/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/210630.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, June 30, 2021, Vol. 25, No. 180 Headlines 413-421 20TH STREET: Seeks to Hire Norris McLaughlin as Counsel 5AAB TRANSPORT: May Continue CarrierNet Factoring Deal 5AAB TRANSPORT: Seeks to Use FFB Cash Collateral AFFORDABLE RECOVERY: Unsecureds Will be Repaid 10% Under Plan ANGEL'S SQUARE: U.S. Trustee Unable to Appoint Committee APX GROUP: S&P Rates New $900MM Senior Unsecured Notes 'CCC' AVADIM HEALTH: Hearing on DIP Financing Adjourned to July 9 BAINBRIDGE UINTA: US Trustee Questions Gift for Unsecureds BILL STARKS: Seeks to Hire Sussman & Moore as Bankruptcy Counsel BOUTIQUE NV: Seeks to Tap Larson & Zirzow as Bankruptcy Counsel BRIDGING FINANCE: Retail Investors Unite in Receivership BSL TRANSPORT: Wins Cash Collateral Access Thru Sept. 1 BUCKINGHAM SENIOR LIVING: Case Summary & 30 Top Unsecured Creditors BUCKINGHAM SENIOR: Hits Chapter 11 Bankruptcy to Restructure Debt BULLFROG LOGISTICS: Case Summary & 20 Largest Unsecured Creditors CARIBBEAN MOTEL: Seeks to Hire Lugo Mender Group as Legal Counsel CB REAL ESTATE: Seeks to Hire Charles A. Cuprill as Legal Counsel CB REAL ESTATE: Taps Luis R. Carrasquillo as Financial Consultant CDT DE SAN SEBASTIAN: Hearing on Disclosures Continued to July 19 CHRISTIE-SCOTT: Seeks to Tap The Weiss Law Group as Legal Counsel CHZAC LLC: Seeks to Hire Lugenbuhl as Bankruptcy Counsel CITY WIDE COMMUNITY: Seeks Cash Collateral Access COMMUNITY REGIONAL: Taps Wanger Jones Helsley as Bankruptcy Counsel CP HOLDINGS LLC: July 16 Final Hearing on $3MM Tor Asia Loan CP HOLDINGS: June 30 Deadline Set for Panel Questionnaires CP TOURS: Wins Cash Collateral Access Thru July 14 CRYSTAL FOUNTAIN: Gets OK to Hire Bultynck & Co. as Accountant DECK SUPPLY: Gets OK to Employ Brian A. Barboza as Legal Counsel DECO-USA LLC: Seeks to Tap Dean W. Greer as Bankruptcy Counsel DIOCESE OF WINONA-ROCHESTER: Unsecured Claims Unimpaired Under Plan DIXIE CENTERS: Case Summary & 2 Unsecured Creditors EAGLE HOSPITALITY: Monarch Acquires 10 Hotels for $360 Million EAS GRACELAND: Wins Access to Cash Collateral Thru July 20 ELASTIC NV: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable ELECTROTEK CORPORATION: August 3 Plan Confirmation Hearing Set ENERGY ALLOYS: Court Confirms Bankruptcy Estate Wind-Down Plan EVERI HOLDINGS: S&P Rates New $400MM Senior Unsecured Notes 'B' FAITH CARE: Nursing Home Files for Chapter 7 Bankruptcy FAMILY FRIENDLY: Case Summary & 20 Largest Unsecured Creditors FTPO, LLC: Wins Cash Collateral Access Thru June 29 GAINCO INC: June Lease Payments to EMW OK'd GIBSON FARMS: Unsecureds Will be Paid in Full Over 5 Years GREATER HOUSTON POOL: Seeks Access to Cash Collateral GREENWAY HEALTH: S&P Alters Outlook to Stable, Affirms 'B-' ICR GUITAMMER COMPANY: Seeks to Employ Michael Bache as Expert Witness GUITAMMER COMPANY: Seeks to Hire Robert Campbell as Expert Witness HANKEY O'ROURKE: Gets Cash Collateral Access Thru Aug 20 HIGHLAND CAPITAL: Redeemer, ACIS Resign as Committee Members HOLLINGSWORTH FARMS: Unsecureds to Get Full Payment Under Plan HOSPITALITY INVESTORS: Court Confirms Modified Plan HUNTERS POINT: U.S. Trustee Unable to Appoint Committee INTEGRATED AG: Revolution Wants Treatment of Claim Clarified J.F. GRIFFIN: Seeks to Hire Prix Fixe Accountants as Bookkeeper J.F. GRIFFIN: Seeks to Hire Smith, Watson & Co. as Accountant J.F. GRIFFIN: Seeks to Tap Fitzgerald Attorneys at Law as Counsel J.J.W. METAL: Unsecureds to Get 50% Under Plan JAMES C. LEWIS: Gets Approval to Hire Bultynck & Co. as Accountant JDS FOURTH AVENUE: U.S. Trustee Unable to Appoint Committee JOYNER-BYRUM PROPERTIES: All Claims Are Paid in Full Under Plan KAMLER LLC: Seeks to Hire Krigel & Krigel as Legal Counsel LAKE CECILE: Unsecureds Will be Paid in 36 Monthly Installments LINDA MAR: U.S. Trustee Unable to Appoint Committee MALLINCKRODT PLC: Wilkinson Brimmer Reminds of Voting Deadline MATADOR RESOURCES: S&P Ups ICR to 'B' on Improved Credit Measures MIDCAP FINANCIAL: S&P Rates New $400MM Senior Unsecured Notes 'B+' N.G. PURVIS: Committee Taps Dundon Advisers as Financial Advisor NEIMAN MARCUS: Aims to Buy Stylyze Inc. After Bankruptcy Exit NEW HAPPY FOOD: Case Summary & 20 Largest Unsecured Creditors NIEMAN PRINTING: Seeks to Hire Eric A. Liepins as Legal Counsel OFS INTERNATIONAL: U.S. Trustee Appoints Creditors' Committee P2 OAKLAND: Seeks to Tap E. Vincent Wood as Bankruptcy Counsel PAR 5 PROPERTY: Voluntary Chapter 11 Case Summary PARADISE REDEVELOPMENT: Seeks Cash Collateral Access PARK 4 LESS: Seeks to Hire Baker & Associates as Bankruptcy Counsel PELICAN FAMILY: Wins Cash Collateral Access Thru July 15 RECESS HOLDCO: S&P Assigns 'B+' ICR, Outlook Stable RESGEN CONSTRUCTION: Seeks to Hire EmergeLaw as Legal Counsel SAONA HOLDING: U.S. Trustee Unable to Appoint Committee SEADRILL LIMITED: Finance Extends Forbearance Agreement to July 2 SERENE MEADOWS: Seeks Approval to Hire Eric A. Liepins as Counsel SHOWERS OF BLESSING: Seeks to Hire Barry A. Friedman as Counsel SOURCE HOTEL: $80,000 DIP Loan, Cash Collateral Use OK'd TD HOLDINGS: Posts $156,766 Net Income in First Quarter TIRED TEXAN: Gets OK to Hire Patino Law Office as Legal Counsel U-HAUL CO: Seeks to Hire Flaherty Sensabaugh Bonasso as Counsel U-HAUL CO: Taps Brown Edwards & Company as Financial Advisor UNISYS CORP: S&P Raises Corp Credit Rating to 'B+', Outlook Stable VALLEY FARM: Has Until August 17 to File Plan & Disclosures VAUGHAN HOME: Seeks to Tap Gary S. Poretsky as Bankruptcy Counsel WASHINGTON PRIME: Draws Interest From RPT Realty WASHINGTON PRIME: U.S. Trustee Appoints Creditors' Committee WEST C BUILDERS: Gets OK to Hire Gina R. Klump as Legal Counsel YOUNG MEN'S: Seeks Approval to Tap Shipley CPA as Accountant [*] A&G Bags "Real Estate Restructuring Firm of the Year" Award [*] Gregory Ruback Joins Schulte Roth's N.Y. Office as Partner [*] Sklar Kirsh's Itkin Among "Champion of Women" Award Nominees [*] Sklar Kirsh's Itkin Included in Best Lawyers in America 2021 ********* 413-421 20TH STREET: Seeks to Hire Norris McLaughlin as Counsel --------------------------------------------------------------- 413-421 20th Street, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Norris McLaughlin, PA as its substitute bankruptcy counsel. Norris McLaughlin will render these legal services: (a) advise the Debtor with respect to its rights, duties and powers in its Chapter 11 case; (b) prepare legal documents; (c) represent the Debtor at all hearings and other proceedings before the bankruptcy court; and (d) perform other necessary legal services. The hourly rates of the firm's attorneys and staff are as follows: Members $325 - $700 Associates $175 - $350 Paralegals $110 - $225 Melissa Pena, Esq., a member of Norris McLaughlin who will primarily oversee the case, will be paid at her hourly rate of $420. In addition, the firm will seek reimbursement for expenses incurred. Ms. Pena disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Melissa A. Pena, Esq. Norris McLaughlin, PA 7 Times Square, 21st Floor New York, NY 10036 Telephone: (212) 808-0700/(917) 369-8847 Email: mapena@norris-law.com About 413-421 20th Street 413-421 20th Street LLC, a Brooklyn, N.Y.-based company engaged in activities related to real estate, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-40515) on Feb. 26, 2021. Thomas McCloskey, general member, signed the petition. At the time of the filing, the Debtor disclosed $10,648,000 in total assets and $6,400,000 in total liabilities. Judge Nancy Hershey Lord oversees the case. Norris McLaughlin, PA, led by Melissa A. Pena, Esq., serves as the Debtor's legal counsel. 5AAB TRANSPORT: May Continue CarrierNet Factoring Deal ------------------------------------------------------ 5AAB Transport, LLC (Transport) and SJS Transport, LLC (SJS) sought and obtained permission from the Bankruptcy Court to obtain post-petition financing from CarrierNet Group Financial, Inc. pursuant to pre-petition factoring agreements. The proceeds of the DIP Financing will fund the Debtors' operations throughout their bankruptcy cases. The Debtors proposed that all amounts owed under the Pre-Petition Agreements at all times will have priority over all administrative expenses of the kind specified in Section 503(b) or 507(b) of the Bankruptcy Code, and will be collateralized by (i) a first- priority, perfected lien upon all of the Debtors' right, title, and interest in the Debtors' accounts receivable and any other of the Debtors' assets not otherwise subject to a lien; and (ii) a junior lien upon any asset of the Debtors that is already subject to a valid and perfected lien. The Debtors further proposed that the liens and security interests granted to the DIP Lender will be subject and subordinate to (i) allowed claims of professionals of the Debtors, to the extent such claims are set forth in the budget, plus an additional $20,000 from and after any event of default, (ii) all fees required to be paid to the Clerk of the Court and to the Office of the United States Trustee under 28 U.S.C. Section 1930(a), and (iii) the fees of the Subchapter V Trustee. The Debtors also asked the Court to authorize the use of cash collateral, pursuant to the budget, and to extend the period of the Budget by agreement with the DIP Lender. To the extent of the diminution of value of the interests of CarrierNet in Cash Collateral, CarrierNet will be granted (i) replacement liens, subject to the Carve-Out, (ii) the Post-Petition Liens; and (iii) any other valid and perfected pre-petition lien on, or security interest in, the Debtors' assets. To the extent of any diminution of value of the interests of CarrierNet in Cash Collateral of the Debtors, CarrierNet shall have an allowed superpriority administrative expense claim which shall be junior only to the Carve-Out. As of the Petition Date, the amounts of receivables that CarrierNet had factored with Transport and SJS but had not yet collected were $194,496 and $29,396, respectively. Under the Pre-Petition Agreements, Transport and SJS are liable to CarrierNet for any portion of the foregoing uncollected receivables that are not paid. To secure a portion of the obligations of Transport and SJS for unpaid receivables, CarrierNet holds an amount in reserve that is released when a given invoice is collected. As of the Petition Date, the reserve accounts for Transport and SJS were $16,537 and $3,780, respectively. A copy of the motion is available for free at https://bit.ly/3wYQTE7 from PacerMonitor.com. Judge John E. Hoffman authorized 5AAB Transport, LLC to sell its accounts receivable to the DIP Lender on a secured basis subject to the terms of the Transport Pre-Petition Agreement. Debtor Transport is authorized to incur secured indebtedness to the DIP Lender in such amounts as needed in the ordinary course of its business pursuant to the budget. The budget provided for total weekly operating expenses as follows: $72,679 for the week ending July 4, 2021; $68,761 for the week ending July 11, 2021; $63,613 for the week ending July 18, 2021; $65,623 for the week ending July 25, 2021; $72,679 for the week ending August 1, 2021; $68,761 for the week ending August 8, 2021; and $63,613 for the week ending August 15, 2021. Debtor Transport may grant to the DIP Lender security interests in the property as set forth in the Transport Prepetition Agreement effective as of the date of the Petition Date as collateral for all obligations of Transport to the DIP Lender. A copy of the interim order is available for free at https://bit.ly/2TZGjhv from PacerMonitor.com. The final hearing is schedule for on July 9, 2021 at 2 p.m. EST. Objections must be filed with the Court and served on the Debtors' counsel on or before 4 p.m., prevailing Eastern Time, on July 8. About 5AAB Transport et al. 5AAB Transport, LLC operates in the general freight trucking industry. On June 21, 2021, the Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case Lead Case No. 21-52150) concurrently with its three affiliates SJS Transport, LLC (Bankr. S.D. Ohio Case No. 21-52151); Heavy Diesel Service, LLC (Bankr. S.D. Ohio. Case No. 21-52152); and 5AAB Holding, LLC (Bankr. S.D. Ohio Case No. 21-52153). The cases are jointly administered under 5AAB Transport, LLC. On the Petition Date, 5AAB Transport, LLC reported up to $50,000 in assets and between $1,000,000 and $10,000,000 in liabilities. Each of SJS Transport; Heavy Diesel Service; and 5AAB Holding, LLC estimated $100,000 to $500,000 in assets, and $1,000,000 to $10,000,000 in liabilities. The petitions were signed by Navdeep Sidhu, member. Judge John E. Hoffman, Jr. presides over the cases of Lead Debtor 5AAB Transport, LLC; SJS Transport, LLC; and 5AAB Holding, LLC. Judge Kathryn C. Preston oversees the case of Heavy Diesel Service, LLC. The Debtors are represented by Allen Stovall Neuman & Ashton LLP. 5AAB TRANSPORT: Seeks to Use FFB Cash Collateral ------------------------------------------------ 5AAB Transport, LLC (Transport) and its debtor-affiliates 5AAB Holding, LLC (Holding), SJS Transport, LLC (SJS), and Heavy Diesel Service, LLC (Diesel) asked the Bankruptcy Court to authorize the use of cash collateral of First Financial Bank pursuant to a 13-week budget. The following obligations to FFB arose out of an effort of the Debtors to consolidate many certain equipment loans in 2017 contracted with other lenders: * a note dated March 3, 2017, in the original amount of $1,718,940 executed by Transport and Holding, having a current balance of approximately $854,000. Diesel is a guarantor of this note. * a note dated May 14, 2018, in the original amount of $265,000 executed by Transport and Holding, having a current balance of approximately $252,000. This Note was used to purchase a real property in Columbus, Ohio. * a note dated October 27, 2017, in the original amount of $80,000 having a current balance of approximately $20,000. This Note was used to purchase tools and equipment for Diesel. * a note dated November 25, 2020, in the original amount of $35,652 executed by Transport, having a current balance of approximately $28,000. Holding and Diesel are guarantors of this Note. SJS has guaranteed all of the FFB Obligations. FFB has filed or recorded documents to allegedly perfect its interests in the Debtors' assets. The FFB Obligations are subject to certain security agreements. The Debtors proposed to re-granting post-petition liens to FFB to the same extent, amount, and priority as its pre-petition security interests, as adequate protection for the use of the cash collateral. Regarding the grant of liens, the Debtors note that they have filed a separate motion seeking approval of post-petition financing through the continuation of a pre-petition factoring arrangement with CarrierNet Group Financial, Inc. The Debtors have sought to grant CarrierNet a senior post-petition lien to the extent it held a senior lien on a pre-petition basis, and otherwise grant it a junior lien, all as security for its post-petition financing. Prior to the Petition Date, the Debtors understand that CarrierNet and FFB entered into a subordination agreement as it pertained to the accounts receivable owned by Transport, and that CarrierNet holds the senior position as to those accounts receivable. FFB claims -- and would be re-granted on a post-petition basis -- a senior lien on all other assets of the Debtors, including the accounts receivable of SJS. As adequate protection, the Debtors proposed to make monthly payments to FFB for $5,049 consisting of the interest at 5.25% per annum (prime plus 2%) applied to the total outstanding balance of approximately $1,154,000. FFB will be permitted to draw the Adequate Protection Payment on a monthly basis through an ACH transaction. The Debtors also proposed that all amounts owed by the Debtors to FFB will be subject to replacement liens in the same order and priority as the liens held by FFB against the Debtors' assets on a prepetition basis. Moreover, the Debtors proposed that the liens and security interests granted to FFB will be valid, enforceable, and perfected security interests and liens, but shall be subject and subordinate to (i) allowed claims of professionals of the Debtors, plus an additional $10,000 from and after any event of default, (ii) all fees required to be paid to the Clerk of the Court and to the Office of the United States Trustee under 28 U.S.C. section 1930(a), and (iii) the fees of the Subchapter V Trustee. A copy of the motion is available for free at https://bit.ly/3gZLKWK from PacerMonitor.com. About 5AAB Transport et al. 5AAB Transport, LLC operates in the general freight trucking industry. On June 21, 2021, the Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case Lead Case No. 21-52150) concurrently with its three affiliates SJS Transport, LLC (Bankr. S.D. Ohio Case No. 21-52151); Heavy Diesel Service, LLC (Bankr. S.D. Ohio. Case No. 21-52152); and 5AAB Holding, LLC (Bankr. S.D. Ohio Case No. 21-52153). The cases are jointly administered under 5AAB Transport, LLC. On the Petition Date, 5AAB Transport, LLC reported up to $50,000 in assets and between $1,000,000 and $10,000,000 in liabilities. Each of SJS Transport; Heavy Diesel Service; and 5AAB Holding, LLC estimated $100,000 to $500,000 in assets, and $1,000,000 to $10,000,000 in liabilities. The petitions were signed by Navdeep Sidhu, member. Judge John E. Hoffman, Jr. presides over the cases of Lead Debtor 5AAB Transport, LLC; SJS Transport, LLC; and 5AAB Holding, LLC. Judge Kathryn C. Preston oversees the case of Heavy Diesel Service, LLC. The Debtors are represented by Allen Stovall Neuman & Ashton LLP. AFFORDABLE RECOVERY: Unsecureds Will be Repaid 10% Under Plan ------------------------------------------------------------- Judge Donald R. Cassling has entered an order setting a combined hearing on the adequacy of the Disclosure Statement and confirmation of the Plan of Affordable Recovery Housing on July 27, 2021, at 10:00 a.m. to be heard via Zoom either electronically or by telephone. July 19, 2021, is fixed as the last day for filing and serving written objections to the adequacy of the Disclosure Statement and confirmation of the Plan. July 19, 2021, is fixed as the last day for filing written acceptances or rejections of the Plan. The Debtor's counsel will file the ballot report on or before July 23, 2021. Reorganization Plan Affordable Recovery Housing submitted a First Amended Disclosure Statement explaining its Chapter 11 Plan. The Plan provides for distributions to the holders of Allowed Claims from funds realized from existing cash deposits and the Debtor's future earnings. The Plan will treat claims as follows: * Class 2: Unsecured Claims of Utilities. The Allowed Amount of Unsecured Claims due City of Blue Island, Commonwealth Edison, and Nicor Northern Illinois Gas for utility services shall be paid, pro rata, in the amount of 10% of the Allowed Unsecured Claims, without interest, in 60 monthly payments, commencing 30 days after the Effective Date. The total amount of estimated Allowed Unsecured Claims in Class 2 is $252,414.05. Accordingly, the Class 2 creditors will receive, pro-rata, a total of $25,241.40. The monthly payment is $420.69. * Class 3: Unsecured Claims of Landlords, Mantellate Sisters Servants of Mary, USA and Residence for Patriots Services Foundation. The Allowed Amount of Unsecured Claims due Mantellate and Patriots for alleged lease claims shall be paid, pro rata, in the amount of 10% of the Allowed Unsecured Claims, without interest, in 60 monthly payments, commencing 30 days after the Effective Date. The total amount of estimated Allowed Unsecured Claims in Class 3 is $1,695,748.50. Accordingly, the Class 3 creditors will receive, pro-rata, a total of $169,574.85. The monthly payment is $2,826.25. * Class 4: Claims of general Unsecured Creditors (excluding the unsecured claims of Classes 2 and 3). The Allowed Amount of the Unsecured Claims of general unsecured creditors will be repaid, pro rata, in the amount of 10% of the Allowed Unsecured Claims, without interest, in 60 monthly payments, commencing 30 days after the Effective Date. The total amount of estimated Allowed Unsecured Claims is $1,393,663.40. Accordingly, the Class 4 creditors will receive, pro-rata, a total of $139,366.34. The monthly payment is $2,322.77. Attorney for the Debtor: Joel A. Schechter LAW OFFICES OF JOEL A. SCHECHTER 53 West Jackson Blvd., Suite 1522 Chicago, IL 60604 Tel: (312) 332-0267 E-mail: joel@jasbklaw.com A copy of the Order is available at https://bit.ly/3gTMWen from PacerMonitor.com. A copy of the Disclosure Statement is available at https://bit.ly/2U2sBKC from PacerMonitor.com. About Affordable Recovery Housing Affordable Recovery Housing, an addiction treatment center in Blue Island, Ill., filed its voluntary petition for relief pursuant to Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 20-01973) on Jan. 23, 2020. The petition was signed by CEO John M. Dunleavy. At the time of filing, the Debtor estimated $50,000 in assets and $1 million to $10 million in liabilities. The Law Offices of Joel A. Schechter and The Norman Law Firm serve as the Debtor's bankruptcy counsel and special counsel, respectively. ANGEL'S SQUARE: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Angel's Square Inc., according to court dockets. About Angel's Square Fort Lauderdale, Fla.-based Angel's Square, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-13576) on April 15, 2021. Fernando D. Gill, registered agent, signed the petition. In its petition, the Debtor disclosed total assets of up to $10 million and total liabilities of up to $1 million. Judge Peter D. Russin oversees the case. Behar Gutt & Glazer, P.A. is the Debtor's legal counsel. APX GROUP: S&P Rates New $900MM Senior Unsecured Notes 'CCC' ------------------------------------------------------------ S&P Global Ratings assigned its 'CCC' issue-level rating and '6' recovery rating to APX Group Inc.'s proposed $900 million, 8-year senior unsecured notes. The '6' recovery rating indicates its expectation for negligible (0%-10%; rounded estimate: 0%) recovery for APX Group Inc.' senior unsecured noteholders in the event of a payment default. The company plans to use the proceeds, along with the recently issued $1.6 billion senior secured credit facility (comprising a five-year $350 million revolver and a seven-year $1.25 billion term loan), to repay its existing $940.5 million (outstanding) first-lien term loan due 2025, $677 million 7.875% senior secured notes due 2022, $400 million 7.625% senior notes due 2023 and $225 million 8.5% senior secured notes due 2024, with the balance financing related fees and expenses. The $600 million 6.75% senior secured notes due 2027 remain outstanding. AVADIM HEALTH: Hearing on DIP Financing Adjourned to July 9 ----------------------------------------------------------- The hearing to consider the request of Avadim Health, Inc. to obtain postpetition financing and use cash collateral has been moved to July 9 at 1 p.m. from June 30. The deadline for the official committee of unsecured creditors to respond to the request has been moved to July 2. Avadim Health and its affiliated debtors have already won initial approval from the Bankruptcy Court to receive from a syndicate of lenders and Hayfin Services, LLC, as administrative agent and collateral agent, up to $2,250,000 of the $7,156,000 in senior secured DIP term loan financing. The Debtors intended to draw on the DIP Facility to fund ongoing working capital needs through the current restructuring process. Material Terms of the DIP Financing A. Borrower: Avadim Health, Inc. B. Guarantors: Each direct or indirect subsidiary of the Borrower, including Relion Manufacturing, Inc.; Bionome Properties Corp., Quality Assurance Associates, Inc.; and Avadim Health IP, Inc. C. DIP Agent: Hayfin Services LLP D. DIP Lenders: Hayfin SOF II Luxco 2 S.a.r.l.; Hayfin Opal III L.P.; Hayfin Topaz Luxco 2 S.C.A E. Type and Maturity: Delayed draw term loans maturing on the earliest to occur of: * August 30, 2021; * the consummation of a sale of all or substantially all of the Debtors' assets; * the substantial consummation of a plan of reorganization that is confirmed by the Court; and * the date of acceleration of the Loans and the termination of the commitments under the DIP Facility resulting from an event of default. F. Interest Rate: LIBOR (subject to a 1% floor) + 12% per annum G. Default Interest Rate: Prevailing rate plus 2% per annum H. DIP Collateral/Liens and Priorities/Priming Provisions: a. First Lien on Unencumbered Property; b. Priming Liens on Prepetition Collateral; c. DIP Liens Junior to Certain Other Liens; and d. Avoidance Proceeds. The Prepetition Secured Parties (who are also the DIP Secured Parties) have consented to the DIP Liens' priming their prepetition liens. Use of DIP Loans The borrowings under the DIP Credit Facility will be used in accordance with the approved budget for: a. working capital and other general corporate purposes of the Debtors; b. payment of amounts due under the DIP Facility, including interest and fees payable and any adequate protection payments payable pursuant to the interim order; c. payment of the professional fees and expenses in the administration of the Chapter 11 cases; and d. other purposes as expressly set forth in the interim order and approved budget, or as expressly approved by the DIP Agent. Interim Order Entered Judge Craig T. Goldblatt, on June 2, 2021, entered an interim order authorizing the Debtors to borrow $2,250,000 under the DIP Credit Facility on an interim basis. A copy of the Interim DIP order is available for free at https://bit.ly/3in7exJ from Omni Agent Solutions, claims agent. Milestones The Debtors, pursuant to the DIP Financing Agreement, are required to achieve these milestones: a. No later than the Petition Date, the Debtors shall have filed the Bidding Procedures Motion, and the Debtors shall have entered into the Stalking Horse APA; b. On or before the date that is 21 days after the Petition Date, the Court shall have entered the Bidding Procedures Order; c. On or before the date that is 30 days after the Petition Date, the Court shall have entered the Final Order; d. On or before the date that is 56 days after the Petition Date, the Bid Deadline shall have occurred; e. On or before the date that is 58 days after the Petition Date, the Debtors shall have commenced the Auction, if necessary; f. On or before the date that is 60 days after the Petition Date, (i) a hearing shall have occurred to consider approval of the Stalking Horse APA and the Stalking Horse Transaction, or another alternative transaction pursuant to the Bidding Procedures; and (ii) the Court shall have entered the Sale Order; g. On or before the date that is 70 days after the Petition Date, the Stalking Horse Transaction or another transaction approved in the Sale Order shall be consummated and closed. Use of Cash Collateral The Debtors also had interim Court approval to (i) use cash collateral and all other prepetition collateral in which the Prepetition Secured Parties have an interest, and (ii) grant the Prepetition Secured Parties adequate protection of their interest with respect to the use of cash collateral. The 13-week Initial DIP Budget provided for $6,242,800 in total disbursements, allocated on a weekly basis, as follows: $1,517,400 for the week ending June 4, 2021; $820,100 for the week ending June 11, 2021; $1,555,900 for the week ending June 18, 2021; $1,054,300 for the week ending June 25, 2021; $1,126,100 for the week ending July 2, 2021; $885,500 for the week ending July 9, 2021; $1,637,100 for the week ending July 16, 2021; $941,000 for the week ending July 23, 2021; $1,351,500 for the week ending July 30, 2021; $802,100 for the week ending August 6, 2021; $959,500 for the week ending August 13, 2021; $1,309,400 for the week ending August 20, 2021; $2,945,500 for the week ending August 27, 2021. Prepetition Debt Obligations Avadim Health, Inc. as borrower was indebted to the lender parties and Hayfin Services LLP, as administrative agent and collateral agent for the Secured Parties, under the Prepetition Credit Facility. The Borrower also entered into a Note Agreement dated April 3, 2020 with the Senior Secured Noteholders and Hayfin Services LLP, as the representative for the Senior Secured Noteholders and as collateral agent, pursuant to which the Borrower issued to the Senior Secured Noteholders a $12,000,000 Secured Note dated April 3, 2020; a $5,000,000 Secured Note dated May 26, 2020; a $1,000,000 Secured Note dated May 5, 2021; a $2,000,000 Secured Note as of May 12, 2021; and another $2,000,000 secured note dated May 20, 2021. As of the Petition Date, the Debtors were indebted to the Prepetition Secured Parties for at least $101,033,412 in aggregate principal amount, plus all accrued interest, penalties and fees -- aggregating $618,633 as of the Petition -- and interest at the default rate. The Prepetition Secured Parties were granted valid, binding, perfected, enforceable, first-priority liens and security interests in the Prepetition Collateral, consisting of all of the Debtors' property. Adequate Protection On account of the Prepetition Secured Parties' interests in all Prepetition Collateral, the Debtors propose that the Prepetition Secured Parties receive: a. Adequate Protection Liens; b. Adequate Protection Section 507(b) Claims; and c. Adequate Protection Cash Payments. Carve-Out Pursuant to the terms of the DIP Credit Agreement, the DIP Liens, Adequate Protection Liens, Adequate Protection 507(b) Claims and Senior Secured Debt Liens shall in all events be junior and subordinate to the Carve-out for: * all fees to be paid to the Clerk of Court and Office of the U.S. Trustee; * all reasonable fees and expenses incurred by a Chapter 7 Trustee for up to $25,000; * all accrued and unpaid fees and expenses earned, before or on the day of delivery of a Trigger Notice, of persons or firms retained by the Debtors; * all accrued and unpaid fees and expenses, earned before or on the day of delivery of the Trigger Notice of persons or firms retained by any official committee of unsecured creditors appointed in the Chapter 11 cases; and * allowed professional fees incurred after the Trigger Notice in an amount not exceeding $25,000. Funded Reserve Account The DIP Credit Agreement also provides that beginning on the second Friday after the Petition Date and continuing every second Friday thereafter, the Debtors shall fund from cash on hand into a segregated account an amount equal to the sum of the total weekly fees of Debtor Professional Persons for the prior two weeks, subject to the approved budget up to the amount in the line item for each Debtor Professional Person. A copy of the DIP motion and the Initial DIP Budget (at Exhibit A) is available for free at https://bit.ly/3wXhG36 from Omni Agent Solutions, claims agent. About Avadim Health Avadim Health, Inc., a healthcare and wellness company, develops, manufactures, and markets topical products for the institutional care and consumer markets. The company was formerly known as Avadim Technologies Inc. and changed its name to Avadim Health, Inc. in September 2018. Avadim Health, Inc. was founded in 2007 and is based in Asheville, North Carolina. Avadim Health Inc. and its affiliates Avadim Health IP, Inc.; Bionome Properties Corp.; Quality Assurance Associates, Inc.; and Relion Manufacturing, Inc. sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10883) on May 31, 2021. Their cases are jointly administered. In the petition signed by CRO Keith Daniels, Avadim Health Inc. estimated assets of between $10 million and $50 million and estimated liabilities of between $100 million and $500 million. Judge Craig T. Goldblatt is assigned to the cases. Laura Davis Jones, Esq., at Pachulski Stang of Ziehl & Jones LLP is the Debtors' counsel. Omni Agent Solutions is the Debtors' claims agent. BAINBRIDGE UINTA: US Trustee Questions Gift for Unsecureds ---------------------------------------------------------- William T. Neary, the United States Trustee for Region 6, objects to the Bainbridge Uinta, LLC, et. al. Joint Disclosure Statement and Joint Chapter 11 Plan of Liquidation. The United States Trustee asserts the Debtors' Joint Plan of Liquidation is patently unconfirmable because its releases result in discharges for the debtors in a liquidating chapter 11 case. The Disclosure Statement and the Plan contain impermissible releases and exculpate third parties in contravention of Bank of N.Y. Trust Co. v. Off'l Unsecured Creditors' Comm. (In re Pacific Lumber Co.), 584 F.3d 229, 252 (5th Cir. 2009). Additionally, these releases for liquidating debtors and third-parties are "opt-out" releases, which are nonconsensual for those parties who are not solicited or who otherwise do not vote on the Plan or return their opt-out ballot because there is no meeting of the minds with regard to the releases. The United States Trustee also requests that language be added to the Disclosure Statement and Plan that provides that no party shall be released from any causes of action or proceedings brought by any governmental agencies in accordance with their regulatory functions. The U.S. Trustee also notes that the Plan provides for a potentially impermissible gift from the secured lender to the general unsecured creditors. The Debtors should be required to demonstrate the Plan conforms with the Supreme Court's ruling in Czyzewski v. Jevic Holding Corp., 137 S. Ct. 973 (2017). Moreover, the U.S. Trustee notes that the Plan provides for an impermissible substantive consolidation of these liquidating estates for the sole purpose of avoiding statutory fees. About Bainbridge Uinta Bainbridge Uinta, LLC, develops and operates fields to extract crude oil and natural gas. Bainbridge Uinta sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Tex. Case No. 20-42794) on Sept. 1, 2020. In the petition signed by CEO Paul D. Ching, the Debtor was estimated to have assets of between $50 million and $100 million and liabilities of between $50 million and $100 million. The cases are assigned to Judge Mark X. Mullin. Joseph M. Coleman, Esq. of Kane Russell Coleman Logan PC serves as counsel to the Debtors. Oak Hills Securities, Inc., is tapped as financial advisor to the Debtors. BILL STARKS: Seeks to Hire Sussman & Moore as Bankruptcy Counsel ---------------------------------------------------------------- Bill Starks Construction Co., Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Sussman & Moore, LLP to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) assisting the Debtor in compliance with Title 11 of the United States Code; and (b) assisting in the formulation, confirmation, and consummation of a plan of reorganization, together with such representation as the Debtor may require in all litigations at issue in the case. The firm's hourly rates are as follows: Weldon L. Moore, III, Esq. $375 per hour Paralegal Assistants $125 per hour Weldon Moore, III, Esq., the firm's attorney who will be handling the case, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Weldon L. Moore, III, Esq. Sussman & Moore, LLP 2911 Turtle Creek Blvd., Suite 1100 Dallas, TX 75219 Tel.: 214-378-8270 Fax: 214-378-8290 About Bill Starks Construction Bill Starks Construction Co., Inc., an Abilene, Texas-based company operating in the utility system construction industry, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 21-10081) on June 9, 2021. In the petition signed by William Starks, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Robert L. Jones oversees the case. Weldon L. Moore, III, Esq., at Sussman and Moore, LLP is the Debtor's legal counsel. BOUTIQUE NV: Seeks to Tap Larson & Zirzow as Bankruptcy Counsel --------------------------------------------------------------- Boutique NV, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Larson & Zirzow, LLC to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) preparing legal papers; (b) taking all necessary actions in connection with a sale or a plan of reorganization; (c) protecting and preserving the Debtor's estate; and (d) performing all other legal services for the Debtor. Matthew Zirzow, Esq., and Patricia Huelsman, the principal attorney and paralegal anticipated to work on this matter, will be compensated at their hourly rates of $550 and $220, respectively. In addition, the firm will seek reimbursement for expenses incurred. Mr. Zirzow disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Zachariah Larson, Esq. Matthew C. Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Telephone: (702) 382-1170 Facsimile: (702) 382-1169 Email: zlarson@lzlawnv.com mzirzow@lzlawnv.com About Boutique NV Boutique NV, LLC owns and operates The Retreat on Charleston Peak, which is a 62-room hotel located at 2755 Kyle Canyon Road, Las Vegas. The hotel offers various amenities, including the Canyon Restaurant & Tavern Bar, a full-service restaurant and bar with restricted gaming, and a 5,100-square-foot event space and outdoor deck for wedding or commitment ceremonies, conferences, and other events. It also has a spa, however, that has been closed during the COVID-19 pandemic, but which will be reopened in August. Boutique NV filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 21-13050) on June 16, 2021. In the petition signed by Deanna M. Crossman, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Natalie M. Cox oversees the case. Larson & Zirzow, LLC represents the Debtor as legal counsel. BRIDGING FINANCE: Retail Investors Unite in Receivership -------------------------------------------------------- On June 16, 2021, the Ad Hoc Group of Retail Investors in Bridging Finance Inc. brought a motion before the Ontario Superior Court of Justice to appoint representative counsel for the 25,000 retail investors in the funds managed by Bridging. The Ad Hoc Group believes that retail investors require representation that is independent from the financial advisors and institutions that marketed and sold Bridging units in order to ensure that retail investors can meaningfully participate and protect their rights in the receivership proceeding. On June 22, 2021, the Court indicated it would revisit the issue in 60 days to allow the Receiver to conduct a portfolio review. In the interim, the proposed representative counsel, Weisz Fell Kour LLP, will monitor the proceedings on behalf of the Ad Hoc Group. If you are a retail investor in a Bridging fund and you would like to join the Ad Hoc Group, please contact counsel to the Ad Hoc Group by email at info@wfklaw.ca or call 416-613-8280. BSL TRANSPORT: Wins Cash Collateral Access Thru Sept. 1 ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Ohio has authorized BSL Transport Leasing, Inc. to use cash collateral on an interim basis and provide adequate protection to prepetition secured lenders, First Security Bank of Nevada and Buckeye State Bank. The Debtor requires the use of cash collateral for the continued operation of the Debtor's business, and to facilitate the management and preservation of the Debtor's property. The Debtor is permitted to use the Cash Collateral of First Security and Buckeye to pay all ordinary and necessary expenses consistent with the Debtor's budget, except that the Debtor is also authorized to (i) exceed any line item on the Budget by an amount up to 15% of each such line item; or (ii) exceed any line item by more than 15% so long as the total of all amounts in excess of all line items for the Budget do not exceed 10% in the aggregate of the total Budget. In addition, the Debtor will, under its Budget, be entitled to pay to Buckeye adequate protection payments provided for in the Order. The is also entitled to pay from its Budget these expenses and costs: (a) Fees of the United States Trustee assessed under 28 U.S.C. section 1930; (b) Professional fees and expenses, including those of the Subchapter V trustee appointed in this case, upon application to and allowance by the Court; (c) any further adequate protection payments ordered by the Court; and (d) after notice and the opportunity for hearing, any further expenses and/or costs allowed pursuant to court order. Industrial Repair and Manufacturing, Inc., an entity related to BSL Transport, will, as and for BSL Transport's use of First Security's Collateral, including its Cash Collateral, pay to First Security a monthly payment of $18,156.93. The payment will be due on the 5th day of every month while the Interim Order is in effect unless such day falls on a Saturday or Sunday, or other federal holiday in which case the payment will be due on the first business day thereafter. In the event Industrial Repair and Manufacturing is unable to timely and fully make the First Security Payment, BSL Transport will be required to timely and fully make the Payment. As adequate protection for BSL Transport's use of cash collateral, First Security is granted a postpetition perfected security interest under section 361(2) of the Bankruptcy Code to the same extent and with the same priority as the bank held on a prepetition basis in the Debtor's property. First Security's Replacement Lien will be deemed to be perfected immediately upon the entry of the Court of the Interim Order without the need for filing any further documentation. In addition, the bank is authorized, and the stay of 11 U.S.C. section 362 is lifted so as to allow FSBN to file any documentation it deems appropriate and necessary to perfect this interest. Buckeye will be entitled to receive a monthly payment of $1,000. The payment will be due on the 15th day of every month while the Interim Order is in effect unless such day falls on a Saturday or Sunday, or other federal holiday in which case the payment will be on the first business day thereafter. In addition, BSB is granted a post-petition perfected security interest under section 361(2) of the Bankruptcy Code to the same extent and with the same priority as BSB held on a prepetition basis in the Debtor's property. The BSB Replacement Lien will be deemed to be perfected immediately upon the entry of the Interim Order by the Court without the need for filing any further documentation. Both Replacement Liens will have the same relative priority as the Pre-petition Liens held by both banks in BSL Transport's Property as of the Petition Date. BSL Transport is authorized to use Cash Collateral from the Petition Date to the occurrence of any of these events: (a) the confirmation, conversion or dismissal of the Chapter 11 case; (b) the Debtor's unauthorized use of the Cash Collateral; (c) the Debtor ceasing operation of its business as a Debtor-In-Possession under the Bankruptcy Code; provided, however, that any security interest or priority granted or recognized pursuant hereto will remain in effect until all indebtedness incurred and secured thereunder has been repaid in full; (d) the date of entry of a Court Order terminating the Order for cause; (e) entry of an order granting either FSBN or FSB relief from the automatic stay; (f) a specific order of the Court terminating the Order and/or the entry of a court order superseding the Order, including a final order entered by the Court; or (g) September 1, 2021. A further interim hearing on the matter is scheduled for August 18 at 9:30 a.m. A copy of the order and the Debtor's budget for July and August is available for free at https://bit.ly/3hczoJN from PacerMonitor.com. The Debtor projects $27,400 in total income and $27,352 in total expenses for the period. About BSL Transport Leasing Formed in 2007, BSL Transport Leasing Inc.'s primary assets are trucks and trailers, which it then leases to a related company, IRM Express, LLC. BSL Transport Leasing filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 21-30507) on March 26, 2021. Peggy Toedter, treasurer, signed the petition. In the petition, the Debtor disclosed $654,700 in assets and $5,957,352 in liabilities. Judge John P. Gustafson oversees the case. Steven L. Diller, Esq., at Diller and Rice, LLC, serves as the Debtor's counsel. First Security Bank of Nevada, as secured creditor, is represented by: Jeffrey R. Sylvester, Esq. SYLVESTER & POLEDNAK, LTD 1731 Village Center Circle Las Vegas, NV 89134 Tel: 702-952-5200 Email: Jeff@SylvesterPolednak.com Buckeye State Bank, as secured creditor, is represented by: Scott N. Schaeffer, Esq. KEMP, SCHAEFFER & ROWE 88 West Mound Street Columbus, OH 43215 Tel: (614) 224-2678 Fax: (614) 469-7170 Email: scott@ksrlegal.com BUCKINGHAM SENIOR LIVING: Case Summary & 30 Top Unsecured Creditors ------------------------------------------------------------------- Debtor: Buckingham Senior Living Community, Inc. 8580 Woodway Drive Houston, TX 77063 Business Description: Buckingham Senior Living Community, Inc., a Texas nonprofit corporation, owns and operates a 495-unit continuing care retirement community comprised of 465,000 square feet of developed property on approximately 23 acres of land which opened in 2005. Chapter 11 Petition Date: June 25, 2021 Court: United States Bankruptcy Court Southern District of Texas Case No.: 21-32155 Judge: Hon. Marvin Isgur Debtor's Counsel: Demetra Liggins, Esq. THOMPSON & KNIGHT LLP 811 Main Street, Suite 2500 Houston, Texas 77002 Tel: 214-969-1700 Email: demetra.liggins@tklaw.com Debtor's Financial Advisor: B. RILEY ADVISORY SERVICES Debtor's Claims & Noticing Agent: BANKRUPTCY MANAGEMENT SOLUTIONS, INC. D/B/A STRETTO Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petition was signed by Michael Wyse, chair of the Board of Directors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/L4JD3TQ/Buckingham_Senior_Living_Community__txsbke-21-32155__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Resident 12029633 Contingent Resident Refund $1,080,205 2. Resident 12029634 Contingent $726,300 Resident Refund 3. Resident 12029584 Contingent $718,105 Resident Refund 4. Resident 12029654 Contingent $718,105 Resident Refund 5. Resident 12029490 Contingent $706,860 Resident Refund 6. Resident 12029632 Contingent $658,800 Resident Refund 7. Resident 12029495 Contingent $655,587 Resident Refund 8. Resident 12029509 Contingent $652,028 Resident Refund 9. Resident 12029656 Contingent $639,000 Resident Refund 10. Resident 12029512 Contingent $629,752 Resident Refund 11. Resident 12029491 Contingent $594,810 Resident Refund 12. Resident 12029602 Contingent $581,940 Resident Refund 13. Resident 12029605 Contingent $578,700 Resident Refund 14. Resident 12029561 Contingent $552,600 Resident Refund 15. Resident 12029518 Contingent $550,170 Resident Refund 16. Resident 12029520 Contingent $539,100 Resident Refund 17. Resident 12029658 Contingent $539,100 Resident Refund 18. Resident 12029552 Contingent $527,850 Resident Refund 19. Resident 12029494 Contingent $523,800 Resident Refund 20. Resident 12029570 Contingent $511,000 Resident Refund 21. Resident 12029483 Contingent $503,100 Resident Refund 22. Resident 12029644 Contingent $503,100 Resident Refund 23. Resident 12029471 Contingent $503,100 Resident Refund 24. Resident 12029528 Contingent $499,050 Resident Refund 25. Resident 12029511 Contingent $494,100 Resident Refund 26. Resident 12029642 Contingent $480,600 Resident Refund 27. Resident 12029471 Contingent $478,800 Resident Refund 28. Resident 12029578 Contingent $475,200 Resident Refund 29. Resident 12029657 Contingent $458,100 Resident Refund 30. Resident 12029523 Contingent $458,100 Resident Refund BUCKINGHAM SENIOR: Hits Chapter 11 Bankruptcy to Restructure Debt ----------------------------------------------------------------- The Senior Housing News reports that a Houston-based continuing care retirement community (CCRC) is the latest campus to file for Chapter 11 bankruptcy protection, as it aims to restructure $140.3 million in bond debt. The CCRC, The Buckingham, cited pressures stemming from multiple challenges including Hurricane Harvey in 2017 and the coronavirus pandemic, which impacted the community's ability to attract new residents and generate revenue in order to cover expenses and pay debts. Furthermore, The Buckingham defaulted on some of its debt obligations. The filing was recorded in U.S. Bankruptcy Court for the Southern District of Texas on June 25, 2021. CCRCs generally have proven resilient during the pandemic. On Monday, Fitch Ratings issued a report noting that strong residential real estate markets and healthy consumer demand have created tailwinds for the sector. Still, some CCRCs -- also known as life plan communities -- have struggled and filed for bankruptcy in order to restructure after the pandemic placed strains on operations, or exacerbated existing struggles. Built in 2005 in Houston's affluent River Oaks neighborhood, The Buckingham is an entrance fee-based campus that was once part of a portfolio of CCRCs owned by Senior Quality Lifestyle Corporation (SQLC). When that company affiliated with Lifespace Communities in 2019, the Buckingham disaffiliated and struck out on its own with an independent board constituted with members experienced in bankruptcy and restructuring who recognized the headwinds the community faced. The Buckingham is managed by Greystone Management Services, which also handles the marketing for the community. It consists of 303 independent living residences, 67 assisted living units, 33 memory care units, and 92 skilled nursing residences. As of June 23, the occupancy rates were 71% for assisted living, 62% for independent living, 57% for skilled nursing and 45% for memory care. Construction was financed with tax-exempt bonds issued through the Tarrant County Cultural Education Facility Finance Corporation. The current bond trustee is UMB Bank. As of the petition date, $140.34 million in principal remained outstanding related to the bond debt, plus $16.3 million in interest. The Buckingham claims $198.2 million in assets versus $345.1 million in liabilities, including $130.4 million in contingent entrance fee refunds, according to the filing. The restructuring plan, if approved, will continue operations without impacting residents; restructure the debt to better align with projected cash flows; and pay in full outstanding resident fee obligations. Additionally, the community would receive a $28.5 million cash infusion to fund reserves and fund necessary capital improvements. "We're incredibly optimistic that this difficult but prudent step to refinance our debt will put our community on a future path that's stronger than ever," Michael Wyse, board chairman for The Buckingham, said in a statement. Earlier this month, The Amsterdam at Harborside in Port Washington, New York filed for Chapter 11 bankruptcy protection for the second time in seven years, with a pre-negotiated plan to restructure $199.5 million in bond debt. Park Place of Elmhurst, in the Chicago suburb of Elmhurst, Illinois, filed for Chapter 11 protection in December 2020 after defaulting on $15.5 million in bond debt issued by the Illinois Finance Authority. Henry Ford Village, a CCRC in Dearborn, Michigan, is poised to exit bankruptcy after a court approved a $76.3 million acquisition bid by an affiliate of Sage Healthcare Partners. About the Buckingham Senior Living The Buckingham Senior Living Community is a Houston-based continuing care retirement community (CCRC). The Buckingham sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 21-32155) on June 25, 2021. In its petition, The Buckingham estimated assets of between $100 million and $500 million and liabilities of the same range. The case is handled by Honorable Judge Marvin Isgur. Christopher Andrew Bailey, and Demetra Liggins of Thompson & Knight LLP serve as the Debtor's counsel. BULLFROG LOGISTICS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Bullfrog Logistics, LLC 7306 Kevil Road Carlsbad, NM 88220 Chapter 11 Petition Date: June 26, 2021 Court: United States Bankruptcy Court District of New Mexico Case No.: 21-10792 Judge: Hon. David T. Thuma Debtor's Counsel: Dennis A. Banning, Esq. NM FINANCIAL LAW, P.C. 320 Gold Avenue SW, Suite 1401 Albuquerque, NM 87102-3299 Tel: 505-503-1637 E-mail: nmfl@nmfinanciallaw.com Total Assets: $2,847,541 Total Liabilities: $6,111,759 The petition was signed by Jeff McWhorter, the managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/Z6E6GLQ/Bullfrog_Logistics_LLC__nmbke-21-10792__0001.0.pdf?mcid=tGE4TAMA CARIBBEAN MOTEL: Seeks to Hire Lugo Mender Group as Legal Counsel ----------------------------------------------------------------- Caribbean Motel Corporation seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Lugo Mender Group, LLC to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) advising the Debtor with respect to its duties, powers, and responsibilities in the case under the laws of the United States and Puerto Rico in which it conducts its operations, does business or is involved in litigation; (b) advising the Debtor in connection with its reorganization endeavors, including assisting in the formulation of a plan of reorganization; (c) assisting the Debtor in negotiations with creditors for the purpose of arranging a feasible plan of reorganization; (d) preparing legal papers; (e) appearing before the bankruptcy court or any other court in which the Debtor asserts a claim or defense directly or indirectly related to the bankruptcy case; and, (f) performing other necessary legal services. The firm's hourly rates are as follows: Wigberto Lugo Mender, Esq. $300 per hour Associate Staff Attorney $200 per hour Legal and Financial Assistants $125 per hour The Debtor paid $6,000 to the law firm as a retainer fee. Wigberto Lugo Mender, Esq., principal at Lugo Mender Group and the attorney who will be handling the case, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Wigberto Lugo Mender, Esq. Lugo Mender Group, LLC 100 Carr. 165 Suite 501 Guaynabo, PR 00968-8052 Tel.: (787) 707-0404 Fax: (787) 707-0412 Email: wlugo@lugomender.com About Caribbean Motel Caribbean Motel Corporation filed a Chapter 11 petition (Bankr. D. P.R. Case No. 21-01831) on June 15, 2021. At the time of the filing, the Debtor declared $683,781 in total assets and $2,399,246 in total liabilities. Margaro Rivera Guzman, president, signed the petition. Wigberto Lugo Mender, Esq. represents the Debtor as legal counsel. CB REAL ESTATE: Seeks to Hire Charles A. Cuprill as Legal Counsel ----------------------------------------------------------------- CB Real Estate, LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Charles A. Cuprill PSC Law Offices to serve as legal counsel in its Chapter 11 case. The hourly rates charged by the firm's attorneys and paralegals are as follows: Attorneys $150 to $350 per hour Paralegals $85 per hour The firm will be paid a retainer in the amount of $15,000 and reimbursed for out-of-pocket expenses incurred. Charles Cuprill-Hearnandez, Esq., a partner at Charles A. Cuprill PSC Law Offices, 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: Charles A. Cuprill-Hearnandez, Esq. Charles A. Cuprill PSC Law Offices 356 Fortaleza Street, Second Floor San Juan, PR 00901 Tel: (787) 977-0515 Fax: (787) 977-0518 Email: ccuprill@cuprill.com About CB Real Estate San Juan, P.R.-based CB Real Estate, LLC is a fee simple owner of two commercial buildings located in Puerto Rico and a residential property in New York, valued at $8.9 million in the aggregate. CB Real Estate sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 21-01849) on June 16, 2021. Horacio Campolieto Bielicki, president, signed the petition. In the petition, the Debtor disclosed total assets of $10,147,500 and total liabilities of $3,407,130. Charles A. Cuprill, PSC Law Offices and Luis R. Carrasquillo & Co. P.S.C. serve as the Debtor's legal counsel and financial consultant, respectively. CB REAL ESTATE: Taps Luis R. Carrasquillo as Financial Consultant ----------------------------------------------------------------- CB Real Estate, LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Luis R. Carrasquillo & Co., P.S.C. as financial consultant. The Debtor needs a financial consultant to assist in the financial restructuring of its affairs, advise on strategic planning, assist in the preparation of a plan of reorganization and participate in negotiation with creditors. The firm's hourly rates are as follows: Luis R. Carrasquillo, Partner $175 per hour Marcelo Gutierrez, Senior CPA $125 per hour Arnaldo Morales Rivera, Senior Accountant $100 per hour Carmen Callejas Echevarria, Senior Accountant $90 per hour Zoraida Delgado Diaz, Junior Accountant $60 per hour Enid Olmeda, Junior Accountant $45 per hour Rosalie Hernandez Burgos, Administrative and Support $35 per hour Kelsei Lopez, Administrative and Support $35 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. The retainer fee is $10,000. Luis Carrasquillo Ruiz, Esq., a partner at Luis R. Carrasquillo & Co., 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: Luis R. Carrasquillo Ruiz Luis R. Carrasquillo & Co. P.S.C. 28th Street, #TI-26 Turabo Gardens Avenue Caguas, PR 00725 Telephone: (787) 746-4555 Facsimile: (787) 746-4564 Email: luis@cpacarrasquillo.com About CB Real Estate San Juan, P.R.-based CB Real Estate, LLC is a fee simple owner of two commercial buildings located in Puerto Rico and a residential property in New York, valued at $8.9 million in the aggregate. CB Real Estate sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 21-01849) on June 16, 2021. Horacio Campolieto Bielicki, president, signed the petition. In the petition, the Debtor disclosed total assets of $10,147,500 and total liabilities of $3,407,130. Charles A. Cuprill, PSC Law Offices and Luis R. Carrasquillo & Co. P.S.C. serve as the Debtor's legal counsel and financial consultant, respectively. CDT DE SAN SEBASTIAN: Hearing on Disclosures Continued to July 19 ----------------------------------------------------------------- Judge Edward A. Godoy has entered an order that the motion filed by CDT De San Sebastian Inc requesting the continuance of the hearing on approval of disclosure statement scheduled for June 24, 2021, at 1:30 p.m., is granted. The same is rescheduled for July 29, 2021, at 1:30 PM via Microsoft Teams. About CDT De San Sebastian CDT De San Sebastian Inc., a tax-exempt entity that operates an outpatient care center in San Sebastian, P.R., sought Chapter 11 protection (Bankr. D.P.R. Case No. 19-06636) on Nov. 13, 2019. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Brian K. Tester oversees the case. The Debtor has tapped Jose Ramon Cintron, Esq., as its legal counsel, and JE&MA CPA Consulting Solutions LLC, as its accountant. CHRISTIE-SCOTT: Seeks to Tap The Weiss Law Group as Legal Counsel ----------------------------------------------------------------- Christie-Scott, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ The Weiss Law Group, LLC to serve as legal counsel in its Chapter 11 case. The firm will render these legal services: (a) file the required schedules, statements, and reports; (b) settle negotiations; (c) advise the Debtor concerning the estate's administration; (d) defend the Debtor in any contested matters or adversary proceedings; and (e) confirm disclosure statement and Chapter 11 plan. Brett Weiss, Esq., the principal attorney who will work in this representation, will be paid at his hourly rate of $495. Mr. Weiss disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brett Weiss, Esq. The Weiss Law Group, LLC 6404 Ivy Lane, Suite 650 Greenbelt, MD 20770 Telephone: (301) 924-4400 Facsimile: (240) 627-4186 Email: brett@BankruptcyLawMaryland.com About Christie-Scott LLC Christie-Scott, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 21-14092) on June 21, 2021, disclosing total assets of up to $500,000 and total liabilities of up to $1 million. Judge Nancy V. Alquist oversees the case. The Weiss Law Group, LLC serves as the Debtor's legal counsel. CHZAC LLC: Seeks to Hire Lugenbuhl as Bankruptcy Counsel -------------------------------------------------------- CHZAC, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Lugenbuhl, Wheaton, Peck, Rankin & Hubbard to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) advising the Debtor regarding its powers and duties; (b) preparing bankruptcy schedules, statement of financial affairs; (d) preparing legal papers; (e) representing the Debtor at the initial interview and creditors' meeting; (f) representing the Debtor at hearings and other court proceedings; and (g) other necessary legal services. The hourly rates of the firm's attorneys and staff are as follows: Christopher T. Caplinger $375 per hour Joseph P. Briggett $300 per hour Senior Associates $275 per hour Other Associates $225 per hour Paralegals $100 per hour The firm received an initial retainer of $12,000 from the Debtor. Joseph Briggett, Esq., a shareholder of Lugenbuhl, Wheaton, Peck, Rankin & Hubbard, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph P. Briggett, Esq. Lugenbuhl, Wheaton, Peck, Rankin & Hubbard 601 Poydras Street, Suite 2775 New Orleans, LA 70130 Telephone: (504) 568-1990 Facsimile: (504) 310-9195 Email: jbriggett@lawla.com About CHZAC LLC CHZAC LLC, doing business as One Cleaners, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 21-10806) on June 21, 2021, disclosing total assets of up to $500,000 and total liabilities of up to $1 million. Chris Sander, manager, signed the petition. Judge Meredith S. Grabill oversees the case. Lugenbuhl, Wheaton, Peck, Rankin & Hubbard serves as the Debtor's legal counsel. CITY WIDE COMMUNITY: Seeks Cash Collateral Access ------------------------------------------------- Citywide Community Development Corporation, Lancaster Urban Village Residential, LLC, and Lancaster Urban Village Commercial, LLC ask the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, for authority to use cash collateral. Each of CWCDC, Residential and Commercial, have borrowed money or pledged their pro rata undivided ownership in Lancaster Urban Village to the City of Dallas as subordinate lender. Residential has also pledged, its pro rata ownership in LUV to Greystone Mortgage Servicing, Inc., as lender, on a loan guaranteed by the Dept. of Housing and Urban Development. Greystone has in turn assigned this loan secured by the deed of trust to the successor lender, Walker & Dunlop, PLLC. This segregated loan occurs because HUD rules prohibit guaranty of financing of commercial and non-residential usages owned by CWCDC and Commercial. The balance owed to Walker is approximately $13 million. Cash collateral in the form of rental receipts from LUV are requested to be used pursuant to the proposed budgets attached to the proposed Order. The Debtors propose to provide adequate protection through a replacement lien for post-petition receipts against any use of pre-petition collateral. In addition, adequate protection is being proposed by continuation of payments pursuant to the financing agreements with Walker in the amount of $102,377. The City of Dallas (COD) financing utilizes what is known as Sec. 108 Community Development Block Grants and New Market Tax Credits. The combination of these Walker and Dallas sources funded approximately $30 million needed to complete the financing of the LUV project. The Dallas debt portion has been reduced by application of tax increment financing deferred property taxes used to amortize debt to less than $1 million. This wiped out the lien of the single purpose vehicle, DDF Charlie, LLC. This entity was used by Dallas to hold the lien securing the repayment of the advances made under Sec. 108 and New Market Tax Credit programs, and subsequently reassigned back to Dallas. The $1 million balance under the Dallas financing is being disputed. The balance from sale or refinance of the portion of the project owned by Residential is expressly paid by its terms only if there are net proceeds remaining after satisfaction of superior liens of Walker, and payments owed to development partner, Catalyst Urban Lancaster Development, LLC under an unsecured note of $2.5 million plus interest. There is also a question whether the payment to Dallas is subordinated to payments under an ancillary management agreement where Catalyst assist CWCDC in the management of the project to be paid $880,000 per year and split 50/50 between CWCDC and Catalyst. Adequate protection is being provided in the form of replacement lien on post-petition receivables for use of pre-petition receivables. No adequate protection payment is proposed since the express terms for payment of the disputed loan occur only when there is a sale or refinancing. Catalyst is not a secured creditor. Therefore, no use of cash collateral is being requested to provided adequate protection to Catalyst. In any event, payments to Catalyst, in turn, would be made only after notice and hearing of a settlement between the Debtor and Catalyst. The Debtors will be requesting payment only by the expressed terms when funds are available to the Debtors by sale or refinancing of LUV. In addition to the use of Walker and Dallas cash collateral in connection with the LUV Project, the Debtors also intend to use the Dallas cash collateral arising from the Lancaster Office Building. Dallas has a first lien on this project in the scheduled amount of $1.3 million for a forgivable loan/grant under block grant financing. This amount also secures adjacent vacant land known as the Opal Project. Cash collateral in the form of rental receipts are being proposed to be used under the proposed Order and budgets. Adequate protection is being provided through a replacement