/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/210527.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, May 27, 2021, Vol. 25, No. 146 Headlines 1170 BROADWAY: Public Auction Slated for June 30 1A SMART START: Moody's Cuts CFR to B3 After Dividend Announcement 2018 BLUE ISLAND: Unsecureds Will Get 50% of Claims in Plan 801 ASHBURY: Case Summary & 11 Unsecured Creditors ACASTI PHARMA: To Request Hearing Before Nasdaq Panel ADAMIS PHARMACEUTICALS: Delays Filing of First Quarter Form 10-Q AERKOMM INC: Incurs $4.2 Million Net Loss in First Quarter ALLIANCE RESOURCE: Moody's Alters Outlook on Ba3 CFR to Stable ALPINE 4 HOLDINGS: Incurs $6.1 Million Net Loss in First Quarter ALPINE 4 HOLDINGS: Issues Q1 CEO Letter to Shareholders ARCHDIOCESE OF SANTA FE: Taps James W. Siebert as Consultant ASCENT RESOURCES: Moody's Alters Outlook on B2 CFR to Positive ATTENTION TO DETAIL: Wins Cash Collateral Access B & B LOGISTICS: Files for Chapter 7 Bankruptcy Protection BASIC ENERGY: Moody's Lowers CFR to Ca Following Forbearance Deal BRIGHT MOUNTAIN: Delays Filing of First Quarter Form 10-Q BRINKER INT'L: Moody's Affirms B1 CFR & Outlook to Positive CAMBER ENERGY: Delays Filing of First Quarter Form 10-Q CAMELOT UK: ProQuest Acquisition No Impact on Moody's B2 CFR CAN B CORP: Incurs $2.2 Million Net Loss in First Quarter CAN B CORP: Reports $5.7 Million Loss for 2020 CENTURY ALUMINUM: Mike Bless to Retire; Gary Named President, CEO CHOR NAR SIU NG: Steinhilber Represents Ghost Ship Claimants CITY WIDE COMMUNITY: Wins Cash Collateral Access Thru June 1 CLUBHOUSE MEDIA: Incurs $5.8 Million Net Loss in First Quarter COLLECTED GROUP: Gets Court Approval for Reorganization Plan COMSTOCK RESOURCES: Moody's Raises CFR to B2, Outlook Stable CQP HOLDCO: Moody's Lowers Corp. Family Rating to B2 CROSSBAY SEASHELL: Taps Richard Feinsilver as Bankruptcy Attorney CYTODYN INC: Antonio Migliarese Promoted to CFO ELLSWORTH HANSEN: Creditors to Get $500 From Rent for 57 Months ENACT HOLDINGS: Moody's Confirms Ba3 LongTerm Issuer Rating FLORIDA DEVELOPMENT: Moody's Rates 2021A Education Bonds 'Ba2' GIBSON FARMS: Court Approves Disclosure Statement GNIRBES INC: Unsecured Creditors to Get $75 Per Month for 2 Years GOLDEN ENTERTAINMENT: Moody's Alters B3 CFR to Stable GREATER HOUSTON: Hires Hudgins Law Firm as Special Counsel GREATER HOUSTON: Hires Troy O'Callaghan as Accountant GREEN PHARMACEUTICALS: Wins Cash Collateral Access Thru Jan. 2022 GRIDDY ENERGY: Court Approves Chapter 11 Plan Disclosures GROWLIFE INC: Delays Filing of First Quarter Form 10-Q HASTINGS AND HOLLOWELL: Taps Tadlock & Associates as Accountant HELIUS MEDICAL: Incurs $3.4 Million Net Loss in First Quarter HERTZ GLOBAL:Reaches $48 Mil. Overtime Suit Settlement With Workers HOSPITALITY INVESTORS: $65MM DIP Loan, Cash Collateral Access OK'd HOUSTON AMERICAN: Incurs $268,476 Net Loss in First Quarter INDIGO NATURAL: Moody's Raises CFR to B1, Outlook Stable INNOVATIVE SOFTWARE: Unsecured Claims to Recover 7.49% in Plan IOLA LIVING: Seeks to Hire Valbridge Property as Appraiser JACKSONVILLE ADVANCED: Wins Cash Collateral Access Thru June 17 JAMCO SERVICES: Unsecureds Creditors Will Recover 100% Under Plan JEVIC HOLDING: Court Ruling Highlights DIP Agreement Consequences KK FIT: Seeks to Hire Cunningham Chernicoff as Legal Counsel KLAUSNER LUMBER: July 1 Plan Confirmation Hearing Set KNOTEL INC: Asks Court to Extend Plan Exclusivity Thru August 30 KOSSOFF PLLC: Court Grants Speedy Assets Discovery in Bankruptcy LAKEWOOD ENERGY: Seeks to Hire Husch Blackwell as Legal Counsel LAREDO OUTLET: Case Summary & 19 Unsecured Creditors LEAFBUYER TECHNOLOGIES: Posts $101,473 Net Profit in Third Quarter LIMETREE BAY: Moody's Puts B2 Rating Under Review for Downgrade M1 DEVELOPMENT: Seeks to Hire Avrum J. Rosen as Legal Counsel MALLINCKRODT PLC: Kim Says Plan Disclosures Opaque and Very Complex MALLINCKRODT PLC: Powell Firm Represents Johnson Claimants MUSCLE MAKER: Incurs $3.7 Million Net Loss in First Quarter MUSCLEPHARM CORP: Taps Rockstar Exec for New Energy Drink Line MUSEUM OF AMERICAN JEWISH: May Use Cash Collateral Thru June 21 NFP CORP: Moody's Assigns B1 Rating to $325MM Senior Secured Notes NINE POINT: Files Liquidating Plan Ahead of June 15 Auction OASIS PETROLEUM: Sells $400 Mil. Unsecured Notes to Fund Bakken Buy OBITX INC: Incurs $49.3 Million Net Loss in Fiscal 2020 ODYSSEY LEASING: Unsecureds Will be Paid 100% in 2 Years ORIGINCLEAR INC: Swings to $13.3 Million Net Income in 2020 OZOP ENERGY: Reports Net Loss of $209.5 Million for First Quarter PAPS CAB: Plan Approval Deadline Extended to July 31, 2021 PELICAN FAMILY: Gets Cash Collateral Access on Interim Basis POLYMER INSTRUMENTATION: Seeks to Hire Cunningham as Legal Counsel PREFERRED EQUIPMENT: Seeks to Hire Lucier CPA as Accountant PREFERRED EQUIPMENT: Taps Peter Iascone & Associates as Counsel PURDUE PHARMA: NAS Claimants to Get $7,000 Each from Plan Trust PUTNAM COUNTY: Moody's Hikes GOULT Rating to Ba1, Outlook Stable RAYNOR SHINE: Amends Treatment of Summit Claims in Plan RFA FRONTINO: Gets OK to Hire Marcum LLP as Accountant RUM RUNNERS: Seeks to Hire Newmark Knight as Real Estate Broker SANUWAVE HEALTH: Delays Filing of First Quarter Form 10-Q SC SJ HOLDINGS: FMT Unsecureds to Recover 0.26% to 2.75% in Plan SEADRILL LIMITED: Taps Katten as Counsel for Independent Directors SEADRILL LIMITED: Weil Gotshal Updates on RigCo Lenders SECURE HOME: Plan to Hand Control to Creditors Approved SENSATIONAL DESSERTS: Case Summary & 3 Unsecured Creditors SIMON'S WHOLESALE: Has Deal on Cash Collateral Access SINTX TECHNOLOGIES: Receives $972K Payment From CTL Corp SUPERCONDUCTOR TECHNOLOGIES: Incurs $569K Net Loss in First Quarter SYNRGO INC: Wins Cash Collateral Access Thru May 27 TEN & FREE: Seeks to Use Forward Financing, et al.'s Cash TPT GLOBAL: Delays Filing of First Quarter Form 10-Q TUNNEL HILL: Moody's Withdraws Caa1 CFR Following Debt Repayment UMATRIN HOLDING: Posts $179,556 Net Profit in First Quarter UMATRIN HOLDING: Posts $498,542 Net Profit in 2020 VAL'S FOOD: Amends Priority Tax Claims Pay Details W&T OFFSHORE: New Term Loan No Impact on Moody's Caa1 CFR WEST C BUILDERS: Case Summary & 9 Unsecured Creditors WINEBOW GROUP: Moody's Withdraws Caa1 CFR Following Refinancing WOODBRIDGE HOSPITALITY: Voluntary Chapter 11 Case Summary YOUFIT HEALTH: Seeks to Extend Plan Exclusivity Until July 7 [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1170 BROADWAY: Public Auction Slated for June 30 ------------------------------------------------ Jones Lang LaSalle, on behalf of EMG Transfer Agent LLC and Ohana NoMad LLC ("secured party"), offers for sale at public auction to be held virtually on June 30, 2021, at 11:00 a.m. (Eastern Time) in connection with a Uniform Commercial Code Sale of 100% of the limited liability company membership interests in both 1170 Broadway Associates LLC ("borrower") and 1170 Broadway Manager LLC ("master tenant manager"). The borrower is the ground lessee of the property commonly known as "The NoMad Hotel" located at 1170 Broadway, New York, New York, and the fee owner of the property located at 10 West 28th Street, New York, New York ("property"). The borrower leases the property under a master lease to 1170 Broadway Tenant LLC, a wholly-owned direct subsidiary of the Master Tenant Manager. The interests in the borrower are owned by 1170 Broadway Associates Member II LLC and the interests in the master tenant manager are owned by 1170 Broadway Manager Member LLC. The secured party holds a loan to the borrower secured by a first priority lien on the interests. The secured party is offering the interests for sale in connection with the foreclosure in the pledge of the interests. The amount of the secured obligations owed to the secured party is approximately $102.5 million. All bids -- other than credit bids of the secured party -- must be for cash, and the successful bidder must be prepared to deliver immediately available good funds within five business days after the sale (unless otherwise agreed by the secured party) and otherwise comply with the bidding requirements. Further information concerning the interests, the requirements for obtaining information and bidding on the interests and the terms of sale can be found at https://www.1170broadwayhoteluccsale.com. Jones Lang LaSalle can be reached at: Brett Rosenberg Jones Lang LaSalle Tel: + 1 212-812-5926 Email: brett.rosenberg.am.jll.com 1170 Broadway Associates LLC operates a hotel in New York. 1A SMART START: Moody's Cuts CFR to B3 After Dividend Announcement ------------------------------------------------------------------ Moody's Investors Service downgraded 1A Smart Start LLC's credit ratings, including its corporate family rating, which has been downgraded to B3, from B2, and probability of default rating, which has been downgraded to B3-PD, from B2-PD. Moody's has affirmed the B2 instrument rating on Smart Start's first-lien debt, which includes a $40 million revolver and an upsized (by $40 million) $388 million term loan. Despite the CFR downgrade, the introduction of $115 million of new second-lien debt (unrated) provides rating support to the first-lien debt, which as a result retains its B2 rating. Proceeds from the incremental first-lien and new second-lien debt and a small amount of balance sheet cash will be used to make a $154 million distribution to Smart Start's private equity owners and meet transaction fees. The outlook remains stable. With the announcement of the debt-financed dividend distribution, Smart Start will relever itself to a Moody's-adjusted debt-to-EBITDA ratio of 7.3 times, more than a turn higher than when Moody's originally rated the credit, less than a year ago. The transaction highlights an aggressive financial strategy more in keeping with a B3 CFR, especially given Smart Start's very small scale and narrow product focus. The incremental interest expense will cut into free cash flow, which as a percentage of debt Moody's expects will be in the low-single digits initially. Moody's therefore considers Smart Start's ESG -- Governance as a driver of this ratings action. Downgrades: Issuer: 1A Smart Start LLC Corporate family rating, downgraded to B3 from B2 Probability of default rating, downgraded to B3-PD from B2-PD Affirmations: Issuer: 1A Smart Start LLC Senior secured bank credit facility, affirmed B2 (LGD3) Outlook Actions: Issuer: 1A Smart Start LLC Outlook, remains stable RATINGS RATIONALE Smart Start enjoys a strong competitive position, legislative support, and very good profitability as one of the world's largest providers of ignition interlock devices ("IIDs"), vehicle breathalyzers and their supporting components that prevent impaired driving. These strengths help offset the sub-$200 million revenue scale and high leverage, the latter which Moody's expects will ease towards 6.5 times by late 2022. Historically strong double-digit average revenue growth was tempered in 2020 and through early 2021 in the US, Smart Start's largest market by far, where installed IID units declined on a net basis because of COVID-19-related court closures. Good growth in the relatively new markets of Canada and Australia, where Smart Start holds leading positions, and a resumption of net positive unit installation growth in the US support Moody's expectations for a return to mid-single-digit revenue growth this year. Moody's believes that support from both more profitable international markets and broader re-openings of courts and DMVs in the US will enable Smart Start to sustain strong, roughly 40% EBITDA margins. Society's need and interest to curtail drunk driving and minimize deaths from it will continue to remain strong; all 50 states have some form of ignition-interlock-device law. The social component of ESG risks therefore supports Smart Start's model. The company has a more than 25-year history of solidifying relationships with governmental authorities and staying abreast of regulatory requirements that have increasingly supported the use of IIDs. Smart Start's good liquidity also supports the B3 CFR. Its free cash flow turned meaningfully positive in 2020, largely because of the absence of outsized capital expenditures for manufacturing alcohol monitoring devices and components for contract wins that had occurred in prior years. With those expenses behind the company, and given the high-margin growth they'll help generate, Moody's expects free cash flows over the next 12 to 18 months representing mid-single-digit free cash flow as a percentage of debt, good for the B3 rating. Opening balance sheet cash of $14 million plus an undrawn $40 million revolver augment the company's operating liquidity. The stable outlook reflects Moody's view that regulatory trends, technological innovation, and societal behavioral patterns will continue to promote robust, non-cyclical demand for IIDs. After the COVID-19 induced slowdown through 2020, revenue growth should resume to mid-single-digit-percentages this year as broader court restrictions are loosened and society gradually reopens. Increasing profitability will help leverage to moderate to a relatively strong position for the B3 CFR. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Absent a material increase in revenue scale or product diversity, Moody's would consider an upgrade if free cash flow as a percentage of debt is sustained at least at 5% and Moody's anticipates that adjusted debt-to-EBITDA leverage will be sustained below 6.0 times. Moody's would consider a downgrade if Moody's do not expect moderate revenue growth to materialize, if leverage is sustained above 7.5 times, or free-cash-flow-to-debt is expected to approach breakeven. Headquartered in Dallas, Texas, Smart Start is the world's leading provider of IIDs for driving under the influence ("DUI") offender and commercial use, making it the largest alcohol monitoring service provider in the world. The primary borrower, 1A Smart Start LLC, represents about 95% of the revenue and EBITDA of the audited consolidated entity, Global IID Parent, LLC and Subsidiaries. The company provides alcohol monitoring services (using its devices) to individuals and commercial customers. Its products include IIDs and remote alcohol monitoring devices. The company manufactures, installs and monitors IIDs in vehicles owned by people who typically have been convicted of DUIs or similar types of offenses or in vehicle fleets operated by commercial and governmental entities. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. 2018 BLUE ISLAND: Unsecureds Will Get 50% of Claims in Plan ----------------------------------------------------------- Debtor 2018 Blue Island, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement and the accompanying Plan dated May 20, 2021. The Debtor was formed as a single-purpose entity in 2018 for the purpose of acquiring 25 buildings located in Blue Island, Illinois, consisting of 347 units of which 345 are separate affordable housing residential units. The remaining two units are commercial units consisting of a daycare and a minimarket. On December 22, 2020, the Debtor filed its motion for entry of an order to approve, inter alia, bid procedures (the "Sale Motion"). The sale process was conducted with the joint efforts and consultation with M&M and the Indenture Trustee. The Indenture Trustee was kept apprised throughout the sale process and was to be consulted in the determination of Qualified Bids if received. Finalizing the Purchaser as the Stalking Horse Bidder was done following a consultation with, M&M, and Indenture Trustee. Pursuant to the Bid Procedures Order, a sale hearing for the sale of the Property to the Stalking Horse Bidder was held, and the sale was approved by the Court on March 2, 2021. On March 16, 2021 (the "Closing Date"), the sale of the property to the Stalking Horse Bidder closed. That same day, pursuant to the Sale Order, the net proceeds of the sale (in the amount of $12,554,078) were deposited into the Debtor's debtor-in possession bank accounts. On the Closing Date, the Debtor paid all outstanding real property taxes and M&M was paid its commission of $490,360 for the sale of the Property and reimbursement of costs in the amount of $4,206. The Debtor's Plan proposes to pay general unsecured claims a pro rata distribution of 50% on account of such creditor's Class 2 claims and, instead of sharing in any distribution, the Indenture Trustee's unsecured deficiency claim will be subordinate to all other unsecured claims. Class 1 consists of the Indenture Trustee Secured Claim. The Indenture Trustee filed a proof of claim in the amount of $26,263,201. The Indenture Trustee Secured Claim was secured by first priority liens on the Property and on the proceeds of the sale of the Property and all operational cash. As a result of the sale of the Property, the Indenture Trustee has received $12,554,077.76 in distributions of all sale proceeds. The Indenture Trustee holds a first priority lien on all remaining funds in possession of the Debtor or to be recovered by the Debtor however, by agreement, the Indenture Trustee will be paid on the Effective Date from the Debtor's remaining cash-on-hand, including any funds to be recovered, less the Administrative Carve-Out and GUC Carve-Out. The Indenture Trustee Secured Claim is impaired and entitled to vote on the Plan. Class 2 Unsecured Claims consist of 15 different claimants aggregating approximately $37,313, incurred primarily for the operation of the Debtor's business and property. The holder of an Allowed Class 2 Claim shall receive, in full satisfaction of such Claim, payments in Cash totaling 50% of the amount of such Allowed Claim. The payment shall be made upon the Effective Date. Class 3 Indenture Trustee Unsecured Claim consists of the unsecured deficiency claim of the Indenture Trustee in an aggregate amount of approximately $11,676,051. Class 3 will not receive a distribution on account of the Class 3 Indenture Trustee Unsecured Claim and is deemed not to accept the Plan. Class 4 consists of the interests of the Debtor's equity security holder, BHF. The Class 4 equity security holder shall not retain its Interests as of the Effective Date, shall not receive a distribution under the Plan, and is not entitled to vote on the Plan. All cash necessary for the Debtor to make payments pursuant to the Plan shall be obtained from the remaining cash-on-hand and the liquidation of the Debtor's other assets existing, if any, as of the Confirmation Date. A full-text copy of the Disclosure Statement dated May 20, 2021, is available at https://bit.ly/3bZhIQa from PacerMonitor.com at no charge. The Debtor is represented by: Kevin H. Morse, Esq. Christian A. Conway CLARK HILL PLC 130 East Randolph Street, Suite 3900 Chicago, IL 60601 Tel: (312) 985-5595 Fax: (312) 985-5984 Email: kmorse@clarkhill.com cconway@clarkhill.com About 2018 Blue Island 2018 Blue Island, LLC sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 20-21563) on Dec. 15, 2020. The case is assigned to Judge Jacqueline P. Cox. The petition was signed by Andrew Belew, president, Better Housing Foundation, Inc., as manager. The Debtor estimated assets and liabilities in the range of $10 million to $50 million. The Debtor tapped Kevin H. Morse, Esq., at Clark Hill PLC, as counsel. 801 ASHBURY: Case Summary & 11 Unsecured Creditors -------------------------------------------------- Debtor: 801 Asbury Avenue, LLC 801 Asbury Avenue Suite 301 Ocean City, NJ 08226 Business Description: 801 Asbury Avenue, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: May 26, 2021 Court: United States Bankruptcy Court District of New Jersey Case No.: 21-14401 Debtor's Counsel: David B. Smith, Esq. SMITH KANE HOLMAN, LLC 112 Moores Road Suite 300 Malvern, PA 19355 Tel: 610-407-7215 Fax: 610-407-7218 E-mail: dsmith@skhlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by James McCallion, sole member. A full-text copy of the petition containing, among other items, a list of the Debtor's 11 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/S5HODFI/801_Asbury_Avenue_LLC__njbke-21-14401__0001.0.pdf?mcid=tGE4TAMA ACASTI PHARMA: To Request Hearing Before Nasdaq Panel ----------------------------------------------------- Acasti Pharma Inc. received notice from the Nasdaq Listing Qualifications Department on May 11, 2021 indicating that, based upon the Company's non-compliance with the $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a) as of May 10, 2021, the Company's securities were subject to delisting unless the Company timely requests a hearing before the Nasdaq Hearings Panel. The Company has previously disclosed and expected such notification from Nasdaq and believes it has options to regain compliance, preferably in connection with its proposed acquisition of Grace Therapeutics, Inc. as is often done in connection with similar transactions. The Company plans to timely request a hearing, which will stay any further action by Nasdaq pending the conclusion of the hearing process. Importantly, Acasti is prepared to take definitive action to regain compliance with the Rule and otherwise ensure the Company's continued listing on Nasdaq. The Company understands that Panel hearings are typically scheduled within 30-45 calendar days of an issuer's request, and in accordance with the Nasdaq Listing Rules, the Panel has the discretion to grant the Company an extension through Nov. 8, 2021 to regain compliance with the Rule. At the hearing, the Company will present a detailed plan of compliance for the Panel's consideration, which will include the Company's commitment to implement a share consolidation if needed to evidence compliance with the Rule. Should the Company determine that a share consolidation is necessary or otherwise advisable, the Company would likely take such action concurrent with the completion of its proposed acquisition of Grace. The Company plans to issue an update with respect to the Nasdaq hearings process as soon as substantive updates are available. About Acasti Pharma Acasti -- http://www.acastipharma.com-- is a biopharmaceutical innovator that has historically focused on the research, development and commercialization of prescription drugs using OM3 fatty acids delivered both as free fatty acids and bound-to-phospholipid esters, derived from krill oil. OM3 fatty acids have extensive clinical evidence of safety and efficacy in lowering triglycerides in patients with hypertriglyceridemia, or HTG. CaPre, an OM3 phospholipid therapeutic, was being developed for patients with severe HTG. Acasti reported a net loss and total comprehensive loss of $25.51 million for the year ended March 31, 2020, compared to a net loss and total comprehensive loss of $39.37 million for the year ended March 31, 2019. As of Sept. 30, 2020, the Company had $13.83 million in total assets, $4.96 million in total liabilities, and $8.87 million in total shareholders' equity. KPMG LLP, in Montreal, Canada, the Company's auditor since 2009, issued a "going concern" qualification in its report dated June 29, 2020, citing that the Corporation has incurred operating losses and negative cash flows from operations since its inception, and additional funds will be needed in the future that raise substantial doubt about its ability to continue as a going concern. ADAMIS PHARMACEUTICALS: Delays Filing of First Quarter Form 10-Q ---------------------------------------------------------------- Adamis Pharmaceuticals Corporation filed with the Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its Quarterly Report on Form 10-Q for the three-month period ended March 31, 2021. Adamis Pharmaceuticals said it requires additional time to compile and evaluate certain information and complete its review of its financial statements and other disclosures in the Form 10-Q, including regarding matters relating to its US Compounding Inc. subsidiary and management's evaluation of the Company's disclosure controls and procedures and internal control over financial reporting, which could not be completed by the date required without incurring unreasonable effort and expense. The Company anticipates that it will file its Form 10-Q within the 5-day grace period provided by Rule 12b-25 of the Securities Exchange Act of 1934, as amended. About Adamis Pharmaceuticals Adamis Pharmaceuticals Corporation -- http://www.adamispharmaceuticals.com-- is a specialty biopharmaceutical company primarily focused on developing and commercializing products in various therapeutic areas, including respiratory disease, allergy and opioid overdose. The company's SYMJEPI (epinephrine) Injection 0.3mg and SYMJEPI (epinephrine) Injection 0.15mg products were approved by the FDA for use in the emergency treatment of acute allergic reactions, including anaphylaxis. Adamis reported a net loss of $49.39 million for the year ended Dec. 31, 2020, compared to a net loss of $27.51 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $30.87 million in total assets, $27.37 million in total liabilities, and $3.50 million in total stockholders' equity. San Diego, California-based BDO USA, LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. AERKOMM INC: Incurs $4.2 Million Net Loss in First Quarter ---------------------------------------------------------- Aerkomm Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $4.23 million on zero net sales for the three months ended March 31, 2021, compared to a net loss of $2.37 million on zero net sales for the three months ended March 31, 2020. As of March 31, 2021, the Company had $57.27 million in total assets, $20.75 million in total liabilities, and $36.52 million in total stockholders' equity. As of March 31, 2021, the Company had cash and cash equivalents of $33,632 and restricted cash of $3,211,511. To date, the Company has financed its operations primarily through cash proceeds from financing activities, including from its completed 2018/2019 public offering and 2020 ongoing public offering, issuance of convertible bonds, short-term borrowings and equity contributions by its stockholders. Aerkomm said, "The Company has not generated significant revenues, excluding non-recurring revenues from affiliates in the second quarter of fiscal 2018, and will incur additional expenses as a result of being a public reporting company. For the three-month period ended March 31, 2021, the Company incurred a comprehensive loss of $3,855,886 and had a negative working capital of $1,508,978 as of March 31, 2021. Currently, the Company has taken measures, as discussed above, that management believes will improve its financial position by financing activities, including through our ongoing public offering, short-term and long-term borrowings and fund raisings. However, there is no assurance that management will be successful in their plan. There are a number of factors that could potentially arise that could result in shortfalls to our plan, such as the economic conditions, the competitive pricing in the connectivity industry, our operating results not continuing to deteriorate and our bank and shareholders being able to provide continued supports." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1590496/000121390021028401/f10q0321_aerkomminc.htm About Aerkomm Headquartered in Nevada, USA, Aerkomm Inc. -- http://www.aerkomm.com-- is a full-service development stage provider of in-flight entertainment and connectivity (IFEC) solutions, intended to provide airline passengers with a broadband in-flight experience that encompasses a wide range of service options. Those options include Wi-Fi, cellular, movies, gaming, live TV, and music. The Company plans to offer these core services, which it is currently still developing, through both built-in in-flight entertainment systems, such as a seat-back display, as well as on passengers' own personal devices. Aerkomm reported a net loss of $9.11 million for the year ended Dec. 31, 2020, compared to a net loss of $7.98 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $56.72 million in total assets, $17.68 million in total liabilities, and $39.03 million in total stockholders' equity. ALLIANCE RESOURCE: Moody's Alters Outlook on Ba3 CFR to Stable -------------------------------------------------------------- Moody's Investors Service affirmed ratings for Alliance Resource Operating Partners L.P., including the Ba3 Corporate Family Rating, the Ba3-PD Probability of Default and revised the rating outlook to stable from negative on a combination of improved coal industry fundamentals and debt reduction. Moody's also upgraded the company's Speculative Grade Liquidity Rating to SGL-2 from SGL-3. "While the coal industry is under significant pressure in the United States, management's aggressive operational response to Covid-19 and substantial debt reduction drive a stabilization of the rating outlook," said Ben Nelson, Moody's Vice President -- Senior Credit Officer and lead analyst for Alliance Resource Operating Partners, L.P. Affirmations: Issuer: Alliance Resource Operating Partners, L.P. Probability of Default Rating, Affirmed Ba3-PD Corporate Family Rating, Affirmed Ba3 Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD5) Upgrades: Issuer: Alliance Resource Operating Partners, L.P. Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3 Outlook Actions: Issuer: Alliance Resource Operating Partners, L.P. Outlook, Changed To Stable From Negative RATINGS RATIONALE Management responded aggressively to the global outbreak of Coronavirus. While the company's management-adjusted EBITDA fell from about $600 million in 2019 to about $380 million for the twelve months ended March 31, 2021, management suspended cash distributions starting in 2Q20, generated more than $250 million of free cash flow, and reduced balance sheet debt by more than $240 million (about one-third of debt outstanding at December 31, 2019). Alliance also extended its revolving credit facility at similar terms during the early days of the pandemic and took a range of operational actions to help preserve liquidity. These factors, combined with an improved outlook for the thermal coal industry in 2021 and no meaningful debt maturities for the next few years, drive the ratings affirmation and return of the rating outlook to stable. Moody's expects improved domestic and international demand for thermal coal in 2021. Moody's expects management-adjusted EBITDA in the range of $350-375 million, reflecting a combination of improved volumes and weaker domestic pricing that reflects current market conditions compared to contracts signed before the virus outbreak, and continued strong free cash flow in 2021, supporting very strong credit metrics including adjusted financial leverage below 2.0 times (Debt/EBITDA; including standard analytical adjustments). Alliance's business model creates stronger and more stable discretionary cash flow generation compared to rated peers in the United States. The rating incorporates an expectation for a conservative approach to managing the company's balance sheet and handling upcoming debt maturities in 2024 (revolving credit facility) and 2025 (unsecured bonds). Likewise, management reiterated during its first quarter earnings call that it intends to manage toward a total leverage ratio of 1.0x (compared to 1.43x at 1Q21) and re-established guidance to direct 30% of the company's free cash flow to cash distributions. The rating assumes that the company will generate at least $50 million (after considering distributions) per year for debt reduction in 2021 and 2022 and, in a downside scenario where cash flow generation is meaningfully weaker, suspend the distribution to avoid meaningfully negative free cash flow and incurrence of debt. However, Moody's also believes that investor concerns about the coal industry's ESG profile are intensifying and coal producers will be increasingly challenged by access to capital issues in the early 2020s. An increasing portion of the global investment community is reducing or eliminating exposure to the coal industry with greater emphasis on moving away from thermal coal. The aggregate impact on the credit quality of the coal industry is that debt capital will become more expensive over this horizon, particularly in the public bond markets, and other business requirements, such as surety bonds, which together will lead to much more focus on individual coal producers' ability to fund their operations and articulate clearly their approach to addressing environmental, social, and governance considerations -- including reducing net debt in the near-to-medium term. Alliance reported about $541 million of balance sheet debt at March 31, 2020 (down significantly from $781 million at December 31, 2019) and $273 million of surety bonds supporting environmental reclamation, black lung, and worker's compensation liabilities. Absent a significant change in access to capital or the competitive landscape for the coal industry, Alliance will need to reduce debt steadily to maintain the Ba3 CFR and stable rating outlook. Environmental, social, and governance factors have a material impact on Alliance's credit quality. The company is exposed to ESG issues typical for a company in the coal mining industry, including increasing global demand for renewable energy that is detrimental to demand for coal, especially in the United States and Western Europe. From an environmental perspective the coal mining sector is also viewed as: (i) very high risk for air pollution and carbon regulations; (ii) high risk for soil and water pollution, land use restrictions, and natural and man-made hazards; and (iii) high risk for water shortages. Social issues include factors such as community relations, operational track record, and health and safety issues associated with coal mining, such as black lung disease. Alliance is highly exposed to thermal coal. Moody's believes that thermal coal carries greater ESG-related risks than metallurgical coal. Alliance is a publicly traded company, which is a positive factor in the analysis of governance risk, and a master limited partnership, which is a negative factor because MLPs typically distribute most or all of their free cash flow. Alliance's suspension of the distribution during 2020 is a substantial mitigant to this risk. The high proportion of insider ownership, which is 33% of total outstanding shares, is also considered in Moody's assessment of governance risks. The Ba3 CFR is principally constrained by the challenges of operating with meaningful balance sheet debt in an industry that faces substantial cyclical and structural issues, including: (i) ongoing secular decline in the demand for thermal coal in the United States; (ii) volatility in export prices that makes it difficult for companies to maintain export volumes through price cycles; and (iii) rapidly emerging ESG-related issues with an adverse impact on access to capital and, therefore, debt capacity. Alliance's rating is supported by the company's (i) low cost position; (ii) size, scale, and geographic and operational diversity; (iii) willingness to reduce or eliminate the distribution to unitholders of its master limited partnership during difficult market conditions; and (iv) expectation for further debt reduction in a scenario where access to capital constraints worsen. Moody's expects that the company will generate meaningful free cash flow and maintain very strong credit metrics in the medium term. The SGL-2 reflects good liquidity to support operations in the next 12-18 months. Alliance reported roughly $495 million of availability liquidity at March 31, 2021, comprised of $34 million of cash and $461 of availability under its revolving credit facility. Moody's expects that the company will generate positive free cash flow over the next 12-18 months. Moody's expects a healthy cushion of compliance under financial maintenance covenants that govern the $537.75 million revolving credit facility due 2024. Moody's will place emphasis on the company's continued ability to maintain its surety bonding program with a reasonable level of required collateral. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade the ratings with expectations for adjusted financial leverage sustained above 2.50x (Debt/EBITDA), negative free cash flow, or further intensification of ESG concerns that call into question the company's ability to handle upcoming debt maturities. Moody's could upgrade the ratings with a substantial and sustained reduction in debt. However, given the issues facing the thermal coal industry, an upgrade is unlikely in the near-term. Alliance Resource Operating Partners, L.P. is a subsidiary of Alliance Resource Partners, L.P., which is a publicly traded master limited partnership ("MLP"). Alliance operates seven underground mining complexes in Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia. Alliance also operates a coal terminal in Indiana (Ohio River) and owns royalty interests on 1.5 million gross acres in oil and gas producing properties in the United States. The principal methodology used in these ratings was Mining published in September 2018. ALPINE 4 HOLDINGS: Incurs $6.1 Million Net Loss in First Quarter ---------------------------------------------------------------- Alpine 4 Holdings, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $6.13 million on $8.67 million of net revenue for the three months ended March 31, 2021, compared to net income of $250,388 on $8.84 million of net revenue for the three months ended March 31, 2020. As of March 31, 2021, the Company had $84.65 million in total assets, $38.58 million in total liabilities, and $46.07 million in total stockholders' equity. The Company has financed its operations since inception from the sale of common stock, capital contributions from stockholders and from the issuance of notes payable and convertible notes payable. The Company expects to continue to finance its operations from its current operating cash flow and by the selling shares of its common stock and or debt instruments. In the first quarter of 2021, the Company raised approximately $54,000,000 through the sale of its common stock. In April and May 2020, the Company received seven loans under the Paycheck Protection Program of the U.S. Coronavirus Aid, Relief and Economic Security Act totaling $3,896,107. The loans have terms of 24 months and accrue interest at 1% per annum. The Company expects some or all of these loans to be forgiven as provided by in the CARES Act. Management expects to have sufficient working capital for continuing operations from either the sale of its products or through the raising of additional capital through private offerings of the Company's securities and improved cash flows from operations including the two acquisitions that closed in May 2021. Additionally, the Company is monitoring additional businesses to acquire which management hopes will provide additional operating revenues to the Company. The Company gives no guarantee that the planned acquisitions will close or that they will produce the anticipated revenues on the schedule anticipated by management. The Company also may elect to seek bank financing or to engage in debt financing through a placement agent. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1606698/000109690621001192/alpp_10q.htm About Alpine 4 Alpine 4 Holdings, Inc (formerly Alpine 4 Technologies, Ltd) is a publicly traded conglomerate that is acquiring businesses that fit into its disruptive DSF business model of drivers, stabilizers, and facilitators. As of April 14, 2021, the Company was a holding company that owned nine operating subsidiaries: ALTIA, LLC; Quality Circuit Assembly, Inc.; Morris Sheet Metal, Corp; JTD Spiral, Inc.; Deluxe Sheet Metal, Inc,; Excel Construction Services, LLC; SPECTRUMebos, Inc.; Impossible Aerospace, Inc.; and Vayu (US), Inc. Alpine 4 Holdings reported a net loss of $8.05 million for the year ended Dec. 31, 2020, compared to a net loss of $3.13 for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $40.73 million in total assets, $49.52 million in total liabilities, and a total stockholders' deficit of $8.79 million. ALPINE 4 HOLDINGS: Issues Q1 CEO Letter to Shareholders ------------------------------------------------------- Alpine 4 Holdings, Inc. issues Q1 CEO Letter to Shareholders. "Dear Shareholders and Employees, If 2020 was the year of correction and ways to think about business differently, 2021 has been and remains a year of robust opportunities for Alpine 4. For those of you who have read our financial statements for Q1 2021, they represent a perplexing snapshot of our Company in the midst of a monumental transition. In the process of metamorphosis, the Company has changed its direction to become a dominant player in several indices. Our shift began when the Company submitted, in January 2021, a $170 million S3 shelf registration statement with the SEC. For those of you who are not familiar with the SEC's S3 registration statement, it is usually reserved for companies with a much larger operating footprint and are for companies typically listed on the NASDAQ or NYSE. Alpine 4 met the S3 requirements and our S3 went effective with no review by the SEC. This was a huge moment for the Company, of which I can't express the importance of it enough and what it will mean for years to come. Corporate Summary: In Q1, Alpine 4 became a much stronger and more focused Company. The Company raised $54 million in cash with five institutional investment groups, paid down over $14 million in debt, and added another piece to our very important aerospace holdings with the addition of Vayu (US), Inc. The Company also held true to its 300 employees by offering 100% paid health benefits, an essential factor in navigating the complex labor market currently residing in the US. Further, management felt it was also more warranted than ever since we were in the midst of a global pandemic. Alpine 4 also began several new initiatives to consolidate resources. First, Alpine 4 began consolidating its A4 Construction Services, Inc holdings of Deluxe Sheet Metal (DLX) and Morris Sheet Metal, Corp. (MSM). The effects of COVID-19 on the educational customer base of DLX were wide and extreme. The impact of which is still being felt. Normal university customers, that were once extremely reliable and stable through 50 years of relationship, became large liabilities for DLX as the Company tried to retain the qualified personnel in order to keep their customers once they returned to needing DLX's construction services. This was all too evident in DLX's 2020 and Q1 2021 P&L statements. So, course corrections needed to be made. The outcome of this consolidation will begin to bear fruit in Q3 2021 and Alpine 4 expects the consolidated Company to be well prepared to tackle the rebounding market of mechanical contracting in the US Midwest. Alpine 4 also added several new key employees to the corporate level. The Company has been rapidly expanding its accounting personnel at its corporate headquarters in Phoenix, AZ to meet the growing demand of its subsidiaries. We did this to guarantee that we have the right accounting staff trained in GAAP/PCAOB accounting standards. This has culminated with the promotion of Larry Zic to Chief Accounting Officer of the Company. Larry's experience expands over several decades, and he has been the CFO of several companies during his tenure. We also promoted Trish Norvel to VP of Human Resources. Trish also comes with decades of experience managing teams of HR personnel, and was responsible for managing the HR needs of companies with over 2,000 employees. Balance Sheet: The bright spot of our Q1 financial statements was our Balance Sheet position. Our total assets for Q1 2021 grew at 107.8% over Q1 2020. This was primarily driven by our capital raise, which allowed our Cash position to grow from 277k in Q1 of 2020 to $35.7 million in Q1 of 2021. Our Accounts Receivables asset also grew by roughly 9.4% over 2020. Inventory levels also grew by 27.3% to match our high-tech customers' growing supply chain demand in Silicon Valley. Additionally, our total liabilities shrunk by 22.1%, from $49.5 million in Q1 2020 to $38.6 million in Q1 2021. This reduction was primarily driven by our paying down of our long-term debt by $7.5 million and strategic reductions in our Accounts Payables to vendors. It is important to note that the result of paying our vendors early will allow the Company and its subsidiaries to increase its margins and help drive us towards profitability in 2021. The culmination of the Q1 2021 balance sheet position shows in our Stockholders Equity position. The Company went from a negative $8.8 million in Stockholders Equity to a positive $46 million in Stockholders Equity. Our balance sheet position shows a Company dramatically healthier, armed with cash, and the equity position to capitalize on our business model of DSF. Profit & Loss: On the surface, the P&L for Q1 was off. But there is more to these numbers than meets the eye. One shining spot was our ability to closely match the sales of our Pre-Covid numbers. The Company generated $8.7 million in revenue for the quarter compared to $8.8 million in Q1 2020. Our Gross Profit was down 57.1% in Q1 2020 vs. Q1 2021. This reduction in Gross Profit was primarily driven by our A4 Construction Services, Inc holdings. Within that holding subsidiary, Deluxe Sheet Metal (DLX) was the primary source of the loss. DLX for the most part, has not recovered from the loss of its educational customer base. The Company's revenue dropped 170% from Q1 2020 with $2.4 million in sales vs Q1 2021 with only $800 thousand in sales. Coupled with the skyrocketed increase in steel and other construction related materials in 2020 and 2021, DLX's Gross Profit was a negative $747 thousand which posted a net profit loss of $1.8 million. It's important to remember that Alpine 4's acquisition model was based on leverage buyout at the beginning. QCA was our first acquisition and was accomplished through debt, though the Company is now profitable. It takes time and growth to optimize an acquisition, dig it out of debt and make it profitable. The business model is being proved out through the success of QCA, and our recent capital raise of $54 million has accelerated the cycle towards profitability for all subsidiaries. There were also some shining stars in our P&L statement. A4 Manufacturing, Inc. consisting of Quality Circuit Assembly, grew at an astounding rate of 84.1% to generate $3.7 million in sales in Q1 2021 versus $2.0 million in sales in Q1 2020. Its Gross Profit also held at 24%, which was a remarkable feat during the COVID era, and its net profit grew to 4.4% to generate $165 thousand versus negative $186 thousand in Q1 2020. Additionally, Alpine 4 corporate chose to invest deeply into our A4 Aerospace, Inc, holding subsidiaries of Vayu (US) Inc. and Impossible Aerospace Corporation, by repurchasing the restricted stock units issued to Daniel Pepper CEO of Vayu, and Spencer Gore of Impossible Aerospace. This generated a loss of $1.8 million on our P&L and was a one-time expense. We decided to do this primarily to ensure that our two leading figures in our Aerospace industry could focus on their respective Company's and not worry about selling these shares in the market. By doing so, the Company prevented these shares from hitting the market, adding to future downward pressure. The Company had to pay roughly $1.54 million in interest in Q1 2021 vs.$1.6 million in Q1 2020. Costs for servicing our debt including interest will decrease in the upcoming reporting periods and are the direct results of the pay down of debt described earlier. Segment Summary A4 Manufacturing: The Company expects the A4 Manufacturing segment to grow by over 100% in Q2 2021 over Q1 2021. The addition of Alternative Labs and its high gross profit and net profit will help A4 Manufacturing grow to new profitability and sales growth levels. A4 Construction Services: The Company expects this segment to grow in revenue for Q2 and Q3 2021 over Q1 2021, and for its margins to also improve as well with the consolidation of Deluxe Sheet Metal into Morris Sheet Metal. A4 Technology: SPECTRUMebos, our blockchain-enabled Business Operating System, is rapidly approaching its integration within the A4 family of companies. We now estimate that all subsidiaries, excluding the construction-related companies, to operate within SPECTRUMebos by the end of 2021. A4 Aerospace: Both Impossible and Vayu are what we call Driver companies. Driver companies are in emerging markets, have enormous upside potential for revenue and profits, and have a significant opportunity to capture market share. These types of acquisitions are typically exciting, pre-revenue companies that need structure and capital to support their unrealized future growth. The Company expects Vayu to begin sales of the G1 platform in Q3 2021 to several international customers. Vayu is also investing in a new production facility in Michigan to help meet the anticipated demand for its G1 drone. Impossible Aerospace is currently developing its next-generation drone called US-2 and is currently developing many of its new features for anticipated use by the US military. The ultimate goal that Alpine 4 has for these two subsidiaries, is to be a dominant player in the future of delivery of products and goods by drones. We are taking the development path to create two very different platforms in the G1/G2 vs US-1/US-2 to service two very different markets. The end goal is for them both to offer a global solution to the ever-growing needs of consumers to receive their goods. A4 Defense: The Company expects A4 Defense to expand dramatically over the next several years with our targeted effort with US government contracts. With the addition of Thermal Dynamics International and several other defense-related acquisition candidates, this holding portfolio is poised for exponential growth. Q2 Outlook: Alpine 4 expects Q2 2021 to be a dramatic improvement over Q1 2021. Not only from a sales standpoint but also from increased margins and a reduction in costs from consolidation. Additionally, the bottom line will benefit from the significant reduction of debt servicing and saved interest payments. With the addition of Thermal Dynamics International and Alternative Labs, Alpine 4 is racing towards net profitability. DSF 2021 - 2022: I am pleased to say that we completed two acquisitions in Q2 already and anticipate our acquisition strategy to add at least 2-3 more acquisitions in 2021. Nasdaq Update: Alpine 4 is in continued conversation with the Nasdaq. We consistently offer them expeditious answers to their comments and are enthusiastic for the completion of their work. In the meantime, we continue to execute on our DSF business model and grow shareholder value through the strengthening of our fundamentals. In closing, Q1 was a transformative quarter for Alpine 4, and the stage is set for our continued successes." Best regards, Kent B. Wilson CEO / President / Founder About Alpine 4 Alpine 4 Holdings, Inc (formerly Alpine 4 Technologies, Ltd) is a publicly traded conglomerate that is acquiring businesses that fit into its disruptive DSF business model of drivers, stabilizers, and facilitators. As of April 14, 2021, the Company was a holding company that owned nine operating subsidiaries: ALTIA, LLC; Quality Circuit Assembly, Inc.; Morris Sheet Metal, Corp; JTD Spiral, Inc.; Deluxe Sheet Metal, Inc,; Excel Construction Services, LLC; SPECTRUMebos, Inc.; Impossible Aerospace, Inc.; and Vayu (US), Inc. Alpine 4 Holdings reported a net loss of $8.05 million for the year ended Dec. 31, 2020, compared to a net loss of $3.13 for the year ended Dec. 31, 2019, and a net loss of $7.91 million for the year ended Dec. 31, 2018. As of March 31, 2021, the Company had $84.65 million in total assets, $38.58 million in total liabilities, and $46.07 million in total stockholders' equity. ARCHDIOCESE OF SANTA FE: Taps James W. Siebert as Consultant ------------------------------------------------------------ The Roman Catholic Church of the Archdiocese of Santa Fe seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to employ James W. Siebert & Associates, Inc. as its consultant. The Debtor needs the firm's services to comply with state and local land use and subdivision statutes, ordinances and regulations in connection with the sale or transfer of its properties in Santa Fe, N.M. James W. Siebert & Associates' hourly rates are as follows: Principal $180 per hour Associates $120 per hour CAD Operators $950 per hour Research/Clerical Services $45 per hour The firm also charges for reimbursable expenses. As disclosed in court filings, James W. Siebert & Associates is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: James W. Siebert James W Siebert & Associates Inc. 915 Mercer St. Santa Fe, NM 87505 Phone: 505-983-5588 Fax: 505-989-7313 Email: jim@jwsiebert.com About the Archdiocese of Santa Fe The Roman Catholic Church of the Archdiocese of Santa Fe -- https://www.archdiosf.org/ -- is an ecclesiastical territory or diocese of the southwestern region of the United States in the state of New Mexico. At present, the Archdiocese of Santa Fe covers an area of 61,142 square miles. There are 93 parish seats and 226 active missions throughout this area. The Archdiocese of Santa Fe sought Chapter 11 protection (Bankr. D.N.M. Case No. 18-13027) on Dec. 3, 2018, to deal with child abuse claims. It reported total assets of $49,184,579 and total liabilities of $3,700,000 as of the bankruptcy filing. Judge David T. Thuma oversees the case. The archdiocese tapped Elsaesser Anderson, Chtd. and Walker & Associates, P.C., as bankruptcy counsel, Stelzner, Winter, Warburton, Flores, Sanchez & Dawes, P.A as special counsel, and REDW LLC as accountant. On Aug. 28, 2020, the Court appointed as Brokers, Philip Gudwin and Rusty Wafer of Santa Fe Properties. ASCENT RESOURCES: Moody's Alters Outlook on B2 CFR to Positive -------------------------------------------------------------- Moody's Investors Service changed Ascent Resources Utica Holdings, LLC's rating outlook to positive from stable. Additionally, Moody's affirmed Ascent's B2 Corporate Family Rating, its B2-PD Probability of Default Rating, its B3 second lien term loan rating and its Caa1 senior unsecured notes rating. "Ascent's rating outlook change to positive reflects the company's progress on free cash flow generation, restrained capital spending and improved capital markets access," commented Sreedhar Kona, Moody's senior analyst. "Improvement in the company's cash flow metrics through debt reduction and simplification of its capital structure could significantly improve the company's credit profile." Affirmations: Issuer: Ascent Resources Utica Holdings, LLC Corporate Family Rating, Affirmed B2 Probability of Default Rating, Affirmed B2-PD Gtd Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD5) Gtd Senior Secured Second Lien Credit Facility, Affirmed B3 (LGD4) Outlook Actions: Issuer: Ascent Resources Utica Holdings, LLC Outlook, Changed To Positive From Stable RATINGS RATIONALE Moody's changed Ascent's rating outlook to positive based on expectations of sustained capital spending discipline and free cash flow generation aided by the company's commodity hedges that provide strong cash flow visibility. Ascent's B2 CFR reflects the company's still high debt burden which makes its credit profile vulnerable to prolonged periods of weak natural gas prices. The company's natural gas weighted production profile yields lower cash margins than an oil-weighted production base on an equivalent unit of production, notwithstanding the company's good capital efficiency. Ascent is also constrained by its single basin focus in the Utica Shale and significant firm transportation (FT) commitments that, while providing flow assurance, could prove burdensome if the company's production drops. Ascent's production meets its FT requirements and will continue to meet them at current production levels. Ascent benefits from a significant reserve base in the highly productive, low-cost Utica Shale and a comprehensive hedging program that should provide meaningful protection to debt service and its drilling program through 2022. The company increased its commodity hedge position, taking advantage of the recovery in natural gas prices, which provides good visibility to company's cash flow through 2021 and to some extent through 2022 as well. Ascent demonstrates competitive metrics and capital efficiency in comparison to its Appalachian peers. Ascent's second lien term loan is rated B3, one notch below the CFR reflecting the significant size and priority ranking of the company's $1.85 billion borrowing base senior secured revolving credit facility due April 2024 ($888 million outstanding as of March 31, 2021). The senior unsecured notes are rated Caa1, two notches below the CFR, owing to the size of the priority claim of the revolver and the second lien term loan to the company's assets ahead of the notes. Ascent will maintain adequate liquidity and generate free cash flow through 2022. As of March 31, 2021, Ascent had $6 million of cash and approximately $813 million of availability under its $1.85 billion borrowing base senior secured revolving credit facility expiring in April 2024. Under the credit agreement, Ascent is required to maintain its net debt/EBITDAX ratio below 4x (cash netting limited to $50 million) and a current ratio above 1x. Moody's expects the company to remain in compliance with its financial covenants through 2022. The company's next significant maturity will be in 2024 when the revolver is due. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ascent's ratings could be upgraded if the company achieves substantial debt reduction improving its ability to maintain production and credit metrics through periods of weaker gas prices, and simplifies its capital structure. The company must generate significant free cash flow and sustain its retained cash flow (RCF) to debt ratio above 30%. Ascent's ratings could be downgraded if the company is unable to achieve consistent free cash flow generation and debt reduction or if natural gas fundamentals deteriorate significantly. Ratings could be downgraded if its RCF/debt ratio falls below 20%. A weakening of liquidity could also pressure the ratings Based in Oklahoma City, Oklahoma, Ascent Resources Utica Holdings, LLC is a private independent E&P company with operations in the Utica Shale in Eastern Ohio. The principal methodology used in these ratings was Independent Exploration and Production Industry published in May 2017. ATTENTION TO DETAIL: Wins Cash Collateral Access ------------------------------------------------ The U.S Bankruptcy Court for the Eastern District of Kentucky, Lexington Division, has authorized Attention to Detail-Auto Detailing, LLC, d/b/a Detail Lex to use cash collateral on a final basis through the confirmation of a plan. The Debtor is authorized to use Cash Collateral to pay the pre-petition debts and obligations as specifically authorized by prior orders of the Court arising from the First Day Motions and post-petition expenses incurred in the ordinary course of business operations by the Debtor to operate as set forth in the Final Budget, including any payments authorized by the Order to the Bank and any allowed fees for the U.S. Trustee's fees, the Debtor's Counsel and other professionals appointed by the Court; provided however, the Debtor may not pay any taxes which accrued pre-petition except those paid pursuant to the wage order, pending further orders of the court. As adequate protection for any diminution in the value of any secured parties' interests in the collateral, the secured parties are granted a replacement lien or interest upon cash collateral, subject only to any valid and enforceable, perfected and non-avoidable existing liens, if any, to the extent of the value of the collateral as of the Petition Date in favor of the secured parties. GFE NY LLC, d/b/a Global Funding Expert, the creditor, agrees to receive, and the Debtor agrees to pay, the sum of $1,500 per month. As part of the adequate protection for any diminution in the value of all secured parties' interests in the collateral, the Debtor hereby grants and re-grants to them a replacement lien upon all "Assets of Detail Lex" and account receivables, subject only to any valid and enforceable, perfected and non-avoidable existing liens, if any, as of the Petition Date in favor of any other party. The post-Petition security interest and lien granted to these three secured parties will be junior and subordinate only to any existing liens and allowed fees of the United States Trustee, the Debtor's Counsel, and any other professionals approved by the Court under Code Sections 327 to 330. A copy of the order is available for free at https://bit.ly/3u9lPPK from PacerMonitor.com. About Attention to Detail-Auto Detailing, LLC Attention to Detail-Auto Detailing, LLC, provides car wash and cleaning detail services to automobiles at two locations -- on Forbes Road and Versailles Road, in Lexington, Kentucky. No machines are utilized. All detailing is performed by hand. Attention to Detail-Auto Detailing sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 21-50540) on May 5, 2021. In the petition signed by Daryl Andrew Lyons, manager, CEO and president, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Tracey N. Wise oversees the case. Matthew B. Bunch, Esq., at BUNCH & BROCK, PSC is the Debtor's counsel. B & B LOGISTICS: Files for Chapter 7 Bankruptcy Protection ---------------------------------------------------------- Clarissa Hawes of Freightwaves reports that B & B Logistics, an Illinois trucking company, cited several times for hours-of-service (HOS) violations, shuttered operations and filed Chapter 7 bankruptcy in mid-May 2021. B & B Logistics Inc., headquartered in Elmhurst, filed its petition in the U.S. Bankruptcy Court for the Northern District of Illinois on May 13, 2021. The trucking company, which once had 17 drivers and 19 power units, ceased operations nearly a year ago after its authority was revoked by the Federal Motor Carrier Safety Administration (FMCSA). In December 2019, B & B Logistics received a conditional safety rating from FMCSA after undergoing a compliance review a few months earlier. Prior to the carrier ceasing operations, it had been cited multiple times for false reports of drivers’ record-of-duty status, failing to maintain an electronic logging device instruction sheet and record-of-duty status violations. The shuttered trucking company states that it has up to 99 creditors. The company maintains that no funds will be available for unsecured creditors once it pays administrative fees. Among B & B Logistics' top 20 unsecured creditors are Transport Enterprise Leasing LLC of Chattanooga, Tennessee, owed more than $383,000 for truck leases; Pilot Travel Centers LLC of Birmingham, Alabama, owed more than $59,000 for fuel; and MAT Transportation Inc. of Chicago, owed over $8,100. Creditors with secured claims include Daimler Truck Financial of Carol Stream, Illinois, owed more than $312,400; Amur Equipment Finance of Grand Island, Nebraska, owed more than $138,000 for two 2016 Freightliners; and Mercedes-Benz Financial Services of Carol Stream, which is owed nearly $49,000. B & B Logistics is currently facing five breach-of-contract lawsuits, including two filed by Compass Equipment Finance, one by Transport Enterprise Leasing, one by On Deck Capital, as well as one by American Express National Bank. A creditor's meeting is scheduled for June 8, 2021. About B & B Logistics B & B Logistics Inc., is a provider of trucking or transfer services. Aleksandar Perisic is the owner and CEO of B & B Logistics. B & B Logistics Inc. sought Chapter 7 protection (Bankr. N.D. Ill. Case No. 21-06265) on May 13, 2021. In its petition, B & B Logistics listed assets as up to $50,000 and liabilities between $1 million and $10 million. The case is handled by Honorable Judge Jacqueline P. Cox. The Law Offices of Eric G. Zelazny, led by Eric G Zelazny, is the Debtor's counsel. Catherine L. Steege of the firm Jenner & Block has been appointed as Chapter 7 trustee. BASIC ENERGY: Moody's Lowers CFR to Ca Following Forbearance Deal ----------------------------------------------------------------- Moody's Investors Service downgraded Basic Energy Services, Inc.'s ratings, including its Corporate Family Rating to Ca from Caa3, Probability of Default Rating to D-PD from Caa3-PD and rating of its senior secured notes to C from Ca. The SGL-4 Speculative Grade Liquidity rating is unchanged. The outlook is negative. This action follows the company's continuing failure to make its interest payment that was due on April 15, 2021, and entry into forbearance and other agreements with substantially all of its creditors, which Moody's views as a default. Downgrades: Issuer: Basic Energy Services, Inc. Probability of Default Rating, Downgraded to D-PD from Caa3-PD Corporate Family Rating, Downgraded to Ca from Caa3 Senior Secured Notes, Downgraded to C (LGD5) from Ca (LGD5) Outlook Actions: Issuer: Basic Energy Services, Inc. Outlook, Remains Negative RATINGS RATIONALE The downgrade of the PDR to D-PD reflects Basic's continuing failure to make interest payment on its senior secured notes past the 30 day grace period, and a forbearance agreement with its ABL lenders and an extension of the maturity of its Super Priority Credit Agreement, that Moody's considers to be a default. It also reflects high likelihood of a material debt restructuring on distressed terms as the company continues to discuss strategic alternatives with its lenders to pursue a sustainable capital structure. The CFR was downgraded to Ca and Basic's $300 million senior secured notes due 2023 were downgraded to C based on Moody's views on recovery. The negative outlook reflects very high risk of debt restructuring or a bankruptcy filing. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to a downgrade include Moody's lowering its view on expected recoveries. Factors that could lead to an upgrade include the company reducing debt sufficiently to achieve a tenable capital structure with improved liquidity. Fort Worth, TX based Basic Energy Services provides well site services to oil and natural gas producing companies in the United States. Basic's services include completion and remedial services, fluid services, well servicing and water logistics. The principal methodology used in these ratings was Global Oilfield Services Industry Rating Methodology published in May 2017. BRIGHT MOUNTAIN: Delays Filing of First Quarter Form 10-Q --------------------------------------------------------- Bright Mountain Media, Inc. filed with the Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its Quarterly Report on Form 10-Q for the three-month period ended March 31, 2021. The Form 10-Q could not be filed within the prescribed time because additional time is required by the Company's management and auditors to prepare certain financial information to be included in such report. The Company is working diligently to complete the necessary work and review of internal controls. About Bright Mountain Based in Boca Raton, Fla., Bright Mountain Media, Inc. -- www.brightmountainmedia.com -- is an end-to-end digital media and advertising services platform, efficiently connecting brands with targeted consumer demographics. In addition to its corporate website, the Company owns and/or manages 24 websites which are customized to provide its niche users, including active, reserve and retired military, law enforcement, first responders and other public safety employees with products, information and news that the Company believes may be of interest to them. The Company also owns an ad network which was acquired in September 2017. Bright Mountain reported a net loss of $3.40 million for the year ended Dec. 31, 2019, compared to a net loss of $5.22 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $42.77 million in total assets, $29.92 million in total liabilities, and $12.85 million in total shareholders' equity. EisnerAmper LLP, in Iselin, New Jersey, the Company's auditor since 2018, issued a "going concern" qualification in its report dated May 14, 2020, citing that the Company has experienced recurring net losses, cash outflows from operating activities, and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. BRINKER INT'L: Moody's Affirms B1 CFR & Outlook to Positive ----------------------------------------------------------- Moody's Investors Service affirmed Brinker International, Inc.'s B1 corporate family rating and B1-PD probability of default rating. In addition, Moody's affirmed Brinker's guaranteed senior unsecured notes at B2 and its senior unsecured non-guaranteed notes at B3. Moody's also upgraded the Speculative Grade Liquidity Rating to SGL-2 from SGL-4 and changed the outlook to positive from negative. "The affirmation and change in outlook to positive reflects our expectation that Brinker's operating performance will notably recover in its fourth quarter ended June 2021, a trend that will continue into its fiscal 2022 as government restrictions continue to lessen," stated Bill Fahy, Moody's Senior Credit Officer. Moody's expects this earnings trend to result in stronger credit metrics and improved liquidity. "Brinker's good liquidity is expected to provide it with the ability to manage the uncertainties that still exist due to continued government restrictions as it reduces leverage to be in line with its lease adjusted leverage target of 3.5x," Fahy added. The upgrade of the speculative grade liquidity rating to SGL-2 reflects Brinker's $900 million senior secured revolver (not rated) that is expected to be largely undrawn, reasonable cash balances and positive free cash flow. Upgrades: Issuer: Brinker International, Inc. Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-4 Affirmations: Issuer: Brinker International, Inc. Probability of Default Rating, Affirmed B1-PD Corporate Family Rating, Affirmed B1 Backed Senior Unsecured Regular Bond/Debenture, Affirmed B2 (LGD4 from LGD5) Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD6) Outlook Actions: Issuer: Brinker International, Inc. Outlook, Changed To Positive From Negative RATINGS RATIONALE Brinker's B1 corporate family rating benefits from its high level of brand awareness, meaningful scale, improved cost structure, good product pipeline and technology initiatives that are expected to drive incremental traffic and higher check over the longer term. The ratings are constrained by the earnings concentration with Chili's, which requires this core brand to generate profitable same restaurant sales trends on a consistent basis. In addition, the uncertainty with regards to the ability and willingness of consumers to increase their spend on food away from home as government restrictions lessen remains a concern. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The positive outlook reflects Moody's view that same store sales will continue to improve and help drive higher earnings that will result in lower leverage while maintaining good liquidity despite ongoing government restrictions. The outlook also anticipates that the company follows a prudent financial policy towards dividends and share repurchases. The outlook also anticipates that the revolver will be refinanced well in advance of becoming current. Factors that could result in an upgrade would require a sustained strengthening of operating performance that resulted in leverage of around 4.5 times, coverage of about 2.5 times and good liquidity. Factors that could result in a downgrade include a deterioration in liquidity driven by a prolonged period of restaurant restrictions and closures. Specifically, ratings could be downgraded in the event debt to EBITDA exceeded 5.5 times or EBIT coverage of interest approached 1.5 times on a sustained basis. The restaurant sector has been one of the sectors most significantly affected by the coronavirus outbreak given its exposure to widespread location restrictions and closures as well as its sensitivity to consumer demand and sentiment. Moody's regard the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Brinker's board of directors is a good mix of industry veterans, as well as directors with large company experience and relatively varied periods of board tenure. Brinker's board has 10 members, 9 of which are independent and separate Chairman and CEO roles. Brinker is a publicly traded company. Restaurants by their nature and relationship with regards to sourcing food and packaging, as well as having an extensive labor force and constant consumer interaction are deeply entwined with sustainability, social and environmental concerns. To this end, Brinker requires its suppliers to adhere to its supplier code of conduct, which sets forth its expectations on business integrity, food safety and food ingredients, animal welfare and sustainability. While these may not directly impact the credit, these factors should positively impact brand image and result in a more positive view of the brand overall. Brinker International, Inc. ("Brinker") owns, operates and franchises the casual dining concepts Chili's Grill & Bar (Chili's) and Maggiano's Little Italy. As of March 24, 2021, Brinker had about 1,120 company-owned restaurants and approximately 537 franchised restaurants. Annual revenues are expected to be over $3.2 billion. The principal methodology used in these ratings was Restaurant Industry published in January 2018. CAMBER ENERGY: Delays Filing of First Quarter Form 10-Q ------------------------------------------------------- Camber Energy, Inc. filed a Form 12b-25 with the Securities and Exchange Commission notifying the delay in the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. The Company has experienced delays in completing its Quarterly Report on Form 10-Q within the prescribed time period, due to delays in assembling the financial information required to be reviewed by its independent auditor, and in completing the accounting of certain transactions affecting the registrant. The delay could not be eliminated without unreasonable effort or expense. The Company plans to file its completed Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, on or before the fifth day following the prescribed due date. The Company anticipates a significant change in its results of operations for the quarter ended March 31, 2021, as compared to the quarter ended March 31, 2020, as the Company completed an acquisition of Viking Energy Group, Inc. common stock at the end of 2020. A reasonable estimate of the results of operations could not be made as of the current date as the Company's accountants are still preparing the Company's results of operations. About Camber Energy Based in Houston, Texas, Camber Energy -- http://www.camber.energy -- is primarily engaged in the acquisition, development and sale of crude oil, natural gas and natural gas liquids from various known productive geological formations, including from the Hunton formation in Lincoln, Logan, Payne and Okfuskee Counties, in central Oklahoma; the Cline shale and upper Wolfberry shale in Glasscock County, Texas; and Hutchinson County, Texas, in connection with its Panhandle acquisition which closed in March 2018. Camber Energy reported a net loss of $3.86 million for the year ended March 31, 2020, compared to net income of $16.64 million for the year ended March 31, 2019. As of Sept. 30, 2020, the Company had $11.79 million in total assets, $1.61 million in total liabilities, $6 million in preferred stock (series C), and $4.18 million in total stockholders' equity. Marcum LLP, in Houston, Texas, the Company's auditor since 2015, issued a "going concern" qualification in its report dated June 29, 2020, citing that the Company has incurred significant losses from operations and had an accumulated deficit as of March 31, 2020 and 2019. These factors raise substantial doubt about its ability to continue as a going concern. CAMELOT UK: ProQuest Acquisition No Impact on Moody's B2 CFR ------------------------------------------------------------ Moody's Investors Service said Camelot UK Holdco Limited's (the "company", d/b/a "Clarivate Analytics" or "Clarivate") B2 Corporate Family Rating, B2 ratings on the existing senior secured first-lien credit facilities (comprising a $250 million revolving credit facility due 2024 and $2.84 billion term loan B facility due 2026) and $700 million outstanding 4.5% senior secured notes due 2026, and stable outlook are not immediately impacted by Monday's announcement that the company has entered into a definitive agreement to acquire ProQuest LLC ("ProQuest") for $5.3 billion. ProQuest is a global software, data and analytics provider to academic, research and national institutions. Though Clarivate intends to use approximately $4 billion in cash and $1.3 billion in equity to fund the transaction, Moody's believes the ultimate mix of debt and equity could vary from this depending on the amount of new equity raise. Moody's also expects Clarivate to issue incremental debt, however the impact on financial leverage will not be known until there is more definitive information regarding the capital mix. Given Clarivate's prudent use of debt and equity to finance past acquisitions and commitment to a 4.5x as-reported net leverage target, Moody's currently expects the transaction to be leverage neutral over the long term. Moody's preliminary pro forma EBITDA estimate (as calculated by Moody's) includes Clarivate's LTM March 31, 2021 EBITDA and the full LTM impact of EBITDA from ProQuest and Clarivate's CPA Global acquisition, which was completed in Q4 2020, plus Moody's expectation for annual run-rate cost savings (net of Moody's estimates for costs to achieve planned savings). This results in pro forma LTM financial leverage in the 5x-5.3x area (as calculated by Moody's), below the 6.5x downgrade threshold. In addition to expanding Clarivate's annual pro forma 2020 revenue to $2.6 billion (including CPA Global, ProQuest and Decision Resources Group ("DRG") and excluding divestitures), expected scale benefits from the transaction include: (i) substantial expansion of Clarivate's content; (ii) enhanced research solutions and additional library management workflow offerings; (iii) broadening of analytics offerings; and (iv) access to adjacent markets and users. Clarivate also expects to achieve around $100 million of run-rate cost savings (expected to be achievable 15-18 months after closing) plus $65 million in annual cash tax savings, which collectively will further enhance the company's strong free cash flow (FCF) generation. Moody's believes future FCF generation will be allocated to debt repayment and new product development. The transaction purchase price includes roughly $1 billion of ProQuest bank debt. Clarivate will likely fund the purchase with a combination of cash, new debt issuance and new and existing equity prior to closing the transaction, which is expected in Q3 2021. Clarivate has obtained a $4 billion unsecured committed bridge facility to help fund the cash component of the purchase price. Over the past two years, the company successfully completed several secondary equity offerings, including a $560 million equity raise to help fund the $950 million DRG acquisition in March 2020. The company also used existing equity as currency to fund the $8.8 billion CPA Global transaction in Q4 2020, which was financed with $6.8 billion of its common shares exchanged for CPA Global equity, a $1.6 billion incremental senior secured first-lien term loan, $400 million of cash and roughly $60 million of borrowings under the RCF (which have been repaid). The company's prudent use of debt and equity to fund acquisitions has historically led to ratings neutral outcomes. Headquartered in Philadelphia, PA, Camelot UK Holdco Limited provides comprehensive intellectual property and scientific information, decision support tools and services that enable academia, corporations, governments and the legal community to discover, protect and commercialize content, ideas and brands. Formerly the Intellectual Property & Science unit of Thomson Reuters Corporation, Clarivate was a carve-out purchased by Onex and Baring Asia for approximately $3.55 billion in October 2016. Following the May 2019 merger with Churchill Capital Corp., a special purpose acquisition company (SPAC), Clarivate operates as a publicly traded company. Revenue for the last twelve months ended March 31, 2021 was approximately $1.4 billion as-reported. Headquartered in Ann Arbor, Michigan, ProQuest LLC aggregates, creates, and distributes academic and news content and software solutions serving academic, corporate and public libraries worldwide. The company's ownership consists of Cambridge Information Group, Inc. (majority shareholder), Atairos and Goldman Sachs. Revenue for the last twelve months ended March 31, 2021 was approximately $872 million as-reported. CAN B CORP: Incurs $2.2 Million Net Loss in First Quarter --------------------------------------------------------- Can B Corp. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $2.18 million on $306,940 of total revenues for the three months ended March 31, 2021, compared to a net loss of $1.13 million on $569,707 of total revenues for the three months ended March 31, 2020. As of March 31, 2021, the Company had $6.87 million in total assets, $2.19 million in total liabilities, and $4.68 million in total stockholders' equity. As of March 31, 2021, the Company had cash and cash equivalents of $1,677,076 and a working capital of $2,984,648. These factors raise substantial doubt as to the Company's ability to continue as a going concern. The Company plans to improve its financial condition by raising capital through sales of shares of its common stock. Also, the Company plans to expand its operation of CBD products to increase its profitability. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1509957/000149315221012555/form10-q.htm About Can B Corp Headquartered in Hicksville New York, Canbiola, Inc. (now known as Can B Corp) -- http://www.canbiola.com-- develops, produces, and sells products and delivery devices containing CBD. Cannabidiol ("CBD") is one of nearly 85 naturally occurring compounds (cannabinoids) found in industrial hemp (it is also contained in marijuana). The Company's products contain CBD derived from Hemp and include products such as oils, creams, moisturizers, isolate, and gel caps. In addition to offering white labeled products, Canbiola has developed its own line of proprietary products, as well as seeking synergistic value through acquisitions of products and brands in the Hemp industry. Can B Corp. reported a loss and comprehensive loss of $5.72 million for the year ended Dec. 31, 2020, compared to a loss and comprehensive loss of $5.90 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $5.69 million in total assets, $2.43 million in total liabilities, and $3.25 million in total stockholders' equity. Hauppauge, NY-based BMKR, LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated April 12, 2021, citing that the Company incurred a net loss of $5,851,512 during the year ended December 31, 2020 and as of that date, had an accumulated deficit of 30,521,025. Due to recurring losses from operations and the accumulated deficit the Company has stated that substantial doubt exists about the Company's ability to continue as a going concern. CAN B CORP: Reports $5.7 Million Loss for 2020 ---------------------------------------------- Can B Corp. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a loss and comprehensive loss of $5.72 million on $1.71 million of total revenues for the year ended Dec. 31, 2020, compared to a loss and comprehensive loss of $5.90 million on $2.31 million of total revenues for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $5.69 million in total assets, $2.44 million in total liabilities, and $3.26 million in total stockholders' equity. Hauppauge, NY-based BMKR, LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated April 12, 2021, citing that the Company incurred a net loss of $5,851,512 during the year ended December 31, 2020 and as of that date, had an accumulated deficit of 30,521,025. Due to recurring losses from operations and the accumulated deficit the Company has stated that substantial doubt exists about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1509957/000149315221008687/form10-k.htm About Can B Corp Headquartered in Hicksville New York, Canbiola, Inc. (now known as Can B Corp) -- http://www.canbiola.com-- develops, produces, and sells products and delivery devices containing CBD. Cannabidiol ("CBD") is one of nearly 85 naturally occurring compounds (cannabinoids) found in industrial hemp (it is also contained in marijuana). The Company's products contain CBD derived from Hemp and include products such as oils, creams, moisturizers, isolate, and gel caps. In addition to offering white labeled products, Canbiola has developed its own line of proprietary products, as well as seeking synergistic value through acquisitions of products and brands in the Hemp industry. CENTURY ALUMINUM: Mike Bless to Retire; Gary Named President, CEO ----------------------------------------------------------------- Mike Bless will retire as president and chief executive officer of Century Aluminum Company, effective July 1, 2021, after 15 years with Century, including nearly 10 years as CEO. He will also step down from the board at that time. Mr. Bless will continue to provide his guidance and expertise to Century as a strategic advisor until his ultimate retirement from the company on March 31, 2022. Century's Board of Directors has appointed Jesse Gary, currently Century's executive vice president, chief operating officer and general counsel, to succeed Mr. Bless as Century's next president and chief executive officer on July 1, 2021. Mr. Gary will also join the Board upon assuming his new role. "This leadership transition comes at the right time for Century, with Mike having established a strong foundation for continued growth and success of the company," said Andrew Michelmore, chairman of the Board. "Over his nearly a decade as CEO, Mike has overseen the measured expansion of Century's operations, from the successful capacity creep program at Grundartangi to the acquisitions of Century's Sebree, Mt. Holly and Vlissingen operations. Mike's relentless focus on safety has also set the tone for all of our employees to understand that no job is so important that it cannot be done safely. The Board is grateful to Mike for his outstanding leadership and dedication to Century over his many years of service." "The Board has worked with Mike to execute a thorough, multi-year process to consider and evaluate succession candidates," continued Mr. Michelmore. "That process led to the selection of Jesse Gary. Mike's close collaboration with Jesse since he assumed the Chief Operating Officer role, and continuing collaboration over the coming months, will ensure an effective leadership transition and continuity for Century's businesses." "Jesse is a seasoned and talented executive who has already overseen many aspects of our business. He brings a deep knowledge of the aluminum industry, a strong track record of driving growth and innovation, and a passion for safety, all of which positions him well for success. We are confident that Jesse is the right leader to guide Century into the coming decade," Mr. Michelmore concluded. Since joining the company in 2010, Mr. Gary has served in a variety of leadership roles, including overseeing Century's legal, human resources, business development, government relations and energy functions, before assuming oversight of all of Century's operating businesses upon his promotion to Chief Operating Officer in April 2019. Mr. Gary also played a key role in leading Century through the recent pandemic. "I've been privileged to work with a dedicated and world-class group of colleagues and with our Board of Directors," commented Mr. Bless. "Our consistent goal has been, over the commodity cycles, to generate returns for our shareholders by operating our businesses in a safe, efficient and sustainable manner and providing a quality product to markets in which it is valued. I am also grateful to our customers, suppliers and our local community leaders for their steadfast partnership and support. Century is set up to grow and prosper and there is not a more qualified person than Jesse to lead the company through its next phase. I look forward to watching the team's many successes." "I am very excited for the opportunity to lead Century into this dynamic new environment and grateful for the past 11 years that I have worked closely with Mike," said Mr. Gary. "Century is well positioned and has an incredible opportunity to provide the aluminum required as the world moves to recover from the pandemic, rebuild our infrastructure and transition to a low-carbon economy. I am highly confident about our company's future and look forward to further increasing the value we bring to all of our stakeholders, while operating safely and responsibly." Offer Letter with Mr. Jesse Gary In connection with Mr. Gary's appointment as president and chief executive officer, the Company entered into an offer letter with Mr. Gary on May 17, 2021. Under the terms of the Offer Letter, effective July 1, 2021, Mr. Gary's annual base salary will be $850,000, his target award opportunity under the Company's Annual Incentive Plan will be 100% of his base salary, and his target award payout under the Company's Long Term Incentive Plan will be 295% of his base salary. Mr. Gary's current 2021 AIP award opportunity will increase to 100% and will be prorated based on his pre- and post-July 1, 2021 service and salary, and he will receive an additional 2021-2023 LTIP award to reflect his increased salary and the increased 295% target payout, prorated based on his service before and after May 17, 2021. In addition, Mr. Gary will be awarded a promotion bonus consisting of a cash bonus of $6,000,000, which will vest and be payable in installments of 50% on July 1, 2022, 30% on July 1, 2023 and 20% on July 1, 2024, and a one-time time Time-Vesting Share Unit ("TVSU") award under the LTIP valued at $2,000,000, which will vest and be settled in shares of common stock in the same installment percentages and on the same vesting and payment dates as the cash bonus. Payment of the cash bonus and settlement of the TVSUs will be subject to Mr. Gary's continued employment with the Company on each of the applicable vesting and payment dates; however, (i) if Mr. Gary's employment terminates due to his disability, termination by the Company without cause, or termination by Mr. Gary for good reason (each within the meaning of the Company's Form of TVSU Award Agreement) any remaining bonus will continue to vest and become payable on the applicable specified vesting dates, or (ii) if Mr. Gary's employment terminates due to his death, any remaining bonus will be paid and settled as soon as administratively practical thereafter. In the event Mr. Gary's employment is terminated by the Company without cause or by Mr. Gary for good reason following a change in control (within the meaning of the Form TVSU Agreement), then the promotion bonus will immediately vest and become payable in full on the date of such termination. Mr. Gary will be named a Tier I participant in the Company's Executive Severance Plan. His minimum stock ownership level under the Company's Stock Ownership Guidelines will increase to 150,000. About Century Aluminum Company Century Aluminum Company -- http://www.centuryaluminum.com-- is a global producer of primary aluminum and operates aluminum reduction facilities, or "smelters," in the United States and Iceland. Century Aluminum reported a net loss of $123.3 million for the year ended Dec. 31, 2020, a net loss of $80.8 million for the year ended Dec. 31, 2019, and a net loss of $66.2 million for the year ended Dec. 31, 2018. As of March 31, 2021, the Company had $1.36 billion in total assets, $364.3 million in total current liabilities, $590.8 million in total noncurrent liabilities, and $408.3 million in total shareholders' equity. CHOR NAR SIU NG: Steinhilber Represents Ghost Ship Claimants ------------------------------------------------------------ In the Chapter 11 cases of Chor Ng, Eva Lou, and Kai Ng, the law firm of Steinhilber Swanson LLP submitted a verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose that it is representing the Ghost Ship Plaintiffs. In December 2016, a fire at the Ghost Ship warehouse resulted in the death of 36 individuals and injuries to many others. Following the fire, 53 separate but consolidated state court civil cases were brought in Alameda County Superior Court on behalf of seventy-eight separate claimants. On April 26, 2017, the Honorable Brad Seligman of the Alameda County Superior Court entered Case Management Order No. 2 Re Organization of Plaintiffs' Counsel, which designated Mary E. Alexander as the Plaintiff's Liaison Counsel and Thomas J. Brandi, Chris Dolan, and Frank M. Pitre as members of the Ghost Ship Plaintiffs' Executive Committee. On July 17, 2018, Judge Seligman entered Case Management Order No. 8 Regarding Further Organization of Plaintiffs' Counsel Executive Committee, which designated W. Gordon Kaupp and Robert B. Bale as additional members of the Committee. The current Committee members are Mary E. Alexander, Thomas J. Brandi, Chris Dolan, and Robert B. Bale. In April 2020, the Committee retained Steinhilber to serve as bankruptcy counsel in connection with negotiations of the Plan Support Agreement, the Debtors' Plan of Reorganization, and these cases. The Committee represents the Ghost Ship Plaintiffs, all of whom are creditors of the Debtors. The name, address, nature, and amount of each disclosable economic interest held by each of the Ghost Ship Plaintiffs whose interests are represented by the Committee is attached hereto as Exhibit D. The Committee was granted authority to represent the Ghost Ship Plaintiffs through the above-referenced case management orders. While the ultimate beneficiaries of the Committee are the Ghost Ship Plaintiffs, Steinhilber does not represent the Ghost Ship Plaintiffs directly. The Firm can be reached at: Michael P. Richman, Esq. Steinhilber Swanson LLP 122 W. Washington Ave., Suite 850 Madison, WI 53703 Tel: (608) 630-8990 Fax: (608) 630-8991 E-mail: mrichman@steinhilberswanson.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/2TkMRac The Chapter 11 case is In re Chor Ng, Eva Lou, and Kai Ng (Bankr. N.D. Cal. Case No. 21-40614). CITY WIDE COMMUNITY: Wins Cash Collateral Access Thru June 1 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, has authorized City Wide Community Development Corp. and affiliates to use cash collateral on an interim basis in accordance with the budget through June 1, 2021. If the Debtors believe they will or need to exceed a specific line item in the Budget, the Court says the Debtor must obtain written approval from the U.S. Trustee or an order from the Court before the Debtor can make that expenditure. As adequate protection for the use of cash collateral, the affected creditors will be given a replacement lien in the amount of all advances made under the Budget. The Debtors reserve their right to seek an extension of the Order, re-set another hearing on the Motion after June 1 continuance, or to file another motion seeking authority from the Court to use cash collateral, and the U.S. Trustee reserves its rights to object to any such requests. The Debtors reserve their rights to contest the lien and/or secured claim of the City of Dallas, and the City of Dallas reserves its right to object to any such contest. The U.S. Trustee, City of Dallas, Legacy Bank, N.A., and the Department of Housing and Urban Development each reserve their respective right to refuse to give consent for any future use of his cash collateral once the Order expires, and the Debtors reserve their right to object to that refusal. A final hearing on the matter is scheduled for June 1 at 2 p.m. A copy of the order is available for free at https://bit.ly/3ug5ita from PacerMonitor.com. About City Wide Community City Wide Community Development Corp. is a mission-driven, 501(c)(3) nonprofit organization that revitalizes neighborhoods in South Dallas (specifically along the Lancaster Corridor) by (i) developing mixed-income housing and mixed-use developments, and (ii) providing educational, literacy, employment-training and social programs that empower individuals and families to improve their quality of life. City Wide Community Development Corp. and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 21-30847) on April 30, 2021. WILEY LAW GROUP, PLLC is the Debtors' counsel. CLUBHOUSE MEDIA: Incurs $5.8 Million Net Loss in First Quarter -------------------------------------------------------------- Clubhouse Media Group, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $5.80 million on $523,376 of net total revenue for the three months ended March 31, 2021, compared to a net loss of $227,079 on zero revenue for the period from Jan. 2, 2020 (inception) to March 31, 2020. As of March 31, 2021, the Company had $2.53 million in total assets, $4.94 million in total liabilities, and a total stockholders' deficit of $2.41 million. Net cash used in operating activities for the three months ended March 31, 2021 was $1,628,118. This amount was primarily related to a net loss of $5,798,578 and change in fair value of derivative liability of $49,533 and offset by (i) net working capital increase of $371,275; (ii) non-cash expenses of $3,799,185 including (iii) depreciation and amortization of $502,871; (iv) imputed interest of $15,920; (v) stock-based compensation of $2,977,264; (vi) loss in extinguishment of debt from related party of $297,138; (vii) loss in extinguishment of debt $55,525. Net cash used in operating activities for the period from Jan. 2, 2020 (inception) to March 31, 2020 was $415,079. This amount was primarily related to a net loss of $227,079 and net working capital decrease of $188,000. Net cash used in investing activities for the three months ended March 31, 2021 was $6,909. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1389518/000149315221011835/form10-q.htm About Clubhouse Media Las Vegas, Nevada-based Clubhouse Media Group, Inc. operates a global network of professionally run content houses, each of which has its own brand, influencer cohort and production capabilities. The Company offers management, production and deal-making services to its handpicked influencers, a management division for individual influencer clients, and an investment arm for joint ventures and acquisitions for companies in the social media influencer space. Its management team consists of successful entrepreneurs with financial, legal, marketing, and digital content creation expertise. Clubhouse Media reported a net loss of $2.58 million for the year ended Dec. 31, 2020, compared to a net loss of $74,764 for the year ended Dec. 31, 2019. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 15, 2021, citing that the Company has net losses and negative working capital. These factors raise substantial doubt about the Company's ability to continue as a going concern. COLLECTED GROUP: Gets Court Approval for Reorganization Plan ------------------------------------------------------------ Alex Wolf of Bloomberg News reports that the Collected Group LLC, a women's fashion brand operator backed by private equity giant KKR & Co., won approval to reorganize and shed about $155 million of funded debt through a pre-negotiated bankruptcy plan. The Chapter 11 plan, approved by the U.S. Bankruptcy Court for the District of Delaware during a virtual hearing Tuesday, May 25, 2021, preserves the company's Joie, Equipment, and Current/Elliott lines of apparel while handing equity over to secured lenders. General unsecured creditors, which voted in favor of the plan, are projected to partially recover on claims of more than $35 million from a pool of assets. About Collected Group The Collected Group and four affiliates filed for Chapter 11 bankruptcy (Bankr. D. Del. Lead Case No. 21-10663) on April 5, 2021. In the petitions signed by CRO Evan Hengel, the Debtors estimated assets of between $50 million and $100 million and liabilities of between $100 million and $500 million. The Honorable Judge Laurie Selber Silverstein is the case judge. Founded in 2001, The Collected Group, LLC is a designer, distributor and retailer of three contemporary, consumer-inspired, apparel lifestyle brands: Joie, Equipment, and Current/Elliott. TCG, the ultimate parent company, wholly owns Debtors RBR, LLC and The Collected Group Company, LLC. RBR wholly owns non-debtor The Collected Group Holdings Manager, LLC, which, in turn, wholly owns non-debtor The Collected Group Holdings, LLC. Paul, Weiss, Rifkind, Wharton & Garrison, LLP and Young Conaway Stargatt & Taylor, LLP serve as the Debtors' legal counsel while Miller Buckfire & Co., LLC and its affiliate, Stifel, Nicolaus & Co., Inc., serve as financial advisor and investment banker. The Debtors also tapped Berkeley Research Group, LLC and appointed the firm's managing director, Evan Hengel, as their chief restructuring officer. Epiq Corporate Restructuring LLC is the claims agent and administrative advisor. An official committee of unsecured creditors has been appointed in the case and is represented by: Lauren Schlussel, Esq. Eric Wilson, Esq. Jason Adams, Esq. Kelley Drye & Warren LLP 3 World Trade Center 175 Greenwich Street New York, NY 10007 E-mail: LSchlussel@KelleyDrye.com EWilson@KelleyDrye.com JAdams@KelleyDrye.com KKR Loan Administration Services LLC, as DIP Agent, is represented by: Vincent Indelicato, Esq. Megan Volin, Esq. Proskauer Rose LLP Eleven Times Square New York, NY 10036 E-mail: vindelicato@proskauer.com E-mail: mvolin@proskauer.com - and - Robert J. Dehney, Esq. Andrew R. Remming, Esq. Morris Nichols Arsht & Tunnell LLP 1201 North Market Street Wilmington, DE 19899 E-mail: rdehney@morrisnichols.com E-mail: aremming@morrisnichols.com COMSTOCK RESOURCES: Moody's Raises CFR to B2, Outlook Stable ------------------------------------------------------------ Moody's Investors Service upgraded Comstock Resources, Inc.'s Corporate Family Rating to B2 from B3, Probability of Default Rating to B2-PD from B3-PD, senior unsecured notes ratings to B3 from Caa1 and Speculative Grade Liquidity rating to SGL-2 from SGL-3. The outlook remains stable. "Comstock's ratings upgrade reflects our expectation for positive free cash flow generation leading to reduced debt and financial leverage with good liquidity over the next 12-18 months," commented Jonathan Teitel, a Moody's analyst. Upgrades: Issuer: Comstock Resources, Inc. Probability of Default Rating, Upgraded to B2-PD from B3-PD Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3 Corporate Family Rating, Upgraded to B2 from B3 Senior Unsecured Notes, Upgraded to B3 (LGD4) from Caa1 (LGD4) Outlook Actions: Issuer: Comstock Resources, Inc. Outlook, Remains Stable RATINGS RATIONALE Comstock is prioritizing free cash flow in 2021 over production growth and Moody's expects that the company will apply that free cash flow towards debt reduction. Comstock has also extended its maturity profile and improved its liquidity position. These factors combined to support an upgrade of the CFR. The B2 CFR reflects the company's still high but improving financial leverage, geographic concentration in the Haynesville Shale and natural gas focus. Comstock is supported by its substantial acreage position, low-cost production and very limited processing needs because of its dry natural gas production. Comstock does not have debt maturities until 2024 when its revolver matures. Comstock benefits from the support of its majority-owner, Jerry Jones, who has invested a significant amount of equity in the company. Comstock's hedges increase cash flow visibility and mitigate risks from natural gas price volatility. Comstock's production benefits from close proximity to Henry Hub which supports low basis differentials. The company also benefits from nearby natural gas demand in the Gulf Coast region. The Haynesville Shale has midstream infrastructure that supports low-cost takeaway. Comstock's high proportion of proved undeveloped reserves provides the company with a large drilling inventory but requires significant capital to develop. The company benefits from the decline in its drilling and completion costs per lateral foot over the past few years. The SGL-2 rating reflects Moody's view that Comstock will maintain good liquidity through 2022. Comstock has a revolving credit facility with a $1.4 billion borrowing base that matures in 2024. As of March 31, 2021, the company had $550 million outstanding on the facility and $77 million of cash. Moody's expects that Comstock will apply free cash flow toward repayment of revolver borrowings. The revolver has two financial covenants comprised of a maximum leverage ratio of 4x and minimum current ratio of 1x. As of March 31, 2021, there was limited cushion to the leverage covenant but Moody's expects cushion to expand in 2021. Comstock's $244 million 7.5% senior unsecured notes due 2025, $873 million 9.75% senior unsecured notes due 2026 and $1.25 billion 6.75% senior unsecured notes due 2029 are rated B3, one notch below the CFR, reflecting their subordination to the secured revolver due 2024 (unrated). The stable outlook reflects Moody's expectation that Comstock will generate positive free cash flow and reduce leverage over the next 12-18 months while maintaining good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include consistent positive free cash flow generation while growing both production and proved developed reserves; debt reduction, lower leverage and retained cash flow (RCF) to debt sustained above 35%; and a leveraged full cycle ratio maintained above 1.5x. Factors that could lead to a downgrade include Moody's expectation for Comstock's production to decline; negative free cash flow that leads to higher debt; higher leverage or RCF/debt below 20%; aggressive shareholder distributions; or weakening liquidity. Comstock, headquartered in Frisco, Texas, is a publicly-traded independent exploration and production company with operations focused in the Haynesville Shale. Production in the first quarter of 2021 was 1,281 MMcfe/d (98% natural gas). The principal methodology used in these ratings was Independent Exploration and Production Industry published in May 2017. CQP HOLDCO: Moody's Lowers Corp. Family Rating to B2 ---------------------------------------------------- Moody's Investors Service has downgraded Blackstone CQP Holdco LP Corporate Family Rating to B2 from B1 and its Probability of Default Rating to B2-PD from B1-PD and assigned B2 ratings to its proposed offering of a $2.9 billion senior secured term loan facility and $1 billion of senior secured notes. The outlook is stable. The proceeds from the new senior secured debt will be used to repay existing $2.6 billion term loan, meet financing fees and make a distribution to shareholders. Upon the completion of the transaction, Blackstone CQP Holdco LP will be renamed as CQP Holdco LP. The B1 rating on the existing $2.6 billion term loan is unchanged and will be withdrawn upon repayment. Downgrades: Issuer: Blackstone CQP Holdco LP Probability of Default Rating, Downgraded to B2-PD from B1-PD Corporate Family Rating, Downgraded to B2 from B1 Assignments: Issuer: Blackstone CQP Holdco LP Senior Secured Term Loan, Assigned B2 (LGD4) Senior Secured Notes, Assigned B2 (LGD4) Outlook Actions: Issuer: Blackstone CQP Holdco LP Outlook, Remains Stable RATINGS RATIONALE The downgrade of the CFR to B2 is primarily driven by the approximately $1,350 million increase in outstanding debt and corresponding increase in leverage (Debt/EBITDA) at closing to 7.2x from around 5.0x in 2020. The B2 CFR is supported by the predictability and recurring nature of the long-dated, contractually derived cash flow distributed through Cheniere Energy Partners, L.P. (CQP, Ba2 stable) to CQP Holdco, which holds a 41% limited partner (LP) stake in CQP. The market value of its investment in CQP approximates $8.4 billion (as of May 2021), allowing for a good collateral coverage of its debt, with a 46% loan-to-value on CQP Holdco's $3.9 billion in new secured debt following the refinancing. The stability and magnitude of this cash flow stream is tempered by the extent to which CQP Holdco's secured debt is structurally subordinated to CQP's debt and project debt that has financed CQP's principal asset, its Sabine Pass liquefied natural gas (LNG) export facility, Sabine Pass Liquefaction LLC (SPL, Baa3 stable). CQP Holdco is further supported by the substantial governance rights it maintains over CQP's operations and strategic planning by virtue of its majority membership on the CQP Executive Committee of the Board of Directors, and the significant extent of its influence on the CQP Board itself. The stable outlook reflects Moody's expectation that a steady rise in earnings will support gradual deleveraging over 2022-23. CQP Holdco's new senior secured term loan facility and new senior secured notes are both rated B2, at the same level as the CFR. The facility and the notes will represent all debt of the company, will rank pari passu and will benefit from the first lien pledge of all the equity interests in CQP and the pledge of equity in the borrowers. As proposed, the new credit facility is expected to provide covenant flexibility that could negatively impact creditors. Notable terms include the following: (a) incremental debt capacity up to $275 million; no portion of the incremental may be incurred with an earlier maturity than the initial term loans; (b) there are no unrestricted subsidiaries and the credit agreement does not permit the designation of unrestricted subsidiaries, preventing collateral "leakage" to unrestricted subsidiaries; (c) there are no subsidiary guarantors, which eliminates the risk that such guarantees could be released because they cease to be wholly-owned; and (d) there are no express protective provisions prohibiting an up-tiering transaction. The above are proposed terms and the final terms of the credit agreement may be materially different. Moody's expects CQP Holdco to maintain adequate liquidity. The company derives its cash flows from distributions received by CQP from its operating subsidiaries, which are then distributed by CQP to its unitholders, including CQP Holdco. Funds from operations (FFO), which are projected to exceed $500 million in 2021, readily cover projected CQP Holdco's interest and required minimum term loan amortization. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of ratings of CQP or a reduction in CQP Holdco's leverage could lead to an upgrade of CQP Holdco's ratings. A deterioration in the financial performance of CQP Holdco caused by construction issues at SPL's train-six prompting a negative rating action at CQP or a blockage of distributions from SPL or CQP to CGP Holdco could cause a downgrade of CQP Holdco's ratings. Blackstone CQP Holdco LP is the Blackstone/Brookfield Infrastructure Partners and its institutional partners entity through which The Blackstone Group L.P. funds, managed affiliates and co-investors (collectively, "Blackstone") initially placed a structured equity investment in Cheniere Energy Partners, L.P. (CQP, Ba2 stable) in 2012. Blackstone CQP now owns 41% of CQP's common units. The principal methodology used in these ratings was Midstream Energy published in December 2018. CROSSBAY SEASHELL: Taps Richard Feinsilver as Bankruptcy Attorney ----------------------------------------------------------------- Crossbay Seashell Fish Market, Inc. seeks approval from the U.S. Bankruptcy Code for the Eastern District of New York to hire Richard Feinsilver, Esq., an attorney practicing in Carle Place, N.Y. The Debtor needs an attorney to provide legal services in connection with its Chapter case, which include negotiation with creditors and the preparation of a bankruptcy plan. The Debtor paid Mr. Feinsilver an initial retainer of $7,500, plus $1,717 for the filing fee. The attorney charges an hourly fee of $350 for his services and $90 per hour for paralegal services. Mr. Feinsilver disclosed in court filings that he and his firm are "disinterested" as defined in Section 101(14) of the Bankruptcy Code. Mr. Feinsilver maintains an office at: Richard S. Feinsilver, Esq. One Old Country Road, Suite 125 Carle Place, NY 11514 Phone: 516-873-6330 Email: feinlawny@yahoo.com About Crossbay Seashell Fish Market Crossbay Seashell Fish Market, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-40951) on April 11, 2021, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Nancy Hershey Lord presides over the case. The Debtor is represented by Richard S. Feinsilver, Esq. CYTODYN INC: Antonio Migliarese Promoted to CFO ----------------------------------------------- CytoDyn Inc. has promoted Antonio Migliarese to chief financial officer of the Company. Mr. Migliarese joined CytoDyn in January 2020, and previously served as vice president, corporate controller. Former Chief Financial Officer Michael D. Mulholland will assume the role of senior vice president of Finance and continue to support the Company in an advisory role. "Unfortunately, for unexpected personal reasons I have had to make the difficult decision to assume a less demanding role to allow for more personal time for my family and myself. I fully support Antonio's appointment as the Company's next CFO, which is in-line with the Company's succession plan. I am very proud of what our team has achieved over the past several years and am delighted to continue to support Nader and Antonio in an advisory capacity as Senior Vice President of Finance," commented Mr. Mulholland. "We are pleased to announce the promotion of Antonio to the CFO role. Since joining CytoDyn, Antonio has made significant contributions to the Company, taking on increasing scope and responsibilities and leading the charge of the financial organization as we transition from being a pre-revenue research and development-driven biotech company, to a fully functional commercial organization," said Dr. Nader Pourhassan, Ph.D., president and CEO of CytoDyn. "We are excited to have Antonio join our executive team. Michael Mulholland has helped prepare Antonio for this role and is equally pleased about this move. Under the financial leadership of Michael, CytoDyn successfully raised nearly half a billion dollars of capital propelling the Company to where it is today. I am personally grateful for Michael and for his dedication, hard work and willingness to continue to support the Company in his new role." "I am thrilled to continue to take on increased responsibilities and move into the role of CFO at CytoDyn," said Mr. Migliarese. "I look forward to contributing to the CytoDyn executive team, and continuing to create, drive and execute on the vision of CytoDyn's financial organization, ensuring the Company is properly equipped for its next phase of growth and successful in doing so. I am even more excited Michael has gratefully chosen to continue to serve and provide us with his wealth of knowledge and experience." Mr. Migliarese will lead CytoDyn's financial organization. Mr. Migliarese is a Certified Public Accountant and a graduate of Oregon State University, with a BS in Accounting. Mr. Migliarese has held various senior financial leadership positions at both public and private companies since 2014. He has a wide array of experience including strategic planning, FP&A, SEC reporting, internal controls, process improvement, IT, preparing companies to go public, treasury, and debt, equity and M&A transactions. Prior to CytoDyn Mr. Migliarese was the controller for Domaine Serene Winery and Vineyards, Inc. from 2018 to 2020, Corporate Controller for Lightspeed Technologies Inc. from 2015 to 2018, and CFO of Hollister & Blacksmith, Inc. from 2014 to 2016. Prior to this time, Mr. Migliarese provided outsourced Controller and CFO services to a variety of companies and served as the Financial Reporting Manager for a technology company. Mr. Migliarese began his career in the assurance group of PricewaterhouseCoopers (PwC). Mr. Migliarese is currently employed by the Company on an at-will basis at an annual base salary of $225,000. The Compensation Committee will be meeting to finalize an employment agreement with Mr. Migliarese and formalize his compensation to be consistent with the compensation structure of other executive officers of the Company. About CytoDyn Inc. Headquartered in Vancouver, Washington, CytoDyn Inc. -- http://www.cytodyn.com-- is a late-stage biotechnology company focused on the clinical development and potential commercialization of leronlimab (PRO 140), a CCR5 antagonist to treat HIV infection, with the potential for multiple therapeutic indications. CytoDyn reported a net loss of $124.40 million for the year ended May 31, 2020, compared to a net loss of $56.19 million for the year ended May 31, 2019. As of Nov. 30, 2020, the Company had $143.76 million in total assets, $150.29 million in total liabilities, and a total stockholders' deficit of $6.53 million. Warren Averett, LLC, in Birmingham, Alabama, the Company's auditor since 2007, issued a "going concern" qualification in its report dated Aug. 14, 2020, citing that the Company incurred a net loss for the year ended May 31, 2020 and has an accumulated deficit of approximately $354,711,000 through May 31, 2020, which raises substantial doubt about its ability to continue as a going concern. ELLSWORTH HANSEN: Creditors to Get $500 From Rent for 57 Months --------------------------------------------------------------- Ellsworth Hansen Associates LLC submitted an Amended Disclosure Statement for its Chapter 11 Plan of Reorganization dated May 20, 2021. The Debtor's known creditors are: (1) Berkshire Hathaway HomeServices ("BHHS"), co-defendant in a lawsuit in Carroll County Circuit Court, which resulted in summary judgment against the Debtor for legal fees in the amount of $3,951; (2) Long & Foster Real Estate, Inc. ("L&F"), for legal fees of $23,586 resulting from a suit brought by the Debtor against L&F in the Carroll County Circuit Court, which ended in summary judgment against the Debtor; 3) an unsecured non-priority claim of the Internal Revenue Service in the amount of $474.51; and 4) an unsecured claim for prepetition accounting fees by Charles W. Foreman, EA in the amount of $577. BHHS' claim for legal fees is secured against Williams Avenue as it was a Circuit Court judgment entered in the county where the Debtor owned real property. The secured claim shall retain its lien and priority until payoff of its claim. L&F's claim for legal fees is secured against Williams Avenue as it was a Circuit Court judgment entered in the county where the Debtor owned real property. The secured claim shall retain its lien and priority until payoff of its claim. Internal Revenue Service has filed an unsecured, non-priority claim in the amount of $474.41; and Charles W. Foreman, EA has an unsecured, non-priority claim in the amount of $577.00 for pre-petition accounting services. The Plan will provide for monthly payments to secured and unsecured creditors in the amount of $500 for approximately 57 months ($28,500 total payout). All Plan payments will be paid within approximately 57-months of the Effective Date of the Plan. The Debtor will continue to manage and control its estate during the remainder of the Chapter 11 case. The Debtor's Plan payments will be derived entirely from rent paid to it by the Hansens. A full-text copy of the Amended Disclosure Statement dated May 20, 2021, is available at https://bit.ly/3p1DCri from PacerMonitor.com at no charge. Attorneys for Debtor: MILLER & MILLER, LLP Edward M. Miller Fed. Bar No.: 024281 39 N. Court St Westminster, MD 21157 410-751-5444 E-mail: mmllplawyers@verizon.net About Ellsworth Hansen Associates Ellsworth Hansen Associates LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 19-21159) on Aug. 20, 2019, estimating under $1 million in both assets and liabilities. The Debtor is represented by Edward M. Miller, Esq., at Miller & Miller, LLP. ENACT HOLDINGS: Moody's Confirms Ba3 LongTerm Issuer Rating ----------------------------------------------------------- Moody's Investors Service has confirmed Genworth Mortgage Insurance Corporation's (GMICO) Baa3 insurance financial strength rating, and Enact Holdings, Inc.'s (Enact) Ba3 long term issuer rating and senior unsecured debt rating. The outlooks for GMICO and Enact were changed to positive from rating on review for upgrade. In addition, Moody's has confirmed Genworth Holdings, Inc.'s (Genworth Holdings) backed Caa1 senior unsecured debt rating and changed the outlook to developing from rating on review for upgrade. This concludes the review for upgrade commenced on April 22, 2021. This rating action follows Genworth Financial, Inc.'s (Genworth) announcement on May 13, 2021 to delay the minority IPO of its US mortgage insurance (USMI) business (or transaction) through its intermediate holding company Enact and formerly known as Genworth Mortgage Holdings, Inc. due to volatility in market conditions. Please refer to the complete list of rating actions below. The IFS ratings of Genworth's life insurance subsidiaries, Genworth Life Insurance Company and Genworth Life Insurance Company of New York (IFS rating Caa1, stable) and Genworth Life and Annuity Insurance Company (IFS rating B3, stable) are unaffected by this rating action. RATINGS RATIONALE US Mortgage insurance companies The rating confirmation reflects Enact's strong position in the USMI sector with an approximate 16%-17% market share, good client diversification, its consistent GSE's PMIER's sufficiency ratio 159% as of March 31, 2021, and consistent profitability that has increased liquidity at the company. The company remains a wholly-owned subsidiary of Genworth Holdings. These strengths are tempered by the commodity-like nature of the MI product and the potential for price competition in the USMI market, and the uncertainties related to mortgage loan credit performance due to the economic disruption created by the coronavirus pandemic. The change in the outlook to positive from rating on review for upgrade on Enact and its primary insurance subsidiary, GMICO, reflects a healthy level of capital adequacy, and underwriting discipline aimed at improved profitability and market presence, and continued advancement of its current strategy to proactively manage risk to protect future business performance and capitalization. Despite the delay in the anticipated partial IPO of its USMI business, Genworth continues to evaluate its options to monetize a portion of its ownership in the company, subject to market conditions. The anticipated transaction reduces event risk for the USMI business related to Genworth's possible inability to address its upcoming debt maturities and restructure its organization. Genworth Holdings The rating confirmation of Genworth Holdings' reflects the holding company's resources, including its stake in its mortgage insurance operations and cash and liquid assets of approximately $757 million at March 31, 2021 relative to its debt load. The change in the outlook to developing from rating on review for upgrade reflects the delay of its anticipated minority IPO of its USMI business. The change in the outlook also reflects the company's challenges to organically build liquidity and a cash buffer to further reduce its debt ladder, and the pressure on financial flexibility from the lack of dividend payments from its insurance companies including Enact which is Genworth's Holdings main source of liquidity as regulators have limited dividend capacity during the current economic environment. During 2021, Moody's expect Genworth Holdings to have an improved liquidity profile due to the anticipated emergence of incremental cash from its tax sharing arrangement with its subsidiaries, and cash on hand that could provide adequate liquidity and a cash buffer to paydown its September 2021 maturity and service its holding company expenses. However, at this stage, liquidity continues to be tight and long-term financing solutions for its debt ladder remain uncertain following the delayed transaction and anticipated net proceeds to provide liquidity to the company. So in due course either positive or negative rating pressure could emerge. Should anticipated transaction close on the USMI business, Genworth is expected to use the net proceeds to reduce its outstanding debt. Execution of these transactions by Genworth may result in a multiple notch upgrade in Genworth Holdings' ratings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS US Mortgage insurance companies The following factors could result in an upgrade of the MI companies' ratings: 1) successful execution of the parital IPO transaction; 2) improvement in Genworth's financial flexibility, including a clear path to managing its debt maturities in 2021 and beyond; 3) Enact maintaining adjusted financial leverage in the 20% range (excluding AOCI), or below, and cash flow coverage greater than 4x; and 4) continued improvement of the USMI's stand-alone credit profile as evidenced by top-tier market share at attractive pricing levels, and continued improvement in earnings. Given the mortgage insurance companies' ratings have a positive outlook, a downgrade of the ratings is unlikely. However, the following factors could return the outlook to stable: 1) the partial IPO transaction does not close or is further delayed; 2) Genworth does not complete the associated actions to address its high debt leverage and financial flexibility pressures; 3) Enact's adjusted financial leverage remains above 30% (excluding AOCI) and cash flow coverage less than 2x; 4) non-compliance with the PMIERs; or 5) significant deterioration in the USMI's profitability metrics. Genworth Holdings Upward pressure on Genworth Holdings' ratings could develop if Genworth: 1) closes the transaction; 2) improves its financial flexibility including a clear path to managing its debt maturities beyond 2021; and 3) improves holding company financial flexibility including increased dividend capacity from its insurance companies A downgrade of Genworth Holdings' ratings could result from the following factors: 1) lack of progress in developing alternative arrangements for its upcoming debt maturities beyond 2021; 2) if the plans to raise capital from the USMI business are insufficient or unsuccessful; and 3) a deterioration in holding company financial flexibility including decreased dividend capacity from its insurance companies The following ratings were confirmed : Genworth Holdings, Inc.: backed senior unsecured at Caa1; backed junior subordinate at Caa2 (hyb); Genworth Mortgage Insurance Corporation: Insurance financial strength at Baa3; Enact Holdings, Inc.: long-term issuer rating at Ba3; senior unsecured at Ba3. Outlook Actions : Genworth Holdings, Inc. - outlook changed to developing from rating under review Genworth Mortgage Insurance Corporation - outlook changed to positive from ratings under review Enact Holdings, Inc. - outlook changed to positive from ratings under review. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Mortgage Insurers Methodology published in November 2019. Genworth Holdings is the intermediate holding company of Genworth, an insurance and financial services holding company headquartered in Richmond, Virginia. Genworth Holdings also acts as a holding company for its respective subsidiaries including its life and mortgage insurance businesses. In addition, Genworth Holdings relies on the financial resources of Genworth including the US mortgage business to meet its obligations. As of March 31, 2021, Genworth reported total assets of $98.6 billion and shareholders' equity of $14.8 billion. FLORIDA DEVELOPMENT: Moody's Rates 2021A Education Bonds 'Ba2' -------------------------------------------------------------- Moody's Investors Service has assigned an initial Ba2 rating and stable outlook to Florida Development Finance Corporation's $22.92 million Educational Facilities Revenue Bonds (Global Outreach Charter Academy Project), Series 2021A and $1.08 million Educational Facilities Revenue Bonds (Global Outreach Charter Academy Project), Taxable Series 2021B. The bonds will be issued by the Florida Development Finance Corporation with proceeds loaned to GOCA Properties, LLC (the "Borrower"), a Florida limited liability company, the sole member of which is Global Outreach Charter Academy, Inc. (the "Sole Member"), a Florida 501c3 not-for-profit corporation, (herein "the school" or "GOCA"). GOCA has provided a pledge of all its available revenue under the loan, as well as a mortgage lien on the school's real property to bondholders. RATINGS RATIONALE The Ba2 rating reflects the GOCA's below average academic performance, somewhat offset by its largely English as a second language demographic - a niche student base in the service area that has bolstered enrollment. The rating also reflects a just-satisfactory cash position of roughly 100 - 110 days' cash on hand expected for fiscal 2021. Coverage is weak when one-time revenues are excluded from fiscal 2021 operations. Though future years' coverage is stronger, with a pro-forma expectation of 1.2x coverage by 2022, this is largely dependent on GOCA meeting enrollment growth assumptions. Favorably, the introduction of a half-penny sales tax to support the capital needs of Duval County schools will benefit GOCA materially in 2021 and beyond. This will help to bolster revenue in the near term even if enrollment growth does not meet projected expectations. Governance is a key credit driver of this rating. The Ba2 rating also reflects relatively limited school board oversight of administrative leadership. Moody's regard the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Thus far, GOCA's financial position has not been materially impacted by the pandemic, and enrollment levels have held steady in the 2021 school year. RATING OUTLOOK The stable outlook reflects Moody's expectation of continued modest enrollment growth and a stabilization of finances within a band of current days' cash and coverage metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS - Material improvement in coverage and liquidity - Sustained enrollment growth and improvement of academic performance FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS - Enrollment deterioration; failure to meet growth targets - Any decline in coverage or liquidity LEGAL SECURITY The Series 2021 Bonds are secured, pursuant to the Bond Indenture, by all right, title and interests of the Issuer in the Loan Agreement and the Loan Payments due from the Borrower; all revenues and receipts receivable by the Issuer from the Master Indenture, including a mortgage lien. Legal provisions are generally in line with market norms, with a debt service coverage requirement of 1.10x annual debt service. The covenanted cash requirement is 45 days' cash. Covenants also include an additional bonds test requiring 1.20x coverage in the year prior to issuance. Bondholders will also benefit from a debt service reserve sized at the lesser of the three-pronged test and funded with cash. USE OF PROCEEDS Proceeds of the Ser 2021 bonds will be used to refund the Series 2020 bonds, the proceeds of which had been used to acquire the Grizzly and Kodiak Campuses; finance capital improvements at the high school (Kodiak Campus) and a turf field at the Grizzly Campus; fund a debt service reserve and capitalized interest. PROFILE Global Outreach Charter School is currently a K-10 charter school operating in Jacksonville, Florida. It will expand to 12th grade in the 2022 school year. The school currently serves 1,314 students, with a projected 1,500 student enrollment for 2022. Global Outreach was initially granted a charter from Duval County in 2009. Its current charters for the elementary-middle and high schools will expire in 2024 and 2025, respectively. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in September 2016. GIBSON FARMS: Court Approves Disclosure Statement ------------------------------------------------- Gibson Farms, et al., have won court approval of their Amended Disclosure Statement. Tuesday, June 22, 2021, is fixed as the last day for filing written acceptances or rejections to the Plan. Thursday, June 24, 2021, at 10:30 a.m. at U.S. Bankruptcy Courtroom, is fixed for the hearing on Confirmation of the Debtors' Plan. The hearing will be held via WebEx. Tuesday, June 22, 2021, is fixed as the last day for filing and serving written objections to Confirmation of the Plan. About Gibson Farms Gibson Farms has over 45 years' experience in farm management as well as an established history in Moore County agriculture. Gibson Farms rents farmland from Beauchamp Estates Partnership and Gibson Investments as well as other landowners in the area. They raise feed grains, forage crops, cotton which they sell either through private contract or on the open market. Gibson Farms and its affiliates filed voluntary petitions for relief under Chapter 11 of Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 20-20271) on Oct. 5, 2020. Paula Gibson, a partner, signed the petitions. At the time of the filing, the Debtors estimated assets of between $1,000,001 and $10,000,000 and liabilities of between $10,000,001 and $50,000,000. Judge Robert L. Jones oversees the cases. The Debtors have tapped Mullin Hoard & Brown, LLP as legal counsel; Clint W. Bumguardner of W.T. Appraisal, Inc. as real estate appraiser; and Frost, PLLC as accountant. GNIRBES INC: Unsecured Creditors to Get $75 Per Month for 2 Years ----------------------------------------------------------------- Gnirbes, Inc., submitted a First Amended Disclosure Statement. Gnirbes, Inc., is a real estate holding company located in Sebring, Florida. The Debtor is owned by Steve Marabel, who acts as the Debtor's President. At the time of filing, the Debtor owned two parcels of real property, a commercial building with several tenants located at 330 US Highway 27 North, Sebring, Florida 33870 (the "Commercial Property") and a residential parcel that is rented to a third party located at 3408 Hollywood Boulevard Sebring, FL 33875 (the "3408 Property"). The Debtor, and Granada and Marabel attended a Judicial Settlement Conference that resulted in a settlement being reached whereby the Debtor agreed to, among other things, (i) transfer ownership of the "Commercial Property" to Granada; and (ii) enter into a new note and mortgage in the amount of $40,000 (the "$40k Note") secured by the 3408 Property in favor of Granada (the "G&G Settlement"). After extended negotiation, the Debtor, Marabel, Granada and Community (the "Parties") resolved their issues through a global settlement (the "GGC Settlement"). On February 8, 2021 and a Stipulation to Compromise Controversy (the "9019 Motion") was filed and subsequently approved by this Court. By way of the GGC Settlement, among other things. the Parties agreed that Granada would execute an Amended And Restated Note (the "Restated Note"), which shall amend and restate that certain promissory note dated January 27, 2006 (the "Original Note") and which shall be secured by the original mortgage, dated as of January 27, 2006 and with the following material terms: (i) an initial principal balance of $250,000.00 as of February 1, 2021; (ii) interest accruing at 2.5%, amortized over 15 years with a 5-year balloon payment coming due and payable in the 60th month; and (iii) other ordinary terms and conditions as are customary with respect to commercial notes and mortgages. The Parties also agreed to execute an Assumption and Modification Agreement (the "Modification Agreement") with respect to same. The Plan will treat claims as follows: * Class Three (Granada Capital, LLC): Granada Capital, LLC's ("Granada") secured claim in the amount of $726,615 (Claim #3) is secured by the real and personal property of the Debtor. This claim will be satisfied as more fully set forth in the Stipulation G&G Settlement and GGC Settlement. Distribution shall be made under this Plan to Granada include: (i) the transfer of 100% ownership interest in the Commercial Property; (ii) delivery of the $40K Note and 3408 Mortgage; and (iii) and the Closing Payment. Class 3 is impaired. * Class Four (Bayview Loan Servicing, LLC n/k/a Community Loan Servicing, LLC): Bayview Loan Servicing, LLC n/k/a Community Loan Servicing, LLC's ("Community") claim in the amount of $444,697 (Claim #4) is secured by the Commercial Property located at 324 & 332 U.S. Highway 27 North, Sebring, Florida. Granada has executed the Restated Note, which shall amend and restate the Original Note and which shall be secured by the Mortgage as modified by the Modification Agreement. Pursuant to the G&G Settlement and GGC Settlement, the Parties included releases and waivers of claims in favor of the Debtor and its principal, Marabel. No cash distribution will be made to Community under this Plan by the Debtor. Class 4 is impaired. * Class Five (General Unsecured Claims): The General Unsecured claims include all other allowed claims of Unsecured Creditors of the Debtor, subject to any Objections that are filed and sustained by the Court. The general unsecured claims (prior to the filing of any objections) total the amount of $8,342. The Debtor will pay these claims a total of $75.00 per month pro rata for 24 months. The payments will commence on the Effective Date of the Plan. Class 5 is impaired. The Debtor will cease operations upon the Effective Date and the 3408 Property shall be transferred to 3408 Hollywood. 3408 Hollywood and/or Marabel individually shall make the payments under Class Five. Attorneys for the Debtor: Dana Kaplan KELLEY, FULTON & KAPLAN, P.L. 1665 Palm Beach Lakes Blvd. The Forum - Suite 1000 West Palm Beach, Florida 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 A copy of the First Amended Disclosure Statement is available at https://bit.ly/3fmxUNh from PacerMonitor.com. About Gnirbes Inc. Gnirbes Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-13992) on March 26, 2020. At the time of the filing, the Debtor was estimated to have assets of less than $50,000 and liabilities of between $100,001 and $500,000. Judge Mindy A. Mora oversees the Debtor's case. The Debtor is represented by Kelley, Fulton & Kaplan, P.L. GOLDEN ENTERTAINMENT: Moody's Alters B3 CFR to Stable ----------------------------------------------------- Moody's Investors Service affirmed Golden Entertainment, Inc.'s Corporate Family Rating at B3 and Probability of Default Rating at B3-PD. The company's existing senior secured revolving credit facility and first lien term loan were affirmed at B1, and the company's existing senior unsecured notes due 2026 were affirmed at Caa2. The company's Speculative Grade Liquidity rating remains SGL-2 and the outlook was changed to stable from negative. The change in outlook to stable from negative and affirmation of Golden's B3 CFR considers the improvement in operating performance since the company's casinos and distributed gaming business (including taverns) have reopened following the 2020 closures. The company's improved EBITDA margin since reopening including performance in early 2021, positive free cash flow and good liquidity, coupled with the expectation for debt reduction, are reducing leverage from the peaks hit during the coronavirus and improving the company's flexibility to manage amid the lingering effects of the pandemic. The following ratings/assessments are affected by the action: Ratings Affirmed: Issuer: Golden Entertainment, Inc. Corporate Family Rating, Affirmed B3 Probability of Default Rating, Affirmed B3-PD GTD Senior Secured 1st Lien Term Loan, Affirmed B1 (LGD3) GTD Senior Secured 1st Lien Revolving Credit Facility, Affirmed B1 (LGD3) GTD Senior Unsecured Global Notes, Affirmed Caa2 (LGD5) Outlook Actions: Issuer: Golden Entertainment, Inc. Outlook, Changed To Stable From Negative RATINGS RATIONALE Golden's B3 CFR reflects the meaningful earnings decline from efforts to contain the coronavirus in 2020 and the potential for a slow or uneven recovery as properties have reopened. Like other US gaming companies, Golden remains exposed to longer-term challenges facing regional gaming companies related to consumer entertainment preferences that do not necessarily favor traditional casino-style gaming. The company is reliant on cyclical discretionary consumer spending, and reinvestment in facilities and marketing is necessary to maintain market position. Key credit strengths include the company's good market position in multiple properties in Nevada, the diversification provided by the large number of distributed gaming sites, ability to generate positive free cash flow during normal operating conditions, and good liquidity. Golden's strong operating performance and EBITDA margin improvement as properties and taverns have reopened and restrictions related to the coronavirus begin to become less of a constraint reflect good cost discipline and consumer appeal of the company's properties. Golden's speculative-grade liquidity rating of SGL-2 reflects good liquidity, with solid cash levels and positive free cash flow generation now that gaming facilities and taverns are reopened, with loosening restrictions. As of the recent quarter ended March 31, 2021, Golden had cash of approximately $155 million, and an undrawn and fully available $200 million revolving credit facility. Moody's estimates the company could maintain sufficient internal cash sources after maintenance capital expenditures to meet required near term finance lease and term loan amortization of approximately $11 million and interest requirements over the next twelve-month period. The expiration of the company's revolving credit facility in October 2022 is a liquidity weakness that is partially mitigated by the sizable cash position and non-reliance of the facility. The maturity profile is otherwise good with the term loan maturing in October 2024. The revolver has a springing 5.85x net leverage financial covenant if borrowings under the facility exceed 30% of the total revolving commitment. However, there are no current borrowings on the revolver and Moody's does not expect the covenant to be triggered. Golden's net leverage is currently above 5.85x, but Moody's expects covenant leverage to fall below this level in the second quarter with the cushion improving thereafter. There are no financial maintenance covenants tied to the term loan or the senior unsecured notes. The company has discrete assets that it can sell to raise cash should the need arise. The coronavirus outbreak and the government measures put in place to contain it continue to disrupt economies and credit markets across sectors and regions. Although an economic recovery is underway, it is tenuous and continuation will be closely tied to containment of the virus. As a result, a degree of uncertainty around Moody's forecasts remains. Moody's regards the coronavirus outbreak as a social risk under Moody's ESG framework, given the substantial implications for public health and safety. The gaming sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment. More specifically, Golden remains exposed to travel disruptions and discretionary consumer spending that leave it vulnerable to shifts in market sentiment in these unprecedented operating conditions and Golden remains vulnerable to a renewed spread of the outbreak. Governance risk is considered balanced given public ownership, absence of a common stock dividend, and minimal $25 million share repurchase authorization. From a leverage and financial policy perspective, given the impact from efforts to contain the coronavirus as well as the company's debt balance, Golden's leverage is currently elevated. Leverage is expected to decline as the business continues to recover and as a result of debt reduction in 2021. Longer-term event risk includes high potential for debt-funded acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook considers the recovery in the company's business and margin improvement exhibited since reopening, and the expectation for sustained improvement in 2021. The stable outlook also incorporates the company's good liquidity which incorporates approximately $145 billion in cash, $200 million undrawn revolver, and for debt-to-EBITDA leverage to decline over the next twelve months as the business continues to recover and as cash flow is prioritized for debt reduction, with meaningful debt repayment expected in 2021. Golden remains vulnerable to travel disruptions and unfavorable sudden shifts in discretionary consumer spending and the uncertainty regarding the sustainable EBITDA margin and the pace at which consumer spending at reopened gaming properties will continue. Ratings could be downgraded if liquidity deteriorates or if Moody's anticipates Golden's earnings recovery will take longer or be more prolonged because of actions to contain the spread of the virus or reductions in discretionary consumer spending. The ratings could also be downgraded if debt-to-EBITDA leverage is sustained above 7x. The introduction of returns of capital to shareholders before leverage is reduced could also result in a downgrade. Ratings could be upgraded if the company's facilities remain open and earnings recover such that consistent and comfortably positive free cash flow and sustained reinvestment flexibility is fully restored, and debt-to-EBITDA is sustained below 5.75x. The principal methodology used in these ratings was Gaming Methodology published in October 2020. Golden Entertainment, Inc. owns and operates a portfolio of 10 casino gaming assets, including 9 casinos throughout Nevada and one casino in Maryland. The company also owns and operates distributed gaming assets in Las Vegas and Montana. The company conducts its business through two reportable operating segments: Casinos and Distributed Gaming. The company is publicly traded with the Chairman and CEO Blake Sartini holding a roughly 25% stake. Net revenue for the latest 12-months ended March 31, 2021 was $727 million. GREATER HOUSTON: Hires Hudgins Law Firm as Special Counsel ---------------------------------------------------------- Greater Houston Pool Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ The Hudgins Law Firm as special counsel. The Debtor requires the assistance of the firm to pursue collection matters and enforce client service agreements in Texas. The firm will be paid at the rate OF $275 per hour. It will also be reimbursed for out-of-pocket expenses incurred. Rebecca Magnes, Esq., a partner at The Hudgins Law Firm, 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: Rebecca Magnes, Esq. The Hudgins Law Firm 24 Greenway Plaza, Suite 2000 Houston, TX 77046 Tel: (713) 623-2550 Fax: (713) 623-2793 E-mail: RMAGNESS@HUDGINS-LAW.COM About Greater Houston Pool Management, Inc. Greater Houston Pool Management, Inc. filed it voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-31047) on March 21. 2021. Daniel McInnis, president, signed the petition. At the time of filing, the Debtor disclosed $878,683 in total asset and $3,026,960 in total liabilities. Judge Eduardo V. Rodriguez oversees the case. Attorney Donald Wyatt, PC serves as the Debtor's bankruptcy counsel. GREATER HOUSTON: Hires Troy O'Callaghan as Accountant ----------------------------------------------------- Greater Houston Pool Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Troy O'Callaghan CPA, LLC as accountant. The firm will provide accounting services to the Debtor in the Chapter 11 case. The firm will be paid at these rates: Partners $250 Senior Accountant $150 Accountant $100 Administrative Assistant $75 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Troy O'Callaghan a partner at Troy O'Callaghan CPA, LLC 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: Troy O'Callaghan Troy O'Callaghan CPA, LLC 2219 Sawdust Road, Suite 104 Spring, TX 77380 Tel: (832) 813-5725 About Greater Houston Pool Management, Inc. Greater Houston Pool Management, Inc. filed it voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-31047) on March 21. 2021. Daniel McInnis, president, signed the petition. At the time of filing, the Debtor disclosed $878,683 in total asset and $3,026,960 in total liabilities. Judge Eduardo V. Rodriguez oversees the case. Attorney Donald Wyatt, PC serves as the Debtor's legal counsel. GREEN PHARMACEUTICALS: Wins Cash Collateral Access Thru Jan. 2022 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Northern Division, has authorized Green Pharmaceuticals, Inc. to use cash collateral on a final basis through January 31, 2022. As adequate protection for the Debtor's use of cash collateral, the secured creditors are granted replacement liens in all of the Debtor's post-petition assets, other than avoidance power actions and recoveries. The replacement liens granted have the same validity, extent, and priority (and will be subject to the same defenses) as the secured creditors' liens held in prepetition collateral. The replacement liens provided will be deemed valid and perfected with such priority as provided in this order, without any further notice or act by any party that may otherwise be required under any law. A copy of the order is available for free at https://bit.ly/3bMGnag from PacerMonitor.com. About Green Pharmaceuticals Green Pharmaceuticals, Inc. -- https://www.snorestop.com/ -- is a privately held company in Camarillo, California, offering its flagship brand SnoreStop, an easy-to-use sprays and tablets that help people to experience a good night's sleep. SnoreStop the only medically proven over-the-counter natural solution to snoring that is not a device. Green Pharmaceuticals, based in Camarillo, CA, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 18-12087) on Dec. 19, 2018. In the petition signed by Dominique De Rivel, president and CEO, the Debtor disclosed $380,735 in assets and $3,951,007 in liabilities. The Hon. Deborah J. Saltzman oversees the case. Steven R. Fox, Esq., at The Fox Law Corporation, Inc., serves as bankruptcy counsel. GRIDDY ENERGY: Court Approves Chapter 11 Plan Disclosures --------------------------------------------------------- Law360 reports that a Texas bankruptcy judge on Tuesday, May 25, 2021, gave Griddy Energy LLC permission to distribute its proposed Chapter 11 plan, after mandating that customers who accept Griddy's offer to write off their electric bills will not give up the right to vote against the plan. At a virtual hearing, U.S. Bankruptcy Judge Marvin Isgur gave his conditional approval to Griddy's Chapter 11 disclosure statement after ordering some edits, including removing a plan provision that would change the plan's treatment of customers if they vote against the plan. "People have to be able to vote no in the class," he said. About Griddy Energy California startup Griddy Energy, LLC is a power retailer that formerly sold energy to people in the state of Texas at wholesale prices for a $9.99 monthly membership fee and had approximately 29,000 members. Griddy was a feature of Texas' unusual, deregulated system for electric power. The vast majority of Texans -- and Americans -- pay a fixed rate for electric power and get predictable monthly bills. However, Griddy works by connecting customers to the wholesale market for electricity, which can change by the minute and is more volatile, for a monthly fee of $9.99. During the winter storm in February 2021 in Texas, power generators failed and demand for heating shot up. In response, ERCOT raised the price of electricity to the legal limit of $9 per kilowatt-hour and kept it there for several days. Griddy customers who didn't lose power were hit with massive electric bills that were auto-debited from their bank accounts. State grid operator ERCOT at the end of February 2020 cut off Griddy's access to customers for unpaid bills following the Texas freeze. The Texas attorney general also said it is suing Griddy, saying it engaged in deceptive trade practices by issuing excessive bills. Griddy Energy filed a Chapter 11 bankruptcy petition (Bankr. S.D. Texas Case No. 21-30923) on Mar. 15, 2021. Roop Bhullar, chief financial officer, signed the petition. At the time of the filing, the Debtor disclosed $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Marvin Isgur oversees the case. The Debtor tapped Baker Botts LLP as legal counsel and Crestline Solutions, LLC and Scott PLLC as public affairs advisors. Stretto is the claims agent. On March 31, 2021, the U.S. Trustee for Region 7 appointed an official committee of unsecured creditors. The committee tapped McDermott Will & Emery, LLP as legal counsel and Province, LLC as financial advisor. GROWLIFE INC: Delays Filing of First Quarter Form 10-Q ------------------------------------------------------ GrowLife, Inc. filed with the Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its Quarterly Report on Form 10-Q for the three-month period ended March 31, 2021. GrowLife was unable to file its Quarterly Report by the prescribed due date, without unreasonable effort or expense. In accordance with Rule 12b-25 promulgated under the Securities Exchange Act of 1934, as amended, the Company intends to file the Report on or prior to the fifth calendar day following the prescribed due date. About GrowLife GrowLife, Inc. (PHOT)-- http://www.shopgrowlife.com-- aims to become the nation's largest cultivation service provider for cultivating organics, herbs and greens and plant-based medicines. Through a network of local representatives covering the United States and Canada, regional centers and its e-Commerce team, GrowLife provides essential goods and services including media, industry-leading hydroponics and soil, plant nutrients, and thousands of more products to specialty grow operations. GrowLife is headquartered in Kirkland, Washington and was founded in 2012. GrowLife reported a net loss of $6.38 million in 2020, a net loss of $7.37 million in 2019, and a net loss of $11.47 million in 2018. As of Sept. 30, 2020, the Company had $4.29 million in total assets, $7.65 million in total current liabilities, $2.19 million in total long term liabilities, and a total stockholders' deficit of $5.54 million. Walnut Creek, California-based BPM LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has sustained recurring losses from operations and has an accumulated deficit since inception. These factors raise substantial doubt about the Company's ability to continue as a going concern. HASTINGS AND HOLLOWELL: Taps Tadlock & Associates as Accountant --------------------------------------------------------------- Hastings and Hollowell, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Tadlock & Associates, Inc. as its accountant. The Debtor needs an accountant to prepare its tax returns and provide general tax advice. Tadlock & Associates' hourly rates range from $85 to $100. As disclosed in court filings, Tadlock & Associates is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Milton Tadlock Tadlock & Associates, Inc. 301 South Road Street Elizabeth City, NC 27909 Phone 252-338-5134 Email: mtadlock301@embarqmail.com About Hastings and Hollowell Hastings and Hollowell, Inc. filed a Chapter 11 petition (Bankr. E.D.N.C Case No. 21-00806) on April 8, 2021. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge David M. Warren presides over the case. The Law Offices of Oliver & , PLLC, led by Clayton W. Cheek, Esq., and Tadlock & Associates, Inc. serve as the Debtor's legal counsel and accountant, respectively. HELIUS MEDICAL: Incurs $3.4 Million Net Loss in First Quarter ------------------------------------------------------------- Helius Medical Technologies, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $3.36 million on $84,000 of total operating revenue for the three months ended March 31, 2021, compared to a net loss of $4.76 million on $207,000 of total operating revenue for the three months ended March 31, 2020. As of March 31, 2021, the Company had $14.66 million in total assets, $2.77 million in total liabilities, and $11.90 million in total stockholders' equity. "We made strong progress on our U.S. regulatory strategy during the first quarter and were ultimately proud to secure U.S. marketing authorization of our PoNS device for MS in March, approximately one year since we first announced our strategic focus on pursuing this indication," said Dane Andreeff, interim president and chief executive officer of Helius. "Obtaining U.S. marketing authorization is the most important milestone in our Company's history, one that reflects both the safety and efficacy profile of our innovative PoNS technology as well as the capabilities of our regulatory and clinical affairs team. In addition to our regulatory progress, we raised $11 million in net proceeds through our February Public Offering and the exercise of warrants to strengthen our balance sheet and support our operations while continuing to control our discretionary expenses. In Canada, while our commercialization efforts continued to be impacted by the recent spike in COVID-19 cases and its effects on clinics and patients, our commercial team expanded our network of authorized PoNS clinics to a total of 33 locations as of March 31, 2021, leaving us incrementally better positioned to drive adoption once the environment normalizes." Mr. Andreeff continued: "Looking ahead to the rest of the year, we are intently focused on preparing to commercialize our PoNS Treatment in the U.S., which we expect to begin in the first quarter of 2022. As part of our U.S. pre-commercial activities, we are securing our state distribution licenses, establishing the dedicated team to lead our commercialization efforts and building relationships to target and educate neurorehabilitation centers focused on the treatment of MS patients. While we expect our initial U.S. customers to be cash pay, we remain focused on working with CMS to obtain Medicare coverage as part of our reimbursement strategy. Given our rapid pace of progress in recent months, we remain convinced that we are pursuing the most effective and efficient strategy to facilitate the widespread adoption of our PoNS technology, bring relief to patients in need and create value for our shareholders." Bankruptcy Warning The Company stated, "While we have started generating revenue from the commercial sale of our PoNS device in Canada, we expect to incur significant losses until any such time as our revenue exceeds our expenses. Based on our historical cash burn rate, our existing capital resources would be sufficient to fund our operations into the first quarter of 2022, however, in light of the receipt of marketing authorization from the FDA for the PoNS device in March 2021, we expect our expenses in 2021 to increase in connection with our pre-commercialization activities, particularly as we invest in marketing and distribution capabilities, make improvements to our manufacturing process and product design, and add additional personnel. We also expect our expenses to increase if and as we decide to launch the TBI-002 trial or conduct other trials of the PoNS device without nondilutive funding, or if and as we decide to pursue further regulatory approvals, or maintain, expand and protect our intellectual property portfolio. We may require additional funding. There can be no assurance that we will be successful in raising additional capital or that such capital, if available, will be on terms that are acceptable to us. If we are unable to raise sufficient additional capital, we may be compelled to reduce the scope of our operations and planned capital expenditure or sell certain assets, including intellectual property, and we may be forced to cease or wind down operations, seek protection under the provisions of the U.S. Bankruptcy Code, or liquidate and dissolve our Company. "Our ability to raise additional capital may be adversely impacted by global economic conditions and the recent disruptions to, and volatility in, the credit and financial markets in the United States and worldwide resulting from the ongoing COVID-19 pandemic." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1610853/000156459021028404/hsdt-10q_20210331.htm About Helius Medical Helius Medical Technologies -- http://www.heliusmedical.com-- is a neurotech company focused on neurological wellness. Its purpose is to develop, license or acquire non-invasive technologies targeted at reducing symptoms of neurological disease or trauma. Helius Medical reported a net loss of $14.13 million for the year ended Dec. 31, 2020, compared to a net loss of $9.78 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $6.54 million in total assets, $2.67 million in total liabilities, and $3.87 million in total stockholders' equity. Philadelphia, Pennsylvania-based BDO USA, LLP issued a "going concern" qualification in its report dated March 10, 2021, citing that the Company has incurred substantial net losses since its inception, has an accumulated deficit of $118.9 million as of Dec. 31, 2020 and the Company expects to incur further net losses in the development of its business. These conditions raise substantial doubt about its ability to continue as a going concern. HERTZ GLOBAL:Reaches $48 Mil. Overtime Suit Settlement With Workers ------------------------------------------------------------------- Law360 reports that bankrupt car rental giant Hertz Global told a New York court that it has settled a $47.9 million potential class action claim over unpaid overtime for $200,000 in cash, as part of a larger $7.1 million settlement of this and four similar suits. On Monday, May 24, 2021, Hertz and putative class representative Polat Kemal submitted a joint stipulation asking the court to dismiss Kemal's suit, saying they and the plaintiffs of other Florida and California employment suits had reached the agreement in March 2021 following mediation. About Hertz Global Holdings 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. The Company also operates 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 (Bankr. D. Del. Case No. 20-11218). The Hon. Mary F. Walrath is the presiding judge. White & Case LLP is serving as legal advisor, Moelis & Co. is serving as investment banker, and FTI Consulting is serving as financial advisor. Richards, Layton & Finger, P.A., is the local counsel. Prime Clerk LLC is the claims agent, maintaining the page https://restructuring.primeclerk.com/hertz * * * Following an auction in May 2021, Hertz Global selected investment firms Knighthead Capital Management LLC and Certares Management LLC as the winning bidders for control of the bankrupt company after a fierce competition drove up the expected payout for shareholders. The winning offer provides for an estimated distribution of close to $8 a share to the company's stockholders. HOSPITALITY INVESTORS: $65MM DIP Loan, Cash Collateral Access OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware has authorized Hospitality Investors Trust, Inc. and affiliates to use cash collateral on an interim basis in accordance with the budget. The Debtors are also authorized to obtain secured postpetition financing on a superpriority basis pursuant to the terms and conditions of the Super-Priority Senior Secured Debtor-in-Possession Term Loan Agreement entered into by and among: -- the Debtors; -- Trimont Real Estate Advisors, LLC as Administrative Agent and Collateral Agent; and -- Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC as the initial lender and any other entity that becomes a lender under the DIP Facility. The DIP Lenders are providing a term loan facility in the aggregate principal amount of $65,000,000, of which up to $30,000,000 will be available immediately upon entry of the Interim Order. The Debtors require financing for working capital and general corporate purposes, to pay fees and expenses incurred by the DIP Lenders in connection with the DIP Loan Documents, to pay restructuring costs and Professional Fees of the Debtors relating solely to these Chapter 11 Cases, and for other purposes as provided in and subject to the terms of the DIP Credit Agreement, and subject to compliance with the DIP Budget and the Permitted Variances, as provided in the DIP Credit Agreement. To secure the DIP Obligations, the DIP Agent is granted for the benefit of the DIP Secured Parties (i) pursuant to 11 U.S.C. section 364(c)(2), a perfected first-priority lien on the DIP Collateral to the extent that the DIP Collateral was not subject to Permitted Priority Liens; and (ii) pursuant to section 364(c)(3), a perfected lien on the DIP Collateral junior to any Permitted Priority Liens on such DIP Collateral, in each case subject to the Carve-Out. The DIP Liens are deemed fully perfected liens and security interests, effective and perfected upon the date of the Interim Order, without the necessity of execution by the Debtors of mortgages, control agreements, security agreements, pledge agreements, financing agreements, financing statements or any other agreements or instruments, such that no additional actions need be taken by the DIP Secured Parties to perfect such interests. The Court Order provides for a Carve-Out consisting of (i) fees payable to the United States Trustee; (ii) all reasonable fees and expenses up to $25,000 incurred by a trustee under 11 U.S.C. section 726(b); (iii) unpaid professional fees and expenses payable to any Professional Person, that are incurred or accrued prior to the date on which the DIP Agent provides written notice to the Debtors and the Creditors' Committee (if any) of the occurrence of either an Event of Default or the Termination Date but solely if, as and to the extent such Professional Fees are ultimately allowed by the Court, and, with respect to any Professional Fees incurred by any Professional Person retained by the Creditors' Committee (if any), have been provided for in, and are consistent with, the DIP Budget (subject to the Permitted Variances); and (iv) unpaid Debtors' Professional Fees and Creditors' Committee's Professional Fees, in each case incurred or accrued on or after the Carve-Out Effective Date in an aggregate amount not to exceed $250,000, to the extent allowed at any time, whether by interim order, procedural order or otherwise (clauses (i)–(iv)). Any DIP Lender may credit bid up to the full amount of its outstanding DIP Obligations, including, without limitation, any accrued interest and expenses, in any sale of any DIP Collateral. A copy of the order is available for free at https://bit.ly/2SqJiil from PacerMonitor.com. About Hospitality Investors Headquartered in New York, Hospitality Investors Trust, Inc. -- http://www.HITREIT.com/-- is a self-managed real estate investment trust that invests primarily in premium-branded select-service lodging properties in the United States. As of Dec. 31, 2020, the Company owns or has an ownership interest in a total of 101 hotels, with a total of 12,673 guestrooms in 29 states. Hospitality Investors Trust Inc. and subsidiary Hospitality Investors Trust Operating Partnership LP, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10831) on May 19, 2021. In the petition signed by CEO and president Jonathan P. Mehlman, Hospitality Investors Trust estimated total assets of $1,701,867,000 as of March 31, 2021 and estimated total liabilities $1,360,423,000 as of March 31, 2021. The cases are handled by Honorable Judge Craig T. Goldblatt. Jeff J. Marwil, Esq., Paul V. Possinger, Esq., and Jordan E. Sazant, Esq., at PROSKAUER ROSE LLP, and Jeremy W. Ryan, Esq., at POTTER ANDERSON & CORROON LLP serve as the Debtors' attorneys. JEFFERIES LLC is the Debtors' financial advisor. MORRISON & FOERSTER LLP serves as counsel to the independent directors. EPIQ CORPORATE RESTRUCTURING, LLC serves as claims agent. Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC, as DIP Lender, is represented by: Sean O'Neal, Esq. Kara A. Hailey, Esq. Cleary Gottlieb Steen & Hamilton LLP One Liberty Plaza New York, NY 10006 E-mail: soneal@cgsh.com khailey@cgsh.com - and - Pauline K. Morgan, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square, 1000 King Street Wilmington, DE 19801 E-mail: pmorgan@ycst.com Trimont Real Estate Advisors, LLC, as DIP Agent, is represented by: Michael V. Blumenthal. Esq. ThompsonKnight 900 Third Avenue, 20th Floor New York, NY 10022 E-mail: michael.blumenthal@tklaw.com HOUSTON AMERICAN: Incurs $268,476 Net Loss in First Quarter ----------------------------------------------------------- Houston American Energy Corp. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $268,476 on $328,488 of oil and gas revenue for the three months ended March 31, 2021, compared to a net loss of $850,990 on $147,136 of oil and gas revenue for the three months ended March 31, 2020. As of March 31, 2021, the Company had $11.19 million in total assets, $433,254 in total liabilities, and $10.76 million in total shareholders' equity. "The Company has incurred continuing losses since 2011, including a loss of $268,476 for the three months ended March 31, 2021. As a result of the steep global economic slowdown that began in March 2020 as the coronavirus pandemic spread, oil and gas demand and prices realized from oil and gas sales declined sharply and have only partially recovered as of March 31, 2021, with such demand and price declines expected to persist until governments worldwide are confident that the pandemic is adequately contained to permit renewed economic activity. Depending upon the duration of the pandemic and the resulting global economic slowdown, the Company may incur continuing declines in revenues and increased losses, associated from lower demand for energy and resulting depressed oil and gas prices. However, during January and February 2021, the Company raised $6.5 million, net of offering costs, from the sale of common stock," Houston American said. "The Company believes that it has the ability to fund, from cash on hand, its operating costs and anticipated drilling operations for at least the next twelve months following the issuance of these financial statements," Houston American said. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1156041/000149315221011846/form10-q.htm About Houston American Energy Based in Houston, Texas, Houston American Energy Corp. is a publicly-traded independent energy company with interests in oil and natural gas wells, minerals and prospects. The company's business strategy includes a property mix of producing and non-producing assets with a focus on the Permian Basin in Texas, Louisiana and Colombia. Houston American reported a net loss of $2.51 million for the year ended Dec. 31, 2019, following a net loss of $4.04 million for the year ended Dec. 31, 2018. INDIGO NATURAL: Moody's Raises CFR to B1, Outlook Stable -------------------------------------------------------- Moody's Investors Service upgraded Indigo Natural Resources LLC's Corporate Family Rating to B1 from B2, Probability of Default Rating to B1-PD from B2-PD and senior unsecured notes rating to B2 from B3. The outlook was changed to stable from positive. "The upgrade of Indigo's ratings reflects our expectation for the company to resume production growth while reducing debt and further strengthening its credit metrics over the next 12-18 months," commented Jonathan Teitel, a Moody's analyst. Upgrades: Issuer: Indigo Natural Resources LLC Probability of Default Rating, Upgraded to B1-PD from B2-PD Corporate Family Rating, Upgraded to B1 from B2 Senior Unsecured Notes, Upgraded to B2 (LGD5) from B3 (LGD5) Outlook Actions: Issuer: Indigo Natural Resources LLC Outlook, Changed To Stable From Positive RATINGS RATIONALE Indigo was upgraded to a B1 CFR based on the company's enhanced visibility to increase production and reserves at competitive returns while also being able to reduce debt. In April 2021, Indigo announced an agreement to sell its Cotton Valley assets. The company will use proceeds to repay revolver borrowings and to reinvest in the development of its higher return and lower cost core Haynesville and Bossier Shale properties. The company refinanced its bonds in early 2021, enhancing its debt maturity profile. In late 2019, Indigo sold a 50% interest in its midstream joint venture and used a portion of the proceeds to substantially reduce debt, supporting stronger credit metrics. Concurrent with that asset sale, Indigo increased its minimum volume commitments on the midstream system through 2022 and Moody's expects modest deficiency fees. Indigo's B1 CFR is supported by its low leverage and strong interest coverage relative to similarly rated peers. These strengths are offset by its geographic concentration and natural gas focus. Having improved its credit profile, after the reinvestment of a portion of the proceeds from the Cotton Valley asset sale, Indigo's plans over the long-term are for a maintenance capital program and the distribution of a majority of free cash flow to equity owners but while maintaining ample liquidity and low leverage. Indigo continues to improve drilling efficiencies with lower drilling time per foot and longer laterals for wells on average. The company actively hedges and uses forward sale and transportation agreements to mitigate fluctuations in natural gas prices and enhance cash flow visibility. Indigo's production benefits from proximity to Henry Hub, which drives low basis differentials. Its natural gas also benefits from demand in the Gulf Coast region. Moody's expects Indigo will maintain good liquidity through 2022. Indigo's RBL revolver has a borrowing base of $675 million and matures in February 2023. The company borrowing base was decreased from $750 million considering the sale of assets in the Cotton Valley. As of March 31, 2021, Indigo had $59 million of cash on the balance sheet and had $550 million available on its revolver (pro forma for the $75 million reduction in the borrowing base). Indigo's revolver has two financial covenants comprised of a minimum current ratio of 1x and a maximum leverage ratio of 3.5x. Moody's expects Indigo will maintain compliance with these covenants through 2022. Indigo's $700 million of senior unsecured notes due 2029 are rated B2, one notch below the CFR, reflecting their subordination to the company's secured revolver due 2023. The stable outlook reflects Moody's expectation that Indigo will achieve modest growth in production and will start to improve its free cash flow generation, backed by gains in capital efficiency over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include substantially increased production and proved developed reserves at competitive returns; consistent positive free cash flow generation; maintenance of good liquidity and low leverage; and a leveraged full cycle ratio (LFCR) maintained above 1.5x. Factors that could lead to a downgrade include Moody's expectation for Indigo's production to decline; negative free cash flow that leads to higher debt; higher than expected distributions to equity owners; higher leverage driving RCF/debt below 25%; or weakening liquidity. Indigo, headquartered in Houston, Texas, is a privately-owned independent exploration and production company focused on natural gas production in North Louisiana in the Haynesville and Bossier Shales. The company's owners include Yorktown Partners LLC; Martin Sustainable Resources L.L.C.; Beland Energy, LLC; Ridgemont Equity Partners; Trilantic Capital Partners; GSO Capital Partners; and company management. Indigo's average daily production for the quarter ended March 31, 2021 was 955 MMcfe/d. The principal methodology used in these ratings was Independent Exploration and Production Industry published in May 2017. INNOVATIVE SOFTWARE: Unsecured Claims to Recover 7.49% in Plan -------------------------------------------------------------- Innovative Software Solution, Inc., filed a Combined Disclosure Statement and Plan of Reorganization. With the advent of the Covid-19 pandemic, Debtor's revenues plummeted as the Broward County and Miami-Dade County schools that used the 244 printers and copiers closed and reverted to virtual learning. With the reopening of physical school buildings, Debtor's revenues have increased with each month: January - $9,221; February - $23,897; March - $39,637; April - $43,194. But the profits have not yet caught up to the sales. The Debtor is currently buying supplies that it will need in the near future and is optimistic that the increase in school openings (after the summer vacation of June 9th through August 4th) will continue, resulting in greater use of its machines and increased revenues. The Debtor believes that he will have enough cash on hand on the effective date of the Plan to pay all claims and expenses that are entitled to be paid on that date. The Plan will treat claims as follows: * Class 1 - Secured Claim of On-Deck Capital, Inc. totaling $77,346 and will be paid in 60 months at $1,289 per month. * Class 3 - Allowed General Unsecured Creditors totaling $2,621,049 will be paid in 5 years, on a quarterly basis, for a recovery at 7.49%. Payments to be made total $196,198, with quarterly payments varying each year: Year 1 - $3,712.17 per quarter Year 2 - $8,215.92 per quarter Year 3 - $9,993.42 per quarter Year 4 - $11,993.42 per quarter Year 5 - $15,134.67 per quarter. Attorney for Debtor: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. 330 N. Andrews Ave., Suite 450 Fort Lauderdale, Florida 33301 Tel: (954) 765-3166 Fax: (954) 756-7103 E-mail: Chad@cvhlawgroup.com A copy of the Combined Disclosure Statement and Plan of Reorganization is available at https://bit.ly/3vmDKDW from PacerMonitor.com. About Innovative Software Innovative Software Solution, Inc. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-10538) on Jan. 20, 2021. Natalie Frazier, president, signed the petition. Judge Scott M. Grossman oversees the case. Van Horn Law Group, PA, serves as the Debtor's legal counsel. IOLA LIVING: Seeks to Hire Valbridge Property as Appraiser ---------------------------------------------------------- Iola Living Assistance, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ Valbridge Property Advisors as appraiser. The Debtor needs the assistance of the firm for the appraisal of Living Oaks Assisted Living, the Debtor's Residential Care Apartment Complex (RCAC), located at 505 W. Iola Street, Iola, Wis., and The Willows, the Debtor's Community Based Residential Facility (CBRF), located at 515 W. Iola Street, Iola, Wis.. The firm will be paid $6,500 for the appraisal of the two buildings. The firm's hourly rate for additional services, such as litigation consulting, testimony preparation, and testimony, is $275 per hour, plus out of pocket expenses. S. Steven Vitale a managing director at Valbridge Property Advisor 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: S. Steven Vitale Valbridge Property Advisors 12660 West North Avenue Milwaukee, WI 53005 Tel: (262) 782-7990 About Iola Living Assistance, Inc. Iola Living Assistance, Inc. -- http://iolaseniorliving.com/-- owns and operates a rehabilitation center in Iola, Wisconsin. It offers independent living apartments, assisted living apartments, and rehabilitative/long term care. Iola Living Assistance, Inc., based in Iola, WI, filed a Chapter 11 petition (Bankr. E.D. Wis. Case No. 20-27329) on Nov. 6, 2020. In the petition signed by CEO Jordan C. Edseth, the Debtor disclosed $3,488,034 in assets and $6,224,895 in liabilities. The Hon. Katherine M. Perhach presides over the case. STEINHILBER SWANSON LLP, serves as bankruptcy counsel to the Debtor. JACKSONVILLE ADVANCED: Wins Cash Collateral Access Thru June 17 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, has authorized Jacksonville Advanced Machining, LLC to use cash collateral on an interim basis through June 17, 2021, the date of the final hearing. The Debtor is authorized to use cash collateral in the ordinary course of its business pursuant to 11 U.S.C. section 363(c)(2). As adequate protection of its interest in cash collateral, the Debtor will pay the Internal Revenue Service $718.24 per month for 60 months at 4% interest starting June 10, 2021. A copy of the order is available for free at https://bit.ly/3bP416b from PacerMonitor.com. About Jacksonville Advanced Machining, LLC Jacksonville Advanced Machining, LLC manufactures metal parts. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:21-bk-01149) on May 7, 2021. In the petition signed by Ramkumar Devarajan, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Roberta A. Colton oversees the case. PARKER & DuFRESNE, P.A represents the Debtor as counsel. JAMCO SERVICES: Unsecureds Creditors Will Recover 100% Under Plan ----------------------------------------------------------------- Jamco Services, LLC, submitted a Plan and a Disclosure Statement. The Debtor will continue with its primary business operations it engaged in prior to the Petition Date. To provide a source for the payments contemplated by the Plan, the Plan incorporates a sale of certain of the Debtor's heavy machinery, a sale of the Debtor's real property, and a settlement with Centennial Resources. The Debtor has filed a motion to sell its Real Property and a motion to sell HeavyEquipment. The Debtor does not believe these assets will be necessary for the Reorganized Debtor to operate. The Debtor will lease a smaller space in lieu of the Real Property. It is believed the Real Property will generate approximately $1,800,000, which will be used to pay Citizens in full, with the remainder being used to fund the Reorganized Debtor's operations and the Plan payments. The sale of the Heavy Equipment is expected to generate approximately $1,200,000, which will pay in full the Claims of Cat Financial, Warren Power, Equify, and Wells Fargo, as well as fund partial payments to Hitachi and CCG. Class 3 General Unsecured Claims totaling $2,941,000 will recover 100% of their claims. All Allowed Class 3 Claims shall bear interest from and after the Effective Date until paid at the Plan Rate. On each successive Distribution Date, to the extent of Distributable Cash, the Reorganized Debtor will make Pro Rata Distributions to each holder of an Allowed Class 3 Claim until all Allowed Class 3Claims, including the principal amount of each Allowed Class 3 Claim plus interest at the Plan Rate from the Effective Date, have been paid in full. Class 3 is Impaired. To fund the Plan and provide the greatest return to General Unsecured Creditors, the Debtor has moved the Court for authority to sell its Heavy Equipment and Real Property. Attorney for the Debtor: J. Seth Moore CONDON TOBIN SLADEK THORNTON NERENBERG PLLC 8080 Park Lane, Suite Dallas, Texas 75231 Telephone: (214) 265-3800 Facsimile: (214) 691-6311 smoore@ctstlaw.com A copy of the Disclosure Statement is available at https://bit.ly/3wwRexa from PacerMonitor.com. About Jamco Services Jamco Services, LLC, -- https://www.jamcoservices.com/ -- which conducts business under the name Jam Construction, is a full-service heavy equipment construction company. Its services include drilling construction, frac pit construction, site remediation, oilfield construction, game fencing, pit lining, and oilfield construction. Jamco Services sought Chapter 11 protection (Bankr. W.D. Tex. Case No. 20-70142) on Nov. 25, 2020. The Debtor was estimated to have $1 million to $10 million in assets and liabilities. Judge Toby M. Davis oversees the cases. The Debtor tapped Condon Tobin Sladek Thornton, PLLC as its legal counsel and EGK Financial, LLC as its accountant. JEVIC HOLDING: Court Ruling Highlights DIP Agreement Consequences ----------------------------------------------------------------- Law360 reports that a recent decision by the U.S. Bankruptcy Court for the District of Delaware highlights the important consequences that can flow from a debtor-in-possession, or DIP, finance stipulation reached early in a case. According to Law360, the decision, In re: Jevic Holding Corp. [1] held that a Chapter 7 trustee was barred by the terms of a Chapter 11 DIP financing order from pursuing a clawback action against lenders. It provides protection to lenders and guidance to creditors' committees negotiating DIP finance agreements, and suggests additional considerations for a court in deciding whether to convert a case to Chapter 7. In the adversary proceeding -- OFFICIAL COMMITTEE OF UNSECURED CREDITORS, on behalf of the bankruptcy estates of JEVIC HOLDING CORP., et al.Plaintiff,v. THE CIT GROUP/BUSINESS CREDIT, INC., in its capacity as Agent, et al.Defendants. Adv. Pro. No. 08-51903 (BLS) -- the following motions are before the Court: (i) Motion to Substitute Chapter 7 Trustee as Real Party in Interest,2F3(ii) Motion of Sun Capital for Judgment on the Pleadings,3F4 and (iii) Motion of the CIT Group/Business Credit, Inc., as Agent, for Judgment on the Pleadings Pursuant to Federal Rule of Civil Procedure 12(c).4F5 Briefing is completed, and on Feb. 22, 2021, the Court heard oral argument on the motions. In an opinion signed May 4, 2021, the Motion to Substitute was denied and the CIT/Sun Motions for Judgment on the Pleadings was granted, in part, and denied, in part. According to Judge Brendan Linehan Shannon's ruling, the Court has determined that the Trustee cannot pursue the claims in the Adversary Complaint because (i) the Trustee is bound by the Debtors’ waiver of those claims, and (ii) the Trustee cannot bring claims under a vacated settlement agreement until the settlement payments are returned to CIT and Sun; therefore,the remaining claims in the CIT/Sun Motions for Judgment on the Pleadings are dismissed as moot A copy of the decision is available at https://www.pacermonitor.com/gpo-filings/6712600 About Jevic Transportation Based in Delanco, New Jersey, Jevic Transportation Inc. -- http://www.jevic.com/-- provided trucking services. Two affiliates -- Jevic Holding Corp. and Creek Road Properties -- have no assets or operations. Jevic et al. sought Chapter 11 protection (Bankr. D. Del. Case No. 08-11008) on May 20, 2008. Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg & Ellers, in Wilmington, Del., represented the Debtors. The U.S. Trustee for Region 3 appointed five creditors to serve on an Official Committee of Unsecured Creditors. Robert J. Feinstein, Esq., Bruce Grohsgal, Esq., and Maria A. Bove, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Del., represent the Official Committee of Unsecured Creditors. Before filing for bankruptcy, the Debtors initiated an orderly wind-down process. As a part of the wind-down process, the Debtors ceased substantially all of their business and terminated roughly 90% of their employees. The Debtors continue to manage the wind-down process in an attempt to deliver all freight in their system and to retrieve their assets. As of Oct. 31, 2010, the Debtor had total assets of $425,000, total liabilities of $12.2 million, and a stockholders' deficit of $11.8 million. In 2018, the bankruptcy case of Jevic Holding Corp. converted to a Chapter 7 liquidation after a Delaware judge denied approval of a proposed settlement floated by the company and its creditors to dismiss the case. On June 5, 2018, George L. Miller was appointed as Chapter 7 trustee. KK FIT: Seeks to Hire Cunningham Chernicoff as Legal Counsel ------------------------------------------------------------ KK Fit, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire Cunningham, Chernicoff & Warshawsky, P.C. as its legal counsel. The firm's services include: a. advising the Debtor regarding its powers and duties in the continued operation of its business and management of its property; b. preparing legal papers; and c. other legal services necessary to administer the Debtor's Chapter 11 case. Cunningham will be paid at these rates: Robert E. Chernicoff $400 per hour Partners $200 to $350 per hour Associate Attorneys $150 to $250 per hour Paralegals $100 per hour The firm received a retainer in the amount of $84,601.85. Robert Chernicoff, Esq., a partner at Cunningham, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Cunningham can be reached at: Robert E. Chernicoff, Esq. Cunningham, Chernicoff & Warshawsky, P.C. P.O. Box 60457 Harrisburg, PA 17106-0457 Tel: (717) 238-6570 Fax: 717-238-4809 About KK Fit Inc. KK Fit, Inc., formerly known as Gold's Gym, filed a Chapter 11 petition (Bankr. M.D. Pa. Case No. 21-01035) on May 7, 2021 in the U.S. Bankruptcy Court for the Middle District of Pennsylvania. KK Fit President Kurt Krieger signed the petition. At the time of the filing, KK Fit had total assets of between $100,000 and $500,000, and total liabilities of between $1 million and $10 million. Cunningham, Chernicoff & Warshawsky, P.C. represents the Debtor as legal counsel. KLAUSNER LUMBER: July 1 Plan Confirmation Hearing Set ----------------------------------------------------- Klausner Lumber One LLC and the Official Committee of Unsecured Creditors filed with the U.S. Bankruptcy Court for the District of Delaware a motion for entry of an order approving the Disclosure Statement. On May 20, 2021, Judge Karen B. Owens granted the motion and ordered that: * Any and all objections and responses to the Motion that have not been withdrawn, waived, settled, or resolved, and all reservations of rights included therein, are overruled and denied on the merits and with prejudice. * The Disclosure Statement is approved. * June 24, 2021 is fixed as the last day to submit all Ballots in order to be counted as votes to accept or reject the Plan. * July 1, 2021 at 9:30 a.m. is the Confirmation Hearing. * June 24, 2021 is fixed as the last day to file objections to confirmation of the Plan. * June 28, 2021 is fixed as the last day for the Proponents to file a reply to any such objections and/or any affidavits or declarations in support of approval of the Plan. A full-text copy of the order dated May 20, 2021, is available at https://bit.ly/2TlnBkb from PacerMonitor.com at no charge. Attorneys for the Debtor: Thomas A. Draghi Alison M. Ladd WESTERMAN BALL EDERER MILLER ZUCKER & SHARFSTEIN, LLP 1201 RXR Plaza Uniondale, New York 11556 Telephone: (212) 622-9200 Facsimile: (212) 622-9212 Robert J. Dehney Eric Schwartz Daniel B. Butz MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 North Market Street, 16th Floor P.O. Box 1347 Wilmington, Delaware 19899 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Attorneys for the Official Committee of Unsecured Creditors Richard J. Bernard FAEGRE DRINKER BIDDLE & REATH LLP 1177 Avenue of the Americas, 41st Floor New York, New York 10036 Richard.Bernard@faegredrinker.com Direct: (212) 248-3263 Alissa M. Nann FOLEY & LARDNER LLP 90 Park Avenue New York, NY 10016 Tel: (212) 682-7474 Fax: (212) 687-2329 Eric J. Monzo Brya M. Keilson MORRIS JAMES LLP 500 Delaware Avenue, Suite 1500 Wilmington, DE 19801 Tel: (302) 888-6800 Fax: (302) 571-1750 About Klausner Lumber One Klausner Lumber One, LLC, is a privately-held company in the lumber and plywood products manufacturing industry. It is 100% owned by non-debtor Klausner Holding USA, Inc. Klausner Lumber One sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-11033) on April 30, 2020. At the time of the filing, Debtor disclosed assets of between $100 million and $500 million and liabilities of the same range. Judge Karen B. Owens oversees the case. The Debtor has tapped Westerman Ball Ederer Miller Zucker & Sharfstein, LLP as its bankruptcy counsel; Morris, Nichols, Arsht & Tunnell, LLP as local counsel; Asgaard Capital, LLC as restructuring advisor; and Cypress Holdings, LLC, as investment banker. The Office of the U.S. Trustee appointed a committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Foley & Lardner LLP and Faegre Drinker Biddle & Reath LLP as its counsel KNOTEL INC: Asks Court to Extend Plan Exclusivity Thru August 30 ---------------------------------------------------------------- Debtors Knotel, Inc. and its affiliates request the U.S. Bankruptcy Court for the District of Delaware to extend by 90 days the exclusive periods during which the Debtors may file a Chapter 11 Plan from June 1, 2021, to August 30, 2021, and to solicit acceptances from July 30, 2021, to October 28, 2021. This is the Debtors' first motion to extend the Exclusive Periods. Cause exists to extend the Exclusive Periods. First, the Debtors and their professionals have made significant progress in moving the cases to successful completion, including: (a) stabilizing the Debtors' business and operations in chapter 11; (b) rejecting leases and abandoning personal property; (c) preparing and filing the schedules of assets and liabilities and statements of financial affairs for the 215 Debtors in these jointly administered chapter 11 cases; (d) consummating and closing the Sale; (e) preparing and filing the Debtors' initial and monthly operating reports; (f) resolving various contested matters; and (g) preparing and filing the Combined Plan and Disclosure Statement. Second, allowing the expiration of the Exclusive Periods at this critical stage would serve only to interfere with the progress of these chapter 11 cases. Under the Combined Plan and Disclosure Statement, there are some crucial upcoming deadlines, including: (a) the deadline to file the Plan Supplement; (b) the Voting Deadline for the Combined Plan and Disclosure Statement; (c) the deadline to file the Confirmation Brief and other evidence supporting confirmation; and (d) the Confirmation Hearing. If any of these deadlines get pushed back or the Debtors are unable to confirm the Combined Plan and Disclosure Statement at the Confirmation Hearing scheduled for June 29, 2021, the Debtors will have only one month or less to negotiate and work with parties in interest to correct any deficiencies in the Combined Plan and Disclosure Statement before the Exclusive Solicitation Period expires. If the Debtors could not confirm a plan within this tight timeline, another plan could be proposed while the Debtors are still actively working to build consensus around a plan or, possibly, while a plan is being voted on, disrupting and possibly derailing the confirmation process. Lastly, creditors will not be harmed by extending exclusivity. The requested extension is intended to allow the Debtors to confirm the proposed consensual Combined Plan and Disclosure Statement in the most cost-efficient manner. Given the limited extension requested and the circumstances described, the extension aligns with the intent and purpose of Bankruptcy Code section 1121 and should be granted. A copy of the Debtors' Motion to extend is available at https://bit.ly/2RArilA from Omniagentsolutions.com. 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 Inc., 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 rivals. 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 January 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 an investment banker. Omni Agent Solutions is the claims agent. KOSSOFF PLLC: Court Grants Speedy Assets Discovery in Bankruptcy ---------------------------------------------------------------- Law360 reports that a federal bankruptcy judge on Monday, May 24, 2021, called for expedited discovery into the assets of New York real estate law firm Kossoff PLLC, after clients pushed the firm into bankruptcy this May 2021 seeking to recover more than $8 million in escrow funds. U.S. Bankruptcy Judge David S. Jones will allow interim trustee Albert Togut of Togut Segal & Segal LLP to issue subpoenas to recover physical and electronic records related to Kossoff PLLC. The head of the firm, Mitchell Kossoff, is currently facing numerous lawsuits claiming he went missing with client money in early April 2021. About Kossoff PLLC Kossoff PLLC is a real estate law firm based in New York City. It operated as a law firm with offices located at 217 Broadway in New York City. The firm held itself out as a law firm that provided full-service real estate legal services specializing in litigation and transactional matters, including leasing, sale and acquisition of real property, commercial landlord tenant matters, real estate litigation, and city, state and federal agency regulatory matters Mitchell H. Kossoff, the firm's founder and only known managing member, is alleged to have failed to and/or refused to return millions of dollars of client funds when requested by clients. Since on or about April 1, 2021, Kossoff's whereabouts have been unknown, and Kossoffhas ceased all communications with the Debtor's clients and with the attorneys and staff who were employed by the Debtor. Kossoff PLLC is subject to an involuntary petition for Chapter 7 bankruptcy (Bankr. S.D.N.Y. Case No. 21-10699) by creditors on April 13, 2021. The case is handled by Honorable Judge David S Jones. Gran Sabana Corp NV, Louis & Jeanmarie Giordano, and other former clients of the Debtor signed the involuntary petition. Carter Ledyard & Milburn LLP, led by Aaron R. Cahn, represents the petitioners. Veteran restructuring lawyer Albert Togut of Togut, Segal & Segal LLP, was named as Chapter 7 Trustee. He tapped his own firm as counsel in the case. LAKEWOOD ENERGY: Seeks to Hire Husch Blackwell as Legal Counsel --------------------------------------------------------------- Lakewood Energy Solutions, LLC and Eses Monahans, LLC seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Husch Blackwell, LLP as bankruptcy counsel. The firm's services include: a. advising the Debtors regarding their powers and duties under the Bankruptcy Code; b. taking all necessary actions to protect and preserve the Debtors' estate; c. preparing legal papers; d. assisting the Debtors in preparing for and filing a Chapter 11 plan; e. representing the Debtors in connection with the administration of their estate; f. appear before the bankruptcy court, any appellate courts and the United States Trustee; and f. other legal services necessary to administer the Debtor's Chapter 11 case; Husch Blackwell will be paid at these rates: Partners $400 to $925 per hour Associates $290 to $550 per hour Paralegals $160 to $370 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. The retainer fee is $50,000. Lynn Butler, Esq., a partner at Husch Blackwell, 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: Lynn H. Butler, Esq. Husch Blackwell LLP 111 Congress Avenue, Suite 1400 Austin, TX 78701 Tel: (512) 479-9758 Fax: (512) 479-1101 Email: lynn.butler@huschblackwell.com About Lakewood Energy Solutions and Eses Monahans Lakewood Energy Solutions, LLC and its affiliate, Eses Monahans, LLC, filed Chapter 11 bankruptcy petition (Bankr. N.D. Lead Texas Case No. 21-41079) on April 30, 2021. The Debtors are represented by Husch Blackwell, LLP. At the time of the filing, Lakewood Energy had between $500,001 and $1 million in both assets and liabilities. Eses Monahans disclosed total assets of up to $50,000 and total liabilities of up to $1 million. LAREDO OUTLET: Case Summary & 19 Unsecured Creditors ---------------------------------------------------- Debtor: Laredo Outlet Shoppes, LLC 2030 Hamilton Place Blvd. CBL Center, Suite 500 Chattanooga Tennessee 37421 Business Description: Larego Outlet Shoppes is primarily engaged in renting and leasing real estate properties. A motion will be filed with the Court requesting that the Chapter 11 cases of Laredo Outlet Shoppes be consolidated for procedural purposes only and jointly administered pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure with the Initial Debtors Cases under CBL & Associates Properties, Inc. Case No. 20-35226 (DRJ). Chapter 11 Petition Date: May 26, 2021 Court: United States Bankruptcy Court Southern District of Texas Case No.: 21-31717 Debtor's Counsel: Alfredo R. Perez, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana, Suite 1700 Houston, TX 77002 Tel: (713) 546-5000 E-mail: alfredo.perez@weil.com - and - Ray C. Schrock, P.C. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 E-mail: ray.schrock@weil.com Debtor's Investment Banker: MOELIS & COMPANY 399 Park Avenue, 5th Floor New York, NY 10022 Debtor's Financial Advisor: BERKELEY RESEARCH GROUP, LLC 99 High Street 27th Floor Boston, MA 02110 Debtor's Claims Agent: EPIQ CORPORATE RESTRUCTURING, LLC 777 Third Avenue, 12th Floor New York, New York 10017 Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Jeffery V. Curry, chief legal officer and secretary. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CSOZDCQ/Laredo_Outlet_Shoppes_LLC__txsbke-21-31717__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 19 Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Adidas America, Inc. Trade Payable $320,145 Attn: Morgan Brakken 5055 N. Greeley Avenue Portland, Oregon 97217 Tel: (503) 805-4501 Email: morgan.brakken@adidas.com 2. USI Insurance Services LLC Insurance $243,124 Attn.: Tracy Gordon 4605 Columbus Street Virginia Beach Virginia 23462 Tel: (470) 875-0468 Email: tracy.gordon@usi.com 3. Ambit Energy Utility $86,049 Attn.: Legal Department P.O. Box 864589 Plano, Texas 75086‐4589 Tel: (877) 282-6248 Email: careaction@ambitenergy.com 4. Stone & Stein Laredo, LLC Trade Payable $20,000 Attn.: David Nelson 10275 West Higgins Road, Suite 560 Rosemont, Illinois 60018 Tel: (847) 292-1874 Email: dnelson@horizongroup.com 5. Schindler Elevator Corp. Trade Payable $16,379 Attn.: Samuel Bruno ‐ Sales Republic P.O. Box 93050 Chicago, Illinois 60673‐3050 Tel: (361) 402-5929 Email: samuel.bruno@schindler.com 6. Book Warehouse of Trade Payable $15,000 Laredo, Texas, Inc. Attn.: Patrick O'Connor Attn.: Tonia Rosenberger 11130 Kingston Pike, Suite 1‐184 Knoxville, Tennessee 37934 Tel: (865) 966-7454 Email: poconnor@americanbookco.com 7. Universal Protection Services Trade Payable $12,412 Attn.: Jordy Lagrange Attn.: Lupe Encinia P.O. Box 31001‐2374 Pasadena, California 91110‐2374 Tel: (866) 703-7666 Email: jordy.lagrange@aus.com Email: lupe.encinia@aus.com 8. Granite Telecommunications, LLC Trade Payable $8,368 Attn.: Michael C. McDonald P.O. Box 983119 Boston, Massachusetts 02298 Tel: (617) 837-5960 Email: mmcdonald@granitenet.com 9. United High School Trade Payable $5,000 Attn.: Mario Gonzalez Attn.: MarissaRange l1015 Topaz Trail Laredo, Texas 78045 Tel: (956) 473-5600 Email: longhorn.band.booster@gmail.com Email: uhsbaseballbooster@gmail.com 10. Gateway Air Conditioning Trade Payable $3,468 Attn.: Legal Department 417 Shiloh Drive Laredo, Texas 78044 Tel: (956) 722-3190 Email: gateway_ac@yahoo.com 11. Big Ass Fans Trade Payable $3,195 Attn.: Josh Pendleton P.O. Box 638767 Cincinnati, Ohio 45263‐8767 Tel: (859) 899-5378 Email: joshua.pendleton@bigassfans.com 12. Juan Garza: Print X Press Trade Payable $747 Attn: Juan Garza 4820 McPherson Road, Suite 1 Laredo, Texas 78041 Tel: (956) 723-6687 Email: contact@printxpressinc.com 13. EML Payments USA LLC Trade Payable $600 Attn.: Janet Huson Attn.: Christina Plummer 8330 Ward Parkway, Suite 400 Kansas City, Missouri 64114 Tel: (931) 732-5446 Email: jhuson@emlpayments.com Email: gblome@emlpayments.com Email: payables@emlpayments.com 14. Guillermo A. Sosa Trade Payable $324 P.O. Box 440541 Laredo, Texas 78044 Tel: (956) 285-0874 Email: 9sosa2@me.com 15. Reliant Utility $217 Attn.: Jessica W. PO BOX 650475 Dallas, Texas 75265‐0475 Tel: (877) 883-2480 Email: business@reliant.com 16. JJDM Enterprise, LLC Trade Payable $100 Attn.: Jerry Gallegos P.O. Box 452307 Laredo, Texas 78045 Tel: (210) 337-0017 Email: Billinginfo@genesisdrugtesting.com 17. 4L Distributors LLC Trade Payable $93 Attn.: Angie Rodriguez 107 North Avenue Laredo, Texas 78045 Tel: (956) 727-0794 Email: angie@4ldistributors.com 18. Verizon Wireless Trade Payable $79 Attn.: Legal Department P.O. Box 660108 Dallas, Texas 75266‐0108 Tel: (800) 922-0204 Email: vzwmail@ecrmemail.verizonwireless.com 19. Sherwin‐Williams Trade Payable $45 Attn.: Brenda Aviles 1720 San Bernardo Avenue Laredo, Texas 78040 Tel: (956) 723-7312 Email: sw7461@sherwin.com LEAFBUYER TECHNOLOGIES: Posts $101,473 Net Profit in Third Quarter ------------------------------------------------------------------ Leafbuyer Technologies, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing net profit of $101,473 on $672,149 of revenue for the three months ended March 31, 2021, compared to a net loss of $1.04 million on $575,002 of revenue for the three months ended March 31, 2020. For the nine months ended March 31, 2021, the Company reported a net loss of $1.31 million on $1.93 million of revenue compared to a net loss of $4.41 million on $1.87 million of revenue for the same period in 2020. As of March 31, 2021, the Company had $3.77 million in total assets, $3.75 million in total liabilities, and $21,681 in total stockholders' equity. Leafbuyer said, "The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months from the date of the issuance of these unaudited condensed consolidated financial statements with existing cash on hand and/or the private placement of common stock or obtaining debt financing. There is, however, no assurance that the Company will be able to raise any additional capital through any type of offering on terms acceptable to the Company, as existing cash on hand will be insufficient to finance operations over the next twelve months." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1643721/000147793221003314/lbuy_10q.htm About Leafbuyer Leafbuyer Technologies, Inc. is a marketing technology company for the cannabis industry and is an online cannabis resource. The Company reported a net loss of $5.51 million for the year ended June 30, 2020, compared to a net loss of $6.55 million for the year ended June 30, 2019. As of June 30, 2020, the Company had $4.97 million in total assets, $4.42 million in total liabilities, and $552,530 in total equity. Lakewood, Colorado-based B F Borgers CPA PC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Sept. 25, 2020, citing that the Company has suffered recurring losses from operations and has a significant accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. LIMETREE BAY: Moody's Puts B2 Rating Under Review for Downgrade --------------------------------------------------------------- Moody's Investors Service placed on review for downgrade the B2 rating assigned to Limetree Bay Terminals, LLC's $465 million senior secured term loan. On Review for Downgrade: Issuer: Limetree Bay Terminals, LLC Senior Secured Bank Credit Facility, Placed on Review for Downgrade, currently B2 Outlook Actions: Issuer: Limetree Bay Terminals, LLC Outlook, Changed To Rating Under Review From Negative RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating review for downgrade was prompted by the United States Environmental Protection Agency's (EPA) decision on 14 May 2021 to pause all operations at Limetree Bay Terminals' largest customer, the adjacent refinery, for a period of up to 60 days due to several air emission and flare incidents that present an imminent risk to public health of surrounding communities in the proximity of the refinery. [1] Moody's views the EPA's action and implications for the terminal as environmental and social risks under its ESG framework. Moody's rating review will focus on the impact of the refinery pause of operations on Limetree Bay Terminals' financial metrics and liquidity, including an assessment of the modifications that may be needed to the refinery along with associated costs and related timeframe required to lift the operational pause at the adjacent refinery. Limetree Bay Terminals has a long-term terminal services agreement with several customers, including the refinery and its sister company which approximates 11.9 million barrels of capacity. Limetree Bay Terminals' storage contracts are take-or-pay contracts and the customer pays for the reserved storage capacity independent of actual use of the storage tanks. Management expects that the refinery will honor its obligations under the services agreement during the temporary halt of operations. However, Moody's caution that the services agreement allows for force majeure events including acts of government. The rating action also reflects the risk that a failure of the refinery to achieve compliance with EPA regulations and a steady state of operations could force the terminal to replace the long-term contract with the refinery with external customers. In Moody's view, it will be challenging for the terminal to replace the refinery as a customer with new customers at similar terms and conditions. Without the refinery as a customer for an extended period of time, the expected turnaround in credit metrics and material excess cash flow generation in 2021 becomes more unlikely. Moody's expectations for Limetree Bay Terminals 2021 financials, assuming the refinery achieves a steady state of operations, contemplates FFO/debt above 10% and debt service coverage ratio above 1.5x in 2021, a substantial improvement from recent results, To date, Limetree Bay Terminals has only marginally reduced its debt load since the 2017 issuance of the seven-year senior secured term loan, having paid only mandatory amortization. Other factors considered in the current rating are (1) high customer concentration and an ongoing dispute with a material customer; (2) more favorable business conditions for storage terminals in 2021; (3) the continued support from its sponsors which have supported the project with substantial equity injections since rating assignment; (4) low operating complexity of storage terminals; (5) standard project finance feature and (6) no direct exposure to commodity risks. Moody's review will focus on the impact of the refinery pause of operations on Limetree Bay Terminals' financial metrics and liquidity. The review will assess (1) if the refinery can continue to honor its obligations under the long-term terminal services agreement with the terminal during the halt of operations, (2) if there is heightened risk of a failure of the refinery which would represent the loss of its largest customer for the terminal which could result in a multi-notch downgrade of Limetree Bay Terminals' B2 rating; (3) the potential impact on Limetree Bay Terminals' other customer relationships; (4) and continued support by the sponsors. WHAT COULD CHANGE THE RATING UP The largest customer, the refinery, achieves steady state of operations and complies with EPA regulations or is successfully replaced by contracts with external customers Positive excess cash flow generation applied to debt reduction FFO/debt approaching above 10% and DSCR comfortably above 1.5x WHAT COULD CHANGE THE RATING DOWN Loss of refinery as largest customer and inability to replace refinery with external customers Weakening liquidity profile or reduced sponsor support Inability to maintain DSCR above 1.1x and FFO/debt above 5% PROFILE Limetree Bay Terminals, LLC is a wholly-owned subsidiary of Limetree Bay Energy which is owned by an affiliate of private equity sponsors EIG and a syndicate of other investors. The project is a storage terminal and marine facility on around 1,500 acres of land on the south shore St. Croix, US Virgin Islands. METHODOLOGY The principal methodology used in this rating was Generic Project Finance Methodology published in November 2019. M1 DEVELOPMENT: Seeks to Hire Avrum J. Rosen as Legal Counsel ------------------------------------------------------------- M1 Development, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire the Law Offices of Avrum J. Rosen, PLLC as its legal counsel. The firm's services include advising the Debtor of its rights and duties, overseeing the preparation of reports, conducting investigation or litigation, and other legal services necessary to administer its bankruptcy estate. The firm's attorneys will be paid at customary rates. Partner time will be billed at the hourly rate of $625 while associate time will be billed at the hourly rate of $325 to $450. Avrum Rosen, Esq., a member of The Law Offices of Avrum J. Rosen, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Avrum J. Rosen, Esq. Nico G. Pizzo, Esq. Law Offices of Avrum J. Rosen, PLLC Down Town Association 38 New Street Huntington, NY 11743 Phone: (631) 423-8527 Fax: (631) 423-4536 Email: arosen@ajrlawny.com About M1 Development M1 Development, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-40977) on April 14, 2021. Rafi Manor, owner of M1 Development, signed the petition. At the time of the filing, the Debtor disclosed $357,186 in assets and $2,272,000 in liabilities. Judge Jil Mazer-Marino presides over the case. The Law Offices of Avrum J. Rosen, PLLC serves as the Debtor's legal counsel. MALLINCKRODT PLC: Kim Says Plan Disclosures Opaque and Very Complex ------------------------------------------------------------------- Blake Kim, founder and CEO of Burlingame Investment Group, acting pro se, filed an objection to Mallinckrodt Plc's Disclosure Statement. Burlingame, a registered investment advisor that manages client assets, represents its clients' interests in the 4.75% April 2023 Notes guaranteed by the Debtor, Mallinckrodt Plc. Kim says the Disclosure Statement is opaque and very complex. According to Kim, in its current form, the Disclosure Statement leaves out many pertinent facts to determine the recovery value of creditors The debtors have provided additional exhibits on May 13, 2021, Docket #2285. However, the information on these exhibits still lack the clarity on the recovery value of our creditor class. He notes that the Debtors have categorized the financial debt (including the 4.75% Notes) of Mallinckrodt Plc. and other unsettled claims (most if not all of these unsettled claims are against the Subsidiaries) under the General Unsecured Claim (GUC). In doing so, the GUC has become the black hole to suck up all the debts that have yet to be settled and some financial debt of the Parent company. The debtors have alleged that they are potentially liable for tens of billions of dollars in damages in their testimony against the formation of an equity committee. If this is true, how can a $1 OOMM pot that is allocated to the GUC suffice? According to Kim, the tenet of the Absolute Priority Rule dictates that all similarly classed creditors be treated equally. The debtors' main strategy, which is cooked up by a group of hedge funds that hold majority of Guaranteed Unsecured Notes issued by various Subsidiaries of Mallinckrodt Plc, is to refinance or payoff all senior secured creditors while disenfranchising other unsecured creditors that are marginal in size and/or power. The debtors allege that the unsecured notes issued by Mallinckrodt Subsidiaries are guaranteed while the 4.75% unsecured notes are not guaranteed simply by the action taken in order to differentiate a lopsided recovery for one unsecured class over another similarly situated unsecured class. The original RSA had a recovery value close to 100 cents on the dollar for the subsidiary notes while the 4.75% notes had no recovery. The revised RSA and the Disclosure Statement still may do no justice to the 4.75% Noteholders when all the other unsettled liabilities are stuffed into the black hole. As much as Opioid Claimants deserve payments from Subsidiary and Parent assets, so too do the creditors of Mallinckrodt Plc, the Parent company that orchestrated these misbegotten adventures. The debtor(s) breached their fiduciary duty to the 4.75% Noteholders by using their funds to purchase Subsidiaries that are involved in opioid lawsuits and Acthar lawsuits. The valuation analysis performed by the debtors is a disguise to create a windfall for the Guaranteed Unsecured Noteholders. The latest pro forma analysis from Docket 2285-1 shows the recovery value of the Guaranteed Unsecured Noteholders at around 72 cents on the dollar while the 4.75% Noteholders would receive around 42 cents on the dollar. This is with several large assumptions: l) the Intangible Assets of the debtors are discounted by 34%, and 2) lawsuits such as asbestos and rejected leases are settled at the debtors assessed value while other unsettled lawsuits are zeroed out ultimately. About Mallinckdrodt PLC Mallinckrodt -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. As of March 27, 2020, the Company had $10.17 billion in total assets, $8.27 billion in total liabilities, and $1.89 billion in total shareholders' equity. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware in the U.S. (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against the Company. Mallinckrodt plc disclosed $9,584,626,122 in assets and $8,647,811,427 in liabilities as of Sept. 25, 2020. Latham & Watkins LLP, Ropes & Gray LLP and Wachtell, Lipton, Rosen & Katz are serving as counsel to the Company, Guggenheim Securities, LLC, is serving as investment banker and AlixPartners LLP is serving as restructuring advisor to Mallinckrodt. Hogan Lovells is serving as counsel with respect to the Acthar Gel matter. Prime Clerk LLC is the claims agent. MALLINCKRODT PLC: Powell Firm Represents Johnson Claimants ---------------------------------------------------------- In the Chapter 11 cases of Mallinckrodt PLC, et al., the law firm of The Powell Firm LLC submitted a verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose that it is representing the following entities: Johnson & Johnson * Johnson & Johnson * Janssen Pharmaceuticals, Inc. * Ortho-McNeil-Janssen Pharmaceuticals, Inc. n/k/a Janssen Pharmaceuticals, Inc. * Janssen Pharmaceutica, Inc. n/k/a Janssen Pharmaceuticals, Inc. * Alza Corporation * Janssen Ortho LLC Walgreens * Walgreen Co. * Walgreen Eastern Co., Inc. * Walgreen Arizona Drug Co. McKesson * McKesson Corporation * McKesson Canada Corporation * McKesson Medical Surgical Inc. * McKesson Specialty Care Distribution Corporation * McKesson Specialty Distribution, LLC * McKesson Medical-Surgical Minnesota Supply Inc. * Health Mart Systems, Inc. * PSS World Inc. * RxC Acquisition Corporation Endo * Endo International plc * Endo Generics Holdings, Inc. * Endo Health Solutions Inc. * Endo Pharmaceuticals Inc. * Par Pharmaceutical, Inc. * Par Pharmaceutical Companies, Inc. * Par Sterile Products, LLC * DA V A Pharmaceuticals, LLC * Generics Bidco I, LLC * Vintage Pharmaceuticals, LLC * Paladin Labs Inc. * Endo V entures Limited Cardinal Health * Cardinal Health, Inc. * Cardinal Health 3, LLC * Cardinal Health 3, Inc. * Cardinal Health l04, LP * Cardinal Health l07, Inc. * Cardinal Health l08, LLC * Cardinal Health ll0, LLC * Cardinal Healthll2, LLC * Cardinal Healthll3, LLC * Cardinal Health 4ll, Inc. * Cardinal Health P.R. l20, Inc. * Kinray, LLC * Cardinal Health 127, Inc. * Cardinal Syracuse, Inc., a New York corporation * Marmac Distributors, Inc., a Connecticut corporation * James W. Daly, Inc., a Massachusetts corporation * Ohio Valley-Clarksburg, Inc., a Delaware corporation * Chapman Drug Company, a Tennessee corporation * Cardinal Florida, Inc., a Florida corporation * Cardinal Mississippi, Inc., a Mississippi corporation * Solomons Company, a Georgia corporation * Whitmire Distribution Corporation, a Delaware corporation * Humiston-Keeling, Inc., an Illinois corporation * Behrens Inc., a Texas corporation * Parmed Pharmaceuticals, Inc. * Red Key, Inc., an Ohio corporation * Red Oak Sourcing, LLC, as agent for Cardinal Health * Any other subsidiary of CHI, an Ohio corporation, as may be designatedby CHI CVS Pharmacy * Caremark, L.L.C. * CaremarkPCS Health, L.L.C. * CVS Pharmacy, Inc. * Zinc Health Services LLC The Firm can be reached at: THE POWELL FIRM, LLC Jason C. Powell, Esq. 1201 N. Orange Street, Suite 500 P.O. Box 289 Wilmington, DE 19899 Telephone: (302)650-1572 Facsimile: (302)650-1574 E-mail: jpowell@delawarefirm.com A copy of the Rule 2019 filing is available at https://bit.ly/3wqi5uO at no extra charge. About Mallinckdrodt PLC Mallinckrodt -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. As of March 27, 2020, the Company had $10.17 billion in total assets, $8.27 billion in total liabilities, and $1.89 billion in total shareholders' equity. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware in the U.S. (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against the Company. Mallinckrodt plc disclosed $9,584,626,122 in assets and $8,647,811,427 in liabilities as of Sept. 25, 2020. Latham & Watkins LLP, Ropes & Gray LLP and Wachtell, Lipton, Rosen & Katz are serving as counsel to the Company, Guggenheim Securities, LLC is serving as investment banker and AlixPartners LLP is serving as restructuring advisor to Mallinckrodt. Hogan Lovells is serving as counsel with respect to the Acthar Gel matter. Prime Clerk LLC is the claims agent. MUSCLE MAKER: Incurs $3.7 Million Net Loss in First Quarter ----------------------------------------------------------- Muscle Maker, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $3.71 million on $1.33 million of total revenues for the three months ended March 31, 2021, compared to a net loss of $5.49 million on $1.44 million of total revenues for the three months ended March 31, 2020. As of March 31, 2021, the Company had $9.34 million in total assets, $5.26 million in total liabilities, and $4.08 million in total stockholders' equity. As of March 31, 2021, the Company had an accumulated deficit of $66,905,391 and expects to continue to incur operating and net losses for the foreseeable future. COVID-19 The Company stated, "The COVID-19 global pandemic continues to rapidly evolve. The Company is continually monitoring the outbreak of COVID-19 and the related business and travel restrictions and changes to behavior intended to reduce its spread, and its impact on operations, financial position, cash flows, inventory, supply chains, purchasing trends, customer payments, and the industry in general, in addition to the impact on its employees. The pandemic has resulted in a negative impact on the Company's operations during the year ended December 31, 2020 and continued into the first three months of March 31, 2021. However, due to the rapid development and fluidity of this situation, the magnitude and duration of the pandemic and its impact on the Company's operations and liquidity is uncertain as of the date of this report. While there could ultimately be an additional material impact on operations and liquidity of the Company, the full impact could not be determined, as of the date of this report." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1701756/000149315221012396/form10-q.htm About Muscle Maker Headquartered in League City, Texas, Muscle Maker is a fast casual restaurant concept that specializes in preparing healthy-inspired, high-quality, fresh, made-to-order lean, protein-based meals featuring chicken, seafood, pasta, hamburgers, wraps and flat breads. In addition, the Company features freshly prepared entree salads and an appealing selection of sides, protein shakes and fruit smoothies. Muscle Maker reported a net loss of $10.10 million for the year ended Dec. 31, 2020, compared to a net loss of $28.39 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $10.50 million in total assets, $4.71 million in total liabilities, and $5.79 million in total stockholders' equity. Melville, NY-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has incurred significant losses and net cash used in 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. MUSCLEPHARM CORP: Taps Rockstar Exec for New Energy Drink Line -------------------------------------------------------------- MusclePharm Corporation has partnered with former Rockstar executive, Joe Cannata, to create a fully functional energy drink line, MP Performance Energy, under the MusclePharm and FitMiss brand(s) and building out the national distribution network. MP Performance Energy will launch in the summer of 2021 with three incredible products: Combat/Grapefruit Lime, Shred/Green Apple and Wreckage/Fruit Punch. Mr. Ryan Drexler, the chairman of the Board and chief executive officer of MusclePharm, stated, "In the past, MusclePharm has attempted to enter the functional energy drink arena, but the timing and the team were never quite right. With this new partnership, MusclePharm will be working with a top industry veteran who understands the space inside and out, and I believe the partnership will help elevate the MusclePharm brand and facilitate new growth. Mr. Cannata will build the distribution network and sales force for MP Performance Energy, and additional seasoned beverage executives will be named to the team soon." Mr. Drexler continued, "I'm confident that this will be the ultimate partnership as we work to leverage MusclePharm's current distribution network and industry contacts, and I know these first three drinks are only the beginning of an exciting new venture. Over the next twelve months our goal is to add numerous SKUs to an ever-growing category. As we move forward, and as MusclePharm's growth continues to attract new great talent, I passionately believe we'll see that we are just scratching the surface of MusclePharm’s true potential." "MusclePharm is already a clear leader in the Fitness Supplements space with an established name and strong brand recognition. I see the brand as a natural fit to be extended into the functional energy category. Additionally, I see a huge opportunity with the FitMiss product line, a female focused offering, directly targeting a consumer that, in my opinion, has been overlooked for many years in the energy space," stated Mr. Cannata. "Early Distributor and Retailer feedback has been incredibly positive, and I am highly confident we have the right proposition to successfully lead MusclePharm into beverages. I will have forthcoming announcements regarding distributor alignments, retailer listings, and personnel additions. With Ryan's vision and my experience, I have complete confidence that MusclePharm and FitMiss will quickly become a key player in the functional energy space and beyond." In connection with entry into the Agreement, the Company issued to Cannata an option to purchase 1,673,994 shares of the Company's common stock at a price per share of $1.12. The option has an exercise term of 10 years (subject to potential acceleration upon a sale of the Company) and will vest in two equal tranches upon the achievement of certain net revenue milestones related to the Company's energy beverage products. About MusclePharm Headquartered in Denver, Colorado, MusclePharm Corporation (OTCQB:MSLP) -- http://www.musclepharm.comand http://www.musclepharmcorp.com-- is a lifestyle company that develops, manufactures, markets and distributes branded nutritional supplements. The Company offers a broad range of performance powders, capsules, tablets, gels and on-the-go ready to eat snacks that satisfy the needs of enthusiasts and professionals alike. MusclePharm reportedo net income of $3.18 million for the year ended Dec. 31, 2020, compared to a net loss of $18.93 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $13 million in total assets, $37.42 million in total liabilities, and a total stockholders' deficit of $24.42 million. Los Angeles, California-based SingerLewak LLP issued a "going concern" qualification in its report dated March 29, 2021, citing that the Company has suffered recurring losses from operations, has an accumulated deficit and its total liabilities exceed its total assets. This raises substantial doubt about the Company's ability to continue as a going concern. MUSEUM OF AMERICAN JEWISH: May Use Cash Collateral Thru June 21 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania has authorized the Museum of American Jewish History, d/b/a National Museum of American Jewish History, to use the cash collateral of UMB Bank, N.A., or any duly appointed successor trustee, on an interim basis through June 21, 2021, and provide adequate protection. The Debtor requires the use of cash collateral to fund its payroll obligations and pay other expenses. Prior to the events of the COVID-19 crisis, the Debtor operated a museum known as the National Museum of American Jewish History located on Independence Mall in Philadelphia. At this time, the Museum is closed to the public. The Debtor generally generates its revenues through a combination of sales of memberships and tickets to the Museum, event revenue, endowment income, and charitable contributions, but is not generating ticket or event revenue at this time. The Debtor is authorized to use cash collateral in accordance with the Budget, with a 10% variance. The Court granted the Indenture Trustee replacement security interests in and replacement liens on all of the Debtor's post-petition assets in which the Indenture Trustee held a pre-petition lien, provided that the lien on post-petition assets will apply only to the types of collateral in which the Indenture Trustee held a valid and enforceable lien on pre-petition assets. The replacement liens will be equal to the aggregate diminution in value, if any, after the Petition Date of the pre-petition cash collateral. The Replacement Liens will be of the same validity, extent, and priority as the liens of the Indenture Trustee on the pre-petition collateral. The Replacement Liens will be subject and subordinate to fees payable to the United States Trustee and the Clerk of the Bankruptcy Court. A further hearing on the motion is scheduled for June 16 at 11:30 a.m. A copy of the order and the Debtor's budget for March 1 to June 6 is available for free at https://bit.ly/3hRWkAa from Donlin, Recano & Company Inc., the claims agent. The Debtor projects total receipts of $7,037,920 and total operating disbursements of $7,241,054. About Museum of American Jewish History The Museum of American Jewish History -- https://www.nmajh.org/ -- is a Pennsylvania non-profit organization which operates the National Museum of American Jewish History, the only museum in the nation dedicated exclusively to exploring and interpreting the American Jewish experience. The museum presents educational and public programs that preserve, explore and celebrate the history of Jews in America. The museum was established in 1976 and is housed in the Philadelphia's Independence Mall. On March 1, 2020, Museum of American Jewish History sought Chapter 11 protection (Bankr. E.D. Pa. Case No. 20-11285). The Debtor was estimated to have $10 million to $50 million in assets and liabilities. Judge Magdeline D. Coleman oversees the case. The Debtor tapped Dilworth Paxson, LLP as its legal counsel and Donlin, Recano & Company, Inc. as its claims agent. NFP CORP: Moody's Assigns B1 Rating to $325MM Senior Secured Notes ------------------------------------------------------------------ Moody's Investors Service has assigned a B1 rating to $325 million of seven-year senior secured notes being issued by NFP Corp. (NFP, corporate family rating B3). The notes are being offered to qualified institutional investors under Rule 144A of the Securities Act of 1933, and are secured on a pari passu basis with senior secured credit facilities. The company will use net proceeds of the offering to redeem $300 million of senior secured notes due May 2025, and pay related fees and expenses. The rating outlook for NFP is unchanged at stable. RATINGS RATIONALE According to Moody's, NFP's B3 corporate family rating reflects its expertise and solid market position in insurance brokerage, particularly providing employee benefits and property & casualty products and services to midsize firms. The company also offers insurance and wealth management services to high net worth individuals. NFP ranks among the 15 largest US insurance brokers, and its business is well diversified across products, clients and regions primarily in the US. Offsetting these strengths are NFP's persistently high financial leverage and limited interest coverage, leaving the company little room for error in managing its existing and acquired operations. NFP has been expanding its property & casualty operations, largely through acquisitions, resulting in higher contingent earnout liabilities that consume a significant portion of its free cash flow. NFP reported revenues of $449 million in the first three months of 2021, a 15% increase over the prior year period reflecting acquisitions as well as mid-single digit organic growth supported by rising property & casualty pricing. Giving effect to the proposed refinancing, NFP will have pro forma debt-to-EBITDA above 7.5x, (EBITDA – capex) interest coverage in the range of 1.5x-2.5x, and free-cash-flow-to-debt in the low single digits, according to Moody's estimates. The rating agency expects NFP to reduce its pro forma financial leverage to 7.5x or below. These pro forma metrics reflect Moody's adjustments for operating leases, contingent earnout obligations, certain non-recurring items and run-rate EBITDA from acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Factors that could lead to an upgrade of NFP's ratings include: (i) debt-to-EBITDA ratio below 6x, (ii) (EBITDA - capex) coverage of interest exceeding 2x, (iii) free-cash-flow-to-debt exceeding 5%, and (iv) successful integration of acquisitions. Factors that could lead to a rating downgrade include: (i) debt-to-EBITDA ratio above 7.5x, (ii) (EBITDA - capex) coverage of interest below 1.2x, or (iii) free-cash-flow-to-debt ratio below 2%. Moody's has assigned the following rating: - $325 million backed seven-year senior secured notes at B1 (LGD2). The following NFP ratings remain unchanged: - Corporate family rating at B3; - Probability of default rating at B3-PD; - $400 million backed senior secured revolving credit facility maturing in February 2025 at B1 (LGD2); - $1,832 million backed senior secured term loan maturing in February 2027 at B1 (LGD2); - $300 million senior secured notes maturing in May 2025, at B1 (LGD2) (rating to be withdrawn upon redemption of notes); - $1,775 million senior unsecured notes maturing in August 2028 at Caa2 (LGD5). The rating outlook for NFP is unchanged at stable. The principal methodology used in this rating was Insurance Brokers and Service Companies published in June 2018. NINE POINT: Files Liquidating Plan Ahead of June 15 Auction ----------------------------------------------------------- Nine Point Energy Holdings, Inc., et al., submitted a Plan of Liquidation and a Disclosure Statement. The Debtors initiated the Chapter 11 cases in order to pursue a competitive sale process for their assets. The Debtors intend to consummate the sale transaction as promptly as practicable and in advance of, or concurrent with, the Consummation of the Plan. The Plan described in the Disclosure Statement provides for the Distribution of the distributable cash available as of the Effective Date of the Plan. The Prepetition Lenders and the DIP Lenders committed to serve (through a newly formed acquisition vehicle and/or one or more of its designee(s)) as the stalking horse bidder in a June 15 auction for the assets. Upon closing of the sale transaction, substantially all of the Debtors' assets and operations will have been transferred to the buyer, and the remainder of the Debtors' assets will be wound down and administered in accordance with the Plan. Distributions under the Plan will be funded from the Wind-Down Reserve or the Professional Fee Escrow Account, as applicable, upon consummation of the Sale Transaction. In addition, on the Effective Date, the Plan Administrator will execute the Plan Administration Agreement and will accept, on behalf of the Post-Effective Date Debtors, the Plan Administration Assets. Pursuant to Article V.D of the Plan, (i) the Distributable Cash, (ii) the Wind-Down Reserve and the Cash therein, (iii) a reversionary interest in any excess Cash remaining in the Professional Fee Escrow Account following payment of all Allowed Professional Fee Claims, and (iv) all other non-Cash assets of the Estates remaining after consummation of the Sale Transaction, will vest in the Post-Effective Date Debtors and their Estates as Plan Administration Assets. The Plan will treat claims as follows: * Prepetition Loan Deficiency Claims. Each Holder of an Allowed Prepetition Loan Deficiency Claim will receive its Pro Rata Share of the Unsecured Claims Distributable Cash up to the full amount of such Allowed Prepetition Loan Deficiency Claim. These Claims are Impaired. * General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim will receive its Pro Rata Share of the Unsecured Claims Distributable Cash, up to the full amount of such Allowed General Unsecured Claim. These Claims are Impaired. * Section 510(b) Claims. Holders of Section 510(b) Claims will receive no recovery or Distribution on account of such Section 510(b) Claims. These Claims are Impaired. * Intercompany Claims. Holders of Intercompany Claims will not receive or retain any property under the Plan on account of such Claims. These Claims are Impaired. * Intercompany Interests. Upon the completion of the Wind-Down, Intercompany Interests will be cancelled and released with the Holders of Intercompany Interests receiving no Distribution on account of such Intercompany Interests. These Claims are Impaired. * NPEH Equity Interests. Holders of NPEH Equity Interests will receive no distribution on account of their Equity Interests. These interests are impaired under the Plan and holders of such Interests are not entitled to vote (deemed to reject). Counsel to the Debtors: Richard A. Levy Caroline A. Reckler Jonathan Gordon LATHAM & WATKINS LLP 330 North Wabash Avenue, Suite 2800 Chicago, Illinois 60611 Telephone: (312) 876-7700 E-mail: richard.levy@lw.com caroline.reckler@lw.com jonathan.gordon@lw.com - and - George A. Davis Nacif Taousse Jonathan J. Weichselbaum 1271 Avenue of the Americas New York, New York 10020 Telephone: (212) 906-1200 E-mail: george.davis@lw.com nacif.taousse@lw.com jon.weichselbaum@lw.com - and - Andrew Sorkin 555 Eleventh Street, Suite 1000 Washington, D.C. 20004 Telephone: (202) 637-2200 Email: andrew.sorkin@lw.com Michael R. Nestor Kara Hammond Coyle Ashley E. Jacobs YOUNG CONAWAY STARGATT & TAYLOR, LLP 1000 N. King Street, Rodney Square Wilmington, Delaware 19801 Telephone: (302) 571-6600 E-mail: mnestor@ycst.com kcoyle@ycst.com ajacobs@ycst.com A copy of the Disclosure Statement is available at https://bit.ly/3oR2qls from Stretto, the claims agent. About Nine Point Energy Nine Point Energy Holdings, Inc. -- https://ninepointenergy.com -- is a private exploration and production company focused on value creation through the safe, efficient development of oil and gas assets within the Williston Basin. Nine Point Energy Holdings, Inc. sought Chapter 11 protection (Bankr. D. Del. Case No. 21-10570) as the Lead Case, on March 15, 2021. The three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code are: Nine Point Energy, LLC (Bankr. D. Del. Case No. 21-10571), Foxtrot Resources, LLC (Bankr. D. Del. Case No. 21-10572), and Leaf Minerals, LLC (Bankr. D. Del. Case No. 21-10573). The cases are assigned to Judge Mary F. Walrath. The Debtors estimated assets and liabilities (on a consolidated basis) in the range $100 million to $500 million. The Debtors tapped as counsel the following: Michael R. Nestor, Esq. Kara Hammond Coyle, Esq. Ashley E. Jacobs, Esq., and Jacob D. Morton, Esq., at Young Conaway Stargatt & Taylor, LLP; Richard A. Levy, Esq., Caroline A. Reckler, Esq., and Jonathan Gordon, Esq., at Latham & Watkins LLP; and George A. Davis, Esq., Nacif Taousse, Esq., Alistair K. Fatheazam, Esq., and Jonathan J. Weichselbaum, Esq., at Latham & Watkins LLP. The Debtors engaged AlixPartners LLP as their Financial Advisor, Perella Weinberg Partners L.P. as their InvestmentBanker, and Lyons, Benenson & Co., Inc. as their Compensation Consultant. OASIS PETROLEUM: Sells $400 Mil. Unsecured Notes to Fund Bakken Buy ------------------------------------------------------------------- Allison McNeely of Bloomberg News reports that six months out of bankruptcy with a new lease on life, Oasis Petroleum is back in the debt market asking investors to support a strategic shift in where it drills for oil and gas. The Houston-based producer is selling $400 million of new unsecured notes in the fourth week of May 2021 to help fund its $745 million acquisition of Diamondback Energy assets, expanding its presence in the Bakken shale region in North Dakota. At the same time, Oasis is selling its acreage in the Permian Basin in Texas, and using those proceeds to fund the remaining cost of the acquisition. About Oasis Petroleum Headquartered in Houston, Texas, Oasis Petroleum --http://www.oasispetroleum.com/-- is an independent exploration and production company focused on the acquisition and development of onshore, unconventional crude oil and natural gas resources in the United States. Its primary production and development activities are located in the Williston Basin in North Dakota and Montana, with additional oil and gas properties located in the Delaware Basin in Texas. Oasis reported a net loss attributable to the company of $128.24 million for the year ended Dec. 31, 2019, compared to a net loss attributable to the company of $35.29 million for the year ended Dec. 31, 2018. For the six months ended June 30, 2020, the Company reported a net loss attributable to the company of $4.40 billion on $554.15 million of total revenues compared to a net loss attributable to the company of $72.12 million on $1.10 billion of total revenues for the same period in 2019. As of June 30, 2020, the Company had $2.62 billion in total assets, $3.21 billion in total liabilities, and a total stockholders' deficit of $589.91 million. On Sept. 30, 2020, Oasis Petroleum Inc. and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-34771). The Hon. Marvin Isgur is the case judge. The Debtors tapped KIRKLAND & ELLIS LLP as counsel; JACKSON WALKER L.L.P. as co-bankruptcy counsel; TUDOR, PICKERING, HOLT & CO. and PERELLA WEINBERG PARTNERS LP as investment banker; and ALIXPARTNERS LLP as financial advisor. KURTZMAN CARSON CONSULTANTS LLC is the claims agent. PRICEWATERHOUSECOOPERS is the external auditor and DELOITTE TOUCHE TOHMATSU LIMITED is the tax advisor. Evercore is acting as financial advisor and Paul, Weiss, Rikind, Wharton & Garrison LLP and Porter Hedges LLP are acting as legal advisors to the Ad Hoc Committee of Senior Noteholders. * * * Oasis Petroleum Inc. on Nov. 19, 2020, announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Oasis Petroleum has successfully restructured its balance sheet and reduced its prepetition debt by $1.8 billion and resolved the Mirada litigation, pursuant to its restructuring support agreement and "pre-packaged" restructuring plan confirmed by the Bankruptcy Court on November 10, 2020. Oasis Petroleum's new common stock has commenced trading on NASDAQ under the ticker symbol OAS. OBITX INC: Incurs $49.3 Million Net Loss in Fiscal 2020 ------------------------------------------------------- OBITX, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $49.30 million on $927,514 of revenue from services for the year ended Jan. 31, 2021, compared to a net loss of $188,192 on zero revenue from services for the ear ended Jan. 31, 2020. As of Jan. 31, 2021, the Company had $1.71 million in total assets, $172,819 in total liabilities, and $1.54 million in total stockholders' equity. Tel Aviv, Israel-based Weinstein International CPA, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 13, 2021, citing that as of Jan. 31, 2021, the Company suffered losses from operations in all years since inception and has a nominal working capital deficit. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1730869/000147793221003268/obitx_10k.htm About OBITX Headquartered in Fleming Island, Florida, OBITX -- www.obitx.com -- is engaged in the business of consulting and developing blockchain technologies. ODYSSEY LEASING: Unsecureds Will be Paid 100% in 2 Years -------------------------------------------------------- Odyssey Leasing, LLC, filed a Plan and a Disclosure Statement. The sole general unsecured creditor, Maloney Investment Group, LLC, will receive a distribution of 100% of its allowed claim to be distributed in equal monthly payments over two years. The equity holders will retain their equity in the Debtor. The Debtor is continuing to operate its business as a Debtor-in-Possession pursuant to Section 1107(a) and 1108 of the Bankruptcy Code and has filed its Chapter 11 Case Management Summary, pursuant to the Administrative Order Establishing Initial Procedures In Chapter 11 Cases. The Debtor has fully complied with all the Court's Orders and the United States Trustee's Guidelines. Payments and distributions to creditors under the Plan will be funded by the Debtor's post-confirmation cash flows. Attorneys for the Debtor and Debtor-in-Possession: David R. Softness, Esq. DAVID R. SOFTNESS P.A. 201 South Biscayne Boulevard Suite 2740 Miami, FL 33131 Tel: 305-341-3111 Email: david@softnesslaw.com A copy of the Disclosure Statement is available at https://bit.ly/3hOYctk from PacerMonitor.com. About Odyssey Engines Odyssey Engines, LLC and its affiliates own, lease, and maintain aircraft engines. On June 23, 2020, Odyssey Engines and its affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 20-16772). The petitions were signed by David Alan Boyer, president. At the time of the filing, each Debtor disclosed assets of $1 million to $10 million and liabilities of $10 million to $50 million. Judge Robert A. Mark oversees the cases. The Debtors have tapped David R. Softness, P.A. as legal counsel; GGG Partners, LLC as a chief restructuring officer; Bedford Advisers as financial advisor; and Pat Duggins Consulting Services Inc. as an appraiser. Synovus Bank is represented by Daniel Gold, Esq. -- Daniel.gold@bipc.com -- at Buchanan Ingersoll & Rooney as counsel. Preferred Bank is represented by Daniel DeSouza, Esq. --ddesouza@desouzalaw.com -- as counsel. ORIGINCLEAR INC: Swings to $13.3 Million Net Income in 2020 ----------------------------------------------------------- OriginClear, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing net income of $13.26 million on $4.10 million of sales for the year ended Dec. 31, 2020, compared to a net loss of $27.47 million on $3.59 million of sales for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $1.33 million in total assets, $24.64 million in total liabilities, $6.33 million in convertible preferred stock, and a total shareholders' deficit of $29.65 million. Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 21, 2021, citing that the Company suffered a net loss from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1419793/000121390021028352/f10k2020_originclear.htm About OriginClear Headquartered in Clearwater, Florida, OriginClear -- www.originclear.tech -- is a water technology company which has developed in-depth capabilities over its 14-year lifespan. Those technology capabilities have now been organized under the umbrella of OriginClear Tech Group. OZOP ENERGY: Reports Net Loss of $209.5 Million for First Quarter ----------------------------------------------------------------- Ozop Energy Solutions, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $209.49 million on $795,554 of revenue for the three months ended March 31, 2021, compared to net income of $69,418 on $892,590 of revenue for the three months ended March 31, 2020. The net loss was primarily a result of an increase in other expenses of $204,264,194, $4,902,000 in stock based compensation expenses as well as the operating results. As of March 31, 2021, the Company had $11.44 million in total assets, $71.72 million in total liabiities, and a total stockholders' deficit of $60.28 million. Ozop said, "Currently, our current capital and our other existing resources will be sufficient to provide the working capital needed for our current business, however, additional capital will be required to meet our debt obligations, and to further expand our business. We may be unable to obtain the additional capital required. If we are unable to generate capital or raise additional funds when required it will have a negative impact on our business development and financial results. These conditions raise substantial doubt about our ability to continue as a going concern as well as our recurring losses from operations, deficit in equity, and the need to raise additional capital to fund operations. This "going concern" could impair our ability to finance our operations through the sale of debt or equity securities." For the three months ended March 31, 2021, the Company primarily funded its business operations with $12,000,000 of proceeds received pursuant to the issuances of promissory notes. Of the proceeds, $3,000,000 was used for the redemption of 3,000 shares of Series E Preferred Stock. As of March 31, 2021, the Company had cash of $9,792,364 as compared to $1,808,476 at Dec. 31, 2020. As of March 31, 2021, the Company had current liabilities of $83,313,472 (including $65,778,694 of non-cash derivative liabilities), compared to current assets of $11,225,181, which resulted in a working capital deficit of $72,088,291. The current liabilities are comprised of accounts payable, accrued expenses, convertible debt, derivative liabilities and notes payable. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1679817/000149315221012275/form10-q.htm About Ozop Energy Solutions Ozop Energy Solutions (http://ozopenergy.com/)invents, designs, develops, manufactures, and distributes ultra-high-power chargers, inverters, and power supplies for a wide variety of applications in the defense, heavy industrial, aircraft ground support, maritime and other sectors. The Company's strategy focuses on capturing a significant share of the rapidly growing renewable energy market as a provider of assets and infrastructure needed to store energy. OZOP Energy reported a net loss of $20.48 million for the year ended Dec. 31, 2020, compared to a net loss of $571,595 for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $2.38 million in total assets, $7.39 million in total liabilities, and a total stockholders' deficit of $5.01 million. Hackensack, New Jersey-based Prager Metis CPA's LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 15, 2021, citing that as of Dec. 31, 2020, the Company had an accumulated deficit of $21,793,375 and a working capital deficit of $4,604,189. In addition, the Company has generated losses since inception. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. PAPS CAB: Plan Approval Deadline Extended to July 31, 2021 ---------------------------------------------------------- Judge Jil Mazer-Marino has entered an order granting Paps Cab, Corp., et al.'s motion to extend its deadline to confirm a Chapter 11 Small Business Chapter 11 Plan and obtain approval of a Chapter 11 Small Business Disclosure Statement. The deadline is extended through and including July 31, 2021. About Paps Cab Corp. Paps Cab Corp., Vicmarie Hacking, Corp., and Snowstorm Hacking, Corp. concurrently filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 19-47238) on Dec. 2, 2019, listing under $1 million in both assets and liabilities. Alla Kachan, Esq., at LAW OFFICES OF ALLA KACHAN, P.C., represents the Debtors. PELICAN FAMILY: Gets Cash Collateral Access on Interim Basis ------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, has authorized Pelican Family Medicine, P.A. to use cash collateral on an interim basis in accordance with the budget, with a 10% variance. The Debtor requires the use cash collateral to pay its ongoing operating expenses and administrative claims incurred during the pendency of the case. The Court finds the Debtor's use of cash collateral necessary for the Debtor's reorganization and in order to avoid immediate and irreparable harm to the estate pending a final hearing. Without cash collateral access the Debtor would be unable to continue to operate, the Court says. The Debtor's income is derived from the provision of medical services to its patients and the collection of accounts receivable generated by the same. In order to maintain its existing business operations, the Debtor will be required to incur certain operating expenses, including but not limited to those for rent, insurance, utilities, medical supplies, payroll, communication and internet service, and professional fees. As of the Petition Date, the Debtor had accounts receivable with an estimated collectible value of $159,582. These creditors may assert a security interest in the Debtor's cash collateral: Scheduled Amount Creditor Owing to Creditor -------- ----------------- First Citizens Bank $207,209 Banker's Healthcare Group, LLC $86,260 Green Capital Funding, LLC $67,425 U.S. Small Business Administration $150,000 Business Capital Providers, Inc. $141,844 On April 12, 2021, First Citizens filed its Proof of Claim No. 5 in the case to evidence the balance of indebtedness owing from the Debtor to First Citizens that is secured by the Collateral, including the Cash Collateral. Claim 5 was filed in the amount of $198,172 not including post-petition interest or legal fees and expenses. The Debtor was required to pay First Citizens the sum of $1,000 by May 20, 2021, as adequate protection, this being the same amount shown on the Budget. That adequate protection payment will be applied by First Citizens to the balance of indebtedness owing on its Claim 5. First Citizens will retain its liens on all pre-petition Collateral and First Citizens is granted replacement liens upon all collateral of the type and kind upon which it has and had a pre-petition lien to the extent necessary to ensure that its Petition Date. The replacements liens are subject only to valid liens existing as of the Petition Date. The replacement liens are deemed perfected without the need for any further action by First Citizens, effective nunc pro tunc as of the Petition Date. First Citizens will have an administrative expense claim allowable under 11 U.S.C. section 503(b)(1), with priority over all other administrative expense claims, to the extent that the adequate protection provided in the Interim Order proves inadequate. A final hearing on the motion is scheduled for June 16, 2021 at 10 a.m. A copy of the order and the Debtor's 30-day budget is available for free at https://bit.ly/2QITSR6 from PacerMonitor.com. The Debtor projects $230,385 in total expenses and $232,929 in gross revenues in a 30-day period. About Pelican Family Medicine, P.A. Pelican Family Medicine, P.A. is a family practice physician in Wilmington, North Carolina. It sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 21-00582) on March 15, 2021. In the petition signed by Mark Thomas Armitage, president, the Debtor disclosed $242,677 in assets and $1,545,287 in liabilities. Judge Stephani W. Humrickhouse oversees the case. Algernon L. Butler, III, Esq., at BUTLER & BUTLER, LLP is the Debtor's counsel. POLYMER INSTRUMENTATION: Seeks to Hire Cunningham as Legal Counsel ------------------------------------------------------------------ Polymer Instrumentation & Consulting Services, Ltd. seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire Cunningham Chernicoff & Warshawsky, P.C. as its legal counsel. The firm's services include: a. advising the Debtor regarding its powers and duties in the continued operation of its business and management of its property; b. preparing legal papers; and c. other legal services necessary to administer the Debtor's Chapter 11 case. Cunningham Chernicoff will be paid at these rates: Robert E. Chernicoff $400 per hour Partners $200 to $350 per hour Associate Attorneys $150 to $200 per hour Paralegals $100 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. Robert Chernicoff, Esq., a partner at Cunningham, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Cunningham can be reached at: Robert E. Chernicoff, Esq. Cunningham Chernicoff & Warshawsky, P.C. P.O. Box 60457 Harrisburg, PA 17106-0457 Tel: (717) 238-6570 Fax: 717-238-4809 About Polymer Instrumentation & Consulting Services Ltd. Polymer Instrumentation & Consulting Services, Ltd., a State College, Pa.