/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/210709.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, July 9, 2021, Vol. 25, No. 189 Headlines 35 CLAVER: Public Auction Set for August 3 5 STAR PROPERTY: Unsecureds to Share Pro Rata of Net Proceeds 5AAB TRANSPORT: Seeks to Hire Allen Stovall as Bankruptcy Counsel 72 & SUNNY: U.S. Trustee Unable to Appoint Committee AAC HOLDINGS: Investors Want to File Class Status Suit Vs. Leaders ADMIRAL PROPERTY: Robinson Brog Says Plan Disclosures Inadequate ADMIRAL PROPERTY: Unsecureds to Receive $20,000 Under Plan ALIGHT SOLUTIONS: S&P Upgrades ICR to 'B+', Outlook Stable ALKHAIRY PROPERTIES: Court Approves Disclosure Statement ALPHA METALLURGICAL: To Recoup Payments, Benefits From CEO ANDINA GOLD: Completes $4.9 Million Private Placement ARCHDIOCESE OF SANTA FE: Seeks Approval to Hire Land Surveyor ARS REI USA: Unsecureds to Fully Recoup $1.95M of Claims in Plan ASAIG LLC: Disclosure Statement Hearing Reset to July 29 ATHABASCA OIL: S&P Affirms 'CCC' Issuer Credit Rating, Outlook Neg. ATI PHYSICAL: S&P Rates New $570MM Senior Secured Term Loan 'B' AUTHENTIC BRANDS: S&P Places 'B' ICR on CreditWatch Positive BABCOCK & WILCOX: Signs $76M Sales Agreement With B. Riley BEAR COMMUNICATIONS: Seeks to Remove Verizon From Committee BETHUNE-COOKMAN UNIVERSITY: Fitch Withdraws B Issuer Default Rating BK4 LLC: Unsecureds to Recoup 100% of Allowed Claims under Plan BOWLERO CORP: S&P Alters Outlook to Stable, Affirms 'B-' ICR BOY SCOUTS OF AMERICA: Councils' Release Build on Trust Infusions BOY SCOUTS OF AMERICA: Still No Consensus on Ch.11 Abuse Claims CAPITAL TRUCK: $1.38M Sale to Nextran to Fund Plan Payments CARBONLITE HOLDINGS: Unsecureds' Recovery Unknown Under Plan CHAR PHAR: Unsecureds to Recover 100% in 2 Semi-Annual Payments CHINOS INTERMEDIATE: S&P Alters Outlook to Pos., Affirms 'B-' ICR COLDWATER DEVELOPMENT: Hires Hilton & Hyland as Real Estate Broker COMMUNITY THERAPIES: Taps Faucher Law as Bankruptcy Counsel COTO INVESTMENTS: Disclosure Statement Hearing Set for October 26 CROSS COUNTRY HOLDINGS: Unsecureds Will Get 50% Dividend in Plan CUSTOM TRUCK: To Present at CJS Annual New Ideas Conference July 13 CYPRUS MINES: FCR Taps Burr & Forman as Co-Counsel CYPRUS MINES: FCR Taps Togut, Segal & Segal as Lead Counsel DIOCESE OF ROCKVILLE: Ordered to Share Parish Financial Info DIRECTV ENTERTAINMENT: S&P Assigned 'BB- ICR, Outlook Stable DOUBLE D GROUP: General Unsecuredsto Split $25K in Plan EAGLE HOSPITALITY: Gets Court Okay to Reject Queen Mary Lease ED'S BEANS: Unsecured to Get 2% to 4% Recovery under Plan EMPLOYBRIDGE HOLDING: S&P Affirms 'B-' ICR, Outlook Stable FIRST RIVER: Unsecureds Will Recover 3% of Their Claims FLUOROTEK USA: Seeks to Hire Nardella & Nardella as Legal Counsel FORMETAL COMPANY: May Use Cash Collateral Thru August 5 Hearing FORMETAL COMPANY: Resurgence Financial's Gary Murphey Named Trustee GB SCIENCES: Incurs $3.7 Million Net Loss in Fiscal 2021 GIRARDI & KEESE: Erika Switches Lawyers in Ongoing Ch. 11 Case GLOBAL DISCOVERY: Trustee Taps Margulies Faith as Legal Counsel GMJ MACHINE: Unsecureds Will be Paid in Full Over 84 Months GONGCOOK LLC: Case Summary & Unsecured Creditor GRIDDY ENERGY: Court Okays Chapter 11 Customer Release in Texas GROWCO INC: Agrees to Ditch Chapter 11 Case After Marijuana Fight H-BAY MINISTRIES: S&P Lowers 2018A-B Sr. Living Bond Rating to 'D' INTEGRATED AG: Insider to Provide $750,000 Financing for Plan INVESTVIEW INC: Reports $2.2M Bitcoin Mining Gross Revenue in June IOTA COMMUNICATIONS: Appoints New Independent Directors JADE PROPERTY: Unsecureds to Get No Recovery in Plan KNOTEL INC: Files Plan After Sale to Digiatech LA DHILLON: Unsecureds Will Recover 100% of Their Claims LATAM AIRLINES: Aircastle Out as Committee Member LONG ISLAND CITY DEVELOPERS: Taps Morrison Tenenbaum as Counsel LUCKIN COFFEE: Funds Cannot Intervene Proposed Settlement MAH 710 PARK: Taps Andy Comins of Keller Williams as Broker MAJESTIC HILLS: Certain Claimants to Contribute to Plan Funding MARLEY STATION MALL: Heads to Foreclosure Auction for the 2nd Time