lien on post-petition rentals for use of any pre-petition rentals. These loan/grants is/are "forgivable" if the Debtors adhere to use restrictions and other terms of the loan agreements. Therefore, no adequate protection payment is being proposed. The Debtors other secured lenders are First Legacy Bank, N.A, now known as Prosperity Bank, N.A, Texas Mezzanine Fund, Frost Bank, N.A., Texas Department of Housing and Community Affairs, ST&H Management Inc. and Tax Core, Inc., First Choice Sales & Service, Inc., and the United States Small Business Administration. A copy of the motion is available at https://bit.ly/2UHA6qV 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. COMMUNITY REGIONAL: Taps Wanger Jones Helsley as Bankruptcy Counsel ------------------------------------------------------------------- Community Regional Anesthesia Medical Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Wanger Jones Helsley to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) taking all necessary actions to protect, preserve, and represent the Debtor, including, if required by the facts and circumstances, the prosecution of actions, adversary cases or other proceedings; (b) defending any adversary cases or other proceedings against the Debtor; (c) negotiating all disputes and litigation in which the Debtor is involved and, where appropriate, filing and prosecuting objections to claims filed against the Debtor; (d) preparing legal papers; (e) developing, negotiating and promulgating a Chapter 11 plan; and, (f) performing other legal services as requested. The firm’s hourly rates are as follows: Attorneys $180 - $595 per hour Paralegals/Law Clerks $125 - $180 per hour Riley Walter, Esq., at Wanger Jones Helsley, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Riley C. Walter, Esq. Garrett R. Leathem, Esq. Wanger Jones Helsley 265 E. River Park Circle, Suite 310 Fresno, CA 93720 Tel.: (559) 490-0949 Email: rwalter@wjhattorneys.com gleatham@wwjhattorneys.com About Community Regional Anesthesia Medical Group, Inc. Community Regional Anesthesia Medical Group, Inc. provides anesthesia services for Community Medical Centers (CMC) at its three major hospitals, Community Regional Medical Center, Clovis Community Medical Center, and Fresno Heart and Surgical Hospital. Community Regional Anesthesia Medical Group filed a Chapter 11 petition (Bankr. E.D. Calif. Case No. 21-11542) on June 15, 2021. Carolyn Larsen, executive director, signed the petition. In the petition, the Debtor disclosed $7,412,863 in total assets and $8,891,012 in total liabilities. Judge Rene Lastreto II presides over the Debtor's Chapter 11 case. Lisa Holder is the Subchapter V trustee appointed in the case. Wanger Jones Helsley and Littler Mendelson, PC serve as the Debtor's bankruptcy counsel and special counsel, respectively. CP HOLDINGS LLC: July 16 Final Hearing on $3MM Tor Asia Loan ------------------------------------------------------------ The Delaware bankruptcy court has entered an interim order authorizing CP Holdings LLC and Pacrim U.S. LLC to enter into a superpriority, senior secured DIP financing of up to $3,000,000 in aggregate principal amount, with up to $410,000 available upon entry of the interim order. A final hearing on the matter is scheduled for July 16, 2021, at 11:00 a.m., prevailing Eastern Time. The Debtors will use the proceeds of the DIP Loan to fund their restructuring efforts, including the marketing and sale of substantially all of their assets, and the administration of the Chapter 11 cases, among other things. The salient terms of the DIP Facility are: a. Borrowers: CP Holdings LLC and Pacrim U.S., LLC b. DIP Lender: Tor Asia Credit Master Fund LP c. Term: The earlier of the date the Sale Transaction or Alternative Sale Transaction closes and September 17, 2021, provided, that the Lender and Borrowers may mutually agree to extend such date. d. Commitment: The DIP Lender is committing to provide up $1.5 million of post-petition financing and may, in its sole discretion, elect to commit a further $1.5 million e. Interest Rates: -- The DIP Loan shall bear interest at a fixed rate per annum equal to 10% calculated on the basis of a 360-day year for the actual number of days elapsed. -- After the occurrence and during an Event of Default, the interest rate shall be 12% per annum, compounding on the first Business Day of each month, monthly The DIP Lender is granted, continuing, valid, binding, enforceable, non-avoidable, and automatically and properly perfected postpetition security interests in and liens on all assets, real and personal property of each of the Debtors and their respective Estates. Debtors' Prepetition Capital Structure As of the Petition Date, the Debtors' liabilities and those of their non-Debtor subsidiaries total $83,006,256. Of this amount, $66,430,256 comprise the Debtors' contingent guaranty liability under the First Lien Term Loan Credit Agreement dated July 11, 2017 among CP Global, Inc., as borrower, certain guarantors and Tor Asia, as lender. The Credit Agreement governs the senior secured term loan facility, which is guaranteed by Guy Kwok-Hung Lam and several of CP Global's affiliates, including the Debtors. The First Lien Term Loan Facility was issued in an aggregate principal amount of $29,500,000, with an initial maturity date of July 12, 2019. The First Lien Term Loan Facility is secured by a first lien security interest in substantially all of the assets of CP Global and each guarantor other than Lam, including each of the Debtors. The Debtors disclosed that their books and records did not account for the contingent guarantee obligation under the First Lien Term Loan Facility. Road to Chapter 11 During the term of the Credit Agreement and as acknowledged in the Third Amendment, the Loan Parties repeatedly defaulted on their payment and covenant obligations. On April 15, 2020, Tor Asia exercised certain remedies pursuant to the Loan Documents, including the appointment of John Howard Batchelor of FTI Consulting (Hong Kong) Limited and Andrew Morrison of FTI Consulting (Cayman) Limited as receivers and managers of the CP Global Share, and CP Global's assets and accounts. Tor Asia also presented the CP Global Director Resignation Letter and the CP Assets Director Resignation Letter to CP Global and CP Assets. On June 10, 2021, Tor Asia provided the Debtors with a notice demanding repayment of their guarantee obligations and with a notice of its intent to foreclose on the Debtors' collateral securing the First Lien Term Loan Facility. Tor, however, has agreed to forbear through and including June 20, 2021 to support the Debtors' reorganization efforts, including a sale of their assets pursuant to Section 363 of the Bankruptcy Code to maximize value for all stakeholders. Adequate Protection As adequate protection for any Diminution of the Prepetition Lender's interest, the Prepetition Lender shall receive: (a) continuing valid, binding, enforceable and perfected postpetition replacement liens on the DIP Collateral, which shall be subordinated only to the Carve-Out, the DIP Liens and Prepetition Permitted Liens and which (x) shall otherwise be senior to all other security interests in, liens on, or claims against the DIP Collateral, and (y) shall not be made subject to or pari passu with any lien or security interest granted in the Chapter 11 Cases or any Successor Cases; (b) administrative superpriority expense claims in each of the Chapter 11 Cases, junior and subordinate only to the Carve-Out and the DIP Obligations, with priority over all other administrative expenses, administrative expense claims and unsecured claims against the Debtors or their Estates. The application of section 507(b) of the Bankruptcy Code is not limited in the event that the adequate protection provided to the Prepetition Lender hereunder is insufficient to compensate for any Diminution of their respective interests in the Prepetition Debtor Collateral during the Chapter 11 Cases or any Successor Cases. Milestones The Debtors shall be required to comply with these items within the timeframes set forth: * On or before June 25, 2021, the Interim DIP Order shall have been entered by the Bankruptcy Court; * On or before the day that is 2 Business Days after entry of the Interim Order, the Debtors shall file an answer in the adversary proceeding to be commenced by the DIP Lender and Mr. Andrew Oksner contemporaneously with the filing of the bankruptcy cases; * On or before July 16, 2021, the Final DIP Order shall have been entered by the Bankruptcy Court; * On or before September 3, 2021, the Bankruptcy Court shall have entered an order authorizing a 363 Sale Transaction; and * On or before September 17, 2021, the Debtors shall have consummated the 363 Sale Transaction. Carve-Out means the sum of: * all fees required to be paid to the Clerk of the Bankruptcy Court and to the Office of the U.S. Trustee plus interest at the statutory rate; * fees and expenses up to $50,000 incurred by a trustee; * all unpaid fees and expenses incurred by persons or firms retained by the Debtors and any Committee appointed in the Chapter 11 Cases at any time prior to the delivery by the DIP Lender of a Carve-Out Trigger Notice, subject to the Approved Budget and to the extent allowed; and * Professional Fees incurred after delivery by the DIP Lender of the Carve-Out Trigger Notice (including transaction fees or success fees payable to a Professional Person) up to $200,000 for the Debtor Professionals and $50,000 for Committee Professionals. A copy of the DIP motion is available for free at https://bit.ly/3xzpuZ6 from PacerMonitor.com. The Debtors are represented by: Patrick J. Reilley, Esq. COLE SCHOTZ P.C. 500 Delaware Avenue, Suite 1410 Wilmington, DE 19801 Telephone: (302) 652-3131 Facsimile: (302) 574-2103 Email: preilley@coleschotz.com - and - Warren A. Usatine, Esq. Felice R. Yudkin, Esq. Matteo Percontino, Esq. COLE SCHOTZ P.C. 25 Main Street Hackensack, NJ 07601 Telephone: (201) 489-3000 Facsimile: (201) 678-6261 Email: wusatine@coleschotz.com fyudkin@coleschotz.com mpercontino@coleschotz.com About CP Holdings LLC CP Holdings LLC is a Texas-based assisted living facility founded in 2007. CP Holdings and affiliate Pacrim U.S. LLC sought Chapter 11 protection (Bankr. D. Del. Case No. 21-10950 and 21-10949) on June 20, 2021. In its petition, CP estimated assets of between $10 million and $50 million and estimated liabilities of between $50 million and $100 million. The case is handled by Honorable Judge Laurie Selber Silverstein. Lawyers at Cole Schotz P.C. serve as the Debtors' counsel. CP HOLDINGS: June 30 Deadline Set for Panel Questionnaires ---------------------------------------------------------- The United States Trustee is soliciting members for an unsecured creditors committee in the bankruptcy case of CP Holdings LLC. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a Questionnaire available at https://bit.ly/35UIbe5 and return it to Linda.Casey@usdoj.gov at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on June 30, 2021. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About CP Holdings LLC CP Holdings LLC is a Texas-based assisted living facility founded in 2007. CP Holdings and affiliate Pacrim U.S. LLC sought Chapter 11 protection (Bankr. D. Del. Case No. 21-10950 and 21-10949) on June 20, 2021. In its petition, CP estimated assets of between $10 million and $50 million and estimated liabilities of between $50 million and $100 million. The case is handled by Honorable Judge Laurie Selber Silverstein. Patrick J. Reilley of Cole Schotz P.C. is the Debtors' counsel. CP TOURS: Wins Cash Collateral Access Thru July 14 -------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, has authorized, on an interim basis: -- Cycle-Party Miami, LLC to use cash collateral of Regions Bank in accordance with the budget, with a 10% variance; -- CP Tours, LLC to use cash collateral of Regions Bank and the United States Small Business Administration; and -- Cycle-Party Fort Lauderdale, LLC to use the use cash collateral of Regions Bank. The Debtors are authorized to provide adequate protection payments to the lenders. A final hearing on the matter is scheduled for July 14 at 1:30 p.m. A copy of the order and CP Miami's budget from June to September 2021 is available at https://bit.ly/3qCVJVi from PacerMonitor.com. CP Miami projects $50,000 in total revenue and $30,491 in total other income and expense for June 2021. The Debtor projects $48,000 in total revenue and $24,841 in total other income and expense for July 2021. The Debtor projects $40,000 in total revenue and $24,591 in total other income and expense for August 2021. The Debtor projects $30,000 in total revenue and $23,091 in total other income and expense for September 2021. About CP Tours, LLC CP Tours, LLC filed for bankruptcy under Subchapter V of Chapter 11 (Bankr. S.D. Fla. Case No. 21-15900) on June 17, 2021. Affiliates Cycle-Party Fort Lauderdale, LLC, a provider of bicycle tours for sightseeing and special occasions, and Cycle-Party Miami, LLC, also filed separate Subchapter V petitions (Bankr. S.D. Fla. Case Nos. 21-15901 and 15903, respectively) on June 17. The three cases are jointly administered. As of the Petition Date, CP Tours estimated between $100,001 and $500,000 in both assets and liabilities; Cycle-Party Fort Lauderdale estimated up to $50,000 in both assets and liabilities; and Cycle-Party Miami estimated between $100,001 and $500,000 in assets and between $50,001 and $100,000 in liabilities. J. Michael Haerting, the Debtors' CFO and vice president, signed the petitions. Judge Scott M. Grossman is assigned to the cases. Van Horn Law Group, P.A. represents the Debtors as counsel. Tarek Kirk Kiem has been appointed as Subchapter V Trustee for the Debtors. CRYSTAL FOUNTAIN: Gets OK to Hire Bultynck & Co. as Accountant -------------------------------------------------------------- Crystal Fountain Chapel Funeral Home, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Bultynck & Co., PLLC as its accountant. The firm's services include: (a) annual accounting; (b) yearend preparation of tax returns; and (c) preparation of unfiled returns. The firm will be paid at hourly rates ranging from $50 to $240. The retainer fee is $2,000. David Bultynck, a certified public accountant at Bultynck & Co., disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Bultynck Bultynck & Co., PLLC 15985 Canal Rd. Clinton Township, MI 48038 Telephone: (586) 286-7300 Fax: (586) 286-9986 Email: admin@bultynck.com About Crystal Fountain Chapel Funeral Home Crystal Fountain Chapel Funeral Home, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 21-44190) on May 12, 2021, disclosing total assets of up to $50,000 and total liabilities of up to $500,000. Elder Melvin Lewis, responsible person, signed the petition. Judge Lisa S. Gretchko oversees the case. The Debtor tapped Stevenson & Bullock, PLC as legal counsel and Bultynck & Co., PLLC as accountant. DECK SUPPLY: Gets OK to Employ Brian A. Barboza as Legal Counsel ---------------------------------------------------------------- Deck Supply Warehouse, LLC received approval from the U.S. Bankruptcy Court for the Northern District of California to hire the Law Offices of Brian A. Barboza to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) advising the Debtor regarding matters of bankruptcy law; (b) representing the Debtor in proceedings or hearings in the bankruptcy court; (c) preparing legal papers; (d) advising the Debtor concerning the requirements of the Bankruptcy Code and Rules relating to the administration of the case and the operation of the Debtor's business; (e) assisting the Debtor in negotiation, preparation, confirmation, and implementation of a plan of reorganization; and (f) performing all other necessary legal services. The firm will be paid at an hourly rate of $300. The Debtor paid $12,000 as a retainer fee to the firm. Brian Barboza, Esq., the firm's attorney who will be handling the case, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Barboza can be reached at: Brian A. Barboza, Esq. Law Offices of Brian A. Barboza 141 Stony Circle, Suite 221 Santa Rosa, CA 95401 Tel.: (707) 527-8553 Fax: (707) 543-1304 Email: bbarboza@barbozaesq.com About Deck Supply Warehouse Deck Supply Warehouse, LLC, a Windsor, Calif.-based wholesaler of premium decking materials, filed a Chapter 11 petition (Bankr. N.D. Calif. Case No. 21-10266) on May 27, 2021. In the petition signed by Jeanette Leavens, managing member, the Debtor disclosed $569,116 in total assets and $1,518,068 in total liabilities as of May 26, 2021. Judge Charles Novack presides over the case. The Law Offices of Brian A. Barboza represents the Debtor as counsel. DECO-USA LLC: Seeks to Tap Dean W. Greer as Bankruptcy Counsel -------------------------------------------------------------- DECO-USA, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Dean Greer, Esq., an attorney practicing in San Antonio, Texas, to handle its Chapter 11 case. Mr. Greer will render these legal services: (a) advise and consult with the Debtor as to its powers and duties in the continued operation of its business and management of its properties. (b) take actions as may be necessary to preserve and protect the Debtor's assets; (c) prepare legal papers; (d) develop, negotiate, and confirm a plan of reorganization and prepare a disclosure statement in respect thereof; and (e) perform other legal services. Mr. Greer will be compensated at his hourly rate of $250, plus reimbursement of expenses. The attorney disclosed in a court filing that he is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Dean W. Greer, Esq. Law Offices of Dean W. Greer 2929 Mossrock, Ste. 117 San Antonio, TX 78230 Telephone: (210) 342-7100 Facsimile: (210) 342-3633 Email: dean@dwgreerlaw.com About DECO-USA LLC Deco-USA LLC is a single asset real estate debtor (as defined in Section 101(51B) of the Bankruptcy Code). The Debtor is the fee simple owner of two properties in San Antonio, Texas, having a total appraised value of $6.45 million. Deco-USA filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 21-50679) on May 28, 2021. Raul Aguilar, manager, signed the petition. As the time of the filing, the Debtor disclosed $6,455,518 in total assets and $4,070,289 in total liabilities. Judge Craig A. Gargotta oversees the case. Dean W. Greer serves as the Debtor's legal counsel. DIOCESE OF WINONA-ROCHESTER: Unsecured Claims Unimpaired Under Plan ------------------------------------------------------------------- Diocese of Winona-Rochester and Official Committee Of Unsecured Creditors submitted a Joint Disclosure Statement for Second Amended Joint Chapter 11 Plan of Reorganization. The Plan is based on two settlements: * One settlement is among the Diocese, the Catholic Entities, and certain Settling Insurers and amounts to $6,500,000. This settlement is evidenced by the LMI/Interstate Settlement Agreement, which is subject to Bankruptcy Court approval. In general terms, the LMI/Interstate Settlement Agreement provides for (a) the buy back by certain Underwriters at Lloyd's, London, and certain London Market Companies (as defined in the LMI/Interstate Settlement Agreement) (collectively, "LMI") and Interstate Fire & Casualty Company ("Interstate" and together with LMI, "LMI/Interstate") of their policies from the Catholic Entities and (b) injunctions which prohibit, among others, Tort Claimants from suing LMI/Interstate. LMI/Interstate constitute "Settling Insurers" under the Plan. * The second settlement is among the Diocese, certain Catholic Entities, and the Committee and amounts to $13,560,000 (minus (i) amounts paid by the Debtor for certain administrative expenses paid after February 29, 2020 and (ii) counseling expenses for Tort Claimants paid by the Debtor) to be paid within five days after the Effective Date of the Plan (which payment shall constitute substantial consummation of the Plan), plus an additional $7,552,500 to be paid as soon as practical but in no event more than 12 months after the Effective Date. $112,500 of the $7,552,500 payment will be contributed by the following Catholic Entities: Lourdes High School of Rochester, Inc. a/k/a Lourdes Catholic High School and Rochester Catholic Schools. In addition, the Debtor has agreed to pay up to an additional $750,000 to fund the Impaired Unknown Tort Claim Reserve Fund. All of the settlement amounts will be payable to the Trust set up through the Plan and Disclosure Statement process. The cash required to fund the Trust that will pay holders of Class 3 and 4B Claims, will come from (i) $13,560,000.00 of cash from the Debtor (minus (A) amounts paid by the Debtor for certain administrative expenses paid after February 29, 2020 and (B) counseling expenses for Tort Claimants paid by the Debtor) to be paid within five days after the Effective Date of the Plan (which payment shall constitute substantial consummation of the Plan), plus an additional $7,552,500 of cash from the Debtor and certain Catholic Entities to be paid within 12 months after the Effective Date, plus up to an additional $750,000 from the Debtor to fund the Impaired Unknown Tort Claim Reserve Fund, (ii) $6,500,000.00 of cash from LMI/Interstate, and (iii) the Transferred Insurance Interests. The Debtor currently has sufficient funds on hand to make the initial cash payment required of it by the Plan, and the Plan provides the Debtor up to 12 months to make the second cash payment of $7,552,500, which the Debtor believes is sufficient time to raise such funds via the sale or financing of certain assets and contributions from certain non-Diocesan entity resources. The Plan will treat claims as follows: TORT CLAIMS OTHER THAN IMPAIRED UNKNOWN TORT CLAIMS (CLASS 3). Class 3 Claims will be paid in accordance with the provisions of the Trust and Trust Distribution Plan. Class 3 is impaired. IMPAIRED UNKNOWN TORT CLAIMS (CLASS 4B). The Trust will make distributions to the Class 4B Claimants, as provided by the Plan, the Trust Agreement, and the Trust Distribution Plan, which will represent the sole recovery available to Class 4B Claimants in respect to any obligation owed by the Settling Insurers. Distribution from the Trust, however, does not preclude or affect claims or recoveries by Class 4B Claimants against the Non-Settling Insurers. Class 4B is impaired. GENERAL UNSECURED CLAIMS (CLASS 5). Each holder of a Class 5 Claim will receive, directly from the Reorganized Debtor, payment in full of such allowed Class 5 Claim, without interest, on the Effective Date. Class 5 is unimpaired. Attorneys for the Debtor: Thomas R. Braun Christopher W. Coon RESTOVICH BRAUN & ASSOCIATES 117 East Center Street Rochester, MN 55904 Tel: (507) 216-8652 E-mail: thomas@restovichlaw.com christopher@restovichlaw.com Robert J. Diehl, Jr. Brian R. Trumbauer Jaimee L. Witten BODMAN PLC 6th Floor at Ford Field 1901 St. Antoine Street Detroit, Michigan 48226 Tel: (313) 259-7777 E-mail: rdiehl@bodmanlaw.com btrumbauer@bodmanlaw.com jwitten@bodmanlaw.com Attorneys for the Official Committee of Unsecured Creditors: Robert T. Kugler Edwin H. Caldie STINSON, LLP 50 South Sixth Street, Suite 2600 Minneapolis, MN 55402 Telephone: 612-335-1500 Facsimile: 612-335-1657 E-mail: robert.kugler@stinson.com ed.caldie@stinson.com drew.glasnovich@stinson.com A copy of the Disclosure Statement is available at https://bit.ly/35PwKEr from PacerMonitor.com. About The Diocese of Winona-Rochester The Diocese of Winona-Rochester was established on Nov. 26, 1889 when Pope Leo XIII issued the apostolic constitution which erected the diocese, and set its geographical boundaries. The Diocese encompasses the 20 southernmost counties of the state of Minnesota and measures 12,282 square miles. The Diocese is home to 107 parishes, four high schools, 30 junior high, elementary or preschools, and Immaculate Heart of Mary Seminary in Winona. The Diocese of Winona-Rochester is headquartered at the Diocesan Pastoral Center in Winona, Minnesota. The Diocese of Winona-Rochester sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 18-33707) on Nov. 30, 2018. In the petition signed by Reverend Monsignor Thomas P. Melvin, vicar general, the Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Robert J. Kressel oversees the case. The Debtor tapped Bodman PLC as bankruptcy counsel, Restovich Braun & Associates as local counsel, Burns Bowen Bair LLP as special insurance litigation counsel, and Alliance Management, LLC as financial consultant. The U.S. Trustee for Region 12 appointed the official committee of unsecured creditors in the Debtor's Chapter 11 case on Dec. 19, 2018. The committee is represented by Stinson Leonard Street, LLP. DIXIE CENTERS: Case Summary & 2 Unsecured Creditors --------------------------------------------------- Debtor: Dixie Centers, LLC 801 McNab Road Pompono Beach, FL 33036 Business Description: Dixie Centers, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: June 28, 2021 Court: United States Bankruptcy Court Southern District of Florida Case No.: 21-16276 Debtor's Counsel: Jason Wandner, Esq. LAW OFFICES OF JASON WANDNER, P.A. Miami Office New World Tower 101 N. Biscayne Blvd Suite 1607 Miami, Florida 33132 Tel: 305-868-1655 Mobile: 786-412-1505 E-mail: Jason@wandnerlaw.com Suzy@wandnerlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Henri Hage, manager. A copy of the Debtor's list of two unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/JRU7SRA/Dixie_Centers_LLC__flsbke-21-16276__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/7BCC3NY/Dixie_Centers_LLC__flsbke-21-16276__0001.0.pdf?mcid=tGE4TAMA EAGLE HOSPITALITY: Monarch Acquires 10 Hotels for $360 Million -------------------------------------------------------------- Monarch Alternative Capital LP, a leading investment firm with approximately $9 billion of assets under management, on June 25 disclosed that it has purchased ten full-service hospitality real estate assets located in four states in the United States for a total consideration of $360 million. The properties were sold by Eagle Hospitality Real Estate Investment Trust as part of its bankruptcy process. The Eagle Hospitality transaction highlights Monarch's ability to leverage its experience in financial restructurings and complex processes to invest in strong assets poised to benefit from a market recovery in leisure and business travel. Monarch initially assisted Eagle Hospitality during the bankruptcy process in early 2021 by providing financing in the form of a $100 million Debtor-in-Possession loan to help fund ongoing expenses related to the hotels and the bankruptcy case. In March, Monarch was also named as the stalking horse bidder for the fifteen properties Eagle looked to sell, providing a floor bid for the Section 363 sale process. Following the auction, Monarch emerged as the ultimate buyer for ten properties. The portfolio consists of ten full-service hotels and resorts located in California, Colorado, Connecticut, and Florida. The majority of the properties are located in California and Florida, with a focus on proximity to drive-to, leisure destinations including Disneyland and Disney World and accessibility to highly trafficked convention centers. Monarch believes that the hotel properties will experience operating performance improvement as a result of the ongoing recovery of both leisure and business travel. In addition, continued investment by Monarch and improved management of the properties aims to further put the hotels on a path for growth. Ian Glastein, Managing Principal at Monarch, said, "The overall Eagle Hospitality transaction exemplifies the value of our broad investment capabilities across debt and equity to target compelling opportunities in dislocated sectors. Our ability to provide speed and certainty of execution in complex situations is highly valued by our partners and counterparties." Monarch has partnered with Hersha Hospitality Management, an industry leading hospitality management, investment, and development firm with approximately 150 hotels across 23 states, to assist in the operations and management of the portfolio. About Monarch Alternative Capital LP Monarch Alternative Capital LP -- http://www.monarchlp.com-- is a global investment firm founded in 2002 with approximately $9 billion in assets under management. Monarch focuses primarily on opportunistic and distressed situations across corporate debt, real estate, special situations, and other market segments. Monarch draws on the skills and experience of its employees across its offices in New York and London. About Hersha Hospitality Management (HHM) Hersha Hospitality Management -- http://www.hhmhospitality.com-- manages a highly diverse portfolio of approximately 150 properties from coast to coast that are comprised of one-third lifestyle and independent, one-third resort and full-service, and one-third urban and select-service hotels. HHM's teams utilize proprietary data and processes, plus a relentless focus on driving results, to maintain its advantage and position in the marketplace for a highly diverse group of institutional and long-term owners. About Eagle Hospitality Group Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality stapled group comprising Eagle Hospitality Real Estate Investment Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based in Singapore, Eagle H-REIT is established with the principal investment strategy of investing on a long-term basis, in a diversified portfolio of income-producing real estate which is used primarily for hospitality and/or hospitality-related purposes, as well as real estate-related assets in connection with the foregoing, with an initial focus on the United States. EHT US1, Inc., and 26 affiliates, including 15 LLC entities that each owns hotels in the U.S., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10036) on Jan. 18, 2021. EHT US1, Inc., estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Debtors tapped PAUL HASTINGS LLP as bankruptcy counsel; FTI CONSULTING, INC., as restructuring advisor; and MOELIS & COMPANY LLC, as investment banker. COLE SCHOTZ P.C. is the Delaware counsel. RAJAH & TANN SINGAPORE LLP is Singapore Law counsel, and WALKERS is Cayman Law counsel. DONLIN, RECANO & COMPANY, INC., is the claims agent. EAS GRACELAND: Wins Access to Cash Collateral Thru July 20 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Tennessee has authorized EAS Graceland LLC to use cash collateral on an interim basis through July 20, 2021, and provide adequate protection. The Debtor requires access to cash collateral to operate its ongoing business and fund interim cash requirements, including for maintenance, utilities, supplies, insurance, taxes, landscaping and other services from third parties and other operational costs until the subsequent hearing. The Debtor is authorized to spend up to a maximum of 105% of each line item listed under "Expenses" on the Budget and to spend up to a maximum of 105% of the aggregate total amount identified in the "Total Expenses" line item on the Budget. The Debtor is also authorized to pay quarterly fees due to the U.S. Trustee program for disbursements made by the Debtor. The Debtor may spend cash collateral for capital expenditures, except that the Debtor may only spend cash collateral for the items listed as "Room Repairs & Furniture (to bring more rooms online)" beginning in November 2020 if Debtor is in compliance with the Interim Budget. The Debtor may spend additional cash collateral to pay other amounts as may be agreed by the Debtor and iBorrow REIT, L.P., as lender, in writing. iBorrow asserts a first priority perfected security interest and liens in the Collateral. iBorrow asserts that as of September 15, 2020, the Debtor owed it $3,337,831. EAS Graceland asserts that iBorrow is adequately protected by an equity cushion in the Debtor's Property. As adequate protection for the Debtor's use of cash collateral, the Cash Collateral Order provides that iBorrow is granted a replacement, postpetition security interest in and lien upon all of the Debtor's assets of the same type in which iBorrow holds a prepetition lien or security interest, including without limitation cash collateral, to the extent that the Debtor's use of cash collateral results in any decrease, following the petition date, in the value of the collateral securing iBorrow's claims, with such replacement liens being subject to any prior liens and encumbrances existing on the petition date and with such replacement liens having the same validity as iBorrow's liens and security interests in prepetition collateral. The Debtor is also directed to make adequate protections payments to iBorrow. The payments will consist of $25,600 plus 50% of any amount remaining after payment