/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/210210.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, February 10, 2021, Vol. 25, No. 40 Headlines 5 STAR PROPERTY: Hearing on Winter Haven Asset Sale Set for Feb. 11 AECOM: Moody's Affirms Ba2 CFR, Outlook Stable AIKIDO PHARMA: Gets Early Interest in Next Generation Radiotherapy AKCEL CONSTRUCTION: Alpha's $120K Sale of Equipment to Robles OK'd ALBANY MOLECULAR: Moody's Completes Review, Retains B2 CFR ALGY TRIMMINGS: DeMoulin Buying Substantially All Assets for $350K ALPHA METALLURGICAL: Inks Deal with MG Capital on Board Composition AMERICAN PURCHASING: May Use Lenders' Cash Collateral AMERICAN TIRE: Eyeing $1 Billion Refinancing Post-Bankruptcy AMERICAN TRAILER: S&P Alters Outlook to Stable, Affirms 'B' ICR AMERICANN INC: Bask Inc. Gets Final OK to Sell Cannabis in Mass. ANATOLIO S. GARCIA: Sherry Buying L.A. Property for $1.51 Million APTEAN INC: Moody's Completes Review, Retains B3 CFR ASCENA RETAIL: Simon Opposes Sycamore Plan to Reduce Business ASIA OFFSHORE: Case Summary & 30 Largest Unsecured Creditors ASSETMARK FINANCIAL: S&P Withdraws 'BB+' Issuer Credit Rating BAVARIA INN: Gets Approval to Hire Special Counsel in Pinder Suit BEGIN A LEGACY: Seeks to Hire Wolf Rifkin as Bankruptcy Counsel BELK INC: Expects to Complete Expedited One-Day Prepackaged Case BETHEL CHURCH: Seeks Court Approval to Tap Real Estate Broker BIOSTAGE INC: Danforth Advisors Terminates Consulting Agreement BIOXXEL LLC: Seeks Access to Cash Collateral BOSTON DONUTS: Wins Cash Collateral Access Thru Feb. 25 BOY SCOUTS OF AMERICA: Victims Slam Insurers' Bid to Probe Claims BRACKET INTERMEDIATE: Moody's Completes Review, Retains B3 CFR CAMBREX CORPORATION: Moody's Completes Review, Retains B2 CFR CARLA'S PASTA: $1.5M DIP Loan Requires Auction by April 15 CARLA'S PASTA: Files for Chapter 11 Bankruptcy Protection CAROLINA INTEGRATIVE: Says Disclosures Objections Resolved CHARLES RIVER: Moody's Completes Review, Retains Ba1 CFR CHRISTOPHER & BANKS: Gets Court Approval to Liquidate Stores CIT GROUP: Moody's Completes Review, Retains Ba1 Sr. Debt Rating CLEARPOINT NEURO: Appoints John Fletcher as Board Chairman CLEARY PACKAGING: Case Summary & 17 Unsecured Creditors COLDWATER DEVELOPMENT: Seeks to Hire Arent Fox as Legal Counsel COMSTOCK MINING: Focuses on Climate Smart Mining CONTURA ENERGY: Changes Name to Alpha Metallurgical Resources, Inc. CRC MEDIA: Wins Cash Collateral Access Thru Feb. 28 CUENTAS INC: Closes $12 Million Public Offering of Common Stock DAVIDZON MEDIA: Case Summary & Largest Unsecured Creditors DESERT VALLEY: Unsecured Creditors to Split $137K in Plan DO@KING PLOW ARTS: $3.2M Sale of Atlanta Property to Maileg Okayed EADS LLC: Seeks to Hire Tranzon Fox as Auctioneer EADS LLC: Sets Auction Procedures for Washington, D.C. Property EAGLE HOSPITALITY TRUST: Banks Slam Chapter 11 Schedule, Costs EASTERN NIAGARA: Cash Collateral Access, $3.8M DIP Loan OK'd EHT US1: Seeks to Hire Donlin Recano as Administrative Advisor EHT US1: Seeks to Hire Moelis & Company as Investment Banker ERESEARCH TECHNOLOGY: Moody's Completes Review, B3 CFR FC COMPASSUS: Moody's Affirms B2 CFR & Cuts 1st Lien Loans to B2 FERRELLGAS PARTNERS: Court Rejects Bid for Equity Committee FIRST RIVER: Priority Dispute Governed By Delaware Law, CA Says FLITWAYS TECHNOLOGY: Gets Interim OK to Hire Bankruptcy Counsel FORCEPOINT: Moody's Completes Review, Retains B3 CFR FORCEPOINT: Upsized Term Loan No Impact on Moody's B3 CFR GENTRY VU: Gets Approval to Hire David C. Johnston as Counsel GI CHILL: Moody's Completes Review, Retains B3 CFR GIGAMON INC: Moody's Upgrades CFR to B2 Amid Stable Performance GIRARDI & KEESE: Trustee Sues Business Partner for Golf-Course Home GRATITUDE TRAINING: Wins Cash Collateral Access Thru Feb. 25 GREAT CATCH: Seeks to Hire Buddy D. Ford as Legal Counsel GREEN SIDE UP: Property Burned; Seeks Delay of Plan Deadline HERTZ CORP: Brevard Capital Buying Melbourne Franchise for $400K HOBERT K. SANDERSON: $3.5K Sale of GMC Sierra to Sanderson Okayed HOUSTON FOODS: Moody's Affirms B3 CFR & Alters Outlook to Stable HUMANIGEN INC: CSO Dale Chappell Appointed as Director IDEANOMICS INC: Invests GBP1.5M in Technology Metals Market Limited IMPRIVATA INC: Moody's Completes Review, Retains B2 CFR INTEGRATED AG: Gets OK to Hire A.T. Pancrazi as Real Estate Broker INTERNATIONAL WEALTH : Wins Cash Collateral Use Thru Feb. 18 INTERPACE BIOSCIENCES: Board Appoints Tom Freeburg as CFO IONIX TECHNOLOGY: Hires Consultants to Enhance Brand Image IQVIA INC: Moody's Completes Review, Retains Ba2 CFR JACOB TRANSPORTATION: May Use Swift Financial's Cash Collateral JDUB'S BREWING: Proposes Bidding Procedures for Sale of Mango FFE KAISER AND ASSOCIATES: Chapter 11 Trustee Taps Own Firm as Counsel KAYA HOLDINGS: Greek JV to Raise $45 Million for Cannabis Facility KNOTEL INC: Feb. 11 Hearing on Bid Procedures for All Assets KNOTEL INC: Hearing on Bid Procedures for All Assets on Feb. 11 KNOTEL INC: Withdraws Notice of Bid Procedures for All Assets L.G. STECK: Unsecureds to Get 50% of Net Profits Over 5 Years LAPEER INDUSTRIES: Feb. 11 Hearing on Bid Procedures for All Assets LARRY SCOTT SIMMS: $220K Sale of Hermitage Property Approved LARRY SCOTT SIMMS: $610K Sale of Mount Juliet Property Approved LEED CORPORATION: Wins Cash Collateral Access Thru May 31 LSC COMMUNICATIONS: Industrial Buying Reno Property for $29M Cash LSCS HOLDINGS: Moody's Completes Review, Retains B3 CFR MMD HOLDINGS: Files for Voluntary Chapter 7 Bankruptcy MOXIE'S CAFE: Seeks to Hire Buddy D. Ford as Legal Counsel N & G PROPERTIES: Sale or Refinance in 14 Months to Fund Plan NATIONAL RIFLE ASSOCIATION: Board Member Wants Examiner in Case NAVIENT SOLUTIONS: Involuntary Chapter 11 Case Summary NEOPHARMA INC: Committee Hires Buchalter as Bankruptcy Counsel NEOPHARMA INC: Committee Hires Woolf McClane as Tennessee Counsel NEOPHARMA INC: Committee Seeks Approval to Hire Financial Advisor NOBLE HOLDING: Says Units Have Emerged From Chapter 11 NORTHERN OIL: Proposes $500-Mil. Private Offering of Senior Notes OAKVIEW CROSSING: March 23 Hearing on Disclosure Statement PACIFIC ALLIANCE: Class 4B Interests Get 0% to 50% PAUL F. ROST: Unsecured Tax Claimants' Recovery Hiked to 10% PERSONAL FOOT CARE: Wins Cash Collateral Access on Final Basis PITBULL REALTY: BG Lumber and Kabbage Loan Claims Allowed PPD INC: Moody's Completes Review, Retains Ba3 CFR PPV INC: Sale Closes; Deals Reached With Creditors PRECISION MEDICINE: Moody's Completes Review, Retains B2 CFR PREMIERE JEWELLERY: Trustee's Sale of East Providence Property OK'd PROAMPAC PG: Moody's Affirms B3 CFR Following Incremental Issuance QUANTUM CORP: Closes $103.5-Mil. Public Offering of Common Stock R. EDGE CONTRACTING: Seeks Approval to Tap Bankruptcy Counsel RENNOVA HEALTH: Has 209.5M Common Stock Outstanding as of Feb. 3 RENOVATE AMERICA: Committee Seeks to Hire Conflicts Counsel ROBERT ALLEN: $25K Sale of Pocatello Property to C&E Approved ROBERT D. SPARKS: $604K Sale of Most of Hawkins-Ellison Place OK'd RONALD WARD KOMERS: Selling Murrieta Residential Property for $1.2M SAN LUIS & RIO: Trustee Taps D'Almeida as Financial Consultant SAVE ON COST: Seeks Approval to Hire Raymond H. Aver as Counsel SEADRILL GCC: Sapura Says JV in Brazil Not Affected by Filings SECUR O&G: To Seek Confirmation of 2% Plan on March 17 SEISENBACHER INC: Seeks to Hire Nixon Peabody as Legal Counsel SIRGOLD INC: Unsecured Creditors to Get 15% to 20% in Trustee Plan SKYFUEL INC: Plan Confirmation Hearing Starts March 10 SOUTHERN MANAGEMENT: Seeks to Hire eXp Realty as Broker SPANISH BROADCASTING: Moody's Assigns B3 CFR, Rates New Notes B3 STANFORD JONES: ServisFirst Says Supplements Still Inadequate STUDIO MOVIE: US Trustee Says Plan Patently Unconfirmable SUMMIT VIEW: Seeks to Hire Taitt Law as Special Counsel SYNEOS HEALTH: Moody's Completes Review, Retains Ba3 CFR TALK VENTURE: United States Trustee Says Plan Not Feasible TAMARAC 10200: March 9 Plan Confirmation Hearing Set TCF FINANCIAL: Moody's Completes Review, Retains Ba1(hyb) Rating TECHNICAL COMMUNICATIONS: Shares Approved for Trading on OTCQB TEMBLOR PETROLEUM: Unsec. Creditors to Be Paid From Sale Proceeds THOMAS P. SWEENEY: U.S. Asks More Time to Reply to Property Sale TPC GROUP: Moody's Affirms Caa1 CFR & Rates $153MM Secured Notes B2 TRC FARMS: $82K Sale of Dover Property to Hurley & Peters Approved TRIUMPH GROUP: Signs Deal to Sell $150-Mil. Worth of Common Stock TROIANO TRUCKING: Trustee Gets OK to Hire Insurance Adjuster US REAL ESTATE: James Kerns Buying Dayton Property for $128K US REAL ESTATE: Trustee Taps Coolidge Wall as Special Counsel VALARIS PLC: Reaches $7 Billion Debt-for-Equity Deal VHN SERVICES: Court Confirms Plan of Reorganization VIRTUOLOTRY LLC: Amended Plan of Reorganization Confirmed VIRTUOLOTRY LLC: Court Confirms Amended Plan VRAI TABERNACLE: Plan & Disclosures Hearing on Feb. 11 WAGYU 100: Seeks to Hire Eric A. Liepins as Bankruptcy Counsel WCG PURCHASER: Moody's Completes Review, Retains B3 CFR ********* 5 STAR PROPERTY: Hearing on Winter Haven Asset Sale Set for Feb. 11 ------------------------------------------------------------------- Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the Middle District of Florida will convene a telephonic hearing on Feb. 11, 2021, at 10:00 a.m., to consider 5 Star Property Group, Inc.'s sale of the real property located at 2625 Avenue S NW, in Winter Haven, Florida, more particularly described as Inwood Unit 3 PB 9 PG 7A 7B 7C S13/ 24 T28 R25 Lots 544 & 545, to Zachary Vincent for $182,000. Any party opposing the relief sought at the hearing must appear at the hearing or any objections or defenses may be deemed waived. Parties should arrange to appear telephonically for the hearing through Court Call (866-582-6878). On Jan. 19, 2021, the Debtor executed an "As Is" Commercial Contract for Sale and Purchase through which it intends to sell the Real Property to the Purchaser. The sale of the Property is presently set to close on Feb. 26, 2021. The sale will be free and clear of all liens, with valid and enforceable liens attaching to the proceeds of the sale. A copy of the Contract is available at https://tinyurl.com/1ca5dgw5 from PacerMonitor.com free of charge. About 5 Star Property Group, Inc. 5 Star Property Group, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-07801) on Oct. 20, 2020, listing under $1 million in both assets and liabilities. Buddy D. Ford, Esq. at BUDDY D. FORD, P.A. represents the Debtor as counsel. AECOM: Moody's Affirms Ba2 CFR, Outlook Stable ---------------------------------------------- Moody's Investors Service upgraded the rating on AECOM's senior secured credit facilities to Baa3 from Ba1 including its $1.35 billion revolving credit facility and $248.5 million term loan to reflect the substantial pay down of term loan debt and the likelihood it will not materially add to its secured debt balance. At the same time, Moody's affirmed AECOM's Ba2 corporate family rating, Ba2-PD probability of default rating and the Ba3 rating on its unsecured notes. Its ratings outlook remains stable and its Speculative Grade Liquidity Rating remains at SGL-2. "The affirmation of AECOM's ratings reflects our expectation that its credit metrics will remain commensurate with its Ba2 corporate family rating due to its commitment to use all of its free cash flow to repurchase shares and to maintain a relatively stable leverage ratio," said Michael Corelli, Moody's Senior Vice President and lead analyst for AECOM. Upgrades: Issuer: AECOM Senior Secured Bank Credit Facilities, Upgraded to Baa3 (LGD2) from Ba1 (LGD2) Affirmations: Issuer: AECOM Corporate Family Rating, Affirmed Ba2 Probability of Default Rating, Affirmed Ba2-PD Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 (LGD5) Outlook Actions: Issuer: AECOM Outlook, Remains Stable RATINGS RATIONALE AECOM's Ba2 corporate family rating reflects its large scale and solid position across diverse end markets as one of the largest and most diversified engineering, design, planning and construction management companies in North America. The company's rating is also supported by its moderate leverage, consistent free cash flow and strong project backlog with moderate fixed price project exposure that is mostly concentrated in its design business after the sale of its fixed price civil construction, power and certain oil & gas businesses. AECOM's rating also reflects its relatively low level of funds from operations as a percent of outstanding debt and its plan to use all of its free cash flow to repurchase stock. AECOM generated Moody's adjusted EBITDA of about $1.0 billion in the fiscal year ended September 2020 as reduced costs resulting from restructuring activities more than offset the negative impact on revenues from the coronavirus pandemic and lower oil and gas prices. The company expects to produce a moderate increase in its operating results in fiscal 2021 since it will benefit from a strong project backlog and continued cost cutting initiatives. AECOM added $18.2 billion of work to its backlog last fiscal year, which resulted in a book-to-burn ratio of 1.3x. As a result, its total backlog remained near a record high and increased by 13% to $41.2 billion, while its contracted backlog increased by 12% to $19.5 billion and provides good visibility. The company is projecting continued margin expansion reflecting the benefits from restructuring actions taken in fiscal 2020 that are expected to contribute to improved margins in both the Americas and International segments in fiscal 2021. AECOM expects to convert 75% of its EBITDA to unlevered attributable free cash flow on a normalized basis. However, its free cash flow was only $154 million on a Moody's adjusted basis in fiscal 2020 due to cash restructuring costs, executive transition costs, and stranded costs related to the Management Services business that was sold in January 2020. The unwind of the Management Services sold accounts receivables, net of cash flow from new receivable sales within the remaining professional services portfolio also reduced free cash flow. The company's Moody's adjusted free cash should rise to at least $400 million in fiscal 2021 if it achieves its target cash flow ratio. The company plans to use all of its free cash to repurchase stock and to potentially borrow money to repurchase shares if its EBITDA grows and to maintain a leverage ratio similar to the 2.7x ratio as of September 30, 2020 based on its covenant calculation. The company's Moody's adjusted leverage ratio (Debt/EBITDA) was 3.5x as of September 2020 and is expected to remain around that level and is commensurate with its Ba2 corporate family rating. AECOM's speculative grade liquidity rating of SGL-2 reflects its good liquidity profile. The company had $1.6 billion of cash (excluding JV cash) and $1.331 billion of availability on its $1.35 billion revolving credit facility as of September 30, 2020. The revolver had no borrowings outstanding and $19 million of letters of credit issued. AECOM also had $109 million of cash in consolidated joint ventures, but that cash is not readily accessible and is earmarked to support specific projects. Moody's anticipate the company's cash balance materially declined in the first quarter of fiscal 2021 since it typically consumes cash seasonally and it announced in early January 2021 that it had repurchased more than $600 million of shares since September 2020. Moody's still expect the company to maintain a sizeable cash balance. AECOM's stable outlook presumes the company's operating results will moderately improve over the next 12 to 18 months and it will use all of its free cash flow to repurchase stock. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade is possible if the company uses a portion of its free cash flow to pay down debt and sustains a leverage ratio below 3.5x. Negative rating pressure could develop if deteriorating operating results, weaker than expected cash flow or debt financed acquisitions or share repurchases result in the leverage ratio rising above 5.0x or funds from operations (CF from operations before working capital changes) declining below 15% of outstanding debt. A significant reduction in borrowing availability or liquidity could also result in a downgrade. Headquartered in Los Angeles, CA, AECOM is a fully integrated professional and technical services firm providing engineering & design, planning and construction management services to the infrastructure, transportation, industrial, environmental, water, government and oil and gas sectors. The company operates under three business segments: Americas (77% of fiscal 2020 revenue), International (23%) and AECOM Capital (less than 1%). AECOM generated about $13.2 billion of revenue in fiscal 2020 (ended September 2020) and had a backlog of $41.2 billion as of September 30, 2020. The principal methodology used in these ratings was Construction Industry published in March 2017. AIKIDO PHARMA: Gets Early Interest in Next Generation Radiotherapy ------------------------------------------------------------------ AIkido Pharma Inc. executed a Two Million Dollar Convertible Promissory Note Purchase Agreement with Convergent Therapeutics, Inc., securing an early investment in Convergent. Convergent has exclusive rights to technology related to next generation radiopharmaceutical therapy for prostate cancer that is covered by multiple issued U.S. and foreign patents. Convergent is currently conducting advanced human trials relating to prostate cancer treatments involving peptide receptor radionuclide therapy ("PRRT") that targets the prostate-specific membrane antigen ("PSMA") present on prostate cancer cells. The technology was developed under the direction of Dr. Neil Bander, Professor of Urologic Oncology at Weill Cornell Medicine. The key component of Convergent's PRRT prostate cancer therapy is its proprietary drug, CONV 01-α, a monoclonal antibody conjugated with 225 Ac, a radioactive alpha particle emitter. The function of CONV 01-α is unique in that it not only binds specifically to the PSMA receptor on prostate cancer cells, but also stimulates the internalization of the receptor along with itself and its powerful radioactive payload directly into tumor cells. Convergent is presently conducting two sets of human clinical trials using CONV 01-α as a single agent treatment for prostate cancer. The first is a Phase 1a/2a Single Ascending Dose Trial of CONV 01-α and the results are expected to be released in Q2 2021. In August of 2020, Convergent began a second Phase 1b/2a trial to test the efficacy of multiple ascending doses of CONV 01-α. If FDA approved, CONV 01-α would be the first antibody drug approved to direct a radioisotope into prostate cancer cells, and the first drug approved for the use of 225Ac in cancer treatment. Leveraging the ability of CONV 01-α to internalize the PSMA receptor along with molecules bound to it, Convergent has also developed a proprietary dual therapy by adding a second molecule that specifically binds to PSMA and also contains a radioactive isotope. Convergent has identified certain small molecules that bind to PSMA, but at a different epitope than does CONV 01-α, and therefore do not interfere with the binding of CONV 01-α or its ability to internalize PSMA. The result is that two different radioactive drugs are internalized directly into prostate cancer cells. Importantly, Convergent identified small molecules, with a current focus on the molecule PSMA I&T, that have different biodistributions in the body than does CONV 01-α, so as to reduce additive damage from using two radioactive agents. PSMA I&T is a molecule routinely used clinically to perform imaging to show the presence and distribution of PSMA in a prostate cancer patient. Preliminary animal data using this proprietary dual action PRRT indicate that the two molecules administered together act in a truly synergistic fashion, i.e., the effect of using both drugs together is significantly higher than the expected additive effects of using each separately. Convergent now has approval to begin human trials using CONV 01-α and PSMA I&T in a dual therapy, which are anticipated to begin in February of 2021. In these trials, Convergent will test PSMA I&T containing either 177Lu, a beta particle emitter, or 225Ac, the same alpha emitter in CONV 01-α. Convergent has approval to perform the three human trials listed below for this dual therapy, anticipated to begin in February of 2021: (1) a Phase 1b/2a with the combination of CONV 01-α and PSMA I&T- β; (2) a Phase 2b with the combination of PSMA I&T-β ± CONV 01-α, and (3) a Phase 1b/2a with PSMA I&T-α ± CONV 01-α (i.e., both drugs with 225Ac, the α-particle emitter). Another company is currently studying PSMA I&T-β, containing 177Lu, and has just completed a phase 3 trial in prostate cancer. Separately, Novartis is pursuing FDA approval for another 177Lu-small molecule drug for prostate cancer treatment, designated 177Lu-PSMA-617, which also binds PSMA. Novartis has recently completed a phase 3 registration trial for treatment of metastatic castration-resistant prostate cancer (mCRPC), a form of advanced prostate cancer. Like PSMA I&T-β, Novartis's 177Lu-PSMA-617 may also be a promising candidate for use with CONV 01-α in the proprietary dual PRRT therapy. Anthony Hayes, CEO of Aikido, stated, "This is by far the most advanced technology in which the Company has participated. The first of the human trials is wrapping up, with data to be reported shortly, and with the remaining trials either underway or scheduled to begin imminently. Participation in this advanced work represents a major and potentially transformative step for the Company and we are honored to be a part of it. I optimistically anticipate the first of the results to be released next quarter. We will update our shareholders as soon as the data is released." About Aikido Pharma Headquartered in New York, NY, Aikido Pharma Inc. fka Spherix Incorporated -- http://www.spherix.com-- was initially formed in 1967 and is currently a biotechnology company seeking to develop small-molecule anti-cancer therapeutics. The Company's activities generally include the acquisition and development of technology through internal or external research and development. In addition, the Company seeks to acquire existing rights to intellectual property through the acquisition of already issued patents and pending patent applications, both in the United States and abroad. The Company may alone, or in conjunction with others, develop products and processes associated with technology development. Recently, the Company has invested in and helped develop technology with Hoth Therapeutics, Inc., DatChat, Inc. and with its recent asset acquisition with CBM BioPharma, Inc. in December 2019. Spherix reported a net loss of $4.18 million for the year ended Dec. 31, 2019, compared to net income of $1.73 million for the year ended Dec. 31, 2018. As of June 30, 2020, the Company had $32.46 million in total assets, $969,000 in total liabilities, and $31.49 million in total stockholders' equity. Marcum LLP, in New York, NY, the Company's auditor since 2013, issued a "going concern" qualification in its report dated Jan. 31, 2020, citing that Company has historically incurred losses from operations and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. AKCEL CONSTRUCTION: Alpha's $120K Sale of Equipment to Robles OK'd ------------------------------------------------------------------ Judge Lori V. Vaughn of the U.S. Bankruptcy Court for the Middle District of Florida authorized the private sale proposed by Alpha Building Group, Inc., an affiliate of Akcel Construction, LLC, of construction materials and equipment it no longer needs for its scaled down business operations, listed on Exhibit A, consisting of building materials, hardware, forklifts and trucks and hauling trailers, to Pablo Robles for $120,000, cash. A hearing on the Motion was held on Feb. 2, 2021, at 10:15 a.m. The Debtor is authorized to take all actions as are necessary to complete the sale of the Property to the Buyer pursuant to the terms of the Sale Motion, and in accordance with the terms of the parties' agreement. As set forth in the Motion, the sale of the Property is on an "As Is" and "Where Is" basis with no representations or warranties of any nature whatsoever from the Debtor. Notwithstanding the provisions of Bankruptcy Rules 6004(h) and 6006(d), the Order will be effective and enforceable immediately upon entry and its provisions will be self-executing. Attorney Daniel A. Velasquez is directed to serve a copy of the Order on interested parties and file a proof of service within three days of entry of the order. A copy of the Exhibit A is available at https://tinyurl.com/y874tlvk from PacerMonitor.com free of charge. About Akcel Construction, LLC Akcel Construction, LLC is a privately held company that specializes in providing shell construction services to builders across Florida and the Southeastern region. Akcel Construction, LLC and its debtor affiliate, Alpha Building Group, Inc., sought Chapter 11 protection (Bankr. M.D. Fla. Lead Case No. 20-03210) on June 8, 2020. The petitions were signed by Rubi Akooka, managing member. At the time of the filing, each Debtor disclosed estimated assets of $1 million to $10 million and estimated liabilities of the same range. The Debtors are represented by Latham, Luna, Eden & Beaudine, LLP. ALBANY MOLECULAR: Moody's Completes Review, Retains B2 CFR ---------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Albany Molecular Research, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 1, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Albany Molecular Research, Inc.'s ("AMRI") B2 CFR reflects the company's moderately high financial leverage in addition to earnings and cash flow volatility due to fluctuating volumes and a high fixed cost structure of its manufacturing business. The rating also reflects the company's moderate size, customer concentration, and lower margins relative to larger peers. The rating is supported by AMRI's good production capabilities, geographic breadth, and a good industry growth outlook. The rating is also supported by the company's good liquidity profile and positive free cash flow. The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. ALGY TRIMMINGS: DeMoulin Buying Substantially All Assets for $350K ------------------------------------------------------------------ Algy Trimmings Co., Inc., asks the U.S. Bankruptcy Court for the Southern District of Florida to authorize the bidding procedures in connection with the sale of substantially all assets which consist of tangible and intangible personal property, including equipment, sewing machines and the like utilized in the manufacturing of apparel, inventory of raw and in process materials, pattern library, customer list, domain names, 800 number, office equipment, computers and furnishings, located at its place of business in Hallandale, Florida, to DeMoulin Brothers & Co. for $350,000, subject to overbid. The Debtor has concluded, in the exercise of its best business judgment, that the sale of the Assets described is in the best interest of the Debtor, its bankruptcy estate, creditors and equity holders. It believes that its sales and marketing efforts to date has created wide knowledge of its sale of its assets in the industry and related industries. The significant efforts of the Debtor have resulted in the execution of a Letter of Intent ("LOI") with the proposed Stalking Horse Bidder, De Moulin, to purchase substantially all of its assets. In order to maximize the value of the Assets through a competitive bidding process under the strict timetable necessitated by the Debtor's cash needs and future operational criteria, it is essential that Bidding Procedures and related relief contained therein be established and approved on an expedited basis. The salient terms of the Bidding Procedures are: a. Bid Deadline: March 2, 2021, at 10:00 a.m. (ET) b. Initial Bid: $400,000 c. Deposit: $35,000, which is 10% of the Stalking Horse Bid amount of $350,000 d. Auction: In the event that the Debtor receives one or more Qualified Bidders, then it will hold an auction by Zoom Conference on March 4, 2021, at 11:00 a.m. (ET). e. Bid Increments: $10,000 f. Sale Hearing: March 5, 2021 g. Sale Objection Deadline: h. Closing: March 15, 2021, at 10:00 a.m. i. Bid Protection: $50,000 The Auction process and Sale Agreement require that the sale of the Assets be free and clear of all Liens. Any Liens on the Assets sold pursuant to the Bidding Procedures will attach to the proceeds of the sale thereof. The sale transaction will be on an "As Is, Where Is" basis and without representations or warranties of any kind, nature or description by the Debtor, its agents, except to the extent expressly set forth in the Agreement or the Marked Agreement corresponding to the Final Successful Bid(s), as the case may be. There are no contracts to be assumed or assigned, however, the Debtor may seek continued use of the leased premises until Dec. 31, 2021 as long as all post-petition rent is paid current. The Debtor asks that the Court considers the Motion on Feb. 9, 10, 11 or 12, 2021. Due to the circumstances of the case, it asks a final sale and closing prior to March 15, 2021. The Debtor believes that approval of the Bidding Procedures and the Proposed Stalking Horse Bidder will permit the Debtors to solicit competitive bids for the Assets in a reasonable manner and permit vacating the premises by the end of March 2021. In order to limit the costs of administering the Debtor's estate, it is critical that the Debtor closes the sale of the Assets as soon as possible after the Sale Hearing, but in no event later than March 15, 2021. Accordingly, it asks that the Court waives the 14-day stay period under Bankruptcy Rules 6004(h) and 6006(d), to the extent applicable. A copy of the LOI is available at https://tinyurl.com/1c2j47xu from PacerMonitor.com free of charge. About Algy Trimmings Co. Inc. Algy Trimmings Co., Inc. -- https://www.algyteam.com -- manufactures guard uniforms, winter guard uniforms, dance team uniforms, drill team uniforms, majorette, cheer, campwear and warm-ups. Algy Trimmings Co., Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-23791) on Dec. 18, 2020. The petition was signed by Susan Gordon, president. At the time of the filing, the Debtor disclosed $382,483 in assets and $2,494,623 in liabilities. Thomas L. Abrams, Esq., at Gamberg & Abrams, represents the Debtor as counsel. ALPHA METALLURGICAL: Inks Deal with MG Capital on Board Composition ------------------------------------------------------------------- Alpha Metallurgical Resources, Inc. has reached agreement with MG Capital Management, Ltd., a holder of approximately 5.8% of Alpha's outstanding common stock, on steps to accelerate the refreshment of the Company's Board of Directors. Effective February 1, Kenneth S. Courtis, Elizabeth A. ("Liz") Fessenden, and Daniel D. ("Danny") Smith have joined the Board as independent directors, resulting in the size of the Board increasing from four members to seven members. Additionally, the Board has scheduled the Company's Annual Meeting of Stockholders for April 29, 2021. In recent months, Alpha has engaged in constructive conversations with MG Capital and other stockholders to gather feedback about its Board composition and strategy for transforming into a pure-play metallurgical coal producer. The appointments are among the results of these productive discussions. "Alongside our efforts to refine Alpha's strategic focus and rebrand to better align with our operational vision, we are also executing on our plans to bring diverse perspectives to the Board and position world-class experts to oversee our Company," said Chairman and Chief Executive Officer David Stetson. "The three individuals joining our Board are well-respected and accomplished professionals with demonstrated leadership experience in their fields. Their backgrounds in global commodity markets, transportation, engineering, corporate finance and capital markets will support our efforts to deliver long-term value for stockholders. In addition, they are all seasoned public company directors with proven track records championing sound corporate governance. I am very pleased to welcome Ken, Liz and Danny to our team." Stetson also praised the Company's working relationship with MG Capital by adding: "Today's announcement stems from our engagement with MG Capital and other stockholders, who have provided welcomed input regarding the recent series of enhancements to our Board. Alpha is committed to maintaining an experienced and well-rounded Board that can support our sharpened focus on the production and sale of metallurgical products." Michael Gorzynski, managing member of MG Capital, added: "I want to thank David and the Board for opening up a thoughtful and productive dialogue with us over the past several months. Adding these three new directors and previously appointing Michael Quillen as Lead Independent Director represent positive outcomes for Alpha's stockholders. We believe these moves should support the Board's efforts to enhance stockholder value and continue improving the Company's environmental, social and governance profile." Director Biographies Kenneth S. Courtis is chairman of Starfort Investment Holdings. Mr. Courtis has over three decades of experience in corporate finance, investments, and virtually all aspects of the commodity sector. He previously served as vice chairman and managing director of Goldman Sachs and as chief economist and investment strategist at Deutsche Bank Asia. Over the course of his career he has served on the board or advisory council for a number of leading international firms. Mr. Courtis earned an undergraduate degree from Glendon College in Toronto and a Master's degree in international relations from Sussex University in the United Kingdom. He earned a Master's degree in business administration from the European Institute of Business Administration, as well as a Doctorate degree with highest distinction from the Sciences Po, Paris. Elizabeth Fessenden is a member of the board and chair of the compensation committee of Ampco-Pittsburgh Corporation, a public company. She previously served on the boards of several public, private and charitable organizations including Polymer Group Inc. (now Berry Global Group, Inc.), where she chaired both the compensation and the nominating and corporate governance committees. Prior to board service, Ms. Fessenden spent nearly three decades in corporate leadership roles at Alcoa, Inc., including president of the flexible packaging division and president of primary metals allied businesses. She also served in a number of operations roles, including plant manager, at Alcoa, Tenn. Ms. Fessenden earned Bachelor's and Master's degrees in engineering as well as a Master's degree in business administration, all from Clarkson University. Danny Smith has previously served on the boards of directors of Blackhawk Mining, LLC, Patriot Coal Corporation and Corsa Coal Corp, as well as several professional boards within the coal industry. Mr. Smith's career with Norfolk Southern Corporation spanned more than three decades and a number of senior management roles. He retired as senior vice president of energy and properties at Norfolk Southern and had previously held the roles of president of NS Development and president of Pocahontas Land Corporation. He has been a licensed professional mining engineer. Mr. Smith earned a Bachelor's degree in industrial engineering and operations research from Virginia Polytechnic Institute and State University. Additional Information The record date and location of the company's annual meeting of stockholders will be announced closer to the date of the meeting. As the 2021 annual meeting of stockholders will be held more than 30 days prior to the first anniversary of the company's 2020 annual meeting of stockholders, which was held on July 15, 2020, stockholders of the company who wish to have a proposal considered for inclusion in the company's proxy materials for the 2021 annual meeting of stockholders must provide written notice that is received by the company's corporate secretary at 340 Martin Luther King, Jr. Blvd., Bristol, Tennessee 37620 (overnight courier) or P.O. Box 848, Bristol, Tennessee 37621 (U.S. mail), on or before the close of business on Feb. 26, 2021, which the company has determined to be a reasonable time before it expects to begin to print and send its proxy materials. Any such stockholder proposal must be submitted and must comply with the applicable rules and regulations of the U.S. Securities and Exchange Commission, including Rule 14a-8 of the Securities Exchange Act of 1934, as amended (as applicable), Delaware law and the company's bylaws. In connection with the 2021 annual meeting of stockholders, the company will file with the SEC a proxy statement and other relevant documents which will contain additional information regarding the 2021 annual meeting of stockholders. About Alpha Metallurgical Alpha Metallurgical Resources (NYSE: AMR) (f/k/a Contura Energy) -- www.AlphaMetResources.com -- is a Tennessee-based mining company with operations across Virginia and West Virginia. Contura Energy reported a net loss of $316.32 million for the year ended Dec. 31, 2019. As of Sept. 30, 2020, the Company had $1.92 billion in total assets, $1.58 billion in total liabilities, and $342.96 million in total stockholders' equity. * * * As reported by the TCR on Dec. 22, 2020, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on U.S.-based coal producer Contura Energy Inc. and revised the liquidity assessment to less than adequate. S&P said, "We view Contura's business as vulnerable due to declining thermal demand and prices, which is driving the company to exit these operations and begin reclamation work at some of its mines." In April 2020, Moody's Investors Service downgraded all long-term ratings for Contura Energy, Inc., including the Corporate Family Rating to Caa1 from B3. "Contura has idled the majority of its mines due to weak market conditions. Moody's expects that demand for metallurgical coal will weaken further in the near-term as blast furnace steel producers adjust to reduced demand due to the Coronavirus," said Ben Nelson, Moody's vice president -- senior credit officer and lead analyst for Contura Energy, Inc. "The rating action is entirely driven by macro-level concerns resulting from the global outbreak of coronavirus." AMERICAN PURCHASING: May Use Lenders' Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, has entered an amended order authorizing American Purchasing Services, LLC d/b/a/ American Medical Depot and affiliates to, among other things, use cash collateral and grant adequate protection and provide relief to: -- Wells Fargo Bank and National Association, as First Lien Agent, and the First Lien Lenders on a final basis; and -- WC AMD, LLC, as Second Lien Agent, and the Second Lien Lenders on an interim basis. The Debtors need to use Cash Collateral to prevent immediate and irreparable harm to the estate and minimize disruption to and avoid the termination of their business operations. As of the bankruptcy filing date, the Debtors are liable for payment of the Prepetition First Lien Debt, and the Prepetition First Lien Debt will be an allowed secured claim in an amount not less than $10,536,688, exclusive of accrued and accruing Allowable First Lien 506(b) Amounts. The First Lien Agent's interests in the Prepetition Collateral will be adequately protected, and for purposes of Code sections 506(c) and 507(b) and Fed. R. Bankr. P. 3012, as of the Filing Date, the value of the First Lien Lenders' interest in the Prepetition Collateral was not less than $10,536,688, provided, however that nothing will prejudice First Lien Agent's and any First Lien Lender's right to later assert that its interests in the Prepetition Collateral lack adequate protection and seek a higher valuation of the Prepetition Collateral, as to which the Debtors reserve all rights and defenses in that event. As of the Filing Date, the Debtors are liable for payment of the Prepetition Second Lien Debt, and the Prepetition Second Lien Debt will be an allowed claim in an amount not less than $32,816,304, exclusive of accrued and accruing Allowable Second Lien 506(b) Amounts. The Second Lien Agent's interests in the cash collateral will also be adequately protected on an interim basis. The First Lien Agent and First Lien Lenders, on a final basis, and Second Lien Agent and Second Lien Lenders, on an interim basis, have consented to the terms of the Order and are entitled to adequate protection. The First Lien Agent is granted the Replacement First Liens for the benefit of First Lien Lenders, as security for payment of the Prepetition First Lien Debt. The Replacement First Liens are and will be in addition to the Prepetition First Liens and will be properly perfected, valid and enforceable liens without any further action by Debtors or First Lien Agent and without the execution, filing or recordation of any financing statements, security agreements, mortgages or other documents or instruments. As additional adequate protection of the interests of the First Lien Agent and First Lien Lenders in the Prepetition Collateral, the Debtors will timely pay in cash all accrued and unpaid fees and expenses of First Lien Agent and First Lien Lenders. If the adequate protection of interests of First Lien Agent and First Lien Lenders in the Prepetition Collateral proves insufficient, the First Lien Agent and First Lien Lenders will have an allowed claim, subject to the Carveout, in the amount of any such insufficiency, with priority over all costs and expenses of administration of the Cases that are incurred under any provision of the Code and the claims of any other party in interest under Code section 507(b). The Second Lien Agent is granted the Replacement Second Liens, on an interim basis, for the benefit of Second Lien Lenders, as security for payment of the obligations of Debtors owed to the Second Lien Agent and Second Lien Lenders under the Prepetition Second Lien Documents. Unless and until the Prepetition First Lien Debt has been and remains Paid in Full, in accordance with the Prepetition Intercreditor Agreement, the Second Lien Agent and Second Lien Lenders are not entitled to any cash payments, including, without limitation, payments of Cash Collateral, as additional adequate protection of the interests of Second Lien Agent and Second Lien Lenders in the Prepetition Collateral without the prior written consent of First Lien Agent or further order of the Court. The Carveout: (1) will equal an aggregate amount not to exceed the least of (i) the aggregate amount provided in the Budget for such Carveout Professional for the period commencing on the Filing Date and ending on the Termination Date, and (ii) the aggregate amount of fees and expenses that accrue during the period commencing on the Filing Date and ending on the Termination Date that have been approved and allowed by the Court; (2) upon the Termination Date, will equal an aggregate amount not to exceed $175,000 in respect of allowed fees and expenses, accrued and incurred by the Debtors' Carveout Professionals after the Termination Date and $25,000 in respect of allowed fees and expenses, accrued and incurred by the Committee's Carveout Professionals after the Termination Date; (3) will be reduced dollar-for-dollar by any payments of fees and expenses to such Carveout Professional; and (4) will be paid out of any prepetition retainer or property of the estate (other than property subject to an unavoidable lien in favor of First Lien Agent) before such payments are made from proceeds of the Aggregate Collateral. The Court will conduct a final hearing on the relief sought with respect to the Second Lien Agent and the Second Lien Lenders on February 17 at 2:30 p.m. A copy of the order is available at https://bit.ly/2NalxZ5 from PrimeClerk.com. About American Purchasing Services American Purchasing Services, LLC, which conducts business under the name American Medical Depot, is a distributor of medical, surgical, dental and laboratory supplies and equipment. It is owned 100% by American Medical Depot Holdings, LLC. American Purchasing Services and its affiliates, including DVSS Acquisition Company, LLC, AMD Pennsylvania, LLC and American Medical Depot Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 20-23495) on Dec. 11, 2020. At the time of filing, the Debtors disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Scott M. Grossman oversees the cases. The Debtors tapped Berger Singerman LLP as their legal counsel, CR3 Partners LLC as restructuring advisor, and Prime Clerk LLC as notice and claims agent. AMERICAN TIRE: Eyeing $1 Billion Refinancing Post-Bankruptcy ------------------------------------------------------------ Katherine Doherty, Paula Seligson and Gowri Gurumurthy of Bloomberg News report that the bankers for American Tire Distributors Inc. are sounding out investors on a junk bond sale that would help the company refinance its debt more than two years after exiting bankruptcy, according to people with knowledge of the matter. Goldman Sachs Group Inc. is leading talks for the roughly $1 billion deal, which is being discussed with a yield of about 8.5%, according to the people, who asked not to be identified discussing a private transaction. Talks are early and details could change, they said. About American Tire Distributors Headquartered in Huntersville, North Carolina, American Tire Distributors, Inc. is a wholesale distributor of tires (97% of net sales), custom wheels, and related tools. It operated more than 143 distribution centers in the US and Canada and generated about $4.6 billion of revenue for the 12-month period ending September 2019. ATD Corporation and eight of its affiliates filed for bankruptcy on Oct. 4, 2018 (Bankr. D. Del. Lead Case No. 18-12221). In December 2018, ATD, et al., won confirmation of a chapter 11 plan that reduced debt by more than $1.1 billion. Post-restructuring, the company is majority-owned by a large consortium of investors. In the Chapter 11 case, the Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel; Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel; Moelis & Company as financial advisor; and AlixPartners LLP as restructuring advisor. AMERICAN TRAILER: S&P Alters Outlook to Stable, Affirms 'B' ICR --------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Richardson, Texas-based professional- and consumer-grade trailer manufacturer American Trailer World Corp. (ATW). At the same time, S&P assigned its 'B' issue-level rating and '4' recovery rating on its proposed $750 million term loan B and $65 million revolving credit facility. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 45%) recovery in the event of default. The stable outlook reflects S&P's view that the company will continue to enjoy solid operational performance and will be able to keep its adjusted debt-to-EBITDA ratio at the lower end of the 4x-5x range through 2022. ATW's profitability has improved because actions taken by management during 2020, including temporary and permanent cost actions, and its highly flexible cost structure have helped the company increase margins to 13% during a pandemic-challenged 2020 from 12% in 2019. S&P said, "We believe ATW will demonstrate "GDP-plus"-like sales growth and higher profitability in the next two years, supported by a recovery in the macroeconomic environment, restocking of dealer and retailer inventories, record backlog levels heading into 2021, product innovation initiatives, and investments in scalable production capacity. "We expect overall committed revolving credit facility availability to be adequate to support healthy liquidity. In addition, the company is anticipating closing 2020 with positive free operating cash flow." The proposed refinancing of its capital structure benefits the debt maturity profile, extending the term loan B and revolving credit facility maturities out to 2028 and 2026, respectively, compared with the senior secured notes due 2023, and greatly reduces the interest expense payments, as the existing senior secured notes had an interest rate of 9.625% and the new term loan B is expected to be materially less. S&P said, "The stable outlook reflects our view that ATW's operating trends have remained resilient despite a temporary downturn in the second quarter of 2020 and that these trends will continue. We expect continued favorable operating trends to be supported by the ongoing recovery of its end markets and demand of its products consistent with the macroeconomic improvement in 2021. After having reduced operational costs, ATW is now likely to focus on new product introductions--which require growth capital outlays--as well as on price optimization, sales strategy, and innovation. We expect the company's adjusted debt-to-EBITDA ratio to be at the low end of the 4x-5x range (without the impact of one-time costs from the refinancing). Its ratio was 4.7x as of Sept. 30, 2020, compared with 5.6x and 5.2x for the previous quarters in March and June, respectively. When December results are released, we expect adjusted debt leverage to continue to exhibit a downward trend." S&P could lower the ratings on ATW if: -- The company's earnings dropped significantly, causing adjusted debt to EBITDA to exceed 6.5x without clear prospects for recovery within a few quarters. This could occur if the macroeconomic environment weakened unexpectedly and trailer sales and profitability fell or if management were unable to effectively manage its cost structure. Based on our downside scenario, this could occur if ATW's revenue declined by more than 300 basis points (bps) and operating margins weakened by more than 100 bps; -- An unexpected large debt-financed acquisition or shareholder returns caused credit measures to deteriorate significantly; or -- Operating free cash flow were minimal or negligible over an extended period of time. Although unlikely, S&P could raise the rating on ATW if: -- S&P believed Bain Capital were committed to maintain financial policies that would support debt to EBITDA held between 4x and 5x and on a sustained basis; -- Funds from operations (FFO) to debt were near 20%; and -- The free cash flow-to-debt ratio were 15% or more on a sustained basis with no prospects for near-term material deterioration. AMERICANN INC: Bask Inc. Gets Final OK to Sell Cannabis in Mass. ---------------------------------------------------------------- AmeriCann's Joint Venture partner, Bask, Inc., received final approval to commence Adult-Use retail sales of cannabis in Massachusetts. AmeriCann has a 15-year Joint-Venture partnership with Bask that provides AmeriCann with a 15 percent Revenue Participation Fee on Bask's revenue. The commencement of Adult-Use sales may increase Bask's revenue by 3-5 times which would positively impact AmeriCann's Revenue Participation Fee. In February of 2020, Bask commenced cannabis operations at AmeriCann's Massachusetts Cannabis Center ("MCC") in Freetown, MA. The MCC is a planned one million square foot sustainable greenhouse, processing and product manufacturing project in Freetown, Massachusetts which is being developed by AmeriCann. The initial phase of the MCC development, Building 1, is a 30,000 square foot state-of-the-art cultivation and processing facility, 100 percent of which is occupied by Bask, Inc. AmeriCann has secured licenses to operate a cultivation and product manufacturing business at the MCC in Building 2. The Company's design plans for Building 2 include approximately 400,000 square feet of state-of-the-art cultivation and product manufacturing space. The Massachusetts cannabis market has some of the highest prices in the United States, with wholesale prices exceeding $4,000 per pound and retail prices greater than $7,000 per pound. Adult use cannabis sales in Massachusetts exceeded $1 billion last November since the beginning of the program in 2018. About Americann Headquartered in Denver, Colorado, AmeriCann is a specialized cannabis company that is developing cultivation, processing and manufacturing facilities. Americann reported a net loss of $709,343 for the year ended Sept. 30, 2020, compared to a net loss of $4.90 million for the year ended Sept. 30, 2019. As of Sept. 30, 2020, the Company had $14.87 million in total assets, $8.99 million in total liabilities, and $5.87 million in total stockholders' equity. MaloneBailey, LLP, in Houston, Texas, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Dec. 21, 2020, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. ANATOLIO S. GARCIA: Sherry Buying L.A. Property for $1.51 Million ----------------------------------------------------------------- Anatolio S. Garcia asks the U.S. Bankruptcy Court for the Central District of California to authorize the overbid procedures relating to his sale of the real property located at 835 Sunset Avenue, in Los Angeles, California, to Trevor Sherry for $1.51 million, subject to overbid. A hearing on the Motion is set for Feb. 24, 2021, at 9:00 a.m. via Zoom. Objections, if any, must be filed not later than 14 days from the date of service of the notice. The Property is a residence occupied by the Debtor and his wife located in the suburb of Venice, California. The Debtor scheduled the value of the Property in his bankruptcy filing at $1,639,004. In the Debtor's Application to Sell Property of the Estate, the claim of Los Angeles County Treasurer and Tax Collector, filed 1/9/2020, is in the amount of $19,253 and that of Deutche Bank National Trust Co., as Trustee PHH Mortgage Corp., filed on 2/19/2020, was in the amount of $812,899, for a total as of the time of the filing of those claims of $832,153 interest continues to accrue on those claims. At the time of the filing of the Debtor's case there was a disputed co-owner of the Subject Property whose claim was resolved, with the estate agreeing to pay him $56,000 from the sale of the Subject Property. As set forth in a proof of claim filed in the case, a total of $26,500, including the disputed claims of the DWP secured claims against the Property holding claims against the Debtor of no more than $900,000. On Jan. 26, 2021, the Debtor signed a California Residential Purchase Agreement and Joint Escrow Instructions under which he agreed to sell, subject to Court approval, the Property to the Buyer. The Debtor has set a hearing on his Sales Application to take place on Feb. 24, 2021 at 9:00 a.m. The Debtor previously filed his application to employ the Agency, ("Broker"), which was approved, however, that listing expired on Aug. 12, 2020. However, by way of the Debtor's Sales Application, he is asking approval of compensation for the real estate agents responsible for the sale, payable at the close of escrow for the sale. The Broker has received extensive interest in the Property, and in addition to the TS offer of $1.51 million and has received significant interest from other parties. The Buyer has offered to purchase the Property, and the Debtor has accepted that offer (subject to approval of the court and overbid procedures approved by the court). The salient terms of the sale are: (a) The purchase price is $1.51 million; (b) The Buyer will make an Initial deposit of $45,300, which has already been paid into escrow; (c)The Deposit is non-refundable except as provided In the Agreement; (d) The sale is "as is, where is," and free and clear of liens and interests to the extent that there is a dispute as to the amount of such liens and interests; (e) The sale Is subject to bankruptcy court approval; and (f) The sale is subject to overbids, which the Debtor anticipates receiving prior to and/or at the hearing on the sale. Notwithstanding that Order, to the extent that a portion of the liens are disputed, the Debtor will request authority to withhold that amount pending a resolution of the disputed portion. As such, he is asking an order authorizing it to sell the Property free and clear of those liens, claims, and interests