-based firm that conducts business under the name Polymics, filed a Chapter 11 petition (Bankr. M.D. Pa. Case No. 21-01056) on May 10, 2021. Tim T. Hsu, president of Polymer Instrumentation, signed the petition. In its petition, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Judge Henry W. Van Eck oversees the case. Cunningham Chernicoff & Warshawsky, P.C. represents the Debtor as legal counsel. PREFERRED EQUIPMENT: Seeks to Hire Lucier CPA as Accountant ----------------------------------------------------------- Preferred Equipment Resource, LLC seeks approval from the U.S. Bankruptcy Court for the District of Rhode Island to hire Lucier CPA, Inc. as its accountant. The firm's services include: 1. assisting in the preparation or review of cash flow and related projections including advising as to post-filing financing; 2. assisting the Debtor in reviewing and analyzing prospective sale proposals and related services; 3. assisting in the review and analysis of the Debtor's business and its operations; 4. assisting in the preparation and review of statement of financial affairs and bankruptcy schedules; 5. advising the Debtor as to what records it should keep in case it closes, sells or moves its business; 6. assisting in the preparation, review or analysis of monthly operating reports; 7. assisting in the preparation or review of federal and state income tax, payroll tax, meals tax and sales and use tax returns; 8. reviewing, reconciling, analyzing and, if necessary, objecting to proofs of claim; 9. reviewing the Debtor's books and records for possible avoidable transactions such as preference and fraudulent transfer claims; 10. assisting in the valuation and insolvency analyses and other plan or litigation issues; 11. assisting in the preparation of a Chapter 11 plan; and 12. reporting to the Office of the U.S. Trustee. David Lucier, the firm's accountant who will be providing the services, will be paid at the rate of $450 per hour. Mr. Lucier disclosed in a court filing that he and other employees of Lucier are "disinterested persons" as that term is defined under Section 101 (14) of the Bankruptcy Code. The firm can be reached through: David J. Lucier, CPA Lucier CPA, Inc. 1308 Atwood Ave. Johnston, RI 02919 Phone: 401-946-1900 Fax: 401-946-8900 Email: david@luciercpa.com About Preferred Equipment Resource Preferred Equipment Resource, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. R.I. Case No. 21-10308) on April 16, 2021, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Peter M. Iascone & Associates, Ltd. and Lucier CPA, Inc. serve as the Debtor's legal counsel and accountant, respectively. PREFERRED EQUIPMENT: Taps Peter Iascone & Associates as Counsel --------------------------------------------------------------- Preferred Equipment Resource, LLC seeks approval from the U.S. Bankruptcy Court for the District of Rhode Island to hire Peter Iascone & Associates, Ltd. as its legal counsel. The firm's services include: a. advising the Debtor regarding its powers and duties in the continued operation of its business, management of its property and reorganization; b. preparing legal papers; c. assisting in formulating a reorganization plan for the payment of creditors and negotiating other financial institutions and credits; and d. other legal services necessary to administer the Debtor's Chapter 11 case. Peter Iascone & Associates will be paid at the rate of $300 per hour and reimbursed for work-related expenses incurred. The firm received a retainer in the amount of $10,000. As disclosed in court filings, Peter Iascone & Associates is a "disinterested person" as that term is defined under Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter M. Iascone, Esq. Gregory P. Sorbello, Esq. Peter Iascone & Associates, Ltd. 117 Bellevue Avenue Newport, RI 02840 Tel: (401) 848-5200 Email: piascone@aol.com About Preferred Equipment Resource Preferred Equipment Resource, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. R.I. Case No. 21-10308) on April 16, 2021, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Peter M. Iascone & Associates, Ltd. and Lucier CPA, Inc. serve as the Debtor's legal counsel and accountant, respectively. PURDUE PHARMA: NAS Claimants to Get $7,000 Each from Plan Trust --------------------------------------------------------------- Purdue Pharma L.P., et al., submitted a Disclosure Statement for their Third Amended Joint Chapter 11 Plan of Reorganization on May 24, 2021. Under the Plan, the vast majority of the Debtors' assets will be dedicated to programs to abate the opioid crisis. Billions of dollars will flow into abatement trusts established for the benefit of states and localities, as well as other creditor groups such as Native American Tribes, hospitals, and children with a history of Neonatal Abstinence Syndrome and their guardians. Each of these abatement trusts will require that the funds be dedicated exclusively to opioid abatement efforts, and there will be transparency to so ensure. The Plan also significantly improves on the initial settlement framework that was in place at the commencement of these Chapter 11 Cases, most notably by increasing the amount that Purdue Pharma's existing shareholders will be required to pay in the aggregate from $3.0 billion to $4.5 billion. Of this sum, $225 million has been paid by the shareholders to satisfy their civil settlement with the United States Department of Justice, leaving $4.275 billion for the creditors in this bankruptcy case. This material improvement in the recovery from the shareholders directly increases by $1.275 billion the amount of funds that can be directed towards abatement As for Purdue Pharma, it will cease to exist. On the Effective Date, the Debtors' businesses will be transferred to a newly created company, which will be indirectly owned by two of the opioid abatement trusts. No federal, state, or local governmental entity will own the equity of the new company. The new company will be a private company, will be required to operate in a responsible and sustainable manner, and will be subject to the same laws and regulations as any other pharmaceutical company. The new company will, however, be historic and unique because it will be governed by a charter that will require that it deploy its assets to address the opioid crisis in two ways. First, the new company will continue the Debtors' development of opioid overdose reversal and addiction treatment medications, and will be authorized to deliver an unlimited amount of such medications at cost when development is complete. Second, this new company will continue to grow the Debtors' non opioid businesses, including developing its robust and diversified pipeline of non-opioid investigative candidates that have the potential to address several serious medical conditions, with resulting improvements in the value of the business benefiting the relevant opioid abatement trusts. As a result of the improvements to the settlement framework, it is expected that approximately $5 billion in value will be provided to trusts, each with a mission to fund abatement of the opioid crisis. An additional $700 to $750 million will be provided to a trust that will make distributions to qualified personal injury claimants. Of the approximately $5 billion in value that will be provided to trusts with a mission to fund abatement of the opioid crisis, approximately $250 million will be distributed to a trust for hospitals, $365 million will be distributed to a trust for insurers and other third-party payors, and $60 million will be distributed to a trust for NAS monitoring programs. The remainder will be distributed to the two abatement trusts established for non-federal domestic governmental entities and tribal authorities. An additional $700 to $750 million will be provided to a trust (the "PI Trust") that will make distributions to qualified personal injury claimants. Those funds will be split between two separate groups of personal injury claimants: "NAS PI Claimants," who are individuals with personal injury claims arising from intrauterine exposure to opioids resulting from opioid use by a biological mother, and "Non-NAS PI Claimants," who are individuals with personal injury claims arising from their own Purdue opioid use as well as individuals with claims arising from the death of someone else who used Purdue opioids. Together, NAS PI Claimants and Non-NAS PI Claimants form the group of "PI Claimants." The funds provided to the PI Trust under the Plan will be split between a fund for NAS Claimants, which is entitled to receive $45 million, and a fund for the Non-NAS Claimants, which is entitled to receive $655 to $705 million. The NAS Committee has prepared a preliminary analysis that estimates that a qualified NAS Claimant whose NAS claims are liquidated pursuant to the streamlined procedures set f in such trust's distribution procedures (the "NAS PI TDP") will likely receive approximately $7,000 in distributions from such trust, subject to reduction on account of trust and attorney fees and expenses, which may be paid out in installments because the PI Trust will be funded in installments over five years. In addition, NAS Claimants that elect to liquidate their opioid-related personal injury claims against the Debtors in the tort system (i.e., by commencing a separate lawsuit) rather than pursuant to the streamlined procedures set forth in the NAS TDP, and who successfully obtain a final judgment in respect of such NAS PI Claim, will receive payments on account thereof subject to certain limitations and caps that ensure no NAS personal injury claimant receives more than its pro rata recovery on account of opioid-related NAS personal injury claims against the Debtors. A copy of the Disclosure Statement is available at https://bit.ly/3foxbeo from PacerMonitor.com. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation facing the Company. The Company's consolidated balance sheet at Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain, in White Plains, New York, has been assigned to oversee Purdue's Chapter 11 case. Davis Polk & Wardwell LLP and Dechert LLP are serving as legal counsel to Purdue. PJT Partners is serving as investment banker, and AlixPartners is serving as financial advisor. Prime Clerk LLC is the claims agent. PUTNAM COUNTY: Moody's Hikes GOULT Rating to Ba1, Outlook Stable ---------------------------------------------------------------- Moody's Investors Service has upgraded Putnam County, Missouri's general obligation unlimited tax (GOULT) rating to Ba1 from Ba3 and revised the outlook to stable from negative. The county closed fiscal 2019 with $5.7 million in GOULT debt outstanding. RATINGS RATIONALE The upgrade of the county's GOULT rating to Ba1 reflects a reduced likelihood of litigation against Putnam County Memorial Hospital stemming from an alleged fraudulent billing scheme; the hospital is a component unit of the county. In 2017, the Missouri State Auditor uncovered a billing scheme which took advantage of the hospital's status as a critical access hospital and higher reimbursement rates. Ultimately, the scheme billed private insurance companies $1.4 billion for laboratory testing claims across multiple states; the claims passed through Putnam County's hospital were approximately $90 million. The upgrade also reflects resolved litigation with a third-party vendor, which was satisfied with hospital resources in June 2020. The rating also reflects the county's rural tax base with considerable economic concentration, modest financial operations reliant on economically sensitive sales tax revenue and nominal operating reserves, low resident incomes, and a manageable debt burden. RATING OUTLOOK The outlook reflects the likelihood of stable operations and maintenance of healthy, though nominal operating reserves absent legal action taken against the county in relation to the alleged billing scheme. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING - A court ruling clearing the county of any financial liability related to the billing scheme - Material growth and diversification of the county's economy and tax base - Improved resident income levels FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING - A ruling or legal opinion finding the county financially liable for claims related to the billing scheme - Erosion of operating reserves LEGAL SECURITY The Series 2012 GO issuance is a general obligation of the county, payable from ad valorem taxes which may be levied without limitation as to rate or amount upon all of the taxable tangible property, real and personal, with the territorial limits of the county. While not pledged, the county typically allocates a portion of the voter-approved sales tax revenue to pay debt service on the outstanding bonds, which were issued to fund improvements at the hospital. PROFILE Putnam County is a rural county located in north central Missouri (Aaa stable) along the border with Iowa (Aaa stable). The 2019 estimated population was 4,781 residents. METHODOLOGY The principal methodology used in this rating was US Local Government General Obligation Debt published in January 2021. RAYNOR SHINE: Amends Treatment of Summit Claims in Plan ------------------------------------------------------- Raynor Shine Services, LLC and Raynor Apopka Land Management, LLC, filed an amendment to the Debtors' Third Amended Joint Plan of Reorganization. According to the Amendment, Classes 3, 4, 5, 6 and 7 - Allowed Secured Claims of SummitBridge National Investments VII LLC as successor in interest of BB&T Equipment Finance Corp and Truist Bank ("Summit") will be treated in this manner: a. Consistent with 1123(b)(3)(A) of the Code the following will be a settlement or adjustment of the claims and interests of the Reorganized Debtors and the estates concerning Summit and a compromise or settlement of all matters between the Reorganized Debtors, the Debtors estate, and all parties in interest, including Summit and Michael Dinkel. The Reorganized Debtors and Michael Dinkel are required to cooperate with, execute and deliver to Summit any and all documents that Summit may, in its discretion, require to securitize liens on any and all collateral of Debtors in conjunction with this Plan. The Reorganized Debtors and Michael Dinkel also agree to cooperate with, execute and deliver to Summit any and all documents that Summit may, in its discretion, require to further memorialize the terms of this Plan in whatever method that Summit sees fit and on whatever timetable Summit sees fit including but not limited to new loan documents, consent final judgments (pocket judgments) to be held in trust and utilized only after default for each of the Reorganized Debtors and Michael Dinkel. b. Summit timely filed claims (claims 3, 4, 5, 6, and 7 in the Raynor Apopka Land Management LLC case and claims 40-3, 41-2, 42-2, 43-2 and 48 in the Raynor Shine Services LLC case) in the total principal amount of $9,534,844.63, plus post-petition interest, fees and costs (the "Total Summit Claim Balance"). Summit shall have an Allowed Secured Claim in the amount of $7,500,000 (the "Secured Claim") secured by a fully perfected, first priority lien on the real estate owned by Raynor Apopka Land Management LLC described in Exhibit A attached hereto, and a fully perfected, first priority lien on all assets of Raynor Shine Services LLC, except that Summit shall have a fully perfected, second priority lien on all assets subject to the Allowed Secured Claims in Classes 8 (Caterpillar), 9 (Komatsu), 10 (Hamni), 11 (VFS) and 12 (Chromoscape), as detailed in the Plan. c. If the Reorganized Debtors and/or Michael Dinkel default under the terms of (a) this Plan as it relates to Summit, (b) the Dinkel Guaranty (as defined below), and/or (c) the Dinkel Lock Up Injunction (as defined below), then the Total Summit Claim Balance shall become due and owing, less any credits for amounts paid to Summit under this Plan. This provision contemplates and requires the Reorganized Debtors to treat the Summit Allowed Unsecured Claim (as defined below) as a Class 16 unsecured creditor. However, the Reorganized Debtors agree that the Total Summit Claim Balance, less any credits for amounts paid to Summit under this Plan, shall be due and owing upon default notwithstanding the terms of this Plan. A copy of the Amendment to the Third Amended Plan is available at https://bit.ly/3vt0JNH Attorney for the Debtors: Frank M. Wolff LATHAM, LUNA, EDEN @ BEAUDINE, LLP 111 N. Magnolia Avenue, Suite 1400 Orlando, Florida 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: fwolff@lathlamluna.com bknoticel@lathamluna.com About Raynor Shine Services Raynor Shine Services, LLC, is an environmental recycling company based in Apopka, Florida. It offers mulch installation, grapple truck services, recycle yard disposal, land clearing, grinding services, storm recovery services. Raynor Shine Services, LLC, and Raynor Apopka Land Management, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 20-00577) on Jan. 30, 2020. The petitions were signed by Henry E. Moorhead, CRO. At the time of filing, Raynor Shine Services was estimated to have $10 million to $50 million in both assets and liabilities and Raynor Apopka Land Management was estimated to have $1 million to $10 million in both assets and liabilities. Frank M. Wolff, Esq., at Latham Luna Eden & Beaudine LLP, serves as the Debtors' counsel. Moss, Krusick & Associates, LLC, has been tapped as accountant. RFA FRONTINO: Gets OK to Hire Marcum LLP as Accountant ------------------------------------------------------ RFA Frontino, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Marcum, LLP to prepare and file local, state and federal tax returns. Paul DiTredici is the firm's accountant who will have primary responsibility for providing the services. His hourly rate is $535. Mr. DiTredici disclosed in a court filing that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Marcum can be reached through: Paul DiTredici, CPA, Marcum, LLP 750 3rd Avenue, 11th Floor New York, NY 10017 Phone: 212-485-5500 About RFA Frontino RFA Frontino LLC -- https://rfafrontino.com/ -- provides pre-construction, construction management and general contracting services for various buildings in the New York City area. RFA Frontino filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20-73676) on Dec. 23, 2020. Anthony Frontino, vice president, signed the petition. At the time of the filing, the Debtor disclosed total assets of $5,454,152 and total liabilities of $2,508,159. Meltzer, Lippe, Goldstein & Breitstone, LLP and Marcum, LLP serve as the Debtor's legal counsel and accountant, respectively. RUM RUNNERS: Seeks to Hire Newmark Knight as Real Estate Broker --------------------------------------------------------------- Rum Runners PA, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Newmark Knight Frank as real estate broker. The Debtor requires a real estate broker to market and sell its real property located at 3385 Babcock Blvd., Pittsburgh, Pa. The firm will be paid a 5 percent commission on the gross sales price of the property and reimbursed for out-of-pocket expenses incurred. David Glickman, a member of Newmark Knight Frank, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Glickman Newmark Knight Frank K&L Gates Center, 210 Sixt Ave, Suite 600 Pittsburg, PA 15222 Tel: (412) 281-0100 About Rum Runners PA Gibsonia, Pa.-based Rum Runners PA, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 21-20369) on Feb. 23, 2021. Mark E. Baranowski, member, signed the petition. In the petition, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Gregory L. Taddonio oversees the case. Robert O Lampl Law Office is the Debtor's legal counsel. SANUWAVE HEALTH: Delays Filing of First Quarter Form 10-Q --------------------------------------------------------- SANUWAVE Health, Inc. filed a Form 12b-25 with the Securities and Exchange Commission notifying the delay in the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. The Company said the compilation, verification and review by management of the information and disclosure required to be presented in the Form 10-Q requires additional time which renders the timely filing of the Report impracticable without undue hardship and expense to the Company. As reported on a Form 8-K filed by the Company on Feb. 18, 2021, the audit committee of the board of directors and management of the Company concluded that the Company's previously issued unaudited condensed consolidated financial statements for the quarter ended Sept. 30, 2020, should no longer be relied upon because of an error in the Company's accounting relating to the Company's warrant derivative liability for such quarter. The Company will file a Form 10-Q/A for the quarter ended Sept. 30, 2020 to correct the error in the financial statements described above as soon as practicable. The Company thereafter intends to file its Form 10-K for the year ended Dec. 31, 2020, which has not yet been filed, and its Form 10-Q for the quarter ended March 31, 2021. The Company said the COVID-19 pandemic has created delays in the preparation of financial statements for the quarter ended March 31, 2021, and the completion of the restatement of its financial statements for the quarter ended Sept. 30, 2020, as it has had significant turnover in the staffing of its accounting functions. The Company expects to report revenue for the quarter ended March 31, 2021 of approximately $2.5 million compared to $0.15 million for the quarter ended March 31, 2021. The change is primarily due to the acquisition of the UltraMIST assets of Celularity Inc. on Aug. 6, 2020. The Company is not able to provide a further estimate of results at this time as the Company has not yet completed the reporting process and review relating to the Company's financial statements. About SANUWAVE Health Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc. (OTCQB:SNWV) -- http://www.SANUWAVE.com-- is focused on the research, development, and commercialization of its patented, non-invasive and biological response-activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures. SANUWAVE reported a net loss of $10.43 million for the year ended Dec. 31, 2019, compared to a net loss of $11.63 million for the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had $32.87 million in total assets, $33.74 million in total liabilities, and a total stockholders' deficit of $873,002. Marcum LLP, in New York, NY, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 30, 2020 citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SC SJ HOLDINGS: FMT Unsecureds to Recover 0.26% to 2.75% in Plan ---------------------------------------------------------------- SC SJ Holdings LLC, et al., submitted an Amended Disclosure Statement explaining their Chapter 11 Plan. Debtor SC SJ is the owner of a luxury convention hotel (the "Hotel") located at 170 South Market Street, San Jose, California, in the heart of Silicon Valley near many tech-industry corporate offices. The 20-story, two-tower Hotel has 805 rooms and suites, 65,000 square feet of state-of-the-art meeting and event space, three restaurants with bars, a café bakery, a fitness center, and a rooftop pool and gazebo. The Hotel features grand ballrooms for large conferences and conventions, as well as intimate spaces for smaller gatherings. The Hotel historically hosted many conferences and conventions, particularly in the technology industry. After extensive discussions, on March 9, 2021, the Debtors entered into a Restructuring Support Agreement ("RSA") with the Prepetition Secured Lender on the material terms of a chapter 11 plan. The RSA and Restructuring Term Sheet are designed around the Debtors' goals of transitioning from Fairmont to a new hotel operator that is approved by the Prepetition Secured Lender and raising exit financing, which, subject to the other terms and conditions of the RSA, will allow the Debtors to extend the maturity date of the Prepetition Secured Loan by up to five years and carry the costs of preserving the Hotel through the pandemic. The RSA provides that if the Debtors are successful in entering a new hotel management agreement with an approved hotel operator and raising exit financing that satisfies the terms of the RSA, the Prepetition Secured Loan will be extended by three years from the effective date of an agreed chapter 11 plan, with options for two 1-year maturity extensions. The extension of the maturity date, which otherwise occurred on April 9, 2021, means that the Debtors will not be required to pay in full or refinance their secured indebtedness until after the pandemic has passed and the hotel industry has begun recovering. By then, the Hotel will likely have better access to the capital markets than it does today. Even if the Debtors are unable to satisfy the RSA's conditions for such extension of up to five years, the Prepetition Secured Loan would be extended nine months after the Effective Date. The Plan will treat claims as follows: * Class 3B: FMT Prepetition Secured Loan Claim totaling $728,600 will recover 3.4% of their claims. The Prepetition Secured Lender shall receive, on account of the FMT Prepetition Secured Loan Claim, the FMT Collateral Payment, and all Prepetition FMT Collateral, other than cash collateral, shall be delivered in kind to Reorganized SC SJ and repayment of the debt secured by the Prepetition FMT Collateral shall be made over time by Reorganized SC SJ pursuant to the Post-Effective Date Secured Loan Documents. * Class 4B: FMT General Unsecured Claims totaling $18,182,000 to $192,476,857 will recover 0.26% to 2.75% of their claims. Each Holder of an Allowed FMT General Unsecured Claim will receive on account of such Allowed FMT General Unsecured Claim, in full and final satisfaction of such Allowed FMT General Unsecured Claim, its Pro Rata share of the FMT GUC Cash Pot. For the avoidance of doubt, the FMT Deficiency Claim is an Allowed FMT General Unsecured Claim. The Debtors or Post-Effective Date Debtors, as applicable, to make payments required pursuant to the Plan shall be funded from proceeds advanced under the DIP Facility, Cash on the Debtors' balance sheets as of the date on which the applicable payment is made, the Qualified Mezzanine Loan (subject to the terms and conditions thereof), the Parent Capital Contribution, and any other sources that are or become available to the Debtors. Counsel to the Debtors: Patrick Potter Dania Slim Jonathan Doolittle Rahman Connelly PILLSBURY WINTHROP SHAW PITTMAN LLP 1200 Seventeenth Street, NW Washington, DC 20036 Telephone: (202) 663-8928 Facsimile: (202) 663-8007 Justin Alberto Patrick Reilley COLE SCHOTZ P.C. 500 Delaware Avenue, Suite 1410 Wilmington, Delaware 19801 Telephone: (302) 652-3131 Facsimile: (302) 574-2104 A copy of the Amended Disclosure Statement is available at https://bit.ly/3hV6GiK from Stretto, the claims agent. About SC SJ Holdings and FMT SJ San Ramon, Caliofrnia-based Eagle Canyon Management's SC SJ Holdings LLC owns The Fairmont San Jose, an 805-room luxury hotel located at 170 South Market St., San Jose, Calif. The hotel is near many of the largest Fortune 1000 corporations and is a popular location for conferences and conventions, particularly in the technology industry. On March 5, 2021, SC SJ Holdings' affiliate, FMT SJ LLC, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 21-10521). On March 10, 2021, SC SJ Holdings sought Chapter 11 protection (Bankr. D. Del. Case No. 21-10549). The cases are jointly administered under Case No. 21-10549. At the time of the filing, SC SJ Holdings disclosed assets of between $100 million and $500 million and liabilities of the same range. FMT SJ disclosed that it had estimated assets of between $500,000 and $1 million and liabilities of between $100 million and $500 million. The Debtors tapped Pillsbury Winthrop Shaw Pittman, LLP, as their bankruptcy counsel, Cole Schotz P.C. as local counsel, and Verity LLC as financial advisor. Stretto is the claims agent and administrative advisor. SEADRILL LIMITED: Taps Katten as Counsel for Independent Directors ------------------------------------------------------------------ Seadrill Limited and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Katten Muchin Rosenman, LLP as legal counsel to Steven Panagos and Jeffrey Stein who are both independent directors of the Debtors' board of directors. The firm will render legal services to the independent directors with respect to the Debtors' governance process and the disinterestedness of the Debtors' board, and will take all actions necessary for the independent directors to fulfill their fiduciary duties in connection with the Debtors' Chapter 11 cases. Katten will be paid at these rates: Partners $895 to $1,685 per hour Of Counsel $695 to $1,370 per hour Associates $495 to $930 per hour Paraprofessionals $200 to $620 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Katten disclosed the following: 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 postpetition, explain the difference and the reasons for the difference. Response: Not applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: The firm in conjunction with the independent directors, have developed a budget and staffing plan for these Chapter 11 cases for the period from May 1 to Oct. 31, 2021. Steven Reisman, Esq., a partner at Katten, 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: Steven J. Reisman, Esq. Katten Muchin Rosenman LLP 575 Madison Avenue New York, NY 10022 Tel: (212) 940-8800 Email: sreisman@katten.com 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 is 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, authorized signatory, 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 sought Chapter 11 protection. Seadrill GCC estimated $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the Court. The lead case is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427). Seadrill Limited disclosed $7.291 billion in assets against $7.193 billion in liabilities as of the bankruptcy filing. In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis LLP and Jackson Walker L.L.P. as their bankruptcy counsel, Slaughter and May as corporate counsel, Advokatfirmaet Thommessen AS as Norwegian counsel, and Conyers Dill & Pearman as Bermuda counsel. Houlihan Lokey, Inc. and Alvarez & Marsal North America, LLC serve as the Debtors' financial advisor and restructuring advisor, respectively. Prime Clerk, LLC is the claims agent. SEADRILL LIMITED: Weil Gotshal Updates on RigCo Lenders ------------------------------------------------------- In the Chapter 11 cases of Seadrill Limited, et al., the law firm of Weil, Gotshal & Manges LLP submitted a supplemental verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose an updated list of Ad Hoc Group of RigCo Lenders. The Ad Hoc Group holding financial indebtedness arising under the following agreements: (a) $1.35 Billion 4 UDW Facility Credit Agreement; (b) $450 Million Eminence Facility Credit Agreement; (c) AOD Facility Credit Agreement; (d) $950 Million Eclipse/Carina Facility Credit Agreement; (e) Tellus Credit Agreement; (f) $1.50 Billion ECA II Facility Credit Agreement; (g) $2.0 Billion NADL Facility Credit Agreement; (h) $1.4 Billion Sevan Facility Credit Agreement; (i) $450 Million Jackup Facility Credit Agreement; and (j) $440 Million Telesto Facility Credit Agreement. On February 12, 2021, Counsel filed with the Court in these chapter 11 cases the Verified Statement Regarding Ad Hoc Group of Lenders Pursuant to Bankruptcy Rule 2019 (ECF No. 105). Pursuant to Bankruptcy Rule 2019(d), this Supplemental Verified Statement supplements the information provided in the Initial Verified Statement. As of May 21, 2021, members of the Ad Hoc Group and their disclosable economic interests are: Deutsche Bank AG Winchester House 1 Great Winchester Street London EC2N 2DB United Kingdom * Amount under $450 Million Eminence Facility Credit Agreement: $52,941,160 * Amount under $2.0 Billion NADL Facility Credit Agreement: $106,785,995 * Amount under Tellus Credit Agreement: $15,611,112 * Amount under AOD Facility Credit Agreement: $26,249,551 * Amount under $1.4 Billion Sevan Facility Credit Agreement: $67,947,619 * Amount under $1.35 Billion 4 UDW Facility Credit Agreement: $100,625,000 * Amount under $1.50 Billion ECA II Facility Credit Agreement: $10,714,289 * Amount under $950 Million Eclipse/Carina Facility Credit Agreement: $32,286,016 * Amount under $450 Million Jackup Facility Credit Agreement: $14,398,825 * Amount under $440 Million Telesto Facility Agreement: $3,202,941 Bybrook Capital LLP Pollen House 10-12 Cork Street London W1S 3NP United Kingdom * Amount under $450 Million Eminence Facility Credit Agreement: $61,411,745 * Amount under $2.0 Billion NADL Facility Credit Agreement: $168,643,445 * Amount under $440 Million Telesto Facility Agreement: $3,521,765 * Amount under $1.4 Billion Sevan Facility Credit Agreement: $58,016,964 * Amount under $1.35 Billion 4 UDW Facility Credit Agreement: $78,224,999 * Amount under $950 Million Eclipse/Carina Facility Credit Agreement: $42,495,027 * Amount under $450 Million Jackup Facility Credit Agreement: $14,177,306 Attestor Capital LLP 7 Seymour Street London W1H 7JW United Kingdom * Amount under $450 Million Eminence Facility Credit Agreement: $10,588,232 * Amount under $1.4 Billion Sevan Facility Credit Agreement: $18,005,952 * Amount under $1.35 Billion 4 UDW Facility Credit Agreement: $37,333,333 * Amount under $1.50 Billion ECA II Facility Credit Agreement: $21,428,952 * Amount under $950 Million Eclipse/Carina Facility Credit Agreement: $5,000,000 Alcentra Asset Management Ltd. 160 Queen Victoria Street London EC4V 4LA United Kingdom 200 Park Avenue 7th Floor New York, NY 10166 * Amount under $1.4 Billion Sevan Facility Credit Agreement: $5,054,652 Capital Management LLP 7-8 Stratford Place London W1C 1AY United Kingdom * Amount under AOD Facility Credit Agreement: $12,448,523 * Amount under $1.4 Billion Sevan Facility Credit Agreement: $4,000,000 Cross Ocean Partners Management LP and/or Cross Ocean Adviser LLP 20 Horseneck Lane Greenwich, CT 06830 * Amount under Telesto Facility Agreement: $3,202,941 * Amount under Tellus Credit Agreement: $2,694,445 * Amount under AOD Facility Credit Agreement: $41,170,666 * Amount under $1.35 Billion 4 UDW Facility Credit Agreement: $28,000,000 Taconic Capital Partners 55 Grosvenor Street, 4th Floor London W1K 3HY United Kingdom 280 Park Avenue, 5th Floor New York, NY 10017 * Amount under Tellus Credit Agreement: $2,138,889 * Amount under $950 Million Eclipse/Carina Facility Credit Agreement: $5,000,000 * Amount under $1.35 Billion 4 UDW Facility Credit Agreement: $18,666,667 * Amount under $1.4 Billion Sevan Facility Credit Agreement: $27,008,928 Littlejohn & Co., LLC 8 Sound Shore Drive Greenwich, CT 06830 * Amount under $1.4 Billion Sevan Facility Credit Agreement: $6,700,000 * Amount under $950 Million Eclipse/Carina Facility Credit Agreement: $6,400,000 * Amount under $450 Million Jackup Facility Credit Agreement: $5,658,305 Counsel for Ad Hoc Group of RigCo Lenders can be reached at: WEIL, GOTSHAL & MANGES LLP Alfredo R. Perez, Esq. 700 Louisiana Street, Suite 1700 Houston, TX 77002 Telephone: (713) 546-5000 Facsimile: (713) 224-9511 E-mail: Alfredo.Perez@weil.com WEIL, GOTSHAL & MANGES LLP Matthew S. Barr, Esq. Sunny Singh, Esq. David J. Cohen, Esq. 767 Fifth Avenue New York, NY 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007 E-mail: Matt.Barr@weil.com Sunny.Singh@weil.com DavidJ.Cohen@weil.com - and - WEIL, GOTSHAL & MANGES LLP Paul R. Genender, Esq. 200 Crescent Court, Suite 300 Dallas, TX 75201 Telephone: (214) 746-7700 Facsimile: (214) 746-7777 E-mail: Paul.Genender@weil.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/3wrIY1q 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 is 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, authorized signatory, 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 sought Chapter 11 protection. Seadrill GCC estimated $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the Court. The lead case is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427). Seadrill Limited disclosed $7.291 billion in assets against $7.193 billion in liabilities as of the bankruptcy filing. In the new Chapter 11 cases, Kirkland & Ellis LLP is counsel for the Debtors. Houlihan Lokey, Inc., is the financial advisor. Alvarez & Marsal North America, LLC, is the restructuring advisor. The law firm of Jackson Walker L.L.P. is co-bankruptcy counsel. The law firm of Slaughter and May is co-corporate counsel. Advokatfirmaet Thommessen AS is serving as Norwegian counsel. Conyers Dill & Pearman is serving as Bermuda counsel. Prime Clerk LLC is the claims agent. SECURE HOME: Plan to Hand Control to Creditors Approved ------------------------------------------------------- Leslie A. Pappas of Bloomberg Law reports that Secure Home Holdings LLC got bankruptcy court approval on a Chapter 11 plan to hand control of the security company to creditors led by Invesco Ltd. The plan, approved Tuesday, May 25, 2021, by the U.S. Bankruptcy Court for the District of Delaware, allows Secure Home to shed $220 million of debt and keep operating as a going concern. The Newtown Square, Pa.-based company, which provides home and commercial alarm systems under brands such as My Alarm Center and Hawk Security Services, filed for bankruptcy in April, owing $197 million to the first lien lenders. About Secure Home Holdings Newtown Square, Pa.-based Secure Home Holdings, LLC, and its affiliates are a national provider of technologically advanced security solutions, including residential and commercial security systems, home automation systems, smoke and carbon monoxide detectors, and other security solutions in communities throughout the United States. On April 25, 2021, Secure Home Holdings LLC and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10745). At the time of the filing, Secure Home had between $100 million and $500 million in both assets and liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Chipman Brown Cicero & Cole, LLP as bankruptcy counsel; Skadden, Arps, Slate, Meagher & Flom, LLP as special bankruptcy counsel; M3 Advisory Partners, LP as financial advisor; and Raymond James & Associates, Inc., as their investment banker. Kurtzman Carson Consultants, LLC, is the claims and noticing agent. SENSATIONAL DESSERTS: Case Summary & 3 Unsecured Creditors ---------------------------------------------------------- Debtor: Sensational Desserts, L.L.C. doing business as Johnny's Cafe d/b/a Shucker's Bar & Grille 9407 Ventnor Avenue Margate City, NJ 08402 Business Description: Sensational Desserts owns a Plenary Retail Consumption License (Liquor License) valued at $200,000. Chapter 11 Petition Date: May 26, 2021 Court: United States Bankruptcy Court District of New Jersey Case No.: 21-14375 Debtor's Counsel: Andrew L. Miller, Esq. LAW OFFICES OF ANDREW L. MILLER 1550 New Road Suite A Northfield, NJ 08225 Tel: (609) 645-1599 Fax: (609) 645-7554 Email: andrewmiller@almlaw.com Total Assets: $200,000 Total Liabilities: $3,040,000 The petition was signed by Giovanna Liccio, president. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/IT4A7RA/Sensational_Desserts_LLC__njbke-21-14375__0001.0.pdf?mcid=tGE4TAMA SIMON'S WHOLESALE: Has Deal on Cash Collateral Access ----------------------------------------------------- Simon's Wholesale Bakery, Inc. asks the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, for entry of an order approving the stipulation it has entered into with the U.S. Small Business Administration regarding the Debtor's use of cash collateral. On September 10, 2020, the Debtor obtained a $40,5000 loan from the SBA. The terms of the Note require the Debtor to pay principal and interest payments of $198 every month beginning 12 months from the date of the SBA Note over the 30-year term of the Loan. The SBA Loan has an annual rate of interest of 3.75% and may be prepaid at any time without notice or penalty. The amount of $41,357.16 is due as of the SBA Proof of Claim filing date. Pursuant to the SBA Loan Authorization and Agreement executed on September 10, 2020, the Debtor is required to "use all the proceeds of this Loan solely as working capital to alleviate economic injury caused by disaster occurring in the month of January 31, 2020 and continuing thereafter and to pay Uniform Commercial Code lien filing fees and a third-party UCC handling charge of $100 which will be deducted from the Loan amount." As evidenced by a Security Agreement executed on September 10, 2020 and a valid UCC-1 filing on September 19, 2020 as Filing Number U200020428728, the SBA Loan is secured by all tangible and intangible personal property. There is no dispute between the parties as to the amount owed to the SBA and the Debtor anticipates the SBA will be paid in full from the sale of the Debtor's assets within the next 60 days. The SBA consents to the Debtor's use of Cash Collateral on the terms set forth in the Stipulation. Other than the Debtor's use of Cash Collateral, the Debtor represents to the SBA that it will make no additional or unauthorized use of the Cash Collateral retroactive from the SBA Loan date until payment in full of the SBA Loan or until June 30, 2021, whichever occurs earlier, for ordinary and necessary expenses as set forth in the Budget. As adequate protection, the SBA will receive a first priority replacement lien to the extent that the automatic stay as well as the use, sale, lease or grant results in a decrease in the value of the SBA's interest in the Personal Property Collateral on a post-petition basis. The replacement lien is valid, perfected and enforceable and will not be subject to dispute, avoidance, or subordination, and the replacement lien need not be subject to additional recording. To the extent that the Replacement Lien is insufficient to adequately protect the SBA against any diminution in value of the Cash Collateral, the SBA will be entitled to an allowed administrative claim under Bankruptcy Code sections 503(b) and 507(a)(2), with the priority set forth in Bankruptcy Code section 507(b). The SBA's claim under the SBA Loan will be allowed as a secured claim in the amount of $41,357.16. These events constitute an "Events of Default:" (a) the failure to maintain property insurance as provided in the Stipulation; (b) the conversion of the Debtor's Bankruptcy Case to any other chapter; or (c) the dismissal of the Debtor's Bankruptcy Case. Upon the occurrence of any Event of Default, the SBA will give the Debtor written notice of such default. Unless the default has been cured within seven days after the notice is given, the SBA will be entitled to submit evidence of the uncured default to the U.S. Bankruptcy Court by declaration, stating that the Debtor has been provided notice and has failed timely to cure the default, thereby entitling the SBA to seek an Order for Relief from Stay, without a hearing, to exercise its rights and remedies against the Personal Property Collateral. A copy of the motion is available for free at https://bit.ly/3bRsfg8 from PacerMonitor.com. About Simon's Wholesale Bakery, Inc. Simon's Wholesale Bakery, Inc. filed a Chapter 11 bankruptcy petition (Bankr. C.D. Calif. Case No. 21-10930) on April 8, 2021, disclosing under $1 million in both assets and liabilities. Judge Scott C. Clarkson oversees the case. The Debtor tapped M. Jones and Associates, PC as its legal counsel. SINTX TECHNOLOGIES: Receives $972K Payment From CTL Corp -------------------------------------------------------- SINTX Technologies, Inc. received a payment in the amount of $972,222.44 from CTL Corporation as payment in full on the Promissory Note issued by CTL Corporation in favor of the Company in the principal amount of $6,000,000, dated Oct. 1, 2018. All outstanding principal and interest on the Promissory Note have been paid in full and the Promissory Note is no longer outstanding. About SINTX Technologies Headquartered in Salt Lake City, Utah, SINTX Technologies -- https://ir.sintx.com -- is an OEM ceramics company that develops and commercializes silicon nitride for medical and non-medical applications. The core strength of SINTX Technologies is the manufacturing, research, and development of silicon nitride ceramics for external partners. The Company manufactures silicon nitride material and components in its FDA registered and ISO 13485 certified facility. SINTX Technologies reported a net loss of $7.03 million for year ended Dec. 31, 2020, compared to a net loss of $4.79 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $28.69 million in total assets, $5.09 million in total liabilities, and $23.60 million in total stockholders' equity. SUPERCONDUCTOR TECHNOLOGIES: Incurs $569K Net Loss in First Quarter ------------------------------------------------------------------- Superconductor Technologies Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $569,000 on zero revenue for the three months ended April 3, 2021, compared to a net loss of $1.08 million on $184,000 of total revenues for the three months ended March 28, 2020. As of April 3, 2021, the Company had $2.98 million in total assets, $722,000 in total liabilities, and $2.26 million in total stockholders' equity. As of April 3, 2021, the Company had working capital of $1.1 million, including $1.3 million in cash and cash equivalents, compared to working capital of $1.1 million at Dec. 31, 2020, which included $1.3 million in cash and cash equivalents. The Company currently invests its excess cash in short-term, investment-grade, money-market instruments with maturities of three months or less. Cash and cash equivalents was $1.3 million at April 3, 2021 and Dec. 31, 2019. Cash used in operations totaled $453,000 in the first quarter of 2021. This amount was used to fund the cash portion of the Company's net loss with virtually no changes in its working capital. No cash was used in or provided by investing activities in the three months ended April 3, 2021. In the three months ended April 3, 2021, the Company received loan proceeds in the amount of $468,000 under the Paycheck Protection Program of the CARES Act, which was enacted March 27, 2020. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/895665/000149315221012128/form10-q.htm About Superconductor Technologies Headquartered in Austin Texas, Superconductor Technologies Inc. -- www.suptech.com -- develops and commercializes high temperature superconductor (HTS) materials and related technologies. Since 1987, STI has led innovation in HTS materials, cryogenic cryocoolers developing more than 100 patents as well as proprietary trade secrets and manufacturing expertise. Superconductor Technologies reported a net loss of $2.96 million for the year ended Dec. 31, 2020, compared to a net loss of $9.23 million for the year ended Dec. 31, 2019. As of April 3, 2021, the Company had $2.98 million in total assets, $722,000 in total liabilities, and $2.56 million in total stockholders' equity. Los Angeles, CA-based Marcum LLP, the Company's auditor since 2009, issued a "going concern" qualification in its report dated March 31, 2021, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SYNRGO INC: Wins Cash Collateral Access Thru May 27 --------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, has authorized Synrgo, Inc. to use cash collateral on an interim basis to pay the prepetition payroll of non-insiders, the costs and expenses of the chief restructuring officer, and any additional expenditures approved in writing by UMB Bank, as successor-in-interest to Marquette Commercial Finance. The Debtor does not have sufficient available sources of working capital and financing to carry on the operation of their businesses, namely payment of non-insider wages, without the use of cash collateral. The Debtor's ability to pay employees, maintain business relationships with vendors and suppliers, and otherwise finance their operations is essential to the Debtor's continued viability; and the Debtor's critical need for use of cash collateral is immediate. The amount of cash in the Debtor's prepetition accounts with Bank of Hemet are insufficient to fund the full amount of the Payroll. The Debtor will first exhaust the cash collateral in the Bank of Hemet accounts to fund Payroll. UMB agrees to fund from cash collateral in UMB's possession the balance necessary to pay the Payroll in full once the Bank of Hemet funds are exhausted, and the agreed upon the CRO's compensation during the interim period. In furtherance of the cash collateral order agreed to by and between UMB and the Debtor, Bank of Hemet is authorized and directed to immediately wire the sum of $229,841.24 from the accounts more particularly described below to the ADP payroll account transmitted to counsel of Bank of Hemet by counsel for the Debtor. Furthermore, the Debtor will promptly open a DIP account at an institution acceptable to UMB. On January 11, 2017, the Debtor and Marquette Commercial Finance, a division of Marquette Transportation Finance, LLC, entered into an MCF Account Assignment and Security Agreement. MCF and the Debtor then entered into an Amended and Restated MCF Account Assignment and Security Agreement dated September 25, 2017. UMB acquired all of MCF's rights and obligations under the Assignment Agreement by way of merger. UMB conditions the Debtor's interim cash collateral access on the immediate appointment of Adam Meislik -- or another individual as UMB and the Debtor mutually agree -- as Chief Restructuring Officer with full authority and management control over all financial aspects of the Debtor's business. The CRO will report as reasonably requested by the Debtor and UMB regarding any and all issues under the CRO's authority and control. Unless extended further with the written consent of the UMB, the authorization granted to the Debtor to use cash collateral under the Interim Order will terminate upon the earlier of: (i) the hearing on UMB's application for appointment of a Chapter 11 trustee, which is presently set for May 27, 2021, at 2 p.m.; (ii) the date upon which a Chapter 11 trustee is appointed in the Bankruptcy Case; (iii) the occurrence of an uncured event of default under or any breach of any term or provision of the Interim Order by any the Debtor; (iv) such other date as agreed in writing between UMB and the Debtor; or (v) further order of the Court. A final hearing on the matter is scheduled for May 27 at 2 pm. A copy of the order is available for free at https://bit.ly/3vniMEU from PacerMonitor.com. About Synrgo, Inc. Synrgo, Inc. -- https://synrgo.com -- is a provider of real estate document recording and post-closing services. The Debtor sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 21-11264) on May 18, 2021 in the United States Bankruptcy Court for the Central District of California. As of the Petition Date, the Debtor estimated up to $50,000 in assets and between $100 million and $500 million in liabilities. The petition was signed by Karl Klessig, chairman and sole Board member. OKEEFE & ASSOCIATES LAW CORPORATION, PC represents the Debtor as counsel. Judge Erithe A. Smith oversees the case. TEN & FREE: Seeks to Use Forward Financing, et al.'s Cash --------------------------------------------------------- Ten & Free Inc., d/b/a A+ Certified Appliance, asked the Bankruptcy Court for authority to use cash collateral, pursuant to the budget. Forward Financing, LLC; Fox Capital Group, Inc.; Diesel Funding, LLC (on account of pre-petition receivables purchase agreements); and the Internal Revenue Service (on account of a federal tax lien) assert interests in certain of the Debtor's assets, including assets which may constitute cash collateral. The Debtor said it is willing to adequately protect the secured lenders' interests in the cash collateral by providing replacement liens in the secured lenders' respective pre-petition collateral to the extent of decrease in the value in their interest in the property resulting from the Debtor's cash collateral use. The Debtor said access to cash collateral will ensure the payment of payroll, general and administrative expenses, arrangements with vendors and will provide sufficient working capital for the Debtor's normal business operations. The Debtor's monthly budget provided for $105,000 in total income and $99,464 in total expenses, consisting of $60,000 for payroll; $12,000 for parts and materials purchases; $9,000 for advertising and promotion; and $5,000 for sales tax, among others. A copy of the motion and the budget is available for free at https://bit.ly/3fa8gLD from PacerMonitor.com. About Ten & Free Inc. Ten & Free Inc., d/b/a A+ Certified Appliance, is an appliance repair business located in Celina, Texas. The Debtor filed a petition under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 21-40734) on May 17, 2021 in the U.S. Bankruptcy Court for the Eastern District of Texas. On the Petition Date, the Debtor estimated up to $50,000 in assets and between $100,001 and $500,000 in liabilities. The petition was signed by Tyler Adkins, president. SPECTOR & COX, PLLC represents the Debtor as counsel. The firm may be reached through: Sarah M. Cox, Esq. SPECTOR & COX, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone:(214) 310-1321 Facsimile: (214) 237-3380 Email: sarah@spectorcox.com TPT GLOBAL: Delays Filing of First Quarter Form 10-Q ---------------------------------------------------- TPT Global Tech, Inc. filed a Form 12b-25 with the Securities and Exchange Commission notifying the delay in the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. TPT Global was unable without unreasonable effort and expense to prepare its accounting records and schedules in sufficient time to allow its accountants to complete their review of the Company's financial statements for the period ended March 31, 2021 before the required filing date for the Quarterly Report on Form 10-Q. The Company intends to file the subject Quarterly Report on Form 10-Q on or before the fifth calendar day following the prescribed due date. About TPT Global Tech TPT Global Tech Inc. (OTC:TPTW) based in San Diego, California, is is a technology-based company with divisions providing telecommunications, medical technology and product distribution, media content for domestic and international syndication as well as technology solutions. TPT Global Tech offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), Cloud-based Unified Communication as a Service (UCaaS). It offers carrier-grade performance and support for businesses over its private IP MPLS fiber and wireless network in the United States. TPT's cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media and collaboration features in today's global technology markets. TPT Global Tech also operates as a Master Distributor for Nationwide Mobile Virtual Network Operators (MVNO) and Independent Sales Organization (ISO) as a Master Distributor for Pre-Paid Cell phone services, Mobile phones Cell phone Accessories and Global Roaming Cell phones. TPT Global reported a net loss attributable to the Company's shareholders of $8.07 million for the year ended Dec. 31, 2020, compared to a net loss attributable to the company's shareholders of $14.03 million for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $12.84 million in total assets, $36.55 million in total liabilities, $4.79 million in total mezzanine equity, and a total stockholders' deficit of $28.51 million. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2021, citing that the Company has suffered recurring losses from operations and has insufficient cash flows from operations to support working capital requirements. These factors raise substantial doubt about the Company's ability to continue as a going concern. TUNNEL HILL: Moody's Withdraws Caa1 CFR Following Debt Repayment ---------------------------------------------------------------- Moody's Investors Service withdrew all the ratings of Tunnel Hill Partners, LP ("THP"), including the Caa1 corporate family rating and senior secured debt rating, and the Caa1-PD probability of default rating. The outlook was also changed to rating withdrawn, from stable. RATINGS RATIONALE The rating action follows the repayment of all of THP's outstanding debt, using proceeds from debt issued in March 2021 by WIN Waste Innovation Holdings Inc. (f/k/a Granite Acquisition, Inc. (New)), which merged with THP. Withdrawals: Issuer: Tunnel Hill Partners, LP Corporate Family Rating, Withdrawn, previously rated Caa1 Probability of Default Rating, Withdrawn, previously rated Caa1-PD Senior Secured Bank Credit Facility, Withdrawn, previously rated Caa1 (LGD3) Outlook Actions: Issuer: Tunnel Hill Partners, LP Outlook, Changed to Rating Withdrawn from Stable Tunnel Hill Partners, LP is an integrated waste-by-rail company in the US, owning and operating a network of collection, transfer station and recycling facility assets in the Northeast US and disposal sites in Ohio and Pennsylvania. The majority of its transfer stations are connected to rail lines for disposal of waste volumes into the company's owned disposal sites. Revenues approximated $315 million for the fiscal year end period December 31, 2020. UMATRIN HOLDING: Posts $179,556 Net Profit in First Quarter ----------------------------------------------------------- Umatrin Holding Limited filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing net profit of $179,556 on $510,902 of sales for the three months ended March 31, 2021, compared to net profit of $500,344 on $790,591 of sales for the three months ended March 31, 2020. As of March 31, 2021, the Company had $1.50 million in total assets, $1.22 million in total liabilities, and $281,474 in total equity. The Company had cash and cash equivalent of $62,248 and $50,459 as of March 31, 2021 and Dec. 31, 2020, respectively. Umatrin said, "Our company's operations have been funded through an equity financing and a series of debt transactions, primarily with shareholders, directors, and officers of our company and affiliated entities. These related party debt transactions such as advances have operated as informal lines of credit since the inception of our company, and related parties have extended credit as needed which our company has repaid at its convenience. We anticipate that we will incur operating losses in the foreseeable future and we believe we will need additional cash to support our daily operations while we are attempting to execute our business plan and produce revenues. If our related parties are unable or unwilling to provide additional capital, we would likely require financing from third parties. There can be no assurance that any additional financing will be available to us, on terms we believe to be favorable or at all. The inability to obtain additional capital would have a material adverse effect on our operations and financial condition and could force us to curtail or discontinue operations entirely and/or file for protection under bankruptcy laws." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1317839/000147793221003449/umhl_10q.htm About Umatrin Umatrin Holding Limited (formerly known as Golden Opportunities Corporation) was incorporated in the state of Delaware on Feb. 2, 2005. The Company was originally incorporated in order to locate and negotiate with a targeted business entity for the combination of that target company with the Company. On Jan. 6, 2016, the Company acquired 80% of the equity interests of UMatrin Worldwide SDN BHD in exchange for the issuance of a total of 100,000,000 shares of its common stock to the two holders of Umatrin, Dato' Sri Eu Hin Chai and Dato' Liew. Immediately following the Share Exchange, the business of Umatrin became the business of UMHL. The UMHL operation office remained in Malaysia and the business market will remain focus in Asia. Umatrin provides technology and services to enable consumers, merchants and other participants to conduct business in its cloud-based trading system. Umatrin Holding reported net profit of $498,542 for the year ended Dec. 31, 2020, compared to net profit of $95,138 for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $1.55 million in total assets, $1.45 million in total liabilities, and $109,463 in total equity. Oakland Gardens, New York-based Yichien Yeh, CPA, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 14, 2021, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. UMATRIN HOLDING: Posts $498,542 Net Profit in 2020 -------------------------------------------------- Umatrin Holding Limited filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing net profit of $498,542 on $3.38 million of sales for the year ended Dec. 31, 2020, compared to net profit of $95,138 on $1.20 million of sales for the year ended Dec. 31, 2019. As of Dec. 31, 2020, the Company had $1.56 million in total assets, $1.45 million in total liabilities, and $109,463 in total equity. Oakland Gardens, New York-based Yichien Yeh, CPA, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 14, 2021, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1317839/000147793221002347/umhl_10k.htm About Umatrin Umatrin Holding Limited (formerly known as Golden Opportunities Corporation) was incorporated in the state of Delaware on Feb. 2, 2005. The Company was originally incorporated in order to locate and negotiate with a targeted business entity for the combination of that target company with the Company. On Jan. 6, 2016, the Company acquired 80% of the equity interests of UMatrin Worldwide SDN BHD in exchange for the issuance of a total of 100,000,000 shares of its common stock to the two holders of Umatrin, Dato' Sri Eu Hin Chai and Dato' Liew. Immediately following the Share Exchange, the business of Umatrin became the business of UMHL. The UMHL operation office remained in Malaysia and the business market will remain focus in Asia. Umatrin provides technology and services to enable consumers, merchants and other participants to conduct business in its cloud-based trading system. VAL'S FOOD: Amends Priority Tax Claims Pay Details -------------------------------------------------- Val's Food with a Twist, LLC, submitted an Amended Plan Combined with Disclosure Statement dated May 20, 2021. The Amended Plan discusses the alterations made to Priority Claims where the IRS shall have an Allowed Priority Tax Claim in the amount of $2,505.06, which results from taxes estimated by the IRS for the 2014-2020 tax years. This amount is derived from (i) Proof of Claim No. 7 filed by the IRS, which asserts a Priority Tax Claim of $2,505.06 for the 2014 and 2020 tax years. The Priority Tax Claim of the IRS will be paid in full for 48 months following the Petition Date by the Debtor making payments in equal amounts with interest at 5.0% per annum commencing on the first calendar day of the month following the Effective Date until paid in full. This will result in 48 equal monthly payments of approximately $57.70 to the Internal Revenue Service on account of its Priority Tax Claim. The Texas Comptroller shall have an Allowed Priority Claim in the amount of $13,861.51 as set forth on Proof of Claim No. 13. The Priority Tax Claim of the Texas Comptroller will be paid in full 48 months following the Petition Date by the Debtor making payments in equal amounts with interest at 4.25% per annum commencing on the first calendar day of the month following the Effective Date until paid in full. This will result in 48 equal monthly payments of approximately $314.53 to the Texas Comptroller on account of its Priority Tax Claim. Class 4 Claims consists of Unsecured Creditors. The Class 4 claims of unsecured creditors are impaired. General Unsecured shall share pro rata in the Unsecured Creditors' Pool. Debtor shall make 60 monthly payments commencing on the Effective Date of $800.00 each month into the Unsecured Creditors' Pool. The Debtor shall deposit the first of the 60 payments into the pool on the Effective Date. The Debtor shall maintain the Unsecured Creditor's Pool in a separate account for which it shall be the custodian and responsible for making the distributions provided in the Plan. Commencing 90 days after the Effective Date, the Debtor shall begin distribution of $2,400 (3 months of accumulated payments) to the members of Class 4 on a pro rate basis and continue distributions every 3 months until the full amount of the Unsecured Creditors Pool is distributed. A full-text copy of the Amended Plan Combined Disclosure Statement dated May 20, 2021, is available at https://bit.ly/3bWeo8o from PacerMonitor.com at no charge. Attorneys for Debtor: QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. 2001 Bryan Street, Suite 1800 Dallas, Texas 75201 Tel: (214) 880-1805 Fax: (214) 871-2111 E-mail: John Paul Stanford About Val's Food with a Twist d/b/a dba Val's Cheesecake Val's Food with a Twist, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 20-31965) on July 20, 2020. The case is assigned to Judge Stacey G. Jernigan. John Paul Stanford, Esq., at Quilling, Selander, Lownds, Winslett & Moser, P.C., is the Debtor's counsel. W&T OFFSHORE: New Term Loan No Impact on Moody's Caa1 CFR --------------------------------------------------------- Moody's Investors Service commented that W&T Offshore, Inc.'s new term loan financing backed by a carve out of Mobile Bay Area producing assets is credit negative because of the incremental debt. The transaction subordinates existing lenders to the new $215 million first lien term loan due 2028 (unrated) with respect to the Mobile Bay assets moved to wholly-owned special purpose vehicles that are unrestricted subsidiaries. W&T received cash and retains the residual value via its 100% equity ownership of the SPV. The transaction does not immediately affect the company's stable outlook or ratings, including the Caa1 Corporate Family Rating and Caa2 senior secured second lien notes rating. The capital raised at the SPV provides W&T with the means to fund growth capital spending at a lower interest cost than it could otherwise achieve by issuance at W&T. A significant portion of the debt proceeds raised will likely be directed toward acquisitions of producing properties in the near-term. The term loan has a fixed 7% interest rate and is non-recourse to W&T. W&T's RBL revolving credit facility and second lien notes remain secured by W&T's other assets in the Gulf of Mexico. The SPV's excess cash flows after debt service and subject to certain conditions can be distributed to W&T. The term loan does not have financial covenants. The net proceeds from the $215 million term loan will be used to (i) fully repay the $48 million outstanding on W&T's revolver; (ii) enter hedging contracts related to future Mobile Bay production at the SPV and (iii) add cash to W&T's balance sheet (the majority of the proceeds) for uses including oil and gas acquisitions, development activities and other growth capital spending. As of March 31, 2021, the company had $53 million of cash. In evaluating the impact of the transaction on W&T's ratings, and assuming the company uses this dry powder for acquisitions, Moody's will evaluate future asset acquisitions and their capacity to produce cash flow at competitive returns; the incremental debt relative to the new assets acquired; the risk profile of the assets acquired compared to the assets transferred to the SPV; and the likely reduction of the $190 million borrowing base of the RBL revolver because of the carve out of the Mobile Bay assets. A strategy of funding future acquisitions by carving out additional assets could also impact ratings. The Caa1 CFR continues to reflect refinancing risks as debt maturities approach including the risk of another distressed exchange. The revolver matures in October 2022. W&T's $552 million of second lien notes mature in November 2023. As of December 31, 2020, the Mobile Bay assets comprised 79 MMBoe of proved reserves, the vast majority of which are proved developed producing reserves. This represents more than half of W&T's 144 MMboe of total proved reserves and a large portion of production (as measured on a boe basis) though Mobile Bay's producing assets are weighted more towards natural gas (85%) than W&T's other assets. W&T acquired the Mobile Bay assets in August 2019 for $168 million. The assets include working interests in producing fields in the eastern region of the Gulf of Mexico and offshore Alabama as well as related onshore processing facilities. W&T, headquartered in Houston, Texas, is a publicly traded independent exploration and production company operating offshore in the US Gulf of Mexico. WEST C BUILDERS: Case Summary & 9 Unsecured Creditors ----------------------------------------------------- Debtor: West C Builders, Inc. 141 Silverado Trail Napa, CA 94559 Chapter 11 Petition Date: May 26, 2021 Court: United States Bankruptcy Court Northern District of California Case No.: 21-10263 Judge: Hon. Roger L. Efremsky Debtor's Counsel: Gina R. Klump, Esq. LAW OFFICE OF GINA R KLUMP 30 5th Street, Suite 200 Petaluma, CA 94952 Tel: 707-778-0111 Fax: 707-778-1086 E-mail: klumplaw@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Anton D. Council, president. A full-text copy of the petition containing, among other items, a list of the Debtor's nine largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/2RZ36EI/West_C_Builders_Inc__canbke-21-10263__0001.0.pdf?mcid=tGE4TAMA WINEBOW GROUP: Moody's Withdraws Caa1 CFR Following Refinancing --------------------------------------------------------------- Moody's Investors Service withdrew all ratings for The Winebow Group, LLC and related entities following a successful refinancing that repaid all of the rated term loan debt and eliminated near term refinancing risk. RATINGS RATIONALE Moody's does not rate the newly refinanced facilities. The following ratings/assessments are affected by the action: Ratings Withdrawn: Issuer: Winebow Group, LLC, The Corporate Family Rating, Withdrawn , previously rated Caa1 Probability of Default Rating, Withdrawn , previously rated Caa1-PD Issuer: Winebow Holdings, Inc. Senior Secured 1st Lien Term Loan B, Withdrawn , previously rated Caa1 (LGD3) Senior Secured 2nd Lien Term Loan, Withdrawn , previously rated Caa2 (LGD5) Outlook Actions: Issuer: Winebow Group, LLC, The Outlook, Changed To Rating Withdrawn From Stable Issuer: Winebow Holdings, Inc. Outlook, Changed To Rating Withdrawn From Stable Headquartered in Richmond, Virginia, The Winebow Group, LLC is a distributor and importer of fine wines and craft spirits. Winebow's operations reach about 70% of the wine drinking population across the Northeast, Mid-Atlantic, Southeast, Midwest, and Western United States. The company has grown through acquisitions of new wholesale markets, brands and portfolios as well as through green field expansion. Annual sales approximate $725 million. The company has seen improving operating profits with the fiscal year to date March 2021 (9 months) reported operating income up approximately 34% versus the same period in the prior year. WOODBRIDGE HOSPITALITY: Voluntary Chapter 11 Case Summary --------------------------------------------------------- Debtor: Woodbridge Hospitality, L.L.C. d/b/a Suites on Scottsdale 9880 N. Scottsdale Road Scottsdale, AZ 85253 Business Description: Woodbridge Hospitality operates in the hotel and motel industry. Chapter 11 Petition Date: May 26, 2021 Court: United States Bankruptcy Court District of Arizona Case No.: 21-04096 Judge: Hon. Paul Sala Debtor's Counsel: Randy Nussbaum, Esq. SACKS TIERNEY P.A. 4250 N Drinkwater Blvd. 4th Floor Scottsdale, AZ 85251-3693 Tel: 480-425-2600 Email: Randy.Nussbaum@SacksTierney.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Sukhbinder Khangura, manager. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/6OAVD5Y/WOODBRIDGE_HOSPITALITY_LLC__azbke-21-04096__0001.0.pdf?mcid=tGE4TAMA YOUFIT HEALTH: Seeks to Extend Plan Exclusivity Until July 7 ------------------------------------------------------------ YouFit Health Clubs, LLC and its affiliates request the U.S. Bankruptcy Court for the District of Delaware to extend by 60 days the exclusive period during which the Debtors may file a Chapter 11 plan through July 7, 2021. On April 20, 2021, the Court entered the Supplemental Order Regarding the Date, Time, and Place for the Hearing on Final Approval of the Disclosure Statement and Confirmation of the Plan, and Related Notice Procedures, rescheduling the confirmation hearing for May 25, 2021, at 2:00 p.m. (prevailing Eastern Time). The Debtors laid out relevant factors that warrant the extension of their Exclusive Filing Period: First, these chapter 11 cases are large and complex. The Debtors have been focused on finalizing, soliciting, and ultimately confirming their Plan since the initial extension of the Exclusive Filing Period. Second, the Debtors have made substantial progress in negotiations with their major stakeholders. Indeed, the Debtors have filed a Plan that incorporates the key terms of a global settlement reached among the Debtors, the Committee, and the Debtors' secured lenders. The Debtors have solicited, and as the balloting report that will be filed before the confirmation hearing will reflect, obtained acceptance of the Plan from the general unsecured creditors. Third, the Debtors were not seeking to extend the Exclusive Filing Period to pressure creditors to accede to the Debtors' reorganization demands. Rather, the Debtors have consummated a largely consensual Sale and filed the Plan. Fourth, the Debtors have not just demonstrated "reasonable prospects" for filing a viable plan, they have already filed and solicited acceptances of such Plan. Fifth, the Debtors are paying their bills in the ordinary course of business as they become due and will continue to do so during the pendency of these chapter 11 cases. Finally, the Debtors commenced these chapter 11 cases approximately six months ago. Although the time that has elapsed is relatively short, the Debtors have made substantial progress and will continue to work with all creditor constituencies towards a reorganization for the benefit of all stakeholders. The relief granted is without prejudice to the Debtors seeking any additional extensions of the periods provided in section 1121 of the Bankruptcy Code. A copy of the Debtors' Motion to extend is available at https://bit.ly/3hOxUHv from Donlinrecano.com. A copy of the Court's Extension Order is available at https://bit.ly/3oKXVc7 from Donlinrecano.com. About YouFit Health Clubs YouFit Health Clubs, LLC, and its affiliates -- https://www.youfit.com/ -- own and operate 85 fitness clubs in the states of Alabama, Arizona, Florida, Georgia, Louisiana, Maryland, Pennsylvania, Rhode Island, Texas, and Virginia. On November 9, 2020, YouFit Health Clubs and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-12841). YouFit was estimated to have $50 million to $100 million in assets and $100 million to $500 million in liabilities as of the filing. The Honorable Mary F. Walrath is the case judge. The Debtors tapped Greenberg Traurig LLP as its bankruptcy counsel, FocalPoint Securities LLC as an investment banker, Red Banyan Group LLC as a communications consultant, and Hilco Real Estate LLC as a real estate advisor. Donlin Recano & Company Inc. is the claims agent. On November 18, 2020, the U.S. Trustee for Region 3 appointed a committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Berger Singerman LLP and Pachulski Stang Ziehl & Jones LLP as its legal counsel, and Dundon Advisers LLC as its financial advisor. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re B-Side BBQ, LLC Bankr. N.D. Cal. Case No. 21-40688 Chapter 11 Petition filed May 19, 2021 See https://www.pacermonitor.com/view/NTLEMDY/B-Side_BBQ_LLC__canbke-21-40688__0001.0.pdf?mcid=tGE4TAMA represented by: Simon Aron, Esq. WOLF, RIFKIN, SHAPIRO, SCHULMAN & RABKIN, LLP E-mail: saron@wrslawyers.com In re BSK Ferry Building, LLC Bankr. N.D. Cal. Case No. 21-30375 Chapter 11 Petition filed May 19, 2021 See https://www.pacermonitor.com/view/KDUA47A/BSK_Ferry_Building_LLC__canbke-21-30375__0001.0.pdf?mcid=tGE4TAMA represented by: Simon Aron, Esq. WOLF, RIFKIN, SHAPIRO, SCHULMAN & RABKIN, LLP E-mail: saron@wrslawyers.com In re BSK Hospitality Group, LLC Bankr. N.D. Cal. Case No. 21-40686 Chapter 11 Petition filed May 19, 2021 See https://www.pacermonitor.com/view/WS7LT3A/BSK_Hospitality_Group_LLC__canbke-21-40686__0001.0.pdf?mcid=tGE4TAMA represented by: Simon Aron, Esq. WOLF, RIFKIN, SHAPIRO, SCHULMAN & RABKIN, LLP E-mail: saron@wrslawyers.com In re The Brown Sugar Kitchen, LLC Bankr. N.D. Cal. Case No. 21-40689 Chapter 11 Petition filed May 19, 2021 See https://www.pacermonitor.com/view/CXS44PQ/The_Brown_Sugar_Kitchen_LLC__canbke-21-40689__0001.0.pdf?mcid=tGE4TAMA represented by: Simon Aron, Esq. WOLF, RIFKIN, SHAPIRO, SCHULMAN & RABKIN, LLP E-mail: saron@wrslawyers.com In re Pho Eatery Incorporated Bankr. D. Md. Case No. 21-13339 Chapter 11 Petition filed May 19, 2021 See https://www.pacermonitor.com/view/TARLTOA/Pho_Eatery_Incorporated__mdbke-21-13339__0001.0.pdf?mcid=tGE4TAMA represented by: Robert J. Harris, Esq. ROBERT J. HARRIS, P.L.C. E-mail: rjharris101@msn.com In re Bruce K Redding, Jr. Bankr. E.D. Pa. Case No. 21-11430 Chapter 11 Petition filed May 19, 2021 represented by: Thomas Bielli, Esq. BIELLI & KLAUDER, LLC Email: tbielli@bk-legal.com In re Milburn Ramelli Mallette Bankr. S.D. Miss. Case No. 21-50612 Chapter 11 Petition filed May 20, 2021 represented by: Christopher Davis, Esq. In re Christian Teaching Center Church Bankr. N.D. Ohio Case No. 21-50796 Chapter 11 Petition filed May 20, 2021 See https://www.pacermonitor.com/view/2ZC2QFQ/Christian_Teaching_Center_Church__ohnbke-21-50796__0001.0.pdf?mcid=tGE4TAMA represented by: Charles Tyler, Esq. CHARLES TYLER In re Recovery Works, Inc. Bankr. E.D. Pa. Case No. 21-11434 Chapter 11 Petition filed May 20, 2021 See https://www.pacermonitor.com/view/PAVJ6OY/Recovery_Works_Inc__paebke-21-11434__0001.0.pdf?mcid=tGE4TAMA represented by: Mitchell A. Sommers, Esq. MITCHELL A. SOMMERS, ESQUIRE, PC E-mail: sommersesq@aol.com In re Reed 1860, LLC Bankr. M.D. Pa. Case No. 21-01148 Chapter 11 Petition filed May 20, 2021 See https://www.pacermonitor.com/view/LPT3UIQ/Reed_1860_LLC__pambke-21-01148__0001.0.pdf?mcid=tGE4TAMA represented by: Craig A. Diehl, Esq. LAW OFFICES OF CRAIG A. DIEHL In re Richard Dale Lincoln Business Trust Bankr. E.D. Cal. Case No. 21-11300 Chapter 11 Petition filed May 21, 2021 See https://www.pacermonitor.com/view/EXEEYRY/Richard_Dale_Lincoln_Business__caebke-21-11300__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 14 N. Cass LLC Bankr. N.D. Ill. Case No. 21-06624 Chapter 11 Petition filed May 21, 2021 See https://www.pacermonitor.com/view/JW7Z67A/14_N_Cass_LLC__ilnbke-21-06624__0001.0.pdf?mcid=tGE4TAMA represented by: David P. Lloyd, Esq. DAVID P. LLOYD, LTD. E-mail: info@davidlloydlaw.com In re Ricky J. Carpenter and Diana D. Carpenter Bankr. W.D. La. Case No. 21-50313 Chapter 11 Petition filed May 21, 2021 represented by: David Keating, Esq. THE KEATING FIRM, APLC In re LONJ, LLC Bankr. D.N.J. Case No. 21-14247 Chapter 11 Petition filed May 21, 2021 See https://www.pacermonitor.com/view/MW5T5NQ/LONJ_LLC__njbke-21-14247__0001.0.pdf?mcid=tGE4TAMA represented by: John F. Bracaglia, Jr., Esq. SAVO SCHALK GILLESPIE O'GRODNICK & FISHER, P.A. E-mail: bracaglia@centraljerseylaw.com In re Park 4 Less, LLC Bankr. S.D. Tex. Case No. 21-31686 Chapter 11 Petition filed May 21, 2021 See https://www.pacermonitor.com/view/SEASWWQ/Park_4_Less_LLC__txsbke-21-31686__0001.0.pdf?mcid=tGE4TAMA represented by: Reese Baker, Esq. BAKER & ASSOCIATES In re Mirza M. Nusairee and Nishat F. Nusairee Bankr. D. Md. Case No. 21-13430 Chapter 11 Petition filed May 22, 2021 represented by: Damani Ingram, Esq. In re Pro Park by Hartley, LLC Bankr. D.N.J. Case No. 21-14273 Chapter 11 Petition filed May 22, 2021 See https://www.pacermonitor.com/view/7XDZXDA/Pro_Park_by_Hartley_LLC__njbke-21-14273__0001.0.pdf?mcid=tGE4TAMA represented by: Steven A. Silnutzer, Esq. STEVEN A. SILNUTZER, P.C. E-mail: stevenasil2000@yahoo.com In re Josefino Reyes Galang and Elizabeth Beltran Galang Bankr. E.D. Cal. Case No. 21-21900 Chapter 11 Petition filed May 24, 2021 represented by: Arasto Farsad, Esq. In re Dickson V. Lee Bankr. N.D. Cal. Case No. 21-50719 Chapter 11 Petition filed May 24, 2021 represented by: Michael Lee, Esq. In re Stuart Gallon Bankr. N.D. Cal. Case No. 21-30387 Chapter 11 Petition filed May 24, 2021 In re 72 & Sunny LLC Bankr. S.D. Fla. Case No. 21-15045 Chapter 11 Petition filed May 24, 2021 See https://www.pacermonitor.com/view/4VGNU2Y/72__Sunny_LLC__flsbke-21-15045__0001.0.pdf?mcid=tGE4TAMA represented by: Alex Arreaza, Esq. LAW OFFICE ALEX ARREAZA P.A. E-mail: alex@alexmylawyer.com In re Ilan Bloemhof Bankr. S.D. Fla. Case No. 21-15037 Chapter 11 Petition filed May 24, 2021 represented by: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. In re Stamatike Glarentzos Bankr. S.D. Fla. Case No. 21-15007 Chapter 11 Petition filed May 24, 2021 represented by: Peter Spindel, Esq. In re Auto Perfection Associates Inc. Bankr. D.N.J. Case No. 21-14296 Chapter 11 Petition filed May 24, 2021 See https://www.pacermonitor.com/view/KFB2TIQ/Auto_Perfection_Associates_Inc__njbke-21-14296__0001.0.pdf?mcid=tGE4TAMA represented by: Steven J Abelson, Esq. ABELSON LAW OFFICES In re 893 4th Ave Lofts LLC Bankr. E.D.N.Y. Case No. 21-41367 Chapter 11 Petition filed May 24, 2021 See https://www.pacermonitor.com/view/R7ANCTY/893_4th_Ave_Lofts_LLC__nyebke-21-41367__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Domus Contemporary Living LLC Bankr. M.D. Fla. Case No. 21-02405 Chapter 11 Petition filed May 25, 2021 See https://www.pacermonitor.com/view/B4NLZKQ/Domus_Contemporary_Living_LLC__flmbke-21-02405__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Allergy and Asthma Clinical Centers Bankr. D. Md. Case No. 21-13481 Chapter 11 Petition filed May 25, 2021 See https://www.pacermonitor.com/view/DY3AM2A/Allergy_and_Asthma_Clinical_Centers__mdbke-21-13481__0001.0.pdf?mcid=tGE4TAMA represented by: Richard Rosenblatt, Esq. LAW OFFICES OF RICHARD B. ROSENBLATT, PC E-mail: rrosenblatt@rosenblattlaw.com In re Cobra Inc. Systems, Inc. Bankr. M.D. Tenn. Case No. 21-01651 Chapter 11 Petition filed May 25, 2021 See https://www.pacermonitor.com/view/REOGL7Y/COBRA_INK_SYSTEMS_INC__tnmbke-21-01651__0001.0.pdf?mcid=tGE4TAMA represented by: Steven L. Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ E-mail: slefkovitz@lefkovitz.com In re J & GC, Inc. Bankr. N.D. Tex. Case No. 21-30964 Chapter 11 Petition filed May 24, 2021 See https://www.pacermonitor.com/view/Q2CTY7Q/J__GC_Inc__txnbke-21-30964__0001.0.pdf?mcid=tGE4TAMA represented by: Eric A. Liepins, Esq. ERIC A. LIEPINS E-mail: eric@ealpc.com In re Frederick Stoddard Bankr. N.D. Cal. Case No. 21-30392 Chapter 11 Petition filed May 25, 2021 represented by: James Shepherd, Esq. In re Stuart Gallon Bankr. M.D. Fla. Case No. 21-02397 Chapter 11 Petition filed May 25, 2021 represented by: Danielle H., Esq. In re Emma Ruth McMaster Bankr. M.D. Tenn. Case No. 21-01650 Chapter 11 Petition filed May 25, 2021 represented by: LEFKOVITZ AND LEFKOVITZ, PLLC In re Scott Vincent Van Dyke Bankr. S.D. Tex. Case No. 21-60052 Chapter 11 Petition filed May 25, 2021 represented by: Susan Tran Adams, Esq. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2021. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***