of items consistent with the Interim Budget. The adequate protection payment for the month of April 2021 will be remitted to iBorrow no later than August 2. As additional adequate protection, the Debtor will collect, segregate, and retain all postpetition revenue collected from the operation of the Property in one or more Debtor-in-possession accounts at depositories approved by the United States Trustee that do not contain funds generated from other properties owned or operated by the Debtor. A hearing on the matter is scheduled for July 13. Objections are due July 9. A copy of the Order is available at https://bit.ly/3xYvKdq from PacerMonitor.com. About EAS Graceland EAS Graceland, LLC is a Single Asset Real Estate debtor. It sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 20-24484) on Sept. 15, 2020. In the petition signed by Laure Marmontel, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge David S. Kennedy oversees the case. Glankler Brown PLLC serves as Debtor's legal counsel. iBorrow Reit, L.P. is represented by Ryan K. Cochran, Esq. at Waller Lansden Dortch & Davis, LLP. ELASTIC NV: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issuer credit rating to Elastic N.V., a search technology provider that offers purpose-built solutions addressing enterprise search, information technology (IT) observability, and security. At the same time, S&P assigned its 'B+' issue-level rating and '3' recovery rating to the company's $500 million senior unsecured notes due 2029. S&P said, "The stable outlook reflects our view that Elastic will maintain its current trajectory of new customer acquisitions and revenue growth while generating positive free operating cash flow (FOCF) over the next 12-24 months, which will lead its FOCF to debt to rise above 5% by the end of fiscal year 2023. "Our rating on Elastic reflects its small scale and our expectation that it will generate negative S&P Global Ratings-adjusted EBITDA over the next 2-3 years, offset by its high percentage of recurring revenue (93% subscription) and strong revenue growth supported by its rapidly increasing customer base (15,000 customers: 48% of Fortune 500, 34% of Forbes 2000) with approximately 130% net expansion rates." Elastic has experienced strong revenue growth since 2017 despite being a relatively new entrant into highly competitive markets (observability, security), where it competes with established and well-regarded participants. The company estimates its current total addressable market (TAM) is about $78 billion: search ($11 billion), IT operations management ($11 billion), big data and analytics ($31 billion), and security analytics ($25 billion). Elastic has been quickly ramping up its revenue over the past five years and reported a 62% compound annual growth rate (CAGR) over 2017-2021. The company started in 2012 by providing search technology (website, applications, workplace) and has become one of the most widely used solutions in the market. Although S&P believes this solution to be relatively mature, its expectation for a further expansion in the TAM of the enterprise search business will likely continue to benefit Elastic. The company's open code and large community of developers have enabled it to identify and develop additional use cases for its technology, specifically in the observability and security markets. The observability market (a term used to combine log monitoring, application performance management [APM], network performance monitoring [NPM], and infrastructure monitoring), is fragmented with each segment having its own established leaders. Elastic's entry into the observability market began with logging (2015) and subsequently expanded to offer an APM solution (2017). In the logging space, the company primarily competes against Splunk and Dynatrace. In the APM segment, its competitors primarily comprise New Relic, Splunk, AppDynamics, Dynatrace, and Datadog. S&P said, "Although Elastic's APM product is relatively nascent, we note that Gartner added it to its APM Magic Quadrant in April 2021, which we believe provides some validation of its product. Elastic's competitors are well entrenched with some having significantly larger resources. We believe the participants operating in each of the segments of the observability market are looking to converge these technologies into a single platform offering to their customers. While customers in this industry have indicated a preference for a suite solution to address their observability needs, we believe the best-of-breed approach will remain to a certain degree over the near term. Nevertheless, we take a favorable view of Elastic's ability to combine its logging and APM solutions into a single platform and believe this has enabled it to displace certain incumbents and take market share." Elastic's security product is also a relatively nascent offering. Its security information and event monitoring (SIEM) and end-point protection products became available in 2019. Competition in the security business is also well established, with McAfee, Symantec, and CrowdStrike competing in end-point security, and Splunk in security analytics. S&P said, "The stable outlook on Elastic reflects our view that it will maintain the current trajectory of its new customer acquisitions and revenue growth while generating positive FOCF over the next 12-24 months, which will lead its FOCF to debt to rise above 5% by fiscal year end 2023. "We could lower our rating on Elastic if its investments to grow the business significantly outpace its revenue growth such that we believe it will underperform our base-case scenario and be unable to generate positive FOCF. "While unlikely over the next 12 months, we could raise our rating on Elastic if it gains material scale (as measured by its revenue and FOCF) while improving its market position in the overall observability and security markets such that its FOCF to debt improves above 10%." ELECTROTEK CORPORATION: August 3 Plan Confirmation Hearing Set -------------------------------------------------------------- On April 26, 2021, debtor Electrotek Corporation filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement for Plan of Reorganization. On June 24, 2021, Judge Michelle V. Larson ordered that: * A clerical error in the Disclosure Statement is corrected to reflect a 10% recovery to general unsecured creditors as set forth in the Plan. * The Disclosure Statement for the Plan of Reorganization Dated April 26, 2021, as modified, is approved. * August 3, 2021, at 2:00 p.m. at the United States Bankruptcy Court, 1100 Commerce Street, 14th Floor, Dallas, Texas 75242 is the hearing on the Plan of Reorganization. * July 27, 2021, is fixed as the last day to file Objections to the Confirmation of the Plan. * July 27, 2021, is fixed as the last day to submit Ballots accepting or rejecting the Plan of Reorganization. A copy of the order dated June 24, 2021, is available at https://bit.ly/3he00Kl from PacerMonitor.com at no charge. Attorneys for the Debtor: Joyce W. Lindauer Kerry S. Alleyne Guy H. Holman Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, Texas 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About Electrotek Corporation Electrotek Corporation, a privately held company that manufactures electrical equipment and component-based in Carrollton, Texas, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-30409) on March 8, 2021. Mike Swerdlow, chief financial officer, signed the petition. In the petition, the Debtor had estimated assets of between $1 million and $10 million and estimated liabilities of between $10 million and $50 million. Judge Michelle V. Larson oversees the case. Joyce W. Lindauer Attorney, PLLC serves as the Debtor's counsel. ENERGY ALLOYS: Court Confirms Bankruptcy Estate Wind-Down Plan -------------------------------------------------------------- Leslie A. Pappas of Bloomberg Law reports that Energy Alloys Holdings Inc.'s bankruptcy estate got court approval liquidate its remaining assets and dissolve what is left of the metals company. The estate, now called MEA RemainCo Holdings LLC, expects to wrap up its Chapter 11 liquidation by June 30, 2021, the debtors' attorney, Zachary I. Shapiro of Richards, Layton & Finger, P.A., told the court at a virtual hearing Monday, June 28, 2021. Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware said Monday that she would confirm the company's plan, which was sent to creditors for a vote in May 2021. About MEA RemainCo Holdings MEA RemainCo Holdings, LLC, f/k/a Energy Alloys Holdings, LLC when founded in 1995 together with its affiliates, are privately-owned distributors and resellers of tube and bar products sold into the oil and gas industry for the exploration of hydrocarbons. Visit https://www.ealloys.com for more information. On May 5, 2021, the Court entered an Order authorizing the Debtors to change the case caption to reflect the corporate name changes pursuant to the BioUrja Purchase Agreement governing the sale of substantially all of the Debtors' assets to BioUrja. The BioUrja Purchase Agreement required, among others, that the Debtors cease using the name "Energy Alloys" and any derivations thereof. On Sept. 9, 2020, then Energy Alloys Holdings LLC and seven of its affiliates filed for bankruptcy protection (Bankr. D. Del. Lead Case No. 20-12088). Bryan Gaston, chief restructuring officer, signed the petitions. Judge Mary Walrath presides over the cases. The Debtors were estimated to have consolidated assets of $10 million to $50 million, and consolidated liabilities of $100 million to $500 million. The Debtors tapped Richards, Layton & Finger, P.A., as bankruptcy counsel, Akin Gump Strauss Hauer & Feld LLP as corporate counsel, Moelis & Company as investment banker, and Epiq Corporate Restructuring LLC as claims and noticing agent. Ankura Consulting Group, LLC provides interim management services. The U.S. Trustee appointed a committee of unsecured creditors on Sept. 23, 2020. The committee is represented by McDermott Will & Emery, LLP. EVERI HOLDINGS: S&P Rates New $400MM Senior Unsecured Notes 'B' --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level and '5' recovery ratings to U.S.-based gaming and payments equipment and software provider Everi Holdings Inc.'s proposed $400 million senior unsecured notes due 2029. The '5' recovery rating indicates its expectation of modest (10%-30%; rounded estimate: 10%) recovery for noteholders in the event of a payment default. All other ratings on Everi, including its 'B+' issuer credit rating, are unchanged. Everi plans to use the proceeds from the notes, along with a new secured term loan and cash on hand, to refinance all of its outstanding debt. Issue Ratings--Recovery Analysis Key analytical factors -- S&P assigned its 'B' issue-level and '5' recovery ratings to the proposed $400 million senior unsecured notes. Its previously published recovery analysis assumed Everi would issue $400 million in unsecured debt, and ita had already included the amount in its recovery analysis. -- S&P's simulated default scenario contemplates a default in 2025, reflecting a significant decline in cash flow as a result of prolonged economic weakness that reduces consumer spending on gaming, an extended gaming replacement cycle, and meaningfully reduced spending on new equipment. -- S&P assumes Everi's revolver is 85% drawn at default. Simplified waterfall -- Emergence EBITDA: $146 million -- EBITDA multiple: 5.5x -- Gross enterprise value: $806 million -- Net enterprise value after 5% administrative expenses: $765 million -- Obligor/nonobligor valuation split: 100%/0% -- Estimated secured claims at default: $711 million -- Value available for secured claims: $765 million --Recovery range: 90%-100% (rounded estimate: 95%) -- Estimated unsecured debt at default: $412 million -- Value available for unsecured claims: $54 million --Recovery range: 10%-30% (rounded estimate: 10%) All debt amounts include six months of prepetition interest. FAITH CARE: Nursing Home Files for Chapter 7 Bankruptcy ------------------------------------------------------- Jacob Kirn of St. Louis Business Journal reports that a nursing home and assisted-living facility in Illinois that closed has filed Chapter 7 bankruptcy. Faith Care LLC, with facilities at 100 Faith Drive in Highland, Illinois, made the filing in bankruptcy court in East St. Louis June 15, 2021, listing assets of $1 million to $10 million and liabilities of $10 million to $50 million. It was also known as Faith Countryside Homes. An attorney for the business, Steven Wallace of Silver Lake Group Ltd., said it had been over-leveraged on a $10 million to $11 million mortgage with Greystone of Warrenton, Virginia. "It was a cash-flow problem," Wallace said. "It didn't have the capacity necessary to service the debt." When Faith Care couldn't reach a deal to renegotiate the debt, it closed in April, Wallace said, adding that all residents were placed in new facilities. The business' executive director, Gerald Harman, told the Belleville News-Democrat in April that it had 69 residents and 110 employees. Wallace also said the pandemic exacerbated the facility's problems, with fewer residents coming to nursing homes from hospitals, decreasing revenues while expenses for staff and supplies increased. After closing, Faith Care looked to persuade Greystone or the U.S. Department of Housing and Urban Development, which backed the loan, to take control of the facility, Wallace said. Neither has, he said, necessitating a liquidation filing in which a trustee is responsible for the facility. Don Sampson, a Belleville lawyer, has been appointed trustee by the court, Wallace said. Greystone and HUD didn't immediately return messages seeking comment. Faith Care "doesn't have more resources to continue to maintain and secure the facility," he said. Wallace said it looked to find a buyer, but couldn't secure a deal without the consent of the mortgage holder. "Hopefully those folks come back to the table," he said. The facility, whose current building opened in 2003, is "significant to the community," Wallace said. "Highland is a good, vibrant community." About Faith Care LLC Faith Care LLC, also known as Faith Countryside Homes, is a nursing home and assisted-living facility n Highland, Illinois. Faith Care LLC sought Chapter 7 protection (Bankr. S.D. Ill. Case No. 21- 30432) on June 15, 2021. In its petition, Faith Care estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The case is handled by Honorable Judge Laura K Grandy. Steven M Wallace of Silver Lake Group Ltd is the Debtor's counsel. FAMILY FRIENDLY: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Family Friendly Contracting LLC 9001 Baltimore Road Frederick, MD 21704 Business Description: Family Friendly Contracting LLC operates in the residential building construction industry. Chapter 11 Petition Date: June 27, 2021 Court: United States Bankruptcy Court District of Maryland Case No.: 21-14213 Judge: Hon. Thomas J. Catliota Debtor's Counsel: Paul Sweeney, Esq. YUMKAS, VIDMAR, SWEENEY & MULRENIN, LLC 10211 Wincopin Circle, Suite 500 Columbia, MD 21044 Tel: (443) 569-5972 Fax: (410) 571-2798 E-mail: psweeney@yvslaw.com Debtor's Accountant: GEORGE S. MAGAS CPA PC Total Assets as of May 31, 2021: $5,314,121 Total Liabilities as of May 31, 2021: $5,913,886 The petition was signed by Adam Borcz, chief financial officer. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/JRN3W4Y/Family_Friendly_Contracting_LLC__mdbke-21-14213__0001.0.pdf?mcid=tGE4TAMA FTPO, LLC: Wins Cash Collateral Access Thru June 29 --------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida has authorized FTPO, LLC to use the cash collateral of First-Citizens Bank and Trust Company on an interim basis in accordance with the budget, with a 10% variance through June 29, 2021. As adequate protection for the Debtor's use of cash collateral, the Debtor is granted a valid, binding, enforceable, non-avoidable and perfected post-petition security interest and lien in, to and against all of the Debtor's rents, effective as the filing of the Debtor's Chapter 11 case, to wit: June 1, to the same extent that the Lender held a properly perfected prepetition security interest in such assets, which are or have been acquired, generated or received by the Debtor subsequent to the Petition Date. The Replacement Liens will be in addition to any security interest, liens or rights of setoff existing in favor of the Lender on the Petition Date and will secure all amounts due to the Lender. All liens and claims of the Lender will be subject to (a) the payment of any unpaid fees payable pursuant to 28 U.S.C. section 1930 (including, without limitation, fees under 28 U.S.C. section 1930(a)(6)), and (b) the fees due to the Clerk of the Court. The liens and security interest granted to the Lender will be valid and perfected post-petition without the need for execution or filing of any further documents or instruments otherwise required to be filed or be executed or filed under non-bankruptcy law. A further hearing on the motion was scheduled for June 29 at 1:30 p.m. Results of the hearing weren't available as of press time. A copy of the order and the Debtor's 13-week cash flow budget is available at https://bit.ly/3xVZU0L from PacerMonitor.com. The Debtor projects total rental income of $28,015 and $20,515 for the week beginning July 1. About FTPO, LLC FTPO, LLC is a Single Asset Real Estate debtor, as defined in Section 101(51B) of the Bankruptcy Code. The Debtor filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 21-15445) on June 1, 2021. On the Petition Date, the Debtor reported $686,408 in total assets and $3,192,633 in total liabilities. The petition was signed by Ajay K. Goyal, manager of HRAG, LLC. Judge Erik P. Kimball presides over the case. FurrCohen P.A. is the Debtor's counsel. GAINCO INC: June Lease Payments to EMW OK'd ------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Corpus Christi Division, has entered an order partially approving the Amended Emergency Motion to Modify Third Interim Order Authorizing Use of Cash Collateral filed by Gainco, Inc. The Third Interim Order Authorizing Debtor's Use of Cash Collateral is modified to authorize the Debtor to pay $5,661.94 in June 2021 post-petition lease payment to EMW Productions, LLC. About Gainco, Inc. Gainco, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-21122 on April 30, 2021. In the petition signed by Theresa Nix, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. The Law Offices of William B. Kingman, P.C. is the Debtor's counsel. GIBSON FARMS: Unsecureds Will be Paid in Full Over 5 Years ---------------------------------------------------------- Gibson Farms, et al., submitted a Second Amended Consolidated Plan of Reorganization and Disclosure Statement. The Debtors' largest secured creditor is Rabo Agrifinance LLC ("Rabo"). Rabo asserts it is owed in the aggregate approximately $10,629,000 as of the October 5, 2020 Petition Date secured by deed of trust liens and security interests against the Debtors' real property, cattle, crops, crop insurance, USDA farm program benefits, accounts, inventory, compost and farm machinery and equipment. Since a substantial portion of the assets which serve as security for the repayment of the Rabo indebtedness consists of crops, cash, livestock, accounts receivable, contract rights and inventory the collateral value is constantly changing. However, the most recent collateral analysis prepared by the Debtors in March 2021 reflects the value of assets against which Rabo holds liens and security interests totals $12,751,358.00. The Plan proposes to treat claims and interests as follows: The Plan provides that each of the Debtors subject to the Plan will continue their respective organizational structures following confirmation. In other words, the Plan does not provide for a substantive consolidation of the Debtors. The Plan provides for all Administrative Claims to be paid in full upon approval by the Bankruptcy Court of applications for their allowance or the Effective Date which is estimated to be July 31, 2021. The Debtors dispute the Priority Tax Claim asserted by the Internal Revenue Service for 941 taxes because as a farming partnership it is not liable for such taxes. They assert that Gibson Farms have filed all returns and paid all taxes through 943 returns. They intend to object to the IRS claim and once established, if any, to pay any taxes owed. Each of the Debtors are jointly and severally liable for the indebtedness owed to Rabo Agrifinance, LLC ("Rabo") which, in accordance with its proofs of claim totals $10,629,228.49 as of the Petition Date. The amount asserted by Rabo as default interest includes approximately $1,650,000 it alleges accrued between March of 2019 and the date of the filing of the bankruptcy petitions on October 5, 2020. The Debtors and Rabo disagree on whether any or all of this default interest is recoverable. The Debtors and Rabo have agreed to resolve their disputes about default interest, and other disputed issues, and their agreement is reflected in the Plan. Consequently, the Plan currently provides for the treatment of Rabo's Allowed Secured Claims to be restructured and treated in the following manner, which treatment has been agreed to by the Debtors and Rabo: * Rabo's Real Estate Secured Claim will be treated by establishing a new note having an outstanding principal balance owing in the sum of $5,200,000, with this note bearing interest at the annual percentage rate of 4.50%. The first regular installment payment in the total sum of $392,587.23 on the note shall be due and payable on or before March 1, 2022, and shall equal the amount of accumulated interest calculated at the new contractual interest rate from the Effective Date to the payment date in the amount of $136,553.42 (assuming an Effective Date of July 31, 2021) plus a principal payment of $256,033.81 (which is equivalent to a partial year of the interest portion of the amount of an amortized annual payment based upon a twenty year amortization). Four additional equal annual payments of principal and interest in the amount of $392,587.23 (based upon a twenty year amortization from the Effective Date) shall then be paid, with the next annual payment in the amount of $392,587.23 to be due on March 1, 2023, and the three additional payments of $392,587.23 to be due on March 1 of each succeeding year. The note and claim shall mature and all remaining principal and accrued and unpaid interest shall become due and payable in full on March 1, 2027. * Rabo's Equipment Secured Claim will be treated by establishing a new note having an outstanding principal balance owing in the sum of $2,000,000, with the note bearing interest at the annual percentage rate of 5.25%. The first regular installment payment in the total sum of $341,532.73 on the note shall be due and payable on or before March 1, 2022, and shall equal the amount of accumulated interest calculated at the new contractual interest rate from the Effective Date to the payment date in the amount of $61,273.97 (assuming an Effective Date of July 31, 2021) plus a principal payment of $280,258.76 (which is equivalent to a partial year of the interest portion of the amount of an amortized annual payment based upon a seven year amortization). Four additional equal annual payments of principal and interest in the amount of $341,532.73 (based upon a seven year amortization from the Effective Date) shall then be paid, with the next annual payment in the amount of $341,532.73 to be due on March 1, 2023, and the three additional payments of $341,532.73 to be due on March 1 of each succeeding year. The note and claim shall mature and all remaining principal and accrued and unpaid interest shall become due and payable in full on March 1, 2027. * Rabo's Operating Line of Credit Claim will be treated by establishing a new note having an outstanding principal balance owing in the sum of $1,775,000, with the note bearing interest at the annual percentage rate of 5.25%, and payments based on eleven semi-annual payments. The first semi-annual payment due on the note in the total sum of $151,223.86 shall be due and payable on or before November 1, 2021, and shall equal the amount of accumulated interest calculated at the new contractual interest rate from the Effective Date to the payment date in the amount of $23,743.66 (assuming an Effective Date of July 31, 2021) plus a principal payment of $127,480.20 (which is equivalent to a partial year of the interest portion of the amount of an amortized annual payment based upon a seven year amortization). Ten additional equal semi annual payments of principal and interest shall then be paid, with the next semi-annual payment in the amount of $151,223.86 (based upon a seven year amortization from the Effective Date) being due on May 1, 2022, and the additional semi-annual payments of $151,223.86 to be due on November 1, 2022, and then on May 1 and November 1 of each succeeding year. The note and claim shall mature and all remaining principal and accrued and unpaid interest shall become due and payable in full on March 1, 2027. * Rabo's Disputed Default Interest Claim secured by the equity in the assets of the Debtors over and above the amounts owed to Rabo on its other secured claims against real estate, equipment, crops, crop insurance, USDA farm program payments, accounts receivable, and inventory created by the cross-collateralization language contained in its collateral documents is calculated by Rabo to equal the sum of $1,650,000 as of the Petition Date. The Debtors dispute the nature, extent and validity of the default interest charged by Rabo. The Debtors and Rabo have agreed to resolve the dispute over Rabo's Default Interest Claim in the following manner: a. Rabo will cap its claim for pre- and post-petition default interest and pre-petition late fees and attorneys' fees and costs (but not post-petition attorneys' fees and costs) in the amount of $1,250,000; b. The capped claim will be bi-furcated into an Overhang Default Interest Secured Claim in the amount of $625,000.00, and a Set Aside Default Interest Secured Claim in the amount of $625,000.00; c. The Overhang Default Interest Secured Claim will be paid as follows: (i) $425,000.00 paid on the Effective Date, and (ii) $200,000.00 to be paid not later than December 31, 2021, either from cash produced from operations or from funds realized out of the net proceeds from the sale of machinery and equipment subject to Rabo's security interest upon Debtors' motion to sell such machinery and equipment free and clear of liens after appropriate motion, notice and opportunity for hearing. No interest will accrue on the claim after the Effective Date provided it is paid in full by December 31, 2021 on the terms set forth above, and the Overhang Default Interest Claim shall be discharged if paid in full on these terms. Rabo will consent to the sale of the machinery and equipment free and clear of liens provided that it receives all net proceeds realized from such sale with any excess net proceeds realized from the sale of the equipment to be applied to the principal balance owing on the Equipment Secured Claim. d. Set Aside Default Interest Secured Claim will be treated and paid as follows as part of the Plan: The claim will be in the amount of $625,000.00, and shall mature and become due and payable in full on March 1, 2027. The claim shall accrue interest from the Effective Date at the annual rate of 8.00%. No payments shall be required on this claim, however, provided there are no uncured material defaults declared by Rabo under the Amended Plan or under the amended loan and security documents executed in conjunction therewith. If there is a material default declared by Rabo that is not cured by the applicable cure period, then the entire claim (as well as all other claims of Rabo under the Plan) shall be accelerated and shall be due and payable in full, with interest accruing at 8.00% per annum. The claim shall be completely forgiven and written off by Rabo if all Allowed Secured Claims are paid in full by March 1, 2027. Post-Petition/Pre-Effective Date Interest: The amount of Post-Petition Interest owing Rabo and to be paid to Rabo on the Effective Date shall be calculated using a postpetition, pre-Effective Date daily interest accrual of $544.39, which daily interest accrual is based upon the contractual, non-default interest rates set forth in the promissory notes governing the lending relationship between the Debtors and Rabo. No default interest shall be paid to Rabo for the post-petition, pre-Effective Date period but rather Rabo shall receive interest in the amount of $544.39 per day from the Petition Date to the Effective Date. Assuming an Effective Date of July 31, 2021, Rabo shall be paid the amount of $162,773.60 on the Effective Date in satisfaction of all interest owed to Rabo from the Petition Date through the Effective Date. The Plan provides that all liens and security interests granted to or held by Rabo shall remain in full force and effect and shall continue to secure the Debtors' obligations to Rabo. Further, the Plan shall provide that the secured claims on the three notes shall continue to be cross-defaulted and cross-collateralized, and that Debtors along with Braden and Audrey Gibson, Brett Gibson, G&G Livestock and Beauchamp Estates Partnership shall remain jointly and separately obligated to Rabo, provided, however, that the Plan may designate one or more of the Debtors to have primary responsibility for servicing the payments to Rabo required by the Plan. The Plan provides that all of the notes relating to Rabo's Allowed Secured Claims can be paid in full prior to the date of their maturity without penalty or additional fees or interest of any nature. The Plan provides that all claims and causes of action that the Debtors, or any of them, or anyone claiming by, through or under them, had or may have had against Rabo or Rabo's agents and representatives, whether known or unknown and whether legal, equitable or otherwise, as of the Effective Date, are released and discharged. Rabo's Attorneys' Fees and Costs: The Plan provides for payment on the Effective Date of Rabo's post-petition attorneys' fees and costs in an amount that is either agreed to by the Parties or established by the Bankruptcy Court. Counsel for Rabo shall provide counsel for the Debtors with copies of itemized statements setting forth the time, charges and expenses for which reimbursement is sought (redacted, as appropriate, to preserve applicable privileges) as well as a reserve for any postconfirmation fees and costs anticipated to consummate the Consensual Plan, within ten (10) calendar days of the date of entry of the Confirmation Order. The Debtors shall then have fifteen (15) calendar days to either agree to the amount sought by Rabo, or to file a written objection with the Bankruptcy Court specifically disputing the particular fees and/or expenses which they object to, and noticing the objection for a hearing. Any fees and/or expenses not specifically objected to must be paid by the Debtors on the Effective Date. Any fees and/or expenses objected to shall be paid by the Debtors within ten (10) calendar days of the Bankruptcy Court's ruling on the objection (except for those specific fees and expenses for which the objection is sustained). Further, to the extent the Debtor's objection is overruled by the Bankruptcy Court, the Debtors shall pay Rabo's attorneys' fees and costs incurred in responding to and litigating the fee objection. The Debtors, Gibson Farms and Nature's Way Compost, both obtained Economic Injury Disaster Loans ("EIDL") from the U.S. Small Business Administration ("SBA") totaling $149,900 each. The EIDL loans are secured by liens against the personal property of Gibson Farms and NWC, and call for monthly payments of $731.00 each for thirty years. The Plan provides for the Debtors to assume the EIDL loans of the SBA according to their original terms and commence making payments as provided under the terms of the original agreements between the parties. Gibson Investments borrowed through the EIDL program of SBA a total of $7,800, and the Plan provides for the loan to be repaid in full on the Effective Date. The Debtors have several installment purchase contracts with Ag Direct and De Lage Financial Services covering farm machinery and equipment as well as numerous equipment lease agreements with Indian Ink and Agco Finance. These installment purchase contracts and equipment leases are all assumed under the terms of the Plan and paid in accordance with the original agreements between the parties. Additionally, the Debtors have existing purchase money financing arrangements with Ford Motor Credit, GM Financial, and U.S. Bank covering trucks. These installment purchase contracts are set up on monthly payments. The Amended Plan provides for the purchase money liens to be retained by the respective creditors and the Debtors to recommence making the monthly payments provided in the installment purchase contracts with any past due payments being rolled to the back of the notes and the agreements extended a sufficient number of months so that the Debtors pay the full amount of the notes in extinguishment of the amounts which remain outstanding. The indebtedness owed John Deere Financial with respect to various items of farm machinery and equipment subject to purchase money security interests is assumed and restructured under the terms of the Amended Plan. The treatment of the debts owed to John Deere Financial provides for the Debtors to lease chopping equipment from Western Equipment. This restructuring is necessitated by a change in the operations of Gibson Farms whereby in addition to growing corn and selling the grain production it will now provide silage for a large dairy operation located in the region. Cooperative Finance Association ("CFA") holds an Allowed Secured Claim associated with an agreement to provide secured trade credit account in the total estimated amount of $87,382.69. The Plan provides for the Allowed Secured Claim to be repaid at an annual interest rate of 1.35% over a 5-year term in equal amortized payments of principal and interest of $18,069.85 each with the first such payment due on December 15, 2021. Since CFA holds liens against crops, crop insurance, and USDA farm program payments the Plan provides for CFA to subordinate its liens to third party lenders which provide operating loans to Gibson Farms to finance the production of its crops. The Plan provides for an administrative convenience class comprised of General Unsecured Creditors that hold Allowed Unsecured Claims of less than $50,000.00. The Debtors estimate the total amount of Claims in this Class as being $48,897.63, and provides for the claims to be paid in full in one lump sum payment on or before the Effective Date of the Plan. The holders of Allowed Unsecured Claims greater than $50,000 will be placed in a separate class to be paid over a 5-year term with interest accruing from the Effective Date at the rate of 1.35 percent per annum in equal amortized annual payments of principal and interest with the first such payment being due and payable on or before December 15, 2021, and like payments being due on the same date every year thereafter until December 15, 2025. Attorneys for Debtors, Gibson Farms, Nature's Way Compost, LLC, Gibson Investments, Wendell Lee Gibson and Paula Gibson: David R. Langston, SBN: 11923800 MULLIN HOARD & BROWN, L.L.P. P.O. Box 2585 Lubbock, Texas 79408-2585 Telephone: 806-765-7491 Telefax: 806-765-0553 Email: drl@mhba.com A copy of the Disclosure Statement is available at https://bit.ly/3dcsLpy from PacerMonitor.com. 