MATLINPATTERSON GLOBAL: Files Chapter 11 With Plan to Wind Up Funds MERCURITY FINTECH: Longming Wu Quits as Director MERIDIAN ADHESIVES: S&P Assigns 'B' ICR, Outlook Stable MGM RESORTS: Fitch Affirms 'BB-' IDRs, Outlook Negative MIDTOWN CAMPUS: Aug. 16 Hearing on Disclosure Statement MIDWAY MARKET SQUARE: Unsecureds Will Recover 50% of Claims MKS REAL ESTATE: Court Approves Disclosure Statement MKS REAL ESTATE: Unsecureds to Recoup 100% of Allowed Claims MONEYGRAM INTERNATIONAL: S&P Rates New $815MM Debt Due 2026 'B' MUSEUM OF AMERICAN JEWISH: Unsecureds Get 1% - 33% Recovery in Plan NEELKANTH HOTELS: Disclosures OK'd, Sept. 22 Hearing on Plan Set NEW HAPPY FOOD: Seeks to Tap Rountree Leitman & Klein as Counsel NEWASURION CORP: S&P Rates New $2.8BB 2nd-Lien Term Loan B-4 'B' NUZEE INC: Appoints Patrick Shearer as New Chief Financial Officer OCEANVIEW MOTEL: August 12 Disclosure Statement Hearing Set PACIFICO NATIONAL: Second Amended Subchapter V Plan Confirmed PALMCO HOMES: Asks to Extend Plan Deadline by 45 Days PARKS DIVERSIFIED: Seeks to Tap Goe Forsythe & Hodges as Counsel PARMELEE INVESTMENTS: Deutsche Bank Says Disclosures Incomplete PRO VIDEO: Unsecureds Will be Satisfied in Full Under Plan PURDUE PHARMA:$4.5 Bil. Bankruptcy Deal Gets Support of Many States RANDOLPH HOSPITAL: Disclosures OK'd, Aug. 25 Hearing on Plan Set RESOURCES LIMITED: Seeks Court Approval to Hire Equipment Appraiser SBW PROPERTIES: To Continue Operations to Fund Plan SEAWIND LLC: Voluntary Chapter 11 Case Summary SEMILEDS CORP: Reports Q3 Fiscal Year 2021 Financial Results SHILO INN IDAHO: Wins August 29 Plan Exclusivity Extension SILVERLIGHT BUSINESS: Unsecureds to Recover 25% in Plan SKILL CAPITAL: Case Summary & 18 Unsecured Creditors SONOMA PHARMACEUTICALS: Inks New Employment Contracts With 3 Execs STEWART STREET: Unsecureds to Get Full Payment in 5 Years STITCH ACQUISITION: S&P Assigns 'B' ICR, Outlook Stable TERRA-GEN FINANCE: S&P Hikes ICR to 'B-' on Geothermal Asset Sale THUNDER RAIN: Unsecured Creditors to Be Paid in Full Over 5 Years TIANJIN JAHO: Taps The Rental Connection as Property Manager TLASJ LLC: Unsecureds to Recover 100% of Allowed Claims TOUCH OF HEAVEN: Unsecureds to Get $0 Under Plan TRADER INTERACTIVE: S&P Assigns 'B' ICR, Outlook Stable TRAXIUM LLC: CENPRAA Says Plan Disclosures Materially Deficient TRIVICITI HEALTH: Gets OK to Hire Barski Law Firm as Legal Counsel TUFAIL & ASSOCIATES: Seeks to Hire Inman Kaminow as Legal Counsel U STOP PUMP: Court Confirms Subchapter V Plan U.S. TOBACCO COOPERATIVE: Hits Chapter 11 Bankruptcy Protection VESTAVIA HILLS: Unsecureds to be Paid in Full Over 5 Years in Plan WASHINGTON PRIME: Wilmington Savings Appointed as Committee Member WNJ24K LLC: Voluntary Chapter 11 Case Summary ZACHAIR LTD: Debtor to Sell Property to Pay Creditors [^] BOOK REVIEW: Saga of America's Most Powerful Real Estate Baron ********* 35 CLAVER: Public Auction Set for August 3 ------------------------------------------ Jones Lang Lasalle, on behalf of BIG Real Estate Capital LLC ("secured party"), will offer for sale at public auction on Aug. 3, 2021, at 10:00 a.m. (Eastern Daylight Time) in the offices of Sills Cummis & Gross P.C., 101 Park Avenue, 28th Floor, New York, New York 10178, all right, title and interest of the secured party in the collateral as defined in the mezzanine loan agreement dated Nov. 1, 2018, between 35 Claver LLC ("Debtor") and the secured party. All interested prospective purchasers are invited to become "qualified bidders". Only qualified bidders and their duly appointed agents and representatives may participate at the public auction. The terms of sale can be obtained by contacting: Brett Rosenberg JLL Capital Markets Tel: +1 212-812-5926 Cel: +1 646-413-4861 Email: Brett.Rosenberg@am.jll.com Secured party retained as counsel: Sills Cummis & Gross PC Attn: Robert Hempstead Esq. 101 Park Avenue, 28th Floor New York, NY 10178 Tel: (973) 643-5689 Fax: (973) 643-6500 Email: rhempstead@sillscummis.com 35 Claver LLC was established on Sept. 20, 2018, as a foreign limited liability company type registered at 320 Roebling Street, Suite 304, Brooklyn. 