that are in dispute and to pay the balance of the liens, claims and interests at the time of the closing. It is also requested that the high bidder be given 15 days from the entry of the order approving the sale in order to give the high bidder time to provide the funds necessary to close the sale. All real property taxes and assessments are to be prorated between the Debtor and the Buyer through escrow as of the closing. The Debtor proposes and asks approval of the following overbid procedures to maximize the value of the Estate's interest in the Property: a. Qualification Deadline: No later 4:00 p.m. on Feb. 21, 2021 b. Bidding Deposit: $50,000 made payable to William H. Brownstein & Associates, Professional Corp., Attorney Client Trust Account c. An auction sale of the Property will be conducted at the hearing on the Motion. d. The Debtor proposes that the incremental bids be in the following amounts: (i) From $1.52 million to $1.6 million the incremental bids must be in the amount of no less than $10,000 more than the prior highest bid; and (ii) From $1.6 million up, the incremental bids must be in the amount of no less than $5,000 more than the prior highest bid. e. Upon the closing of Escrow or the sale of the Property, the Debtor will be disbursed $50,000, to be used toward moving expenses and the down payment on a replacement residence. The Debtor is asking authority to pay the Brokers' commission of 6% of the Purchase Price. The Brokers have performed a valuable service for the Estate by extensively marketing the Property and establishing the property value. Finally, the Debtor asks the Court to waive the 14-day stay period set forth in Bankruptcy Rule 6004(h). After payment of undisputed liens, current real estate taxes, brokers' commissions, and costs of sale, the Debtor estimates that the sale will generate in excess of $500,000 to the estate. The Sale is fair and reasonable and is in the best interest of the Estate. A copy of the Agreement is available at https://tinyurl.com/2dugo3n8 from PacerMonitor.com free of charge. Counsel for Debtor: William H. Brownstein, Esq. WILLIAM H. BROWNSTEIN & ASSOCIATES, PROFESSIONAL CORP. 11740 Wilshire Boulevard Suite A2301 Los Angeles, CA 90025-6531 Telephone: (310) 458-0048 Facsimile: (310) 362-3210 E-mail: Brownsteinlaw.bill@gmail.com Anatolio S. Garcia sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 20-10008) on Jan. 2, 2020. The Debtor tapped William Brownstein, Esq., as counsel. APTEAN INC: Moody's Completes Review, Retains B3 CFR ---------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Aptean, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on January 27, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Aptean, Inc.'s B3 corporate family rating reflects the company's small revenue scale, very high leverage and aggressive financial policy driven by debt-financed acquisition activity. This heightens the risk of operational or integration challenges, as well as additional cash costs associated with business optimization pressuring free cash flow generation. The credit profile is supported by Aptean's successful track record of integrating past acquisitions as well as solid niche positioning as a critical enterprise resource planning software provider to small and mid-sized customers with high retention rates and strong levels of recurring revenue. The principal methodology used for this review was Software Industry published in August 2018. ASCENA RETAIL: Simon Opposes Sycamore Plan to Reduce Business ------------------------------------------------------------- Anne Stych of Bizwomen reports that Simon Property Group Inc. has filed papers in U.S. bankruptcy court trying to block Ascena Retail Group's Chapter 11 reorganization out of a fear that it will allow Sycamore Partners, which bought several Ascena brands out of bankruptcy, to close more stores, weakening a master lease agreement the mall operator originally negotiated with Ascena. An affiliate of private equity firm Sycamore bought Ascena brands Ann Taylor, Lane Bryant, Loft and Lou & Grey in December for $540 million. The sale to Premium Apparel LLC followed Ascena's Chapter 11 bankruptcy filing in July and earlier sale of its Catherine's, Justice and Dressbarn brands. The Sycamore entity had agreed to keep at least 900 stores operating, Chain Store Age reported. But paperwork filed with the U.S. bankruptcy court for the Eastern District of Virginia voiced Simon's concern that, "the purchaser has laid bare its intention to significantly reduce the business' physical store presence in the near term," making Sycamore "a significantly less creditworthy lessee than the entity with which the Simon Landlords originally contracted." Simon called Ascena an "established and successful retailer, in a relatively strong and well-capitalized position, with dependable historical business performance and a business plan that provided a reasonable expectation of future financial and operational success," while characterizing Sycamore Partners as "a newly formed entity controlled by Sycamore without any financial or operating track record; it is already apparent that the purchaser is not in any way similar to the debtors at the inception of the leases." Simon said the attempt to substitute Sycamore's financial and operational ability for Ascena's is "cold comfort and insufficient adequate assurance of future performance under existing case law." The filing says a reduced footprint would affect not only store traffic but also diminish the profitability of the retailers' e-commerce business "as a strong physical presence drives e-commerce sales and profitability as well." Simon said its concern is supported by both its experience as the largest shopping center operator in the United States and owner of retailers including J.C. Penney, Brooks Brothers, Lucky Brand, Forever 21 and Aéropostale. Meanwhile, the filing says, Sycamore has "bankrupted a number of the retailers it has either owned and operated or invested in," including Nine West, Aéropostale, Belk and Talbots. "As a consequence, it can hardly be the case that Sycamore's track record provides an adequate substitute for the financial and operational wherewithal of the tenants the Simon Landlords contracted with," it says. About Ascena Retail Ascena Retail Group, Inc. (Nasdaq: ASNA) is a national specialty retailer offering apparel, shoes, and accessories for women under the Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus Fashion (Lane Bryant, Catherines and Cacique), and Value Fashion (Dressbarn) segments, and for tween girls under the Kids Fashion segment (Justice). Ascena, through its retail brands, operates ecommerce websites and approximately 2,800 stores throughout the United States, Canada, and Puerto Rico. Visit http://www.ascenaretail.com/for more information. Ascena Retail reported a net loss of $661.4 million for the fiscal year ended Aug. 3, 2019, a net loss of $39.7 million for the year ended Aug. 4, 2018, and a net loss of $1.06 billion for the year ended July 29, 2017. On July 23, 2020, Ascena Retail Group and its affiliates sought Chapter 11 protection (Bankr. E.D. Va. Case No. 20-33113). As of Feb. 1, 2020, Ascena Retail had $13,690,710,379 in assets and $12,516,261,149 in total liabilities. The Hon. Kevin R. Huennekens is the case judge. The Debtors tapped Kirkland & Ellis LLP and Cooley LLP as bankruptcy counsel, Guggenheim Securities, LLC, as financial Advisor, and Alvarez and Marsal North America, LLC as restructuring advisor. Prime Clerk, LLC is the claims agent. * * * In September 2020, FullBeauty Brands Operations, LLC, won an auction to acquire Ascena's Catherines intellectual property assets for a base purchase price of $40.8 million and potential upward adjustment for certain inventory. In November 2020, Ascena won approval to sell the intellectual property of its Justice Brand and other Justice brand assets to Justice Brand Holdings LLC, an entity formed by Bluestar Alliance LLC (a leading brand management company), for $90 million. The Company continues to operate its Ann Taylor, LOFT, Lane Bryant, and Lou & Grey brands as normal through a reduced number of retail stores and online. ASIA OFFSHORE: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Five affiliates that concurrently filed voluntary petitions under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Asia Offshore Drilling Limited 21-30385 Par-La-Ville Place 14 Par-La-Ville Road Hamilton, Bermuda Seadrill GCC Operations Ltd. 21-30386 Asia Offshore Rig 2 Limited 21-30387 Asia Offshore Rig 3 Limited 21-30388 Asia Offshore Rig 1 Limited 21-30391 Business Description: Each of the Debtors is a wholly-owned subsidiary of Seadrill Limited, an offshore drilling company for the oil and gas industry. Chapter 11 Petition Date: February 21, 2021 Court: United States Bankruptcy Court District of Nebraska Judge: Hon. David R. Jones Debtors' General Bankruptcy Counsel: KIRKLAND & ELLIS LLP Debtors' Co-Bankruptcy Counsel: Matthew D. Cavenaugh, Esq. JACKSON WALKER L.L.P. 1401 McKinney Street, Suite 1900 Houston, Texas 77010 Tel: (713) 752-4200 Email: mcavenaugh@jw.com Debtors' Co-Corporate Counsel: SLAUGHTER AND MAY Debtors' Co-Corporate Counsel: CONYERS DILL & PEARMAN LIMITED Debtors' Co-Corporate Counsel: ADVOKATFIRMAET THOMMESSEN AS Debtors' Financial Advisor: HOULIHAN LOKEY, INC. Debtors' Restructuring Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Notice & Claims Agent: PRIME CLERK LLC Estimated Assets (on a consolidated basis): $100 million to $500 million Estimated Liabilities (on a consolidated basis): $100 million to $500 million The petitions were signed by Grant Creed, authorized signatory. Copies of the petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/UT44ZZI/Asia_Offshore_Drilling_Limited__txsbke-21-30385__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/U2MFVSQ/Asia_Offshore_Rig_1_Limited__txsbke-21-30386__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/4NQAPHY/Asia_Offshore_Rig_2_Limited__txsbke-21-30387__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/KFJZZEI/Asia_Offshore_Rig_3_Limited__txsbke-21-30388__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/UUZRVSQ/Seadrill_GCC_Operations_Ltd__txsbke-21-30391__0001.0.pdf?mcid=tGE4TAMA List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. ZDN Investment LLC Trade Payable $329,963 Attn: Company Representative PO Box 333840 Dubai, United Arab Emiriates Email: aml@zedangroup.com 2. Algosaibi Services Trade Payable $195,697 Company Limited Attn: Fadi Saneh Managing Director King Fahd Road Industrial Area No 1 Damm, 31491 Saudi Arabia Tel: 966-13-847-2444 Fax: 966-13-847-3755 Email: gscontracting@algosaibi.sa 3. Canadian Medical Center Trade Payable $129,634 Attn: Jeff Potofsky President & CEO Omer Bin Al Khatab St Dammam, 32263 Saudi Arabia Tel: 966-13-818-8320 Email: jeff.potofsky@canadiancmc.com 4. M/S Zamil Offshore Trade Payable $109,642 Services Company Attn: Eng. Sufyan Al Zamil, CEO Ship Building & Repair Division Dammam, 28057 Saudi Arabia Tel: 966 13 806 8500 Fax: 966 13 882 2032 Email: epc@zamiloffshore.com 5. Global Travel Solutions Trade Payable $99,521 for Travel and Tourism Attn: Company Representative King Fahd Road Dammam, 31452 Saudi Arabia Tel: 966 13 8413531 Fax: 966 13 8432784 Email: info@gts.travel 6. Rignet Trade Payable $77,345 Attn: Steve Pickett CEO and President 50th Floor Al Falak Building Abdul Aziz Street Al Khobar Saudi Arabia Tel: 714-531-1355 Fax: 281-674-0101 Email: steven.pickett@rig.net 7. National Oilwell Varco LP Trade Payable $58,742 Attn: Clay W. Williams President 2nd Industrial City Makkah Street 120 Dammam, 11573 Saudi Arabia Tel: 1-307-224-3633 Email: clay.williams@nov.com 8. Abdullah Saleh Al Trade Payable $47,586 Hamdan Trading Est. Attn: Hesham Fouad Senior Partner Blue Tower 3rd Floor King Faisal Street Al Khobar, 31952 Saudi Arabia Tel: +966 54 765 1923 Email: fouad@alhamdaan.com 9. Nexus People Management Trade Payable $32,856 Attn: Mohammed Bannani, CEO Office No 302 SCHS Building Al Rakah - Alsafa District Al Khobar, 40109 Saudi Arabia Tel: +966 92 000 4376 Fax: +966 (12) 215 1941 Email: info@nexus.aero 10. OCS Services Trade Payable $28,057 Attn: Kapil Berry Vice President Unit Number 3904 Jumeirah Bay Tower Plot X2 Dubai, 12454 United Arab Emirates Tel: 281-242-6635 Fax: 971-4-3794008 Email: kapil.berry@ocs.services 11. Woolslayer Companies Inc Trade Payable $25,480 DBA Lee C. Moore Attn: Thomas Wingerter President and CEO 5002 Bird Creek Avenue Catoosa, OK 74015 United States TEl: (918) 523-9191 Email: wingerter@lcm-wci.com 12. Fajer Al Dammam Medical Trade Payable $19,795 Complex Attn: Company Representative King Khaled St, Ghirnatah Dammam, 32245 Saudi Arabia Tel: 966 13 815 2555 13. Al Kharayef Lubricants Company Trade Payable $17,001 Attn: Sa'ad Abdullah Alkhorayef Chairman and CEO 4th and 5th Floor, Tulip Tower King Fahad Street Al Bustan District Al Khobar, 11411 Saudi Arabia Tel: +966 (11) 213 1629 Fax: +966 (11) 438 4596 Email: PetroKSA@Alkhorayef.com 14. Al Jazirah Vehicles Trade Payable $16,831 Attn: Khaled Dannaoui, CEO Khurais Road Near Geant Shopping Centre Central Khurais Branch Rd, AL Andalus Riyadh, 11564 Saudi Arabia Tel: 011-2319944 Email: kdannaoui@aljazirahford.com 15. Tamimi Company for Trade Payable $13,996 Commercial & Maintenance Attn: Ahmad Salah, CEO Tamimi Building, Dharan/ Al Khobar Road Near MacDonald PO Box 230 Al Khobar, 31952 Saudi Arabia Email: ahmad.salah@al-tamimi.sa 16. Talent Sprawl Commercial Trade Payable $11,916 Establishment Attn: Moneer Kazim Saleh Almarhoon, Chairman King Khaled St Cross No 10 Al-Khobar, 31952 Saudi Arabia Tel: +966 13 8937812 Email: sales@talentspco.com 17. Al Suwaiket Contracting Est. Trade Payable $10,099 Attn: Company Representative Al Khobar Al Shamalia, 3491 Al Khobar, 34425 3491 Saudi Arabia 18. Legal Advisors Trade Payable $9,007 Attn: Company Representative Olayan Complex Tower II, 3rd Floor Al Asha Street, Malaz Riyadh, 11547 Saudi Arabia Tel: +966 11 265 8900 Email: legal.advisors@legal-advisors.com 19. Gulf Copper Corp & Trade Payable $8,200 Manufacturing Inc. Attn: Steve Hale Chairman and CEO 5700 Procter Street Ext Port Arthur, TX 77642 United States Tel: 409-989-0300 Email: shale@gulfcopper.com 20. Favelle Favco Trade Payable $7,061 Machinery & Equipment LLC Attn: Warren Hayes Company Representative Level 01, Yateem Optician Building 319 Kalifa Street, PO Box 47973 Abu Dhabi United Arab Emirates Tel: +60 3 3349 5465 Fax: +60 3 3342 9807 Email: whayes@favellefavco.ae 21. General Technical and Trade Payable $5,886 Safety Training Centre Company Attn: Company Representative Makkah Street, Eastern Province Second Industrial Area Dammam, Saudi Arabia Tel: 00966-13-83455312 Fax: 00966-13-83465651 Email: gtscsaudi@gtsc.biz 22. Bridon Middle East Trade Payable $5,445 Attn: Katelijn Bohez Chief Communications and IR Officer 314 Tower B Metha Plaza Building Oud Metha Dubai, United Arab Emirates Tel: 971-4-8335689 Email: katelijn.bohez@bekaert.com 23. Kanooz Contracting Est. Trade Payable $4,844 Attn: Abdullah Ali Al-Karimi CEO Port Area PO BOB 961 Dammam, 31421 Saudi Arabia Tel: 00966-13-8475001 Fax: 00966-13-8475008 Email: alkarimi@kanooz.com 24. Pentagon Trade Payable $3,471 Attn: Les Watson President 1211 E. Richey Rd. Houston, TX 77073 United States Tel: 281-209-8800 Fax: 281-209-8888 Email: Les.Watson@pfshouston.com 25. Zahid Tractor Heavy Trade Payable $3,365 Machinery Company Attn: Barij Siraj Vice President of Group Affairs Amir Fahad Street Jeddah, 21492 Saudi Arabia Tel: +966(0) 12 667 1156 Fax: +966(0) 12 669 0727 Email: barigs@zahid.com 26. Worldwide Oilfield Trade Payable $3,108 Attn: John Sajeev Vice President Jebel Ali Free Zone (Jafza) South Plot #S61302, Near Gate #12 P.O. Box 32478 Dubai, United Arab Emirates Tel: +971 4 8108600 Ext 600 Fax: +971 4 8163601 27. Deloitte and Touche & Trade Payable $2,943 Co Chartered Accountants Attn: Company Representative ABT Building Dammam, Saudi Arabia Tel: 961 (0) 1 748 444 Fax: 961 (0) 1 748 999 28. Gulf Power & Marine Trade Payable $2,153 Attn: Abdullah Ali Al Shaikh President Aziziyah St. Fowaziyah P.O. Box 3892 Al Khobar, 31952 Saudi Arabia Tel: +966 (13) 8945809 Fax: +966 (13) 8980154 Email: info@gulfpowermarine.com 29. Al-Najm Al-Thaqib Company Trade Payable $1,979 Attn: Basil Al Hanbali General Manager Jubail Light Industrial Area PO Box No. 74 Jubail, 31951 Saudi Arabia Tel: +966 13 361 7065 Fax: +966 13 361 7066 Email: info@nteprojects.com 30. Gates & E&H Trade Payable $1,930 Attn: Sherif Anis Company Representative Wasel: 6682 Alyarmouk Unit No. 88 Al Khobar, 34423 Saudi Arabia Tel: +966 13 814 1313 Fax: +966 13 814 0088 ASSETMARK FINANCIAL: S&P Withdraws 'BB+' Issuer Credit Rating ------------------------------------------------------------- S&P Global Ratings withdraws its 'BB+' issuer credit rating on AssetMark Financial Holdings Inc. at the company's request. At the time of the withdrawal, the outlook was stable. The withdrawal follows AssetMark's new credit agreement providing for a $250 million secured revolving credit facility. The company drew down $75 million on the new facility and used these funds and cash to retire its $124 million outstanding term loan. BAVARIA INN: Gets Approval to Hire Special Counsel in Pinder Suit ----------------------------------------------------------------- Bavaria Inn Restaurant, Inc. received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Peter Bornstein, Esq., an attorney practicing in Greenwood Village, Colo., as its special counsel. The Debtor requires legal assistance in a case entitled Lucy Pinder, et. al v. Bavaria Inn Restaurant, Inc. d/b/a Shotgun Willie's (Civil Action No. 19-cv-00259-LTB-STV) in the District of Colorado. Mr. Bornstein will be paid at the rate of $350 per hour. The rate for paralegals assisting him is $150 per hour. The attorney will also be reimbursed for out-of-pocket expenses incurred. Mr. Bornstein, Esq., disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Bornstein can be reached at: Peter R. Bornstein, Esq. 6060 Greenwood Plaza Blvd Suite 500 Greenwood Village, CO 80111 Tel: (720) 354-4440 About Bavaria Inn Restaurant Based in Denver, Colo., Bavaria Inn Restaurant, Inc. owns and operates a bar and restaurant. It operates under the name Shotgun Willies. Bavaria Inn Restaurant sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 20-17488) on Nov. 18, 2020. Deborah Dunafon, president of Bavaria Inn Restaurant, signed the petition. At the time of the filing, the Debtor estimated assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million. Judge Elizabeth E. Brown oversees the case. Weinman & Associates, P.C. is the Debtor's legal counsel. BEGIN A LEGACY: Seeks to Hire Wolf Rifkin as Bankruptcy Counsel --------------------------------------------------------------- Begin a Legacy, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Wolf Rifkin Shapiro Schulman & Rabkin, LLP as its bankruptcy counsel. The firm will render these services: a. advise the Debtor with regard to the requirements of the bankruptcy court, Bankruptcy Code, Bankruptcy Rules and the Office of the U.S. Trustee; b. advise the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; c. represent the Debtor in any proceeding or hearing in the bankruptcy court involving its estate unless it is represented by special counsel; d. conduct examinations of witnesses, claimants or adverse parties and represent the Debtor in adversary proceedings; e. prepare legal papers; f. represent the Debtor with regard to obtaining use of debtor-in-possession financing, negotiate and seek court approval of financing pleading or stipulation; and g. perform other services which may be appropriate in the firm's representation of the Debtor during its bankruptcy case. The firm will be paid at the rate of $550 to $595 per hour. Wolf Rifkin received $32,500 from the Debtor prior to the petition date. After deducting fees and expenses, the remaining balance amount of $15,507.52 was held in the firm's trust account. The firm will also be reimbursed for out-of-pocket expenses incurred. Simon Aron, Esq., a partner at Wolf Rifkin, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Simon Aron, Esq. Johnny White, Esq. Wolf Rifkin Shapiro Schulman & Rabkin, LLP 11400 West Olympic Blvd., 9th Floor Los Angeles, CA 90064 Tel: (310) 478-4100 Fax: (310) 479-1422 Email: saron@wrslawyers.com jwhite@wrslawyers.com About Begin a Legacy Begin a Legacy, Inc. -- https://www.beginalegacy.com -- provides a proprietary SaaS platform to non-profits and donor-advised funds that manages and automates charitable accounts, allowing users to make contributions to their account, raise donations using crowdfunding, and then request grants from their account to charities. Los Angeles-based Begin a Legacy filed a Chapter 11 petition (Bankr. C.D. Calif. Case No. 21-10575) on Jan. 26, 2021. Kyle C. Murphy, chief executive officer, signed the petition. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $1 million and $10 million. Judge Sandra R. Klein presides over the case. Wolf Rifkin Shapiro Schulman & Rabkin, LLP serves as the Debtor's bankruptcy counsel. BELK INC: Expects to Complete Expedited One-Day Prepackaged Case ---------------------------------------------------------------- Malak Saleh of Bloomberg News reports that Belk Inc. reaffirmed that it expects to complete its financial restructuring through an expedited "pre-packaged, one-day" reorganization. The RSA enables Belk to raise $225 million of new capital, significantly reduce debt by approximately $450 million, and extend maturities on all term loans to July 2025. The company expects to file for Chapter 11 on Feb. 24, 2021, and anticipates that the confirmation hearing to approve the restructuring will be held on the same day, at 2:00 p.m. CT Lenders holding 99% of Belk's first lien term loan and 100% of Belk's second lien term loan have now entered into the Restructuring Support Agreement. About Belk Inc. Belk, Inc., is an American department store chain founded in 1888 by William Henry Belk in Monroe, North Carolina. Now based in Charlotte, North Carolina, serves customers at nearly 300 Belk stores in 16 Southeastern states, at belk.com and through the mobile app. The company was acquired by Sycamore Partners in a transaction valued at $3 billion in December 2015. Store closures and suppressed consumer demand from COVID-19 have affected Belk and other retailers. Belk raised alarms among suppliers in late 2020 after delaying vendor payments for months amid pandemic shutdowns. Belk announced Jan. 26, 2021, that it is filing for Chapter 11 bankruptcy to seek confirmation of a prepackaged plan negotiated by its majority owner, Sycamore Partners, with the holders of more than 75 percent of its first-lien term loan debt and holders of 100 percent of its second-lien term loan debt. Under the Plan, Sycamore Partners will retain majority control of Belk. The retailer has received financing commitments for $225 million in new capital from Sycamore Partners, investment firms KKR and Blackstone Credit, and certain existing first-lien term lenders. Members of an ad hoc crossover lender group led by KKR Credit and Blackstone Credit and other participating lenders will acquire minority ownership. The Plan will reduce debt by $450 million. BETHEL CHURCH: Seeks Court Approval to Tap Real Estate Broker ------------------------------------------------------------- The Bethel Church of Miami, Inc., formerly known as Bethel Full Gospel Baptist Church, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Claudienne Hibbert, a real estate broker at The Keyes Company, to solicit offers and list and market the Debtor's 19 parcels of land. Pursuant to the listing agreements, the broker will receive 6 percent commission, of which 3 percent may go toward compensating the buyer's broker. In the event that there is no procuring cause broker, the broker will receive 5 percent commission. Ms. Hibbert disclosed in court filings that she is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The broker can be reached at: Claudienne Hibbert The Keyes Company 2121 SW 3rd Ave., Suite 100 Miami, FL 33129 Telephone: (786) 229-6567 About The Bethel Church of Miami The Bethel Church of Miami, Inc., formerly known as Bethel Full Gospel Baptist Church, Inc., filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bank. S.D. Fla. Case No. 20-23302) on Dec. 6, 2020. At the time of filing, the Debtor estimated $1,000,001 to $10 million in both assets and liabilities. Judge A. Jay Cristol oversees the case. Monique D. Hayes, Esq., at Goldstein & McClintock LLLP, serves as the Debtor's legal counsel. BIOSTAGE INC: Danforth Advisors Terminates Consulting Agreement --------------------------------------------------------------- Danforth Advisors, LLC notified Biostage, Inc. on Jan. 29, 2021, that it was terminating its consulting agreement with the Company. As a result and effective as of such termination, James Mastridge, is no longer serving as the Company's interim vice president of Finance or principal accounting and financial officer. The Company is actively in the process of identifying a qualified candidate to serve as the Company's principal accounting and financial officer. About Biostage Inc. Headquartered in Holliston, Massachusetts, Biostage -- http://www.biostage.com-- is a bio-engineering company that is developing next-generation esophageal implants. The Company's Cellspan technology combines a proprietary, biocompatible scaffold with a patient's own cells to create an esophageal implant that could potentially be used to treat pediatric esophageal atresia and other conditions that affect the esophagus. The Company's esophageal implant leverages the body's inherent capacity to heal itself as it is a "living tube" that facilitates regeneration of esophageal tissue and triggers a positive host response resulting in a tissue-engineered neo-conduit that restores continuity of the esophagus. These implants have the potential to dramatically improve the quality of life for children and adults. Biostage reported a net loss of $8.33 million for the year ended Dec. 31, 2019, compared to a net loss of $7.53 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $3.02 million in total assets, $1.01 million in total liabilities, and $2.01 million in total stockholders' equity. RSM US LLP, in Boston, Massachusetts, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 27, 2020 citing that the Company has suffered recurring losses from operations, has an accumulated deficit, uses cash flows in operations, and will require additional financing to continue to fund operations. This raises substantial doubt about the Company's ability to continue as a going concern. BIOXXEL LLC: Seeks Access to Cash Collateral -------------------------------------------- BioXXel, LLC asks the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to enter an order granting it authority to use cash collateral and determining that its secured creditor is adequately protected. The Debtor needs to use cash collateral to continue operating pending a sale but cannot do so without the lender's consent or a court order. The Debtor is the legal and equitable owner of an approximately 100,000 square-foot industrial building located at 30590 Cochise Circle, Murrieta, California. When the Chapter 11 case was commenced, the Debtor's secured lender was in the process of foreclosing on the Property. The bankruptcy was filed to preserve the significant equity cushion that exists in the Property, thereby preserving the value for unsecured creditors. Shortly before the filing of the petition, the Debtor hired Joshua Teeple of Grobstein Teeple LLP to act as its chief restructuring officer. The CRO has retained Onyx Asset Advisors, LLC to market and sell the Property as soon as possible. Currently, the Debtor leases portions of the Property to seven different tenants, who operate their respective businesses from the Property. The rent generated from these leases is subject to the lien held by Debtor's lender and therefore is cash collateral. The Debtor's lender is owed approximately $6.8 million. The Property is worth approximately $12 million. As such, the lender is protected by an equity cushion that exceeds $5 million. Pre-petition, the Debtor became delinquent on its senior secured obligation(s) owed to BREF1 30590 Cochise, LLC. Accordingly, there was a foreclosure sale scheduled for February 3, 2021, at 9:30 a.m., as the outstanding balance owed to BREF was approximately $6.78 million. The Debtor believes the Property may have substantial equity, and thus, on February 2, the Debtor filed a voluntary Chapter 11 petition. Pre-petition, the Debtor obtained an appraisal from WESTATES Appraisal Group Inc., dated January 28, 2021, which indicated that the Property has a value of approximately $12.18 million. The January Appraisal was performed in conjunction with a purchase and sale agreement to sell the Property for $14 million. Unfortunately, the proposed buyer backed out of the January PSA after being informed of the February 3 foreclosure sale. The CRO and his professionals are currently analyzing the valuation opinions, which appear to be both comprehensive and well-reasoned. In his due diligence, the CRO also obtained a preliminary title report dated on January 6, and a summary property report dated February 3. These records indicate that BREF's lien is the only recorded lien against the Property other than recorded property tax liens. Thus, as of the Petition Date, given the BREF payoff demand of $6.78 million, the CRO believes there may be substantial equity in the Property that can be captured for the benefit of secured, administrative, and unsecured creditors. The CRO is informed and believes that pre-petition only the three non-insider tenants had leases and were paying monthly rent. The total monthly revenue from these leases is approximately $40,000. Immediately upon his appointment, the CRO communicated to the Debtor's owner, Phoung Nguyen that post-petition, the Insider Tenants must pay monthly rent. Currently, the CRO is in the process of negotiating a market rate month-to-month lease with the Insider Tenants. The Debtor asserts that based on the initial communications with counsel for BREF, while the parties may disagree to the exact amount of the "equity cushion," it appears the parties agree that there is a significant equity cushion to warrant a finding of adequate protection. The Debtor submits that BREF is adequately protected. A copy of the motion is available at https://bit.ly/3jrDY7Q from PacerMonitor.com. About Bioxxel, LLC BioXXel, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Court (Bankr. C.D. Cal. Case No. 21-10256) on February 2, 2021. In the petition signed by Josh Teeple, chief restructuring officer, the debtor disclosed up to $50 million in both assets and liabilities. BioXXel, LLC is a Single Asset Real Estate company. The Debtor is owned by Bioxxel Investment Holding Inc. and Pharmaxx, Inc. Both BIHI and Pharmaxx are owned by Mr. Phoung Nguyen, who owns and operates four of the tenants at the Debtor's industrial building in California. The tenants are Pharmaxx, International Pharmaceutical Distribution Co. Ltd., ExxelUSA, Inc. and Pharmaxx Medical Inc. Judge Theodor Albert oversees the case. David A. Wood, Esq. at MARSHACK HAYS LLP represents the Debtor as counsel. Joshua Teeple of Grobstein Teeple LLP acts as the Debtor's chief restructuring officer. The CRO has retained Onyx Asset Advisors, LLC to market and sell the Debtor's property. BOSTON DONUTS: Wins Cash Collateral Access Thru Feb. 25 ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts has authorized Boston Donuts, Inc. and affiliates to use cash collateral on an interim basis through February 25, 2021, in accordance with the budget with a 10% variance. The Debtors require the use of cash collateral in order to preserve their operations and the value of their assets. Hometown Bank, Quickstone Capital and the Massachusetts Department of Revenue may assert that the proceeds in the form of cash or cash equivalents from the collection of any accounts receivable, the disposition of any inventory, and the sale or other disposition of all or any portion of any other Collateral constitute and will constitute the "cash collateral" as that term is defined in section 363(a) of the Bankruptcy Code. Pursuant to the order, the Secured Parties are granted a continuing post-petition replacement lien and security interest in all post-petition property of the estate of the same type against which they held validly perfected liens and security interest as of the petition Date. The Replacement Liens will maintain the same priority, validity and enforceability as the liens on the Collateral, and shall be recognized only to the extent of any diminution in the value of the Collateral resulting from the use of Cash Collateral pursuant to the Order. The validity, enforceability, perfection and priority of the Replacement liens will not be subject to the "equities of the case" exception to section 552(b) of the Bankruptcy Code and will not depend on filing, recordation or any other act required under applicable state or federal law, rule or regulation. A continued telephonic hearing on the Debtors' use of cash collateral will be held on February 25 at 10:30 a.m. Objections to the continued use of cash collateral are due February 23. A copy of the order is available at https://bit.ly/3tEpZjq from PacerMonitor.com. About Boston Donuts, Inc. Boston Donuts, Inc., generates revenues by manufacturing and selling donuts. The Company sought Chapter 11 protection (Bankr. D. Mass. Lead Case No. 19-41141) on July 11, 2019 along with its debtor-affiliates Costa Cafe Inc., Maple Avenue Donuts, Inc., W&E Trust, Inc., and EOR Holding Corporation. Their cases are jointly administered. Judge Christopher J. Panos oversees the case. James P. Ehrhard, Esq., at Ehrhard & Associates, P.C., represents the Debtors as counsel. BOY SCOUTS OF AMERICA: Victims Slam Insurers' Bid to Probe Claims ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Childhood sex abuse victims and their attorneys assailed insurance companies' bid to investigate more than 95,000 claims against the Boy Scouts of America, saying it's based on a "false narrative" that will obstruct settlement negotiations. The Boy Scouts' liability insurers, affiliates of Hartford Financial Services Group Inc. and Chubb Ltd., have made a series of attacks against attorneys representing sexual abuse survivors, the Coalition of Abused Scouts for Justice said in a filing with the U.S. Bankruptcy Court for the District of Delaware. The Coalition says the proposed Rule 2004 discovery against Coalition-affiliated law firms and third-party vendors does nothing to further this objective of resolving sexual abuse claims. It asserts that the proposed discovery will not make a successful reorganization more likely. "If the Court grants the Insurers' Rule 2004 motion seeking discovery on victims on February 17, 2021, the Insurers will need to serve discovery requests on 1,400 abuse victims in accordance with the Bankruptcy Rules and the Civil Rules. Many victims may not waive personal service. Once served, parties would have to respond to the interrogatories and requests for production within 30 days. This may not happen until the end of March or the beginning of April. Victims would have the right to object to the discovery based on the breadth of the information sought. If each victim produced only five documents responsive to each request for production, that would result in over 50,000 documents. Combined with the 15,400 answers to interrogatories, that Insurers would have then have to prepare to depose 100 deponents. Depositions of one hundred victims would then take place, presumably in April, May and June, with substantive claim objections filed being thereafter," The Coalition of Abused Scouts for Justice said in court filings. "Discovery on attorneys and subpoenas on third-party vendors could also take months as issues concerning privilege and disputes over subpoenas are litigated. If the Debtors attempt to move forward with plan confirmation during such discovery, they will likely face stiff opposition from abuse victims, along with their attorneys, who are being attacked by the Insurers. This may mean that the Debtors will not be able to confirm a plan that includes third-party releases in August 2021, if at all." The Counsel to the Coalition of Abused Scouts for Justice: MONZACK MERSKY AND BROWDER, P.A. Wilmington, Delaware Rachel B. Mersky 1201 North Orange Street, Suite 400 Wilmington, Delaware 19801 Telephone: (302) 656-8162 Facsimile: (302) 656-2769 E-mail: RMersky@Monlaw.com - and - BROWN RUDNICK LLP David J. Molton, Esq. Eric R. Goodman, Esq. Seven Times Square New York, NY 10036 Telephone: (212) 209-4800 E-mail: DMolton@BrownRudnick.com E-mail: EGoodman@BrownRudnick.com - and - Sunni P. Beville, Esq. Tristan G. Axelrod, Esq. One Financial Center Boston, MA 02111 Telephone: (617) 856-8200 E-mail: SBeville@BrownRudnick.com E-mail: TAxelrod@BrownRudnick.com About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. BRACKET INTERMEDIATE: Moody's Completes Review, Retains B3 CFR -------------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Bracket Intermediate Holding Corp. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 1, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations. Bracket Intermediate Holding Corp.'s ("Signant Health")'s B3 CFR broadly reflects its very high financial leverage and private equity ownership. The rating is also constrained by company's narrow focus on providing clinical trial technology and specialty services to its customers. However, Signant Health's credit profile is supported by the favorable market trends within the clinical outcome assessment segment, its strong EBITDA margins, as well as the company's solid cash flow. The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. CAMBREX CORPORATION: Moody's Completes Review, Retains B2 CFR ------------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Cambrex Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 1, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Cambrex's B2 Corporate Family Rating reflects its moderately high financial leverage and reliance on customers' new product launches, which are subject to FDA approval, to sustain and grow revenue. Further, Cambrex is solely focused on producing and developing small molecules. The rating is supported by Cambrex's capabilities as a fully integrated CDMO for small molecules. For customers, there are significant costs to switch to other suppliers, which adds some durability to supplier relationships. Cambrex has a long track record of regulatory compliance, long-term customer relationships and high quality manufacturing capabilities. The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. CARLA'S PASTA: $1.5M DIP Loan Requires Auction by April 15 ---------------------------------------------------------- Industrial pasta maker Carla's Pasta Inc. filed for Chapter 11 bankruptcy protection with financing from its existing lenders that require an auction for the assets by mid-April 2021. Prepetition, Cowen and Company commenced its marketing process and has already received significant interest from over 70 financial and strategic investors. Based on the initial indication of interest, the Debtors have determined to proceed with an efficient transaction inside of the Chapter 11 cases brokered by Cowen. The Debtors, in consultation with their professionals, have formulated a timeline that will enable the Debtors to run a fair transaction process that will expose the Debtors' assets to the marketplace to maximize value within the exigencies of the Chapter 11 cases. Accordingly, the Debtors developed this marketing and sale timeline: * March 2, 2021: Deadline to designate stalking horse bidder(s); * March 13, 2021: File notice of any stalking horse asset purchase agreement; * April 12, 2021: Deadline to submit bids or counterbids if a stalking horse selected; file any objections to the sale motion; * April 15, 2021: Auction; * Week of April 19, 2021: Sale Hearing; and * April 30, 2021: Deadline to close sale. Sandeep Gupta, managing partner of Novo Advisors and currently the Debtors' CRO, said in a court filing the Administrative Agent and Lenders understand the need for a sale process that results in a closing by the end of April 2021, and that they support the foregoing timeline. The Debtors request authority to enter into the DIP Loan Documents on an interim basis, by which the Lenders will provide DIP Loans to the Debtors up to an aggregate amount of $1,500,000, inclusive of interim borrowings of [$750,000], provided, however, that the Debtors shall use the proceeds of the DIP Loans solely in compliance with the budget. The Lenders have conditioned their making DIP Loans and consent to use cash collateral upon the Debtors' agreement to the milestones that mirror the foregoing timeline. The Debtors are currently facing an acute shortage of operating capital, and at this point, the Lenders have informed the Debtors that they are unwilling to extend any further credit outside of the Chapter 11 cases. The Debtors have not been able to attract alternative sources of capital, and based on an assessment of the limited alternatives before it, the Debtors have concluded that the best path forward for the Debtors and its creditors is a bankruptcy proceeding that incorporates a sale of substantially all of the Debtors' assets. Prepetition Capital Structure The Debtors' senior secured lenders are BMO Harris Bank, N.A., a national banking association, as a lender, and People's United Bank, National Association, a national banking association ("PUB"), as administrative agent, a lender, swing-line lender and letter of credit issuer. As of the Petition Date, the aggregate outstanding principal balance of the Loans as of Oct. 1, 2020, is $37,741,927, comprising of $6,012,000 outstanding under the Revolving Facility; $13,867,816 outstanding under the Equipment Facility; and $17,862,111 outstanding under the Construction Facility. In addition to its secured obligations, debtor affiliate Suri Realty, LLC, is obligated to the Dennis Group in an approximate amount of $13.3 million dollars. Carla's Pasta is obligated to its general trade creditors, employees, taxing authorities, and other unsecured creditors, in an approximate amount of $8.2 million. About Carla's Pasta Carla's Pasta was founded in 1978 by Carla Squatrito and is a family-owned and operated business and is headquartered in South Windsor, Connecticut. Carla's Pasta manufactures high-quality food products including pasta sheets, tortellini, ravioli, and steam bag meals for branded and private label retail, foodservice distributors, and restaurant Carla's Pasta's stock is held by members of the Squatrito family. On Dec. 31, 2016, Carla's Pasta acquired 100% of Suri Realty, LLC's membership interests. Suri's business is limited to the ownership of two adjoining parcels of real property with an address of 50 Talbot Lane, South Windsor, Connecticut, and 280 Nutmeg Road, South Windsor, Connecticut. Carla's Pasta operates its business from an approximately 150,000-sq. ft. BRC+ certified production facility. On Oct. 29, 2020, an involuntary petition for relief under Chapter 7 of the Bankruptcy Code was filed against Suri by the Dennis Group, HJ Norris, LLC, Renaissance Builders, Inc., and Elm Electrical, Inc. On Dec. 17, 2020, the Court approved Suri's request and converted the involuntary Chapter 7 case to a Chapter 11. Carla's Pasta filed a Chapter 11 petition (Bankr. D. Conn. Case No. 21-20111) on Feb. 8, 2021. The Debtor estimated assets of $10 million to $50 million and liabilities of $50 million to $100 million. The law firm of Locke Lord LLP is the Debtors' counsel. Cowen & Co is the Debtors' investment banker. Sandeep Gupta of Nova Advisors is the Debtors' CRO. CARLA'S PASTA: Files for Chapter 11 Bankruptcy Protection --------------------------------------------------------- Industrial pasta maker Carla's Pasta Inc. filed for Chapter 11 bankruptcy protection to pursue a quick sale of substantially all assets. "The Debtors' financial distress arises primarily from loss of revenue due to COVID-19 and the negative impact on sales to restaurants, loss of significant accounts that have not been fully replaced with additional revenue sources, operational deficiencies, and significant legacy obligations to the Dennis Group arising out of the Construction Project at the Facility. In addition to the multimillion-dollar claims asserted by the Dennis Group, the Debtors are in default of their obligations to the Lenders, and are subject to several pending commercial collection matters by trade creditors," Sandeep Gupta, managing partner of Novo Advisors and currently the Debtors' CRO, said in a court filing. During the fall of 2020, the Debtors instituted several cost stabilization initiatives and explored various options to increase revenues and meet its significant obligations to the Lenders and trade creditors. To date, the Debtors, with the guidance of Novo, have implemented approximately $5 million of annual cost savings to stabilize the business operations and enhance the Debtor's liquidity position. Unfortunately, the impact of COVID-19 and mounting collection actions, coupled with the state court litigation by the Dennis Group, impaired the Debtors' ability to reorganize outside of the Chapter 11 cases. About Carla's Pasta Carla's Pasta was founded in 1978 by Carla Squatrito and is a family-owned and operated business and is headquartered in South Windsor, Connecticut. Carla's Pasta manufactures high-quality food products including pasta sheets, tortellini, ravioli, and steam bag meals for branded and private label retail, foodservice distributors, and restaurant Carla's Pasta's stock is held by members of the Squatrito family. On Dec. 31, 2016, Carla's Pasta acquired 100% of Suri Realty, LLC’s membership interests. Suri's business is limited to the ownership of two adjoining parcels of real property with an address of 50 Talbot Lane, South Windsor, Connecticut, and 280 Nutmeg Road, South Windsor, Connecticut (together, the "Properties"). Carla's Pasta operates its business on the Properties from an approximately 150,000 sq. ft. BRC+ certified production facility. On Oct. 29, 2020, an involuntary petition for relief under chapter 7 of the Bankruptcy Code was filed against Suri by the Dennis Group, HJ Norris, LLC, Renaissance Builders, Inc., and Elm Electrical, Inc. On Dec. 17, 2020, the Court approved Suri's request and converted the alleged chapter 7 case against Suri to a chapter 11 case. Carla's Pasta filed a Chapter 11 petition (Bankr. D. Conn. Case No. 21-20111) on Feb. 8, 2021. The Debtor estimated assets of $10 million to $50 million and liabilities of $50 million to $100 million. The law firm of Locke Lord LLP is the Debtors' counsel. Cowen & Co is the Debtors' investment banker. Sandeep Gupta of Nova Advisors is the Debtors' CRO. CAROLINA INTEGRATIVE: Says Disclosures Objections Resolved ---------------------------------------------------------- Carolina Integrative Medicine, P.A., filed with the U.S. Bankruptcy Court for the District of South Carolina a new Chapter 11 Small Business Plan and a Disclosure Statement on Jan. 29, 2021. The Debtor filed its original Disclosure Statement on Sept. 21, 2020, but was withdrawn on Jan. 12, 2021. The Debtor filed the new Disclosure Statement in an effort to resolve issues with Wells Fargo Bank and the Office of the United States Trustee, the two entities that filed objections to the original Disclosure Statement. The Disclosure Statement addresses the status of the Debtor's Adversarial Proceeding against the Internal Revenue Service regarding an overpayment of withholding taxes on the part of the Debtor, and the Debtor's demand for the return of that overpayment. Further, the Disclosure Statement addresses an Economic Injury Disaster Loan the Debtor obtained as part of the CARES legislation passed by Congress to assist small business adversely impacted by the COVID-19 pandemic. The U.S. Trustee inquired as to who Claudia Haman is. Claudia Haman is the Debtor's principal, Dr. Aimee Duffy's mother, who loaned the Debtor funds prior to the filing of the chapter 11 case. The Debtor has paid nothing to her since the filing of the case. This creditor is scheduled in class 6 as a general unsecured creditor who will be paid through the plan as such. In order to resolve the objection of Wells Fargo, and obtain an acceptance vote, the Debtor has agreed to pay Wells Fargo monthly payments equivalent to double the normal contractual payment, which will equal $7,931. In addition to those payments, upon receipt of a refund from the Internal Revenue Service, if any, the Debtor will pay to Wells Fargo 65% percent of said refund, if any, which will further reduce the net balance of its claim. Wells Fargo would be entitled to its $96,000 claim in full. Bankers HealthCare Group, LLC, will receive its full claim value in the amount of $86,342, and the Debtor proposes payments to unsecured creditors in the amount of 10 percent. The Debtor had $41,876 cash in the DIP account on Dec. 31, 2020, with which to assist with the first year of the chapter 11 plan payments. The Debtor and the Internal Revenue Service agree that the Debtor will amend its 2020 tax return in order to obtain a refund of the approximate $135,000 overpayment of income tax. Of that amount, which is anticipated to be returned on or before May 1, 2021, Wells Fargo Bank will receive the net balance of its loan, which is expected to be approximately $70,000, thereby leaving the sum of $65,000 with which to fund the first year payments under the proposed plan. Prior to the chapter 11 petition, Aimee Duffy, MD was the sole owner of the Debtor in possession. Postpetition and going forward, she will continue to own and operate the business as sole owner and operator. A full-text copy of the Disclosure Statement dated Jan. 29, 2021, is available at https://bit.ly/3aQIrx0 from PacerMonitor.com at no charge. Attorney for Debtor: Robert H Cooper The Cooper Law Firm 150 Milestone Way, Suite B Greenville, SC 29615 Tel: 864-271-9911 phone E-mail: rhcooper@thecooperlawfirm.com About Carolina Integrative Medicine Carolina Integrative Medicine, P.A., filed a Chapter 11 bankruptcy petition (Bankr. D.S.C. Case No. 20-01227) on March 6, 2020, listing under $1 million in both assets and liabilities. Judge Helen E. Burris oversees the case. The Debtor is represented by Robert H. Cooper, Esq., at The Cooper Law Firm. CHARLES RIVER: Moody's Completes Review, Retains Ba1 CFR -------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Charles River Laboratories Int'l, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 1, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Charles River's Ba1 Corporate Family Rating reflects its competitive position as one of the largest early-stage contract research organizations (CROs), and its good business diversity across geography and customers. Charles River generates strong and stable free cash and generally maintains moderate financial leverage. The rating is constrained by Charles River's aggressive M&A strategy and vulnerability to reduced R&D budgets of customers. The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. CHRISTOPHER & BANKS: Gets Court Approval to Liquidate Stores ------------------------------------------------------------ Jeremy Hill of Bloomberg News reports that Christopher & Banks won approval to let Hilco Merchant Resources liquidate its stores, overcoming an objection from the U.S. Trustee. The U.S. Trustee argued that Hilco has a conflict of interest because it -- via affiliates -- is also a lender and the proposed stalking horse bidder for the retailer. U.S. Bankruptcy Judge Andrew Altenburg overruled the objection, noting that one party wearing "multiple hats" is common in retail bankruptcies and that no other party challenged the agreement. "The reality is that the debtors have met the business judgment standard," Judge Altenburg said. About Christopher & Banks Corporation Christopher & Banks Corporation (OTC: CBKC) is a Minneapolis-based specialty retailer featuring exclusively designed privately branded women's apparel and accessories. As of Jan. 13, 2021, the Company operates 449 stores in 44 states consisting of 315 MPW stores, 76 Outlet stores, 31 Christopher & Banks stores, and 28 stores in its women's plus size clothing division CJ Banks. The Company also operates the www.ChristopherandBanks.com eCommerce website. Christopher & Banks Corporation and two affiliates sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 21-10269) on Jan. 13, 2021. As of Dec. 14, 2020, the Company had $166,396,185 in assets and $105,639,182 in liabilities. The Hon. Andrew B. Altenburg Jr. is the case judge. The Company's restructuring counsel is Cole Schotz P.C., its financial advisor is BRG, LLC, and its investment banker is B. Riley Securities Inc. Omni Management Solutions is the claims agent. CIT GROUP: Moody's Completes Review, Retains Ba1 Sr. Debt Rating ---------------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of CIT Group Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 2, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations CIT Group Inc.'s Ba1 long-term senior debt rating and the ratings of its lead bank subsidiary CIT Bank, N.A., including its Baa3 deposit rating, reflect its baa3 Baseline Credit Assessment (BCA) and the application of Moody's advanced loss given failure analysis to its assumed liabilities at failure. The baa3 BCA is based on CIT's continued financial transformation, including reduced use of market funds, improved predictability of operating earnings, and increased emphasis on less risky secured lending. The ratings also reflect the bank's continued efforts to refine its deposit strategy and improve deposit quality, though the quality and diversity of CIT's deposits is not yet as fully developed as many regional banks and its funding costs, though improved, are higher than many competitor banks. CIT maintains well-established competitive positioning in multiple commercial finance businesses; however, certain of CIT's earning assets have a higher risk profile compared to other banks, reflecting the company's finance company heritage. Following the announcement that CIT and First Citizens BancShares, Inc. will merge in an all-stock transaction, CIT's ratings were placed on review for upgrade on October 16, 2020; for details see Moody's press release issued on that date. The principal methodology used for this review was Banks Methodology published in November 2019. CLEARPOINT NEURO: Appoints John Fletcher as Board Chairman ---------------------------------------------------------- ClearPoint Neuro, Inc. has appointed John R. Fletcher as chairman of the Company's Board of Directors. The prior Chairman, Kimble L. Jenkins, retired from the Chairman role, which he has held since 2003, and resigned from the Board of Directors to focus on commitments associated with his role as the chief executive officer of OrthoSouth. "On behalf of our Board and the management team, we thank Kim for his service and longstanding commitment to the Company. We greatly appreciate the leadership, insight, and expertise that Kim has provided, taking us from a pre-regulatory, pre-revenue start-up, to a leading global platform neurosurgery company," stated Joe Burnett, president and CEO of ClearPoint Neuro. "John is the ideal Chairman to see us through the next stage in our evolution due to his service on several boards, highlighted by his prior role as Chairman of Spectranetics. John was recognized in 2018 by the National Association of Corporate Directors as Director of the Year for his role as Chairman of Spectranetics during its turnaround and subsequent acquisition by Philips NV for $2.2 billion. Since joining us in 2017, he has also brought to our Board his experience as CEO of Fletcher Spaght's healthcare strategy consulting firm. We look forward to having John as our Chairman to shepherd