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, 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. GREATER HOUSTON POOL: Seeks Access to Cash Collateral ----------------------------------------------------- Greater Houston Pool Management, Inc. and affiliates ask the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for authority to continue using cash collateral. The Court has previously entered an order granting the use of cash collateral on an interim basis on April 6, 2021; an order granting additional interim use of cash collateral on April 20; and an order granting continued use of cash collateral on April 28. The Debtor submitted its Chapter 11 Subchapter V Small Business Plan on June 24, 2021. The Debtor requests permission to utilize the accounts receivable and cash assets during the period before confirmation of a plan to reorganize. The Debtor asserts that if it is not granted permission to extend the use of cash collateral immediate and irreparable harm will result to the Debtor's operations in loss of employees, use of the leased premises, and loss of necessary third-party products, services and licenses which are all integral to the operation of the Debtor's business. A hearing to consider confirmation of the Debtors' Plans has been set for July 30, 2021. Emergency consideration is necessary because the Court order granting continued cash collateral access expires July 27, 2021, and the Budget attached thereto specified permission to make disbursements of cash during April, May and June. Counsel for the Debtors has consulted with Counsel for the Senior Secured lender (effectively the sole non taxing authority cash collateral lender) Mr. Mayer, who has indicated no objection to the Motion. Counsel for the Debtors has also conferred with the Sub-Chapter V Trustee, Brendon Singh and Alicia Barcomb for the United States Trustee all of whom appeared at the cash collateral hearing held in April and they have no objection to the grant of the Motion. A copy of the motion is available for free at https://bit.ly/3jebX5v from PacerMonitor.com. About Greater Houston Pool Management 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. Donald Wyatt, PC serves as the Debtor's legal counsel. GREENWAY HEALTH: S&P Alters Outlook to Stable, Affirms 'B-' ICR --------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' long-term issuer credit rating and revised the outlook to stable from negative on Tampa, Fla.-headquartered health care information technology company Greenway Health LLC. The stable outlook reflects S&P's expectation of stabilized revenue and improving EBITDA margin from a relatively durable customer base and an increased focus on operating efficiencies. S&P's rating action reflects the resolution of two significant sources of uncertainty: legal matters and the company's transition of customers from its SuccessEHS product to Intergy (and some Prime Suite customers). Greenway settled a civil claim in 2019 to resolve allegations related to the False Claims Act. The settlement required Greenway to pay $57.3 million and implement a compliance program. The company completed the payments over a two-year period and has implemented the compliance program. To implement stronger compliance controls and upgrade customers to a newer platform, Greenway transitioned customers from its SuccessEHS platform to Intergy, which resulted in above-average customer attrition that has now stabilized. The company also decided to retain its Prime Suite platform to improve customer retention. To ease the stress from the settlement and business uncertainty during the transition, its sponsor provided Greenway with a $20 million contribution, which the company repaid in the quarter ended March 2021. Greenway benefits from a sticky customer base, but it has smaller scale and market share compared to competitors. Its customer base is relatively diverse, and its products have high switching costs because of the expense and operating disruption of transitioning to a new electronic health record (EHR) system. While Greenway benefits from a defensible customer base, the switching costs make it very difficult to acquire new customers. As a result, the company's strategy is to primarily grow from new product offerings and features. Its software and services with current customers provide a recurring stream of revenue that represents 85%-90% of total revenue. The rest comes from licensing, hardware, and professional services. Greenway also maintains product certification with regulatory requirements defined by the U.S. Office of the National Coordinator, which S&P's view positively. However, the business operates on a small scale and focuses on small to midsize customers in the ambulatory outpatient market. The company competes with larger companies that have a higher market share such as Allscripts, eClinicalWorks, and other EHR players such as Epic. Small and midsize customers can be the target of larger roll-ups, which can lead to customer attrition. S&P said, "We now expect stable revenue, improving margins, and higher investment in future growth opportunities. Now that Greenway has completed the transition to new platforms, it can focus on efficiencies and rebuilding its reputation. We expect the company's revenue will be at least stable because of the recurring nature of its revenue base and our expectation for a more normal amount of new product sales given loosening restrictions related to the COVID-19 pandemic. We also think Greenway can improve its margins by moving some functions to lower-cost locations, but this creates reputational risk (and future revenue growth risk) from potentially lower quality of service. We think Greenway will improve margins after 2022 because of a near-term investment in new product features and add-ons that the company expenses (burdening EBITDA). This investment could lead to some revenue growth in the next two to three years, but this is uncertain given the company's limited track record since its product transitions and legal issues. As a result, we expect modest but consistently positive free cash flow generation, including near-term growth investment. "Our stable outlook reflects our expectation of at least stable revenue and improving EBITDA margins as one-time expenses decrease and cost-cutting takes effect. We expect very high adjusted debt to EBITDA of 8x-10x, resulting in free cash flow of $5 million-$10 million. We believe the $50 million of cash on the balance sheet provides some cushion for additional growth investment or other uses. "We could consider a lower rating if we expect Greenway to generate persistent free cash flow deficits, such that we believe the capital structure is unsustainable. The most likely scenario is greater-than-expected customer attrition that weakens adjusted debt to EBITDA to the 10x area. "We believe a higher rating is unlikely over the next 12 months, given our expectation for increased investment in new product features and add-ons that will likely result in minimal cash flow. We could consider raising the rating if we believe Greenway will consistently generate free cash flow to debt of above 3% (including growth investment). In this scenario, we would also expect 2% to 5% revenue and EBITDA growth." GUITAMMER COMPANY: Seeks to Employ Michael Bache as Expert Witness ------------------------------------------------------------------ The Guitammer Company seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Michael Bache of Value Inc. as an expert witness. The Debtor needs an expert witness to testify to the valuations set forth in a fairness opinion for its parent company that were used in part to prepare the liquidation analysis used in its Chapter 11 plan. Mr. Bache will be paid at an hourly rate of $425. In a court filing, Mr. Bache disclosed that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Bache can be reached at: Michael Bache Value, Inc. 250 Decker Dr, Ste 200 Irving, TX 75062 Tel: (972) 831-7900 About The Guitammer Company The Guitammer Company, a Columbus, Ohio-based manufacturer of audio and video equipment, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 21-50832) on March 16, 2021. At the time of filing, the Debtor disclosed $1,240,945 in assets and $4,559,936 in liabilities. Judge C. Kathryn Preston oversees the case. The Debtor tapped Schwieg Law and Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA as bankruptcy counsel; Kremblas & Foster as special counsel; and Hack, Steer & Company, LLC as accountant. The Debtor filed its Chapter 11 plan of reorganization on April 13, 2021. GUITAMMER COMPANY: Seeks to Hire Robert Campbell as Expert Witness ------------------------------------------------------------------ The Guitammer Company seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Robert Campbell to provide expert testimony on the valuation of its assets. Mr. Campbell was a former employee of FINRA-registered broker dealers, Noble Financial Capital Markets and Boustead Securities Inc. The Debtor will pay the expert witness at an hourly rate of $450, subject to periodic adjustments. Mr. Campbell disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Campbell can be reached at: Robert W. Campbell 1232 2nd Street Manhattan Beach, CA 90266 Tel.: 310.722.3048 Email: rcampbellmb@gmail.com About The Guitammer Company The Guitammer Company, a Columbus, Ohio-based manufacturer of audio and video equipment, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 21-50832) on March 16, 2021. At the time of filing, the Debtor disclosed $1,240,945 in assets and $4,559,936 in liabilities. Judge C. Kathryn Preston oversees the case. The Debtor tapped Schwieg Law and Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA as bankruptcy counsel; Kremblas & Foster as special counsel; and Hack, Steer & Company, LLC as accountant. The Debtor filed its Chapter 11 plan of reorganization on April 13, 2021. HANKEY O'ROURKE: Gets Cash Collateral Access Thru Aug 20 -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts has authorized Hankey O'Rourke Enterprises, LLC to use cash collateral under the same terms and conditions as the Court's prior order through August 20, 2021. A telephonic hearing on the matter is continued to August 20 at 12:30 p.m. A copy of the order is available for free at https://bit.ly/3hbuD2Z from PacerMonitor.com. About Hankey O'Rourke Hankey O'Rourke Enterprises LLC, a privately held company in Great Barrington, Mass., filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 19-30500) on June 21, 2019. In the petition signed by Juanita O'Rourke, manager, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. The case is assigned to Judge Elizabeth D. Katz. Shatz, Schwartz & Fentin, P.C. is the Debtor's counsel. HIGHLAND CAPITAL: Redeemer, ACIS Resign as Committee Members ------------------------------------------------------------ The U.S. Trustee for Region 6 disclosed in a court filing that Redeemer Committee of Highland Crusader Fund, ACIS Capital Management, LP and ACIS Capital Management GP, LLP have resigned as members of the official committee of unsecured creditors in the Chapter 11 case of Highland Capital Management LP. The remaining members of the committee as of June 25 are: (1) Meta-e Discovery Attn: Paul McVoy 93 River Street Milford, CT 06460 Phone: (203) 544-8323 E-mail: pmcvoy@metaediscovery.com (2) UBS Securities LLC and UBS AG London Branch Attn: Elizabeth Kozlowski 1285 Avenue of the Americas New York, NY 10019 Phone: (212) 713-2000 About Highland Capital Management Highland Capital Management, LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital was the world's largest non-bank buyer of leveraged loans in 2007. It also managed collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations were created by bundling together loans and repackaging them into new securities. Highland Capital Management sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Bank. N.D. Texas Case No. 19-34054). Judge Stacey G. Jernigan is the case judge. At the time of the filing, Highland had between $100 million and $500 million in both assets and liabilities. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Foley & Lardner LLP as special Texas counsel, and Teneo Capital, LLC as litigation advisor. Kurtzman Carson Consultants, LLC is the claims and noticing agent. The U.S. Trustee for Region 6 appointed a committee of unsecured creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and FTI Consulting, Inc. as financial advisor. HOLLINGSWORTH FARMS: Unsecureds to Get Full Payment Under Plan -------------------------------------------------------------- Hollingsworth Farms, LLC, submitted a First Amended Disclosure Statement. From the Petition Date through the instant date, the Debtor has hosted no events but, instead, has endeavored to sell the property in 1 of 2 ways. First, the Debtor has sought a buyer for the real estate with the Debtor retaining an easement regarding future mitigation banking rights. This proposed method of sale would likely bring in a lower total value but, upon information and belief, still more than enough to satisfy the outstanding principal owed to Alabama Ag; and, further, would allow the Debtor to retain a potential lucrative resource in the future through the sale of mitigation banking credits. Second, the Debtor has sought a buyer for the real estate AND mitigation banking rights. This proposed method of sale should bring in a higher total which, after satisfying the outstanding principal in favor of Alabama Ag and account for closing costs, realtor fees (if applicable) and capital gain taxes, would result in a significant profit for the Debtor, albeit at a cost – the sacrifice of any potential value as to future mitigation banking credits. Debtor owns a 1,102.30 +/- acres on Salem Church Road in Lowndes County, Alabama having a tax assessed value of $2,048,590.00 but a market value believed to be much higher. The Plan will treat claims as follows: Class 1 - This class shall consist of any and all expenses of administrative and priority claims allowed pursuant to 11 U.S.C. § 507(a) including all amounts necessary to satisfy any obligations of the Debtor existing as of the effective date of the Plan; Class 2 - This class shall consist of secured claims of such commercial lenders that are understood to be secured by commercial real estate mortgages (i.e., Alabama Ag); Class 3 - This class shall consist of all general, unsecured claims. Based upon the aggregate value of the real estate, personal property, accounts, etc. in which the Debtor possessed an interest as of the Petition Date, relative to the perfected mortgages/liens held by Alabama Ag, it is believed there to be sufficient equity so as to require unsecured creditors to be paid in full. To that end, the proposed Plan will be a liquidating Plan. Attorneys for the Debtor: J. Kaz Espy ESPY, METCALF & ESPY, P.C. Post Office Drawer 6504 Dothan, Alabama 36302-6504 Tel: (334) 793-6288 Fax: (334) 712-1617 E-mail: kaz@espymetcalf.com lynnia@espymetcalf.com A copy of the Disclosure Statement is available at https://bit.ly/3qnnvVF from PacerMonitor.com. About Hollingsworth Farms Hollingsworth Farms, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 20-31975) on Sept. 16, 2020. The petition was signed by James W. Hollingsworth, sole member of Port Royal Medical Investments LLC. At the time of the filing, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. Judge William R. Sawyer oversees the case. Espy, Metcalf & Espy, P.C., serves as the Debtor's legal counsel. HOSPITALITY INVESTORS: Court Confirms Modified Plan --------------------------------------------------- Judge Craig T. Goldblatt has entered an order (b) approving the Disclosure Statement of Hospitality Investors Trust, Inc., et al., and all other materials included in the Solicitation Package and (b) confirming the Plan and each of its provisions pursuant to Section 1129 of the Bankruptcy Code. The Plan is hereby modified from the Initial Plan as follows: a. Section 1.49 shall be revised to read as follows: "Exculpated Parties" means collectively and solely in their capacity as such, (a) the Debtors and (b) each such Debtor's predecessors, successors and assigns, directors and officers (and any professionals for such directors and officers, in their capacity as such), managers, members, agents, financial advisors, attorneys, accountants, investment bankers, consultants, representatives, and all other retained Professional Persons (in each case solely to the extent serving in such capacity as of the Petition Date). b. Section 1.98 (Releasing Parties) shall be revised to insert the following proviso at the end of the Section: "and provided further, however, that, for the avoidance of doubt, holders of Claims in Classes 1, 2, and 3, in such capacity, shall not be a Releasing Party". c. The second sentence of the second paragraph of Section 10.3 is modified to delete the words beginning with "will be automatically" through "to the contrary", and the words "shall not be entitled to a distribution in these Chapter 11 Cases absent further Bankruptcy Court order" shall be inserted in their place. The CVR Agreement is hereby modified as follows: a. Section 4.3(a)(i) is modified to (i) delete "during the Measurement Period", (ii) delete the comma and add the word "and" between "income" and "cash flow", and (iii) delete the comma and the words "and changes in financial position" between "cash flow" and "for such calendar year". b. Section 4.3(a)(ii) is modified to (i) delete "during the Measurement Period", (ii) delete the comma and add the word "and" between "income" and "cash flow", (iii) delete the comma and the words "and changes in financial position" between "cash flow" and "for such calendar quarter", and (iv) delete the words "calendar quarter" between the word "prior" and the comma and replace them with the words "comparative period". Prior to the Petition Date, the Debtors, through their claims agent Epiq Corporate Restructuring, LLC ("Epiq"), caused the Disclosure Statement, the Plan, and the form of ballot ("Ballot") for each holder of Interests in Class 5 (the "Voting Class") (collectively, the "Solicitation Package") to be transmitted and served in compliance with sections 1125(g) and 1126(b) of the Bankruptcy Code, Rules 2002 and 3017 of the Federal Rules of Bankruptcy Procedure (the "Bankruptcy Rules"), the Local Rules of Bankruptcy Practice and Procedure of the United States Bankruptcy Court for the District of Delaware (the "Local Bankruptcy Rules"), and all other applicable provisions of the Bankruptcy Code and Bankruptcy Rules, which therefore constituted sufficient notice to all interested parties. No other or further solicitation was or shall be required. Class 5 Ballots to accept or reject the Plan were due on May 18, 2021, at 11:59 p.m. (prevailing Eastern Time) (the "Voting Deadline"). The Voting Deadline was reasonable and provided an adequate period of time under the circumstances for holders of Interests in the Voting Class to make an informed decision to accept or reject the Plan. The Debtors were not required to solicit votes from holders of Claims and Interests in Class 1, Class 2, Class 3, Class 4, or Class 7 because the Plan provides that such classes are unimpaired and are therefore conclusively presumed to have accepted the Plan under section 1126(f) of the Bankruptcy Code. Each holder of an impaired Interest in the Voting Class has accepted the Plan. Additionally, each holder of impaired Interests in the Voting Class and Class 6 will, on account of such Interests, receive or retain property under the Plan having a value, as of the Effective Date, that is not less than the amount that such holder would have received or retained if the Debtors were liquidated under chapter 7 of the Bankruptcy Code on the Effective Date. According to the Confirmation Order, the Plan does not discriminate unfairly with respect to such Class because no similarly situated holders of Interests are receiving a recovery under the Plan. The Plan is "fair and equitable" with respect to such Class because (i) no holders of Interests junior to the Interests in such Class will receive or retain property under the Plan on account of such Interests, and (ii) no holders of Claims or Interests in a senior Class will receive a recovery in excess of 100% of the amount of its Claim(s) or Interest(s). Thus, the Plan may be confirmed notwithstanding the rejection by Class 6, the Court ruled. The CVR Agreement is an essential element of the Plan, and entry into the CVR Agreement is in the best interest of the Debtors, the Estates and all holders of Class 6 Interests, and is necessary for confirmation and consummation of the Plan. The Special Conflicts Committee exercised reasonable business judgment in determining the CVR Agreement is advisable, fair to, and in the best interests of HIT, and the Debtors have provided sufficient and adequate notice of the terms of the CVR Agreement to all holders of Class 6 Interests. The terms of the CVR Agreement are fair and reasonable, and were negotiated by the Special Conflicts Committee in good faith and at arm's-length. The Debtors and Reorganized Debtors are authorized without further approval of the Court or any other party, to execute and deliver all agreements and other documents or take any necessary action to perform their obligations thereunder. The Exit Facility is an essential element of the Plan, and entry into the Exit Facility is in the best interest of the Debtors, the Estates, and all holders of Claims and Interests, and is necessary for confirmation and consummation of the Plan. The Debtors have exercised reasonable business judgment in determining to enter into the Exit Facility, and have provided sufficient and adequate notice of the material terms of the Exit Facility in Article VII of the Plan, the Disclosure Statement, and Exhibit B of the Plan Supplement and the Plan Supplement Amendment. The terms of the Exit Facility are fair and reasonable, and were negotiated in good faith and at arm's-length, and any credit extended to the Reorganized Debtors by the Exit Facility Lender pursuant to the Exit Facility shall be deemed to have been made in good faith. About Hospitality Investors Trust 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, Hospitality Investors Trust 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 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 disclosed total assets of $1,701,867,000 as of March 31, 2021 and total liabilities of $1,360,423,000 as of March 31, 2021. The cases are handled by Honorable Judge Craig T. Goldblatt. The Debtors tapped Proskauer Rose, LLP and Potter Anderson & Corroon, LLP, as legal counsel, and Jefferies LLC as financial advisor. Morrison & Foerster, LLP, serves as legal counsel to the independent directors. Epiq Corporate Restructuring, LLC, is the Debtors' claims agent. HUNTERS POINT: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Hunters Point Land Trust, according to court dockets. About Hunters Point Land Trust Hunters Point Land Trust filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-13429) on April 12, 2021, listing between $1 million and $10 million in both assets and liabilities. Judge Peter D. Russin oversees the case. Mark S. Roher, Esq., at the Law Office of Mark S. Roher, PA, serves as the Debtor's legal counsel. INTEGRATED AG: Revolution Wants Treatment of Claim Clarified ------------------------------------------------------------ Revolution Industrial, Inc., creditor and party-in interest, objects to the Disclosure Statement In Support of Chapter 11 Plan of Reorganization filed by Debtor Integrated AG XI, LLC. Revolution is a licensed contractor that performed electrical work for a drying plant (the "Project") located at 72865 E. County 18th Street N. (Southwest comer of County 18th Street N and Blackhill Rd.), Dateland, Arizona (the "Property"). The labor, materials, equipment, and services furnished by Revolution for the Project were done in accordance with a Service Agreement between Revolution and Integrated CBD LLC. Integrated CBD is not a debtor in this case. It is Revolution's understanding that Integrated CBD and the Debtor have (or had) overlapping management. Revolution claims that the Disclosure Statement does not provide Revolution or the other mechanic's lien creditors adequate information to allow them to make an informed judgment regarding the Plan. Specifically, the Disclosure Statement does not: * address the status of the Transfer Motion and the Debtor's intent as to resolving that motion; * whether the Shop Yard Parcel is to be included in property of the estate that will be dealt with under the Plan and thus vest in the Reorganized Debtor upon confirmation; and * whether the Reorganized Debtor, directly or indirectly, intends to utilize the Shop Yard Parcel or its value in the Reorganized Debtor's postconfirmation operations and if so, how that parcel will be utilized. Revolution asserts that the Plan is confusing as to what treatment Revolution and the other mechanic's lien creditors will receive under the Plan. On the one hand, the Plan provides a class for Revolution's secured claim, which suggests there is a possibility that Revolution will be treated as a secured creditor. On the other hand, the Plan states that Revolution is not a secured creditor because the Property is not owned by the Debtor. Revolution further asserts that while Revolution is prepared to defend both the validity and amount of its mechanic's lien under state law, Revolution should not have to guess as to whether it can assert a secured claim in the first place. The Debtor (and the Court) should resolve title to the Property now, so that Revolution's status as a secured creditor can be clearly addressed in both the Plan and Disclosure Statement. Revolution points out that if the Debtor intends for the property to be part of the Estate and dealt with under the Plan, then the Debtor (and the Court) should resolve the Transfer Motion before soliciting votes on the Plan. There is nothing holding up resolution of the Transfer Motion. The motion is fully briefed. Other than this Court's approval, there do not appear to be any contingencies to the Debtor causing Shop Yard to transfer title to this Property. A full-text copy of Revolution's objection dated June 24, 2021, is available at https://bit.ly/2TjdMUb from PacerMonitor.com at no charge. Counsel for Revolution Industrial: J. Henk Taylor RYAN RAPP UNDERWOOD & PACHECO, P.L.C. 3200 North Central Avenue, Suite 2250 Phoenix, Arizona 85012 Telephone: (602) 707-1480 Facsimile: (602) 265-1495 E-mail: htaylor@rrulaw.com About Integrated AG XI Scottsdale, Ariz.