Sales as well as Causes of Action. The Causes of Action include: (a) all Avoidance Actions (b) all Causes of Action against insiders (as that term is defined in section 101(31) of the Bankruptcy Code); and (c) all Causes of Action against any of the Debtors' current or former employees, agents, officers, directors, shareholders, members, managers. The Causes of Action or Avoidance Actions do not include any claims that are released in connection with the Debtors Releases or the Third-Party Releases. For the avoidance of doubt, the Debtors are retaining any and all Causes of Action against former CEO James Cantrell, including for breach of fiduciary duty, conversion, misuse of company property, etc. as alleged, in part, in proof of claim no. 12. Under no circumstances is James Cantrell included in the definition of "Released Parties" or "Released Debtor Directors and Officers," notwithstanding his status as a former employee of the Debtors. A full-text copy of the Order dated Jan. 11, 2021, is available at https://bit.ly/38O5cS6 from PacerMonitor.com at no charge. A full-text copy of the Second Amended Combined Disclosure Statement and Joint Chapter 11 Plan of Liquidation dated Jan. 11, 2021, is available at https://bit.ly/3oQGuX3 from PacerMonitor.com at no charge. Counsel to the Debtors: William D. Sullivan William A. Hazeltine Elihu E. Allinson, III SULLIVAN * HAZELTINE * ALLINSON LLC 919 North Market Street, Suite 420 Wilmington, Delaware 19801 E-mail: bsullivan@sha-llc.com whazeltine@sha-llc.com zallinson@sha-llc.com - and - Hugh M. Ray, III Jason S. Sharp PILLSBURY WINTHROP SHAW PITTMAN LLP 909 Fannin Street, Suite 2000 Houston, Texas 77010-1028 Email: hugh.ray@pillsburylaw.com jason.sharp@pillsburylaw.com Counsel for the Official Committee of Unsecured Creditors: Christopher M. Samis L. Katherine Good Aaron H. Stulman D. Ryan Slaugh POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, Delaware 19801-3700 E-mail: csamis@potteranderson.com kgood@potteranderson.com astulman@potteranderson.com rslaugh@pottersonderson.com - and - Bennett S. Silverberg Kenneth J. Aulet BROWN RUDNICK LLP 7 Times Square New York, New York 10036 E-mail: bsilverberg@brownrudnick.com kaulet@brownrudnick.com About Vector Launch Vector Launch Inc. -- https://www.vector-launch.com/ -- is a space technology that develops rockets and satellite computing technology. Vector maintains engineering and software development facilities in California and fabrication and research facilities in Arizona. Vector is the parent of Garvey and owns 100% of Garvey's equity interests. Vector, which was formed as a Delaware corporation in 2016, is the primary operating entity and since 2016 has been the only Debtor entity with significant operations or assets. Vector sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-12670) concurrently with Garvey Spacecraft Corporation (Bankr. D. Del. Case No. 19-12671) on Dec. 13, 2019. In the petitions signed by CRO Shaun Martin, Vector Launch was estimated to have between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Garvey Spacecraft was estimated to have assets of up to $50,000 and between $1 million and $10 million in liabilities. Judge John T. Dorsey oversees the case. Sullivan Hazeltine Allinson LLC and Pillsbury Winthrop Shaw Pittman LLP are the Debtors' counsel. Epiq Corporate Restructuring, LLC, serves as the Debtors' claims, notice agent and administrative advisor. * * * In February 2020, the Court approved the sale of the Debtors' GalacticSky assets to Lockheed Martin Corp. in the amount of $4,250,000 plus certain assumed liabilities. In May 2020, the Debtors won court approval to sell their Launch Vehicle assets to TLS Bidco, LLC, for $1,175,000. VILLA VERDE: Court Confirms Reorganization Plan ----------------------------------------------- Judge Lori V. Vaughan has confirmed the Plan of Villa Verde Condominium Association, Inc. The Debtor must file all objections to claims within 90 days after the Effective Date of the Plan; provided, however, the Debtor may seek any extension of this deadline if the need arises. The Plan was approved notwithstanding