ClearPoint through its next phase of execution and growth." "It has been an honor to serve the Company as both an executive officer and director over the years," commented Kim Jenkins. "ClearPoint is now stronger than it has ever been, with a strengthened balance sheet, a compelling strategic plan and an enormous opportunity ahead. I look forward to watching this incredibly dedicated team make an even larger impact on the lives of patients in the years to come." "I want to thank Kim for his years of leadership and dedicated service to the development of ClearPoint. His direct contributions have enabled excellent care for so many patients in need," stated John Fletcher. "I am honored and enthusiastic about assuming the role of Chairman, and have every confidence that the best years for the Company are ahead." About ClearPoint Neuro ClearPoint Neuro formerly MRI Interventions, Inc. -- http://www.clearpointneuro.com-- is a medical device company that develops and commercializes innovative platforms for performing minimally invasive surgical procedures in the brain under direct, intra-procedural magnetic resonance imaging, or MRI, guidance. Applications of the Company's current product portfolio include deep-brain stimulation, laser ablation, biopsy, neuro-aspiration, and delivery of drugs, biologics, and gene therapy to the brain. Clearpoint recorded a net loss of $5.54 million for the year ended Dec. 31, 2019, compared to a net loss of $6.16 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $21.85 million in total assets, $21.70 million in total liabilities, and$149,100 in total stockholders' equity. CLEARY PACKAGING: Case Summary & 17 Unsecured Creditors ------------------------------------------------------- Debtor: Cleary Packaging, LLC 8700 Larkin Road, Suite A Savage, MD 20763 Chapter 11 Petition Date: February 7, 2021 Court: United States Bankruptcy Court District of Maryland Case No.: 21-10765 Debtor's Counsel: Paul Sweeney, Esq. YUMKAS, VIDMAR, SWEENEY & MULRENIN, LLC 10211 Wincopin Circle, Suite 500 Columbia, MD 21044 Tel: (443) 569-5972 Fax: (410) 571-2798 E-mail: psweeney@yvslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Vincent D. Cleary, Jr., president. A copy of the petition containing, among other items, a list of the Debtor's 17 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/R75NBNA/Cleary_Packaging_LLC__mdbke-21-10765__0001.0.pdf?mcid=tGE4TAMA COLDWATER DEVELOPMENT: Seeks to Hire Arent Fox as Legal Counsel --------------------------------------------------------------- Coldwater Development, LLC, and its affiliates seek approval from the U.S. Bankruptcy Court for the Central District of California to employ Arent Fox LLP as their bankruptcy counsel. The firm will render these services: a. advise the Debtors on the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Bankruptcy Rules, and the requirements of the U.S. trustee with respect to their powers and duties in the continued operation of their business and administration of the estates; b. prepare legal papers; c. provide legal services with respect to soliciting and obtaining debtor-in-possession financing and exit financing; d. formulate and negotiate a joint Chapter 11 plan or plans with creditors and provide other related legal services as may be required during the course of the Debtors' Chapter 11 cases, including but not limited to, sale of some or all of their assets; e. unless handled by special litigation counsel under a separate employment application, prosecute and defend actions commenced by or against the Debtors in the bankruptcy court as well as analyzing and preparing necessary objections to proofs of claim filed against the estates; f. investigate and prosecute preference, fraudulent transfer, and other actions arising under the Debtors' avoiding powers; and g. other legal services, which the Debtors may require in connection with their Chapter 11 cases and any related proceedings. The firm will be paid at the rate of $430 to $925 per hour. Prior to the petition date, Arent Fox received a retainer of $135,000 from the Debtors' parent entity, AM Family Fund LLC. After deducting fees and expenses, the firm held the remaining balance of $78,839.50. The firm will also be reimbursed for out-of-pocket expenses incurred. Aram Ordubegian, Esq., a partner at Arent Fox, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Arent Fox can be reached at: Aram Ordubegian, Esq. M. Douglas Flahaut, Esq. Annie Y. Stoops, Esq. Arent Fox LLP 555 West Fifth Street, 48th Floor Los Angeles, CA 90013-1065 Tel: (213) 629-7400 Fax: (213) 629-7401 Email: aram.ordubegian@arentfox.com douglas.flahaut@arentfox.com annie.stoops@arentfox.com About Coldwater Development Los Angeles-based Coldwater Development LLC and its affiliates filed Chapter 11 petitions (Bankr. C.D. Calif. Lead Case No. 21-10335) on Jan. 15, 2021. In its petition, the Debtor estimated $50 million to $100 million in assets and $10 million to $50 million in liabilities. Mohamed Hadid, member, signed the petition. Judge Vincent P. Zurzolo presides over the case. Arent Fox LLP, serves as the Debtor's bankruptcy counsel. COMSTOCK MINING: Focuses on Climate Smart Mining ------------------------------------------------ Comstock Mining Inc. updated its plans for meeting the escalating demand for clean energy technologies. The Company and its partners, including Mercury Clean-Up, LLC started with the deployment of new metals extraction and processing technologies that remediate soils and more efficiently extract and process gold at the Company's existing facilities and abroad and we have targeted new development projects that efficiently reprocess and renew silver and other strategic metals. Comstock's shift to climate-smart mining started with technologies that target tailings, leach pads, and other mining wastes, in order to capture residual precious metals. The Company's partnerships, projects and technologies, involve proprietary processes for remediating mercury and other metals from abandoned and leached mining sites and the surrounding eco-systems, while more efficiently extracting silver, gold and other strategic metals. Corrado De Gasperis, Comstock's executive chairman and chief executive officer stated, "Our ongoing work with remote mercury recovery and gold extraction provides an immediate example of our approach. MCU's mercury remediation equipment is currently deployed in the Philippines, with processing operations commencing this month. We have coordinated with the community, landed the equipment, assembled the team, and prepped for start-up. Our joint venture partners are collaborating to begin removing toxic mercury contamination from U.S. and international eco-systems, while efficiently extracting gold from contaminated and abandoned mining sites." The Company plans to build and improve on these mineral and metal developments by introducing additional technologies that maximize recoveries from the Company's existing gold and silver resources in Nevada, as well as other conservation-based projects that the Company and its partners plan on introducing in the coming months. Quantum Surge in Global Demand for Metals Comstock believes that its approach is especially timely and important. A recent report from the World Bank, entitled Mineral Intensity of the Clean Energy Transition, reported that the production of graphite, cobalt, lithium and many other strategic minerals and metals are expected to increase dramatically by 2050, as an estimated 3 billion tons of minerals and metals are used to deploy energy storage and renewable energy production projects. "The world is becoming increasingly aware of the current risks and realities presented by climate change," concluded Mr. De Gasperis. "A quantum surge of investment is expected in conservation-based energy storage and renewable energy projects worldwide. We cannot rely on conventional mining methods to meet critical mineral and metal needs and we are energized by these new opportunities, and the prospect of deploying these technologies to build shareholder value by meeting the increasing higher demand for these strategic, critical and precious metals." About Comstock Mining Comstock Mining Inc. -- http://www.comstockmining.com-- is a Nevada-based, precious and strategic metal-based exploration, economic resource development, mineral production and metal processing business with a strategic focus on high-value, cash-generating, environmentally friendly, and economically enhancing mining and processing technologies and businesses. Comstock Mining recorded a net loss of $3.81 million for the year ended Dec. 31, 2019, compared to a net loss of $9.48 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $48.17 million in total assets, $12.98 million in total liabilities, and $35.19 million in total equity. Deloitte & Touche LLP, in Salt Lake City, Utah, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 30, 2020 citing that the Company has incurred recurring losses and cash outflows from operations, has an accumulated deficit and has debt maturing within 12 months from the issuance date of the financial statements that raise substantial doubt about its ability to continue as a going concern. CONTURA ENERGY: Changes Name to Alpha Metallurgical Resources, Inc. ------------------------------------------------------------------- Contura Energy, Inc. changed its name, effective Feb. 1, 2021, to Alpha Metallurgical Resources, Inc. The Company's common stock, currently traded on the New York Stock Exchange under the CTRA ticker symbol, will trade under its new ticker symbol, AMR. The rebranding effort more accurately reflects the Company's strategic focus on the production of metallurgical coal as a critical feedstock for steel production. Contura's recent divestiture of the Cumberland Mine in Pennsylvania largely marked the Company's exit from the thermal coal business. The new name, Alpha Metallurgical Resources, is both an acknowledgment of the company's rich history and a commitment to a fresh, bold vision for the future. "Over a year ago, we outlined our vision to make Contura a premier metallurgical coal producer," said David Stetson, Contura's chairman and chief executive officer. "Thanks to the transformative work of our team over the last several months, that vision has become a reality. Bringing back the Alpha name is not only meaningful to us and our history, but it also serves as an outward display to external stakeholders of the sharpened focus we have on metallurgical coal. We are excited to announce this important milestone and we look forward to fully unveiling the Alpha Metallurgical Resources brand." About Contura Energy Contura Energy (NYSE: CTRA) -- www.conturaenergy.com -- is a Tennessee-based metallurgical coal supplier with affiliate mining operations across Virginia and West Virginia. Contura Energy reported a net loss of $316.32 million for the year ended Dec. 31, 2019. As of Sept. 30, 2020, the Company had $1.92 billion in total assets, $1.58 billion in total liabilities, and $342.96 million in total stockholders' equity. * * * As reported by the TCR on Dec. 22, 2020, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on U.S.-based coal producer Contura Energy Inc. and revised the liquidity assessment to less than adequate. S&P said, "We view Contura's business as vulnerable due to declining thermal demand and prices, which is driving the company to exit these operations and begin reclamation work at some of its mines." In April 2020, Moody's Investors Service downgraded all long-term ratings for Contura Energy, Inc., including the Corporate Family Rating to Caa1 from B3. "Contura has idled the majority of its mines due to weak market conditions. Moody's expects that demand for metallurgical coal will weaken further in the near-term as blast furnace steel producers adjust to reduced demand due to the Coronavirus," said Ben Nelson, Moody's vice president -- senior credit officer and lead analyst for Contura Energy, Inc. "The rating action is entirely driven by macro-level concerns resulting from the global outbreak of coronavirus." CRC MEDIA: Wins Cash Collateral Access Thru Feb. 28 --------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona has entered a stipulated order authorizing CRC Media West, LLC, an affiliate of CRC Broadcasting Company, to use cash collateral on an interim basis through February 28, 2021, in accordance with the budget, with a 5% variance. The Debtor and Desert Financial Federal Credit acknowledge, stipulate, and agree that: (a) The Debtor entered into loan number 2900000251 on May 8, 2015 for a principal balance of $325,000 as evidenced by several loan documents. (b) The Debtor guaranteed and cross-collateralized with its own assets, the debts of its sister company, CRC Broadcasting. CRC Broadcasting filed a Chapter 11 case on the same day as the Debtor. (c) As of the petition date, the Debtor was and continues to be in default under the Loan Documents. As a result of its own primary debts, and the debts of CRC Broadcasting that it guaranteed and secured, the Debtor owes Desert Financial no less than $1,477,963 as of February 28, 2020. (d) The Debtor granted Desert Financial first-priority liens and senior security interests in all of the Debtor's property. The cash comprising a portion of Desert Financial's collateral constitutes "cash collateral" under the Bankruptcy Code. (e) Desert Financial is granted replacement liens on all the Debtor's property after the Petition Date. The Replacement Liens will secure Desert Financial to the extent necessary to adequately protect it from any diminution in value of its interests in estate property as of the Petition Date, and will have the same validity, priority, and enforceability as Desert Financial's liens on the same assets as of the Petition Date. The Replacement Liens also encumber estate property that otherwise would be unencumbered in accordance with Bankruptcy Code section 552. (f) Desert Financial is also granted a superpriority administrative expense claim under Bankruptcy Code section 507(b) (without the need to file or request any such claim with the Bankruptcy Court or otherwise), to the extent Replacement Liens above do not adequately protect Desert Financial for any diminution of collateral, including Cash Collateral. Crestmark Vendor Finance, a division of MetaBank, has asserted that it has a perfected, first priority purchase money security interest in a specified collateral pursuant to Equipment Finance Agreement # 153522 entered into between Regents Capital Corporation and CRC Media West, LLC, which Equipment Finance Agreement was subsequently assigned by Regents Capital to Crestmark. Nothing in the Stipulated Order, or in any prior cash collateral orders entered in these cases, will prime or otherwise prejudice the validity or priority of the Crestmark PMSI Claim asserted by Crestmark. All rights, arguments and defenses of Desert Financial, the Debtors and Crestmark with respect to the allowance, amount, validity and priority of the Crestmark PMSI Claim are expressly preserved. A copy of the Order and the Debtor's budget is available at https://bit.ly/3tCUwyk from PacerMonitor.com. About CRC Broadcasting Company and CRC Media West CRC Broadcasting Company, Inc., is a broadcast media company based in Scottsdale, Ariz. CRC Broadcasting Company, Inc. filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-02349) on March 6, 2020, listing under $1 million in both assets and liabilities. CRC Broadcasting Company's case is jointly administered with the Chapter 11 case of CRC Media West, LLC, which sought bankruptcy protection (Bankr. D. Ariz. Case No. 20-02352) on the same day as CRC Broadcasting. CRC Media West's is the lead case. Judge Paul Sala oversees the cases. Allan D. NewDelman, Esq., at Allan D. NewDelman, P.C., is the Debtors' legal counsel. Desert Financial, as lender, is represented by Kelly Singer, Esq., at Squire Patton Boggs (US) LLP. CUENTAS INC: Closes $12 Million Public Offering of Common Stock --------------------------------------------------------------- Cuentas, Inc. has closed its previously announced upsized underwritten public offering of 2,790,697 units at a price to the public of $4.30 per unit. The Company concurrently made effective a reverse stock split of its common stock at a ratio of 1-for-2.5. Each unit issued in the offering consisted of one share of common stock and one warrant to purchase one share of common stock (each on a post-reverse stock split basis). The common stock and warrants comprising the units separated upon closing of the offering and were issued separately. The common stock and warrants began trading on the Nasdaq Capital Market on Feb. 2, 2021, under the symbols "CUEN" and "CUENW," respectively. Cuentas received gross proceeds of approximately $12.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses. Each warrant is immediately exercisable for one share of common stock at an exercise price of $4.30 per share and will expire 5 years from issuance. Cuentas has granted the underwriters a 45-day option to purchase up to an additional 418,604 shares of common stock and/or up to an additional 418,604 warrants to cover over-allotments, if any (each on a post-reverse stock split basis). Maxim Group LLC acted as the sole book-running manager for the offering. The offering was conducted pursuant to the Company's registration statement on Form S-1, as amended (File No. 333-249690) previously filed with and declared effective on Feb. 1, 2021 by the Securities and Exchange Commission and the Company's registration statement on Form S-1 (File No. 333-252642) which became effective on Feb. 1, 2021. A prospectus relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus relating to this offeringmay be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745. About Cuentas Headquartered in Miami, Florida, Cuentas, Inc. -- http://www.cuentas.com-- is a Fintech company utilizing technical innovation together with existing and emerging technologies to deliver accessible, efficient and reliable mobile, new-era and traditional financial services to consumers. Cuentas is proactively applying technology and compliance requirements to improve the availability, delivery, reliability and utilization of financial services especially to the unbanked, underbanked and underserved segments of today's society. Its products are supported by its core methods, procedures, contracts and intellectual property. Cuentas reported a net loss attributable to the company of $1.32 million for the year ended Dec. 31, 2019, compared to a net loss attributable to the company of $3.56 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $8.06 million in total assets, $4.34 million in total liabilities, and $3.72 million in total stockholders' equity. Halperin Ilanit, in Tel Aviv, Israel, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 30, 2020 citing that as of Dec. 31, 2019, the Company has incurred accumulated deficit of $19,390,000 and negative operating cash flows. These factor, among others, raise substantial doubt about the Company's ability to continue as a going concern. DAVIDZON MEDIA: Case Summary & Largest Unsecured Creditors ---------------------------------------------------------- Lead Debtor: Davidzon Media, Inc. 2508 Coney Island Avenue, 2nd Floor Brooklyn, NY 11223 Business Description: The Debtors operate in the motion picture and video industries. Affiliates Davidzon Radio Inc. earlier filed for Chapter 11 bankruptcy (Bankr. D.N.J. Case No. 21-10345) on Jan. 15, 2021, and Grigory Davidzon (Bankr. E.D.N.Y. Case No. 21-40078) on Jan. 13, 2021. Chapter 11 Petition Date: February 8, 2021 Court: United States Bankruptcy Court Eastern District of New York Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Davidzon Media, Inc. 21-40308 2508 Coney Island Avenue, 2nd Floor Brooklyn, NY 11223 Bravo Price Corp. 21-40309 2610 East 18th Street, Ste. 1 Brooklyn, NY 11235 Advanced Business Integration Network Corp. 21-40310 2610 East 18th Street, 1st Floor Brooklyn, NY 11235 Advance Business International Network, Corp. 21-40311 2610 East 18th Street, Ste. 1 Brooklyn, NY 11235 Judge: Hon. Elizabeth S. Stong Debtors' Counsel: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 3099 Coney Island Avenue 3rd Floor Brooklyn, NY 11235 Tel: (718) 513-3145 Fax: (347) 342-3156 Email: alla@kachanlaw.com Davidzon Media's Total Assets: $111,609 Davidzon Media's Total Liabilities: $8,632,554 Bravo Price's Total Assets: $11,799 Bravo Price's Total Liabilities: $8,038,783 Advanced Business Integration's Total Assets: $10,788 Advanced Business Integration's Total Liabilities: $8,000,000 Advance Business International's Total Assets: $10,597 Advance Business International's Total Liabilities: $8,000,000 The petitions were signed by Grigory Davidzon, president. Copies of the petitions containing, among other items, lists of the Debtors' largest unsecured creditors are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/VHWDW4Q/Davidzon_Media_Inc__nyebke-21-40308__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/2FWFGZQ/Bravo_Price_Corp__nyebke-21-40309__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/23EQQFI/Advanced_Business_Integration__nyebke-21-40310__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/32E5BXQ/Advance_Business_International__nyebke-21-40311__0001.0.pdf?mcid=tGE4TAMA DESERT VALLEY: Unsecured Creditors to Split $137K in Plan --------------------------------------------------------- Desert Valley Steam Carpet Cleaning, LLC, filed a First Amended Disclosure Statement describing its Joint Plan of Reorganization dated Jan. 29, 2021. Keery McCue has submitted two administrative claims totaling $52,891. This has been offset by $11,000 KM had held in trust. The Allowed Administrative Claim for KM of $41,891 will be paid in monthly payments of $698.19 until paid in full, commencing on the Effective Date. Any amount of the Allowed Administrative Claim of Wright Law Office, current counsel for DVSCC, that has not been paid prior, will be paid in full as of the Effective Date. The interest holders have guaranteed the payment of WLO's Allowed Administrative Claim. Josephs Appraisal Group has submitted an Administrative Claim for $1,000. The interest holders intend to pay this claim in full directly. However, any amount of the Allowed Administrative Claim of JAG that has not been paid prior will be paid in full as of the Effective Date. Atlas filed a total secured claim of $727,059, of which it contends $247,544 is entitled to treatment as an administrative claim. DVSCC objects to the amount of the claim and its treatment as an administrative claim. Any Allowed Administrative Claim of Atlas will be paid in full on the Effective Date. Any administrative claim not allowed as of the Effective Date will be paid as soon thereafter as they are allowed by the Court. The AZDOR's Allowed Priority Claim of $5,758 will be paid in monthly payments of $95.96 until paid in full, commencing on the Effective Date. The IRS' allowed priority claim of $1,700 will be paid in monthly payments of $28.33 until paid in full, commencing on the Effective Date. Class 3-A consists of the Allowed Unsecured Claims of Creditors. Class 3-A Creditors will be paid a pro-rata share from DVSCC's Excess Cash Flow, on a monthly basis, with payments to commence on the Effective Date, until the Allowed Unsecured Claims in Class 3-A and 3-B have been paid in total the aggregate value of DVSCC's liquidation equity of $137,177. The Debtor anticipates refinancing the Property on or before the 60th month under the Plan and funding any remaining payments to unsecured creditors from said refinance proceeds. Upon the Court's determination of Atlas' Allowed Unsecured Claim, it will be incorporated into this class and the pro-rata shares recalculated. DVSCC anticipates that a determination of Atlas' Allowed Unsecured Claim will occur by December 2021. The AZDOR has an allowed Unsecured Claim of $56.99 that shall be paid by monthly payments of $1.00 until such time as it's paid in full or the class pro-rata shares are recalculated. After Administration Claims and Priority Claims, there is $137,177 of Liquidation Equity would exist for the benefit of General Unsecured Claims. DVSCC will pay in full all of its Administrative Claims and Priority Claims out of its Excess Cash Flow and pay a pro-rata distribution to its general unsecured creditors in the total amount of $137,177. DVSCC's Plan will be funded by its operations and Excess Cash Flow. Further, the Interest Holders will repurchase their ownership in DVSCC by borrowing $20,000 and contributing those funds to DVSCC for its use to pay administrative claims. The Reorganized Debtors shall act as the Disbursing Agent under the Plan. A full-text copy of the First Amended Disclosure Statement dated Jan. 29, 2021, is available at https://bit.ly/3tGPRv5 from PacerMonitor.com at no charge. Attorneys for Debtor: Benjamin Wright Shawn A. McCabe Wright Law Offices 2999 N. 44th St., Ste. 600 Phoenix, AZ 85018 Tel: 602-344-9695 Fax: 480-717-3380 E-mail: shawn@azbklawyer.com About Desert Valley Steam Carpet Cleaning Desert Valley Steam Carpet Cleaning, LLC, was formed on or about Aug. 12, 2005, for the purpose of owning and operating a multi-family housing property located at 603 and 607 North D. Street, Eloy, Arizona. Desert Valley Steam Carpet Cleaning sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-00570) on Jan. 16, 2020. Judge Brenda K. Martin oversees the case. Wright Law Offices, led by Benjamin Wright and Shawn A. McCabe, is serving as counsel to the Debtor. Wright replaced Patrick Keery of Keery McCue, PLLC, the original bankruptcy counsel of the Debtor. DO@KING PLOW ARTS: $3.2M Sale of Atlanta Property to Maileg Okayed ------------------------------------------------------------------ Judge Jeffery W. Cavender of the U.S. Bankruptcy Court for the Northern District of Georgia authorized DO@King Plow Arts Center, LLC's private sale of the remaining three parcels of real property located at 517 Jones Avenue, in Atlanta, Georgia to Maileg North America for $3.2 million. A hearing on the Motion was held on Jan. 28, 2021, at 11:00 a.m. The Purchase Agreement, including any amendments, supplements, and modifications thereto, and all of the terms and conditions therein, is approved. The Debtor may sell the Property free and clear of all liens, claims and encumbrances, with all such liens, claims, and encumbrances on the Property to attach to the proceeds of the Sale. Upon the closing of the Sale, South State will be paid its outstanding amount of principal and interest. The Debtor and South State will reserve the determination of any other amounts owed to South State, including late charges and attorney's fees, to a later date. Notwithstanding any rule to the contrary, the provisions of the Order will be immediately effective and enforceable upon its entry. The Counsel for the Debtor will serve the Order upon all interested parties. The Debtor's counsel will file a certificate of service within three days of the entry of the Order. 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. EADS LLC: Seeks to Hire Tranzon Fox as Auctioneer ------------------------------------------------- EADS, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Tranzon Fox as its auctioneer. The firm will assist in the auction of the Debtor's real property located at 320 8th St., N.W., Washington, D.C. The firm will be paid a commission of 4 percent of the total purchase price. Jeff Stein of Tranzon Fox disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeff Stein Tranzon Fox 3819 Plaza Dr. Fairfax, VA 22030 Tel: (703) 539-8111 Fax: (703) 539-8633 About EADS LLC EADS, LLC classifies its business as a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). EADS filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 20-00480) on Dec. 17, 2020. Delores Johnson, manager, signed the petition. At the time of the filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Elizabeth L. Gunn oversees the case. The Stewart Law Firm, PLLC serves as the Debtor's legal counsel. EADS LLC: Sets Auction Procedures for Washington, D.C. Property --------------------------------------------------------------- EADS, LLC, asks the U.S. Bankruptcy Court for the District of Columbia to (i) establish procedures for the auction sale of the real property located at 5320 8th Street, N.W., in Washington, D.C., to be held on April 8, 2021, at 11:00 a.m.; (ii) authorize it to pay Marketing Expenses; (iii) approve the sale of the Property to the Winning Bidder at the Auction free and clear of liens and other interests, with the approval hearing to be scheduled as soon as possible following the Auction; and (iv) pay Tranzon Fox a commission of 4% at closing. The primary asset of the Debtor's estate is the Property, a 39-unit apartment building. The Property is subject to a Receivership Order entered in the Superior Court of the District of Columbia Case Number 2018 CA 005830 B. The Property is subject to (a) a Multifamily Deed of Trust, Assignment of Rents and Security Agreement from Debtor to Mark S. Shiembob, Trustee, dated Nov. 30, 2017, and recorded Dec. 6, 2017, as Instrument No. 2017133872, among the land records of the Recorder of Deeds for the District of Columbia, for the benefit of Sabal Capital II, LLC, securing repayment of a loan in the original principal amount of $3,446,000; and (b) a UCC Financing Statement between Debtor and Sabal TL1, LLC, recorded Dec. 6, 2017, as Instrument Number 2017133873, among the aforesaid land records. As evidenced by various assignments recorded among the aforesaid land records, the current beneficiary of the Deed of Trust and Financing Statement and holder of the Note evidencing the loan secured by the Deed of Trust and the Financing Statement is U.S. Bank National Association, as Trustee for the Registered Holders of J.P. Morgan Chase Commercial Mortgage Securities Corp., Multifamily Mortgage Pass-Through Certificates, Series 2018-SB56. According to a Notice of Foreclosure Sale of Real Property or Condominium Unit recorded in the land records on Nov. 13, 2020, as Instrument Number 2020139653, the total claimed to be due and owing on account of the loan secured by the Deed of Trust and Financing Statement was $4,057,213 as of Nov. 1, 2020. U.S. Bank claims additional interest at the default rate, costs, legal fees and expenses, and loan fees from and after Nov. 1, 2020, to the present. The claim is listed as disputed on the Debtor's Schedules and is disputed as to amount only. The Debtor does not contest that the claim is secured. The Debtor has determined that it is in the best interests of the creditors and the Estate to sell the property to an independent third party at a price sufficient to satisfy all financial obligations with respect to the Property. A reserve will be set on the sale price that will generate sufficient sales proceeds to enable the Debtor to pay all allowed secured and unsecured claims in full. The salient terms of the Bidding Procedures are: a. Deposit: $100,000 b. Auction: Qualified Bidders will be invited to participate in an oral auction for the purchase of the Property. The highest bid following the Auction will be submitted to Court for approval at the Sale Hearing. A 4% buyer's premium will be added to the Winning Bid to create the "Final Sale Price" for the property. The person making the Winning Bid shall, prior to the Sale Hearing, submit a deposit in the amount of 5% of the Final Sale Price. The Initial Deposit will be credited towards the deposit. c. Sale Hearing: April 8, 2021 d. Sale Objection Deadline: e. Closing: Following approval by the Court, the Winning Bidder (or the Back-up Bidder as the case may be) will have 60 days to close the sale of the Property. In order to effectively market the Property and have a successful Auction, the Debtor is required to advertise the Auction. Tranzon has proposed a marketing budget totaling $5,089. The Debtor asks that the Court authorizes the payment of the Marketing Expenses to Tranzon upon approval of the Auction Procedures. The Debtor believes that any and all liens on the Property are in amounts less than the value of the Property. Accordingly, the Property may be sold free and clear of any liens and other interests with any liens and interests attaching to the proceeds of the sale. About EADS LLC EADS, LLC classifies its business as Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). EADS filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 20-00480) on Dec. 17, 2020. Delores Johnson, manager, signed the petition. At the time of the filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Elizabeth L. Gunn oversees the case. The Stewart Law Firm, PLLC serves as the Debtor's legal counsel. EAGLE HOSPITALITY TRUST: Banks Slam Chapter 11 Schedule, Costs -------------------------------------------------------------- Law360 reports that the two top secured creditors of Eagle Hospitality's bankrupt fleet of upscale hotels have stepped up opposition to the debtor's Delaware Chapter 11 financing and sale plans, saying current roadmaps benefit nondebtor interests in Singapore at the expense of domestic creditors. In recent court filings in the U.S. District Court for the District of Delaware, Bank of America and Deutsche Bank New York argued against the up to $125 million in debtor-in-possession financing proposed for the case and said the debtors' yearlong sale schedule is too long and ignores current favorable markets. About Eagle Hospitality Group Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality stapled group comprising Eagle Hospitality Real Estate Investment Trust and Eagle Hospitality Business Trust. Based in Singapore, Eagle H-REIT is established with the principal investment strategy of investing on a long-term basis, in a diversified portfolio of income-producing real estate which is used primarily for hospitality and/or hospitality-related purposes, as well as real estate-related assets in connection with the foregoing, with an initial focus on the United States. EHT US1, Inc., and 26 affiliates, including 15 LLC entities that each owns hotels in the U.S., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10036) on Jan. 18, 2021. EHT US1, Inc., estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Debtors tapped PAUL HASTINGS LLP as bankruptcy counsel; FTI CONSULTING, INC., as restructuring advisor; and MOELIS & COMPANY LLC, as investment banker. COLE SCHOTZ P.C. is the Delaware counsel. RAJAH & TANN SINGAPORE LLP is the Singapore Law counsel, and WALKERS is the Cayman Law counsel. DONLIN, RECANO & COMPANY, INC., is the claims agent. EASTERN NIAGARA: Cash Collateral Access, $3.8M DIP Loan OK'd ------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of New York has authorized Eastern Niagara Hospital, Inc. to, among other things, use cash collateral and obtain debtor-in-possession financing on an interim basis. The Debtor said it has immediate need for use of its cash collateral and obtain funding in order to continue operations of its business and preserve the value of its estate. The Debtor has entered into a Senior Secured, Superpriority Debtor-in-Possession Loan and Security Agreement with Inter-Community Health Systems, Inc. and Catholic Health System, Inc. The Debtor will use the proceeds of the DIP Agreement to pay down a debt owed to Citizens Bank, N.A., in exchange for which, among other things, Citizens will release its security interest in the Debtor's personal property, including but not limited to, accounts, accounts receivable, healthcare receivables and deposit accounts. The Debtor requires $3.8 million in financing on the terms the Lenders are willing to make available under the DIP Agreement. The Lenders have indicated a willingness to provide financing to the Debtor. The Debtor is authorized to execute and deliver to the Lenders those loan documents reasonably necessary to memorialize the terms described in the DIP Agreement and Motion, on an interim basis, and other instruments as the Lenders will request in order to effectuate the loan, Liens, encumbrances, assignments and security interests created by same, together with the other instruments and documents to be executed in connection therewith. The Liens and security interests to be created and granted to the Lenders are first, valid, prior, perfected, unavoidable, and superior to any security, mortgage, or collateral interest or lien or claim to the Collateral, and are subject only to Permitted Prior Liens. The DIP Liens will secure all Obligations and the proceeds of the Collateral will be applied in the order and priority and payment set forth in the DIP Agreement. In addition to the DIP Liens and security interests, the Post-Petition Indebtedness will have priority, pursuant to the provisions of Section 364(c)(1) of the Bankruptcy Code, over all administrative and priority expenses incurred in these bankruptcy proceedings or a subsequent Chapter 7 case into which the Case may be converted, including without limitation expenses of the kind specified in Sections 503(b), 507(a), and 507(b) of the Bankruptcy Code, and will at all times be senior to the rights of the Debtor, its creditors other than the Lenders or the successors in interest of the Debtor or its creditors. The Lenders' Liens on and security interests in the Collateral will at all times be senior to the rights of the Debtor or any of its successors in interest. The Liens and security interests granted to the Lenders are not be subject to any Liens or security interest which is avoided and preserved for the benefit of the Debtor, pursuant to Section 551 of the Bankruptcy Code. No other lien or security interest having priority superior to that granted under the Interim Order to the Lenders will be granted while any portion of the Post-Petition Indebtedness remains outstanding except (i) upon the prior written consent of the Lenders or (ii) to the extent the Post-Petition Indebtedness is paid in full and any commitments of the Lender are terminated. A final hearing on the Debtor's Motion will be held on February 12 at 11 a.m. A copy of the order is available at https://bit.ly/3tBcLE5 from PacerMonitor.com. About Eastern Niagara Hospital, Inc. Eastern Niagara Hospital -- http://www.enhs.org-- is a not-for-profit organization, focused on providing general medical and surgical services. The Hospital offers radiology, surgical services, rehabilitation services, cardiac services, respiratory therapy, obstetrics & women's health, emergency services, acute & intensive care, chemical dependency treatment, occupational medicine services, DOT medical exams, dialysis, laboratory services, and express care. Eastern Niagara Hospital previously sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 19-12342) on Nov. 7, 2019. Eastern Niagara Hospital again sought Chapter 11 protection (Bankr. W.D. N.Y. Case No. 20-10903) on July 8, 2020. In the petition signed by Anne E. McCaffrey, president and CEO, the Debtor disclosed between $10 million to $50 million in both assets and liabilities. Judge Carl L. Bucki oversees the case. Jeffrey A. Dove, Esq. at BARCLAY DAMON LLP is the Debtor's counsel. EHT US1: Seeks to Hire Donlin Recano as Administrative Advisor ---------------------------------------------------------------- EHT US1, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Donlin Recano & Company, Inc. to provide bankruptcy administrative services. Donlin Recano will be paid based upon its normal and usual hourly billing rates and will be reimbursed for out-of-pocket expenses incurred. The retainer fee is $40,000. Nellwyn Voorhies, president at Donlin Recano & Company, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Nellwyn Voorhies Donlin Recano & Company, INC. 6201 15th Avenue Brooklyn, NY 11219 Toll Free Tel: (800) 591-8236 About Eagle Hospitality Group Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality stapled group comprising Eagle Hospitality Real Estate Investment Trust and Eagle Hospitality Business Trust. Based in Singapore, Eagle H-REIT is established with the principal investment strategy of investing on a long-term basis in a diversified portfolio of income-producing real estate, which is used primarily for hospitality or hospitality-related purposes as well as real estate-related assets in connection with the foregoing, with an initial focus on the United States. EHT US1, Inc. and 26 affiliates, including 15 LLC entities that each owns hotels in the U.S., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10036) on Jan. 18, 2021. EHT US1 estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Debtors tapped Paul Hastings LLP as their bankruptcy counsel, Cole Schotz P.C. as Delaware counsel, FTI Consulting Inc. as restructuring advisor, and Moelis & Company LLC as investment banker. Rajah & Tann Singapore LLP and Walkers serve as Singapore Law counsel and Cayman Law counsel, respectively. Donlin, Recano & Company, Inc. is the claims agent. EHT US1: Seeks to Hire Moelis & Company as Investment Banker ------------------------------------------------------------ EHT US1, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Moelis & Company LLC as their investment banker. The firm will render these services: a. assist in reviewing and analyzing the results of the Debtors' operations, financial condition, and business plan; b. assist the Debtors in reviewing, analyzing, strategizing, evaluating proposals and provide recommendations on any potential restructuring, sale or capital transaction; c. assist the Debtors in reviewing and considering the returns, risks and key steps related to any restructuring, sale or capital transaction and assist the modelling as appropriate; d. assist the Debtors in negotiating any restructuring, sale or capital transaction; and e. provide such other financial advisory and investment banking services in connection with a transaction as the firm and the Debtors may mutually agree upon in writing. The firm will be paid as follows: -- Monthly Fee. The firm will be paid a fee of $150,000 per month. -- Restructuring Fee. At the closing of a restructuring, a fee of $3 million. -- Sale Transaction Fee. At the closing of a sale transaction, a non-refundable cash fee) of 1 percent of "transaction value." -- Capital Transaction Fee. At the closing of each capital transaction, a non-refundable cash fee of: -- 1 percent of the aggregate gross amount of any new secured capital; plus -- 2 percent of the aggregate gross amount of any new unsecured capital; plus -- 3 percent of the aggregate gross amount of any new unsecured junior capital or equity capital. The firm will also be reimbursed for out-of-pocket expenses incurred. Lawrence Kwon, managing director at Moelis & Company, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lawrence Y. Kwon Moelis & Company LLC 399 Park Avenue, 5th Floor New York, NY 10022 Tel: (212) 883-3800 About Eagle Hospitality Group Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality stapled group comprising Eagle Hospitality Real Estate Investment Trust and Eagle Hospitality Business Trust. Based in Singapore, Eagle H-REIT is established with the principal investment strategy of investing on a long-term basis in a diversified portfolio of income-producing real estate, which is used primarily for hospitality or hospitality-related purposes as well as real estate-related assets in connection with the foregoing, with an initial focus on the United States. EHT US1, Inc. and 26 affiliates, including 15 LLC entities that each owns hotels in the U.S., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10036) on Jan. 18, 2021. EHT US1 estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Debtors tapped Paul Hastings LLP as their bankruptcy counsel, Cole Schotz P.C. as Delaware counsel, FTI Consulting Inc. as restructuring advisor, and Moelis & Company LLC as investment banker. Rajah & Tann Singapore LLP and Walkers serve as Singapore Law counsel and Cayman Law counsel, respectively. Donlin, Recano & Company, Inc. is the claims agent. ERESEARCH TECHNOLOGY: Moody's Completes Review, B3 CFR ------------------------------------------------------ Moody's Investors Service has completed a periodic review of the ratings of eResearch Technology, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 1, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations eResearchTechnology Inc.'s ("ERT") B3 CFR reflects its very high financial leverage, the elevated financial risk associated with private equity ownership, as well as a track record of growth through debt-funded acquisitions. The rating is also constrained by risk that larger better capitalized companies could choose to pursue developing their own electronic clinical outcome assessments. However, the rating is supported by ERT's strong market position in the niche electronic based clinical outcome assessment and clinical imaging markets, solid EBITA margins, and high revenue visibility provided by contract backlog. The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. FC COMPASSUS: Moody's Affirms B2 CFR & Cuts 1st Lien Loans to B2 ---------------------------------------------------------------- Moody's Investors Service affirmed FC Compassus, LLC's B2 Corporate Family Rating and B2-PD Probability of Default Rating. At the same time, Moody's downgraded the company's senior secured first lien bank credit facilities to B2 from B1. The ratings outlook is stable. The actions follow the announcement that Compassus will issue a $150 million incremental first lien term loan. Part of the proceeds, along with $47 million of cash, will be used to fully repay its existing $82 million Subordinated Notes due 2028 (unrated). The remaining proceeds will be earmarked to fund future acquisitions, or shareholder distributions, and pay the related call premium, fees and expenses. The downgrade of the senior secured first lien credit facility ratings to B2 reflects the elimination of loss absorption previously provided by subordinated notes. The first lien debt, which includes a revolving credit facility and the upsized term loan, will represent the preponderance of the company's obligations following the proposed transaction. "The increase in debt without the immediate addition of any earning is credit negative because Compassus' debt-to-EBITDA will increase to 5.6x from 4.9x, on Moody's adjusted basis (and not including COVID-19 related addbacks). However, the affirmation reflects Moody's expectation that Compassus will enjoy mid-single digit organic revenue growth aided by its recent agreement with Ascension Health Alliance ("Ascension"), to be its exclusive preferred provider of hospice services. The affirmation also reflects Moody's expectation for positive free cash flows and the fact that, despite a slight increase in debt, net interest expense will not materially change," said Vladimir Ronin, Moody's lead analyst for the company. Following is a summary of Moody's rating actions for FC Compassus, LLC: Ratings affirmed: Corporate Family Rating at B2 Probability of Default Rating at B2-PD Ratings downgraded: Sr. Secured First Lien Bank Credit Facilities, Downgraded to B2 (LGD4) from B1 (LGD3) Outlook Actions: Outlook, Remains Stable RATINGS RATIONALE The B2 CFR reflects the company's moderate absolute size, the presence of considerable competition in a fragmented industry and high pro forma debt-to-EBITDA leverage of 5.6x for the LTM period ended December 31, 2020 (on Moody's adjusted basis). The rating also reflects Compassus' high revenue concentration from Medicare and various state Medicaid programs (combined roughly 88% of total revenue) and the increasing regulatory oversight of the industry. Moody's expects that there will be continued focus by the government on implementing measures to contain health care costs, as well as regulations around improving reporting quality and compliance, which may unfavorably impact Medicare reimbursement over the next few years. Financial strategies are aggressive, as acquisitions will supplement organic growth, which may be funded by debt and create integration risks. The rating is supported by anticipated synergy realization from Compassus being designated as Ascension's exclusive preferred provider of hospice service, across its footprint nationwide. In addition, Moody's anticipates that Compassus' capital expenditures will remain modest and that the company will generate positive free cash flow. The rating reflects negative social risk as a result of the coronavirus outbreak with volumes of admissions and length of stay meaningfully impacted, however, Moody's expects demand to normalize once the pandemic ebbs. Over the long term, hospice, home health, and infusion sectors should benefit from favorable growth prospects that are driven by aging demographics, the necessity of these services, and growing awareness of the benefits of these services for patient experience and reducing health care costs. The stable outlook reflects Moody's expectation that Compassus will continue to grow revenue and earnings, but that financial leverage will remain moderately high to support business development. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider a rating upgrade if the company is able to profitably increase its scale, diversify its payor base, and maintain financial and acquisition policies that support debt/EBITDA below 5.0 times, and free cash flow to debt of at least 7.5%, on a sustained basis. An upgrade would also be dependent upon the company's ability to successfully execute on its preferred provider role of hospice services for Ascension, nationwide. The ratings could be downgraded if a weakening of operating cash flow or increase in investment needs leads to negative free cash flow, or if the company's liquidity deteriorates. Ratings could also be downgraded if acquisitions or shareholder distributions lead to debt/EBITDA sustained above 6.0 times. Declining admissions, challenges integrating Ascension at Home, or an adverse impact from changes in the regulatory environment, such as a reduction in reimbursement rates, could also result in a downgrade. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Compassus is among the nation's largest private independent post-acute care service providers. The company provides hospice, home health and infusion therapy care via 165 hospice and 37 home health locations across 29 states (including through its partially owned Ascension at Home joint venture). For the twelve months ended September 30, 2020 the company generated pro forma net revenues of approximately $732 million. Compassus is owned by equity sponsor TowerBrook Capital Partners L.P. and Ascension TowerBrook Healthcare Opportunities, L.P., a co-investment vehicle, of which Ascension Capital is the sole limited partner. FERRELLGAS PARTNERS: Court Rejects Bid for Equity Committee ----------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Ferrellgas Partners LP's bankruptcy case will proceed without an official committee of equity holders after a judge ruled against a small investor group's bid for more prominent standing in the propane supplier's restructuring. Ferrellgas Partners is proceeding through Chapter 11 with a pre-negotiated restructuring plan that would dilute but preserve equity holders' limited partnership units in Ferrellgas LP. A group of four investors that held Ferrellgas LP's equity units had asked the court to appoint an equity committee. As reported in the Troubled Company Reporter, Ferrellgas' attorney, Mark Desgrosseilliers, Esq., at Chipman, Brown, Cicero & Cole, LLP, said the motions filed by Rio Grande Valley Gas, Inc. and four other shareholders are "replete with inaccurate allegations" with respect to Ferrellgas CEO James Ferrell. "These allegations are demonstrably false and are irrelevant to the court's consideration of the motions," the attorney said. Mr. Desgrosseilliers further said the motions are nothing more than a duplication of the arguments already rejected by the Office of the U.S. Trustee that were raised in a Jan. 11 letter by a group of shareholders led by Kevin Barnes. "The motions simply duplicate the fundamentally flawed assertions in the initial request and, are thus, similarly riddled with glaring conflations and factual inaccuracies," Mr. Desgrosseilliers said. The attorney pointed out the equity shareholders' failure to recognize the management's "well-documented efforts on behalf of unitholders to avoid potential consequences from cancellation of indebtedness that would otherwise have resulted from the proposed restructurings." Rio Grande and four other shareholders had earlier accused Ferrellgas' CEO of using the company's Chapter 11 bankruptcy process "to massively dilute common unitholders" and paying himself a $3.5 million cash bonus as part of the company's bankruptcy. About Ferrellgas Partners Ferrellgas Partners LP and Ferrellgas Partners Finance Corp. filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 21-10021 and 21-10020) on Jan. 11, 2021. James E. Ferrell, chief executive officer and president, signed the petitions. Ferrellgas Partners, LP, is a publicly-traded Delaware limited partnership formed in 1994 that has two direct subsidiaries, Ferrellgas Partners Finance Corp. and non-debtor Ferrellgas, LP. Ferrellgas Partners Finance is a Delaware corporation formed in 1996 and has nominal assets, no employees and does not conduct any operations, but solely serves as co-issuer and co-obligor for the 2020 Notes. Ferrellgas, primarily through non-debtor OpCo, is a distributor of propane and related equipment and supplies to customers in the United States. Ferrellgas' market areas for residential and agricultural customers are generally rural while the market areas for industrial and commercial and portable tank exchange customers are generally urban. At the time of the filing, Ferrellgas Partners, LP was estimated to have $100 million to $500 million in both assets and liabilities while Ferrellgas Partners Finance was estimated to have less than $50,000 in assets and $100 million to $500 million in liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped Squire Patton Boggs (US) LLP as primary bankruptcy and restructuring counsel, Chipman, Brown, Cicero & Cole, LLP as local bankruptcy counsel, Moelis & Company LLC as investment banker, and Ryniker Consultants as financial advisor. Prime Clerk LLC is the claims, noticing and solicitation agent. FIRST RIVER: Priority Dispute Governed By Delaware Law, CA Says --------------------------------------------------------------- The United States Court of Appeals, Fifth Circuit affirmed the United States Bankruptcy Court for the Western District of Texas, which granted, in part, and denied, in part, Deutsche Bank Trust Company Americas' motion for partial summary judgment. First River Energy, LLC ("FRE") filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the Delaware bankruptcy court in January 2018. A month prior to filing, FRE had purchased crude oil and condensate from Texas and Oklahoma producers, which it sold to downstream purchasers. However, FRE did not pay the Producers. The Producers asserted liens created by statute in Texas and Oklahoma on the production and proceeds. However, Deutsche Bank Trust Company Americas, as Agent for various secured lenders, also asserted the Bank's priority claim to the sale proceeds as a secured creditor of the Debtor. The Debtor intervened in the adversary proceeding and agreed with the Bank. After oil and gas is extracted upstream by producers, the production is sold to "first purchasers" at or near the wellhead. The first purchasers, also called midstream service providers, typically transport the production and market it to downstream purchasers like refineries or commodities traders. FRE is a midstream service provider organized under Delaware law but headquartered in San Antonio, Texas. Pre-petition, FRE, as the first purchaser, bought oil under contracts with numerous upstream Producers located in Texas and Oklahoma and resold it to downstream purchasers. According to their agreements and standard oil and gas industry practice, FRE's payments for Producers' deliveries that occurred in one month would be made "on or before the 20th of the month following delivery." The downstream purchasers paid FRE according to the terms of their respective agreements. As of the petition date, FRE held $27,613,066.81 in accounts receivable from the downstream purchasers. RADCO Operations, LP and RHEACO, Ltd. (collectively referred to as "RADCO Intervenors") also produced and sold Texas oil to FRE pre-petition pursuant to a non-standard Crude Oil Purchase Agreement. They intervened in the adversary proceeding to collect payments for oil sold through December 2017, for which payment would have been due by the twenty-third of January. The Producers' sales to FRE are governed by identical agreements, each of which incorporated certain terms and conditions known as the Conoco Phillips General Provisions. Among those terms is a warranty of title, which state that "the Seller warrants good title to all crude oil delivered hereunder and warrants that such crude oil shall be free from all royalties, liens, encumbrances and all applicable foreign, state and local taxes." The RADCO Intervenors' Purchase Agreements contain similar language. Following a sweep of its deposit accounts by the Bank, FRE discontinued business at the end of December 2017. It had taken delivery from the Producers for that month but the purchase invoices were outstanding and unpaid. FRE sought Chapter 11 relief a few weeks later. The Producers filed proofs of claim in bankruptcy asserting that they have statutorily created first-priority, perfected purchase money security interests in the proceeds of the oil and condensate pursuant either to Texas UCC Section 9.343 or Okla. Stat. Ann. tit. 52, (Oklahoma Lien Act) Section 549. The Bank's competing security interests stemmed from a credit agreement executed under Delaware law in July 2015 between FRE as borrower and the Bank. FRE simultaneously entered into a guarantee agreement and a security agreement with the Bank that granted a continuing security interest in substantially all of FRE's assets, including its accounts and proceeds thereof. The security interest was perfected by filing UCC-1 financing statements with the Delaware Department of State in July 2015, and the filings have been updated to maintain continuous perfection. FRE's indebtedness to the Bank and the validity and perfection of the Bank's security interests were not disputed. As further protection for the Bank credit agreement, FRE, JPMorgan Chase, and the Bank entered into a Blocked Account Control Agreement in which the Bank was granted a security interest in all of FRE's funds on deposit in accounts at JPMorgan Chase. The agreement indicated that its terms "shall be governed by and construed in accordance with the law of the State of New York" because "the State of New York is the jurisdiction of [JPMorgan Chase] as [d]epositary for purposes of Section 9-304(b) of the Uniform Commercial Code." FRE's bankruptcy case was transferred to the United States Bankruptcy Court for the Western District of Texas. The Bank initiated an adversary proceeding which sought a declaration of the first priority of its security interests in the accounts and cash proceeds from FRE's sale of the oil notwithstanding the Producers' claimed security interests. In March 2019, the bankruptcy court entered its Order Granting, in Part, and Denying, in Part, Agent's Motion for Summary Judgment and Alternative Motion for Partial Summary Judgment in the adversary proceeding. The bankruptcy court first decided that because Delaware does not have a UCC nonstandard provision comparable to Texas UCC Section 9.343, a choice of law determination was required. The bankruptcy court's analysis led it to conclude that either Delaware or Texas, would "choose" the Delaware UCC to assess the validity, perfection and priority of the parties' liens. Notwithstanding Texas UCC Section 9.343, the bankruptcy court held that the Bank's valid, perfected security interests in the Debtor's accounts and proceeds takes priority over unperfected or later-filed secured claims of the Texas Producers. The bankruptcy court also concluded, however, that the Bank's interests are subordinate to the statutory real property liens asserted by the Oklahoma Producers. The bankruptcy court affirmed the Bank's valid, perfected, first-priority security interest in Debtor's deposit accounts at JPMorgan Chase. The Producers' requested for interlocutory appeal of the bankruptcy court's decisions, and the bankruptcy court certified the Producers' appeal for direct review by the Court of Appeals pursuant to 28 U.S.C. Section 158(d)(2). The parties dispute bankruptcy court rulings that: (1) the Producers did not waive their claimed security interests through one of the Conoco Phillips General Provisions in the Producer Agreements; (2) the Delaware UCC is the body of law that governs the parties' priority dispute; (3) the Texas Producers' purchase money security interests under Texas UCC Section 9.343 are subordinate to those of the Bank, while the Oklahoma Producers' statutory liens prime the Bank; and (4) the Producers' counterclaims and affirmative defenses were correctly dismissed. In finding that the Producers did not waive the right to assert their liens, the Court held that "because the warranties did not waive Producers' claims to proceeds in the hands of FRE, the Bank's reliance is misplaced on cases where producers attempted to collect from purchasers downstream of the first purchasers... the Bank, a lender to FRE, competes with the Producers for proceeds in the hands of FRE as "first purchaser." In no case has a court held that the Conoco Phillips warranty provision prevents producers from asserting a lien against proceeds held by the first purchaser." The Court concurred with the bankruptcy court that substantive Delaware UCC law governed the priority disputes. The Court said that it affirmed "the bankruptcy court's conclusion that the Bank's interests in the disputed collateral prime any interests held by the Texas Producers." "The bankruptcy court held that the permitted liens under Section 8.3 of the credit agreement did not result in a waiver of priority by the Bank. The parties' security agreement stipulated that permitted liens could not 'be deemed to constitute an agreement to subordinate any of the Liens of the Collateral Agent under the transaction Documents to any Liens permitted under Section 8.3 of the Credit Agreement.' Under Texas law, waiver is 'the intentional relinquishment of a known right or intentional conduct that is inconsistent with asserting that right'... Moreover, 'Delaware courts have consistently held that the existence of an express non-waiver provision precludes a contracting party from arguing that the other party's conduct waived a contractual right'... Although the credit agreement acknowledges First Purchaser Liens, and it even limits the Debtor's borrowing base in accord with such liens, the security agreement expressly does not subordinate the Bank's security interest. Including First Purchaser Liens in the 'permitted liens' under the agreement means that Debtor did not default under the credit agreement by allowing such liens. This arrangement is a practical necessity for a midstream service provider. The Bank waived no priority rights to the proceeds," the Court explained. The Court also held that "the Producers asserted affirmative defenses described as estoppel, unclean hands, and waiver. The bankruptcy court correctly dismissed these theories, all of which depend on incorrect assertions about the Bank's credit agreement and securitization documents. As we have discussed, the Bank's documentation of its loans to FRE did not waive or subordinate its security interests to those claimed by the Producers, nor is the Bank 'estopped' to base its claim on documentation that merely identified the Producers' potential liens. The Producers admit that their 'unclean hands' defense is plausible only if the Bank wrongly swept the Debtor's accounts in early January 2018 in derogation of their security interests. This defense is meritless in light of the preceding conclusions." The Court said that "the Bank contends that the bankruptcy court erred by holding that it would allow the Oklahoma producers to submit an application for attorney's fees for prevailing on their declaratory judgment counterclaim. The Bank contends under the Declaratory Judgment Act, attorney's fees are recoverable 'only where they are recoverable under non-declaratory judgment circumstances'... That is correct. And here, the Oklahoma Lien Act specifically authorizes recovery of attorney's fees by the prevailing party in a proceeding to enforce oil and gas liens... Persisting nonetheless, the Bank asserts waiver of the Producers' rights because they omitted to mention the provision in the bankruptcy court. We leave this procedural argument to the bankruptcy court after the Producers prove up their Oklahoma liens." The case is In the Matter of: FIRST RIVER ENERGY, L.L.C. Debtor. DEUTSCHE BANK TRUST COMPANY AMERICAS, Agent; FIRST RIVER ENERGY, L.L.C., Appellees — Cross-Appellants v. U.S. ENERGY DEVELOPMENT CORPORATION; AGERON ENERGY, L.L.C.; PETROEDGE ENERGY IV, L.L.C.; TEAL NATURAL RESOURCES, L.L.C.; CRIMSON ENERGY PARTNERS IV, L.L.C.; VICEROY PETROLEUM, L.P.; RLU OPERATING, L.L.C.; DEWBRE PETROLEUM CORPORATION; JERRY C. DEWBRE; AMERICAN SHORELINE, INCORPORATED; TEXPATA PIPELINE COMPANY; AURORA RESOURCES CORPORATION; AWP OPERATING COMPANY; TEXRON OPERATING L.L.C.; MAGNUM PRODUCING, L.P.; MAGNUM ENGINEERING COMPANY; MAGNUM OPERATING, L.L.C.; ROCK RESOURCES INCORPORATED; KILLAM OIL COMPANY, LIMITED; ENERGY RESERVES GROUP, L.L.C., Appellants Cross-Appellees, Case No. 19-50646 (5th Cir.). A full-text copy of the Decision, dated February 3, 2021, is available at https://tinyurl.com/3wuz5vah from Leagle.com. About First River Energy Based in San Antonio, Texas, First River Energy, LLC -- http://www.firstriverenergy.com/-- is engaged in the oil and gas extraction business. First River Energy filed a Chapter 11 petition (Bankr. D. Del. Case No. 18-10080) on Jan. 12, 2018. In its petition signed by CEO Deborah Kryak, the Debtor estimated total assets and debt between $10 million and $50 million. On Jan. 17, 2018, the case was transferred to the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, and was assigned a new bankruptcy case number (Case No. 18-50085). Judge Craig A. Gargotta oversees the case. The Debtor hired Akerman LLP as its legal counsel; Chipman Brown Cicero & Cole, LLP as co-counsel; Armory Strategic Partners, LLC, as financial advisor; Scott Avila of Armory Strategic as chief restructuring officer; and Donlin, Recano & Company, Inc., as claims and noticing agent. No official committee of unsecured creditors was appointed in the case. FLITWAYS TECHNOLOGY: Gets Interim OK to Hire Bankruptcy Counsel --------------------------------------------------------------- Flitways Technology Inc. and its affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Chad Van Horn Law Group, Inc. as their legal counsel. The firm will render these services: (a) advise the Debtors with respect to their powers and duties and the continued management of their business operations; (b) advise the Debtors with respect to their responsibilities in complying with the U.S. trustee's operating guidelines and reporting requirements and with the rules of the court; (c) file adversary proceedings and prepare legal documents necessary in the administration of the Debtors' Chapter 11 cases; (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. Chad Van Horn Law Group will be paid at these rates: Chad Van Horn, Esq. $450 per hour Associates $350 per hour Jay Molluso $250 per hour Paralegals $200 per hour Law Clerks $175 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. Chad Van Horn, Esq., a partner at Chad Van Horn Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Chad T. Van Horn, Esq. Chad Van Horn Law Group, Inc. 330 N. Andrews Avenue, Suite 450 Fort Lauderdale, FL 33301 Tel: (954) 765-3166 Email: info@cvhlawgroup.com About Flitways Technology Flitways Technology Inc. and its affiliates, Tiger Reef, Inc. and Blue Water Global Group, Inc., sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 21-10317) on Jan. 14, 2021. At the time of the filing, Flitways Technology had estimated assets of less than $50,000 and liabilities of between $100,001 and $500,000. Judge Erik P. Kimball oversees the cases. Van Horn Law Group, Inc. is the Debtors' legal counsel. FORCEPOINT: Moody's Completes Review, Retains B3 CFR ---------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Panther Guarantor II, L.P. (Forcepoint) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on January 27, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Forcepoint's B3 Corporate Family Rating reflects the very high initial leverage at deal close, challenges of separating as a stand-alone company while simultaneously restructuring operations and potential for near term negative free cash flow. The rating also considers Forcepoint's leading position across various commercial and government cybersecurity software markets and favorable demand drivers in the security software industry. Francisco Partners plans to enact sizeable cost restructuring initiatives however, which have the potential to significantly reduce leverage and improve free cash flow over the next two years. The principal methodology used for this review was Software Industry published in August 2018. FORCEPOINT: Upsized Term Loan No Impact on Moody's B3 CFR --------------------------------------------------------- Moody's Investors Service said Panther Guarantor II, L.P.'s ("Forcepoint") and its subsidiaries B3 CFR and B3 term loan ratings were not affected by the recently announced an upsizing of its first lien secured term loan to $575 million from $525 million. The upsized term loan and extra cash will effectively reduce the size of the equity investment to $625 million from $680 million from private equity firm Francisco Partners. Debt continues to represent well under 50% of the capital structure. Although leverage increases modestly at closing, Moody's still expects Forcepoint can reduce leverage to under 6x over the next two years if the company can maintain low single digit growth through the restructuring process. Forcepoint is a security software company serving both enterprise and government customers, with approximately $650 million of revenue for the fiscal year ended December 31, 2019. The company will be owned by private equity -firm Francisco Partners at close of the acquisition. GENTRY VU: Gets Approval to Hire David C. Johnston as Counsel ------------------------------------------------------------- Gentry Vu, MD, Inc. received approval from the U.S. Bankruptcy Court for the Eastern District of California to employ David C. Johnston, Attorney at Law as its legal counsel. The firm will render these services: (a) advise the Debtor about its rights, powers and obligations in its Chapter 11 case and in the management of the estate; (c) take necessary action to enforce the automatic stay and to oppose motions for relief from the automatic stay; (d) take necessary action to recover and avoid any preferential or fraudulent transfers; (e) appear with the Debtor's president at the meeting of creditors, initial interview with the U.S. trustee, status conference and other hearings held before the court; (f) review and object to proofs of claim; (g) take steps to obtain court authority for the sale or refinancing of assets; and (h) prepare a plan of reorganization and take all steps necessary to bring the plan to confirmation. The firm will be paid at the rate of $420 per hour. The Debtor paid the firm the amount of $9,962, and $1,738 filing fee. The firm will also be reimbursed for out-of-pocket expenses incurred. David Johnston, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David C. Johnston, Esq. David C. Johnston, Attorney at Law 1600 G Street, Suite 102 Modesto, CA 95354 Tel: (209) 579-1150 Fax: (209) 579-9420 About Gentry Vu MD Gentry Vu Md Inc. filed a Chapter 11 (Bankr. E.D. Calif. Case No. 18-27128) on Nov. 13, 2018, and is represented by Tien D. Duong, Esq., an attorney practicing in Sacramento, Calif. Gentry Vu, the Debtor's president, signed the petition. At the time of filing, the Debtor had $100,000 to $500,000 in estimated assets and $1 million to $10 million in estimated liabilities. David C. Johnston, Attorney at Law is the Debtor's legal counsel. GI CHILL: Moody's Completes Review, Retains B3 CFR -------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of GI Chill Acquisition LLC and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 1, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Generate's (formerly known as GI Chill) B3 Corporate Family Rating reflects its high financial leverage. Generate also has a high degree of earnings concentration within its stem cell storage business. The credit profile is supported by good cash generation, high cash-basis EBITDA margins, and Generate's strong market positions in stem cell storage as well as the egg and sperm donor markets. Generate's stem cell storage business, its largest segment, provides generally stable and recurring revenue derived from annual storage fees. The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. GIGAMON INC: Moody's Upgrades CFR to B2 Amid Stable Performance --------------------------------------------------------------- Moody's Investors Service upgraded Gigamon, Inc.'s Corporate Family Rating to B2 from B3 and upgraded the company's Probability of Default Rating to B2-PD from B3-PD. Concurrently, Moody's upgrade the first lien senior secured bank credit facilities to B2 from B3. The outlook is stable. The upgrade of Gigamon's CFR to B2 reflects the company's stable operating performance through the COVID-19 recession, resumption of healthy free cash flow generation and expectations for mid-single digit revenue and EBITDA growth over the next 12-18 months. Upgrades: Issuer: Gigamon Inc. Corporate Family Rating, Upgraded to B2 from B3 Probability of Default Rating, Upgraded to B2-PD from B3-PD Senior Secured Bank Credit Facility, Upgraded to B2 (LGD4) from B3 (LGD4) Outlook Actions: Issuer: Gigamon Inc. Outlook, Remains Stable RATINGS RATIONALE Gigamon's B2 CFR reflects the company's high leverage, and narrow product focus. The rating also reflects Gigamon's very strong market position within the network packet broker (NPB) market with a strong suite of network visibility products for large enterprises. The NPB market is a growing market but evolving rapidly to address changing network architectures and growth in cloud-based applications, tools and infrastructure. Leverage as of the LTM period ended September 30, 2020 is estimated at about 7x, or about 5.5x on a cash adjusted basis (when adding change in deferred revenue). The ratings also consider the company's reliance on a narrow product line and short history at its current scale. While Gigamon generates approximately half of its revenue from predictable maintenance & support, term license and subscription revenues, most rated software peers generate a greater proportion of their revenue from maintenance, subscription or other recurring revenue. The stable outlook incorporates Moody's expectation that Gigamon will reduce leverage toward 6x and will generate annualized free cash flow to debt in excess of 6% over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if free cash flow to debt was maintained below 5% on other than a temporary basis or if leverage was expected to be maintained above 6.5x. The ratings could be upgraded if Gigamon were to maintain healthy organic revenue growth with leverage sustained below 5x and free cash flow to debt in excess of 10%. Gigamon's liquidity is considered good and is supported by cash balances of approximately $80 million, expectations for free cash flow generation in excess of $40 million and a $50 million revolving credit facility. As a software company, Gigamon's exposure to environmental risk is considered low. Social risks are considered low to moderate, in line with the software sector. Broadly, the main credit risks stemming from social issues are linked to data security, diversity in the workplace and access to highly skilled workers. Gigamon is owned by funds affiliated with Evergreen Coast Capital and is expected to maintain a relatively aggressive financial strategy as evidenced by the high debt levels used to acquire the company. Gigamon, Inc. is a provider of network visibility and analytics products for physical, virtual and cloud infrastructure that helps with critical performance and security needs. The company, headquartered in Santa Clara, CA generated pro forma revenues of approximately $392 million in the LTM period ended September 30, 2020. Gigamon is owned by funds affiliated with Evergreen Coast Capital. The principal methodology used in these ratings was Software Industry published in August 2018. GIRARDI & KEESE: Trustee Sues Business Partner for Golf-Course Home ------------------------------------------------------------------- Law360 reports that a bankruptcy trustee liquidating the personal assets of trial attorney Tom Girardi has filed a complaint seeking to strip Engstrom Lipscomb & Lack LLP co-founder Walter Lack of ownership rights to a home he and Girardi bought together on the PGA West golf resort in La Quinta, California. The men are longtime business partners who co-own G&L Aviation, which bought the property in 2006 for about $1.5 million, according to public records. The bankruptcy trustee, Jason Rund, told the court late Friday, February 5, 2021, that Girardi had bought out Lack's ownership interest in 2014. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It was known for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys: Andrew Goodman Goodman Law Offices, Apc Tel: 818-802-5044 E-mail: agoodman@andyglaw.com Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee. The Chapter 7 trustee can be reached at: Elissa D. Miller 333 South Grand Ave., Suite 3400 Los Angeles, California 90071-1406 Telephone: 213.626.2311 Facsimile: 213.629.4520 E-mail: emiller@sulmeyerlaw.com GRATITUDE TRAINING: Wins Cash Collateral Access Thru Feb. 25 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, has authorized Gratitude Training, LLC to use cash collateral on an interim basis through February 25, 2021. The Debtor is authorized to use cash collateral with a provision for adequate protection payments to Newtek Small Business Finance, LLC in the amount of $500 monthly. However, there is no provision for adequate protection payments to the United States Small Business Administration. Adequate protection payments will begin seven days after entry of the order and on the 15th day of each subsequent month thereafter. Notwithstanding any provision of the Order to the contrary or failure to include a specific line item in any Budget; any liens in favor of the Banks including, without limitation, the Replacement Liens, will be subject to carve-out for all fees due to the U.S. Trustee and/or Clerk of Court; and the Debtor is authorized to pay the U.S. Trustee fees without further order of the Court, pursuant to 28 U.S.C. section 1930. A final hearing as to the use of cash collateral will be held February 25 at 10 a.m. A copy of the Order and the Debtor's budget is available at https://bit.ly/3tCWAWP from PacerMonitor.com. About Gratitude Training, LLC Gratitude Training, LLC, is a coaching company that offers transformational trainings. It filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-10143) on Jan. 8, 2021. In the petition signed by Josephine Englesson, president, 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. GREAT CATCH: Seeks to Hire Buddy D. Ford as Legal Counsel --------------------------------------------------------- The Great Catch of Land O'Lakes, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Buddy D. Ford, P.A. as its legal counsel. The firm will render these services: (a) advise the Debtor with regard to its powers and duties in the continued operation of its business and management of the property of the estate; (b) prepare documents required by the court; (c) represent the Debtor at the Section 341 creditors' meeting; (d) 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; (e) appear at court hearings; (f) protect the interest of the Debtor in all matters pending before the court; (i) represent the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan; and (j) perform all other legal services for Debtor in connection with its Chapter 11 case. The firm's standard hourly rates are as follows: Buddy D. Ford $425 Senior Associate Attorneys $375 Junior Associate Attorneys $300 Senior Paralegal Services $150 Junior Paralegal Services $100 In addition, the firm will be reimbursed for work-related expenses incurred. The Debtor paid $1,738 for the filing fee. Buddy D. Ford, P.A. does not represent interest adverse to the Debtor or the estate in the matters upon which it is to be engaged, according to court papers filed by the firm. The firm can be reached through: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. Buddy D. Ford, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About The Great Catch of Land O'Lakes The Great Catch of Land O'Lakes, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-00272) on Jan. 25, 2021. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $500,001 and $100,000. Buddy D. Ford, P.A. serves as the Debtor's legal counsel. GREEN SIDE UP: Property Burned; Seeks Delay of Plan Deadline ------------------------------------------------------------ Green Side Up Rental LLC asks the Bankruptcy Court to extend until March 3, 2021, its deadline to file a Small Business Chapter 11 Plan and a Disclosure Statement. In seeking an extension of the Feb. 3, 2021 deadline, the Debtor said that it needs additional time to finalize the plan and disclosure statement. The Debtor's property located at 408 Commercial Street, Bunkie, Louisiana burned on Jan. 27, 2021, causing extensive damage to the building. This disposition of this asset and the insurance proceeds will have a significant impact on the Chapter 11 Plan. The Debtor is waiting on the insurance company's adjuster to evaluate the damages and will provide counsel a copy of the settlement information as soon as it is received. The Debtor's counsel: L. Laramie Henry L. Laramie Henry P.O. Box 8536 Alexandria, LA 71306 Tel: (318) 445-6000 About Green Side Up Rental Green Side Up Rental LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 20-80421) on Aug. 7, 2020, listing under $1 million in both assets and liabilities. L. Laramie Henry, Esq., at L. LARAMIE HENRY, is the Debtor's counsel. HERTZ CORP: Brevard Capital Buying Melbourne Franchise for $400K ---------------------------------------------------------------- The Hertz Corp. and its affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a notice of their de minimis sale of franchise in Melbourne, Florida, to Brevard Capital Group, Inc. The aggregate consideration for the purchase of the Acquired Assets will be (i) $400,000, plus (ii) an amount equal to the aggregate net book value of the Personal Property, Equipment and Fixtures determined as of the Closing Date, plus (iii) the Vehicle Purchase Price described in Section 17, plus (iv) the assumption of the Assumed Liabilities. On Oct. 8, 2020, the Court entered the Order granting the Debtors' Motion for Entry of an Order Approving Franchise Sale Procedures and Granting Related Relief. Pursuant to the Order, the Debtors propose to sell the assets as set forth and described on Exhibit A to Brevard in accordance with their Sale Agreement (Exhibit B). The Purchaser is a current franchisee of the Debtors who owns and operates vehicle rental businesses under their brands pursuant to existing agreements. The Purchaser is not an "Insider" of the Debtors as such term is defined in Bankruptcy Code section 101(31). All the known parties holding liens on, or other interests in, the Assets are set forth on Exhibit A. In connection with the Proposed Sale, the Debtors propose to assume and assign to the Purchaser the executory contracts and unexpired leases set forth and described on Exhibit C ("Assigned Contracts and Leases"). That schedule provides (i) the names and addresses of each Counterparty to such Assigned Contracts and Leases; (ii) the proposed effective date of the assumption and assignment; (iii) the proposed cure amount, if any; and (iv) the name, address, phone number and email address of the Purchaser. The Purchaser has demonstrated its ability to comply with the requirements of adequate assurance of future performance under section 365(f)(2)(B) and, if applicable, section 365(b)(3) of the Bankruptcy Code, including, without limitation, its financial wherewithal and willingness to perform under such Assigned Contracts and Leases. Upon written request, the Debtors may provide Counterparties to the Assigned Contracts and Leases with Adequate Assurance Information on a confidential basis. Pursuant to the Order, any party may object to the Proposed Sale, including to the assumption and assignment of any Assigned Contracts and Leases and the proposed Cure Amounts. The Objection Deadline is 5:00 p.m. (ET) on the fourteenth calendar day after the date of service of the notice. Pursuant to the Order, the Debtors will file, under certification of the counsel, a proposed order approving the Proposed Sale upon the occurrence of either of the following: (1) no Objections are properly asserted before expiration of the Objection Deadline; or (2) any party that properly asserted an Objection has indicated in writing (which may be in the form of an email) that such Objection has been resolved and the Objection Deadline has passed. Pursuant to the Order, the Proposed Sale, including the assumption and assignment of the Assigned Contracts and Leases and the proposed Cure Amounts, will be deemed final and fully authorized by the Court, and the Debtors may consummate the Proposed Sale, upon the Court's entry of an order approving the Proposed Sale. The copies of the Motion and the Order, as well as all related exhibits may be obtained from the Debtors' claims agent, Prime Clerk LLC, by (i) visiting its website at https://restructuring.primeclerk.com/hertz/Home-Index, (ii) writing to hertzinfo@primeclerk.com, or (iii) calling (877) 428-4661 (toll-free in the U.S.) or (929) 955-3421 (for parties outside the U.S.). A copy of the Exhibits A to C is available at https://tinyurl.com/tqaukqwl from PacerMonitor.com free of charge. The Purchaser: BREVARD CAPITAL GROUP, INC. 670 S. Apollo Rd. Melbourne, FL 32901 Attn: Saad F. Ahmad E-mail: bcgroup@bellsouth.net About Hertz Corp. Hertz Corp. and its subsidiaries -- http://www.hertz.com-- operate a worldwide vehicle rental business under the Hertz, Dollar, and Thrifty brands, with car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. They also operate a vehicle leasing and fleet management solutions business. On May 22, 2020, The Hertz Corporation and certain of its U.S. and Canadian subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 20-11218). Judge Mary F. Walrath oversees the cases. The Debtors have tapped White & Case LLP as their bankruptcy counsel, Richards, Layton & Finger, P.A. as local counsel, Moelis & Co. as investment banker, and FTI Consulting as financial advisor. The Debtors also retained the services of Boston Consulting Group to assist the Debtors in the development of their business plan. Prime Clerk LLC is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed a Committee to represent unsecured creditors in Debtors' Chapter 11 cases. The Committee has tapped Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as Delaware counsel, UBS Securities LLC as investment banker, and Berkeley Research Group, LLC as financial advisor. Ernst & Young LLP provides audit and tax services to the Committee. HOBERT K. SANDERSON: $3.5K Sale of GMC Sierra to Sanderson Okayed ----------------------------------------------------------------- Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina authorized the private sale proposed by Hobert Kennedy Sanderson, Jr. and Denise C. Sanderson of their 2007 GMC Sierra Classic 1500 SL Pickup Truck, VIN 2GTEK18Z971112276, to Mike Sanderson for $3,500. The sale is free and clear of all liens, claims, encumbrances, rights, or interests of record, if any, and all valid and enforceable liens, claims, and interests in the Property will attach to the sale proceed. The sale must close on close of business on Feb. 4, 2021. The Buyer will remit the Purchase Price by way of certified funds to the Debtors' counsel. The Debtors' counsel will notify the Bankruptcy Administrator and the counsel for Nutrien when the funds are received. If these conditions are not met before the close of business on Feb. 4, 2021, the Debtors will timely deliver the vehicle to Tugwell Auction & Realty's auction site to be auctioned at its Feb. 6, 2021, sale. The Buyer does not assume any liabilities or obligations of the Debtors, whether in rem or in personam. The 14-day stay applicable to orders authorizing the sale of property pursuant to Rule 6004(h) is waived. Hobert Kennedy Sanderson, Jr. and Denise C. Sanderson sought Chapter 11 protection (Bankr. E.D.N.C. Case No. 17-05040) on Oct. 13, 2017. The Debtors tapped David F. Mills, Esq., as counsel. On March 21, 2019, the Court confirmed the Debtor's Chapter 11 Plan. On Sept. 3, 2020, the Court confirmed a Modified Chapter 11 Plan. HOUSTON FOODS: Moody's Affirms B3 CFR & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Investors Service affirmed the B3 corporate family rating and B3-PD probability of default rating of Houston Foods, Inc., borrower and subsidiary of holding company Dhanani Group Inc. In addition, Moody's affirmed Houston's B2 senior secured bank facility ratings. The outlook was changed to stable from negative. "The affirmation and change in outlook to stable from negative reflects the significant improvement in operating performance of the company's Popeye's restaurants which more than offset the negative operating trends of its Burger King and La Madeline locations and resulted in earnings and cash flow growth despite government restrictions imposed as a result of the pandemic." stated Bill Fahy, Moody's Senior Credit Officer. Given the exceptional performance of its Popeye's restaurants Houston's debt to EBITDA declined from about 5.0 times at year-end 2019 to around 4.6 times for the LTM period September 30, 2020. "The ratings and outlook also anticipate that even though the same store sales performance of its Popeyes restaurants will moderate materially in part as it laps historic highs in 2020 that the brands earnings contribution will not materially decline from recent levels." Fahy added. Affirmations: Issuer: Houston Foods, Inc. Probability of Default Rating, Affirmed B3-PD Corporate Family Rating, Affirmed B3 Senior Secured Bank Credit Facility, Affirmed B2 (LGD3) Outlook Actions: Issuer: Houston Foods, Inc. Outlook, Changed To Stable From Negative RATINGS RATIONALE Houston's B3 CFR is constrained by the ongoing government restrictions due to the pandemic, which continues to impact both its Burger King and La Madeline brands as well as its concentration in Texas and Illinois. The ratings also consider the future capital expenditure needs to fund remodel and growth initiatives and acquisitive nature of the company. The ratings also reflect our view that the same store sales performance of its Popeye's restaurants will moderate materially in 2021, in part as the prior year comparison is significant and as government restrictions gradually ease consumers will return to in restaurant dining options. However, the ratings are supported by an expectation that even though Popeyes same store sales will moderate materially its earnings contribution is not expected to significantly decline from recent levels. The ratings and outlook are also supported by Dhanani's multiple brands, with meaningful scale in the Burger King and Popeyes franchise system, and good liquidity. Overall, Moody's believe that quick service restaurants performance have fared better during the pandemic as they already had a base level of revenue generated by their drive-through operations. The corona-virus outbreak, the government measures put in place to contain it, and the weak global economic outlook continue to disrupt economies and credit markets across sectors and regions. Moody's analysis has considered the effect on the performance of the restaurant sector from the current weak U.S. economic activity and a gradual recovery for the coming months. Although an economic recovery is underway, it is tenuous and its continuation will be closely tied to containment of the virus. As a result, the degree of uncertainty around our forecasts is unusually high. Moody's regards the corona-virus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety." Dhanani's private ownership is a rating factor given the potential implications from both a capital structure and operating perspective. Financial policies are always a key concern of privately-owned companies with regards to the potential for higher leverage, extractions of cash flow via dividends, or more aggressive growth strategies. Restaurants are deeply entwined with sustainability, social and environmental concerns given their operating model with regards to sourcing food and packaging, as well as having an extensive labor force and constant consumer interaction. While these may not directly impact the credit, these factors could impact brand image and change consumer perception of the brand overall. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could result in an upgrade include a clear plan and time line for the lifting of government restrictions and how the easing of restrictions impacts each brand, particularly Popeyes in its ability to drive consistent levels of earnings and cash flows. Quantitatively, a higher rating would require operating performance and financial strategies that support debt to EBITDA sustained below 5.5 times and EBIT coverage of gross interest sustained near 1.75. A higher rating would also require at least good liquidity. Factors that could result in a downgrade include an increase in the level of government restrictions more broadly or an inability of Popeyes to sustain its current level of earnings that result in a deterioration in credit metrics or liquidity. Ratings could also be downgraded in the event that credit metrics and liquidity deteriorated despite a lifting of restrictions on restaurants. Specifically, ratings could be downgraded in the event debt to EBITDA was over 7.0 times or EBIT to interest coverage was below 1.1 times on a sustained basis. The adoption of a financial policy that was more aggressive towards acquisitions or incorporated shareholder distributions could also negatively impact the ratings or outlook. Dhanani, headquartered in Sugarland, Texas, owns and operates 510 Burger King, 334 Popeyes, and 42 La Madeleine franchised restaurants throughout the United States. The company is wholly owned by members of the Dhanani family. Annual revenues are approximately $1.2 billion. The principal methodology used in these ratings was Restaurant Industry published in January 2018. HUMANIGEN INC: CSO Dale Chappell Appointed as Director ------------------------------------------------------ The Board of Directors of Humanigen, Inc. elected Dr. Dale Chappell, the Company's chief scientific officer, to serve as a director of the Company, effective immediately. Dr. Chappell will continue to serve as the Company's chief scientific officer. Dr. Chappell is also the managing member of Black Horse Capital Management LLC, a private investment manager that specializes in biopharmaceuticals and a significant stockholder of the Company. Dr. Chappell will not receive separate compensation for his service as a director of the Company. There are no arrangements or understandings between Dr. Chappell and any other persons pursuant to which he was elected as a director. Resignation of Chief Accounting and Administrative Officer On Feb. 3, 2021, David L. Tousley notified the Company of his resignation as the Company's chief accounting and administrative officer, corporate secretary and treasurer. Mr. Tousley's resignation will become effective on the later of March 5, 2021 or the date that the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2020 is substantially ready to be filed with the Securities and Exchange Commission. Mr. Tousley's decision was based on personal health reasons and was not due to any disagreement with the Company on any matter relating to its operations, policies or practices. In connection with Mr. Tousley's departure, all of Mr. Tousley's outstanding stock options will continue to vest and become exercisable through the Effective Date or, in the event that the Company enters into a consulting agreement with Mr. Tousley to provide consulting services on a part-time basis following the Effective Date, throughout the term of such consulting arrangement. In addition, the expiration date of certain of Mr. Tousley's stock options, to the extent vested, will be extended for one year from the later of the Effective Date or the termination of any such consulting arrangement. Mr. Tousley's responsibilities will be assumed by Timothy Morris, the Company's chief operating and financial officer, upon Mr. Tousley's Effective Date. About Humanigen Based in Brisbane, California, Humanigen, Inc. (OTCQB: HGEN), formerly known as KaloBios Pharmaceuticals, Inc. -- http://www.humanigen.com-- is a clinical stage biopharmaceutical company, developing its clinical stage immuno-oncology and immunology portfolio of monoclonal antibodies. The Company is focusing its efforts on the development of its lead product candidate, lenzilumab, its proprietary Humaneered anti-human GM-CSF immunotherapy, through a clinical research agreement with Kite Pharmaceuticals, Inc., a Gilead company to study the effect of lenzilumab on the safety of Yescarta, axicabtagene ciloleucel including cytokine release syndrome, which is sometimes also referred to as cytokine storm, and neurotoxicity, with a secondary endpoint of increased efficacy in a multicenter Phase Ib/II clinical trial in adults with relapsed or refractory large B-cell lymphoma. Humanigen reported a net loss of $10.29 million for the 12 months ended Dec. 31, 2019, compared to a net loss of $12 million for the 12 months ended Dec. 31, 2018. As of Sept. 30, 2020, Humanigen had $92.14 million in total assets, $14.87 million in total liabilities, and $77.27 million in total stockholders' equity. Horne LLP, in Ridgeland, Mississippi, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 16, 2020, citing that the Company has suffered recurring losses from operations and its total liabilities exceed its total assets. This raises substantial doubt about the Company's ability to continue as a going concern. IDEANOMICS INC: Invests GBP1.5M in Technology Metals Market Limited ------------------------------------------------------------------- Ideanomics, Inc. entered into a simple agreement for future equity with Technology Metals Market Limited pursuant to which Ideanomics invested GBP 1,500,000. TM2 is a London based commodities issuing and trading platform for technology metals connecting institutional investors, proprietary traders and retail investors with digital metals issuers - miners, refiners, recyclers and mints. Ideanomics received customary representations and warranties from TM2. If there is an equity financing (of above one million pounds (1,000,000) during the twelve months immediately following execution of the Safe, on the initial closing of such equity financing the Safe will automatically convert into the number of ordinary shares equal to the Purchase Amount divided by the lowest price per share of the ordinary shares paid during such equity financing. If no equity financing has taken place during the twelve-month period immediately following the date of the Safe, the parties shall in good faith attempt for one month to agree a fair value per ordinary share represented by the Safe, following which the Safe shall convert into the number of ordinary shares equal to the Purchase Amount divided by such fair value. If the parties are unable to establish a fair value per ordinary share within such one-month period, they shall jointly appoint and remunerate an expert valuer who shall deliver to both TM2 and Ideanomics simultaneously a written determination of fair value per ordinary share. Following receipt by both parties of such written determination, the Safe shall convert into ordinary shares equal to the Purchase Amount divided by such fair value as determined by the expert valuer. If there is a liquidity event or a dissolution event before the termination of the Safe, Ideanomics will automatically be entitled to receive a portion of proceeds due and payable to Ideanomics immediately prior to, or concurrent with, the consummation of such liquidity event or dissolution event, equal to the Purchase Amount. In a liquidity event or dissolution event the Safe is intended to operate like ordinary shares. The Safe will automatically terminate immediately following the earliest to occur of: (i) the issuance of capital shares to Ideanomics pursuant to the automatic conversion of the Safe pursuant to an equity financing, or the conversion of the Safe following valuation in the absence of an equity financing; or (ii) the payment, or setting aside for payment, of amounts due Ideanomics pursuant to TM2's dissolution or liquidation. About Ideanomics Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Its Mobile Energy Global (MEG) division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under its innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions and services across the financial services industry. Together, MEG and Ideanomics Capital provide their global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and its shareholders with the opportunity to participate in high-potential, growth industries. The company is headquartered in New York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia. Ideanomics reported a net loss of $96.83 million for the year ended Dec. 31, 2019, compared to a net loss of $28.42 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $138.46 million in total assets, $49.33 million in total liabilities, $1.26 million in convertible redeemable preferred stock, $7.37 million in redeemable non-controlling interest, and $80.50 million in total equity. B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 16, 2020, citing that the Company incurred recurring losses from operations, has net current liabilities and an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. IMPRIVATA INC: Moody's Completes Review, Retains B2 CFR ------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Imprivata, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on January 27, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Imprivata's B2 CFR reflects the company's high financial leverage, pro forma for the debt issuance for the last twelve months ended September 30, 2020, as well as the company's small scale and limited end-market diversification. The B2 CFR is supported by the company's leading position in identification (ID) management software and related services within the healthcare industry, as well as the company's relatively strong free cash generation. The company has excellent client gross retention rates over the last several years, while also increasing revenue through new business wins and expanding its product portfolio in the healthcare industry and beyond, as Imprivata's revenue grew modestly during the pandemic while improving earnings The principal methodology used for this review was Software Industry published in August 2018. INTEGRATED AG: Gets OK to Hire A.T. Pancrazi as Real Estate Broker ------------------------------------------------------------------ Integrated AG XI, LLC received approval from the U.S. Bankruptcy Court for the District of Arizona to employ A.T. Pancrazi Real Estate Services, Inc. as its real estate broker. The Debtor requires the services of a broker to market and sell its real property located at 19310 N. Ave. 72E, Hyder, Ariz. A.T. Pancrazi will be paid a commission of 4 percent of the gross sales price. Patrick Hodges, a partner at A.T. Pancrazi, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. A.T. Pancrazi can be reached at: Patrick K. Hodges A.T. Pancrazi Real Estate Services, Inc. 350 W. 16th Street, Suite 332 Yuma, AZ 85364 Tel: (928) 782-0000 Fax: (928) 782-5559 About Integrated AG XI Scottsdale, Ariz.