-based Integrated AG XI, LLC, filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 21-00414) on July 9, 2018. In its petition, the Debtor disclosed $33,909,241 in assets and $20,701,272 in liabilities. Bryan Hepler, an authorized representative, signed the petition. Judge Daniel P. Collins oversees the case. Burch & Cracchiolo, P.A., serves as the Debtor's bankruptcy counsel. J.F. GRIFFIN: Seeks to Hire Prix Fixe Accountants as Bookkeeper --------------------------------------------------------------- J.F. Griffin Publishing, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Prix Fixe Accountants as its bookkeeper. The firm will render these services: (a) provide the Debtor regular bookkeeping services; (b) assist the Debtor and its professionals in preparing and reviewing financial projections, cash collateral budgets, Monthly Operating Reports; and (c) assist the Debtor and other professionals employed in its Chapter 11 case to prepare a plan of reorganization to be filed with the bankruptcy court. In addition, the firm provides the Debtor with a monthly subscription to QuickBooks Online Plus and HubDoc. The firm will charge the Debtor a weekly flat fee of $1,750 for its software and professional services. As of the petition date, the Debtor owed the firm a total of $5,250 for services rendered prior to its bankruptcy filing. Carolyn Jones, a member of Prix Fixe Accountants, disclosed in a court filing that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Carolyn Jones Prix Fixe Accountants 148 Main Street Williamstown, MA 01267 Telephone: (413) 458-8297 Email: carolyn@prixfixe.accountants About J.F. Griffin Publishing J. F. Griffin Publishing, LLC is a full-service publisher of informational and educational materials for different media types. Its core services include complete content review, layout and design services, project management, app development, and sale and sponsorship integration. It currently produces 100 titles for state agencies in 30 states, manages more than 90 web properties, and has a mobile app. It has approximately 14 employees, including its managing member, and maintains offices in Williamstown, Mass., and Birmingham, Ala. Historically, it has averaged approximately $4.6 million a year in gross revenue. J.F. Griffin Publishing sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 21-30225) on June 21, 2021, listing under $1 million in both assets and liabilities. Judge Elizabeth D. Katz oversees the case. The Debtor tapped Fitzgerald Attorneys at Law PC as legal counsel, Smith, Watson & Co. LLP as accountant, and Prix Fixe Accountants as bookkeeper. J.F. GRIFFIN: Seeks to Hire Smith, Watson & Co. as Accountant ------------------------------------------------------------- J.F. Griffin Publishing, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Smith, Watson & Co., LLP as accountant. The firm's services include: (a) overseeing the internal accounting systems employed by the Debtor; (b) preparing federal and state tax returns; (c) preparing audited year-end financial statements; (d) assisting the Debtor and other professionals employed in its Chapter 11 case to prepare a plan of reorganization to be filed with the bankruptcy court; and (e) providing such additional financial analysis, projections, and other accounting and tax services as may be required. The hourly rates of the firm's professionals are as follows: Partners $350 per hour Senior Managers $250 per hour Associates $125 per hour As of the petition date, the Debtor did not owe the firm any amount for accounting services rendered prior to its bankruptcy filing. Bryon Sherman, a certified public accountant at Smith, Watson & Co., disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bryon M. Sherman, CPA Smith, Watson & Co., LLP 7 North Street, Suite 205 Pittsfield, MA 01201 Telephone: (413) 464-9940 Email: bsherman@smithwatson.com About J.F. Griffin Publishing J. F. Griffin Publishing, LLC is a full-service publisher of informational and educational materials for different media types. Its core services include complete content review, layout and design services, project management, app development, and sale and sponsorship integration. It currently produces 100 titles for state agencies in 30 states, manages more than 90 web properties, and has a mobile app. It has approximately 14 employees, including its managing member, and maintains offices in Williamstown, Mass., and Birmingham, Ala. Historically, it has averaged approximately $4.6 million a year in gross revenue. J.F. Griffin Publishing sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 21-30225) on June 21, 2021, listing under $1 million in both assets and liabilities. Judge Elizabeth D. Katz oversees the case. The Debtor tapped Fitzgerald Attorneys at Law PC as legal counsel, Smith, Watson & Co. LLP as accountant, and Prix Fixe Accountants as bookkeeper. J.F. GRIFFIN: Seeks to Tap Fitzgerald Attorneys at Law as Counsel ----------------------------------------------------------------- J.F. Griffin Publishing, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Fitzgerald Attorneys at Law, PC to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) advising the Debtor regarding its powers, rights, and duties in the continued management and operation of its business; (b) advising the Debtor regarding the legal and administrative requirements of its bankruptcy case; (c) taking all necessary actions to protect and preserve the Debtor's estate; (d) preparing legal papers; (e) representing the Debtor's interests at creditors' meeting and at any other hearing scheduled before the bankruptcy court related to the Debtor; (f) assisting in the formulation, negotiation, and implementation of a Chapter 11 plan and all documents related thereto; (g) assisting the Debtor in the negotiation, documentation, implementation, consummation, and closing of corporate transactions; (h) assisting the Debtor with respect to the use of cash collateral; (i) reviewing and analyzing all claims filed against the Debtor's bankruptcy estate and representing the Debtor in connection with the possible prosecution of objections to claims; (j) advising the Debtor concerning any executory contract and unexpired leases; (k) coordinating with other professionals employed in the case to rehabilitate the Debtor's affairs; and (l) other bankruptcy-related legal services. On June 1, 2021, the Debtor paid a retainer of $71,738 to Fitzgerald Attorneys at Law. After applying all payments, the firm holds a retainer of $58,245. Andrea M. O'Connor, Esq., an attorney at Fitzgerald Attorneys at Law, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrea M. O'Connor, Esq. Fitzgerald Attorneys at Law, PC 46 Center Square East Longmeadow, MA 01028 Telephone: (413) 486-1110 Email: amo@fitzgeralatlaw.com About J.F. Griffin Publishing J. F. Griffin Publishing, LLC is a full-service publisher of informational and educational materials for different media types. Its core services include complete content review, layout and design services, project management, app development, and sale and sponsorship integration. It currently produces 100 titles for state agencies in 30 states, manages more than 90 web properties, and has a mobile app. It has approximately 14 employees, including its managing member, and maintains offices in Williamstown, Mass., and Birmingham, Ala. Historically, it has averaged approximately $4.6 million a year in gross revenue. J.F. Griffin Publishing sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 21-30225) on June 21, 2021, listing under $1 million in both assets and liabilities. Judge Elizabeth D. Katz oversees the case. The Debtor tapped Fitzgerald Attorneys at Law PC as legal counsel, Smith, Watson & Co. LLP as accountant, and Prix Fixe Accountants as bookkeeper. J.J.W. METAL: Unsecureds to Get 50% Under Plan ---------------------------------------------- J.J.W. Metal, Corp., submitted an Amended Plan of Reorganization. The Plan will treat claims as follows: * Class 5 - Holders of Cure Claims from Assumed Executory Contracts. (i) Cidra Excavations', claims relative to the Carolina Plant Lease Agreement shall be paid in full through 6 equal installments of $2,000 each, commencing on the Effective Date and continuing on the last day of each of the following 5 months, and (ii) Cidra Excavations' relative to the Heavy Equipment Rental Agreement with Debtor, will be paid in full through 60 equal consecutive monthly installments of $4,685.22 each until its full payment thereof, commencing on the Effective Date and continuing on the last day of each of the following 59 months. Class 5 is impaired. * Class 6 - Holders of Allowed General Unsecured Claims. Class 6 will be paid in full satisfaction of their claims 50% thereof on the Effective Date. Claims of Debtor's Insiders will be subordinated to the other general unsecured claims and 50% thereof, only after making the payments to all other creditors of this Class. Class 6 is impaired. The Debtor will effect payment of Administrative Expense Claims, Priority Tax Claims, Allowed Secured and General Unsecured Claims from the cash flows generated from its operations. Attorney for the Debtor: CHARLES A. CUPRILL P.S.C. LAW OFFICES 356 Fortaleza Street Second Floor San Juan, PR 00901 Tel.: 787-977-0515 Fax: 787-977-0518 E-mail: ccuprill@cuprill.com A copy of the Disclosure Statement is available at https://bit.ly/2T4mXrp from PacerMonitor.com. About J.J.W. Metal Corp. Palmer, P.R.-based J.J.W. Metal Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-04536) on Nov. 23, 2020. Jorge Rodriguez Quinones, president, signed the petition. In the petition, the Debtor disclosed total assets of $1,649,341 and total liabilities of $1,750,865. Judge Edward A. Godoy oversees the case. The Debtor tapped Charles A. Cuprill, P.S.C., Law Offices as bankruptcy counsel; Luis R. Carrasquillo & Co. P.S.C. as financial consultant; and Gino Negretti Lavergne, Esq., and Frank Inserni Milam, Esq., as special counsel. Risk Assessment & Management (RAM) Group, Inc., Arturo Vazquez Cancel, and ISFPE, LLC serve as the Debtor's environmental consultants. JAMES C. LEWIS: Gets Approval to Hire Bultynck & Co. as Accountant ------------------------------------------------------------------ James C. Lewis, Sr., LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Bultynck & Co., PLLC as its accountant. The firm's services include: (a) annual accounting; (b) yearend preparation of tax returns; and (c) preparation of unfiled returns. The firm will be paid at hourly rates ranging from $50 to $240. The retainer fee is $2,000. David Bultynck, a certified public accountant at Bultynck & Co., disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Bultynck Bultynck & Co., PLLC 15985 Canal Rd. Clinton Township, MI 48038 Telephone: (586) 286-7300 Fax: (586) 286-9986 Email: admin@bultynck.com About James C. Lewis Sr. LLC James C. Lewis, Sr., LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 21-44189) on May 12, 2021, disclosing $100,001 to $500,000 in both assets and liabilities. Elder Melvin Lewis, responsible person, signed the petition. Judge Lisa S. Gretchko oversees the case. The Debtor tapped Stevenson & Bullock, PLC as legal counsel and Bultynck & Co., PLLC as accountant. JDS FOURTH AVENUE: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of JDS Fourth Avenue, LLC. About JDS Fourth Avenue JDS Fourth Avenue, LLC, New York-based company engaged in activities related to real estate, sought Chapter 11 protection (Bankr. D. Del. Case No. 21-10888) on June 1, 2021. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. The cases are handled by Judge Karen B. Owens. Cousins Law, LLC and RSR Consulting, LLC serve as the Debtor's legal counsel and financial advisor, respectively. JOYNER-BYRUM PROPERTIES: All Claims Are Paid in Full Under Plan --------------------------------------------------------------- Joyner-Byrum Properties, LLC, submitted a Second Amended Plan of Reorganization. The Debtor's financial projections show that the Debtor will have projected disposable income for the 3-year period described in Section 1191(c)(2) of the Bankruptcy Code of $46,500. The Debtor is currently renting out 5 of the 6 properties. The Plan assumes that any necessary repairs will be completed on the 6th property, located at 205 Monroe Street, Roanoke Rapids, NC, within the year and that the Debtor will begin to rent that property at a monthly rate of $500 no later than December 2021. This Plan of Reorganization under Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from the sale of the Property. This Plan Provides for Class 1 - Priority claims excluding those in Class 2, Class 2 – Ad valorem taxes, Class 3 – Secured claim of Truist Bank, formerly BB&T, Class 4 – Nonpriority unsecured creditors and Class 5 – Equity Security. The Plan also provides for the payment of all claims in full. A copy of the Disclosure Statement is available at https://bit.ly/3jav0O7 from PacerMonitor.com. About Joyner-Byrum Properties Joyner-Byrum Properties, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 21-00111) on Jan. 20, 2021. At the time of filing, the Debtor estimated assets of between $100,001 and $500,000 and liabilities of between $50,001 and $100,000. Judge Joseph N. Callaway oversees the case. J.C. White Law Group, PLLC is the Debtor's legal counsel. KAMLER LLC: Seeks to Hire Krigel & Krigel as Legal Counsel ---------------------------------------------------------- Kamler, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Krigel & Krigel, P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) advising the Debtor with respect to its powers and duties in the continued management and operation of its business; (b) attending meetings and negotiating with representatives of creditors and other parties in interest; (c) taking all necessary action to protect and preserve the estate, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor's estate, and objections to claims filed against the estate; (d) preparing legal papers; (e) negotiating and prosecuting contracts for the sale of the Debtor's assets, plan of reorganization and all related documents, and taking any action that is necessary for the Debtor to obtain confirmation of the plan; (f) appearing before the court and the U.S. trustee; and (g) performing all other necessary legal services. The firm's hourly rates are as follows: Sanford P. Krigel, Esq. $350 per hour Erlene W. Krigel, Esq. $275 per hour Paul Hentzen, Esq. $275 per hour Karen Rosenberg, Esq. $225 per hour Dana Wilders, Esq. $225 per hour Lara Pabst, Esq. $225 per hour Benjamin Varenhorst, Esq. $225 per hour Legal assistants $75 per hour Erlene Krigel, Esq., the firm's attorney who will be handling the case, disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Erlene W. Krigel, Esq. Krigel & Krigel, P.C. 4520 Main Street, Suite 700 Kansas City, MO 64111 Tel.: (816) 756-5800 Fax: (816) 756-1999 Email: ekrigel@krigelandkrigel.com About Kamler LLC Kamler, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 21-50166) on June 17, 2021. At the time of the filing, the Debtor had between $100,001 and $500,000 in both assets and liabilities. Judge Brian T. Fenimore oversees the case. Krigel & Krigel, P.C. serves as the Debtor's legal counsel. LAKE CECILE: Unsecureds Will be Paid in 36 Monthly Installments --------------------------------------------------------------- Lake Cecile Resort Inc. submitted a Plan and a Disclosure Statement. The Debtor owns these businesses (the "Businesses"): (a) 2-story retail/office building located at 1220-1228 E. Colonial Drive, Orlando, FL, with approximately 10,545 square feet of rentable space and 6 tenants (the "Colonial Plaza"); (b) 3-story commercial office building, located at 672 N. Semoran Blvd., Orlando, FL with approximately 19,817 square feet of rentable space and 12 tenants (the "Semoran Office"); (c) Seville Plaza retail strip center located at 4636 W. Irlo Bronson Mem. Hwy, Kissimmee, FL, with approximately 30,503 square feet of rentable space and 7 tenants (the "Seville Plaza"); and (d) Lake Cecile Inn & Suites located at 4900 W. Irlo Bronson Mem. Hwy, Kissimmee, FL, with 120 rooms (the "Cecile Inn"); (e) Star Motel at Lakeside located at 4880 W. Irlo Bronson Mem. Hwy, Kissimmee, FL, with 128 rooms (the "Star Motel"); and (f) Palm Lakefront Resort & Hostel located at 4840 W. Irlo Bronson Mem. Hwy, Kissimmee, FL, with 99 rooms (the "Palm Motel"). The Star Motel and Cecile Inn are not operating. The Star Motel, Cecile Inn, and Palm Motel are collectively referred to as the "Motels." The Debtor has filed a motion for approval of the sale of the Motels and related relief. The Debtor proposes to sell the Motels free and clear of interests with any such interests to attach to proceeds of sale. The proceeds of sale will be disbursed to satisfy allowed claims secured by the Motels. The Debtor will request the court to find that the sale will be under the Plan, such that the making or delivery of an instrument of transfer may not be taxed under any law imposing a stamp tax or similar tax. The Debtor cannot predict whether proceeds of sale will be sufficient to satisfy all allowed claims that are secured by the Motels. The Plan will treat claims as follows: * Class 11 – Allowed Claim of BMI Secured by Colonial Plaza & Semoran Office. BMI filed proof of claim 31, asserting a claim in the approximate amount of $2.46 million, secured by a mortgage against the Colonial Plaza and Semoran Office. The holder of the claim in this class will retain the lien securing the claim to the extent of the allowed amount of the claim and will receive on account of such claim a modified renewal note equal monthly payments of principal and interest, based on a 20 year amortization, commencing 30 days after the Effective Date and on the same date of each month thereafter. Class 11 is impaired. * Class 12 - Allowed Claim of BMI Secured by Seville Plaza. BMI filed proof of claim 31, asserting a claim in the approximate amount of $2.7 million, secured by a mortgage against the Seville Plaza. The tax assessed value of the Seville Plaza is $2,205,900. The holder of the claim in this class will retain the lien securing the claim to the extent of the allowed amount of the claim and will receive on account of such claim a modified renewal note equal monthly payments of principal and interest, based on a 20 year amortization, commencing 30 days after the Effective Date and on the same date of each month thereafter. Class 12 is impaired. * Class 13 - Allowed Unsecured Claims are impaired. This class consists of allowed Unsecured Claims. Subject to defenses, offset and counterclaims, proofs of Unsecured Claims have been filed in the approximate amount of $396,700. The holders of such claims shall receive on account of such claims a Pro Rata Share of unsecured notes. The unsecured notes will be in the form attached to the Plan and shall have the following terms: (1) The aggregate principal amount of unsecured notes will be the lesser of: (A) the amount of allowed Unsecured Claims; and (B) $396,700; (2) Interest rate – none; and (3) Payable in 36 equal monthly installments, commencing 30 days after the Effective Date. Attorneys for the Debtor: David R. McFarlin Fisher Rushmer, P.A. 390 N. Orange Ave., Suite 2200 Post Office Box 3753 Orlando, FL 32802-3753 Telephone (407) 843-2111 Facsimile (407) 422-1080 E-mail: dmcfarlin@fisherlawfirm.com A copy of the Disclosure Statement is available at https://bit.ly/2T3Zl6i from PacerMonitor.com. About Lake Cecile Resort Lake Cecile Resort Inc. is an Orlando, Fla.-based company primarily engaged in renting and leasing real estate properties. Lake Cecile Resort sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-01060) on March 12, 2021. In the petition signed by Mary T. Nguyen, president, the Debtor disclosed between $10 million and $50 million in both assets and liabilities. Judge Karen S. Jennemann oversees the case. David R. McFarlin, at Fisher Rushner, P.A., is the Debtor's legal counsel. LINDA MAR: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Linda Mar Imports Incorporated, according to court dockets. About Linda Mar Imports Incorporated Linda Mar Imports Incorporated filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-14628) on May 12, 2021, listing under $1 million in both assets and liabilities. Judge Laurel M. Isicoff oversees the case. Marilyn L. Maloy, Esq., at Maloy Law Group, LLC, represents the Debtor as legal counsel. MALLINCKRODT PLC: Wilkinson Brimmer Reminds of Voting Deadline -------------------------------------------------------------- The following statement is being issued by Wilkinson Brimmer Katcher regarding the Mallinckrodt plc bankruptcy plan. WHAT IS THIS ABOUT? Mallinckrodt is a manufacturer of opioid pain medication that filed for chapter 11 bankruptcy in October 2020. On June 17, 2021, Mallinckrodt plc and its affiliates (the "Debtors") filed their Plan of Reorganization (the "Plan") in the United States Bankruptcy Court for the District of Delaware and their related Disclosure Statement. You may have the right to vote on the Plan of Reorganization. WHO CAN VOTE ON THE PLAN? If you think you or a deceased loved one was harmed by opioids like Hydrocodone, Oxycodone, Codeine or Roxicodone, or if you care for a child exposed to these opioids in the womb, you can vote on the Mallinckrodt bankruptcy plan. Specific details about voting are set forth below in this notice and at MNKvote.com. WHAT DOES THE PLAN PROVIDE? Mallinckrodt's Plan channels claims based on harm or injury related to the Debtors' manufacturing of opioids and related activities to one or more opioid trusts. These opioid trusts will be established for the purpose of distributing money to individuals and corporate entities holding Opioid Claims and for abatement of the opioid crisis. If the Plan is approved by the Bankruptcy Court and you have an Opioid Claim, you will be entitled to assert your claim directly against the applicable opioid trust at a later time. There is nothing you need to do right now to assert your Opioid Claim. You will be notified of how to assert your Opioid Claim against an opioid trust at a later date. The Plan, if approved, will forever prohibit any opioid claimants from asserting any Opioid Claim or seeking any money on account of any Opioid Claim against the Debtors, their officers and directors, or certain other parties specified in the Plan as the "Protected Parties." The Official Committee of Opioid Related Claimants is a Bankruptcy Court-appointed representative of Opioid Claimants in the Debtors' bankruptcy cases and has set forth its position letter regarding the Plan, which can be obtained free of charge at MNKVote. com. WHAT ARE YOUR OPTIONS? Vote on the Plan: If you are eligible to submit a vote, your vote must be submitted so it is received on or before September 3, 2021, at 4:00 p.m., Eastern Time. Detailed instructions on how to vote are available at MNKvote.com or by calling 877.467.1570 (Toll-Free) or 347.817.4093 (International). If you do not follow the detailed instructions, your vote may be disqualified. Object to the Plan: If you disagree with the Plan, you can object to it in writing so it is received on or before September 3, 2021, at 4:00 p.m., Eastern Time. Objections not filed and served properly may not be considered by the Bankruptcy Court. Detailed instructions on how to file an objection are available at MNKvote.com or by calling 877.467.1570 (Toll-Free) or 347.817.4093 (International). If the Plan is confirmed, everyone with a Claim against or Interest in Mallinckrodt plc and its affiliates will be bound by the terms of the Plan regardless of whether or not they vote on the Plan or file a claim against the opioid trust WHEN IS THE HEARING? The Bankruptcy Court has scheduled the hearing to consider confirmation of the Plan to be held on September 21, 2021, at 10:00 a.m. Eastern Time (the "Confirmation Hearing"). The Confirmation Hearing will take place before the Honorable John T. Dorsey, United States Bankruptcy Judge, in the Bankruptcy Court, located at 824 Market Street, 5th Floor, Courtroom 5, Wilmington, Delaware 19801, which hearing shall be conducted either by teleconference or videoconference via Zoom. THIS IS ONLY A SUMMARY OF THE MALLINCKRODT PLAN OF REORGANIZATION. IF YOU HAVE ANY QUESTIONS OR IF YOU WOULD LIKE TO OBTAIN ADDITIONAL INFORMATION: Call: 877.467.1570 (Toll-Free) 347.817.4093 (International) Write: Mallinckrodt Ballot Processing, c/o Prime Clerk LLC, One Grand Central Place, 60 East 42nd Street, Suite 1440 New York, NY 10165 Visit: MNKvote.com Email: mallinckrodtopioidclaimantinfo@akingump.com or mallinckrodtinfo@primeclerk.com Please be advised that Prime Clerk, the debtor's notice and claims agent, is authorized to answer questions about, and provide additional copies of the plan and other solicitation materials, but may not advise you as to whether you should vote to accept or reject the plan. 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. 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. MATADOR RESOURCES: S&P Ups ICR to 'B' on Improved Credit Measures ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Matador Resources Co., a Dallas-based crude oil and natural gas exploration and production (E&P) company, to 'B' from 'B-'. The outlook is stable. At the same time, S&P raised its issue-level rating on the company's 5.875% senior unsecured notes due 2026 to 'B+' from 'B'. The recovery rating is '2', indicating its expectation for substantial (70%-90%; rounded estimate: 85%) recovery of principal in the event of a payment default. The stable outlook reflects S&P's expectation that Matador will maintain credit measures appropriate for the rating over the next 12-24 months, including funds from operations (FFO) to debt of about 40%. S&P said, "Our upgrade to 'B' reflects the company's improved credit measures, which are supported by its positive discretionary cash flow (DCF) and debt repayment. Under our revised price assumptions and Matador's four-rig capital spending plan, we project the company will generate about $200 million in DCF per year in both 2021 and 2022. This assumes capital spending of about $575 million in both years and average production of about 83,000 barrels of oil equivalent (boe) per day (/d) in 2021--about 10% higher than in 2020--and a similar level of production growth in 2022. We expect DCF will primarily be used to repay borrowings on the company's reserve-based lending (RBL) credit facility. Matador has disclosed $130 million in RBL repayments through early June, reducing the drawn amount to $310 million, or to about 44% of the elected commitment of $700 million. "We expect Matador will continue to prioritize developing its federal leases in the Delaware Basin in 2021. Matador reported 28% of its Delaware Basin leasehold is located on federal lands, the development of which has become less certain in a potentially more stringent regulatory environment under the Biden Administration. However, as of late April, Matador had proactively secured permits for 174 undrilled federal locations and had more than 100 additional permits pending review, which lessens the risk, in our view. Matador has focused recent activity on drilling multi-well pads and longer laterals, which have resulted in cost and operational efficiency gains that should be sustainable independent of commodity prices. "Matador's proved developed reserves and production are smaller than higher-rated peers. We apply a negative comparable rating analysis modifier to Matador's 'b+' anchor to arrive at our final 'B' rating. This adjustment factors in a holistic view of the company's credit characteristics and primarily reflects the company's smaller production and proved developed reserve size compared with 'B+' rated peers like CrownRock L.P. "Our stable outlook reflects our view that Matador's leverage metrics will remain appropriate for the current rating over the next 12-24 months, supported by our expectation that the company will continue to repay its RBL borrowings using DCF in the remainder of 2021. We anticipate FFO to debt of about 40% and debt to EBITDA of about 2x over the next 12-24 months. "We could lower the rating if the company's FFO to debt declined to below 20% on a sustained basis, which would most likely be driven by commodity prices falling below our current expectations with no offsetting reduction to the company's capital spending plans. "We could raise our rating on Matador if it increased its production and proved developed reserves to be more in line with higher-rated peers while maintaining FFO to debt comfortably above 30%. Alternatively, we could raise the rating if FFO to debt were comfortably above 45% for a sustained period and the company had materially reduced borrowings on its RBL facility using DCF." MIDCAP FINANCIAL: S&P Rates New $400MM Senior Unsecured Notes 'B+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue credit rating to MidCap Financial Issuer Trust's (BB-/Stable/--) proposed issuance of $400 million of senior unsecured notes due 2030. MidCap FIT is an intermediate holding company of MidCap FinCo Intermediate Holdings Ltd. MidCap intends to use proceeds from this offering to repay a portion of its existing revolving credit facility debt and for general corporate purposes. Net of paydowns, S&P expects this issuance to modestly increase leverage, which was 3.7x debt to adjusted total equity (ATE) as of March 31, 2021. S&P said, "Our 'B+' rating on MidCap FIT's senior unsecured notes is one notch below our issuer credit rating on the company, reflecting significant amounts of priority senior secured debt. We expect MidCap to maintain assets in excess of amounts necessary for repayment of priority debt at least equal to the amount of its unsecured debt outstanding; otherwise, we could lower our unsecured debt rating by another notch to 'B'. "The stable outlook reflects our expectation that, over the next 12 months, MidCap will operate with debt to ATE at 3.6x-4.1x. We expect the company will maintain its strong underwriting record, including in lending segments outside of health care. Further, we expect MidCap will maintain adequate liquidity and access to funding through a broad array of lenders and credit facilities. "We could lower our ratings if MidCap's debt to ATE rises above 4.5x over the next 12 months or if loan losses increase, particularly on its larger loans, resulting in significant capital erosion. We could also lower the ratings if MidCap's available liquidity to address collateral revaluation events in its secured funding facilities becomes less than adequate in our view." An upgrade is not likely in the next six to 12 months. N.G. PURVIS: Committee Taps Dundon Advisers as Financial Advisor ---------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 case of N.G. Purvis Farms, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Dundon Advisers LLC as its financial advisor. The firm's services include: (a) assisting in the analysis, review and monitoring of the Debtor's restructuring process; (b) reviewing the terms of the cash collateral usage order and any other provision for case budgeting or case financing; (c) assisting in the analysis of lease rejection damages and sale transaction analysis of leases; (d) developing a sufficient understanding of the Debtor's businesses; (e) monitoring any sales process; (f) determining viable non-sale paths for the reorganization of the Debtor's business or disposition of its assets; (g) monitoring, and to the extent appropriate, assisting the Debtor in efforts to develop and solicit transactions which would support unsecured creditor recovery; (h) assisting the committee in identifying, valuing and pursuing estate causes of action; (i) assisting the committee to address claims against the Debtor and to identify, preserve, value, and monetize tax assets of the Debtor; (j) advising the committee in negotiations with the Debtor and third parties; (k) assisting the committee in reviewing the Debtor's financial reports; (l) reviewing and providing analysis of any proposed disclosure statement and Chapter 11 plan, and if appropriate, assisting the committee in developing an alternative Chapter 11 plan; (m) attending meetings and assisting in discussions with the committee, the Debtor, the secured lenders, the bankruptcy administrator, and other parties-in-interest and professionals; (n) attending meetings of the committee as well as meetings with other key stakeholders and parties; (o) providing testimony as and when may be deemed appropriate; and (p) other financial advisory services. The hourly rates of Dundon Advisers' professionals through June 30, 2021 are as follows: Peter Hurwitz, Principal $700 per hour Alex Mazier, Senior Adviser $700 per hour Phillip Preis, Managing Director $700 per hour Lee Rooney, Associate Director $450 per hour Gregory Hill, Senior Associate $400 per hour In addition, the firm will seek reimbursement for expenses incurred. Dundon Advisers has agreed to grant the committee a waiver of its customary fee increase commencing July 1, and a 10 percent discount of its current rates. Peter Hurwitz, a principal and managing director at Dundon Advisers, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter A. Hurwitz Dundon Advisers LLC 440 Mamaroneck Avenue, Fifth Floor Harrison, NY 10528 Telephone: (914) 341-1188 Facsimile: (212) 202-4437 Email: PH@dundon.com About N.G. Purvis Farms N.G. Purvis Farms, Inc. operates throughout the Southeast as a farrow-to-finish pork producer, which breeds, farrows, weans, and raises weaner pigs, feeder pigs and market hogs, and then sold to pork processors. It owns and operates 12 farms in North Carolina and two farms in Georgia, together with associated facilities, on which it maintains herds of sows, breeds piglets, and raises market hogs. It contracts with numerous independent growers to feed and finish at their facilities weaned pigs and feeder pigs furnished and owned by the company into market hogs. N.G. Purvis Farms sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 21-01068) on May 6, 2021. In the petition signed by Jerry M. Purvis, Sr., president, the Debtor disclosed $34,268,361 in assets and $53,126,237 in liabilities. Judge Stephani W. Humrickhouse oversees the case. The Debtor tapped Butler & Butler, LLP and Hendren, Redwine, Malone PLLC as bankruptcy counsel, Robbins May & Rich LLP as special counsel, Frost PLLC as accountant, and NutriQuest Business Solutions LLC as restructuring advisor. Steve Weiss of NutriQuest Business Solutions serves as the Debtor's chief restructuring officer. On May 27, 2021, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina appointed an official committee of unsecured creditors. The committee tapped Waldrep Wall Babcock & Bailey, PLLC as legal counsel and Dundon Advisers, LLC as financial advisor. NEIMAN MARCUS: Aims to Buy Stylyze Inc. After Bankruptcy Exit ------------------------------------------------------------- Andy Patel of Emnetra reports that department store operator Neiman Marcus announced plans to acquire Seattle-based women-founded technology firm Stylyze, Inc. The machine learning SaaS platform provides product attribution data and select content to enhance the relevant shopping experience throughout the customer journey. Neiman Marcus will take advantage of this to create a differentiated and luxurious experience. The acquisition means that Neiman Marcus plans to invest more than $ 500 million over the next three years to support its integrated luxury retail strategy. The transaction is expected to close in the first quarter of fiscal year 2022, subject to normal closing conditions. Bob Kupbens, Executive Vice President and Chief Technology Officer of the Neiman Marcus Group, said: "Today's customers want a seamless and unique experience that will improve their shopping journey when it comes to fashion discovery and engagement. We have a common partnership with Stylyze to bring technology and a great team together. I'm really excited about it." The company first launched a strategic partnership with Stylyze in 2018. On June 23, 2021, Stylyze's products and features are key components of its remote sales platform and its industry-leading customer tool, Connect. Next, Neiman Marcus will consider integrating features into additional digital tools such as e-commerce, mobile apps, text messaging, chat, phone and other messaging channels, and other engagement channels. "Over the past year, we have strengthened our business foundation. We know that rebounds" are coming and we are experiencing a revival of luxury as we accelerate. NMG is capturing the growing interest of luxury customers. It's in the right position. It's time to develop the digital capabilities that are essential to driving profitable and sustainable growth." Jeffroy van remdonk, Neiman Marcus Group Chief Executive Officer. "With the acquisition of Stylyze, we can advance our integrated luxury strategy and build long-term relationships with luxury customers that create emotional value and high lifetime value potential. Neiman Marcus escaped from Chapter 11 bankruptcy in September after being first infected during the heyday of the Covid-19 pandemic. Its new owners include PIMCO, Davidson Kempner Capital Management, and Sixth Street. After the treasury restructuring, the company said it could make strategic investments, such as the acquisition of Stylyze, "with new financial flexibility." The company's debt balance at the end of April 2021 was $1.1 billion, compared with $ 5.1 billion in the previous year. NMG currently has more than $850 million in liquidity available, compared to $132 million a year ago, and the $900 million revolver has no outstanding debt. About Neiman Marcus Group Neiman Marcus Group LTD, LLC -- https://www.neimanmarcus.com/ -- is a luxury omni-channel retailer conducting store and online operations principally under the Neiman Marcus, Bergdorf Goodman, and Last Call brand names. It also operates the Horchow e-commerce website offering luxury home furnishings and accessories. Since opening in 1907 with just one store in Dallas, Neiman Marcus and its affiliates have strategically grown to 67 stores across the United States. Weeks after being forced to temporarily shutter stores due to the coronavirus pandemic, Neiman Marcus Group and 23 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32519) on May 7, 2020, after reaching an agreement with a significant majority of our creditors to undergo a financial restructuring that will substantially reduce the Company's debt load, and provide access to considerable financing to ensure business continuity. Kirkland & Ellis LLP is serving as legal counsel to the Company, Lazard Ltd. is serving as the Company's investment banker, and Berkeley Research Group is serving as the Company's financial advisor. Stretto is the claims agent, maintaining the page https://cases.stretto.com/NMG Judge David R. Jones oversees the cases. The Extended Term Loan Lenders are represented by Wachtell, Lipton, Rosen & Katz as legal counsel, and Ducera Partners LLC as investment banker. The Noteholders are represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel and Houlihan Lokey as investment banker. NEW HAPPY FOOD: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: New Happy Food Company 5477 Riverdale Rd Ste. 9 Atlanta, GA 30349 Chapter 11 Petition Date: June 29, 2021 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 21-54898 Debtor's Counsel: William A. Rountree, Esq. ROUNTREE, LEITMAN & KLEIN, LLC Century Plaza I 2987 Clairmont Road, Ste 350 Atlanta, GA 30329 Tel: 404-584-1238 Fax: 404 704-0246 E-mail: swenger@rlklawfirm.