the objection of Kopelousos Construction Company. The post-confirmation status conference has been rescheduled to Jan. 27, 2021, at 10:30 a.m., at the United States Bankruptcy Court, 400 W. Washington Street, 6th Floor, Courtroom C, Orlando, Florida 32801. Villa Verde Condominium Association submitted an Amended Chapter 11 Plan of Reorganization on Sept. 24, 2020. The Debtor's financial projections show that the Debtor will have projected disposable income for the period described in 11 U.S.C. Sec. 1191(c)(2) of $75,000. The final plan payment is expected to be paid on Sept. 1, 2023. Under the Plan, Kopelousos Construction Company in Class 2, which filed a $224,218 claim, of which $58,537 is secured, will be paid the total sum of $58,537 on the Effective Date. Class 3 Non-Priority Unsecured Creditors are impaired. The Debtor proposes to pay unsecured creditors a pro rata portion of $75,000, to be made in 12 equal quarterly payments of $6,250. Unsecured creditors will recover 23.9% of their claims. A full-text copy of the Amended Chapter 11 Plan of Reorganization dated Sept. 24, 2020, is available at https://bit.ly/2N9JzDE from PacerMonitor.com at no charge. Attorneys for the Debtor: ALDO G. BARTOLONE, JR. BARTOLONE LAW, PLLC 1030 N. Orange Ave., Suite 300 Orlando, Florida 32801 Telephone: 407-294-4440 Facsimile: 407-287-5544 E-mail: aldo@bartolonelaw.com About Villa Verde Condominium Association Villa Verde Condominium Association, Inc., is a condominium association comprised of nine units located at 3500 S. Atlantic Avenue, Cocoa Beach, Florida 32931. Villa Verde Condominium Association sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-00837) on Feb. 11, 2020. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of between $100,001 and $500,000. Judge Karen Jennemann oversees the case. Bartolone Law, PLLC, is the Debtor's counsel. R. Craig Rastello, C.P.A., P.A., is the Debtor's accountant. VITALITY HEALTH: Seeks Approval to Tap Stretto as Claims Agent -------------------------------------------------------------- Vitality Health Plan of California, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Stretto as claims and noticing agent. Stretto will: (a) oversee the distribution of notices to the estate's creditors, equity security holders, and other parties in interest; (b) provide computerized claims, objection, solicitation, and balloting-related services; and (c) provide expertise, consultation and assistance in claim and ballot processing and other administrative services with respect to the Debtor's Chapter 11 case. The Debtor provided Stretto an advance in the amount of $10,000. Stretto requested that it be allowed to maintain its retainer as security, and each month thereafter, that the Debtor pay the firm the amount of fees and costs incurred in the prior month. 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 Vitality Health Plan of California Vitality Health Plan of California, Inc. is a health insurance company in Cerritos, Calif. Visit https://www.vitalityhp.net for more information. Vitality Health Plan of California sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 20-21041) on Dec. 18, 2020. In the petition signed by CEO Brian Barry, the Debtor was estimated to have assets of $1 million to $10 million and liabilities of $10 million to $50 million. Judge Julia W. Brand oversees the case. Winthrop Golubow Hollander, LLP, led by Garrick A. Hollander, Esq., is the Debtor's legal counsel. Stretto is the claims and noticing agent. WARDMAN HOTEL: Jan. 21 Deadline for Panel Questionnaires Set ------------------------------------------------------------ The United States Trustee is soliciting members for an unsecured creditors committee in the bankruptcy case of Wardman Hotel Owner, L.L.C. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a Questionnaire available at https://bit.ly/2XWei9i and and return it to Linda.Casey@usdoj.gov. at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Thursday, Jan. 21, 2021. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Wardman Hotel Wardman Hotel Owner, L.L.C., owns Marriott Wardman Park Hotel, a convention hotel located at 2600 Woodley Road NW, in the Woodley Park neighborhood of Washington, D.C. Wardman Hotel Owner, L.L.C., filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 21-10023) on Jan. 11, 2021. In the petition signed by James D. Decker, manager, the Debtor estimated $100 million to $500 million in assets and liabilities. The Hon. John T. Dorsey is the case judge. Pachulski Stang Ziehl & Jones LLP, led by Laura Davis Jones, is the Debtor's counsel. WATERS RETAIL: No Objections Filed; Court Confirms Plan ------------------------------------------------------- Bankruptcy Judge Stacey G Jernigan entered an order confirming the First Amended Plan of Liquidation, as modified, of Waters Retail TPA, LLC. The judge also approved the Disclosure Statement on a final basis. No objections were filed to confirmation of the Plan. The Disclosure Statement filed by the Debtor put parties on notice that the Debtor would seek authority in connection with confirmation of the Plan to sell substantially all of the assets of the Debtor to a third party. A hearing was held Dec. 16, 2020. The Plan implements the sale of the Waters Retail Property to WMG Development, LLC (the "Waters Retail Buyer") and the receipt of the Waters Retail Proceeds will fund the Plan payments for the case. The Purchase and Sale Agreement provided for a purchase price of no less than $3.8 million. In the cases of MQ Pretty Pond, LLC and MQ Coco Plum, LLC, Allison D. Byman was appointed as liquidating trustee on the effective date of the Coco Plum Plan. On the effective date of the Waters Retail Plan, Waters Retail Claims and assets go into the already formed consolidated liquidating trust. The Consolidated Liquidating Trustee will be authorized to pursue any and all Causes of Action on behalf of the Debtor and its Estate, including Chapter 5 Causes of Action. A copy of the Plan Confirmation Order is available at https://bit.ly/3isxK77 Counsel for the Debtor: Vickie L. Driver Christina W. Stephenson Seth A. Sloan CROWE & DUNLEVY, P.C. 2525 McKinnon St., Suite 425 Dallas, TX 75201 Telephone: 214.420.2163 Facsimile: 214.736.1762 E-mail: vickie.driver@crowedunlevy.com E-mail: christina.stephenson@crowedunlevy.com E-mail: seth.sloan@crowedunlevy.com About Waters Retail TPA Waters Retail TPA, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Waters Retail TPA, LLC, filed its voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 20-30644) on Feb. 27, 2020. In the petition signed by Donald L. Silverman, manager, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Vickie L. Driver, Esq. at CROWE & DUNLEVY, P.C., represents the Debtor. WIRTA HOTELS: Holiday Inn Has Issues With Assumption, Cure Amount ----------------------------------------------------------------- Holiday Hospitality Franchising, LLC ("HHF") filed a limited objection to the Disclosure Statement for Joint Chapter 11 Plan of Reorganization of Debtors Wirta Hotels 3, LLC and Wirta 3, LLC. HHF, as licensor, and Wirta Hotels 3, LLC ("Hotel Debtor"), as licensee, are parties to that certain Holiday Inn Express Hotel Relicensing License Agreement dated March 29, 2020 (as same may have been amended, the "License Agreement") that permits Hotel Debtor to operate a Holiday Inn Express Hotel located at 1441 East Washington Street, Sequim, Washington 98382 (the "Hotel"). A large portion of the Debtor's revenue is attributable to the License Agreement, particularly Hotel Debtor's use of the Holiday Inn Express name and other Marks, access to the System, use of HHF's worldwide reservation system, worldwide marketing, and advertising of the Holiday Inn Express brand by HHF. On Nov. 4, 2020, HHF filed Proof of Claim No. 4 in the amount of $146,485, for unpaid franchise fees as of the petition date. The Disclosure Statement at Section IV.A provides that the Hotel Debtor will assume the License Agreement on the Effective Date. HHF claims that the applicable contract and franchise law precludes the assumption of the License Agreement without HHF's consent. Because the License Agreement cannot be assigned without consent, it also cannot be assumed without