-based Integrated Ag XI, LLC filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 21-00414) on Jan. 20, 2021. Burch & Cracchiolo, P.A. serves as the Debtor's bankruptcy counsel. In its petition, the Debtor disclosed $33,909,241 in assets and $20,701,272 in liabilities. Bryan Hepler, authorized representative, signed the petition. INTERNATIONAL WEALTH : Wins Cash Collateral Use Thru Feb. 18 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York has authorized International Wealth Tax Advisors, LLC to, among other things, use the cash collateral of JPMorgan Chase Bank, N.A. on an interim basis through February 18, 2021. The Debtor has requested authorization to use Cash Collateral to pay for expenses it may incur in the ordinary course of business and in connection with the Chapter 11 case. The Debtor said its ability to finance its business operations pending entry of a Final Cash Collateral Order is essential to its ability to preserve the value of its assets. Without the ability to use Cash Collateral pending a Final Hearing, the Debtor and its estate will suffer immediate and irreparable harm. On or about July 6, 2017, the Debtor and Chase executed and entered into a Line of Credit Note, Credit Agreement, Continuing Security Agreement and Continuing Guarantees. As of the Petition Date, the Debtor believes the total amount owed Chase is approximately $90,514. As adequate protection for and to the extent of any decrease in the value of Chase's secured interest in the Debtor's assets arising from the Debtor's use of Cash Collateral, Chase is granted a valid, perfected, and enforceable, post-petition replacement lien on and security interest in all of the assets of the Debtor constituting Chase's Pre-Petition Collateral and the proceeds thereof. The Replacement Lien will be subject to all other validly and properly perfected pre-petition liens and security interests in favor of third parties that were senior to and had priority over Chase's security interest and lien as of the Petition Date. In addition, Chase will receive normal payments in accordance with the Loan Documents. The Replacement Lien granted by the Interim Order are deemed perfected, without the necessity of filing any documents or otherwise complying with non-bankruptcy law in order to perfect security interests and record liens. To the extent that the Replacement Lien and other relief granted in the Interim Order do not provide Chase with adequate protection of its respective interests in the Cash Collateral, Chase is granted a super-priority administrative expense claim. A final hearing on the Debtor's use of Cash Collateral will be held February 18 at 11 a.m. A copy of the order and the Debtor's post-petition budget through February 18 is available at https://bit.ly/3oWHAji from PacerMonitor.com. About International Wealth Tax Advisors, LLC Founded in 2015 and located on Madison Avenue in the heart of New York City, International Wealth Tax Advisors -- https://iwtas.com/ -- provides highly personalized, secure and private global tax and accounting and consulting to clients worldwide, including: Singapore, China, Mexico, Ecuador, Peru, Brazil, Argentina, Saudi Arabia, Pakistan, Afghanistan, South Africa, United Kingdom, France, Spain, Switzerland, Australia, and New Zealand. International Wealth Tax Advisors, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 21-10041) on January 11, 2021. In the petition signed by Jack R. Brister, manager, the Debtor disclosed up to $500 in assets and up to $10 million in liabilities. Judge Shelley C. Chapman oversees the case. Henry G. Swergold, Esq. at PLATZER, SWERGOLD, LEVINE, GOLDBERG, KATZ & JASLOW, LLP is the Debtor's counsel. Yann Geron, Esq., serves as the subchapter V Trustee. INTERPACE BIOSCIENCES: Board Appoints Tom Freeburg as CFO --------------------------------------------------------- Interpace Biosciences, Inc.'s Board of Directors has appointed Tom Freeburg, chief accounting officer, as Interpace's chief financial officer. Mr. Freeburg succeeds Fred Knechtel effective Feb. 1, 2021. Mr. Freeburg has been with Interpace since 2017 and brings over 20 years of financial and executive experience to his new role. As chief accounting officer, he has led the company's Financial Reporting, Treasury, Financial Planning and Analysis (FP&A), Risk Management & Insurance and Corporate Development functions. Prior to Interpace, Tom served in senior finance roles at several other companies, where his responsibilities included Financial Reporting, Capital Markets, Treasury and FP&A. Thomas Burnell Ph.D., chief executive officer of Interpace, commented, "I would like to thank Fred for his contributions to Interpace over the last year and wish him continued success. I would also like to congratulate Tom on his appointment as CFO. He is a highly talented and experienced executive who I believe will be critical to Interpace's plans for growth. I look forward to working with Tom to define a new direction, purpose and vision for the Company that will drive profitability and enhance value for patients, physicians and shareholders alike." "I am honored for the opportunity to help lead Interpace in our mission to assist healthcare providers in the diagnosis, triage and treatment of patients through advanced diagnostics and novel therapeutics," said Mr. Freeburg. "I look forward to driving the next phase of Interpace’s success as we continue to seek ways to increase patient access to our diagnostic technologies and pharma services, expand the impact we have in the continuum of quality patient care and increase value for our shareholders." As chief financial officer, Mr. Freeburg will be paid an annual base salary of $225,000, payable in accordance with the Company's payroll practices, to increase to $250,000 on Aug. 1, 2021 subject to Mr. Freeburg's continuous employment in good standing, with a target annual bonus opportunity of up to 40% of such base salary. In connection with his appointment, the Company and Mr. Freeburg expect to enter into an employment agreement. The details of the employment agreement have not been finally determined at this time. The Company will provide a description of such employment agreement in a future filing with the Securities and Exchange Commission following its execution. About Interpace Diagnostics Headquartered in Parsippany, NJ, Interpace Biosciences f/k/a Interpace Diagnostics Group, Inc. -- http://www.interpace.com-- offers specialized services along the therapeutic value chain from early diagnosis and prognostic planning to targeted therapeutic applications. Clinical services, through Interpace Diagnostics, provides clinically useful molecular diagnostic tests, bioinformatics and pathology services for evaluating risk of cancer by leveraging the latest technology in personalized medicine for improved patient diagnosis and management. Pharma services, through Interpace Pharma Solutions, provides pharmacogenomics testing, genotyping, biorepository and other customized services to the pharmaceutical and biotech industries. Interpace reported a net loss attributable to common stockholders of $27.16 million for the year ended Dec. 31, 2019, compared to a net loss attributable to common stockholders of $12.19 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $50.70 million in total assets, $25.96 million in total liabilities, and $46.54 million in preferred stock, and $21.80 million total stockholders' deficit. Interpace Biosciences stated in its Quarterly Report for the period ended Sept. 30, 2020, that, "The Company has and may continue to delay, scale-back, or eliminate certain of its activities and other aspects of its operations until such time as the Company is successful in securing additional funding. The Company is exploring various dilutive and non-dilutive sources of funding, including equity and debt financings, strategic alliances, business development and other sources. In the event the Company's Common Stock is delisted from Nasdaq due to its failure to meet minimum stockholders' equity requirements, the Company's ability to raise additional capital may be materially adversely impacted. In addition, the Company's inability to use Form S-3 after it files its Form 10-K for the fiscal year ended December 31, 2020 may have an adverse impact on our ability to raise additional capital. The future success of the Company is dependent upon its ability to obtain additional funding. There can be no assurance, however, that the Company will be successful in obtaining such funding in sufficient amounts, on terms acceptable to the Company, or at all. As of the date of this Report, the Company currently anticipates that current cash and cash equivalents will be sufficient to meet its anticipated cash requirements through the end of the second quarter. These factors raise substantial doubt about the Company's ability to continue as a going concern." IONIX TECHNOLOGY: Hires Consultants to Enhance Brand Image ---------------------------------------------------------- Ionix Technology, Inc. entered into a consulting agreement with Mr. George Adamson, PhD, a well-known lithium battery expert in the United States, and Mr. Steve Bellamy, a senior financial advisor in order to improve the Company's core competitiveness and enhance its brand image. The Consultants have been engaged to assist the Company to establish a manufacturing, assembly, R&D and corporate head office in Las Vegas, Nevada. The Consultants will each earn 96,000 restricted stock units as follows: 48,000 upon the 6 month anniversary of the agreement and 48,000 upon the twelve month anniversary. Dr. George W. Adamson, Ph.D., majored in philosophy and physical chemistry from Massachusetts Institute of Technology. Dr. Adamson has engaged in research work for more than thirty years and has extensive experience in the field of Lithium-ion Battery Technology and Energy Storage Technology. He has successively served as vice president of research and development, vice-president product development, and chief technical operation officer for several well-known technology companies such as "Valence Technology", "ZPower", and "EOS Energy Storage". He has extensive technology development experience in new energy fields, with more than 50 research papers and patents. The Company believes the addition of Dr. Adamson will provide new impetus for IINX's progress in the new energy and enhance the competitiveness of the Company's technology and market. Mr. Steve Bellamy graduated from Sheffield Hallam University in the UK and is a member of the Institute of Chartered Accountants in England and Wales. Mr. Bellamy has over 40 years of experience in financial management, including financial risk control, investment management, investment operations and IPO planning. He started his career as Price Waterhouse in London and has since worked for several financial institutions like Pacific Capital Bancorp and London Investment Banking. From 1998 to 2004, he served as CFO for Wi-LAN and also Blue Casa Communications. In the past five years, he also successively participated in the founding and incubation of new energy technology enterprises Green Dragon International and Green Solutions. He is highly praised for his practical financial expertise and rich financial management experience. The Company believes that with Mr. Bellamy's help it will strengthen the Company's project analysis and financing analysis capabilities. About Ionix Headquartered in Liaoning Province, China, Ionix Technology, Inc. -- http://www.iinx-tech.com-- is a holding company that is principally engaged in the photoelectric display and smart energy industries. The company has five operating subsidiaries: Changchun Fangguan Electronics Technology Co., Ltd, a company which has been focusing on R&D, manufacturing and marketing LCM and LCD; Changchun Fangguan Photoelectric Display Technology Co., Ltd, a company which specializes in developing, designing, and selling TN and STN LCD, STN, CSTN, and TFT LCD modules as well as other related products; Shenzhen Baileqi Electronic Technology Co., Ltd, a company which specializes in LCD slicing, filling, researching and designing, and selling of LCD Modules (LCM) and PCBs; Lisite Science Technology (Shenzhen) Co., Ltd., a company engaged in the marketing and selling of intelligent electronic devices; and Dalian Shizhe New Energy Technology Co., Ltd., a company engaged in the new energy support service, and operating the photovoltaic power generation, electric vehicles and charging piles with corresponding operation and maintenance and three dimensional parking. Currently, IINX has embarked on the layout of industrialization and marketization of front end materials and back end modules of liquid crystal displays and applications of flexible folding display technology by taking Fangguan Electronics as production bases, to seize the market share of OLED high technology. Ionix reported a net loss of $277,668 for the year ended June 30, 2020, compared to net income of $397,047 for the year ended June 30, 2019. As of Sept. 30, 2020, the Company had $17.12 million in total assets, $7.23 million in total liabilities, and $9.89 million in total stockholders' equity. IQVIA INC: Moody's Completes Review, Retains Ba2 CFR ---------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of IQVIA Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 1, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations IQVIA's Ba2 Corporate Family Rating reflects its considerable size, scale, and strong market positions as both a pharmaceutical contract research organization (CRO) and pharmaceutical data and analytics provider. The rating is supported by IQVIA's strong operating cash flow and very good liquidity. IQVIA's rating is constrained by its aggressive financial policies as Moody's believes that most free cash flow will continue to be prioritized for share repurchases and acquisitions. The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. JACOB TRANSPORTATION: May Use Swift Financial's Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas, Beaumont Division, has authorized Jacob Transportation, Inc. to use cash collateral of Swift Financial, LLC on a final basis in accordance with a budget. The Debtor and Swift have stipulated that: 1. Swift, as servicing agent for WebBank under agreed specified conditions and protections, has an allowed secured claim of $100,160 and the Debtor reaffirms and ratifies the loan documents including all terms, conditions and obligations thereunder; 2. Swift has a first lien security interest in the collateral on the attached UCC-1 Financing Statement, except that Neches Federal Credit Union has a first lien in the equipment listed on; and 3. Swift consents to the use of its cash collateral subject to the conditions of the Order. The Debtor is directed to retain an outside professional financial advisor to prepare a proper 13-week budget and financials to support an Amended Plan both of which will be filed by no later than February 26. As adequate protection for the Debtor's use of cash collateral, Swift Financial is granted a replacement lien on all post-petition cash collateral to the same extent and priority Swift Financial possessed a valid, perfected and enforceable security interest in the Debtor’s cash collateral before the Petition Date. The Court denied the proposed relief to provide Swift with a blanket post-petition lien upon all assets of the Estate within the cash collateral context. The Order provides that adequate protection payments will continue until further order or confirmation of any plan of reorganization in the proceeding. All payments made under the Order will be applied to Swift Financial's secured allowed claim. These events will constitute an "Event of Default" under the Final Order: (a) The Debtor's breach of any provision, term or condition of the Final Order; (b) The conversion or dismissal of the Debtor's Chapter 11 case, unless Swift Financial consents to the dismissal or conversion; or (c) The failure of the Debtor to make dequate protection payment. A copy of the order and the Debtor's monthly budget is available for free at https://bit.ly/39XTogV from PacerMonitor.com. About Jacob Transportation, Inc. Jacob Transportation Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 20-10424) on Oct. 16, 2020, listing under $1 million in both assets and liabilities. Judge Bill Parker oversees the case. Robert Lane, Esq., at The Lane Law Firm, PLLC, serves as the Debtor's legal counsel. JDUB'S BREWING: Proposes Bidding Procedures for Sale of Mango FFE ----------------------------------------------------------------- JDub's Brewing Co., LLC, asks the U.S. Bankruptcy Court for the Middle District of Florida (i) to authorize the bidding procedures in connection with the auction sale of tangible personal property in the form of furniture, fixtures and equipment located at its brewery and taproom ("Mango FFE") located at 1215 Mango Avenue, in Sarasota, Florida; and (ii) to approve the assumption and assignment of the Debtor's lease of the Mango Property. Since the onset of the COVID-19 pandemic, the Debtor has been determined to refine its business model to emphasis methods of marketing and distribution of "JDub's" branded beers and products through business relations, including joint ventures or other avenues. As part of that, the Debtor has considered the sale of the Mango FFE and business operations at the Mango Property as a "turnkey operation." It has approached numerous industry contacts who may have synergy or who have expressed interest in the Mango FFE and operating a business at the Mango Property (including those contacts referred to it by J.J. Taylor Distributing Florida, Inc.). The Mango FFE is subject to a security interest claimed by American Momentum Bank ("AMB"). On information and belief, AMB recently appraised the Mango FFE. On Dec. 15, 2020, the Debtor filed its Application to Employ Marketing and Sales Agent, asking approval to employ New Mill Capital Holdings, LLC to market, sell and auction the Mango FFE. On Jan. 6, 2021, the Court held a hearing pursuant to which (i) it approved the New Mill Application and (ii) the Landlord consented to a sale process through March 31, 2021. The Debtor received several verbal offers or expressions of interest asking the acquisition of the Mango FFE, and, assignment and assumption of the Mango Lease, but received but only one written offer from Brew Theory, LLC. The terms of the Brew Theory offer were memorialized in a Term Sheet attached as Exhibit B to the Motion to Sell. Brew Theory has subsequently withdrawn that offer. The Debtor believes the turnkey sale of the business operating at the Mango Property including the sale of the Mango FFE and the assumption and assignment of the Mango Lease is in the best interest of the estate and its creditors. It is asking the consent of AMB and any other party holding an identified interest to the sale of the Mango Property as proposed. The Debtor submits that the Mango FFE and any other tangible property at the Mango Property can be sold free and clear of all interests because, among other reasons, it is asking the consent of the undisputed lienholders and interest holders, providing them with a monetary satisfaction at closing and/or the aggregate value exceeds the liens. It further submits that the requirements of Sections 365(a) and (f) with respect to the assumption and assignment of the Mango Lease to the prospective buyer in that, among other things, any default under the Mango Lease will be cured by payment of any required cure from the proceeds of the sale(s) and/or assumed by the buyer. The potential buyer for the Mango FFE may also be interested in the assumption and assignment of the Mango Lease. Therefore, the Debtor asks authority to assume and assign the Mango Lease. The Debtor proposes to do so by implementing a three-step sales process as follows: A. Step 1 - Bid Procedures Hearing (1.) The Debtor will seek approval of the Motion as soon as the Court may set the matter. (2.) Upon approval of the Motion and a non-appealable order granting the Motion having been filed on the docket, New Mill will begin implementing the procedures set forth in the Equipment Auction Agreement. (3.) New Mill will be compensated as set forth in the Agreement as reflected in the Order Approving Debtor's Application to Employ Marketing and Sales Agent. (4.) Pursuant to Section 364(c), New Mill may advance up to $30,000 directly or indirectly for the Debtor's benefit in relation to the Mango Sale. These advances will be utilized for the carrying costs in preparing for the Mango Sale including the payment of rent during this period and all other amounts approved by the Court for use of cash collateral. These advances will constitute an unsecured superpriority administrative claim of New Mill. B. Step 2 - Sale Bids (1.) Up to Feb. 17, 2021, qualified parties will be allowed to inspect the Mango Property and Mango FFE. A qualified party is one who executes a standardized confidentiality agreement ("NDA") so as to access a confidential data room maintained by the Debtor with standard due diligence materials. A party who does not complete an NDA may still participate in an auction, should there be one, if it complies with the remaining procedures. (2.) Until Fe. 17, 2021, the Debtor, subject to New Mill's rights, may accept any offers the bulk sale for all or substantially all of Property, whether or not in "turnkey" fashion, subject to the terms of the Agreement that (i) include a signed Purchase and Sale Agreement, (ii) are accompanied by a non-refundable deposit in the amount of 25% of the cash purchase price to an escrow account held by New Mill or one of its representatives, and (iii) include a disclosure of any agreements or connections with the Debtor, any of the Debtor's insiders, New Mill, Landlord, AMB and/or JJT. (3.) AMB may submit a credit bid as a Qualified Sales Bid in strict accordance with the requirements for a Qualified Sales Bid as set forth. (4.) Should the Debtor and New Mill accept a Qualified Sales Bid that is not rejected by New Mill, it will immediately submit the same to the Court for approval. Any objections to the notice will be filed within 48 hours. Should the Debtor and New Mill receive multiple Qualified Sales Bids, they may select the highest and best offer in its sole discretion, subject to the terms above. Any Qualified Sales Bid must be approved by the Court prior on Feb. 17, 2021. Any Qualified Sales Bid not approved on or to Feb. 17, 2021 will be deemed void, and any such bidder wishing to bid may submit a bulk bid at the commencement of the auction. C. Step 3 - Auction Bids (1.) Commencing Feb. 18, 2021, the Debtor and New Mill will transition their efforts to auction. (2.) On March 4, 2021 at 11:00 a.m. (EST), unless the Debtor, NMC and any Qualified Sale Bidder elect to delay the auction date pursuant to the Agreement, the auction will take place by first auctioning any bulk bids for all or substantially all of the Mango FFE as a package, and thereafter selling individual lots in sequential order. The higher offer of the bulk or aggregate of the piecemeal bids will be awarded as the winning bid or bids. (3.) New Mill may, in its sole discretion, require any bidder to submit a deposit prior to acceptance of any bids. Bid increments and starting prices will be determined on a lot-by-lot basis by New Mill. The auction will be conducted in accordance with the Agreement and New Mill's terms and conditions of sale agreed to by every bidder upon registration and again upon payment of winning invoice, including AMB in the event that AMB elects to participate in the auction. The auction will be solely online only and can be viewed by any party; the Debtor may, but is not required to, have a court reporter or other stenographer present to transcribe the auction. In the event that AMB elects to participate in the auction as a credit bidder, AMB must comply with all requirements of a bidder including but not limited to payment in cash of such portion of the purchase price allocable as a commission, premium, reimbursement or any fee or payment owed to New Mill pursuant to the Agreement. (4.) On March 5, 2021, New Mill will invoice all successful bidders at the conclusion of the Mango Sale and collect sale proceeds. (5.) If the Mango Lease is not assumed prior to March 8, 2021 by a successful bulk bidder pursuant to the procedures, then by March 8, 2021, dedicated machinery riggers will begin equipment loadout and removal preparation. Property buyers are responsible for the cost of removal in accordance with the Agreement. (6.) From March 9 to March 26, 2021, equipment pickup by appointment only as buyers are not allowed to remove their own items via hand carry. Dedicated riggers and truck drivers only onsite. No items removed unless confirmed paid by New Mill. By March 29, 2021, equipment removal is completed and the parties will conduct a final walkthrough to approve completion of job. New Mill will pay to Debtor the net proceeds of the sale within 15 days of closing of any sale, less all compensation, commissions, premiums, and reimbursements due to New Mill pursuant the Agreement and as approved by the Employment Order. Contemporaneously with the Mango Sale, but not to interfere with the with the Mango Sale in any way, the Debtor's principal--Jeremy Joerger--may solicit bids for a non-exclusive license of any or all of the intellectual property that has previously been licensed to the Debtor. This way, the eventual buyer of the Mango FFE and assignee of the Mango Lease may, but is not required, to essentially continue the Debtor’s operations at the Mango Property. For clarity's sake, Joerger will solicit bids to utilize his intellectual property for a taproom at the Mango Property only, and, not for creating product for distribution. He will strive to obtain an agreement for a 10% royalty stream of which 5% will be remitted to the Debtor for any authorized payments under the Second Amended Plan and 5% will be remitted to Joerger individually for the authorization and use of his intellectual property. New Mill is not required to consider, take into account, or place any value on, in any whatsoever, any IP Bids or actual or proposed assignments of the Mango Lease. A copy of the Agreement is available at https://tinyurl.com/m5jhb4e2 from PacerMonitor.com free of charge. The Marketing and Sales Agent can be reached at: NEW MILL CAPITAL HOLDINGS, LLC Attn: Eric Weiler, Principal 50 Louis NW, 6th Floor Grand Rapids, MI 49503 Telephone: (616) 607-9667 E-mail: ericw@newmillcapital.com About JDub's Brewing Company JDub's Brewing Company, LLC, is a privately held company in the beverage manufacturing industry. The company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.20-02926) on April 6, 2020. In the petition signed by CEO Jeremy Joerger, the company disclosed $697,542 in assets and $1,687,781 in debt. Judge Michael G. Williamson is assigned to the case. Daniel Etlinger, Esq., at David Jennis, PA, d/b/a Jennis Law Firm, is serving as teh Debtor's counsel. KAISER AND ASSOCIATES: Chapter 11 Trustee Taps Own Firm as Counsel ------------------------------------------------------------------ John Rhyne, Chapter 11 trustee for Kaiser and Associates, DDS, PA, seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to tap his own firm, John G. Rhyne, Attorney at Law, in connection with the Debtor's Chapter 11 case. The trustee needs the firm's legal assistance to: a. investigate the acts, conduct, assets, liabilities, and financial condition of the Debtor, the operation of the Debtor's business and other matters relevant to the Debtor's Chapter 11 case or to the formulation of a bankruptcy plan; b. determine whether the Debtor is appropriately making expenditures in accordance with the orders of the court, the Bankruptcy Code, Bankruptcy Rules, and Local Bankruptcy Rules; c. bring actions available to the bankruptcy estate under Chapter 5 of the Bankruptcy Code and collect any accounts receivable owing to the Debtor. The firm will charge an hourly fee of $350. John G. Rhyne, Attorney at Law is "disinterested" as set forth in Section 327 of the Bankruptcy Code, according to court papers filed by the firm. The firm can be reached through: John G. Rhyne, Esq. John G Rhyne Attorney At Law P.O. Box 8327 Wilson, NC 27893 Tel: (252) 234-9933 Fax: (252) 991-5567 Email: johnrhyne@johnrhynelaw.com About Kaiser and Associates Kaiser and Associates, DDS, P.A. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 21-00072) on Dec. 16, 2020, listing under $1 million in both assets and liabilities. Judge David M. Warren oversees the case. William H. Kroll, Esq. at Everett Gaskins Hancock LLP, is the Debtor's legal counsel. John G. Rhyne is the Chapter 11 trustee appointed in the Debtor's case. The trustee is assisted by his own firm, John G. Rhyne, Attorney at Law. KAYA HOLDINGS: Greek JV to Raise $45 Million for Cannabis Facility ------------------------------------------------------------------ Kaya Holdings, Inc. announced its Greek joint venture Kaya Kannabis had engaged Dutch based Orange Ridge Capital. B.V., to raise up to $45 million for its planned 15-acre cannabis cultivation and processing facility in Thebes, Greece. Orange Ridge has agreed that through June 30, 2021, it will not act as advisor, consultant or introducing consultant to any other entities or individuals that are either engaged in the cannabis industry or attempt to raise capital for developing cannabis projects. Orange Ridge is registered at the Dutch Authority for the Financial Markets (AFM: Autoriteit Financiele Markten) and is registered as an Alternative Investment Fund Manager with the Dutch Supervisory Authority in The Netherlands. Orange Ridge has comprehensive expertise in sustainable real asset investments that require significant due diligence and technical expertise, access to capital, and local partnerships in strategic locations. As an AIFMD, Orange Ridge's mission is to generate attractive investment returns from high-quality sustainable real assets such as timberland, farmland, agriculture, infrastructure, real estate, and renewable energy in Europe, the Americas, and Australasia, and provides these sustainable real asset investment solutions and strategies to a wide range of clients in Europe, the Middle East, and the Americas, such as pension funds, insurance companies, sovereign wealth funds, family offices, and investment consultants. About Kaya Kaya Holdings, Inc. -- http://www.kayaholdings.com-- is a vertically integrated legal marijuana enterprise that produces, distributes, and/or sells a full range of premium cannabis products including flower, oils, vape cartridges and cannabis infused confections, baked goods and beverages through a fully integrated group of subsidiaries and companies supporting highly distinctive brands. As of Sept. 30, 2020, the Company had $2.54 million in total assets, $30.73 million in total liabilities, and a total stockholders' deficit of $28.18 million. M&K CPAS, PLLC, in Houston, TX, the Company's auditor since 2018, issued a "going concern" qualification in its report dated May 13, 2020, citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. KNOTEL INC: Feb. 11 Hearing on Bid Procedures for All Assets ------------------------------------------------------------ Knotel, Inc. and its affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a notice of their proposed bidding procedures in connection with the sale of substantially all assets to Digiatech, LLC or its designee for $70 million, subject to overbid. On Jan. 31, 2021, the Debtors filed their Motion for Entry of an Order Approving (I)(A) the Debtors' Entry Into Stalking Horse Agreement and Related Bid Protections; (B) the Bidding Procedures in Connection with the Sale of Substantially All of the Debtors' Assets, (C) the Procedures for the Assumption and Assignment of Executory Contracts and Unexpired Leases, (D) the Form and Manner of Notice of the Sale Hearing, Assumption Procedures, and Auction Results, and (E) Dates for an Auction and Sale Hearing; (II)(A) the Sale of Substantially All of the Debtors' Assets Free and Clear of All Claims, Liens, Liabilities, Rights, Interests, and Encumbrances and (B) the Debtors' Assumption and Assignment of Certain Executory Contracts and Unexpired Leases; and (III) Granting Related Relief. A hearing on the Motion is set for Feb. 11, 2021, at 3:00 p.m. (ET). The Objection Deadline is Feb. 9, 2021, at 5:00 p.m. (ET). A copy of the Bid Procedures and APA is available at https://tinyurl.com/26m35wjz from PacerMonitor.com free of charge. About Knotel Inc. Knotel -- http://www.Knotel.com/-- is a flexible workspace platform that matches, tailors, and manages space for customers. New York-based Knotel offers workspace properties such as desks, open, and private spaces on rent for companies in 20 global markets. In the U.S., Knotel primarily serves in the New York City and San Francisco areas. Knotel, founded in 2015, raised hundreds of millions of dollars from investors. It expanded rapidly for years and was one of the more aggressive competitors in the co-working and flexible office space sector, becoming one of WeWork's fiercest rival. As the COVID-19 pandemic upended the co-working industry, Knotel, Inc., and its U.S. subsidiaries sought Chapter 11 protection (Bankr. D. Del. Case No. 21-10146) on Jan. 30, 2021, to pursue a sale of the assets to Newmark Group. Knotel estimated $1 billion to $10 billion in assets and liabilities as of the bankruptcy filing. Morris, Nichols, Arsht & Tunnell LLP is serving as the Company's counsel. Moelis & Company is the investment banker. Omni Agent Solutions is the claims agent. KNOTEL INC: Hearing on Bid Procedures for All Assets on Feb. 11 --------------------------------------------------------------- Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware will convene a hearing on Feb. 11, 2021, at 3:00 p.m. (ET) to consider the bidding procedures proposed by Knotel, Inc. and its affiliates in connection with the sale of substantially all assets to Digiatech, LLC or its designee for $70 million, subject to overbid. The Objection Deadline is Feb. 9, 2021, at 5:00 p.m. (ET). A copy of the Bid Procedures and APA is available at https://tinyurl.com/26m35wjz from PacerMonitor.com free of charge. About Knotel Inc. Knotel -- http://www.Knotel.com/-- is a flexible workspace platform that matches, tailors, and manages space for customers. New York-based Knotel offers workspace properties such as desks, open, and private spaces on rent for companies in 20 global markets. In the U.S., Knotel primarily serves in the New York City and San Francisco areas. Knotel, founded in 2015, raised hundreds of millions of dollars from investors. It expanded rapidly for years and was one of the more aggressive competitors in the co-working and flexible office space sector, becoming one of WeWork's fiercest rival. As the COVID-19 pandemic upended the co-working industry, Knotel, Inc., and its U.S. subsidiaries sought Chapter 11 protection (Bankr. D. Del. Case No. 21-10146) on Jan. 30, 2021, to pursue a sale of the assets to Newmark Group. Knotel estimated $1 billion to $10 billion in assets and liabilities as of the bankruptcy filing. Morris, Nichols, Arsht & Tunnell LLP is serving as the Company's counsel. Moelis & Company is the investment banker. Omni Agent Solutions is the claims agent. KNOTEL INC: Withdraws Notice of Bid Procedures for All Assets ------------------------------------------------------------- Knotel, Inc. and its affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a notice withdrawing the notice of their proposed bidding procedures in connection with the sale of substantially all assets to Digiatech, LLC or its designee for $70 million, subject to overbid. On Feb. 2, 2021, the Debtors filed the Notice of their Bid Procedures Motion. Now, they withdraw the filing of such Notice solely to correct an error with filing. The information provided in the Notice remains unchanged and will be re-filed. About Knotel Inc. Knotel -- http://www.Knotel.com/-- is a flexible workspace platform that matches, tailors, and manages space for customers. New York-based Knotel offers workspace properties such as desks, open, and private spaces on rent for companies in 20 global markets. In the U.S., Knotel primarily serves in the New York City and San Francisco areas. Knotel, founded in 2015, raised hundreds of millions of dollars from investors. It expanded rapidly for years and was one of the more aggressive competitors in the co-working and flexible office space sector, becoming one of WeWork's fiercest rival. As the COVID-19 pandemic upended the co-working industry, Knotel, Inc., and its U.S. subsidiaries sought Chapter 11 protection (Bankr. D. Del. Case No. 21-10146) on Jan. 30, 2021, to pursue a sale of the assets to Newmark Group. Knotel estimated $1 billion to $10 billion in assets and liabilities as of the bankruptcy filing. Morris, Nichols, Arsht & Tunnell LLP is serving as the Company's counsel. Moelis & Company is the investment banker. Omni Agent Solutions is the claims agent. L.G. STECK: Unsecureds to Get 50% of Net Profits Over 5 Years ------------------------------------------------------------- L.G. Steck Memorial Clinic, P.S., d/b/a Steck Medical Group, filed with the U.S. Bankruptcy Court for the Western District of Washington filed a Plan of Reorganization and a Disclosure Statement on Jan. 29, 2021. In early 2019, Steck's financial health had further deteriorated and the practice found itself facing collection efforts by one government entity, the IRS, while at the same time not being paid a large balance owed to it by Medicare, another government entity. As a result, in October of 2019, Steck closed its last satellite location, consolidated all providers to its Chehalis facility, and filed a voluntary chapter 11 bankruptcy petition so that it could continue to serve the community, attempt to reorganize, and find a path forward. One of the corrective measures that Steck took was to request a new account manager from Athena and to be given a special team at Athena to solve the issues. These requests were eventually granted and Steck continues to work to remedy these past errors and ensure that they do not occur again in the future. These remedial measures are expected to significantly increase Steck's revenue. Throughout 2020, Steck implemented a number of staffing changes. Its new COO has been key in attracting the right kind of employees for each role, by better defining roles and duties in a job posting, and improving the interview process to select the best candidates. This, not surprisingly, has resulted in reduced staffing costs and improved care. The 's net revenue generated from operations in January of 2021 was $57,093, an amount significantly higher than what it was generally generating earlier in the bankruptcy case. From the operations of its business, the Debtor intends to: (1) pay the IRS's secured claim, all priority tax claims, and all priority non-tax claims in full, over a period not exceeding five years after the Effective Date, in equal cash payments made on the first business day of every month following the Effective Date, with interest fixed at the statutory rates for each type of claim as established on the Effective Date; and (2) contribute 50% of its Net Profits to the payment of unsecured claims for a period of five years, or until paid in full, which ever shall occur first, with payments to be made on a bi-annual basis. In other words, if the Plan is confirmed, secured and priority claimants will be paid in full over time, and unsecured creditors will maximize their return by sharing in the Reorganized Debtor's profitability while still allowing it to retain enough revenue to ensure that it has sufficient capital in the event that it's profitability unexpectedly declines over the course of the Plan. The Plan also provides that equity security holders will not receive any distribution on account of their equity interest unless and until such time as the Plan terms have been satisfied in full. Finally, the Plan also provides the Debtor with a liquidation option if deemed prudent in its informed business judgment, and also provides that the Debtor shall have a small window of time to attempt to effectuate a sale of the business in the event it defaults under the terms of the proposed Plan. A full-text copy of the Disclosure Statement dated Jan. 29, 2021, is available at https://bit.ly/2N7YGxq from PacerMonitor.com at no charge. About L.G. Steck Memorial Clinic L. G. Steck Memorial Clinic, P.C., is a professional service corporation that provides health care services. The Company was incorporated in 1977 and does business as The Steck Medical Group. L. G. Steck filed a Chapter 11 petition (Bankr. W.D. Wa. Case No. 19-43334) on Oct. 17, 2019 in Tacoma, Washington. In the petition signed by Hugo De Oliveira, chief administrative officer, signed the petition, the Debtor was estimated with assets between $500,000 and $1 million, and liabilities between $1 million and $10 million. The case is assigned to Judge Mary Jo Heston. THE TRACY LAW GROUP PLLC is the Debtor's counsel. LAPEER INDUSTRIES: Feb. 11 Hearing on Bid Procedures for All Assets ------------------------------------------------------------------- Judge Maria L. Oxholm of the U.S. Bankruptcy Court for the Eastern District of Michigan adjourned the hearings set for Feb. 4, 2021, at 11:00 a.m. on (i) Lapeer Industries, Inc.'s Emergency Motion for an Order Authorizing Debtor in Possession to Obtain Additional Post-petition Financing Pursuant to Section 364 of the Bankruptcy Code, and (ii) the Debtor's Motion for Entry of an Order Approving Bidding Procedures, Scheduling an Auction and a Sale Hearing in Connection with the Sale of Substantially All of Debtor's Assets and granting other relief, to Feb. 11, 2021 at 11:00 a.m. Consistent with the Courts Administrative Order No. 2020-4 filed March 16, 2020, effective immediately and until further notice, Judge Oxholm will conduct all conferences and non-evidentiary hearings by telephone. At least five minutes before the scheduled time for hearing, the counsel and parties should call (877) 336-1831 and use Access Code 6226995. Landline connections are much preferred, but cell phone or other telephone services are allowed. The counsel and the parties should place their phone on mute and wait until their case is called before unmuting their phones and participating. A copy of the Bidding Procedures Motion is available at https://tinyurl.com/y4xsu8l9 from PacerMonitor.com free of charge. About Lapeer Industries Lapeer Industries, Inc., is a design, machining and fabrication company serving the automotive and defense industries. It provides fabrication, automated welding, machining, painting, assembly and kitting services. Lapeer Industries sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-31375) on Aug. 5, 2020. The case was initially assigned to Judge Joel D. Applebaum. On Aug. 13, 2020, the case was reassigned to Judge Phillip Shefferly and was assigned a new case number (Case No. 20-48744). At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $10 million and $50 million. Winegarden, Haley, Lindholm, Tucker & Himelhoch P.L.C. is the Debtor's legal counsel. LARRY SCOTT SIMMS: $220K Sale of Hermitage Property Approved ------------------------------------------------------------ Judge Marian F. Harrison of the U.S. Bankruptcy Court for the Middle District of Tennessee authorized Larry Scott Simms and Kathryn Jane Simms to sell the real estate located at 5178 Hunters Point Lane, in Hermitage, Tennessee, for $220,000. A hearing on the Motion was held on Feb. 2, 2021. The proceeds resulting from the sale of the Property will be used to satisfy the first lien held by U.S. Bank on account of the Deed of Trust recorded with the Davidson County Register of Deeds on Sept. 14, 2012 as Instrument No. 20120914-0083724 ("First Deed of Trust") and any costs and commissions associated with the sale. Any further net proceeds from the sale will be payable to U.S. Bank, National Association on account of the second position Deed of Trust, which was recorded with the Register of Deeds on March 2, 2016 as Instrument No. 20160302-0019873 ("Second Deed of Trust"). Upon receipt of the closing proceeds, U.S. Bank will release its Second Deed of Trust with respect to the Property. Within seven days following the sale, the Debtors will file a Statement of Sale with the Court to indicate that the Flagstar mortgage was fully satisfied from the sale proceeds and to indicate the amount of funds remitted to U.S. Bank from closing on the Property. The bankruptcy case is In re: Larry Scott Simms and Kathryn Jane Simms, (Bankr. M.D. Tenn. Case No. 20-00418). LARRY SCOTT SIMMS: $610K Sale of Mount Juliet Property Approved --------------------------------------------------------------- Judge Marian F. Harrison of the U.S. Bankruptcy Court for the Middle District of Tennessee authorized Larry Scott Simms and Kathryn Jane Simms to sell the real estate located at 815 Harrisburg Lane, in Mount Juliet, Tennessee, for $610,000. The proceeds resulting from the sale of the Property will be used to satisfy the first lien held by Matrix Financial Services Corp., as servicer for Flagstar Bank, F.S.B. and any costs and commissions associated with the sale. Any further net proceeds from the sale will be payable to U.S. Bank, National Association on account of the second position Deed of Trust, which was recorded with the Register of Deeds on Feb. 26, 2016 as Instrument No. 16574359 on Book and Page No. 1684/995-1007 ("Second Deed of Trust"). Upon receipt of the closing proceeds, U.S. Bank will release its Second Deed of Trust with respect to the Property. Within seven days following the sale, the Debtors will file a Statement of Sale with the Court to indicate that the Flagstar mortgage was fully satisfied from the sale proceeds and to indicate the amount of funds remitted to U.S. Bank from closing on the Property. The bankruptcy case is In re: Larry Scott Simms and Kathryn Jane Simms, (Bankr. M.D. Tenn. Case No. 20-00418). LEED CORPORATION: Wins Cash Collateral Access Thru May 31 --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Idaho has authorized The Leed Corporation to use cash collateral during the months of February through May 2021 to pay expenses including insurance, adequate protection payment, and repairs and maintenance. The Debtor expects income for the months of February through May 2021, which are Accounts Receivable and cash collateral as defined in 11 U.S.C. Sec. 363 (a): February -- $43,000 March -- $83,000 April -- $100,000 May -- $100,000 The Debtor is directed to use cash collateral only for the amount and purposes specified in the court's order and to maintain accurate records of income and expenses in order to provide a complete and accurate accounting. As adequate protection, affected creditors are granted a continuing post-petition lien against the Debtor's accounts receivable to the same extent, and in the same priority, as they held on the petition date. Additionally, to the extent these creditors had liens against collateral other than accounts receivable, the liens continue in the like collateral pending further order of the Court in the amounts available at the petition date. The Debtor is also required to operate in compliance with all U.S. Trustee Guidelines as a condition of the continuing use of cash collateral. A copy of the Order is available at https://bit.ly/2MCdgNQ from PacerMonitor.com. About The Leed Corporation The Leed Corporation provides landscape services. It filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 20-409841) on Dec. 31, 2020. In the petition signed by Lon Montgomery, its president, the Debtor disclosed between $1 million to $10 million in both assets and liabilities. The Debtor tapped Aaron Tolson, Esq., at Tolson & Wayment PLLC, as its legal counsel, and Jason L. Peterson, CPA as its accountant. LSC COMMUNICATIONS: Industrial Buying Reno Property for $29M Cash ----------------------------------------------------------------- LSC Communications, Inc., and affiliates, ask the U.S. Bankruptcy Court for the Southern District of New York to authorize their Real Estate Purchase and Sale Agreement with Industrial Realty Group, LLC, in connection with the private sale of the manufacturing facility of 447,122 square foot with an additional 133,000 square feet of structural mezzanine located at 14100 Lear Boulevard, in Reno, Nevada, for $29 million, subject to customary prorations and adjustments as of the closing date. A hearing on the Motion is set for Feb. 24, 2021, at 11 a.m. (ET). The Objection Deadline is Feb. 17, 2021, at 4 p.m. (ET). On Sept. 15, 2020, the Debtors entered into a Stock and Asset Purchase Agreement with ACR II Libra Holdings LLC, and solely with respect to Section 9.13 of the Atlas Purchase Agreement, Atlas Capital Resources III LP and Atlas Capital Resources (P) III LP. Pursuant to the Atlas Purchase Agreement, the Debtors sold substantially all of their assets to Atlas, other than certain Excluded Assets, which Excluded Assets include the Property. Immediately prior to the Atlas Sale, the Property was not being used in the Debtors' operations. The Debtors previously had used the Property for print manufacturing in the Magazine, Catalogue and Logistics segment of their business, but LSC's product and service offerings had been adversely impacted by a number of long-term economic trends, including digital migration. Consumer demand had decreased for print materials, primarily due to the accelerating movement from printed platforms to digital. During the first half of 2019, LSC identified the need and developed a plan for significant plant consolidation and footprint optimization, primarily within its magazine and catalogue manufacturing platform. Following the termination of that certain Agreement and Plan of Merger, dated as of Oct. 30, 2018, by and between LSC and Quad/Graphics, Inc., LSC promptly announced and executed the strategic closure of nine manufacturing facilities, including the Property. The Debtors determined that a sale of the Property is the best solution for maximizing the value of this asset and began its marketing efforts in the second half of 2019. The sale of the Property to the Purchaser will unlock additional liquidity for use in the payment of administrative costs for the Debtors' estates and distributions to creditors. Therefore, the Debtors believe that consummating the Sale will maximize the value of their estates, and the Sale is in the best interest of their estates and stakeholders. The Expense Reimbursement is reasonable and appropriate under the business judgment rule in light of the size and nature of the transaction contemplated. The Debtors are selling the Property historically used for print manufacturing in the Magazine, Catalogue and Logistics segment of the Debtors’ previous business operations. The Purchaser and the Debtors have completed negotiations and executed the Purchase Agreement. In connection with the proposed transaction, the Debtors engaged in an arm's-length and good-faith sale process. The sales and marketing process formally began when LSC executed an engagement letter with CBRE, Inc. to act as broker for the Property on Nov. 22, 2019. Following review and negotiations of the offers, taken as a whole, including considerations of each purchaser's likely ability to consummate the transaction, the Debtors determined that the offer from Industrial Realty of $29 million for the Property, represented the best offer to purchase the Property and would provide the greatest certainty of closing and value to the Debtors' estates. Significantly, the Purchaser's offer provided the following benefits, among others: (i) no due diligence period, (ii) a non-refundable (subject to certain exceptions) deposit by Purchaser in the amount of $500,000 in a non-interest bearing escrow account as earnest money and (iii) very limited closing conditions. On Jan. 24, 2021, the Debtors and the Purchaser executed the Real Estate Purchase and Sale Agreement (as amended or otherwise modified from time to time in accordance with its terms), pursuant to which the Debtors will sell the Property to the Purchaser, subject to the terms and conditions set forth in the Purchase Agreement, for the Purchase Price, to be paid in cash at closing. Under the terms of the Purchase Agreement, the Sale is projected to close by March 31, 2021. To incentivize the Purchaser to move forward on an expedited basis and in order to maximize the purchase price obtained, the Debtors agreed to seek approval from the Court for the Purchaser Expense Reimbursement, however such approval is not a condition to closing of the Sale. The Purchaser Expense Reimbursement is limited to reasonable and documented attorneys' fees and expenses, and would be paid solely from the proceeds of a higher and better offer for the Property that closes within a reasonable time of the anticipated sale closing under the Purchase Agreement. The Purchaser Expense Reimbursement will not be payable if the proposed transaction is consummated or is not consummated due to a default by the Purchaser. Further, in exchange for the Avenue 55 Expense Reimbursement, Avenue 55, LLC agreed to: (i) grant the Debtors access to the results of any and all third-party reports or assessments upon request; and (ii) enter into a termination agreement with respect to the Original Purchase Agreement, with mutual releases contained therein. The Avenue 55 Expense Reimbursement will be payable solely from the proceeds of the Sale, and will be limited to reasonable and documented expenses. The key terms and conditions of the Purchase Agreement are: a. Purchaser: Industrial Realty Group, LLC b. Purchase Price: $29 million c. Property: Commonly known by the street address of 14100 Lear Boulevard, Reno, NV 89506 d. Deposit Held in Escrow: $500,000 e. Closing Date: The date that is no earlier than Feb. 28, 2021 and no later than the earlier of (a) 14 days after the Court's entry of the Approval Order and (b) March 31, 2021. f. Closing Costs: The Seller will be responsible for payment of: (i) the cost of the Commitment; (ii) 1/2 of the Closing Escrow costs and fees; (iii) 1/2 of the applicable transfer taxes and stamp fees applicable to the Deed and, if applicable, to the Bill of Sale; (iv) the portion of the premium for the Title Policy that is allocable to standard coverage (i.e., exclusive of extended coverage or any endorsements required by the Purchaser); and (v) recording fees for the Deed and release of any Monetary Liens. The Purchaser will be responsible for (a) the cost of extended coverage for the Title Policy and any endorsements to the Title Policy required by Purchaser, together with the cost of any title insurance policy obtained in connection with any financing of the Property; (b) 1/2 of the Closing Escrow costs and fees; (c) any other recording fees and (d) 1/2 of the applicable transfer taxes and stamp fees applicable to the Deed and, if applicable, to the Bill of Sale. Each party is responsible for payment of its own legal fees. g. Closing Adjustments: General and special real estate taxes, utilities charges and installments of assessments not due and payable as of the Closing will be prorated and adjusted ratably between the Seller and the Purchaser as of Closing. Such prorations will be final as of the Closing and will not be readjusted. h. Property Condition: The Purchaser will acquire the Property in an "as is, where is" condition as of the Closing Date. i. Private Sale: The Purchase Agreement does not contemplate any further auction or competitive bidding process with respect to the sale of the Property. The Debtors believe that a private sale provides the best opportunity to maximize distributable value to creditors, particularly given the extensive marketing process already conducted and multiple offers received from various other bidders. Further, they believe that the purchase price is fair and reasonable and any further marketing process would not yield material benefits. By the Motion, the Debtors ask authority to (i) sell the Property, for an amount in cash equal to $29 million, subject to customary prorations and adjustments as of the closing date, and (ii) offer to: (1) the Purchaser an expense reimbursement of the reasonable and documented attorneys' fees and expenses, incurred by Purchaser in connection with the proposed transaction, in the amount of up to $150,000 and (2) Avenue 55 an expense reimbursement of the reasonable and documented fees and expenses, incurred by Avenue 55 in connection with the proposed Original Sale, in the amount of up to $200,000. A copy of the Agreement is available at https://tinyurl.com/e60jdigk from PacerMonitor.com free of charge. The Purchaser: INDUSTRIAL REALTY GROUP, LLC 11111 Santa Monica Blvd., Suite 800 Los Angeles, California 90025 Attn: Stuart Lichter E-mail: slichter@industrialrealtygroup.com The Purchaser is represented by: Jerry A. Brown, Jr., Esq. FAINSBERT MASE BROWN & SUSSMAN, LLP 11111 Santa Monica Blvd., Suite 810 Los Angeles, CA 90025 About LSC Communications LSC Communications, Inc. -- http://www.lsccom.com/-- is a Delaware corporation established in 2016 with its headquarters located in Chicago, Illinois. The Company offers a broad range of traditional and digital print products, print-related services, and office products. The Company serves the needs of publishers, merchandisers, and retailers worldwide, with a service offering that includes e-services, logistics, warehousing and fulfillment and supply chain management services. The Company prints magazines, catalogs, directories, books, and some direct mail products, and manufactures office products, including filing products, envelopes, note-taking products, binder products, and forms. The Company has offices, plants, and other facilities in 28 states, as well as operations in Mexico, Canada, and the United Kingdom. LSC Communications, Inc., based in Chicago, IL, and its debtor-affiliates sought Chapter 11 protection (Bankr. S.D. N.Y. Lead Case No. 20-10950) on April 13, 2020. In its petition, the Debtor disclosed $1,649,000,000 in assets and $1,721,000,000 in liabilities. The petition was signed by Andrew B. Coxhead, chief financial officer. The Debtors hire SULLIVAN & CROMWELL LLP as counsel; YOUNG CONAWAY STARGATT & TAYLOR, LLP, as co-counsel; EVERCORE GROUP L.L.C., as investment banker; ALIXPARTNERS LLP as restructuring advisor; PRIME CLERK LLC as notice, claims and balloting agent. LSCS HOLDINGS: Moody's Completes Review, Retains B3 CFR ------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of LSCS Holdings, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 1, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations LSCS Holdings, Inc.'s (dba "Eversana") B3 Corporate Family Rating reflects the company's high financial leverage, and aggressive financial policies due to its private equity ownership. The rating is also constrained by meaningful customer concentration. Eversana's rating is supported by the company's good business segment diversity, multi-year contracts for most services, and strong demand for outsourcing services by drug manufacturers. The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. MMD HOLDINGS: Files for Voluntary Chapter 7 Bankruptcy ------------------------------------------------------ Catherine Leffert of Dallas Business Journal reports that Squadron Toys, officially listed as MMD Holdings Inc., filed voluntary Chapter 7 bankruptcy. Squadron sells wooden model airplanes, officially licensed by the U.S. Navy. The company offers custom and personalized aircraft, and was offered in several retail locations in Texas, Florida, California and Japan and online, per its website. The largest creditor in the Chapter 7 filings is listed as Banyan Mezzanine Fund LP, a Miami-based firm that claimed more than $9.3 million from the company. Data company Dun & Bradstreet most recently listed MMD Holdings' annual revenue as $8.3 million. According to Bloomberg, Michael Migman is a managing member of MMD Holdings. In 2018, the company renewed its lease for almost 51,000 square feet at 1115 Crowley Dr., where it's operated since then. The Sec. 341(a) meeting of creditors is set for March 2, 2021. About MMD Holdings MMD Holdings Inc., doing business as Squadron Toys, is a manufacturer of Custom wooden model aircraft in San Diego, California. According to PacerMonitor.com, MMD Holdings filed for Chapter 7 bankruptcy (Bankr. N.D. Tex. Case No. 21-30105) on Jan. 19, 2021. The Carrollton, Texas-based company listed assets up to about $637,000 and debts up to about $13 million. The Debtor's counsel: Stephen A. Roberts Clark Hill Strasburger Tel: 512-499-3600 E-mail: stephen.roberts@clarkhillstrasburger.com The Chapter 7 Trustee: Daniel J. Sherman 509 N. Montclair Dallas, TX 75208 MOXIE'S CAFE: Seeks to Hire Buddy D. Ford as Legal Counsel ---------------------------------------------------------- Moxie's Cafe & Grill, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Buddy D. Ford, P.A. as its legal counsel. The firm will render these services: (a) advise the Debtor with regard to its powers and duties in the continued operation of its business and management of the property of the estate; (b) prepare documents required by the court; (c) represent the Debtor at the Section 341 creditors' meeting; (d) 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; (e) appear at court hearings; (f) protect the interest of the Debtor in all matters pending before the court; (i) represent the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan; and (j) perform all other legal services for the Debtor in connection with its Chapter 11 case. The firm's standard hourly rates are as follows: Buddy D. Ford, Esq. $425 Senior Associate Attorneys $375 Junior Associate Attorneys $300 Senior Paralegal Services $150 Junior Paralegal Services $100 In addition, the firm will be reimbursed for work-related expenses incurred. Prior to the commencement of the case, the Debtor paid an advance fee of $6,738, which consists of $2,000 pre-filing fee retainer, $3,000 post-filing fee or cost retainer, and $1,738 filing fee. Buddy D. Ford, P.A. does not represent interest adverse to the Debtor or the estate in the matters upon which it is to be engaged, according to court papers filed by the firm. The firm can be reached through: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. Buddy D. Ford, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Moxie's Cafe & Grill Moxie's Cafe & Grill, LLC filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M. D. Fla. Case No. 21-00271) on Jan. 25, 2021. In the petition signed by Dennis P. Lee, manager, the Debtor disclosed up to $50,000 in assets and up to $100,000 in liabilities. Buddy D. Ford, P.A., serves as the Debtor's bankruptcy counsel. N & G PROPERTIES: Sale or Refinance in 14 Months to Fund Plan ------------------------------------------------------------- N & G Properties, LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Combined Plan of Reorganization and Disclosure Statement dated Jan. 29, 2021. The Debtor is a New Jersey Limited Liability Company that owns a single asset commercial real property located at 1572-1574 Sussex Turnpike, Randolph, NJ. The Debtor's real property is currently being marketed for sale at a listing price of $2,750,000 and is actively receiving interest from prospective purchasers. In