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by You Nay Khao, owner. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/WBRYUBQ/New_Happy_Food_Company__ganbke-21-54898__0001.0.pdf?mcid=tGE4TAMA NIEMAN PRINTING: Seeks to Hire Eric A. Liepins as Legal Counsel --------------------------------------------------------------- Nieman Printing, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Eric A. Liepins, P.C. to serve as legal counsel in its Chapter 11 case. The firm's hourly rates are as follows: Eric A. Liepins $275 per hour Paralegals and Legal Assistants $30 - $50 per hour The Debtor paid a retainer fee of $7,500 to the law firm plus the Chapter 11 filing fee. Eric Liepins, Esq., the sole shareholder of the firm, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Eric A. Liepins, Esq. Eric A. Liepins, P.C. 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel.: (972) 991-5591 Fax: (972) 991-5788 Email: eric@ealpc.com About Nieman Printing Inc. Nieman Printing, Inc., owner of a printing company in Dallas, Texas, filed a Chapter 11 petition (Bankr. N.D. Texas Case No. 21-31134) on June 17, 2021. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Garrett Graves, president, signed the petition. Eric A. Liepins, P.C. represents the Debtor as legal counsel. OFS INTERNATIONAL: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------- The U.S. Trustee for Region 6 on June 28 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of OFS International, LLC and its affiliates. The committee members are: 1. Schouest Bamdas Soshea & BenMaier PLLC 1001 McKinney, Suite 1400 Houston, TX 77002 Attention: M. Lane Lowrey Phone: 713-295-1654 E-mail: llowrey@sbsblaw.com 2. The Hammond Law Firm 550 Post Oak Blvd., Suite 580 Houston, TX 77027 Attention: William D. Hammond Phone: 713-253-9969 E-mail: dhammond@hlftx.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About OFS International OFS International is a provider of oil and gas production and processing equipment and services, with its headquarters in Houston, Texas, and operations in the Permian, Barnett and Marcellus regions. It provides field services, inspections, couplings, threading and accessories to the oil and gas industry. OFS International and affiliates, OFSI Holding LLC and Threading and Precision Manufacturing LLC, sought Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 21-31784) on May 31, 2021. In the petition signed by chief financial officer Alexey Ratnikov, OFS International estimated assets of between $10 million and $50 million and estimated liabilities of between $50 million and $100 million. The cases are handled by Judge David R. Jones. The Debtors' attorneys are Joshua W. Wolfshohl, Aaron J. Power, and Megan Young-John of Porter Hedges LLP. BMC Group, Inc., is the Debtors' claims agent. Sandton Capital Solutions Master Fund V, LP, the Debtors' DIP lender, is represented by McGuirewoods, LLP. P2 OAKLAND: Seeks to Tap E. Vincent Wood as Bankruptcy Counsel -------------------------------------------------------------- P2 Oakland CA, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ E. Vincent Wood, Esq., an attorney practicing in Walnut Creek, Calif., to handle its Chapter 11 case. The attorney will render these legal services: (a) consult with the Debtor concerning its present financial situation, realistic achievable goals, and the efficacy of various forms of bankruptcy as a means to achieve its goals; (b) prepare the necessary bankruptcy documents; (c) advise the Debtor concerning its duties; (d) identify, prosecute and defend claims and causes of actions assertable by or against the estate; (e) prepare legal papers; (f) if necessary, prepare and prosecute pleadings to avoid preferential transfers or transfers deemed fraudulent as to creditors, objections to claims, and motions for authority to borrow money, sell property or compromise claims; and (g) take all necessary action to protect and preserve the estate, and provide all other legal services requested. Mr. Wood received a pre-bankruptcy retainer of $12,500. The attorney will be billed at his hourly rate of $425 while his paralegal, Nicole Zorrilla, will be paid at $125 per hour. Mr. Wood disclosed in a court filing that he is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: E. Vincent Wood, Esq. Law Offices of E. Vincent Wood 1501 N. Broadway, Suite 261 Walnut Creek, CA 94596 Telephone: (925) 278-6680 Facsimile: (925) 955-1655 Email: vince@woodbk.com About P2 Oakland CA P2 Oakland CA, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 21-40717) on May 25, 2021. Bruce Loughridge, manager, signed the petition. At the time of the filing, the Debtor had total assets of up to $50,000 and total liabilities of up to $10 million. Judge William J. Lafferty oversees the case. E. Vincent Wood, Esq. serves as the Debtor's legal counsel. PAR 5 PROPERTY: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Par 5 Property Investments, LLC 8800 Auburn Valley Rd. Auburn, CA 95602 Chapter 11 Petition Date: June 29, 2021 Court: United States Bankruptcy Court Eastern District of California Case No.: 21-22404 Judge: Hon. Fredrick E. Clement Debtor's Counsel: Iain A. Macdon, Esq. MACDONALD FERNANDEZ LLP 914 Thirteenth Street Modesto, CA 95354 Tel: (415) 362-0449 Total Assets as of May 31, 2021: $3,847,515 Total Liabilities as of May 31, 2021: $5,096,824 The petition was signed by Joseph Francis Prach, president/managing member. 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/TLA75KA/Par_5_Property_Investments_LLC__caebke-21-22404__0001.0.pdf?mcid=tGE4TAMA PARADISE REDEVELOPMENT: Seeks Cash Collateral Access ---------------------------------------------------- Paradise Redevelopment Company, LLC asks the U.S. Bankruptcy Court for the Northern District of California for authority to use cash collateral in which Rediger Investment Mortgage Fund and Miguel Moreno assert an interest. The Debtor needs to use rents generated by the Debtor's 4-plex located at 2118 Addison Avenue, East Palo Alto, California, to pay utilities incurred by the 4-plex, make repairs to it, and pay the Debtor's owner a maintenance fee. The rents comprise cash collateral of deed of trust holders secured by the 4-plex. These affected parties are Rediger Investment Mortgage Fund and Miguel Moreno. The Debtors says the interests of Rediger and Moreno are adequately protected by the value of the 4-plex. The Debtor purchased the 4-plex in 2019 from Moreno who assisted in financing the purchase by carrying back a note and second deed of trust secured by the 4-plex. In addition, a purchase money first note and deed of trust was obtained from Rediger. Rediger is owed approximately $626,000, and Moreno claims he's owed approximately $573,000. The Debtor contends it is entitled to offsets in the amount of approximately $200,000 on account of material nondisclosures made in connection with the sale of the 4-plex. The total disputed amount owed is approximately $1,199,000. Pre-petition, the Debtor obtained an offer to purchase the 4-plex for $1,350,000 -- the amount listed as its value in the bankruptcy Schedules. However, the Debtor's sole owner, Juan Carlos Casas, a licensed real estate salesperson, has opined that the 4-plex currently has a fair market value of $1,450,000. The triggering event for the Chapter 11 case was Moreno publishing a notice of trustee's sale. The Debtor says it has no access to funds except for the rentals from the four rented units of the 4-plex. Rents are supposed to be $6,600 per month, but on account of some confusion caused by the trustee's sale notice, the last remittances totaled only $4,600. The Debtor intends to repair and refurbish the 4-plex and then market it for sale. The work consists of roofing and painting for an amount estimated to be less than $13,000. Casas will be able to save the bankruptcy estate a real estate commission because he will be able to perform the marketing himself. The Rediger and Moreno deeds of trust contain assignment of rent clauses. The Debtor proposes that it be allowed to use all the rents each month for the purpose of paying utilities, paying for the Repair Estimate, and compensating him with a property management fee of $2,500 per month. Adequate protection will be afforded to the two affected creditors by means of the equity cushion existing in the 4-plex. For Rediger, its equity cushion is about 57%, and for Moreno it is about 17%. An equity cushion of approximately 20% may provide adequate protection. A copy of the motion is available for free at https://bit.ly/3qvBVTr from PacerMonitor.com. About Paradise Redevelopment Company San Jose, Calif.-based Paradise Redevelopment Company, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 21-50596) on April 27, 2021. Juan-Carlos Casas, managing member, signed the petition. At the time of filing, the Debtor listed up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Elaine M. Hammond oversees the case. Stanley A. Zlotoff, Esq., serves as the Debtor's legal counsel. PARK 4 LESS: Seeks to Hire Baker & Associates as Bankruptcy Counsel ------------------------------------------------------------------- Park 4 Less, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Baker & Associates to serve as legal counsel in its Chapter 11 case. The firm's services include: a. assisting in analyzing the Debtor's financial situation; b. advising the Debtor with respect to its duties under the Bankruptcy Code; c. preparing legal papers; d. representing the Debtor at the first meeting of creditors; e. representing the Debtor in all proceedings before the bankruptcy court and in any other judicial or administrative proceeding where the rights of the Debtor may be litigated or otherwise affected; f. preparing and filing disclosure statement and Chapter 11 plan of reorganization; and g. assisting in other matters relating to or arising out of the Debtor's bankruptcy case. The firm will be paid based upon its normal and usual hourly billing rates and reimbursed for out-of-pocket expenses incurred. The Debtor paid the firm a retainer of $5,000. Reese Baker, Esq., a partner at Baker & Associates, 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: Reese Baker, Esq. Baker & Associates 950 Echo Lane, Ste 300 Houston, TX 77024 Tel: (713) 979-2279 About Park 4 Less Park 4 Less, LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Texas Case No. 21-31686) on May 21, 2021, disclosing total assets of up to $50,000 and total liabilities of up to $500,000. Judge Christopher M. Lopez oversees the case. The Debtor is represented by Baker & Associates. PELICAN FAMILY: Wins Cash Collateral Access Thru July 15 -------------------------------------------------------- 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. The creditors that may assert a security interest in the Debtor's cash collateral are First Citizens Bank, Banker's Healthcare Group, LLC, Green Capital Funding, LLC, U.S. Small Business Administration, and Business Capital Providers, Inc. 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 Court directed the Debtor to pay First Citizens $1,000 as adequate protection, as provided in the Budget. The 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 July 15, 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/3gYlRH1 from PacerMonitor.com. The Debtor projects $188,934 in total expenses and $189,000 in gross revenues during the 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. RECESS HOLDCO: S&P Assigns 'B+' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings assigned its 'B+' issuer credit rating to Recess HoldCo LLC, the new parent company of First Student (FS) and First Transit (FT), and its 'B+' issue-level rating and '3' recovery rating (rounded estimate: 65%) to its proposed revolving credit facility, term loan B, term loan C, and senior secured notes. The stable outlook reflects S&P's expectation that FS' and FT's operating performances will continue to improve over the next 12 months as more schools and businesses re-open across North America. EQT Infrastructure is acquiring First Student (FS) and First Transit (FT), two North American subsidiaries of U.K.-based FirstGroup PLC. The company's competitive position benefits from its scale and the diversity of its operations. FS is the largest student transportation provider in North America and operates a fleet of over 42,000 yellow school buses. The company holds approximately 21% market share in its highly fragmented market, with the next largest provider accounting for less than half that level. FS also has a well-diversified customer base given that none of its customers account for more than 2% of its total revenue. In addition, most of its customers are public, fully government-funded schools with 'A or better credit ratings. FT is among the largest public transit management and contracting service providers in North America, though it operates in a much smaller segment (relative to FS) with a primarily asset-light business model. FS accounted for about 77% of Recess' EBITDA while FT provided about 23% in fiscal year 2021 (ended March 31, 2021). Despite the scale of its operations, S&P notes that pricing discipline in both businesses remains key given the competitive pressures both entities face from other national and regional participants. Staff costs, about 60%-70% of its total operating cost base, represent Recess' largest operating expense. Therefore, inflationary pressures could have a significant effect on its performance during periods of significant labor market strength in North America and Canada. S&P views FS' and FT's operations as more stable than those of many other transportation operators given the nature of their businesses and typical length of their customer contracts. Unlike other transportation companies, Recess' operations have little exposure to macroeconomic cyclicality. The company's demand typically depends more on the size of the school age population, school board budgets, and--in FT's case--its customers' budgets (primarily municipal transit authorities and federal, state, and local agencies). Demand is also driven by outsourcing trends for privately run transportation services. FS' customer contracts are typically 3-5 years in length and it has maintained consistent annual retention rates of about 95% (about 65% renew without a request-for-proposal process), which generally provides it with strong recurring revenue. FT's customer contracts are typically 3-10 years in length. The company is somewhat exposed to passenger volumes, although this is partly offset by the fact that FS's contracts are typically on a per-route basis and FT's contracts are typically based on the duration of service (i.e., per hour etc.), and not on a per-passenger basis. However, the company is not immune to sharp declines in demand, such as during the COVID-19 pandemic. Recess is not immune to sharp declines in its demand given that its contracts don't typically include minimum performance guarantees. Both FS and FT experienced a decline in their cash flow generation in fiscal year 2021 because the COVID-19 pandemic led to extensive school closures and lower demand for various transit services, which caused the company's combined revenue to decline by about 27%. However, as the availability of the COVID-19 vaccine has increased steadily over the past few months, there has been a strong focus on re-opening schools across North America. Given this trend, S&P expects FS' operating performance to improve to near pre-COVID levels by the second half of fiscal year 2022, although it believes there will be some virus-related uncertainty related to the recovery of its demand. Despite the capital-intensive nature of its business, S&P believes FS has some flexibility to manage its annual capital spending depending on the operating environment. FS operates a relatively younger school bus fleet (average age of 6.6 years as of March 31, 2020) relative to the industry average of about 9.0 years. In addition, most of its contracts with school districts have defined fleet age requirements. Therefore, the company is typically required to replace about 5%-9% of its fleet every year. These costs account for most of FS' annual maintenance capital spending requirements. The company also undertakes some annual growth capital spending to meet the additional demand from its new business contracts. However, FS typically has the flexibility to defer some of its maintenance spending if required. For instance, in fiscal year 2021 the company deferred about $90 million of maintenance capital spending to partly offset the effects of lower demand amid the COVID-19 pandemic. Because of this deferred spending, S&P forecasts the company's capital spending in fiscal year 2022 will be about $450 million-$500 million, which is significantly higher than its total capital spending of about $250 million in fiscal year 2021. Capital spending in fiscal 2023 is expected to return to a more normalized level of about $250 million-$300 million. On the other hand, FT is a largely asset-light business that we expect will have minimal capital spending requirements through our forecast period. S&P said, "We forecast the company's credit metrics will improve somewhat through fiscal year 2023 as its improves its operating performance and moderates its capital spending. We forecast Recess' operating performance will gradually improve through fiscal year 2023 on improving demand as schools and businesses reopen across North America. We anticipate its funds from operations (FFO) to debt will be in the 12%-16% percent range through fiscal year 2023. Furthermore, we expect the company's free operating cash flow (FOCF) to debt to be negative in fiscal year 2022, due to its high capital spending requirements, before improving to the mid-single-digit percent area in fiscal year 2023 as its capital spending returns to near historical levels. "The stable outlook on Recess reflects our expectation that FS' and FT's operating performances will continue to improve over the next 12 months as more schools and businesses re-open across North America. Specifically, we forecast its FFO to debt will be in the 12%-16% range through fiscal year 2023 (ending March 31, 2023). We also expect its FOCF to debt to be negative in fiscal year 2022, given its high capital spending requirements, before improving to the mid-single-digit percent area in fiscal year 2023. "We could lower our ratings on Recess over the next 12 months if we expect its FFO to debt to decline below 12% and its FOCF to debt to remain negative on a sustained basis." This could occur if: -- There are significant changes in the company's strategy or the operating environment constrains its competitive position, earnings, or cash flow; -- The company undertakes a large debt-financed acquisition; or -- EQT's financial policy is more aggressive than it currently anticipates. S&P said, "We could raise our ratings on Recess over the next 12 months if its FOCF to debt improves to well above 5% while its FFO to debt continues to exceed 12% on a sustained basis. We would also need the company's sponsor to commit to maintaining these improved ratios, as well as debt to EBITDA of comfortably below 5x, before raising our rating." RESGEN CONSTRUCTION: Seeks to Hire EmergeLaw as Legal Counsel ------------------------------------------------------------- ResGen Construction Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ EmergeLaw, PLC to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) advising the Debtor regarding its rights, powers and duties in the management of its property; (b) investigating and, if necessary, instituting legal action to collect and recover assets of the estate; (c) preparing legal papers; (d) assisting the Debtor in the preparation, presentation and confirmation of its disclosure statement and Chapter 11 plan; (e) representing the Debtor as may be necessary to protect its interests; and (f) performing all other necessary legal services. The hourly rates of EmergeLaw's attorneys and staff are as follows: Partners $475 - $725 per hour Associates and Law Clerks $225 - $375 per hour Paralegals $150 - $190 per hour In addition, EmergeLaw will seek reimbursement for expenses incurred. The firm received a total of $26,738 as an initial payment from the Debtor. Courtney Gilmer, Esq., an attorney at EmergeLaw, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Courtney H. Gilmer, Esq. Nancy B. King, Esq. EmergeLaw, PLC 4000 Hillsboro Pike, Suite 1112 Nashville, TN 37215 Telephone: (615) 815-1535 Email: courtney@emerge.law nancy@emerge.law About ResGen Construction ResGen Construction sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 21-01866) on June 17, 2021. At the time of the filing, the Debtor disclosed up to $100,000 in assets and $1 million to $10 million in liabilities. Judge Charles M. Walker oversees the case. EmergeLaw, PLC serves as the Debtor's legal counsel. SAONA HOLDING: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Saona Holding, LLC, according to court dockets. About Saona Holding Pembroke Pines, Fla.-based Saona Holding, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-12880) on March 29, 2021. Jose D. Mejia, managing member, signed the petition. In the petition, the Debtor disclosed total assets of up to $50,000 and total liabilities of up to $10 million. Judge Peter D. Russin oversees the case. Van Horn Law Group, P.A. is the Debtor's legal counsel. SEADRILL LIMITED: Finance Extends Forbearance Agreement to July 2 ----------------------------------------------------------------- Seadrill Limited (OSE:SDRL, OTCPK:SDRLF) on June 24 disclosed that Seadrill New Finance Limited (the "Issuer"), a subsidiary of the Company, has agreed to further extend the existing forbearance agreement announced on 19 April 2021, and extended on May 17, 2021, May 27, 2021, June 3, 2021, and June 18, 2021, with respect to the 12.0% senior secured notes due 2025 (the "Notes") with certain holders of the Notes (the "Note Holders"). Pursuant to the forbearance agreement, as extended, the consenting Note Holders have agreed not to exercise any enforcement rights with respect to the Issuer and any subsidiary of the Issuer which is an obligor under the Notes to, or otherwise take actions in respect of, certain events of default that may arise under the Notes as a result of, amongst other things, the Issuer not making the semi-annual 4% cash interest payment due to the senior secured noteholders on January 15, 2021, in respect of their Notes and the filing of Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas by the Company and certain of its consolidated subsidiaries (excluding the Issuer and its consolidated subsidiaries) until and including the earlier of July 2, 2021, and any termination of the forbearance agreement. The purpose of the forbearance agreement is to allow the Issuer and its stakeholders more time to negotiate the heads of terms of a comprehensive restructuring of its balance sheet. Such a restructuring may involve the use of a court-supervised process. 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. SERENE MEADOWS: Seeks Approval to Hire Eric A. Liepins as Counsel ----------------------------------------------------------------- Serene Meadows Hospice, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Eric A. Liepins, PC to serve as legal counsel in its Chapter 11 case. The firm will render these legal services: (a) orderly liquidate the assets; (b) reorganize the claims of the estate; and (c) determine the validity of claims asserted in the estate. The firm has received a retainer of $5,000, plus the filing fee. The hourly rates of the firm's attorneys and staff are as follows: Eric A. Liepins $275 per hour Paralegals and Legal Assistants $30 - $50 per hour The firm will seek reimbursement for out-of-pocket expenses. Eric Liepins, Esq., the sole shareholder of Eric A. Liepins, PC, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric A. Liepins, Esq. Eric A. Liepins, PC 12770 Coit Road, Suite 1100 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 991-5788 Email: eric@ealpc.com About Serene Meadows Hospice Serene Meadows Hospice, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-41368) on June 7, 2021, disclosing total assets of up to $50,000 and total liabilities of up to $1 million. Judge Mark X. Mullin oversees the case. Eric A. Liepins, PC serves as the Debtor's legal counsel. SHOWERS OF BLESSING: Seeks to Hire Barry A. Friedman as Counsel --------------------------------------------------------------- Showers of Blessing Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to employ Barry Friedman, Esq., an attorney practicing in Mobile, Ala., to handle its Chapter 11 case. The attorney will render these legal services: (a) take appropriate action with respect to secured and priority creditors; (b) take appropriate action with respect to possible voidable preferences and transfers; (c) prepare legal papers; (d) investigate the Debtor's accounts and financial transactions; and (e) perform all other legal services for the Debtor. Mr. Friedman will be billed at his hourly rate of $250 plus expenses. Mr. Friedman disclosed in a court filing that he is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Barry A. Friedman, Esq. Barry A. Friedman & Associates, PC Post Office Box 2394 Mobile, AL 36652 Telephone: (251) 439-7400 Facsimile: (251) 432-2665 Email: bky@bafmobile.com About Showers of Blessing Showers of Blessing Inc. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 21-11074) on June 8, 2021, listing under $1 million in both assets and liabilities. Barry A. Friedman, Esq., serves as the Debtor's legal counsel. SOURCE HOTEL: $80,000 DIP Loan, Cash Collateral Use OK'd -------------------------------------------------------- The U.S. Bankruptcy Court of California, Santa Ana Division, has authorized Source Hotel LLC to use cash collateral and obtain post-petition financing on a general unsecured basis from the Debtor's affiliate and non-member manager, M+D Properties, of up to $80,000, at the discretion of M+D, to cover any shortfalls in the Debtor's budget. The Debtor is authorized to use cash collateral to pay (i) all of the expenses set forth in the Budget, with authority to deviate from the line items contained in the Budget by up to 10%, on both a line item and aggregate basis, with any unused portions to be carried over into the following week(s) and (ii) all quarterly fees owing to the Office of the United States Trustee and all expenses owing to the Clerk of the Bankruptcy Court. Shady Bird Lending, LLC, may assert an interest in the cash collateral. As adequate protection to Shady Bird, which responded to the Debtor's Motion, the lender will be granted a valid, enforceable, non-avoidable and fully perfected first priority replacement lien on, and security interest in, the Debtor's post-petition assets, including cash, to the extent of any diminution in value of Shady Bird's interest in the Debtor's pre-petition collateral, and to the same extent, validity, scope and priority of Shady Bird's pre-petition lien. A copy of the order is available at https://bit.ly/3xXv9IR from PacerMonitor.com. About The Source Hotel The Source Hotel, LLC owns a four-star, full-service Hilton Hotel development located in Buena Park, Calif. The Source Hotel sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-10525) on Feb. 26, 2021. Donald Chae, manager, signed the petition. In the petition, the Debtor disclosed assets of between $50 million and $100 million and liabilities of the same range. Judge Erithe A. Smith oversees the case. Levene Neale Bender Yoo & Brill L.L.P. is the Debtor's legal counsel. TD HOLDINGS: Posts $156,766 Net Income in First Quarter ------------------------------------------------------- TD Holdings, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing net income of $156,766 on $29.58 million of total revenue for the three months ended March 31, 2021, compared to a net loss of $354,485 on $1.21 million of total revenue for the three months ended March 31, 2020. As of March 31, 2021, the Company had $205.14 million in total assets, $58.95 million in total liabilities, and $146.19 million in total equity. As of March 31, 2021, the Company had positive working capital of $58 million. In addition, the Company continues to generate operating cash flow from its continuing operations of $3.95 million. During the three months ended March 31, 2021, the Company entered into additional private placement agreements with certain private investors and issued 15,000,000 shares of common stock at $1.63 per share for $24,450,000 sold unsecured senior convertible promissory notes in the aggregate principal amount of $4,990,000 and also sold to certain investor and issued 1,353,468 shares for totally $2.62 million collected. Total equity financing from this transaction was $31.58 million. The Company expects to use the proceeds from this equity financing as working capital to expand its commodity trading business. Based on above financing activities, the management believes that the Company will continue as a going concern in the following 12 months. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1556266/000121390021034268/f10q0321_tdholdings.htm About TD Holdings Headquartered in Beijing, People's Republic of China, TD Holdings, Inc., (formerly known as Bat Group, Inc.) has become a used luxurious car leasing business as well as a commodities trading business operating in China since the disposition of its direct loans, loan guarantees and financial leasing services to small-to-medium sized businesses, farmers and individuals in July 2018. The Company's current operations consist of leasing of luxurious pre-owned automobiles and operation of a non-ferrous metal commodities trading business. TD Holdings reported a net loss of $5.95 million for the year ended Dec. 31, 2020, compared to a net loss of $6.94 million for the year ended Dec. 31, 2019. As of Dec. 31, 2021, the Company had $167.18 million in total assets, $47.15 million in total liabilities, and $120.03 million in total equity. TIRED TEXAN: Gets OK to Hire Patino Law Office as Legal Counsel --------------------------------------------------------------- Tired Texan BBQ, LLC received approval from the U.S. Bankruptcy Court for the District of Nebraska to hire Patino Law Office, LLC to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) giving the Debtor legal advice with respect to its powers and duties; (b) preparing the necessary bankruptcy schedules and Chapter 11 plan for the Debtor; and (c) performing other legal services for the Debtor which may be necessary in the case. The firm will be paid at an hourly rate of $250. Patrick Patino, Esq., the firm's attorney who will be handling the case, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Patrick M. Patino, Esq. Patino Law Office, LLC 1111 North 13th Street Suite 140 Omaha, NE 68102 Tel: (402) 401-4050 Email: patrick@omahaBKlaw.com About Tired Texan BBQ Tired Texan BBQ, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Case No. 20-81197) on Sept. 29, 2020, disclosing total assets of $50,001 to $100,000 and total liabilities of $100,001 to $500,000. Judge Brian S. Kru oversees the case. Patrick Patino, Esq., at Patino Law Office LLC, serves as the Debtor's legal counsel. U-HAUL CO: Seeks to Hire Flaherty Sensabaugh Bonasso as Counsel --------------------------------------------------------------- U-Haul Co. of West Virginia seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Flaherty Sensabaugh Bonasso, PLLC to serve as legal counsel in its Chapter 11 case. The firm's services include: a. advising the Debtor with respect to its powers and duties as a debtor in possession in the continued management and operation of its business and properties; b. attending meetings and negotiating with representatives of creditors and other parties-in-interest; c. taking actions to protect and preserve the Debtor's estate; d. preparing legal papers; e. negotiating and preparing a plan of reorganization, disclosure statements and all related documents, and taking necessary actions to obtain confirmation of the plan; f. representing the Debtor in connection with post-petition financing; g. advising the Debtor in connection with any potential sale of its assets; h. appearing before the bankruptcy court, any appellate courts and the U.S. trustee; i. consulting with the Debtor regarding non-bankruptcy disciplines of law such as tax, labor and employment, real estate, corporate finance, securities and certain litigation matters; and j. all other necessary legal services. The firm will be paid at hourly rates ranging from $235 to $350 and will be reimbursed for out-of-pocket expenses incurred. It received payment from the Debtor in the amount of $60,000. James Lane, Esq., a partner at Flaherty, 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: James W. Lane, Esq. Flaherty Sensabaugh Bonasso, PLLC 200 Capitol Street Charelston, WV 25338 Tel: (304) 345-0200 Email: jlane@flahertylegal.com About U-Haul Co. of West Virginia St Albans, W.Va.-based U-Haul Co. of West Virginia sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.W. Va. Case No. 21-20140) on June 16, 2021. At the time of the filing, the Debtor disclosed total assets of $1,056,439 and total liabilities of $118,626,327. Judge B. Mckay Mignault oversees the case. Flaherty Sensabaugh Bonasso, PLLC and Brown Edwards & Company, LLP serve as the Debtor's legal counsel and financial advisor, respectively. U-HAUL CO: Taps Brown Edwards & Company as Financial Advisor ------------------------------------------------------------ U-Haul Co. of West Virginia seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Brown Edwards & Company, LLP as its financial advisor. The firm's services include: a. assisting in the preparation of monthly operating reports and other financial information and disclosures required during the pendency of the Debtor's Chapter 11 case; b. assisting the Debtor and its legal counsel in the preparation of all case motions requiring financial information or analysis; c. assisting in the preparation of the debtor-in-possession budget and in the monitoring of all cash disbursements according to the budget; d. giving advice on any valuation analysis of the Debtor's business or equity in the Debtor; and e. other general business consulting services. The firm's hourly rates are as follows: Partners $425 per hour Directors $390 per hour Managers $185 per hour Senior $160 per hour Associate $125 per hour Administrative $100 per hour Brown Edwards & Company will receive reimbursement for out-of-pocket expenses incurred and a retainer in the amount of $10,000. Melissa Price, a partner at Brown Edwards & Company, disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Melissa Price Brown Edwards & Company, L.L.P. 300 Chase Building, 707 Virginia St. Charleston, WV 25301 Tel: (304) 343-4188 Email: mprice@becpas.com About U-Haul Co. of West Virginia St Albans, W.Va.-based U-Haul Co. of West Virginia sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.W. Va. Case No. 21-20140) on June 16, 2021. At the time of the filing, the Debtor disclosed total assets of $1,056,439 and total liabilities of $118,626,327. Judge B. Mckay Mignault oversees the case. Flaherty Sensabaugh Bonasso, PLLC and Brown Edwards & Company, LLP serve as the Debtor's legal counsel and financial advisor, respectively. UNISYS CORP: S&P Raises Corp Credit Rating to 'B+', Outlook Stable ------------------------------------------------------------------ S&P Global Ratings raised its corporate credit rating on Unisys Corp. to 'B+' from 'B'. The stable outlook reflects S&P's expectation that Unisys will strengthen and sustain its S&P Global Ratings-adjusted debt-to-EBITDA comfortably below 5x over the next year. Unisys has reduced its gross defined benefit obligations by roughly 15%.In late 2020, the company laid out plans to reduce its $8.1 billion total gross pension liability by roughly $1.2 billion this year through a combination of buyouts, annuity purchases, and plan transfers. Unisys announced earlier this month that it had achieved this goal, reducing domestic liabilities by roughly $550 million and international obligations by $650 million. S&P said, "Assets in the defined benefit plans were also reduced by these actions, but we believe this should be largely neutral to the funded status of the company's defined benefit plans. More importantly, though, because underfunded postretirement liabilities constitute most of Unisys' S&P Global Ratings-adjusted debt and carry high sensitivity to key actuarial components, we believe its credit metrics should be more stable going forward. We still project Unisys to have pro forma unfunded pension liability of about $1billion." S&P said, "The stable outlook reflects our expectation that a combination of improved earnings and cash-flow generation and a reduction in pension liabilities will allow Unisys to strengthen and sustain its S&P Global Ratings-adjusted debt-to-EBITDA comfortably below 5x over the next year. "We could consider lowering the ratings over the next 12 months if we expect adjusted leverage to increase to more than 5x." Such a scenario could stem from: -- Operating performance and profitability meaningfully underperforming our forecast, possibly because of intensifying competition or execution issues, or -- Unfavorable actuarial assumptions or poor asset returns leading to a significant increase in the company's unfunded pension liabilities, as this would increase the company's S&P Global Raitngs-adjusted debt balance. Although another upgrade is unlikely over the next 12 months, S&P could consider it if it came to believe that the company could comfortably sustain leverage below 4x. This could result from Unisys having consistent organic revenue growth, EBITDA margin expansion, and higher free cash flows while making further progress in reducing its unfunded pension obligations. VALLEY FARM: Has Until August 17 to File Plan & Disclosures ----------------------------------------------------------- Judge Deborah J. Saltzman of the U.S. Bankruptcy Court for the Central District of California has entered an order within which the deadline for Debtor Valley Farm Supply, Inc. to file a plan and disclosure statement is extended to Aug. 17, 2021. Valley Farm may calendar a hearing on the disclosure statement on October 5, 2021. A copy of the order dated June 24, 2021, is available at https://bit.ly/3qzRUQM from PacerMonitor.com at no charge. Attorneys for Debtor: William C. Beall, Esq. Eric W. Burkhardt, Esq. Carissa Horowitz, Esq. BEALL & BURKHARDT, APC 1114 State Street La Arcada Building, Suite 200 Santa Barbara, CA 93101 Telephone: (805) 966-6774 Facsimile: (805) 963-5988 About Valley Farm Supply Valley Farm Supply, Inc., a wholesaler of farm product raw materials based in Nipomo, California, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11072) on Sept. 2, 2020. The petition was signed by Peter Compton, president. At the time of filing, the Debtor disclosed total assets of $3,711,542 and total liabilities of $8,460,250. Judge Deborah J. Saltzman oversees the case. The Debtor tapped Beall & Burkhardt, APC, as counsel; Terence J. Long as restructuring consultant; and McDermott & Apkarian, LLP as accountant. Community Bank of Santa Maria, as secured creditor, is represented by Sandra K. McBeth, Esq. Simplot AB Retail, Inc., as secured creditor, is represented by Hagop T. Bedoyan, Esq. VAUGHAN HOME: Seeks to Tap Gary S. Poretsky as Bankruptcy Counsel ----------------------------------------------------------------- Vaughan Home Care Services Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ The Law Offices of Gary S. Poretsky, LLC as its legal counsel. The firm will render these legal services: (a) advise the Debtor of its rights, powers and duties; (b) advise the Debtor regarding matters of bankruptcy law; (c) represent the Debtor in proceedings and hearings in this bankruptcy court; (d) review the nature and validity of liens asserted against the property of the Debtor and advise the Debtor of enforceability of such liens; (e) prepare legal papers; (f) advise the Debtor concerning applications, motions, pleadings, notices and other papers that may be filed and served in the Debtor's Chapter 11 case; and (g) perform all other necessary legal services for the Debtor. The hourly rate for the attorneys in this matter is $350. In addition, the firm will seek reimbursement for expenses incurred. Gary Poretsky, Esq., a member of The Law Offices of Gary S. Poretsky, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gary S. Poretsky, Esq. The Law Offices of Gary S. Poretsky, LLC 7 Church Lane, Suite 5 Pikesville, MD 21208 Telephone: (443) 738-5432 Email: gary@plgmd.com About Vaughan Home Care Services Vaughan Home Care Services Inc. sought Chapter 11 protection (Bankr. D. Md. Case No. 21-14059) on June 18, 2021, listing under $1 million in both assets and liabilities. Judge Michelle M. Harner oversees the case. The Law Offices of Gary S. Poretsky, LLC serves as the Debtor's legal counsel. WASHINGTON PRIME: Draws Interest From RPT Realty ------------------------------------------------- Eliza Ronalds-Hannon and Kiel Porter of Bloomberg News report that bankrupt mall owner Washington Prime Group Inc. is drawing interest from real estate investment trust RPT Realty Inc. after soliciting purchase bids as part of its "dual path" bankruptcy process, according to people familiar with the discussions. RPT Realty, which owns about 50 shopping centers across the U.S., is assessing Washington Prime’s properties as part of the mall owner's Chapter 11 restructuring, said the people, who asked not to be named discussing private negotiations. Representatives for Washington Prime Group and RPT Realty declined to comment. About Washington Prime Group Washington Prime Group Inc. (NYSE: WPG) -- http://www.washingtonprime.com/-- is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. The Company combines a national real estate portfolio with its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S. Washington Prime Group Inc. and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 21-31948) on June 13, 2021. At the time of filing, WPG's property portfolio consists of material interests in 102 shopping centers in the United States totaling approximately 52 million square feet of gross leasable area. The Company operates 97 of the 102 properties. Washington Prime disclosed total assets of $4.029 billion against total liabilities of $3.471 billion as of March 31, 2021. Kirkland & Ellis LLP is serving as legal counsel to the Company, and Alvarez & Marsal North America, LLC is serving as restructuring advisor. Guggenheim Securities, LLC is serving as the Company's investment banker. Jackson Walker LLP is the local bankruptcy counsel. Prime Clerk LLC is the claims agent, maintaining the page http://cases.primeclerk.com/washingtonprime Davis Polk & Wardwell LLP is serving as legal counsel and Evercore Group L.L.C. is serving as investment banker and financial advisor to SVPGlobal. Wachtell, Lipton, Rosen & Katz is serving as legal counsel and PJT Partners LP is serving as investment banker for an ad hoc group of Consenting Creditors. WASHINGTON PRIME: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Washington Prime Group Inc. and its affiliates. The committee members are: 1. U.S. Bank National Association, Trustee 60 Livingston Avenue St. Paul, MN 55107 Attention: Christopher Gehman Phone: 804-771-7925 E-mail: christopher.gehman@usbank.com 2. Nationwide Janitorial Services, Inc. P.O. Box 8301 St. Louis, MO 63132 Attention: Bob Welsh Phone: 314-373-4159 E-mail: bwelsh@safecleaning.ne 3. Parking Lot Services LLC 42 Maple Terrace / P.O. Box 220 Hibernia, NJ 07842 Attention: Andrew Muller Phone: 973-725-1156 E-mail: andrew@parkinglotservices.ne Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Washington Prime Group Washington Prime Group Inc. (NYSE: WPG) -- http://www.washingtonprime.com/-- is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. It combines a national real estate portfolio with its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S. Washington Prime Group and its affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 21-31948) on June 13, 2021. At the time of the filing, Washington Prime Group's property portfolio consists of material interests in 102 shopping centers in the United States totaling approximately 52 million square feet of gross leasable area. The company operates 97 of the 102 properties. As of March 31, 2021, Washington Prime Group had total assets of $4.029 billion against total liabilities of $3.471 billion . The Debtors tapped Kirkland & Ellis LLP as lead bankruptcy counsel, Jackson Walker LLP as local bankruptcy counsel, Alvarez & Marsal North America LLC as restructuring advisor, and Guggenheim Securities, LLC as investment banker. Prime Clerk LLC is the claims agent, maintaining the page http://cases.primeclerk.com/washingtonprime SVPGlobal, the Debtors' lender, tapped Davis Polk & Wardwell, LLP and Evercore Group, LLC as its legal counsel and investment banker, respectively. WEST C BUILDERS: Gets OK to Hire Gina R. Klump as Legal Counsel --------------------------------------------------------------- West C Builders, Inc. received approval from the U.S. Bankruptcy Court for the Northern District of California to employ the Law Office of Gina R. Klump to serve as legal counsel in its Chapter 11 case. The Debtor has agreed to pay an hourly fee of $450 to Gina Klump, Esq., the firm's attorney who will be providing the services. Paralegals will be paid at the rate of $75 per hour. The firm received a retainer fee of $12,000 from the Debtor. Ms. Klump disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Ms. Klump can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 30 5th Street, Suite 200 Petaluma, CA 94952 Tel: (707) 778-0111 Fax: (707) 778-1086 Email: klumplaw@gmail.com About West C Builders Napa, Calif.-based West C Builders, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 21-10263) on May 26, 2021. Anton D. Council, president, signed the petition. At the time of filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge Roger L. Efremsky oversees the case. The Debtor is represented by the Law Office of Gina R. Klump. YOUNG MEN'S: Seeks Approval to Tap Shipley CPA as Accountant ------------------------------------------------------------ The Young Men's Christian Association of Topeka, Kansas seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Shipley CPA, LLC as its accountant. Shipley CPA's services include cash flow analysis and general financial analysis. The firm will be billed at an hourly rate of $125 for its services. Russell Shipley, a certified public accountant at Shipley CPA, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Russell E. Shipley, CPA Shipley CPA, LLC P.O. Box 751193 Topeka, KS 66675 Telephone: (785) 760-4898 Email: russell@shipleyCPA.com About Young Men's Christian Association The Young Men's Christian Association of Topeka, Kansas -- https://www.ymcatopeka.org/ -- is a tax-exempt organization that is focused on youth development, healthy living and social responsibility. Young Men's Christian Association sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 20-20786) on May 21, 2020. John Mugler, president and chief executive officer, signed the petition. In the petition, the Debtor disclosed $4,850,289 in assets and $5,490,339 in liabilities. Judge Dale L. Somers oversees the case. The Debtor tapped Hinkle Law Firm, LLC as legal counsel and Shipley CPA, LLC as accountant. [*] A&G Bags "Real Estate Restructuring Firm of the Year" Award --------------------------------------------------------------- For the second straight year, A&G Real Estate Partners -- an advisory firm specializing in lease restructuring, real estate sales and auctions nationwide -- was named 'Real Estate Restructuring Firm of the Year' at the 13th Annual Turnaround Atlas Awards, a virtual event held from June 23-25. The program from Global M&A Network honored consequential, value-creating transactions completed during 2020 from the restructuring, investing and insolvency communities, as well as individuals and firms from the investment banking, turnaround, professional and advisory fields. Beyond the honor for its body of work during 2020, the Melville, N.Y.-based A&G was also cited during the ceremonies for its real estate advisory efforts on three 'Deal of the-Year' transactions: GNC Holdings' Chapter 11 restructuring and acquisition by Harbin Pharmaceutical Group, which won in the Cross-Border Special Situation M&A Deal-Large category; Guitar Center's Chapter 11 financial restructuring, recapitalization and equity investment by Ares Management Corp., Brigade Capital Management and The Carlyle Group, which won in the Private Equity Deal-Large Markets category; and Tuesday Morning's Chapter 11 restructuring, a winner in the Corporate Turnaround-Large category. "A&G's 'Real Estate Restructuring Firm of the Year' award recognized the pivotal role the firm played in helping healthy and distressed retail, restaurant, fitness, entertainment and other companies navigate through the unique challenges created by Covid-19," said Shanta Kumari, CEO of Global M&A Network. "Their efforts helped save thousands of stores from closure and generated $2.0 billion in occupancy cost savings for clients. This was a momentous accomplishment in an extraordinary year." Over the course of 2020, A&G handled negotiations on behalf of 61 clients on 13,500 leases across the country, reducing rents on 10,450 and securing terminations on 950. Co-Presidents Emilio Amendola and Andy Graiser -- along with about 35 A&G executives, staff members and consultants—worked nights and weekends throughout the year to attain those results. "Our work at the negotiating table provided liquidity that was critical to the ongoing strategies of multiple household names in retail, including several that successfully reorganized under Chapter 11 and others seeking to get their occupancy costs under control," said Mr. Amendola. He went on to note that the firm's in-depth portfolio reviews helped guide critical decisions about co-tenancies, lease clauses, store closures and how to align occupancy costs with the transformed environment. "These reviews allowed our clients to optimize their entire real estate portfolio in a period marked by complete, mandated shut-downs, re-openings, closures, and declining store traffic and sales," Mr. Amendola said. In accepting A&G's 'Real Estate Restructuring Firm of the Year' award,' Mr. Graiser told the online audience of bankers, professionals and advisors: "I'm not sure there's an assemblage of people that could have worked more tirelessly than the group of professionals on this call. We all got thrown into a crisis that none of us ever experienced, and we were tasked to figure it out and come up with best practices. We were all able to get through it, coming up with some special sauce that helped our clients survive. My congratulations to all of our winners." About the Awards: The independently governed Turnaround Atlas Awards honor best value-creating transactions, outstanding firms, professionals and leaders from the global restructuring, insolvency, and distressed investing communities. About the Host: Privately and women-owned, Global M&A Network is a media, information and events firm. For the past 13 years, the New York-based company has produced the world's most prestigious M&A Atlas Awards, Turnaround Atlas Awards, Women Leaders & Dealmakers Atlas Awards. For details, visit: https://globalmanetwork.com/ About A&G Real Estate Partners A&G -- http://www.agrep.com/-- is a team of seasoned commercial real estate professionals and subject matter experts that delivers strategies designed to yield the highest possible value for clients' real estate. Key areas of expertise include occupancy cost reductions, lease terminations, dispositions, real estate sales, real estate due diligence, valuations, acquisitions, and facilitation of growth opportunities. Utilizing its marketing knowledge, reputation and advanced technology, A&G has advised the nation's most prominent retailers and corporations in both healthy and distressed situations. The firm's team has achieved rent-reduction and occupancy-cost savings approaching $8 billion on behalf of clients in every real estate sector, while selling more than $12 billion of non-core properties and leases. Founded in 2012, A&G is headquartered in Melville, N.Y. [*] Gregory Ruback Joins Schulte Roth's N.Y. Office as Partner -------------------------------------------------------------- Schulte Roth & Zabel (SRZ) on June 21 announced the addition of Gregory Ruback as a partner in the Finance & Derivatives Group, resident in the firm's New York office. He joins SRZ from DLA Piper, where he was a partner in the Finance Group. "Greg is a market-leading lawyer with specialist expertise, and we are thrilled to welcome him to SRZ," said Craig Stein, co-head of the Finance & Derivatives Group. "Greg's substantial expertise across a broad range of industries and asset classes will further enhance our strong capabilities and client offerings," said Boris Ziser, co-head of the Finance & Derivatives Group and a member of the firm's Executive Committee. Mr. Ruback has extensive experience across a variety of industries and jurisdictions representing private equity firms, hedge funds, public and private companies, banks, BDCs, alternative lenders and other financial institutions in domestic and international bilateral, club and syndicated financings. Additionally, he has substantial experience with acquisition financings, financings of recapitalizations, bridge and takeout financings, multiple lien credit facilities, mezzanine facilities, unitranche financings, asset-based lending and other financings. Mr. Ruback also has significant experience with workout and restructuring matters. "We are delighted to have Greg join SRZ. He is a highly skilled lawyer with an outstanding reputation for providing strategic counsel," said David Efron, SRZ co-managing partner and co-head of the Investment Management Group. "Greg is an excellent addition to our leading finance and derivatives group, which represents some of the prominent players in the market. His arrival will further strengthen our deep bench," commented Marc Elovitz, SRZ co-managing partner and chair of the Investment Management Regulatory & Compliance Group. "SRZ is known in the industry as a cutting-edge, commercial firm with a long tradition of providing best-in-class client service, and I am thrilled to be a part of this team," said Mr. Ruback, who received his J.D. from Fordham University School of Law and his B.S. from Babson College. SRZ's finance and derivatives lawyers represent a wide range of market participants, including private investment funds, managers, issuers, purchasers and sellers of assets, underwriters, placement agents, borrowers and investors. They structure and negotiate a variety of complex structured finance and securitization transactions, advising on a diverse breadth of matters, including specialty finance transactions, collateralized loan obligations (CLOs) and asset-backed securitizations, as well as regulatory capital offerings. About Schulte Roth & Zabel Schulte Roth & Zabel LLP -- http://www.srz.com-- is a full-service law firm with offices in New York, Washington, DC and London. As one of the leading law firms serving the financial services industry, the firm regularly advises clients on corporate and transactional matters and provides counsel on regulatory, compliance, enforcement and investigative issues. The firm's practices include: antitrust; bank regulatory; bankruptcy & creditors' rights litigation; blockchain technology & digital assets; broker-dealer regulatory & enforcement; business reorganization; complex commercial litigation; cybersecurity & data privacy; distressed debt & claims trading; distressed investing; education law; employment & employee benefits; energy; environmental; finance & derivatives; financial institutions; hedge funds; individual client services; insurance; intellectual property, sourcing & technology; investment management; litigation; litigation finance; mergers & acquisitions; PIPEs; private equity; real estate; real estate capital markets & REITs; real estate litigation; regulated funds; regulatory & compliance; securities & capital markets; securities enforcement; securities litigation; securitization; shareholder activism; tax; and white collar defense & government investigations. [*] Sklar Kirsh's Itkin Among "Champion of Women" Award Nominees ---------------------------------------------------------------- Top boutique law firm Sklar Kirsh on June 22 disclosed that its Partner Robbin Itkin has been selected as a nominee for the "Champion of Women" Award and recognized in the Los Angeles Business Journal's special supplement. The 2021 Women's Leadership Awards honors the accomplished and impactful women business leaders in the Los Angeles community. "Robbin is a force within a number of communities -- with her clients, in the legal profession and among her colleagues," said Sklar Kirsh Co-Founding Partner Jeffrey A. Sklar. "It is refreshing to see that the business community also agrees." Ms. Itkin, a Partner in Sklar Kirsh's Bankruptcy practice, is known as a problem solver. She has restructured billions of dollars of debt and forged resolutions in numerous complex Chapter 11 cases and restructurings outside of the courtroom. Acknowledged by The New York Times for her compassion, Ms. Itkin leads new, healthy, and distressed companies and high-profile individuals to negotiate, and resolve without litigation if possible, their most critical financial and personal issues. Ms. Itkin has protected the claims and interests of debtors, creditors, lenders, equity, boards, principals, purchasers, and trustees in a variety of corporate restructurings, bankruptcies, and out of court resolutions involving most industries, including victims of fraud and Ponzi scheme matters. Ms. Itkin's excellence in complex matters earned her recognition, among many others, as a Woman of Influence by the Los Angeles Business Journal in 2021. Chambers USA has listed her in consecutive years as one of the country's leading lawyers in bankruptcy and she is repeatedly recognized among Super Lawyers Top 50 Women lawyers and Top 100 lawyers in Southern California. Ms. Itkin was also featured on the inaugural list of LawDragon's 2020 Leading U.S. Bankruptcy & Restructuring Lawyers. Sklar Kirsh LLP -- http://www.SklarKirsh.com-- is a California boutique law firm that provides sophisticated and expert advice in the areas of corporate, real estate, bankruptcy and entertainment law as well as commercial, real estate and entertainment litigation. [*] Sklar Kirsh's Itkin Included in Best Lawyers in America 2021 ---------------------------------------------------------------- Top boutique law firm Sklar Kirsh on June 17 disclosed that Partner Robbin Itkin has been included in The Best Lawyers in America 2021 "Women in the Law" Business Edition. The special edition celebrates the accomplishments of women in the legal industry and includes every female lawyer recognized in the 27th edition of The Best Lawyers in America. "Robbin exemplifies the qualities that clients seek -- strategic, experienced and resourceful," said Sklar Kirsh Co-founding Partner Jeffrey Sklar. "It is nice to see that the business community continues to recognize these qualities in Robbin." Ms. Itkin, a Partner in Sklar Kirsh's Bankruptcy practice, is known as a problem solver. She has restructured billions of dollars of debt and forged resolutions in both numerous complex Chapter 11 cases and restructurings outside of the courtroom. Acknowledged by The New York Times for her compassion, Itkin leads new, healthy and distressed companies and high-profile individuals, to negotiate, and resolve without litigation if possible, their most critical financial and personal issues, including those impacted by the fragile economic straits of others. Ms. Itkin has protected the claims and interests of debtors, creditors, lenders, equity, boards, principals, purchasers, and trustees in a variety of corporate restructurings, bankruptcies and out of court resolutions involving most industries, including victims of fraud and Ponzi scheme matters. Ms. Itkin's excellence in complex matters earned her recognition, among many others, as a Woman of Influence by the Los Angeles Business Journal in 2021. Chambers USA has listed her in consecutive years as one of the country's leading lawyers in bankruptcy and she is repeatedly recognized among Super Lawyers Top 50 Women lawyers and Top 100 lawyers in Southern California. Ms. Itkin was also featured on the inaugural list of LawDragon's 2020 Leading U.S. Bankruptcy & Restructuring Lawyers. Lawyers who are nominated for consideration are voted on by currently recognized Best Lawyers working in the same practice area and located in the same geographic region. The awards and recognitions are based on the feedback received from these top lawyers. Those who receive high peer reviews undergo a thorough verification process to make sure they are currently still in private practice. Sklar Kirsh LLP -- http://www.SklarKirsh.com/-- is a boutique law firm that provides sophisticated and expert advice in the areas of corporate, real estate, bankruptcy and entertainment law as well as commercial, real estate and entertainment litigation. ********* 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 ***