consent. HHF points out that the cure amount must be amended to include (1) the $146,485.18 in unpaid prepetition franchise fees, (2) HHF's attorney's fees and costs, currently estimated at $25,000, and (3) any unpaid postpetition franchise fees that were not paid in the ordinary course. HHF requests that the Plan be amended to clarify that the current PIP default is preserved upon assumption, namely, that Hotel Debtor must submit its PIP plan by May 31, 2021 and complete the PIP by May 31, 2022. HHF asserts that the Disclosure Statement should disclose, and the Plan should provide, that the Hotel Debtor is assuming all agreements it is required to maintain under the License Agreement, in addition to the License Agreement itself and the Master Technology Agreement. HHF further asserts that the Disclosure Statement should disclose, and the Plan should unambiguously provide, that HHF's rights under the guaranty are not being and cannot be altered or enjoined, and there is no exculpation for the guarantors regarding the License Agreement. A full-text copy of the HHF's objection dated Jan. 14, 2021, is available at https://bit.ly/2LPNwgh from PacerMonitor at no charge. Attorneys for Holiday Hospitality: Bruce W. Leaverton, WSBA# 15329 KARR TUTTLE CAMPBELL 701 Fifth Avenue, Suite 3300 Seattle, WA 98104 Telephone: 206-223-1313 Facsimile: 206-682-7100 E-mail: bleaverton@karrtuttle.com About Wirta Hotels 3 and Wirta 3 Wirta Hotels 3, LLC and Wirta 3, LLC are privately held companies that operate in the hotels and motels industry. Wirta Hotels owns the Holiday Inn Express & Suites in Sequim, Wash. On Sept. 18, 2020, Wirta Hotels and Wirta 3 filed Chapter 11 petitions (Bankr. W.D. Wash. Lead Case No. 20-12398). At the time of the filing, Wirta Hotels disclosed $2,365,830 in assets and $2,805,775 in total liabilities while Wirta 3 disclosed $13,214,141 in assets and $7,017,530 in liabilities. Judge Marc Barreca oversees the cases. Foster Garvey, PC is the Debtor's legal counsel. Z & J LLC: Unsecured Creditors to be Paid in Full With Interest --------------------------------------------------------------- Z & J, LLC, d/b/a/ Appeal Tech, filed the First Amended Plan and a corresponding Disclosure Statement. The First Amended Disclosure Statement discusses the Allowed Secured Claim of the New York State Department of Taxation and Finance which shall be paid in full, in cash, with interest at the applicable rate or in such amounts as may be agreed upon by the Debtor and the holder of any such Claim, within five days after the later of the closing date of the Sale and the date on which such Claim becomes and Allowed Claim, or as reasonably practical thereafter. Interest will accrue and be paid to the date of distribution. Like in the prior iteration of the Plan, the Amended Plan provides that Allowed Unsecured Claims will be paid in full, in cash, with interest at the Federal Rate in effect on the Petition Date of 2.39% per annum, or in such amounts as may be agreed upon by the Debtor and the holder of any such Claim, 10 days after the later of the Effective Date and the date on which such Claim becomes and Allowed Claim, or as reasonably practical thereafter. Interest will accrue and be paid to the date of distribution. Allowed Interests shall receive the remaining proceeds of the Distribution Fund, after the payment of all classified and unclassified Claims and the funding of all cash reserves. Michael Kestan is the sole holder of an Allowed Interest and shall receive 100% of the remaining proceeds of the Distribution Fund. The Plan will be funded with the cash from the closing of the sale of the Debtor's assets in the amount of $4,000,000. The Plan provides for a 100% payment on account of all allowed claims, with interest from the Petition Date, and a return to the holders of Class 4 Interests. A full-text copy of the First Amended Disclosure Statement dated Jan. 14, 2021, is available at https://bit.ly/3sEvvSO from PacerMonitor.com at no charge. Attorney for the Debtor: Daniel S. Alter 360 Westchester Avenue #316 Port Chester, New York 10573 Tel: (914) 393-2388 About Z & J LLC