addition, the Property holds over $1 million in equity with positive net monthly cash flow of at least $17,500 per month which is expected to increase with additional rental income commencing in January 2021. Refinance options are also simultaneously being aggressively pursued to retain the property, if possible. The sale or refinance of the Property shall be concluded in 14 months from the effective date of Plan confirmation. Adequate protection payments to secured creditors and all postpetition obligations of the Debtor will remain current post-petition until the sale or refinance of the Property occurs. All Administrative Expenses, including professional fees, Trustee fees, expenses arising in the ordinary course of business after the Petition Date and value of goods and services received in the ordinary course of business within 20 days before the Petition Date will be paid in full on the effective date or according to separate written agreement. All allowed Priority Tax Claims shall be paid in full in one lump sum within 30 days after the sale or refinance of the Property but no later than fourteen months from the effective date. All Priority Tax Claims which are valid liens on Debtor's real property, if any, will be satisfied on the sale date or refinance of the Debtor's real property. All Secured Claims (Claim 2-1) will be satisfied and paid in full on the sale date or refinance of the Debtor's real property but no later than fourteen months from the effective date. Allowed General Unsecured Claim of the Internal Revenue Service in the amount of $26,351 will be paid 100% within 30 days of the sale or refinance of the Property but no later than 14 months from the effective date of confirmation. Equity Interest Holders will retain their interest in the Debtor and receive the balance of any remaining funds after payment of all claims and expenses and full administration of the Plan. The Plan will be funded by the sale proceeds of the Property currently held in possession by the Debtor and will satisfy all obligations under the Plan. A full-text copy of the combined plan and disclosure statement dated Jan. 29, 2021, is available at https://bit.ly/3cTRnnB from PacerMonitor.com at no charge. Attorneys for Debtor: THE LAW OFFICES OF STEVEN D. PERTUZ, LLC Steven D. Pertruz, Esq. 111 Northfield Avenue, Suite 304 West Orange, New Jersey 07052 Tel: (973) 669-8600 Fax: (973) 669-8700 About N & G Properties N & G Properties, LLC is a single asset real estate, a limited liability company with a property address of 1572-1574 Sussex Turnpike, Randolph, NJ 07869. On Jan. 24, 2020, the Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 20-11146). At the time of the filing, N & G Properties estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Joon Tae Yi, a managing member. The Honorable Vincent F. Papalia oversees the case. The Debtor tapped Steven D. Pertuz, Esq. of the Law Offices of Steven D. Pertuz, LLC as legal counsel. NATIONAL RIFLE ASSOCIATION: Board Member Wants Examiner in Case --------------------------------------------------------------- Law360 reports that a National Rifle Association (NRA) board member asked a Texas bankruptcy judge Monday, February 8, 2021, to appoint an examiner to take an independent look at the group's affairs, saying that the NRA's Chapter 11 filing violated its bylaws and that directors have unanswered questions about management conduct. NRA board member Phillip Journey said in his motion that the NRA's management filed the Chapter 11 case without soliciting a board vote and that management representatives -- including the attorney hired to represent the board -- have refused to answer directors' questions about allegations that the organization's leadership spent tens of millions of dollars on personal purposes. "Upon information and belief, the NRA has engaged in actions that violate its fiduciary duties under the laws of New York and upon reason and belief many of such violations would also be violative of Texas law," the motion said. "There have been separate lawsuits filed by the Attorneys General of both the District of Columbia, and most notably, the State of New York for, inter alia, misappropriation of funds, failure to provide oversight, and breach of fiduciary duty. These lawsuits set forth numerous of the allegations against the Debtors and their management cited in this Motion. Movant agrees that proper and full investigation and potential prosecution of these allegations rests with the District of Columbia and the State of New York or by a party with authority appointed or directed by this Court. However, the highlighting of these allegations and their seriousness directly support the immediate need for the appointment of the Examiner if for nothing more than to further support the restructuring process." Attorneys for Phillip Journey: M. Jermaine Watson Joshua N. Eppich H. Brandon Jones Clay M. Taylor J. Robertson Clarke BONDS ELLIS EPPICH SCHAFER JONES LLP 420 Throckmorton Street, Suite 1000 Fort Worth, Texas 76102 Tel: (817) 405-6900 Fax: (817) 405-6902 E-mail: jermaine.watson@bondsellis.com E-mail: joshua@bondsellis.com E-mail: brandon@bondsellis.com E-mail: clay.taylor@bondsellis.com E-mail: robbie.clarke@bondsellis.com About the National Rifle Association Founded in 1871 in New York State, the National Rifle Association of America is a gun rights advocacy group. The NRA claims to be the longest-standing civil rights organization and has more than five million members. Seeking to move its domicile and principal place of business to Texas amid lawsuits in New York, National Rifle Association of America sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 21-30085) on Jan. 15, 2021. Affiliate Sea Girt LLC simultaneously sought Chapter 11 protection (Case No. 21-30080). The NRA was estimated to have assets and liabilities of $100 million to $500 million as of the bankruptcy filing. The Hon. Stacey G. Jernigan is the case judge. NELIGAN LLP, led by Patrick J. Neligan, Jr., is the Debtor's counsel. NAVIENT SOLUTIONS: Involuntary Chapter 11 Case Summary ------------------------------------------------------ Alleged Debtor: Navient Solutions, LLC 123 Justison Street Wilmington, DA 19801 Business Description: Navient Solutions, LLC -- https://www.navient.com -- is a provider of education loan management and business processing solutions for education, healthcare, and government clients at the federal, state, and local levels. Involuntary Chapter 11 Petition Date: February 8, 2021 Court: United States Bankruptcy Court Southern District of New York Case Number: 21-10249 Petitioners' Counsel: Austin C. Smith, Esq. SMITH LAW GROUP, LLP 99 Wall Street No. 426 New York, NY 10005 Tel: (917) 267-2068 Email: austin@acsmithlaw.com Petitioners Nature of Claim Claim Amount ----------- --------------- ------------ Sarah Bannister Refund of $6,097 711 Armsterdam Avenue 81 overpayment New York, NY 10025 Brandon Hood Refund of $28,919 12 Settlers Path overpayment Sandwich, MA 02563 LaBarron Tate Refund of $10,666 11 Meadowsweet overpayment Newnan, GA 30363-2907 A full-text copy of the Involuntary Petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/O3UETKI/Navient_Solutions_LLC__nysbke-21-10249__0001.0.pdf?mcid=tGE4TAMA NEOPHARMA INC: Committee Hires Buchalter as Bankruptcy Counsel -------------------------------------------------------------- The official committee of unsecured creditors of Neopharma, Inc. and Neopharma Tennessee LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to retain Buchalter, P.C. as its lead bankruptcy counsel. The firm's services will include: (a) attending the meetings of the committee; (b) reviewing financial and operational information furnished by the Debtors to the committee; (c) analyzing and negotiating the budget and the terms and use of the Debtors' cash collateral arrangement; (d) assisting in the Debtors' efforts to market and sell their assets in a manner that maximizes value for creditors; (e) assisting the committee in negotiations with the Debtors and other parties in interest on any proposed bankruptcy plan or exit strategy for the Debtors' Chapter 11 cases; (f) conferring with the Debtors' management, counsel, financial advisor and any other retained professional; (g) conferring with the principals, counsel and advisors of the Debtors' lenders and equity holders; (h) reviewing the Debtors' schedules, statements of financial affairs and business plan; (i) advising the committee as to the ramifications regarding all of the Debtors' activities and motions before the court; (j) reviewing and analyzing the Debtors' financial advisors' work product and reporting to the committee; (k) investigating and analyzing certain of the Debtors' pre-bankruptcy conduct, transactions and transfers; (l) providing the committee with legal advice in relation to the cases; (m) preparing pleadings; and (n) other legal services for the committee as may be necessary or proper in the Debtors' bankruptcy proceedings. The customary hourly rates of the Buchalter professionals are: Jeffrey Garfinkle,Shareholder $550 Julian Gurule, Shareholder $700 Daniel Slate, Shareholder $675 Rebecca Wicks, Associate $283.50 In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Buchalter disclosed that: -- the firm normally bills its representation of debtors and committees in bankruptcy cases at its national rates. But, because McKesson Corporation is a member of the committee, Buchalter agreed to bill the committee using the firm's agreed-upon discounted billing rates with McKesson; -- the firm proposes to charge its agreed-upon discounted billing rates with McKesson; -- the firm has not represented the committee in the 12 months prior to the Debtors' bankruptcy filing; and -- the committee and its counsel are currently in the process of formulating a budget and staffing plan. Buchalter is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, according to court papers filed by the firm. The firm can be reached through: Jeffrey K. Garfinkle, Esq. Julian I. Gurule, Esq. Buchalter, P.C. 18400 Von Karman Ave., Suite 800 Irvine, CA 92612 Tel: (949) 760-1121 Email: jgarfinkle@buchalter.com jgurule@buchalter.com About Neopharma Neopharma Inc. and Neopharma Tennessee, LLC, manufacturers of pharmaceutical and medicinal products, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Lead Case No. 20-52015) on Dec. 22, 2020. At the time of the filing, the Debtors disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Shelley D. Rucker oversees the cases. Hunter, Smith & Davis, LLP is the Debtors' bankruptcy counsel. On Jan. 13, 2021, the U.S. Trustee for Region 8 appointed an official committee of unsecured creditors . The committee tapped Buchalter, P.C. as its lead bankruptcy counsel and Woolf, McClane, Bright, Allen & Carpenter, PLLC as its Tennessee counsel. NEOPHARMA INC: Committee Hires Woolf McClane as Tennessee Counsel ----------------------------------------------------------------- The official committee of unsecured creditors of Neopharma, Inc. and Neopharma Tennessee LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to retain Woolf, McClane, Bright, Allen & Carpenter, PLLC as its Tennessee counsel. The firm's services will include: (a) attending the meetings of the committee; (b) reviewing financial and operational information furnished by the Debtors to the committee; (c) analyzing and negotiating the budget and the terms and use of the Debtors' cash collateral arrangement; (d) assisting in the Debtors' efforts to market and sell their assets in a manner that maximizes value for creditors; (e) assisting the committee in negotiations with the Debtors and other parties in interest on any proposed bankruptcy plan or exit strategy for the Debtors' Chapter 11 cases; (f) conferring with the Debtors' management, counsel, financial advisor and any other retained professional; (g) conferring with the principals, counsel and advisors of the Debtors' lenders and equity holders; (h) reviewing the Debtors' schedules, statements of financial affairs and business plan; (i) advising the committee as to the ramifications regarding all of the Debtors' activities and motions before the court; (j) reviewing and analyzing the Debtors' financial advisors' work product and reporting to the committee; (k) investigating and analyzing certain of the Debtors' pre-bankruptcy conduct, transactions and transfers; (l) providing the committee with legal advice in relation to the cases; (m) preparing pleadings; and (n) other legal services for the committee as may be necessary or proper in the Debtors' bankruptcy proceedings. The firm's services will be provided mainly by Gregory Logue, Esq., who will be paid at the rate of $295 per hour. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Loque disclosed that: -- Woolf McClane 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; -- Woolf McClane has not represented the committee in the 12 months prior to the Debtors' bankruptcy filing; and -- the committee and its counsel are currently formulating a budget and staffing plan. The firm can be reached through: Gregory C. Logue, Esq. Woolf, McClane, Bright, Allen & Carpenter, PLLC 900 S Gay St. Knoxville, TN 37902 Phone: +1 865-215-1000 About Neopharma Neopharma Inc. and Neopharma Tennessee, LLC, manufacturers of pharmaceutical and medicinal products, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Lead Case No. 20-52015) on Dec. 22, 2020. At the time of the filing, the Debtors disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Shelley D. Rucker oversees the cases. Hunter, Smith & Davis, LLP is the Debtors' bankruptcy counsel. On Jan. 13, 2021, the U.S. Trustee for Region 8 appointed an official committee of unsecured creditors . The committee tapped Buchalter, P.C. as its lead bankruptcy counsel and Woolf, McClane, Bright, Allen & Carpenter, PLLC as its Tennessee counsel. NEOPHARMA INC: Committee Seeks Approval to Hire Financial Advisor ----------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Neopharma, Inc. and Neopharma Tennessee LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Province LLC as financial advisor. Province will render these services: (a) Assist in the analysis, review, and monitoring of the restructuring process; (b) Develop a complete understanding of the Debtors' businesses and their valuations; (c) Determine whether there are (i) viable alternative paths for the disposition of the Debtors' assets from those being currently proposed by the Debtors and (ii) viable alternative sources of DIP financing apart from that currently proposed by the Debtors; (d) Monitor and assist the Debtors in efforts to develop and solicit transactions which would support unsecured creditor recovery; (e) Identify, value and pursue estate causes of action; (f) Address claims against the Debtors to identify, preserve, value, and monetize tax assets of the Debtors; (g) Advise the committee in negotiations with the Debtors and third parties; (h) Review the Debtors' financial reports; (i) Review and provide analysis of any proposed disclosure statement and Chapter 11 plan, and if appropriate assist the committee in developing an alternative Chapter 11 plan; (j) Attend meetings and assist in discussions with the committee, the Debtors, the secured lenders, the U.S. Trustee, and other parties-in-interest and professionals; (k) Present at meetings of the committee, as well as meetings with other key stakeholders and parties; (l) Provide testimony on behalf of the committee as and when may be deemed appropriate; and (m) Perform such other advisory services as may be necessary in these proceedings. Province's standard hourly rates are: 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 - $430 Paraprofessionals $185 In addition, Province will seek reimbursement for out-of-pocket expenses. Edward Kim, a managing director at Province, 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: Edward Kim Province LLC 2360 Corporate Circle, Suite 330 Henderson, NV 89074 Telephone: (702) 685-5555 Email: ekim@provincefirm.com About Neopharma Inc. Neopharma Inc. and Neopharma Tennessee, LLC, manufacturers of pharmaceutical and medicinal products, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Lead Case No. 20-52015) on Dec. 22, 2020. At the time of the filing, the Debtors disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Shelley D. Rucker oversees the cases. The Debtors tapped Hunter, Smith & Davis, LLP as their counsel and Province LLC as financial advisor. NOBLE HOLDING: Says Units Have Emerged From Chapter 11 ------------------------------------------------------ Noble Holding Corporation plc ("Noble UK") announced that on February 5, 2021 it successfully completed its financial restructuring and its debtor-affiliates have emerged from Chapter 11 with a new parent company organized under the laws of the Cayman Islands named Noble Corporation ("Noble" or "the Company"). As a result of the financial restructuring, Noble will have a substantially delevered balance sheet with less than $400 million of debt and liquidity of approximately $600 million. Noble's new capital structure will include a new $675 million revolving credit facility, of which $178 million is currently drawn, and $216 million of second lien notes. At emergence, Noble UK's ordinary shares were cancelled and shares of the Company were issued to Noble UK's former bondholders. Certain former bondholders and former equity holders of Noble UK were also issued warrants to purchase shares of the Company. The Company intends to pursue listing on a national securities exchange following emergence. Noble emerges with a high-spec fleet of 19 rigs, balanced across jackups and floaters. The fleet is one of the youngest in the industry, with an average age of 7 years. Noble's contract backlog is currently over $1.5 billion and we continue to deliver strong safety performance, setting several company safety records during 2020. The Company remains committed to safely and efficiently serving the needs of its customers globally. "We are pleased to have completed our restructuring process and to emerge with renewed balance sheet strength and strategic flexibility," said Robert Eifler, President and Chief Executive Officer. "On behalf of the Company, I would like to personally thank our customers, vendors, lenders, bondholders and board of directors, for their support throughout this process. In particular, I also would like to thank our employees who remained focused and delivered operational excellence throughout our restructuring, despite the challenges presented by the ongoing pandemic. The combination of this strong financial foundation with our industry-leading high-spec focused fleet, world class employees and deep customer relationships will position us to take advantage of growth opportunities ahead." The following individuals have been appointed to the Company's board of directors: Patrick J. Bartels Jr., Robert W. Eifler, Alan J. Hirshberg, Ann D. Pickard, Charles M. (Chuck) Sledge and Melanie M. Trent. Mr. Sledge was also appointed to serve as Chairman of the Board. Commenting on the new board, Mr. Eifler continued: "We are extremely pleased to have such an experienced board of directors that will help Noble navigate the industry challenges ahead and execute on our strategic priorities. We look forward to getting to work with them immediately." Additional details of the Company's restructuring transactions including the new revolving credit facility, the new second lien notes, as well as the new common stock and warrants can be found in the Company's prior filings with the SEC, and in a Current Report on Form 8-K to be filed with the SEC. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Noble UK was represented in the restructuring by Skadden, Arps, Slate, Meagher & Flom LLP, Evercore, AlixPartners LLP, Porter Hedges LLP, and EPIQ Restructuring Services LLC. About Noble Holding Corporation Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile and technically advanced fleets in the offshore drilling industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 19 offshore drilling units, consisting of 7 drillships and semisubmersibles and 12 jackups, focused largely on ultra-deepwater and high-specification jackup drilling opportunities in both established and emerging regions worldwide. Noble is a public limited company registered in England and Wales with company number 08354954 and registered office at 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT. Additional information on Noble is available at www.noblecorp.com. On July 31, 2020, Noble Corporation and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-33826). Richard B. Barker, chief financial officer, signed the petitions. The Debtors disclosed total assets of $7,261,099,000 and total liabilities of $4,664,567,000 as of March 31, 2020. Judge Marvin Isgur oversees the cases. The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP and Porter Hedges LLP as legal counsel; Smyser Kaplan & Veselka, L.L.P., McAughan Deaver PLLC, and Baker Botts L.L.P. as special counsel; AlixPartners, LLP as financial advisor; and Evercore Group LLC as investment banker. Epiq Corporate Restructuring, LLC is the claims and noticing agent. In November 2020, Noble Corporation plc changed its name to Noble Holding Corporation plc to allow the ultimate parent company that emerges from the Chapter 11 reorganization to use the name "Noble Corporation plc." NORTHERN OIL: Proposes $500-Mil. Private Offering of Senior Notes ----------------------------------------------------------------- Northern Oil and Gas, Inc. intends to offer for sale in a private placement under Rule 144A and Regulation S of the Securities Exchange Act of 1933, as amended, to eligible purchasers, $500.0 million in aggregate principal amount of new senior notes due 2028. The Company intends to use the net proceeds from the Offering to (i) fund a portion of the cash purchase price for the Company's recently announced pending acquisition of certain non-operated natural gas assets in the Appalachian Basin from Reliance Marcellus LLC, (ii) repay a portion of the outstanding borrowings under its revolving credit facility, (iii) repurchase or redeem all of its outstanding 8.50% Senior Secured Second Lien Notes due 2023, (iv) repay in full its outstanding senior unsecured promissory note due 2022, and (v) pay all accrued and unpaid interest due in connection with such repurchases, repayments and redemptions and all related premiums and transaction expenses. The Company intends to use any remaining net proceeds for general corporate purposes, which may include further repayment of a portion of the outstanding borrowings under its revolving credit facility. The consummation of the Offering is not conditioned upon the completion of the Reliance Acquisition, and the consummation of the Offering is not a condition to the completion of the Reliance Acquisition. The New Notes to be offered will not be registered under the Securities Act or under any state or other securities laws, and the New Notes will be issued pursuant to an exemption therefrom, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. Person, absent registration or an applicable exemption from registration requirements. The New Notes are being offered only to persons who are either reasonably believed to be "qualified institutional buyers" under Rule 144A or who are non-"U.S. persons" under Regulation S as defined under applicable securities laws. About Northern Oil Northern Oil and Gas, Inc. -- http://www.northernoil.com-- is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties, primarily in the Bakken and Three Forks formations within the Williston Basin in North Dakota and Montana. Northern Oil recorded a net loss of $76.32 million for the year ended Dec. 31, 2019. As of Sept. 30, 2020, the Company had $1.02 billion in total assets, $1.11 billion in total liabilities, and a total stockholders' deficit of $83.73 million. * * * As reported by the TCR on Dec. 11, 2020, S&P Global Ratings raised its issuer credit rating on Northern Oil and Gas Inc. to 'CCC+' from 'SD' (selective default). S&P said, "We expect capital expenditures will remain subdued over the next 12 months. Because of the company's nonoperating business model, its production levels are highly dependent on the capital spending allocation decisions of its partners in the Williston Basin. Many operators in the region are slowing capex to preserve cash flows or shifting capex to more profitable areas, which may reduce the company's ability to grow production. OAKVIEW CROSSING: March 23 Hearing on Disclosure Statement ---------------------------------------------------------- Judge James P. Smith will consider approval of the Proposed Disclosure Statement of Oakview Crossing of Hartwell, LLC, on March 23, 2021, at 11:00 a.m., in U.S. Courtroom, U.S. Post Office Building, 115 E. Hancock Avenue, Athens, Georgia, and any objections or modifications to the debtor's Proposed Disclosure Statement. Written objections to the Disclosure Statement may be filed and served on or before March 15, 2021. As reported in the Troubled Company Reporter, Oakview Crossing of Hartwell filed a Chapter 11 Small Business Plan of Reorganization and a Disclosure Statement on Jan. 4, 2021. The Debtor owns a properly located at Hart County, Georgia. The Plan is a plan of liquidation and provides for the distribution of the proceeds from Debtor's liquidation of its assets. Under the Plan, holders of first priority claims in Class 1A totaling $1,221,885 and second priority claims in Class 1B totaling $973,525 will be paid in full, including interest at the contract rate, upon the sale of the Debtor's real property. The holder of third priority secured claim in the amount of $1,458,143 will recover only 28% of its claim and will be paid from funds remaining after satisfying Classes 1A and 1B. Holders of general unsecured claims in Class 3 in the amount of $653,843 will receive payment of their claims in full on the Effective Date of the Plan, without interest. A full-text copy of the Disclosure Statement dated Jan. 4, 2021, is available at https://bit.ly/396Dcs8 from PacerMonitor.com at no charge. About Oakview Crossing of Hartwell Oakview Crossing of Hartwell, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). It owns a single tract of real property consisting of 39.88 acres of land in Hart County, Ga. Oakview Crossing of Hartwell filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 20-30720) on Oct. 4, 2020. C. William Kidd, the Debtor's manager, signed the petition. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge James P. Smith oversees the case. Kelley & Clements, LLP, serves as the Debtor's legal counsel. PACIFIC ALLIANCE: Class 4B Interests Get 0% to 50% -------------------------------------------------- Pacific Alliance Corporation filed an Amended Plan of Reorganization and a Disclosure Statement on Jan. 29, 2021. The Plan provides for the Debtor to pursue recovery from a party that the Debtor believes owes significant amounts to the Debtor. While one secured creditor will be paid in full on a compromised claim and an initial distribution will be made under the Plan to the other secured creditor and administrative expense and priority claimants, most creditors and equity holders will receive distributions from recoveries. The Amended Plan of Reorganization discusses the alterations made to the estimated recovery for Class 4B (Series B) Interest Holders where Allowed Class 4B Interests will receive 0% to 50%. Each holder of an Allowed Class 4B Interest will receive, in full satisfaction of its Class 4B Interest, payment of cash from the New Litigation Proceeds Fund in an amount equal to the holder's percentage interest in an amount of up to $2,593,945 (the "Class 4B Distribution Amount") after Classes 1A, 1B, 3A, 3B, and 4A (Series A Interests) are satisfied in full and/or adequate provision is made for satisfaction in full of such Claims and Interests, without interest. In the event that any Class 4B Interests are disallowed, the Class 4B percentage interests of Class 4B Interests will be adjusted for distribution. Class 4B Interests are impaired and entitled to vote on the Plan. The prior iteration of the Plan shows that Class 4B Interest Holders will recover 0% to 30%. Initially, approximately $260,000 of the funds from the North Caroline Settlement Funds will be distributed to holders of Allowed Class 1A and 1B Claims, Allowed Administrative Expense, and Priority Claims. The remaining funds from the North Carolina Settlement Funds will be deposited into the New Litigation Costs Fund or into retainers of professionals and experts engaged to represent the Debtor and/or Reorganized Debtor, reserved to complete the first layer of New Litigation brought by the Debtor or Reorganized Debtor, including a retainer in favor of Parr Prown and experts in the amount of $130,000 less amounts it is paid for services on the New Litigation during the Bankruptcy Case. If the Debtor or Reorganized Debtor obtains judgement against Menscer or others, the Debtor or Reorganized Debtor will pursue collection of such judgment or judgments. The Amended Plan of Reorganization does not alter the proposed treatment for unsecured creditors: * After satisfaction in full or adequate provision for satisfaction in full of all Allowed Administrative Expense Claims, Allowed Priority Claims, and Allowed Secured Claims, each holder of an Allowed Class 3A Unsecured Claim will receive from the New Litigation Proceeds Fund, payment up to in full of its Allowed Class 3A Claim, without interest. In the event that the amounts remaining in the New Litigation Proceeds Fund after Allowed Administrative Expense Claims, Allowed Priority Claims, and Allowed Secured Claims are satisfied in full and/or adequate provision is made for satisfaction in full of such Claims, are insufficient to satisfy Class 3A Claims in full, each holder of a Class 3A Unsecured Claim will receive its pro rata portion of amounts from amounts remaining in the New Litigation Proceeds Fund. Class 3A is impaired by the Plan. It is estimated that Allowed Class 3A Claims will total $34,000 and will recover 100%. * Each holder of an Allowed Class 3B Insider Unsecured Claim will receive from the New Litigation Proceeds Fund payment up to in full of its Allowed Class 3B Claim, without interest. In the event that the amounts remaining in the New Litigation Proceeds Fund after Allowed Administrative Expense Claims, Allowed Priority Claims, and Allowed Secured Claims are satisfied in full and/or adequate provision is made for satisfaction in full of such Claims, are insufficient to satisfy Class 3A Claims in full, each holder of a Class 3A Unsecured Claim will receive its pro rata portion of amounts from amounts remaining in the New Litigation Proceeds Fund. Class 3B is impaired by the Plan. It is estimated that Allowed Class 3A Claims will total $2,700,000 and will recover 25% to 100%. The funds required for confirmation and performance of the Plan will be provided from existing funds from the North Carolina Settlement and further litigation the Debtor has brought and will continue or will bring. The Debtor projects that the litigation it intends to pursue will result in the recovery of between $1,000,000 and $8,500,000 or more. A full-text copy of the Amended Plan of Reorganization dated Jan. 29, 2021, is available at https://bit.ly/3rztplP from PacerMonitor.com at no charge. Attorneys for Pacific Alliance: DENTONS DURHAM JONES PINEGAR P.C. Kenneth L. Cannon II Penrod W. Keith 111 South Main Street, Suite 2400 P.O. Box 4050 Salt Lake City, UT 84110-4050 About Pacific Alliance Pacific Alliance Corporation is the holding company for Superior Filtration Products, LLC, and Star Leasing Inc. Superior is in the business of retail residential and commercial/industrial air filter frame and housing manufacturing for the clean air industry. Star Leasing is in the trucking industry and is a general commodity carrier. Based in North Salt Lake, Utah, Pacific Alliance filed a Chapter 11 petition (Bankr. D. Utah Case No. 17-28911) on Oct. 12, 2017. The petition was signed by Steven K. Clark, its president. At the time of filing, the Debtor disclosed $2.80 million in assets and $3.38 million in liabilities. The Hon. Kimball R. Mosier is the case judge. Kenneth L. Cannon, II, Esq., at Durham Jones & Pinegar, P.C., represents the Debtor. PAUL F. ROST: Unsecured Tax Claimants' Recovery Hiked to 10% ------------------------------------------------------------ Paul F. Rost Electric, Inc., d/b/a Rost Electric, Inc., submitted an Amended Disclosure Statement to accompany Amended Plan dated January 29, 2021. The Amended Disclosure Statement discusses the stipulation entered by the Debtor and its tax creditors as approved by the Court on Jan. 14, 2021, which provides for monthly payment to them of their secured claims in full over a 72-month period on a pro-rata basis, based upon the agreed value of the building at $300,000 in its present condition. The remainder of their claims will be treated as unsecured and they will receive a 10% dividend of their respective claims, pro-rata, with payments made every three months until the secured portion of the claims are paid in full. Class 4 consists of Unsecured Tax Claimants. All prepetition tax claimants will receive a 10% dividend on behalf of their allowed, unsecured claims distributed pro-rata among the three claimants, beginning on the last business day of the third (month following Effective Date and continuing thereafter on or before the last business day of each following three-month period until the 24th and final payment is made seventy-one months after the initial payment. No interest shall be paid on unsecured claims. Class 4 is impaired under the Plan. Class 6 consists of Equity Security Claimants. Equity Security Claimants shall not receive any distribution under the Plan, but shall retain their interest in the reorganized Debtor, in consideration of value provided by the Equity Security Holder to the Debtor to effectuate the Plan. Class 6 is impaired under the Plan. The Debtor's plan provides for payment to secured creditors for the full value of the building over a 72-month period. Creditor claims that are not secured by the property at confirmation will be treated as unsecured. The Debtor's Plan provides for a 10% dividend payment to all allowed unsecured claims. In a liquidation, unsecured creditors would receive no distribution. Payment for the first round of refurbishment of the building will be provided by Richard E. Rost. It is anticipated that post-renovation, the procurement of a tenant or sale of the property will provide income to make payments under the Plan. In the event that Debtor's business does not provide sufficient income to pay creditors under the Plan, the Debtor's owner, Mr. Richard E. Rost agrees to make the required payments. A full-text copy of the Amended Disclosure Statement dated Jan. 29, 2021, is available at https://bit.ly/3tCvH5F from PacerMonitor.com at no charge. About Paul F. Rost Electric Paul F. Rost Electric, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 20-20344) on Jan. 30, 2020. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $500,001 and $1 million. Judge Jeffery A. Deller oversees the case. Dennis J. Spyra & Associates is the Debtor's legal counsel. PERSONAL FOOT CARE: Wins Cash Collateral Access on Final Basis -------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Alabama, Northern Division, has authorized Personal Foot Care, PC to use cash collateral on a final basis and provide adequate protection to FC Market Place, LLC. The Debtor is authorized to use Cash Collateral, subject to the terms and conditions set forth in the Final Order, for the payment of expenses in the ordinary course of business. As adequate protection for the Debtor's use of cash collateral, FC Market Place is granted a replacement lien with the same validity and priority as FC Market Place's prepetition lien, only to the extent that the prepetition lien is decreased by the Debtor's use of the Cash Collateral, without the need for FC Market Place to file or execute any document as may otherwise be required under applicable non-bankruptcy law. The Debtor will also provide adequate protection to the Internal Revenue Service in the form of cash payments against the IRS' secured claim in the amount of $500.00 per month, due and payable by the 5th day of each month, with payments due through confirmation of the Debtor's plan of reorganization. The automatic stay provisions of Section 362 of the Bankruptcy Coe are modified, lifted and terminated as to FC Market Place and the IRS only to the extent necessary to implement the provisions of the Final Order. A copy of the order is available at https://bit.ly/2LrUtUC from PacerMonitor.com. About Personal Foot Care PC Personal Foot Care, PC, a medical group practice located in Prattville, Ala., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 20-32351) on Nov. 16, 2020. Dr. Brian Zagar, owner, signed the petition. At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $100,001 and $500,000. Judge Bess M. Parrish Creswell oversees the case. The Debtor tapped The Bush Law Firm, LLC and Kim Miers CPA as its legal counsel and accountant, respectively. PITBULL REALTY: BG Lumber and Kabbage Loan Claims Allowed --------------------------------------------------------- Judge Michael A. Fagone of the United States Bankruptcy Court for the District of New Hampshire overruled Pitbull Realty Group Inc.'s objections to the scheduled claims of Boulia-Gorrell Lumber and Kabbage Loan. Neither BG Lumber nor Kabbage Loan filed a proof of claim in the case. Instead Pitbull Realty scheduled BG Lumber as an unsecured creditor with a claim of $1,287.13 and Kabbage Loan as an unsecured creditor with a claim of $34,341.30. Pitbull Realty did not schedule either claim as contingent, unliquidated, or disputed. In Pitbull Realty's Chapter 11 Plan, the claims were listed as scheduled and disputed "Class 8 General Unsecured Claims." After the plan's confirmation, the Debtor filed the BG Lumber Objection and Kabbage Objection, asserting that the claims should be disallowed in their entirety based on each creditors' failure to file a proof of claim. The creditors did not file responses. During a hearing on November 10, 2020, the Court questioned Pitbull Realty about its failure to schedule the claims as disputed prior to filing its plan and the merits of the claims. While the Debtor conceded that it had no objections on the merits, it reasoned that the claims should be disallowed because the creditors did not contest the objections or the plan's treatment of their respective claims. Judge Fagone held that "the Debtor's objections are based solely on the creditors' failure to file proofs of claim in the case, as opposed to the merits of the claims under section 502(b). Because the Debtor did not schedule Boulia-Gorrell Lumber and Kabbage Loan's respective claims as disputed, contingent, or unliquidated, they were not obligated to file a proof of claim unless they disagreed with the scheduled claim amount or its character.... In the circumstances of this case, interposing objections to claims in the chapter 11 plan does not have the effect the Debtor desires. Disallowance of the scheduled claims — for no other reason than the creditors' failure to respond to baseless objections — would be neither consistent with the Code and the Rules nor fundamentally fair." The case is In re: Pitbull Realty Group Inc., Debtor, Case No. 19-10923-MAF (Bankr. D.N.H.). A full-text copy of the Memorandum Opinion and Order Overruling Claim Objections, dated February 3, 2021, is available at https://tinyurl.com/1dqrquse from Leagle.com Pitbull Realty Group Inc. is represented by: Eleanor Wm. Dahar, Esq. VICTOR W. DAHAR, P.A. 20 Merrimack Street Manchester, NH 03101 Telephone: 603-622-6595 Email: edahar@att.net About Pitbull Realty Group Pitbull Realty Group, Inc., is a limited liability company engaged in single asset real estate, with principal place of business at 373 South Willow Street, Manchester, New Hampshire. Pitbull Realty Group Inc. sought Chapter 11 protection (Bankr. D.N.H. Case No. 19-10923) on June 28, 2019. The Debtor was estimated to have less than $1 million in assets and/or liabilities. The Debtor hired Victor W. Dahar, P.A., as attorney. PPD INC: Moody's Completes Review, Retains Ba3 CFR -------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of PPD, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 1, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations PPD's Ba3 Corporate Family Rating is supported by its significant scale, breadth of services and strong reputation as one of the largest contract research organizations (CROs) globally. Strong demand for its services and a significant revenue backlog, support Moody's expectation for high single-digit earnings growth and cash flow over the next several years. The rating also reflects the risks inherent in the CRO industry, which is highly competitive, has high reliance on the pharmaceutical industry, and is subject to cancellation risk. The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. PPV INC: Sale Closes; Deals Reached With Creditors -------------------------------------------------- PPV, Inc., and Bravo Environmental NW, Inc., filed a Second Amended Chapter 11 Plan of Reorganization and a corresponding Disclosure Statement on Feb. 3, 2021, to update on recent developments in the case. Under the Plan, the total payout to the unsecured creditors is projected to be approximately $1,629,457 based on the allowed claims. The Debtors estimate that the percentage distribution to unsecured claims will be a combined 100% on such claims. The majority of Unsecured claims will be paid in a lump sum, tied to the sale of the Debtors' assets and confirmation of the Plan. Recent Developments On Nov. 25, 2020, PWW Portland, LLC and PPV entered into an Asset Purchase Agreement. No competing bids were received, and the sale was approved at the hearing on Dec. 30, 2020. After entry of the order approving the sale on January 7, 2021, PPV and PWW closed the sale on Jan. 13, 2021, which marked the end of PPV's operations. PPV received the agreed purchase price that day with the exception of the agreed holdback amount of $1,000,000, which is to be paid to PPV upon turnover of certain vehicle titles. As the PPV sale has now closed, PPV will not have any ongoing operations post-confirmation. Joseph Thuney remains president of PPV, and James Thuney remains CEO of PPV. Bravo, post-confirmation, will remain a wholly-owned subsidiary of PPV. In addition to the officers of PPV, Bravo management is as follows: J.R. LeSure (President) and Jordan Johnson (Vice President of Operations). The Debtors and Bellridge Capital, LP, reached a settlement of the Bellridge Adversary, which was noticed on Jan. 4, 2021, to all creditors. The settlement provides for broad releases of the Debtors, Bellridge, and their respective officers, directors, and equity holders in exchange for payment to Bellridge of $1,400,000 from the proceeds of the PPV Sale in full satisfaction of Bellridge's claim and liens. As of the filing of this Disclosure Statement, no objections have been lodged to the proposed settlement, and the Debtors anticipate that the settlement will be approved by the Court. The Debtors and Leonite Capital LLC reached a settlement of the Leonite Adversary, which was noticed on Jan. 7, 2021, to all creditors. The settlement provides for broad releases of the Debtors, Leonite, and their respective officers, directors, and equity holders in exchange for payment to Bellridge of $635,000 from the proceeds of the PPV Sale in full satisfaction of Bellridge's claim and liens. As of the filing of this Disclosure Statement, no objections have been lodged to the proposed settlement, and the Debtors anticipate that the settlement will be approved by the Court. A full-text copy of the Second Amended Joint Disclosure Statement dated Feb. 3, 2021, is available at https://bit.ly/2N6y8g0 from PacerMonitor.com at no charge. the Debtors' attorneys: Douglas R. Ricks VANDEN BOS & CHAPMAN, LLP 319 SW Washington St., Ste. 520 Portland, OR 97204 Tel: 503-241-4861 Fax: 503-241-3731 About PPV, Inc. PPV, Inc. -- https://www.ppvnw.com/ -- is a waste management services provider in Portland, Oregon. The company offers industrial cleaning, recycling, treatment, and technical waste management services. PPV, Inc., filed a petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Lead Case No. 19-34517) on Dec. 10, 2019. In the petition signed by Joseph J. Thuney, president, the Debtor was estimated to have between $1 million and $10 million in both assets and liabilities. Douglas R. Ricks, Esq. at Vanden Bos & Chapman, LLP, is the Debtor's counsel. Affiliate Bravo Environmental NW, Inc., also filed for Chapter 11 bankruptcy (Bankr. D. Ore. Case 19-34518) on Dec. 10, 2019. The cases are jointly administered before the Honorable David W. Hercher. No creditors' committee has been appointed in this case. PRECISION MEDICINE: Moody's Completes Review, Retains B2 CFR ------------------------------------------------------------ Moody's Investors Service has completed a periodic review of the ratings of Precision Medicine Group, LLC and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 1, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations PMG's B2 Corporate Family Rating is constrained by its small size relative to peers and its relatively high financial leverage. The rating also reflects the risks inherent in the CRO industry, which is highly competitive, has high reliance on the pharmaceutical industry, and is subject to cancellation risk. While smaller than most CRO rated peers, PMG's rating is supported by its niche service offering, focused on earlier-stage clinical development that utilizes biomarkers. Business diversity is good with strong demand drivers in both contract research and commercialization services. The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. PREMIERE JEWELLERY: Trustee's Sale of East Providence Property OK'd ------------------------------------------------------------------- Judge James L. Garrity, Jr., of the U.S. Bankruptcy Court for the Southern District of New York authorize the proposed private sale by Marjorie Kaufman, the trustee appointed in the Chapter 11 cases of Premiere Jewellery, Inc. and its affiliates, of the real property located at 360 Narragansett Park Drive, in East Providence, Rhode Island, to pursuant to RJ Kelly Acquisition, LLC for $2.575 million, cash, on the terms of their Purchase and Sale Agreement, dated as of Dec. 7, 2020. The terms and conditions of the Sale are approved in all respects pursuant to sections 105(a) and 363 of the Bankruptcy Code and Bankruptcy Rules 2002 and 6004. The sale is free and clear of all liens, claims and encumbrances. Simultaneously with or as soon as practicable following the closing of the Sale, the Trustee is authorized to remit the proceeds of the Sale in accordance with and subject to the terms and conditions of the Lender Stipulation, in full satisfaction and release of the Lender's mortgages on the Real Property. The stay required by Bankruptcy Rule 6004(h) is waived. 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 Debtors as legal counsel. On July 17, 2020, the court approved the U.S. trustee's appointment of Marjorie E. Kaufman as Debtors' Chapter 11 trustee. Ms. Kaufman has tapped Klestadt Winters Jureller Southard & Stevens, LLP as her legal counsel, Getzler Henrich & Associates LLC as financial advisor, and DaHui Lawyers as special counsel. PROAMPAC PG: Moody's Affirms B3 CFR Following Incremental Issuance ------------------------------------------------------------------ Moody's Investors Service affirmed the B2 ratings on ProAmpac PG Borrower LLC's 1st lien senior secured revolving credit facility expiring 2025 and 1st lien senior secured term loan due 2025. Moody's also affirmed ProAmpac's B3 Corporate Family Rating and B3-PD Probability of Default Rating. The outlook is stable. On February 4, 2021, ProAmpac announced the company was upsizing its existing 1st lien senior secured revolving credit facility to $250 million from $200 million and issuing an incremental $380 million add-on to its existing 1st lien senior secured term loan. The proceeds of the incremental term loan will be used to fund acquisitions and repay the portion of the term loans maturing 2023. Moody's will withdraw the rating on the portion of the term loan that will be repaid at the close of the transaction. The affirmation of the B3 CFR reflects Moody's expectation that leverage will decline to 6.5x by the end of 2021 from 7.8x at September 30, 2020 pro forma for the proposed debt financed acquisitions. The company is expected to benefit from higher margin new business, the positive impact of a post pandemic recovery on its industrial end markets and completed and ongoing cost cutting initiatives. ProAmpac is also expected to benefit from synergies and good liquidity and has no near-term maturities. The proposed acquisitions all have high exposure to food end markets which is also expected to benefit the company. Free cash flow to debt is expected to remain good, at in excess of 2.0% by the end of 2021, and the company should benefit from the use of NOLs to reduce taxes. Additionally, ProAmpac is expected to have full availability under the proposed upsized $250 million revolver and significant cushion under the covenants at the close of the transaction. The stable outlook reflects Moody's expectation of a significant improvement in credit metrics from higher margin new business, completed cost cutting initiatives and the dedication of free cash flow to debt reduction. Affirmations: Issuer: ProAmpac PG Borrower LLC Corporate Family Rating, Affirmed B3 Probability of Default Rating, Affirmed B3-PD Gtd. Senior Secured 1st Lien Revolving Credit Facility, Affirmed B2 (LGD3) Gtd. Senior Secured 1st Lien Term Loan, Affirmed B2 (LGD3) Outlook Actions: Issuer: ProAmpac PG Borrower LLC Outlook, Remains Stable The ratings are subject to the receipt and review of the final documentation. RATINGS RATIONALE Weaknesses in ProAmpac's credit profile include high leverage, an aggressive financial policy and a lack of long-term customer contracts for 50% of the business (lowers switching costs for customers). Average lags on the raw material cost pass-throughs are 60-90 days, which leaves the company exposed to changes in volumes before increases in costs can be passed through. ProAmpac also has some exposure to cyclical end markets including retail, office and industrial (23% of revenue). Strengths in the company's credit profile include a high percentage of sales in relatively stable end markets including food and beverage, lawn and garden, e-commerce, and healthcare (77% of sales). ProAmpac has long term relationships with customers including many blue-chip names, which provides some stability to revenues. The company's continued focus on higher margin products and stable end markets is expected to drive growth and margin improvement over the long-term. Governance risks are heightened given ProAmpac's private equity ownership, which carries the risk of an aggressive financial policy, which could include additional debt funded acquisitions or dividends. The proposed transaction includes multiple debt financed acquisitions. Additionally, the company has undertaken multiple debt financed acquisitions, a debt financed dividend and repurchased shares from departing managers with free cash flow under the current sponsor. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be downgraded if ProAmpac fails to achieve the significant improvement in credit metrics projected or if management fails to use free cash flow to pay down debt. Additional debt financed acquisitions or any deterioration in liquidity could also prompt a downgrade. Specifically, the rating could be downgraded if: Total adjusted debt to EBITDA does not decline below 6.5 times EBITDA to interest coverage is below 2.0 times Free cash flow to debt is below 2.5% An upgrade would also be dependent upon a significant improvement in credit metrics, less aggressive financial policies and the maintenance of good liquidity. Specifically, the ratings could be upgraded if: Total adjusted debt to EBITDA is below 5.75 times EBITDA to interest coverage is above 3.0 times Free cash flow to debt is above 3.5% The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers Methodology published in September 2020. Headquartered in Cincinnati, Ohio, ProAmpac PG Borrower LLC is a manufacturer of flexible plastic packaging products serving customers primarily in the food, retail, healthcare and industrial end markets. Approximately 93% of sales are generated in North America and 7% internationally. Primary raw materials are resin (LDPE, HDPE, polypropylene, PET), paper, foil, film and fabric. Pro forma sales for the twelve months ended September 30, 2020 totaled approximately $1.6 billion. ProAmpac is majority owned and controlled by PPC Partners. QUANTUM CORP: Closes $103.5-Mil. Public Offering of Common Stock ---------------------------------------------------------------- Quantum Corporation announced the closing of its underwritten public offering of 15,109,489 shares of its common stock, which includes the full exercise of the underwriters' option to purchase 1,970,803 additional shares of common stock, at a public offering price of $6.85 per share. All of the shares in the offering were sold by Quantum. The gross proceeds to Quantum from the offering, before deducting the underwriting discounts and commissions and other offering expenses, were approximately $103.5 million. Quantum intends to use all of the net proceeds of the offering to repay a portion of the indebtedness under its senior secured term loan. B. Riley Securities, Inc. and Oppenheimer & Co. Inc. are acting as joint book-running managers for the offering. Lake Street Capital Markets, LLC, Craig-Hallum Capital Group LLC and Northland Capital Markets are acting as co-managers for the offering. The shares of common stock in the public offering were issued by Quantum pursuant to a shelf registration statement (File No. 333-250976) previously filed with and declared effective by the Securities and Exchange Commission. The offering was made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. Copies of the final prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and may be obtained by contacting: B. Riley Securities, Inc., Attention: Prospectus Department, 1300 North 17th Street, Suite 1300, Arlington, Virginia 22209, or by telephone at 703-312-9580 or by email at prospectuses@brileyfin.com or Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, New York 10004, by telephone at 212-667-8055, or by email at EquityProspectus@opco.com. About Quantum Corp. Based in San Jose, California, Quantum Corp. (NYSE:QTM) -- http://www.quantum.com-- provides technology and services that stores and manages video and video-like data delivering the industry's top streaming performance for video and rich media applications, along with low cost, high density massive-scale data protection and archive systems. The Company helps customers capture, create and share digital data and preserve and protect it for decades. Quantum Corporation reported a net loss of $5.21 million for the year ended March 31, 2020, a net loss of $42.80 million for the year ended March 31, 2019, and a net loss of $43.35 million for the year ended March 31, 2018. As of Dec. 31, 2020, the Company had $185.78 million in total assets, $379.76 million in total liabilities, and a total stockholders' deficit of $193.97 million. R. EDGE CONTRACTING: Seeks Approval to Tap Bankruptcy Counsel ------------------------------------------------------------- R. Edge Contracting, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Michael A. Koplen, Esq., an attorney practicing in New York, to handle its Chapter 11 case. Mr. Koplen will render these legal services: (a) analyze the Debtor's financial situation; (b) assist in the Debtor's decision to seek bankruptcy protection; (c) prepare and file legal documents; and (d) represent the Debtor at creditors' meeting in bankruptcy court. Mr. Koplen will be paid at his hourly rate of $500. Associate attorneys and paralegals will be billed at $300 and $195, respectively. The attorney requests an initial retainer payment of $17,500. The attorney can be reached at: Michael A. Koplen, Esq. Koplen Law Firm 14 S. Main Street New City, NY 10956 Telephone: (845) 623-7070 Facsimile: (845) 215-0144 Email: Atty@KoplenLawFirm.com About R. Edge Contracting R. Edge Contracting, LLC is in the business of electric power generation, transmission and distribution. R. Edge Contracting filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22015) on Jan. 13, 2021. Richard Contrata, Jr., president, signed the petition. At the time of the filing, the Debtor disclosed total assets of $2,625,422 and total liabilities of $4,034,151. Judge Robert D. Drain oversees the case. Michael A. Koplen, Esq. serves as the Debtor's legal counsel. RENNOVA HEALTH: Has 209.5M Common Stock Outstanding as of Feb. 3 ---------------------------------------------------------------- As a result of conversions of shares of Series N Convertible Redeemable Preferred Stock of Rennova Health, Inc., as of Feb. 3, 2021 the Company had 209,531,679 shares of common stock and 27,590.4 shares of Series N Preferred Stock issued and outstanding. About Rennova Health Rennova Health, Inc. -- http://www.rennovahealth.com/-- operates three rural hospitals in Tennessee and provides diagnostics and supportive software solutions to healthcare providers. Rennova Health reported a net loss to common shareholders of $171.9 million for the year ended Dec. 31, 2019, compared to a net loss to common shareholders of $245.87 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $15.09 million in total assets, $55.63 million in total liabilities, and a total stockholders' deficit of $40.54 million. Haynie & Company, in Salt Lake City, Utah, the Company's auditor since 2018, issued a "going concern" qualification in its report dated June 25, 2020, citing that the Company has recognized recurring losses, negative cash flows from operations, and currently has minimal revenue producing activities. This raises substantial doubt about the Company's ability to continue as a going concern. RENOVATE AMERICA: Committee Seeks to Hire Conflicts Counsel ----------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Renovate America, Inc. and Personal Energy Finance, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Potter Anderson & Corroon LLP as its conflicts counsel. Potter Anderson will render these legal services: (a) advise the committee with respect to legal disputes in which conflicts of interest prevent representation by Troutman Pepper; and (b) negotiate, draft, and pursue all litigation and documentation necessary in conjunction with such legal disputes. The current standard hourly rates charged by Potter Anderson professionals and paraprofessionals to be primarily staffed on this matter are as follows: Partners $715 – $745 Counsel $600 Associates $400 – $495 Paraprofessionals $290 In addition, Potter Anderson will seek reimbursement for expenses incurred. Potter Anderson also provided the following in response to the request for additional information set forth in Paragraph D.1. of the Revised U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: Potter Anderson did not represent the Committee in the 12 months prepetition. Potter Anderson may represent in the future certain Committee members and/or their affiliates in their capacities as members of official committees in other chapter 11 cases or individually in matters wholly unrelated to these Chapter 11 Cases. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Potter Anderson expects to develop a budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Potter Anderson reserves all rights. The Committee has approved Potter Anderson's proposed hourly billing rates. Jeremy Ryan, a member at Potter Anderson & Corroon, 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: Jeremy W. Ryan, Esq. R. Stephen McNeill, Esq. Joseph D. Farris, Esq. Potter Anderson & Corroon LLP 1313 N. Market Street, 6th Floor Wilmington, DE 19801-3700 Telephone: (302) 984-6000 Facsimile: (302) 658-1192 Email: jryan@potteranderson.com rmcneill@potteranderson.com jfarris@potteranderson.com About Renovate America Renovate America provides home improvement financing through its industry-leading home financing product, Benji. It offers a proprietary technology platform that helps Americans improve their homes while giving contractors the tools they need to grow their business. In addition to offering intuitive financing options, Renovate America offers education, training and mentoring to contractor teams in the field. On the Web: http://www.renovateamerica.com/ Renovate America and two affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-13173) on Dec. 21, 2020. Renovate America 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 Debtors tapped Bryan Cave Leighton Paisner LLP and Culhane Meadows, PLLC as their bankruptcy counsel, Armanino LLP as financial advisor, and GlassRatner Advisory & Capital Group, LLC as restructuring advisor. Stretto is the claims agent. On Jan. 4, 2021, the United States Trustee appointed the official committee of unsecured creditors pursuant to section 1102(a) of the Bankruptcy Code. The committee tapped Troutman Pepper Hamilton Sanders LLP as its legal counsel and Potter Anderson & Corroon LLP as conflicts counsel. ROBERT ALLEN: $25K Sale of Pocatello Property to C&E Approved ------------------------------------------------------------- Judge Joseph M. Meier of the U.S. Bankruptcy Court for the District of Idaho authorized Robert Allen Auto Group, Inc.'s sale of the real property commonly known as Lot N. 5th1, in Pocatello, Bannock County, Idaho, to C&E Building, LLC for $25,000, cash. Nissan Motor Acceptance Corp.'s lien will attach to proceeds from the sale of the property that is the subject of the Sale Motion. All the net proceeds from the closings after payment of real property taxes, commissions and standard costs of sale will be held by the title company pending further agreement between the Debtor and Nissan. About Robert Allen Auto Group Robert Allen Auto Group, Inc., is a dealer of automobiles based in Pocatello, Idaho. Robert Allen Auto Group filed a Chapter 11 petition (Bankr. D. Idaho Case No. 20-40163) on March 2, 2020. In the petition signed by Robert Allen, president, the Debtor disclosed $4,312,279 in assets and $2,097,927 in liabilities. Steven L. Taggart, Esq., at MAYNES TAGGART PLLC, serves as bankruptcy counsel to the Debtor. On July 2, 2020, the Court appointed Shawn Perry as real estate agent for the estate. ROBERT D. SPARKS: $604K Sale of Most of Hawkins-Ellison Place OK'd ------------------------------------------------------------------ Judge Robert L. Jones of the U.S. Bankruptcy Court for the Northern District of Texas authorized Robert Dial Sparks' sale of most, but not quite all, of the Hawkins Ellison Place, to Pat Ware and wife, Donna Ware, for $604,000, cash. A hearing on the Motion was held on Jan. 27, 2020, at 1:30 p.m. The Property is described as: All of the NW/4 of Section 3, Block "A," Capitol Syndicate Subdivision, Parmer County, Texas; All of the E/2 of Section 14, Block "A," Capitol Syndicate Subdivision, Parmer County, Texas; and All of the NW/4 of Section 18, Block "A," Capitol Syndicate Subdivision, Parmer County, Texas. From the $604,000 sales price, there will be deducted therefrom the cost of an Owner's Policy of Title Insurance and the usual and customary closing costs, the sale to be free and clear of liens with the net proceeds to be distributed to Mr. Sparks and deposited by him in the separate DIP account into which the sales proceeds from prior sales have been deposited, said proceeds to be disbursed only after Motion to and Order by the Court. Robert Dial Sparks sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 20-50079) on May 1, 2020. The Debtor tapped Byrn R. Bass, Jr., Esq., as counsel. RONALD WARD KOMERS: Selling Murrieta Residential Property for $1.2M ------------------------------------------------------------------- Ronald Ward Komers asks the U.S. Bankruptcy Court for the Central District of California to authorize the sale of his residential real property located at 21100 Via Los Laureles, in Murrieta, California, to Gabrielle Sulc and Chad Vrany for $1.2 million, subject to overbid. A hearing on the Motion is set for March 2, 2021, at 1:30 p.m. Any response or opposition to the Motion must be filed with the Court and served on the Debtor's counsel, the Office of the U.S. Trustee, and all parties in interest, at least 14-days prior to the scheduled hearing date on the Motion (not excluding Saturdays, Sundays or legal holidays). The Debtor is a retired Ventura County employee. He and his wife own and desire to sell the Subject Property and use the net proceeds to assist in funding his Chapter 11 Plan of Reorganization. Wilmington Trust, National Association, not in its individual capacity but solely as trustee for Sequoia Mortgage Trust 2018-CH1, as serviced by NewRez LLC, doing business as Shellpoint Mortgage Servicing, holds the first deed of trust on the Subject Property in the amount of approximately $604,414 (per POC No. 11). Wescom holds the second deed of trust on the Subject Property in the amount of approximately $247,281 (per POC No. 5). Riverside County Tax Collector holds tax lien on the Subject Property in the amount of approximately $4,246 (per POC No. 8). On May 28, 2020, Wilmington/Shellpoint filed a Motion for Relief from the Automatic Stay under 11 U.S.C. Section 362 and the Debtor filed his Objection thereto on Sept. 8, 2020. The parties ultimately resolved the Wilmington/Shellpoint Motion for Relief via written agreement ("Wilmington/Shellpoint APO") which was approved by the Court on Sept. 21, 2020. The substantive terms of the Wilmington/Shellpoint APO are: a. Adequate Protection payments in the amount of $4,084 are to be made to Movant for six months, until the Property is sold or until the case is confirmed, converted, or dismisses. b. Loan to be paid off in full pursuant to a sale of the Property within six months from the date of entry of the Order (March 21, 2021), with relief being granted without any further order from the Court if payment is not made by the six-month deadline. Through the Motion, the Debtor proposed to sell the Subject Property. After extensive negotiations between the parties, the Buyers, individuals that are unrelated to the Debtor, accepted the Debtor's counteroffer to purchase the Property for $1.2 million. The complete Residential Purchase Agreement has beed executed by the parties. By way of summary, the principal terms of agreement are: a. Purchase price is $1.2 million; b. The Buyers will deposit an initial deposit of $33,000; c. The Buyers will deposit a down-payment of $242,000; d. The Buyers will finance the remaining amount of $925,000; e. Escrow is to close within 42 days from acceptance (Jan. 21, 2021 to March 4, 2021) but is subject to prior Court approval of the sale. Therefore, the "Proposed Closing Date" will be the later of 24-hours from entry of the order approving the Motion, or March 4, 2021. As set forth in the Listing Agreement, Barabara Walker will be compensated 5% of the purchase price of the Property or will share in the commission with a prospective buyer's agent/broker (2.5% each). The Buyers are represented by a real estate agent, Jason Friedman. The Debtor and Ms. Walker believe that the Buyers' offer is the best offer that will be received for the purchase of this property and the Debtor has therefore chosen to accept it. The proposed sale will produce funds to pay the following (to be paid directly by escrow) ($230,791 in total): a. Broker commission (5%) - $60,000 b. Other estimated closing costs (including but not limited to escrow and title charges, government recording and transfer charges, etc.) [approx. 2%] - $24,000 c. Wilmington/Shellpoint [first deed of trust] (approx. amount) - $604,414 d. Wescom [second deed of trust] (approx. amount) - $247,281 e. Riverside County [tax lien] (approx. amount) - $4,246 f. California FTB – real estate withholding Form 593 - $24,393 g. U.S. Trustee fee - $4,875 The Debtor will deposit the net proceeds of the sale into his DIP general bank account for the benefit of the estate and all creditors. The Debtor proposes the following overbidding procedures: (1) The initial overbid must be at least $15,000 more than the initial bid of $1.2 million. The overbid must be on substantially the same terms as set forth in the complete Residential Purchase Agreement (Exhibit A). (2) Overbid increments will be $5,000 after the initial overbid. (3) Escrow is to close by the later of 24-hours from entry of the order approving the Motion, or March 4, 2021. (4) Any successful overbidder must be able to close by the Proposed Closing Date. (5) Any party wishing to overbid on the Subject Property during the hearing on the Motion must contact the Debtor's counsel at least 72-hours prior to the hearing and provide evidence of available financial resources such as funds on hand and/or proof of ability to finance up to the overbidder's maximum bid to the Debtor's reasonable satisfaction. (6) Any overbidder wishing to overbid on the Property during the hearing must also submit, before the time of the hearing, a deposit for the purchase of the Property, by cashier's check or other cash equivalent in the amount of at least $10,000 made payable to "Resnik Hayes Moradi LLP Client Trust Account." The successful overbidder's deposit will be applied towards the purchase of the Property and will not be refunded in the event the overbidder cannot successfully close escrow pursuant to the terms of the sale as proscribed. (7) If an agent/broker brings a prospective bidder who is ultimately the successful bidder and to whom the sale is approved, that agent/broker will share in the commission with Broker; the total commission will not exceed 5% (2.5% even split between them), on the terms set forth in the Listing Agreement. The Debtor has an agreement with Wilmington/Shellpoint to payoff its loan by March 21, 2021. The sale will consummate the agreement. Furthermore, the sale will pay in full the other liens on the Subject Property. Hence, the sale will be free and clear of all liens, claims, and interests. Finally, under the circumstances, the Debtor asks the Court to waive the 14-day stay of Bankruptcy Rule 6004(h) to permit him to proceed with the close of escrow on the sale as soon as possible. A copy of the Agreement is available at https://tinyurl.com/12ck2lsn from PacerMonitor.com free of charge. Ronald Ward Komers sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 20-11096) on Feb. 12, 2020. On June 12, 2020, the Court appointed Barbara Walker as Real Estate Broker. SAN LUIS & RIO: Trustee Taps D'Almeida as Financial Consultant -------------------------------------------------------------- William A. Brandt, Jr., the appointed trustee in the Chapter 11 case of San Luis & Rio Grande Railroad, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ D'Almeida Consulting, LLC as financial consultant and expert. D'Almeida will render these services: (a) analyze and advise the trustee on issues and matters relating to Big Shoulders Capital, LLC's asserted claims against the estate in the U.S. Bankruptcy Court for the District of Colorado, Case No. 2020-01104; and (b) prepare reports and provide testimony in a deposition or at trial as may be necessary. Jaime D'Almeida shall be primarily responsible for providing services to the trustee. His time will be charged at the hourly rate of $710. The rates of other D'Almeida Consulting professionals are as follows: Principal $710 Senior Vice President $590 Manager $405 Senior Analyst $280 Analyst $250 Research Assistant $115 In addition, D'Almeida will seek reimbursement for expenses incurred. Jaime D'Almeida 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: Jaime D'Almeida D'Almeida Consulting, LLC 156 Hamilton Street Cambridge, MA 02139 About San Luis & Rio Grande Railroad San Luis & Rio Grande Railroad, Inc., operates the San Luis & Rio Grande Railroad. On Oct. 16, 2019, an involuntary Chapter 11 petition was filed against San Luis & Rio Grande Railroad by creditors, Ralco LLC, South Middle Creek Road Association and The San Luis Central Railroad Co. (Bankr. D. Colo. Case No. 19-18905). The petitioning creditors are represented by Brownstein Hyatt Farber Schrec and Graves Dougherty Hearon & Moody. Judge Thomas B. McNamara oversees the case. Williams A. Brandt Jr. was appointed as Chapter 11 trustee for San Luis & Rio Grande Railroad. The trustee tapped Markus Williams Young & Hunsicker LLC as legal counsel and D'Almeida Consulting, LLC as financial consultant and expert. SAVE ON COST: Seeks Approval to Hire Raymond H. Aver as Counsel --------------------------------------------------------------- Save On Cost Manufacturing, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Law Offices of Raymond H. Aver, a Professional Corporation, as general insolvency counsel. The firm will render these legal services: (a) represent the Debtor at its initial Debtor interview; (b) represent the Debtor at its meeting of creditors pursuant to Bankruptcy Code Section 341(a), or any continuance thereof; (c) represent the Debtor at all hearings before the bankruptcy court; (d) prepare legal papers; (e) advise the Debtor regarding matters of bankruptcy law; (f) represent the Debtor with regard to all contested matters; (g) represent the Debtor in the preparation of a disclosure statement and the negotiation, preparation, and implementation of a plan of reorganization; (h) analyze any secured, priority, or general unsecured claims that have been filed in the Debtor's bankruptcy case; (i) negotiate with the Debtor's secured and unsecured creditors regarding the amount and payment of their claims; (j) object to claims as may be appropriate; and (k) perform all other legal services as may be necessary. The firm's hourly rates are as follows: Raymond H. Aver, Shareholder $545 Ani Minasyan, Paraprofessional $195 In addition, the firm will seek reimbursement for expenses incurred. Raymond Aver, Esq., 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: Raymond H. Aver, Esq. Law Offices of Raymond H. Aver A Professional Corporation 10801 National Boulevard, Suite 100 Los Angeles, CA 90064 Telephone: (310) 571-3511 Email: ray@averlaw.com About Save On Cost Manufacturing Save on Cost Manufacturing, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-10057) on Jan. 5, 2021. Jae Sung Kwak, co-manager, signed the petition. At the time of filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Barry Russell oversees the case. Law Offices of Raymond H. Aver, A Professional Corporation, serves as the Debtor's counsel. SEADRILL GCC: Sapura Says JV in Brazil Not Affected by Filings -------------------------------------------------------------- Sapura Energy Berhad ("SEB") released a statement Feb. 9, 2021, to clarify that its joint venture with Seadrill, namely Sapura Navegacao Maritima SA ("SNM"), is not impacted by the recent Chapter 11 cases filed by several Seadrill subsidiaries operating in Asia. In a clarification to Bursa Malaysia, SEB states the Chapter 11 filing by Seadrill does not involve SNM or entities related to the corporate structure of the joint venture. SEB stressed that the filing has no financial impact on SEB's business plans and financial strength. SNM is the only joint venture between Sapura Energy and Seadrill. Headquartered in Rio de Janeiro, SNM is one of the leading subsea services operators in the Brazilian market, with a fleet of submarine service vessels providing support, installation and flexible pipe laying expertise to clients in the region. The company has a workforce of more than a thousand professionals from 21 different nationalities. SEB's clarification was in response to a media report linking Seadrill's Chapter 11 filing of its Asian units to the Brazil-based SNM. SEB also explained that the filing has no effect on its contracts with Petrobras, which forms the main revenue for SNM; and does not trigger any cross default for the joint venture's business financing. About Seadrill Ltd. Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) -- http://www.seapdrill.com/-- is a deepwater drilling contractor providing drilling services to the oil and gas industry. As of March 31, 2018, it had a fleet of over 35 offshore drilling units that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up rigs. On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection after reaching terms of a reorganization plan that would restructure $8 billion of funded debt. It emerged from bankruptcy in July 2018. Demand for exploration and drilling has fallen further during the COVID-19 pandemic as oil firms seek to preserve cash, idling more rigs and leading to additional overcapacity among companies serving the industry. In June 2020, Seadrill wrote down the value of its rigs by $1.2 billion and said it planned to scrap 10 rigs. Seadrill said it was in talks with lenders on a restructuring of its $5.7 billion bank debt. Seadrill Partners LLC, a limited liability company formed by deep-water drilling contractor Seadrill Ltd. to own, operate and acquire offshore drilling rigs, along with its affiliates, sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on Dec. 1, 2020, after its parent company swept one of its bank accounts to pay disputed management fees. Mohsin Y. Meghji signed the petitions. On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2 Limited, and Asia Offshore Rig 3 Limited -- Asian Debtors -- sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 21-30385). Grant Creed signed the petitions. Seadrill GCC estimated $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Kirkland & Ellis LLP is counsel for the Asian Debtors. The law firm of Jackson Walker L.L.P. is co-bankruptcy counsel. The law firm of Slaughter and May, the law firm of Conyers Dill & Pearman Limited, and the law firm of Advokatfirmaet Thommessen AS, each serves as co-corporate counsel. Houlihan Lokey, Inc., is the financial advisor. Alvarez & Marsal North America, LLC, is the restructuring advisor. Prime Clerk LLC is the claims agent. SECUR O&G: To Seek Confirmation of 2% Plan on March 17 ------------------------------------------------------ Judge McKay Mignault has entered an order that Secur O& G LLC is authorized to distribute the Amended Small Business Chapter 11 Plan to creditors, and to solicit creditors' votes on the Amended Small Business Chapter 11 Plan. A hearing will be held at 1:30 p.m. on March 17, 2021, via telephone conference* to consider and act upon confirmation of the Amended Chapter 11 Plan and any objection thereto timely filed with the Court. The deadline to file and serve any written objection to confirmation of the Amended Chapter 11 Plan, and ballots accepting or rejecting the Amended Chapter 11 Plan is Feb. 26, 2021. The Debtor filed on Jan. 21, 2021, an Amended Plan of Reorganization under Subchapter V, Chapter 11 of the Bankruptcy Code that proposes to pay credits from the sale of the Debtor's operations and future recovery of accounts. The Plan provides for one class of secured claims, no class of priority unsecured claims, and one class of general unsecured claims. Unsecured creditors holding allowed claims will receive distributions, valued at $0.2 on the dollar if the anticipated purchaser of the assets performs the environmental cleanup. A copy of the Amended Small Business Plan dated Jan. 21, 2021, is available at https://bit.ly/36StIAg About Secur O&G LLC Secur O&G LLC offers liquid and solid waste processing and disposal services for the oil and gas industry. In early 2018, the board of SECUR, LPT, LLC decided to build an oil and gas waste processing facility for both solid and liquid waste. Given the expertise that LPT had in handling, transporting and disposing of low-level radioactive waste, the board thought it was a natural fit to deal with liquid and solid waste that contained NORM and TENORM. The board identified a site in West Virginia, formed SECUR O&G and began building the facility in Spring 2018. Secur O&G LLC filed a Chapter 11 petition (Bankr. S.D.W.V. Case No. 20-60053) on May 29, 2020. In the petition signed by Tim Wegener, manager, the Debtor disclosed $458,421 in total assets and $5,568,876 in total liabilities. The Hon. Frank W. Volk is the case judge. PEPPER AND NASON, led by Andrew S. Nason, William W. Pepper, Daniel Lattanzi, and Emmett Pepper, is the Debtor's counsel. SEISENBACHER INC: Seeks to Hire Nixon Peabody as Legal Counsel -------------------------------------------------------------- Seisenbacher Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire Nixon Peabody, LLP as its legal counsel. The firms's services include: a. advising the Debtor with respect to its powers and duties in the continued operation of its businesses; b. advising the Debtor with respect to all general bankruptcy matters; c. preparing legal papers; d. representing the Debtor at court hearings; e. prosecuting and defending litigated matters that may arise during the Debtor's Chapter 11 case; f. preparing and filing the disclosure statement and negotiating, presenting, and implementing a plan of reorganization; g. negotiating appropriate transactions and preparing any necessary documentation related thereto; h. representing the Debtor on matters relating to the assumption or rejection of executory contracts and unexpired leases; i. advising the Debtor with respect to general corporate, securities, real estate, litigation, environmental, labor, regulatory, tax, healthcare, and other legal matters which may arise during the pendency of the case; and j. other legal services that are necessary for the efficient and economic administration of the case. The attorneys who are likely to handle the cases have standard hourly rates ranging from $650 to $700. Paralegals charge between $300 and $600 per hour. Christopher Desiderio, Esq., at Nixon Peabody, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. Nixon Peabody can be reached through: Christopher M. Desiderio, Esq. Nixon Peabody, LLP 55 West 46th Street New York, NY 10036 Tel: (212) 940-3000 Fax: (212) 940-3111 Email: cdesiderio@nixonpeabody.com About Seisenbacher Rochester, New York-based Seisenbacher Inc. manufactured various interior components for passenger railway car manufacturers before shutting operations and selling its inventory and equipment. Seisenbacher filed a Chapter 11 petition (Bankr. W.D.N.Y. Case No. 21-20022) on Jan. 19, 2021. In the petition signed by CEO Andrew Callahan, the Debtor disclosed total assets of $490,058 and total liabilities of $2,070,585. Nixon Peabody LLP, led by Christopher Desiderio, Esq., is the Debtor's legal counsel. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. SIRGOLD INC: Unsecured Creditors to Get 15% to 20% in Trustee Plan ------------------------------------------------------------------ Salvatore LaMonica, as Chapter 11 Trustee of the estate of Sirgold, Inc., submitted a Chapter 11 Plan of Liquidation and a Disclosure Statement on Feb. 3, 2021. Since his appointment, the Trustee has been liquidating the assets of the Debtor, including its inventory of diamonds, as well as certain real properties in New York and New Jersey. The inventory of diamonds was sold at auction for $21,500. The real property located in New York was sold at auction for $1,060,000. The real property located in New Jersey was sold at auction for $110,000. Additionally, the Trustee has commenced 37 causes of action against third parties for turnover of accounts receivable, preferences, and fraudulent conveyances. Due to these efforts, the Trustee currently has $1,319,264 available for distribution to creditors. Under the Plan, Class 1 General Unsecured Claims totaling $2.2 million will each receive, after payment of administrative claims and allowed priority tax claims, its respective pro-rata distribution up to the amount of its respective allowed claim. Class 1 is impaired. Class 2 Interests will only receive pro-rata distributions under the Plan and/or the Liquidating Trust, in the event that all senior classes of allowed claims have been paid in full. Class 2 is impaired. Distributions under the Plan will be funded from the monies held by the Trustee, totaling $1,318,937, in addition to any recoveries made from the outstanding causes of action. Initial distributions made under the Plan and the Liquidating Trust are expected to occur within three months of the Effective Date, although this time may be extended by the Trustee or Liquidating Trustee. The distribution for Class 1 Claims is expected to be in a range of 15% to 20%, presuming the Trustee and/or Liquidating Trustee is successful with his claim objections. There may be additional recovery from the causes of action, which will be pursued on a contingency fee basis, plus expenses. A full-text copy of the Disclosure Statement dated Feb. 3, 2021, is available at https://bit.ly/3cXxdcJ from PacerMonitor.com at no charge. Attorneys for Chapter 11 Trustee Salvatore LaMonica: Gary F. Herbst, Esq. Cristina M. Lipan, Esq. LAMONICA HERBST & MANISCALCO, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, New York 11793 Tel: (516) 826-6500 About Sirgold Inc. An involuntary petition was filed on Oct. 21, 2016, against Sirgold, Inc. by petitioning creditors, B.H.C. Diamonds (USA) Inc., Diacurve USA LLC, and JKS Diamond Inc. for relief under Chapter 7 of the Bankruptcy Cose. The case was converted to a Chapter 11 case (Bankr. S.D.N.Y. Case No. 16-12963) on Nov. 17, 2016. The case is assigned to Judge Shelley C. Chapman. Gary M. Kushner, Esq. and Scott D. Simon, Esq., at Goetz Fitzpatrick LLP, serve as bankruptcy counsel to the Debtor. On Dec. 8, 2016, the Office of the U.S. Trustee formed an official committee of unsecured creditors. The committee is represented by Pick & Zabicki, LLP. Citrin Cooperman & Company LLP serves as its accountant. On Jan. 27, 2017, the U.S. Trustee appointed Salvatore LaMonica, Esq. as the Chapter 11 Trustee. The Trustee tapped his firm, LaMonica Herbst & Maniscalco, LLP, as counsel in the case. SKYFUEL INC: Plan Confirmation Hearing Starts March 10 ------------------------------------------------------ Judge Joseph G. Rosania, Jr., has entered an order approving the Disclosure Statement of Skyfuel, Inc., on an interim basis and allowing the Disclosure Statement to be used in connection with soliciting votes to accept or reject the Plan. The Court will hold a telephonic preliminary hearing to consider final approval of the Disclosure Statement and confirmation of the Plan on March 10, 2021, at 10:00 a.m. (Prevailing Mountain Time). The Court will reserve March 17, 2021, to conduct an evidentiary hearing by Zoom video conference if necessary. The deadline to submit votes on the Plan and objections to confirmation of the Plan is March 5, 2021, at 5:00 p.m. (Prevailing Mountain Time). The Debtor must file a ballot tabulation report no later than 5:00 p.m. (Prevailing Mountain Time) on March 8, 2021. As reported in the Troubled Company Reporter, Skyfuel filed a Plan of Reorganization and a Disclosure Statement on Jan. 29, 2021. The Plan provides for a sale of the equity interests of the Debtor to Zhongxn Kaidi Electric Power Engineering Co., Ltd f/k/a China Kaidi Electric Power Engineering Co., Ltd., and/or its assignee for $2,100,000, and the payment of Allowed Claims from the proceeds of the sale. The Plan provides for payment in cash by the Debtor in one or more tranches to holders of Allowed General Unsecured Claims on a pro-rata basis, with the first installment of not less than 75% of each Allowed General Unsecured Claim to be made on the Effective Date or as soon as practicable thereafter, and the second installment, if any, which shall consist of the remainder of the Proceeds up to the full amount of each Allowed General Unsecured Claim, to be paid by the 180th day after the Effective Date or as soon as practicable thereafter, not to exceed one year from the Effective Date. The General Unsecured Claims Class is estimated to recover 75% to 100% of its Allowed Claims. A full-text copy of the Disclosure Statement dated Jan. 29, 2021, is available at https://bit.ly/39UqC0E from PacerMonitor.com at no charge. About Skyfuel Inc. Founded in 2007, Skyfuel, Inc. -- http://www.skyfuel.com/-- designs, manufactures and deploys complete solar field solutions featuring the SkyTrough and SkyTroughDSP parabolic trough concentrating solar collectors. SkyFuel is the solar thermal technology arm of the Sunshine Kaidi New Energy Group Co., Ltd. (Kaidi), a multi-billion dollar energy company based in Wuhan, China. An involuntary Chapter 11 petition for relief against SkyFuel, Inc. (Bankr. D. Colo. Case No. 19-12400) was filed on March 29, 2019. The court entered an order for relief on April 23, 2019. The Debtor is represented by Akerman LLP. SOUTHERN MANAGEMENT: Seeks to Hire eXp Realty as Broker ------------------------------------------------------- Southern Management Asset Services LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ eXp Realty, LLC as its broker and Brian Wilson as its listing agent. The Debtor requires a broker to market and sell its property located at 321 Belle Plains Road, Fredericksburg, Va. The firm will receive a 3 percent commission on the sale price. It intends to offer a cooperating commission to any selling agent of 2.5 percent and retain a commission of 0.5 percent but with a minimum payment to the firm of $2,500. The firm received a $500 up-front fee. Neither Mr. Wilson nor eXp Realty is a creditor of the estate or an interested party in the Debtor's Chapter 11 proceeding, according to court filings. The firm can be reached through: Brian Wilson eXp Realty, LLC 20130 Lakeview Center Plaza Suite 400 Ashburn, VA 20147 Phone: (703) 774-7465 Email: brian@thehybridagent.com About Southern Management Asset Services Southern Management Asset Services, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 20-12627) on Dec. 2, 2020. At the time of filing, the Debtor estimated $500,001 to $1 million in assets and 50,001 to $100,000 in liabilities. Judge Brian F. Kenney oversees the case. The Debtor is represented by John P. Forest, II, Esq. SPANISH BROADCASTING: Moody's Assigns B3 CFR, Rates New Notes B3 ---------------------------------------------------------------- Moody's Investors Service assigned Spanish Broadcasting System, Inc. a B3 Corporate Family Rating, B3-PD Probability of Default Rating, and a B3 rating to the proposed $310 million senior secured notes due 2026. The outlook is stable. Net proceeds from the transaction and a portion of cash on the balance sheet will be used to repay $250 million of existing outstanding debt and make up to a $68 million cash payment as part of an agreement to extinguish outstanding preferred equity. Spanish Broadcasting will also issue shares of its Class A Common Stock to preferred shareholders as part of the agreement. The transaction extends Spanish Broadcasting's debt maturity, reduces legal and advisory fees, and resolves the event of default under the prior debt indenture and preferred equity agreement, as well as related litigation. As a result, Spanish Broadcasting will be able to focus on operating the business and recovering from the decline in radio advertising revenue due to the impact of the pandemic. The notes and the note guarantees will be secured on a first-priority basis by a security interest in certain existing and future tangible and intangible assets, except for excluded assets. Spanish Broadcasting's subsidiaries based in Puerto Rico will be non-guarantor subsidiaries and accounted for approximately 15% of revenue during the LTM ending Q3 2020. Assignments: Issuer: Spanish Broadcasting System, Inc. Senior Secured Regular Bond/Debenture, Assigned B3 (LGD4) Corporate Family Rating, Assigned B3 Probability of Default Rating, Assigned B3-PD Outlook Actions: Issuer: Spanish Broadcasting System, Inc. Outlook, Changed To Stable From Rating Withdrawn RATINGS RATIONALE Spanish Broadcasting's B3 CFR reflects high pro forma leverage (7.8x as of Q3 2020 excluding Moody's standard lease adjustments) as well as Moody's expectation that leverage will increase further in the near term due to the impact of the coronavirus outbreak, but will begin to improve as the economy recovers from the pandemic. The radio industry is also being negatively affected by the shift of advertising dollars to digital mobile and social media as well as heightened competition for listeners from a number of digital music providers. Secular pressures and the cyclical nature of radio advertising demand have the potential to exert substantial pressure on EBITDA performance in the radio segment over time. Spanish Broadcasting is also small in size with revenue of $128 million LTM as of Q3 2020 and radio operations are located in six markets with concentrated exposure to New York, Los Angeles, Miami, and Puerto Rico. Notwithstanding Spanish Broadcastings small size, the company has developed strong market positions with leading stations in most of the markets that it operates with good EBITDA margins historically. Demographic trends are projected to support audience and advertising demand due to the strong growth of the Hispanic population in the US. Moody's also expects Spanish Broadcasting will continue to seek cost savings in the near term to help offset a portion of the impact from the economic disruption caused by the pandemic. Spanish Broadcasting is projected to benefit from growth in its relatively small TV business with increased carriage agreements, the AIRE radio network, and digital interactive services including the LaMusica radio app and streaming site. Moody's expects the live events business will continue to be disrupted by the pandemic in the near term, but will contribute to growth after the impact of the pandemic abates. The coronavirus outbreak, the government measures put in place to contain it, and the weak global economic outlook continue to disrupt economies and credit markets across sectors and regions. Moody's analysis has considered the effect on the performance of advertising revenue from the current weak US economic activity and a gradual recovery for the coming months. Although an economic recovery is underway, it is tenuous and its continuation will be closely tied to containment of the virus. As a result, the degree of uncertainty around our forecasts is unusually high. Moody's regards the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety. A governance consideration that Moody's considers in Spanish Broadcasting's credit profile is its high leverage level, but the company is expected to pursue a more moderate financial strategy going forward. Chairman of the Board of Directors, Chief Executive Officer and President, Raul Alarcon currently owns a 43% economic interest and 85% voting interest in the company, and will remain a controlling shareholder post the transaction. Spanish Broadcasting was previously a publicly listed company but deregistered the company's common stock in July 2020. Moody's expects Spanish Broadcasting will maintain an adequate liquidity position, supported by an undrawn $15 million revolving credit facility (not rated by Moody's). There is approximately $14 million of pro forma cash on the balance sheet as of Q3 2020 and Moody's expects a relatively modest amount of available cash at closing. Free cash flow (FCF) was slightly negative (-$1.9 million YTD as of Q3 2020) and benefited from a $6.5 million Paycheck Protection Program (PPP) loan in April 2020 which is expected to be forgiven pending approval from the Small Business Administration. Moody's expects FCF will turn modestly positive in 2021 and benefit from a recovery in radio advertising revenue as well as from lower legal and advisory fees. Capex is expected to be less than $5 million a year and cash taxes are projected to be in the high single digits going forward as the company will have limited availability to offset future cash taxes with NOLs. Spanish Broadcasting's secured note will not be subject to a financial maintenance covenant. The new revolver is expected to be subject to a maximum net leverage and minimum fixed charge coverage ratio when availability on the revolver is less than $7.5 million. The stable outlook reflects Moody's view that Spanish Broadcasting will continue to experience declines in revenues and EBITDA through Q1 2021 due to the impact of the coronavirus outbreak on the economy and radio advertising revenue, but improve on a year over year (yoy) basis beginning in Q2 2021 as trough quarters from 2020 begin to roll off. The radio industry is expected to start to recover in 2021 and Spanish Broadcasting is projected to benefit from its Spanish language format but the company will see reduced high margin political revenue during a non-election year. Spanish Broadcasting will also face higher expenses in 2021 compared to last year as the benefits of the expected PPP loan forgiveness on EBITDA roll off, but Moody's projects leverage will decline to the low 7x range by the end of 2021 and to the low 6x range by the end of 2022. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be downgraded if leverage is projected to be sustained above 7x for an extended period. Continuing negative free cash flow generation or a weakened liquidity position would also result in a downgrade. An upgrade is not expected in the near term due to the impact of the coronavirus and high projected leverage levels. However, ratings could be upgraded if Spanish Broadcasting's leverage decreased well below 5.5x, with positive organic revenue growth and stable EBITDA margins. A free cash flow to debt ratio above 5% and maintenance of a strong liquidity position would also be required. Spanish Broadcasting System, Inc. owns and operates 17 radio stations in addition to TV operations, the AIRE radio network, digital interactive services, and live events focused on Spanish language content. The company's station portfolio is located in 6 markets, with major contributions to revenue from New York, Los Angeles, Miami, and Puerto Rico. Chairman of the Board of Directors, Chief Executive Officer and President, Raúl Alarcón has voting control of the company via a dual-class share structure. Spanish Broadcasting generated approximately $128 million as of LTM Q3 2020. The principal methodology used in these ratings was Media Industry published in June 2017. STANFORD JONES: ServisFirst Says Supplements Still Inadequate ------------------------------------------------------------- ServisFirst Bank submitted its renewed objection to its previously filed objections to the first supplement, second supplement and third supplement to Stanford, Jones & Loyless, LLC's Amended Disclosure Statement and Plan Summary. Despite filing the supplements, ServisFirst avers that the Debtor continues to fail in providing "adequate information" in its Disclosure Statement as required by, inter alia, Secs. 1125 and 1126 of the Bankruptcy Code. ServisFirst also joins in each and every applicable argument set forth in the Bankruptcy Administrator's objection to Disclosure Statement. The Disclosure Statement received by ServisFirst via U.S. Mail did not contain any of the Exhibits referenced in the Disclosure Statement. Therefore, as a threshold matter, any creditors in receipt of the Disclosure Statement would have no ability to assess the Debtor's Disclosure Statement in full. Clearly, the failure to include these Exhibits with the Disclosure Statement fails to provide adequate information. The "Liquidation Analysis" provides the amounts due by the Debtor as set forth in the proofs of claim filed by both Southpoint Bank and ServisFirst. ServisFirst's obligations continues to accrue interest at a per diem amount of $126.81, plus attorneys' fees and costs incurred by ServisFirst in the instant case, which are likely no less than $25,000. Accordingly, the total indebtedness owed to ServisFirst as of Feb. 3, 2021, is no less than $467,602, notwithstanding any increase in the obligations owed by the Debtor to Southpoint. Therefore, the Liquidation Analysis is not accurate as ServisFirst's loan balance will continue to accrue interest and fees as this case progresses, up to the value of ServisFirst's secured claim. ServisFirst points out that the Debtor's Feasibility Analysis to the Disclosure Statement likewise fails to provide adequate information. The Debtor has failed in any respect to account or reserve for monthly expenses relating to (i) maintenance and repair expenses, (ii) necessary capital improvements, (iii) business license and municipal taxes and assessments, (iv) pest control services, and (v) professional services such as accounting. The Debtor relies upon rent monthly payments made by three entities -- Fergus Media, LLC for $2,500, American Interactive Marketing, LLC, for $1,500, and D2design, LLC, for $1,500, respectively. ServisFirst asserts that the financial information for Fergus, AIM, and D2 should be provided in the Disclosure Statement as "adequate information" for an informed investor to make a credit underwriting decision on the ability to pay future rents. According to ServisFirst, in the Disclosure Statement, the Debtor provides that Robert F. Stanford, Sr., is the sole member of AIM and owns no less than 75% of D2. However, Stanford is involved in his own chapter 11 case before the Court without a confirmed plan. In addition, the Debtor has failed and/or refused to provide evidence of such ownership as evidenced by a company/ operating agreement or membership roster. While potentially an objection to the Debtor's Proposed Plan of Reorganization rather than the Disclosure Statement, ServisFirst objects to Part VI, 6.3(C)(2) regarding timing for repayment of ServisFirst's claim. Specifically, the Disclosure Statement asserts that continued adequate protection payments be provided to ServisFirst until or unless ServisFirst's claim is liquidated in case numbers 19-01844 in which American Printing Company, Inc. ("APC") is the debtor and 19-01846 in which Robert & Frances Stanford are debtors. Such liquidation is unnecessary as the new money portion of the APC DIP Loan was secured byServisFirst's mortgage on the Cobb Lane Property and remains outstanding and unpaid. This oversight fails to fulfill the requirements of "adequate information". Counsel of ServisFirst Bank: Brian R. Walding WALDING, LLC 2227 First Avenue South, Suite 100 Birmingham, Alabama 35233 About Stanford, Jones & Loyless Based in Birmingham, Ala., Stanford, Jones & Loyless, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 20-00503) on Feb. 6, 2020, listing under $1 million in both assets and liabilities. Michael E. Bybee, Esq., at the Law Office of Michael E. Bybee, is the Debtor's legal counsel. STUDIO MOVIE: US Trustee Says Plan Patently Unconfirmable --------------------------------------------------------- The United States Trustee for Region 6 objects to Joint Disclosure Statement for Joint Plan of Reorganization for Studio Movie Grill Holdings, LLC and Jointly Administered Debtors. The United States Trustee asserts that the Debtors' Plan of Reorganization is patently unconfirmable. The Disclosure Statement and the Plan contain impermissible release and exculpation provisions in contravention of Bank of N.Y. Trust Co. v. Off'l Unsecured Creditors' Comm. (In re Pacific Lumber Co.), 584 F.3d 229, 252 (5th Cir. 2009). Additionally, the U.S. Trustee notes that the release provisions are "opt-out" releases and, therefore, nonconsensual for those parties who are not solicited or who otherwise do not vote on the Plan or return an opt-out form because there is no meeting of the minds with regard to the releases. The United States Trustee also requests that language be added to the Disclosure Statement and Plan that provides that no party shall be released from any causes of action or proceedings brought by any governmental agencies in accordance with their regulatory functions. Finally, the Disclosure Statement does not provide adequate information regarding the Debtors’ proposed exit financing. The United States Trustee points out that the Disclosure Statement omits material information regarding the identity of the creditors' trust, the value and type of causes of action to be pursued by the creditors' trust, and description of the information will be contained in the Plan Supplement. Counsel for Debtors: Frank J. Wright Jeffery M. Veteto Jay A. Ferguson LAW OFFICES OF FRANK J. WRIGHT, PLLC 2323 Ross Ave.