5 STAR PROPERTY: Unsecureds to Share Pro Rata of Net Proceeds ------------------------------------------------------------- 5 Star Property Group, Inc. filed with the Bankruptcy Court an Amended Plan of Liquidation. The Plan proposes to pay creditors of the Debtor from the sale of the Debtor's assets consisting of the parcels of property of the Debtor's real estate business. Classes of Claims and their treatment under the Plan: * Class 1 -- Claims of Polk County Tax Collectors and Tax Certificate Holders. Claimants shall be paid in full upon the sale of the real property associated with each claim. * Class 2 -- Claims of Highland County Tax Collectors and Tax Certificate Holders. The Debtor scheduled claims for the Highland County Tax Collector in the amount of $1,294.86. Claimant shall be paid in full upon the sale of the real property associated with the claim. * Class 3 -- Secured Claim of DSRS, LLC DSRS, LLC filed a proof of claim for $88,000, secured by a mortgage on the Debtor's real property located at 751 Avenue B SW, Winter Haven, Florida. Claimant shall be paid in full at the closing of a sale of the Property, and will retain its lien to the same extent, validity and priority as existed pre-petition. * Class 4 -- Secured Claim of DSRS, LLC DSRS, LLC holds a scheduled claim for $28,000 secured by a first mortgage on the Debtor's real property located at 2625 Avenue S NW, Winter Haven, Florida. Post-petition, claimant was paid in full at the closing of a sale of the Property. * Class 5 -- Secured Claim of Raymond Rairigh, Sr. Raymond Rairigh filed a proof of claim for $161,434, secured by a mortgage on the Debtor's real property located at 4130 Country Club Road South, Winter Haven, Florida. Post-petition, claimant was paid in full at the closing of a sale of the property. * Class 6 -- Secured Claim of Raymond Rairigh, Sr. Raymond Rairigh filed a proof of claim for $118,360 secured by a second mortgage on the Debtor's real property located at 2625 Avenue S NW, Winter Haven, Florida. Post-petition, claimant was paid in full at the closing of a sale of the Property. * Class 7 -- Secured Claim of Roger & Jeanie Fitzpatrick Roger & Jeanie Fitzpatrick have a scheduled claim arising from a Final Judgment amounting to $259,746. Claimants hold an equitable lien for 30% of the net profits of any sale of the real property located at 4130 Country Club Road South, Winter Haven, Florida. Claimants will receive 30% of the net profits of the sale of the real property located at 4130 Country Club Road South, Winter Haven, Florida. Claimants' judgment lien will attach to 50% of any sale proceeds, and claimants will receive 50% of all net proceeds in addition to the 30% of the net proceeds of the sale of the real property at 4130 Country Club Road South, Winter Haven, Florida. Any allowed general unsecured claim will be paid pursuant to Class 11. * Class 8 -- Secured Claim of Water Ridge Homeowners' Association, Inc. Water Ridge Homeowners' Association, Inc., filed a proof of Claim for $4,803. Claimant's allowed secured claim of $4,803 will be paid in full upon the sale of the real property associated with the claim. * Class 9 -- Secured Claim of Kari's Granite & Marble, LLC Kari's Granite & Marble, LLC has a scheduled claim for $5,388 arising from a construction lien. Claimant's allowed secured claim of $5,388 will be paid in full upon the sale of the real property associated with the claim. * Class 10 -- Unsecured Claim of Rick and Renee Slone Rick and Renee Slone filed claims for $65,000; $135,000 and $105,000. The Debtor objected to the secured status of each claim, and the Court entered orders determining each claim to be wholly unsecured. Claimants will be paid as general unsecured creditors pursuant to Class 11. * Class 11 -- General Unsecured Creditors Claimants will be paid their pro rata share of the net sale proceeds from the sale of the Debtor's real property, after the payment of closing cost, allowed secured claims, and all administrative expense claims. Debtor's counsel will monitor and administer