Z & J, LLC, which conducts business under the name Appeal Tech, is an appellate service provider based in New York. It was founded in 1998 and works with law firms, government agencies, companies and non-profit organizations to perfect appeals in the State Appellate Courts, the Federal Circuit Courts of Appeals, and the U.S. Supreme Court. Z & J sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-11502) on May 9, 2019. At the time of the filing, Debtor disclosed $1,523,690 in assets and $1,083,211 in liabilities. Judge James L. Garrity Jr. oversees the case. The Debtor has tapped Daniel Scott Alter, Esq., as its bankruptcy attorney, Mazzola Lindstrom LLP as special counsel, and JGS, C.P.A., P.C., as accountant. [*] Hotel Bankruptcy Filings Rise Amid Spike in COVID ----------------------------------------------------- Bloomberg reports that hotels operators across the country are filing for bankruptcy at a faster pace amid a resurgence of Covid-19 infections that clouds the outlook for sustained recovery. More bankruptcies might be on the horizon as lenders lose patience with defaulting property owners. A unit of Eagle Hospitality Real Estate Investment Trust, which owns a portfolio of corporate, leisure and airport hotels across the country, filed for bankruptcy protection Monday in Delaware amid a collapse in travel due to the pandemic. It followed Marriott Wardman Park in Washington, which filed for court protection from creditors last week, joining the bankruptcies of two hotels in Brooklyn in December and Manhattan's Martinique New York in September. Just two hotel companies with liabilities greater than $50 million filed for bankruptcy last year, according to data compiled by Bloomberg. That's still the most since 2012, which saw four filings, but well below the 10 cases seen in 2009. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Timpano Acquisition, LLC Bankr. S.D. Fla. Case No. 21-10303 Chapter 11 Petition filed January 13, 2021 See https://www.pacermonitor.com/view/IFFY6SA/Timpano_Acquisition_LLC__flsbke-21-10303__0001.0.pdf?mcid=tGE4TAMA represented by: John E. Page, Esq. SHRAIBERG LANDAU & PAGE PA E-mail: jpage@slp.law In re The Old Blue Building Corp. Bankr. D.N.J. Case No. 21-10245 Chapter 11 Petition filed January 13, 2021 See https://www.pacermonitor.com/view/NZUOVSA/The_Old_Blue_Building_Corp__njbke-21-10245__0001.0.pdf?mcid=tGE4TAMA represented by: Darin D. Pinto, Esq. LAW OFFICES OF DARIN D. PINTO, P.C. E-mail: dpintolaw@comcast.net In re My Brothers Keepers Outreach Ministries, Inc. Bankr. D.N.J. Case No. 21-10252 Chapter 11 Petition filed January 13, 2021 See https://www.pacermonitor.com/view/D2EEWLA/My_Brothers_Keepers_Outreach_Ministries__njbke-21-10252__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel L. Reinganum, Esq. MCDOWELL LAW, PC E-mail: danielr@mcdowelllegal.com In re Grigory Davidzon Bankr. E.D.N.Y. Case No. 21-40078 Chapter 11 Petition filed January 13, 2021 represented by: Alla Kachan, Esq. In re Sam Katsman Bankr. E.D.N.Y. Case No. 21-40081 Chapter 11 Petition filed January 13, 2021 represented by: Alla Kachan, Esq. In re TWT LLC Bankr. E.D. Wash. Case No. 21-00045 Chapter 11 Petition filed January 13, 2021 See https://www.pacermonitor.com/view/Q73JBMQ/TWT_LLC__waebke-21-00045__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Flitways Technology Inc. Bankr. S.D. Fla. Case No. 21-10317 Chapter 11 Petition filed January 14, 2021 See https://www.pacermonitor.com/view/DWL3VUI/Flitways_Technology_Inc__flsbke-21-10317__0001.0.pdf?mcid=tGE4TAMA represented by: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. E-mail: chad@cvhlawgroup.com In re Tiger Reef, Inc. Bankr. S.D. Fla. Case No. 21-10320 Chapter 11 Petition filed January 14, 2021 See https://www.pacermonitor.com/view/IRMFXFQ/Tiger_Reef_Inc__flsbke-21-10320__0001.0.pdf?mcid=tGE4TAMA represented by: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. E-mail: chad@cvhlawgroup.com In re Ernie Ray Foster Bankr. D. Nev. Case No. 21-10144 Chapter 11 Petition filed January 14, 2021 represented by: Michael Harker, Esq. In re Tribeca Beverage, Inc. Bankr. S.D.N.Y. Case