|Suite 730 Dallas, Texas 75201 Telephone: (214) 935-9100 E-mail: frank@fjwright.law jeff@fjwright.law jay@fjwright.law About Studio Movie Grill Studio Movie Grill and its affiliates operate a chain of movie theatres that include full-service dining during the show. Studio Movie Grill is based in Dallas and runs 33 theater-restaurants. Studio Movie Grill Holdings, LLC, and its affiliates sought Chapter 11 protection (Bankr. N.D. Tex. Case No. 20-32633) on Oct. 23, 2020. Studio Movie Grill was estimated to have $50 million to $100 million in assets and $100 million to $500 million in liabilities. The Hon. Stacey G. Jernigan is the case judge. The Law Offices of Frank J. Wright, PLLC, is the Debtors' counsel. SUMMIT VIEW: Seeks to Hire Taitt Law as Special Counsel ------------------------------------------------------- Summit View, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Taitt Law, PA as its special counsel. The Debtor needs the firm's legal assistance in the adversary proceeding titled Roberto Valdez vs. Summit View, LLC; JES Properties, Inc., CWES III, LLC; Douglas J. Weiland and Elizabeth C. Cirna. (Case No. 8:20-ap00059-MGW). The firm will be paid by Auto-Owners Insurance Company, the Debtor's insurance carrier. As disclosed in court filings, Taitt Law does not represent interests adverse to the Debtor or to the estate in the matter upon which it is to be engaged. The firm can be reached through: Brett T. Williams, Esq. Taitt Law, P.A. 390 N Orange Ave Suite 1840 Orlando, FL 32801 Phone: +1 407-900-9254 About Summit View Summit View, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Summit View first sought Chapter 11 protection (Bankr. M.D. Fla. Case No. 09-06495) on April 2, 2009. It again filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-10111) on Oct. 24, 2019. At the time of the filing, the Debtor was estimated to have assets of between $1 million and $10 million and liabilities of the same range. Johnson, Pope, Bokor, Ruppel & Burns, LLP serves as the Debtor's bankruptcy counsel. The Debtor tapped Stearns Weaver Miller Weissler Alhadeff & Sitterson P.A., Addison Law Office PA, and Taitt Law, P.A. as its special counsel. SYNEOS HEALTH: Moody's Completes Review, Retains Ba3 CFR -------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of Syneos Health, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 1, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations Syneos' Ba3 Corporate Family Rating is supported by its meaningful scale and diversity with revenue approaching $5.0 billion and its leading market position in pharmaceuticals contract research and commercialization services. Moody's expects that Syneos will continue to focus on bolt-on M&A and share repurchases. Syneos' rating also encompasses the risks inherent in the pharmaceutical services industry, including project cancellations, which can lead to volatility in revenue and cash flow. The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. TALK VENTURE: United States Trustee Says Plan Not Feasible ---------------------------------------------------------- The United States Trustee objects to the amended disclosure statement and accompanying reorganization plan filed by debtor Talk Venture Group, Inc. The United States Trustee claims that the Plan as described by the Disclosure statement is not feasible on its face. It allows for cram-down of a non-consenting impaired class while the equity holder retains his interest even though the Debtor is paying unsecured creditors 1% of their claims over 60 months. The United States Trustee notes that the Amended Disclosure Statement adds a $5,000 cash contribution in response to objections raised to the original disclosure statement in which the only "new value" offered was a waiver of the equity holder's administrative claim. This is inadequate under applicable case law, according to the U.S. Trustee. The United States Trustee points out that the Debtor's Plan does not treat the new value contribution as a new investment that allows other potential investors to bid. In the absence of additional information as to why this contribution is adequate and/or a mechanism for competitive bidding, the Debtor has not met its burden in demonstrating that the $5,000 proposed contribution satisfies the new value exception. The United States Trustee further points out that Exhibit C projections do not support the Plan's feasibility. Payment of administration fees appears problematic as the Debtor only has accumulated cash on hand of $41,935 as of Dec. 31, 2020, as reflected in its December 2020 MOR, even though it has been operating under the protection of Chapter 11 for over one year. A full-text copy of the United States Trustee's objection dated Jan. 29, 2021, is available at https://bit.ly/36UE2Yr from PacerMonitor.com at no charge. About Talk Venture Group Talk Venture Group, Inc., sells a variety of products, including baby safety products, auto towing straps, security surveillance cameras, and bicycling apparel and shoes. It currently and historically generates income from selling various merchandise through Amazon.com. Talk Venture Group filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 19-14893) on Dec. 19, 2019. In the petition signed by Paul Se Won Kim, its president, the Debtor was estimated to have under $500,000 in assets and under $10 million in liabilities. The Hon. Theodor Albert oversees the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. TAMARAC 10200: March 9 Plan Confirmation Hearing Set ---------------------------------------------------- On Jan. 28, 2021, the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, conducted a hearing to consider approval of the Disclosure Statement for the Amended Joint Plan of Liquidation filed by Debtors Tamarac 10200, LLC and Unipharma, LLC. On Jan. 29, 2021, Judge Peter D. Russin approved the Disclosure Statement and ordered that: * March 9, 2021, at 10:00 a.m. by video conference is the Confirmation Hearing. * Feb. 23, 2021, is fixed as the last day for serving notice of fee applications. * Feb. 23, 2021, is fixed as the last day for serving objections to confirmation. * Feb. 23, 2021, is fixed as the last day for filing ballots accepting or rejecting Plan. * Feb. 24, 2021, is fixed as the last day for filing objections to claims. All Preserved Claims are preserved and reserved for later prosecution and adjudication in accordance with the Plan. The preceding findings and conclusions apply equally to the Avoidance Actions being purchased by NHTV (AIV) ULM BIDCO LLC pursuant to the Stalking Horse Bid Agreement. A full-text copy of the order dated Jan. 29, 2021, is available at https://bit.ly/3tGNNmK from PacerMonitor.com at no charge. Counsel to the Debtors: Christopher Andrew Jarvinen, Esq. BERGER SINGERMAN LLP 1450 Brickell Avenue, Ste. 1900 Miami, FL 33131 Telephone: (305) 755-9500 Facsimile: (305) 714-4340 Email: cjarvinen@bergersingerman.com About Tamarac 10200 Unipharma -- https://www.unipharmausa.com/ -- is a healthcare packaging company serving the pharmaceutical and nutraceutical sectors in the development, manufacturing, and packaging of liquid, disposable, and single-dose units. Tamarac owns a state of-the art, 165,000 square foot, FDA-registered, blow-fill-seal and conventional seal manufacturing facility built in 2018 located in Tamarac, Florida, that among other things, packages prescription, over the counter, and nutraceutical and oral ophthalmic solutions. Tamarac 10200 and Unipharma, LLC filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-23346) on Dec. 7, 2020. The petitions were signed by CRO Neil F. Luria. At the time of the filing, Tamarac 10200 disclosed estimated assets of $10 million to $50 million and estimated liabilities of $50 million to $50 million, while Unipharma estimated to have $50 million to $100 million in assets and $100 million to $500 million in liabilities. The Hon. Peter D. Russin oversees the cases. The Debtors tapped Berger Singerman LLP as counsel, SOLIC Capital Advisors, LLC and SOLIC Capital, LLC as restructuring advisor, and Kurtzman Carson Consultants LLC as notice and claims agent. TCF FINANCIAL: Moody's Completes Review, Retains Ba1(hyb) Rating ---------------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of TCF Financial Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 2, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations TCF Financial Corporation's Ba1 (hyb) non-cumulative preferred stock rating and the ratings of its subsidiaries, including the A2 long-term deposit rating of TCF National Bank, reflect the bank's baa1 Baseline Credit Assessment and the application of Moody's advanced loss given failure analysis to its assumed liabilities at failure. The baa1 BCA reflects TCF's solid balance sheet, supported by its large, low-cost funding base, improved liquidity, stable asset quality and adequate capitalization. The BCA also reflects TCF's healthy core profitability despite recent pressure from low interest rates and expenses related to the merger between TCF and Chemical Financial Corporation in August 2019. TCF's above peer-average growth of certain national lending businesses in recent years and its commercial real estate concentration are credit challenges despite generally good asset quality performance. Following the announcement that TCF and Huntington Bancshares, Inc. will merge in an all-stock transaction, TCF's ratings were placed on review for upgrade on December 14, 2020; for details see Moody's press release issued on that date. The principal methodology used for this review was Banks Methodology published in November 2019. TECHNICAL COMMUNICATIONS: Shares Approved for Trading on OTCQB -------------------------------------------------------------- Technical Communications Corporation's common stock were approved for trading on the OTCQB Venture Market. The shares will continue to trade under the symbol "TCCO" and trading on the OTCQB was effective at the opening of the market on Monday, Feb. 1, 2021. OTCQB is a venture market operated by the OTC Markets Group, Inc. To be eligible for quotation on the OTCQB, companies must be current in their reporting and undergo an annual verification and management certification process. Companies must also meet a minimum bid price test and other financial conditions. OTCQB is recognized by the U.S. Securities and Exchange Commission as an established public market for the purpose of determining the public market price when registering securities for resale with the SEC, and it provides current public information to investors that need to analyze, value, and trade securities. Investors can find real-time quotes and market information for the company on https://www.otcmarkets.com/stock/IAIC/overview. Fiscal Quarter Ended December 26, 2020 Results Technical Communications also reported its results for the fiscal quarter ended Dec. 26, 2020. For the quarter ended Dec. 26, 2020, the Company reported a net loss of $(342,000), or $(0.19) per share, on revenue of $167,000, compared to a net loss of $(480,000), or $(0.26) per share, on revenue of $666,000 for the quarter ended Dec. 28, 2019. Carl H. Guild Jr., president and CEO of Technical Communications Corporation, commented, "As previously noted, the COVID-19 pandemic continues to delay several projects that are in the pipeline, and those delays continue although recently we have experienced some limited progress toward the resumption of the procurement process. TCC and our customers have implemented substantial video communications in an effort to move projects forward. We have seen evidence that certain countries are beginning to loosen restrictions, and TCC is preparing to increase its business development efforts as soon as it is allowed and safe. "Assisting these efforts is the $474,000 loan TCC received under the U.S. Small Business Administration's Paycheck Protection Program on February 1, 2021. The entire TCC team is committed to doing what is necessary to stay prepared for an expected business upturn in fiscal 2021." About Technical Communications Concord, Massachusetts-based Technical Communications Corporation -- http://www.tccsecure.com-- specializes in secure communications systems and customized solutions to protect highly sensitive voice, data and video transmitted over a wide range of networks, serving government entities, military agencies, and corporate enterprises. Technical Communications reported a net loss of $910,650 for the year ended Sept. 26, 2020. Stowe & Degon LLC, in Westborough, Massachusetts, the Company's auditor since 2019, issued a "going concern" qualification in its report dated Dec. 28, 2020, citing that the Company has an accumulated deficit, has suffered significant net losses and negative cash flows from operations and has limited working capital that raises substantial doubt about its ability to continue as a going concern. TEMBLOR PETROLEUM: Unsec. Creditors to Be Paid From Sale Proceeds ----------------------------------------------------------------- Temblor Petroleum Company, LLC, filed an Amended Chapter 11 Plan and a corresponding Disclosure Statement early this month. The Debtor will liquidate all of its assets through the First Amended Plan and use proceeds received from the sale of those assets to satisfy all allowed claims to the maximum extent possible. The Debtor will sell its working interest in the oilfields and its machinery and equipment through EAG. The Debtor will collect the accounts receivable owed to it as expeditiously as possible and use proceeds received from the sale of its assets and collection of its account receivable to satisfy allowed claims in the priority set by law. The First Amended Plan provided that secured creditors will retain their liens against Debtor's real assets until their secured claims are paid in full. The First Amended Plan further provides for a pro-rata distribution to Class Five General Unsecured Creditors from proceeds received from the sale of Debtor's real and personal property and collection of Debtor's accounts receivable until such claims are paid in full. A full-text copy of the First Amended Disclosure Statement dated Feb. 3, 2021, is available at https://bit.ly/3oX7gMw from PacerMonitor.com at no charge. Attorney for the Debtor: LEONARD K. WELSH LAW OFFICES OF LEONARD K. WELSH 4550 California Avenue, Second Floor Bakersfield, California 93309 Telephone: (661) 328-5328 E-mail: lwelsh@lkwelshlaw.com About Temblor Petroleum Company Temblor Petroleum Company, LLC, is part of the oil and gas exploration and production industry. It is based in Bakersfield, Calif. Temblor Petroleum Company filed a Chapter 11 petition (Bankr. E.D. Cal. Case No. 20-11367) on April 9, 2020. In its petition, the Debtor disclosed $12,688,376 in assets and $12,198,911 in liabilities. Philip Bell, the managing member, signed the petition. Judge Fredrick E. Clement oversees the case. The Law Offices of Leonard K. Welsh serves as the Debtor's bankruptcy counsel. THOMAS P. SWEENEY: U.S. Asks More Time to Reply to Property Sale ---------------------------------------------------------------- The United States, on behalf of the U.S. Department of Treasury, Internal Revenue Service, asks the U.S. Bankruptcy Court for the District of Columbia for an extension of time, from the prior date of Jan. 27, 2021, up to and including Feb. 11, 2021, to file a response to Thomas Patrick Sweeney's sale of the improved real property described among the land records of Montgomery County, Maryland as Lot 1, in Block 6, Section One, Westmoreland Hills, located at 4514 Wetherhill Road, Bethesda, Maryland, to his spouse, Lara M. Sweeney, for $1,504,000, in cash, free and clear of all liens, encumbrances, and interests. The request also includes an extension up to and including Feb. 18, 2021, for the Debtor's counsel to file his response. Further, the parties have agreed to a continuance of the hearing on the motion from February 3 to Feb. 18, 2021. The counsel for the Debtor, Sweeney, and Trial Attorney Kristen Eustis, on behalf of the Office of the U.S. Trustee, have graciously consented to the enlargement. The IRS and the Counsel for the United States had limited notice of the Debtor's motion, thus necessitating additional time to consider an appropriate response. Consideration may also include an independent appraisal or could result in resolution. Thomas Patrick Sweeney sought Chapter 11 protection (Bankr. D. D.C. Case No. 20-00070) on Feb. 7, 2020. The Debtor tapped Kermit Rosenberg, Esq., as counsel. TPC GROUP: Moody's Affirms Caa1 CFR & Rates $153MM Secured Notes B2 ------------------------------------------------------------------- Moody's Investors Service affirmed the Corporate Family Rating of TPC Group Inc. at Caa1, assigned a B2 rating to $153 million of new senior priority secured notes due 2024 and downgraded TPC's existing senior secured notes due 2024 to Caa2 from Caa1. The outlook remains negative. These actions reflect the additional liquidity provided by the new notes along with the repayment of a $70 million delayed draw term loan that was due in August 2021. "The new notes have greatly improved liquidity as the term loan due in August was repaid, and the combination of availability under the ABL Revolver and cash on the balance sheet is above $100 million," stated John Rogers Senior Vice President at Moody's and lead analyst on TPC. "The negative outlook reflects uncertainty over the pace of cash outflows related to the remaining third party claims from the Port Neches explosion and fire." Ratings affirmed: Issuer: TPC Group Inc. Corporate Family Rating at Caa1 Probability of Default Rating at Caa1-PD Ratings assigned: Issuer: TPC Group Inc. Senior Secured Super Priority Notes at B2 (LGD2) Ratings downgraded: Issuer: TPC Group Inc. Senior Secured Notes to Caa2 (LGD 4) from Caa1 (LGD4) Outlook Actions: Issuer: TPC Group Inc. Outlook, remains Negative RATINGS RATIONALE The affirmation of TPC's CFR reflects the improved liquidity from the issuance of $150 million of new super priority notes as it enables the repayment of the $70 million term loan that was due in August 2021 and provides enough additional cash to the balance sheet that should be sufficient to manage additional liabilities from the Port Neches explosion and fire that are not covered by insurance and potential delays in receiving payments under its insurance policies. The Caa1 rating also reflects the additional balance sheet debt, a higher cost structure due to the Port Neches incident and the expectation for additional third party claims that are not covered by its insurance policies. Furthermore, these third party claims are expected to exceed free cash flow generation over the next year or two, and reduce liquidity. The downgrade of TPC's existing secured notes by one notch reflects their subordination to the new super priority notes. TPC's existing bondholders approved an amendment that allowed the issuance of the super priority notes and restricted their rights under the existing indenture, effectively giving them a second lien on the company's assets not covered by the ABL. While a portion of the distribution and storage assets at the Port Neches site have returned to service, the company's C4 processing segment is not expected to return to profitability until the first or second quarter of 2021 once additional volumes are flowing through the system. Moody's noted that TPC may be able to replace much of the C4 processing capacity at Port Neches with additional capacity at TPC's Houston site and a long term tolling type agreement with another company. TPC expects to be able to meet all of its contractual commitments for processing C4s in the first half of 2021. This should replace more than half of the lost profitability from the Port Neches operations. In addition, this contract will enable TPC to avoid rebuilding the Port Neches' facility, enable the negotiation of a lump-sum settlement with insurers and potentially de-lever the balance sheet. However, the timing of such an event is extremely difficult to predict. Butadiene prices have increased significantly from the lows in 2020 and the profitability of the Performance Products business is expected to improve further in the fourth quarter of 2020 and the first quarter of 2021. Despite the expected improvement in financial performance, Moody's remains concerned that TPC will be free cash flow negative in 2021 as the level of cash outflows to cover third party claims related to the Port Neches incident is expected to outpace cash generated by its remaining operations. If the company's cash balance and availability declines below $80 million, it would stress TPC's CFR. Leverage for the LTM period ending September 30, 2020 remains elevated with net leverage of over 8x. The aforementioned metric includes Moody's standard adjustments to financial statements, which add roughly $229 million to debt and $68 million to EBITDA. Due to the high level of annual rent expense ($59 million) Moody's adjusted leverage is actually weaker than credit metrics based on the reported numbers adjusted only for extraordinary items. Leverage excluding Moody's adjustments was over 10x on the same date. Moody's does not adjust EBITDA for the changes in commodity prices. TPC's liquidity is adequate despite the expectation for negative free cash flow generation in 2021 as cash outflows related to the Port Neches incident and related litigation is expected to greatly exceed the size of insurance payments. However, the company's cash balance is expected to remain around $80 million in 2021. Availability under TPC's $200 million ABL facility is also expected to remain somewhat constrained with availability reduced by $12.5 million as the company is not able to meet the springing financial covenant. Availability under the ABL facility should increase given the rise in commodity prices and the repayment of $34.5 million in the fourth quarter of 2020. However, any additional collateral benefit from increases in selling prices or volumes may be offset by a corresponding increases in working capital and may not provide the company with significant additional liquidity. The negative outlook reflects the continuing concerns over the pace of cash outflows related to third party claims adversely impacting the company's liquidity. The outlook could be moved to stable if cash outflows related to litigation allow the company to keep its cash balance above $100 million during 2021 and the company resolves a majority of outstanding claims. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is unlikely to be considered until profitability improves significantly and third party liabilities related to the Port Neches incident have largely been resolved. Additionally, leverage would need to decline below 6.0x along with the expectation for positive free cash flow generation on a consistent basis. A downgrade would be considered if cash outflows related to third party liabilities remains significant and causes cash and availability to fall below $80 million or if free cash flow is expected to remain negative for a sustained period of time. ESG CONSIDERATIONS Environmental, social and governance (ESG) factors are important considerations in TPC's credit quality, especially since the explosion and fire at its Port Neches facility in November 2019. In addition, the company is exposed to elevated environmental and social risks typical of commodity petrochemical companies. TPC has above average environmental risk as most products they produce are highly flammable, many products are also hazardous to humans and one of its largest products, butadiene, is a carcinogen. The explosion and fire at TPC's Port Neches facility in November 2019 resulted in unauthorized emissions from the fire and a discharge of butadiene into the area surrounding the plant. Per TPC, monitoring results after the event did not show emissions at concentrations expected to implicate human health concerns. The Texas state attorney general's office has filed a lawsuit against the company due to the Port Neches incident and prior discharges in 2018 and 2019. The November 2019 incident resulted in damage to several thousand buildings, and people in the area near the plant were evacuated on two separate occasions. In addition, the company is a defendant in 44 lawsuits and 5 class actions with over 900 individual claimants. The ultimate cost of these third party claims is expected to be well in excess of the company's $100 million insurance policy. TPC's governance risks are also above average as the board is controlled by insiders, it has reduced financial disclosure requirements as a private company and higher leverage compared to most public companies. TPC Group Inc., headquartered in Houston, Texas, is a processor of crude C4 hydrocarbons (primarily butadiene, butene-1, isobutylene) and differentiated isobutylene derivatives. The company operates through two business segments: C4 Processing and Performance Products (PP). Revenues can range from less than $1.0 to $1.6 billion depending on commodity prices and production volumes. TPC is owned by private equity funds managed by First Reserve Management, L.P. and SK Capital Partners. The principal methodology used in these ratings was Chemical Industry published in March 2019. TRC FARMS: $82K Sale of Dover Property to Hurley & Peters Approved ------------------------------------------------------------------ Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the Eastern District of North Carolina authorized TRC Farms, Inc.'s private sale of its interest in the tracts of real estate and improvements identified as: approximately 22.18 acres and all improvements constructed thereon located off Dover Fort Bamwell Road, in Dover, Craven County, North Carolina, and more particularly described in the deed description located at Book 2259, Page 77, Tax Parcel 3-058-024, Craven County Registry, North Carolina, to Aretha Hurley and Kevin Peters for $81,500. The Property will be conveyed free and clear of all claims, liens and encumbrances that may be asserted against the Property, as follows: A. Any and all liens and/or security interests in favor of Truist Bank (formerly known as Branch Banking and Trust Co.). B. Any and all liens and/or security interests in favor of Harvey Fertilizer and Gas Co. C. Any and all real estate taxes due and owing to any City, County or municipal corporation, and more particularly, to the Craven County Tax Collector. D. Any and all remaining interests, liens, encumbrances, rights and claims asserted against the Property, which relate to or arise as a result of a sale of the Property, or which may be asserted against the buyer of the Property, including, but not limited to, those liens and claims, whether fixed and liquidated or contingent and unliquidated, that have or may be asserted against the Property by the North Carolina Department of Revenue, the Internal Revenue Service, and any and all other taxing and government authorities. The purported liens and interests of the creditors named will attach to the proceeds of the sale. The Property will be sold in an "as is" condition, and no warranties will be made as to the condition, use or fitness of the Property for a particular purpose. The Buyer of the Property will bear all costs associated with the transfer of the Property, including registration fees, local transfer fees and taxes, and North Carolina sales taxes, as applicable. The Order will be effective immediately, as permitted by Rule 6004(h). 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 Jan. 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. TRIUMPH GROUP: Signs Deal to Sell $150-Mil. Worth of Common Stock ----------------------------------------------------------------- Triumph Group, Inc. implemented a new "at the market" program by entering into an equity distribution agreement with Citigroup Global Markets Inc. Under the terms of the Equity Distribution Agreement, the Company may from time to time to or through the Manager, acting as agent and/or principal, offer and sell shares of its common stock, par value $0.001 per share having a gross sales price of up to $150,000,000. If the Company sells Shares to the Manager as principal, the Company will enter into a separate terms agreement with the Manager. Sales of the Shares, if any, may be made in any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, including by sales made directly on or through the New York Stock Exchange, the existing trading market for the Company's Common Stock. Under the Equity Distribution Agreement, the Manager (at the Company's election) will use commercially reasonable efforts, consistent with its normal trading and sales practices, to sell the Shares as directed by the Company on the terms and subject to the conditions of the Equity Distribution Agreement. The compensation payable to the Manager for sales of Shares pursuant to the Equity Distribution Agreement will be up to 2.75% of the gross sales price for any Shares sold through it as sales agent under the Equity Distribution Agreement. Shares sold under the Equity Distribution Agreement, if any, will be issued pursuant to the Company's shelf registration statement on Form S-3 (No. 333-251429) that was automatically effective upon filing on Dec. 17, 2020, including the prospectus, dated Dec. 17, 2020, and the prospectus supplement, dated Feb. 4, 2021, as the same may be amended or supplemented. The offering of Shares pursuant to the Equity Distribution Agreement will terminate upon the earlier of (1) the sale of all Common Stock subject to the Equity Distribution Agreement, (2) the termination of the Equity Distribution Agreement by the Company or by the Manager or (3) Feb. 4, 2022. About Triumph Headquartered in Berwyn, Pennsylvania, Triumph Group, Inc. -- http://www.triumphgroup.com-- designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerospace and defense systems, components and structures. The company serves the global aviation industry, including orig inal equipment manufacturers and the full spectrum of military and commercial aircraft operators. Triumph Group reported a net loss of $28.13 million for the year ended March 31, 2020, a net loss of $321.76 million for the year ended March 31, 2019, and a net loss of $425.39 million for the year ended March 31, 2018. As of Dec. 31, 2020, the Company had $2.40 billion in total assets, $639.35 million in total current liabilities, $2.01 billion in long-term debt, less current portion, $570.61 million in accrued pension and other postretirement benefits, $8.03 million in deferred income taxes, $240.50 million in other noncurrent liabilities, and a total stockholders' deficit of $1.07 billion. * * * As reported by the TCR on Aug. 6, 2020, Moody's Investors Service downgraded its ratings for Triumph Group, Inc., including the company's corporate family rating (CFR, to Caa3 from Caa2) and probability of default rating (to Caa3-PD from Caa2-PD). "The downgrades reflect its assertion of rising default risk over the next few years given the company's deemed unsustainable leveraged capital structure and the multi-year recovery of the aerospace industry as anticipated," says Eoin Roche, Moody's vice president and senior analyst covering Triumph. In June 2020, S&P Global Ratings lowered its issuer credit rating on Triumph Group Inc. to 'CCC+' from 'B-'. TROIANO TRUCKING: Trustee Gets OK to Hire Insurance Adjuster ------------------------------------------------------------ Steven Weiss, the trustee appointed in the Chapter 11 cases of Troiano Trucking, Inc. and Troiano Realty, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Professional Loss Adjusters, Inc. as an insurance adjuster to assist the trustee and the Debtors in pursuing insurance claims relating to a recent fire. Professional Loss Adjusters will be paid on a contingent fee of 10 percent of any recoveries. Jonathan Sadick, a professional loss adjuster at Professional Loss Adjusters, 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: Jonathan Sadick Professional Loss Adjusters, Inc. 343 Washington St. Newton, MA 02458 Telephone: (617) 932-5199 Facsimile: (617) 932-5194 About Troiano Trucking Troiano Trucking, Inc. -- http://www.troianotrucking.com/-- is a privately held company in Grafton, Mass., in the waste hauling business. The company maintains a fleet of four trucks, which allows it to service its customers with removal of bakery waste, rubbish, demolition materials and recyclables. It serves construction companies, roofing companies, bakeries and individual home owners. Troiano Realty, LLC, is a real estate lessor whose principal assets are located at 109 Creeper Hill Road, North Grafton, Mass. The property is valued at $1.48 million based on tax valuation assessment method. Troiano Trucking and Troiano Realty sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Lead Case No. 19-40656) on April 23, 2019. Mark Troiano, manager, signed the petitions. At the time of the filing, Troiano Trucking was estimated to have assets and liabilities of between $1 million and $10 million. Troiano Realty disclosed $1,485,000 in assets and $4,220,210 in liabilities. Judges Christopher J. Panos and Elizabeth D. Katz oversee the cases. Nickless, Phillips and O'Connor serves as the Debtors' counsel. US REAL ESTATE: James Kerns Buying Dayton Property for $128K ------------------------------------------------------------ Eric L. Johnson, in his capacity as Chapter 11 Trustee for the US Real Estate Equity Builder Dayton, LLC, asks the U.S. Bankruptcy Court for the District of Kansas to authorize the sale of the real property commonly known as 1653 Hearthstone Drive, in Dayton, Ohio, to James Kerns for $128,000. The Real Property is legally described as: Situate in the City of Dayton, County of Montgomery and the State of Ohio: And being all of Lot Numbered 55,116 and being part of Lot Numbered 55,115 of the consecutive numbers of lots on the revised Plat of the said City of Dayton, Ohio, bounded and described as follows: beginning at the Southeast corner of said Lot No. 55,115; Thence Westwardly with the South line of said Lot 130 feet to the Southwest corner of said lot; Thence Northwesterdly with the West line of said lot 21.32 feet to a point; Thence Eastwardly on a line parallel with the South line of said lot 113.6 feet to a point in the East line of said lot; Thence Southwardly with the East line of said lot; Thence Southwardly with the East line of said lot 21 feet to the place of beginning. Prior to the Trustee's appointment, USREEB Dayton engaged Agora Realty Group to market and sell the Real Property. Contemporaneously with the Motion, the Trustee has sought to employ the Broker for the Trustee. Prior to the Trustee's appointment, on December 8, 2020, USREEB Dayton entered into a contract with the Buyer for the sale of the Real Property on the terms of their Purchase Agreement. Under the Purchase Agreement, the Buyer will pay $128,000 for the Real Property. The Purchase Price is equal to or more than fair market value of the Real Property. The Trustee submits that the Purchase Price represents the highest and best disposition of the Real Property and it is in the best interest of USREEB Dayton's estate. Montgomery County, Ohio may claim a lien on the Real Property to secure unpaid real estate taxes. The current amount of real property taxes is approximately $5,001. Aloha Capital, LLC may assert an interest in the Real Property pursuant to a Purchase Money Mortgage, Security Agreement, and Assignment of Rents recorded on Nov. 15, 2018 in Montgomery County, Ohio as File # 2018-00067137, securing amounts owed by USREEB Dayton to the Lender. USREEB Dayton listed the lien amount for the Mortgage as $49,900 on its schedules. The Trustee proposes that any lien of the Lender attach to the net sale proceeds. The Trustee anticipates that the Lender will consent to the sale, and the sale proceeds exceed the amount of its lien listed on USREEB Daytons schedules. Additionally, several claims by the Debtors have been raised against the Lender. The Trustee is investigating these claims in addition to attempting to reach a global resolution with all of the Debtors' lenders regarding the asserted claims. These claims, however, on their face raise issues that could implicate an equitable subordination of Lender's lien. Further, the Trustee proposes that any lien or interest the Lender have in the property attach to the proceeds from the sale. As part of the sale, the Trustee asks to compensate the Broker for the sales commission from the sales proceeds. Thus, in addition to other customary closing costs and taxes, the Trustee asks authority to pay the following at closing of the sale: (i) the Broker's sale commission; and (ii) the broker commission for the Buyer. He has sought employment of the Broker by separate application. The Trustee is still verifying the expenses listed in the draft settlement statement, but he anticipates that the seller paid closing costs will increase from $3,000 to $3,520. Any other liens will attach to the remaining sale proceeds with the same validity, priority and perfection, and to the same extent as may exist in the Real Property. All net proceeds will be paid to Trustee and held in the Trustee's account for the USREEB Dayton estate. Upon his verification of the Lender's lien, unless otherwise agreed to by the parties and approved by the Court, the Trustee intends to file a motion to disburse proceeds to the Lender less amounts necessary to cover applicable United States Trustee Fees, the Trustee's reasonable fees and expenses related to the preservation and disposal of the Real Property, and any amounts necessary to cover any capital gains or income tax incurred by the bankruptcy estate associated with the sale, if any. Further, such disbursement should not act as a waiver of any claims the Trustee (or any other party) may have against the Lender and all such claims are expressly preserved. Finally, the Trustee asks the order upon the Motion provides that, upon entry, the Sale Order be immediately enforceable, notwithstanding Bankruptcy Rules 6004 and 6006. The proposed sale and prompt consummation thereof are in the best interest of USREEB Dayton and its estate, and the Trustee wants to prevent any further delays in closing the proposed sale. A copy of the Contract is available at https://tinyurl.com/3hq6bw4a from PacerMonitor.com free of charge. About US Real Estate Equity Builder Dayton US Real Estate Equity Builder Dayton LLC is primarily engaged in renting and leasing real estate properties. US Real Estate Equity Builder Dayton filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 20-21359) on Oct. 2, 2020. US Real Estate President Sean Tarpenning signed the petition. At the time of filing, the Debtor disclosed $6,754,000 in assets and $5,455,938 in liabilities. Phillips & Thomas, LLC serves as the Debtor's legal counsel. US REAL ESTATE: Trustee Taps Coolidge Wall as Special Counsel ------------------------------------------------------------- Eric L. Johnson, the appointed trustee in the Chapter 11 cases of US Real Estate Equity Builder, LLC and US Real Estate Equity Builder Dayton LLC, seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Coolidge Wall Co., LPA as special counsel. The trustee needs a counsel to assist with the sale and management of certain real property held by the Debtors that are located in the Dayton, Ohio area; and otherwise assist him in the discharge of his duties. Coolidge's hourly rates are as follows: Attorneys $190 - $450 Paralegals and Legal Staff $140 - $215 The persons who will be working on these matters and their hourly rates are as follows: Patricia J. Friesinger $310 Amanda M. Farris $145 In addition, Coolidge will seek reimbursement for expenses. Patricia Friesinger, a partner at Coolidge Wall, 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: Patricia J. Friesinger, Esq. Coolidge Wall Co., LPA 33 West First Street, Suite 200 Dayton, OH 45402 Telephone: (937) 223-8177 About US Real Estate Equity Builder US Real Estate Equity Builder LLC is primarily engaged in renting and leasing real estate properties. US Real Estate Equity Builder and its affiliate, US Real Estate Equity Builder Dayton, LLC, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Lead Case No. 20-21358) on Oct. 2, 2020. Judge Robert D. Berger oversees the cases. At the time of the filing, US Real Estate Equity Builder disclosed $5,281,000 in assets and $13,985,020 in liabilities. US Real Estate Equity Builder Dayton disclosed between $1 million and $10 million in both assets and liabilities. George J. Thomas, Esq., at Phillips & Thomas LLC, is the Debtors' legal counsel. The Office of the U.S. Trustee has appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Sader Law Firm. Eric L. Johnson has been appointed as the Chapter 11 trustee. He is represented by Spencer Fane LLP. VALARIS PLC: Reaches $7 Billion Debt-for-Equity Deal ---------------------------------------------------- Valaris plc (OTC: VALPQ) announced that on Feb. 5, 2021, the Company, certain holders ("Noteholders") of the Company's outstanding unsecured notes (the "Senior Notes") and certain bank lenders ("Bank Lenders") under the Company's revolving credit facility (the "Credit Facility") entered into a second amendment to the Restructuring Support Agreement (the "RSA" and such amendment, the "Second RSA Amendment") and Backstop Commitment Agreement ("BCA") to effectuate certain modifications to include the Bank Lenders as parties to the RSA and BCA. The treatment for the Company's employees and holders of General Unsecured Claims remains unchanged. "We are pleased to have reached these agreements with certain of our noteholders and lenders, as it is an important step in the chapter 11 process. This agreement brings us a step closer to creating a capital structure to endure the current market environment and enhance our position as business conditions improve," said Tom Burke, President and Chief Executive Officer of Valaris. "We remain focused on emerging expeditiously, with a strengthened balance sheet to continue supporting our valued customers, vendors, and outstanding team of employees." Under the terms of the Second RSA Amendment, among other things, the Bank Lenders will receive their chapter 11 distributions in either i) a combination of cash, new ordinary shares (the "New Equity") of the new parent entity of the Company ("New Valaris") and the right to participate in the rights offering (the "Rights Offering") contemplated by the RSA or, ii) entirely in cash and New Equity of the New Valaris, at their election. As part of the Rights Offering, 97.6% of the rights issued pursuant to the Rights Offering (the "Subscription Rights") will be offered to all record holders of any claim on account of the Senior Notes, and 2.4% of the Subscription Rights will be offered to certain record holders of Credit Facility Claims (in accordance with and as defined in the RSA). Additionally, under the Second RSA Amendment, each holder that participates in the Rights Offering and Holdback (as defined in the RSA) will receive its pro-rata share of 30% of the New Equity. New Valaris will also issue 39% of the New Equity to holders of the Senior Notes and 28.3% of the New Equity to holders of claims against Valaris with respect to the Credit Facility Claims (as defined in the RSA). Finally, all letters of credit outstanding under the Fourth Amended and Restated Credit Agreement, dated as of May 7, 2013, among Valaris and Pride International, Inc. as borrowers, and the Bank Lenders party thereto, (the "Credit Facility") will be replaced or collateralized with cash. In addition to supporting the Plan and Second Amended RSA, certain Bank Lenders also agreed to backstop a portion of the Rights Offering. On February 5, 2021, the Company entered into an amendment to the Backstop Commitment Agreement, dated August 18, 2020, which was previously amended on September 10, 2020, and January 22, 2021 (as amended, the "Backstop Commitment Agreement") with certain of the Noteholders and Bank Lenders (such amendment, the "Backstop Commitment Agreement Amendment"). The Backstop Commitment Agreement Amendment provides that the participating Bank Lenders will receive, among other things, 2.4% of the Holdback Notes (together with the corresponding Holdback Shares) and the New Secured Notes (together with the corresponding Participation Equity) offered in the Rights Offering (in each case, as each such term is defined in the Backstop Agreement). Court filings and other information related to the Court-supervised proceedings are available at a website administered by the Company's claims agent, Stretto, http://cases.stretto.com/Valaris Questions should be directed to our dedicated restructuring hotline 855-348-2032 (Toll-Free) or +1 949- 266-6309 (International). About Valaris PLC Valaris plc (NYSE: VAL) provides offshore-drilling services. It is an English limited company with its corporate headquarters located at 110 Cannon St., London. On the Web: http://www.valaris.com/ On Aug. 19, 2020, Valaris and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-34114). The Debtors had total assets of $13,038,900,000 and total liabilities of $7,853,500,000 as of June 30, 2020. The Debtors tapped Kirkland & Ellis LLP and Slaughter and May as their bankruptcy counsel, Lazard as investment banker, and Alvarez & Marsal North America LLC as their restructuring advisor. Stretto is the claims agent, maintaining the page http://cases.stretto.com/Valaris Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer & Feld LLP serve as legal advisors to the consenting noteholders while Houlihan Lokey Inc. serves as their financial advisor. VHN SERVICES: Court Confirms Plan of Reorganization --------------------------------------------------- Judge Brenda T. Rhoades has entered an order confirming VHN Services, LLC's Plan of Reorganization and approving the Debtor's Disclosure Statement. At least one class of impaired creditors has voted to accept the Plan. The Debtor's Amended Plan of Reorganization dated Jan. 28, 2021, provides that Class 5 Claimants (Allowed Unsecured Creditors) are impaired. All allowed unsecured creditors shall share pro rata in the unsecured creditors' pool. The Debtor will make monthly payments commencing on the Effective Date of $500 into the unsecured creditors' pool. The Debtor will make distributions to the Class 5 creditors every 90 days commencing 90 days after the Effective Date. The Debtor shall make a total of 60 payments into the unsecured creditors pool with the first payment being made on the Effective Date. Based upon the proofs of claim filed in the case, Class 5 creditors should receive 15% of their allowed claims. The Debtor's obligations under this Plan will be satisfied out of the ongoing operations of the Reorganized Debtor. A full-text copy of the Plan Confirmation Order dated Feb. 3, 2021, is available at https://bit.ly/39XTZz4 from PacerMonitor.com at no charge. Counsel for the Debtor: ERIC LIEPINS ERIC LIEPINS, P.C. 12770 Coit Road Suite 1100 Dallas, Texas 75251 Tel: (972) 991-5591 Fax: (972) 991-5788 About VHN Services Based in Murphy, Texas, VHN Services, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 20-41448) on June 26, 2020, listing under $1 million in both assets and liabilities. The Debtor is represented by Eric A. Liepins, Esq. VIRTUOLOTRY LLC: Amended Plan of Reorganization Confirmed --------------------------------------------------------- Judge Harlin Dewayne Hale of the United States Bankruptcy Court for the Northern District of Texas confirmed Virtuolotry, LLC's Amended Plan of Reorganization. The Debtor initially filed its Plan of Reorganization and the Disclosure Statement in Support of Debtor's Plan on July 31, 2020. It filed its Amended Plan of Reorganization and Amended Disclosure Statement in Support of Amended Plan of Reorganization on October 9, 2020. A confirmation hearing was held on December 21, 2020. The Confirmation Order states, among others: (a) Good Faith Solicitation. Based on the record before the Court in this Chapter 11 Case, the Debtor and its directors, officers, employees, agents, advisors, accountants, consultants, attorneys, and other representatives have acted in good faith within the meaning of Bankruptcy Code section 1125(e) in compliance with the applicable provisions of the Bankruptcy Code and Bankruptcy Rules in connection with all of their respective activities relating to the solicitation of acceptances to and consents to the treatment afforded under the Plan and their participation in the activities described in Bankruptcy Code section 1125. (b) Notice of the Confirmation Hearing. The Debtor gave notice of the Confirmation Hearing, the deadline to accept or reject the Plan, the deadline to object to the Plan in accordance with the Disclosure Statement Order. The solicitation package prescribed by the Disclosure Statement Order was transmitted to the creditors entitled to vote on the Plan in accordance with Fed. R. Bankr. P. 2002 and 3017. (c) Notice of the December 21, 2020 Hearing. The Debtor gave proper notice of the hearing held on December 21, 2020. (d) Impaired Classes That Have Voted to Accept the Plan. As evidenced by the record established at the Confirmation Hearing, at least one impaired Class has voted to accept the Plan, as defined by sections 1124 and 1126 of the Bankruptcy Code. (e) Modifications To The Plan. The modifications to the Amended Plan and incorporated into the Plan set forth in the Modification, do not materially and adversely affect or change the treatment of any creditor who has not accepted such modifications. Accordingly, under Fed. R. Bankr. P. 3019, these modifications neither require additional disclosure under Bankruptcy Code section 1125 nor re-solicitation of acceptances or rejections under Bankruptcy Code section 1126, nor do they require that holders of Claims be afforded an opportunity to change previously cast acceptances or rejections of the Plan. Filing of the Modification and disclosure of the same on the record at the Confirmation Hearing constitutes due and sufficient notice thereof under the circumstances of this Chapter 11 Case. Accordingly, pursuant to Bankruptcy Code section 1127 and Bankruptcy Rule 3019, all holders of Claims that have accepted or are conclusively deemed to have accepted the Plan are deemed to have accepted such modifications to the Plan. (f) Plan Compliance with Bankruptcy Code. The Plan complies with the applicable provisions of the Bankruptcy Code and the Bankruptcy Rules, thereby satisfying 11 U.S.C. Section 1129(a)(1). (g) The Debtor's Compliance with the Bankruptcy Code. The Debtor has complied with the applicable provisions of the Bankruptcy Code, thereby satisfying Bankruptcy Code section 1129(a)(2). Based upon the record made at the Confirmation Hearing, inter alia: (i) the Debtor is eligible for relief under title 11 in accordance with Bankruptcy Code section 109, (ii) the Debtor has complied with applicable provisions of the Bankruptcy Code and orders of the Court and (iii) the Debtor has complied with the applicable provisions of the Bankruptcy Code, the Bankruptcy Rules and the Disclosure Statement Order in transmitting the Solicitation Package and related documents and notices and in soliciting and tabulating votes on the Plan. (h) Best Interests of Creditors Test. The Plan satisfies Bankruptcy Code section 1129(a)(7). The Disclosure Statement, Plan, and evidence adduced at the Confirmation Hearing (i) are persuasive, credible and accurate as of the dates such evidence was prepared, presented, or proffered; (ii) have not been controverted by other persuasive evidence or have not been challenged; (iii) are based upon reasonable and sound assumptions; (iv) provide a reasonable estimate of the liquidation value of the Debtor's assets upon conversion to a chapter 7 proceeding; and (v) establish that each holder of a Claim in an impaired Class will receive or retain under the Plan, on account of such Claim, property of a value, as of the Effective Date of the Plan, that is not less than the amount that it would receive if the Debtor was liquidated under chapter 7 of the Bankruptcy Code on such date. (i) Westwood Lien and Westwood Escrow Amount. The Court finds that the Plan provides and grants to Westwood a first priority lien on the Denton Property, junior only to the liens of Creditors holding Secured Ad Valorem Tax Claims, to secure payment of the Westwood Claim and the treatment provided to the Westwood Claim. The Westwood Claim is not an Allowed Claim as of the date of this Confirmation Order because it is disputed by the Debtor and this Court shall hold a hearing at the appropriate time to determine whether the Allowed amount of the Westwood Claim will include post-petition interest and attorney's fees Westwood incurred during this bankruptcy. As provided in section 5.3.1 of the Plan, Westwood's Allowed Claim is subject to, and expressly conditioned upon the Westwood Appeal and the outcome of the Westwood Appeal. Until such time as the Allowed amount of the Westwood Claim is adjudicated and determined by a Final Order of this Court, or the Debtor, Reorganized Debtor, and Westwood agree to the amount of the Allowed Westwood Claim in a writing filed with the Bankruptcy Court, the amount of the Westwood Claim that is secured by the first priority lien on the Denton Property shall be $1,950,000.00. The Court finds that the "Westwood Escrow Amount" shall be $1,950,000.00. In making such finding the Court is not determining the lien priority during the pendency of Debtor's bankruptcy case or the reasonableness of any attorney's fees claimed or requested by Westwood. Instead, such finding establishes the amount that the Court finds will provide sufficient protection for Westwood. If the Court enters an Order determining the Allowed claim of Westwood to be less than the amount deposited in the Westwood Escrow Account, Westwood will immediately release from the Westwood Escrow Amount to the Debtor any amount of the Westwood Escrow Account in excess of the Allowed Claim as ordered by the Court. Nothing in this Paragraph DD shall impair, release, relinquish, waive, diminish, subordinate, or otherwise adversely affect Westwood's first priority lien on the Denton Property (and its sales proceeds) provided and granted by the Plan and this Confirmation Order. (j) Condition Precedent — Casualty Insurance for Denton Property. As a condition to Confirmation and the occurrence of the Effective Date, Debtor will obtain and maintain throughout the term and duration of the Plan casualty and loss insurance on the Denton Property in at least the amount of $1,950,000.00. The Plan will be further modified by this Confirmation Order to require and provide that Debtor shall maintain such casualty and loss insurance coverage continuously and uninterrupted throughout the term of the Plan and that Debtor's failure to maintain such insurance coverage shall constitute a default under the Plan. The Plan will be further modified by this Confirmation Order to require Debtor or Reorganized Debtor to provide evidence of such insurance coverage promptly to any party in interest requesting such evidence. (k) Condition to Confirmation and Effective Date; Establishment of Administrative and Operating Reserve. As a condition to Confirmation and the occurrence of the Effective Date, as required by Section 3 of the Modification, an Administrative and Operating Reserve in the amount of at least $371,689.00 in cash (less any amount paid by Richard Boyd to Debtor's authorized counsel prior to the Effective Date on account of compensation to such counsel previously approved by the Court but not including any amount paid from any prepetition retainer held by such counsel) will be established with funds provided by Richard Boyd no later than 10 business days following entry of this Confirmation Order and such account will be segregated and maintained thereafter by Debtor or Reorganized Debtor for the purposes of paying administrative expenses and Claims required by the Plan and operating expenses for the Reorganized Debtor and for no other purpose. The specific escrow amounts are as follows: 1. 2020 Ad Valorem Administrative Expenses: $75,689.22; 2. U.S. Trustee Fees: $6,000.00; 3. Operations Reserves: $45,000.00; 4. Property Management: $30,000.00; 5. Estimated Administrative Expenses: a. Pronske & Kathman $57,130.26 ($200,000 less $142,869.74 paid); b. C.D. Shamburger $15,000.00. TOTAL — $228,819.48 The case is In re: VIRTUOLOTRY, LLC, Chapter 11, Debtor, Case No. 19-33900-HDH-11 (Bankr. N.D. Tex.). A full-text copy of the Findings of Fact, Conclusions of Law and Order Under 11 U.S.C. Section 1129 Confirming Debtor's Amended Plan of Reorganization, As Modified, dated February 3, 2021, is available at https://tinyurl.com/3szn2k6t from Leagle.com. Virtuolotry, LLC is represented by: Jason Patrick Kathman, Esq. Megan F. Clontz, Esq. SPENCER FANE LLP 5700 Granite Parkway Suite 650 Plano, TX 75024 Telephone: 972-324-0300 Email: jkathman@spencerfane.com mclontz@spencerfane.com About Virtuolotry, LLC Virtuolotry, LLC, a company engaged in renting and leasing real estate properties, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 19-33900) on Nov. 22, 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. Judge Harlin DeWayne Hale oversees the case. The Debtor tapped Spencer Fane L.L.P. as its new legal counsel. Pronske & Kathman, P.C. had previously represented the Debtor in its Chapter 11 case. VIRTUOLOTRY LLC: Court Confirms Amended Plan -------------------------------------------- Judge Harlin D. Hale has entered findings of fact, conclusions of law, and order confirming Plan of Virtuolotry, LLC's Amended Plan of Reorganization, as modified. Any objections that have not been withdrawn and all reservations of rights pertaining to confirmation of the Plan included therein, are overruled. As a condition to confirmation and the occurrence of the Effective Date, as required by Section 3 of the Modification, the Debtor will establish a segregated Administrative and Operating Reserve in the amount of at least $371,689 funded by cash provided by Richard Boyd no later than 10 business days following entry of the Plan Confirmation Order, which account will be maintained thereafter by Debtor or Reorganized Debtor as a segregated account for the purpose of paying administrative expenses under the Plan and operating expenses of the Debtor or Reorganized Debtor and for no other purpose. As a condition to confirmation and the occurrence of the Effective Date, Debtor will obtain and maintain throughout the term and duration of the Plan casualty and loss insurance on the Denton Property in at least the amount of the Westwood Escrow ($1,950,000). The Plan provides and grants to Westwood a first priority lien on the Denton Property, junior only to the liens of Creditors holding Secured Ad Valorem Tax Claims, to secure payment of the Westwood Claim and the treatment provided to the Westwood Claim. The "Westwood Escrow Amount" will be $1,950,000. Dallas County's objection to confirmation of the Plan was resolved or not prosecuted. The objection of Westwood Motorcars to confirmation of tyhe Amended Plan was overruled. A copy of the Plan Confirmation Order entered Feb. 3, 2021, is available at https://bit.ly/3q4UMUC Attorneys for the Debtor: Jason P. Kathman Megan F. Clontz SPENCER FANE LLP 5700 Granite Parkway, Suite 650 Plano, Texas 75024 Telephone: (972) 324-0300 Facsimile: (972) 324-0301 About Virtuolotry Virtuolotry, LLC, a company engaged in renting and leasing real estate properties, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-33900) on Nov. 22, 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. Judge Harlin DeWayne Hale oversees the case. Jason Patrick Kathman, Esq., at Pronske & Kathman, P.C., is the Debtor's legal counsel. VRAI TABERNACLE: Plan & Disclosures Hearing on Feb. 11 ------------------------------------------------------ Judge Mindy A. Mora has entered an order continuing to Feb. 11, 2021, at 3:00 p.m., the hearing to consider Tabernacle De Jesus, Inc.'s Disclosure Statement and Chapter 11 Plan of Reorganization, and objections thereto, and E&Y Assets, LLC's Motion to Dismiss the Case, and the Application for Compensation. At the Jan. 29 hearing, the Debtor requested that these matters be continued so that the objections could be adequately addressed. No parties submitted an objection to the continuance. The hearing will occur telephonically via CourtSolutions LLC. Any new objections to the confirmation of the Plan were due Feb. 8, 2021. The Debtor's counsel: Brian K. McMahon, P.A. 1401 Forum Way, 6th FL West Palm Beach, FL 33401 Tel (561)478-2500 Fax (561)478-3111 About Vrai Tabernacle de Jesus Vrai Tabernacle de Jesus, Inc., is a non-profit religious organization that conducts services for its members and provides assistance to the needy in Haiti. Vrai Tabernacle de Jesus filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-21421) on Oct. 19, 2020. Vrai Tabernacle President Lenese Naval-Estiverne signed the petition. At the time of filing, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Judge Mindy A. Mora oversees the case. Brian K. McMahon, P.A. serves as the Debtor's legal counsel. WAGYU 100: Seeks to Hire Eric A. Liepins as Bankruptcy Counsel -------------------------------------------------------------- Wagyu 100, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Eric A. Liepins, PC as its legal counsel. The Debtor needs legal assistance to orderly liquidate its assets, reorganize the claims of the estate, and determine the validity of claims asserted in the estate. The firm will be paid at these rates: Eric A. Liepins $275 per hour Paralegals and Legal Assistants $30 - $50 per hour The firm received a retainer of $5,000, plus the filing fee. In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. Eric Liepins, Esq., disclosed in court filings that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric A. Liepins, Esq. Eric A. Liepins, PC 12770 Coit Road, Suite 1100 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 991-5788 Email: eric@ealpc.com About Wagyu 100 Wagyu 100, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 21-60039) on Feb. 1, 2021. Eric A. Liepins, Esq., at Eric A. Liepins, PC serves as the Debtor's counsel. WCG PURCHASER: Moody's Completes Review, Retains B3 CFR ------------------------------------------------------- Moody's Investors Service has completed a periodic review of the ratings of WCG Purchaser Corp. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on February 1, 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since January 1, 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. Key rating considerations WCG Purchaser Corp.'s B3 CFR broadly reflects its very high financial leverage, the elevated financial risk and aggressive financial policy associated with its private equity ownership. WCG's rating is also constrained by its relatively modest absolute size and significant concentration among its top customers. The credit profile is supported by WCG's leading position within the fragmented niche market, favorable industry and regulatory fundamentals as well as growth supported by uptake in new product offerings. The rating also benefits from WCG's strong market share, solid reputation and high client retention rates. The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. ********* 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. 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