No. 21-10053 Chapter 11 Petition filed January 14, 2021 See https://www.pacermonitor.com/view/FLFIMGA/Tribeca_Beverage_Inc__nysbke-21-10053__0001.0.pdf?mcid=tGE4TAMA represented by: Jack J. Rose, Esq. ROSENBERG & ESTIS, P.C. E-mail: jrose@rosenbergestis.com In re Tompkins Square Distributors, Inc. Bankr. S.D.N.Y. Case No. 21-10054 Chapter 11 Petition filed January 14, 2021 See https://www.pacermonitor.com/view/7YFLWOY/Tompkins_Square_Distributors_Inc__nysbke-21-10054__0001.0.pdf?mcid=tGE4TAMA represented by: Jack J. Rose, Esq. ROSENBERG & ESTIS, P.C. E-mail: jrose@rosenbergestis.com In re Carlos Sergio Diaz Flores and Gloria Yvonne Monge Cortijo Bankr. D.P.R. Case No. 21-00055 Chapter 11 Petition filed January 14, 2021 represented by: Enrique Almeida Bernal, Esq. In re Thomas-Cebo, LLC Bankr. M.D. Tenn. Case No. 21-00127 Chapter 11 Petition filed January 14, 2021 See https://www.pacermonitor.com/view/F247WZI/THOMAS-CEBO_LLC__tnmbke-21-00127__0001.0.pdf?mcid=tGE4TAMA represented by: Steven L. Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ E-mail: slefkovitz@lefkovitz.com In re Bhupinder Singh and Navneet Kaur Bankr. E.D. Cal. Case No. 21-10096 Chapter 11 Petition filed January 15, 2021 represented by: Peter Fear In re Flamingo 1500 Holdings LLC Bankr. S.D. Fla. Case No. 21-10354 Chapter 11 Petition filed January 15, 2021 See https://www.pacermonitor.com/view/KNQ5TOQ/Flamingo_1500_Holdings_LLC__flsbke-21-10354__0001.0.pdf?mcid=tGE4TAMA represented by: Richard Siegmeister, Esq. RICHARD SIEGMEISTER, PA E-mail: rspa111@att.net In re Northern Exposure Coney Island, LLC Bankr. N.D. Ga. Case No. 21-10043 Chapter 11 Petition filed January 15, 2021 In re BDS And Son LLC Bankr. D. Nev. Case No. 21-10211 Chapter 11 Petition filed January 15, 2021 See https://www.pacermonitor.com/view/2HWNE5I/BDS_AND_SON_LLC__nvbke-21-10211__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re PRABHAT LLC Bankr. D. Nev. Case No. 21-10210 Chapter 11 Petition filed January 15, 2021 See https://www.pacermonitor.com/view/KMOVLLI/PRABHAT_LLC__nvbke-21-10210__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Oklahoma Jazz Hall of Fame Inc Bankr. N.D. Okla. Case No. 21-10047 Chapter 11 Petition filed January 15, 2021 See https://www.pacermonitor.com/view/VRFIHZY/Oklahoma_Jazz_Hall_of_Fame_Inc__oknbke-21-10047__0001.0.pdf?mcid=tGE4TAMA represented by: Ron D. Brown, Esq. BROWN LAW FIRM PC E-mail: ron@ronbrownlaw.com In re Steps America, Inc. dba Home Floors Bankr. E.D. Tex. Case No. 21-40065 Chapter 11 Petition filed January 15, 2021 See https://www.pacermonitor.com/view/VQ7CXWY/Steps_America_Inc__txebke-21-40065__0001.0.pdf?mcid=tGE4TAMA represented by: Eric A. Liepins, Esq. ERIC A. LIEPINS E-mail: eric@ealpc.com In re Sea Girt LLC Bankr. N.D. Tex. Case No. 21-30080 Chapter 11 Petition filed January 15, 2021 See https://www.pacermonitor.com/view/OB3RPJA/Sea_Girt_LLC__txnbke-21-30080__0001.0.pdf?mcid=tGE4TAMA represented by: Patrick J. Neligan, Jr., Esq. NELIGAN LLP E-mail: pneligan@neliganlaw.com In re Ten Oaks Fitness, Inc. Bankr. D. Md. Case No. 21-10313 Chapter 11 Petition filed January 18, 2021 See https://www.pacermonitor.com/view/KSXJRFA/Ten_Oaks_Fitness_Inc__mdbke-21-10313__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Coyle, Esq. THE COYLE LAW GROUP LLC E-mail: mcoyle@thecoylelawgroup.com In re Anthony J. Swatsworth Bankr. W.D.N.C. Case No. 21-30035 Chapter 11 Petition filed January 18, 2021 represented by: Michael Martinez, Esq. In re Michael B. Heavey Bankr. N.D. Cal. Case No. 21-30039 Chapter 11 Petition filed January 19, 2021 represented by: Eric Gravel, Esq. In re Mrdula Kothari Bankr. C.D. Cal. Case No. 21-10368 Chapter 11 Petition filed January 19, 2021 represented by: Stella Havkin, Esq. In re Ashfaq Syed Hussain Bankr. S.D. Ind. Case No. 21-00191 Chapter 11 Petition filed January 19, 2021 represented by: David J. Bayt, Esq. In re Jean Francois Chery Bankr. D. Mass. Case No. 21-10049 Chapter 11 Petition filed January 19, 2021 represented by: Michael Van Dam, Esq. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. 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