payments to the General Unsecured Creditors on behalf of the Debtor. Class 12 -- Equity Security Holders of the Debtor Equity will retain ownership in the Debtor post-confirmation. Equity and Insider Claims will receive no payment on their claims unless the Class 11 creditors are paid the full value of their allowed claims. Any remaining assets of the Debtor after the conclusion of the auction specified in Class 11 will be distributed to Equity. A copy of the Amended Plan is available for free at https://bit.ly/3qUwTQT from PacerMonitor.com. Counsel for the Debtor: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. Buddy D. Ford, P.A., 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About 5 Star Property Group 5 Star Property Group, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-07801) on Oct. 20, 2020, listing under $1 million in both assets and liabilities. Judge Catherine Peek Mcewen oversees the case. Buddy D. Ford, P.A. and StarCross Management, LLC serve as the Debtor's legal counsel and accountant, respectively. 5AAB TRANSPORT: Seeks to Hire Allen Stovall as Bankruptcy Counsel ----------------------------------------------------------------- 5AAB Transport, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Allen Stovall Neuman & Ashton, LLP to serve as legal counsel in their Chapter 11 cases. The firm's services include: a. advising the Debtors of their rights, powers and duties in the continued operation of their business; b. assisting the Debtors in preparing legal documents; c. reviewing all financial documents and other reports to be filed with the court or the U.S. trustee; d. assisting the Debtors in the documentation of and negotiation for the refinancing or sale of their assets, debt and lease restructuring and related transactions; e. advising the Debtors regarding actions they might take to collect and recover property for the benefit of the estate; f. reviewing the nature and validity of liens asserted against the Debtors' property and advising the Debtors concerning the enforceability of such liens; g. assisting the Debtors in formulating, negotiating and obtaining confirmation of a plan of reorganization and in preparing other related documents; and h. performing other legal services necessary to administer the cases. The firm's hourly rates are as follows: Thomas R. Allen, Partner $495 per hour Richard K. Stovall, Partner $425 per hour James A. Coutinho, Partner $350 per hour Tom Shafirstein, Associate $285 per hour Bradley Hemmer, Associate $225 per hour In addition, the firm will seek reimbursement for expenses. Richard Stovall, Esq., a partner at Allen, disclosed in court filings that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard K. Stovall, Esq. James A. Coutinho, Esq. Matthew M. Zofchak, Esq. Allen Stovall Neuman & Ashton LLP 17 South High Street, Suite 1220 Columbus, OH 43215 Telephone: (614) 221-8500 Facsimile: (614) 221-5988 Email: stovall@ASNAlaw.com coutinho@ASNAlaw.com zofchak@ASNAlaw.com About 5AAB Transport 5AAB Transport, LLC is a Columbus, Ohio-based company operating in the general freight trucking industry, 5AAB Transport and its three affiliates, SJS Transport, LLC, Heavy Diesel Service, LLC, and 5AAB Holding, LLC filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case Lead Case No. 21-52150). Judge John E. Hoffman, Jr. oversees the cases. In its petition, 5AAB Transport disclosed total assets of up to $50,000 and total liabilities of up to $10 million. Each of its affiliates reported total assets of up to $500,000 and total debt of up to $10 million at the time of the filing. Navdeep Sidhu, member, signed the petitions. Allen Stovall Neuman & Ashton, LLP serves as the Debtors' bankruptcy counsel. 72 & SUNNY: 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 72 & Sunny, LLC, according to court dockets. About 72 & Sunny 72 & Sunny, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-15045) on May 24, 2021. At the time of the filing, the Debtor disclosed total assets of up to $500,000 and total liabilities of up to $1 million. Judge Mindy A. Mora oversees the case. The Debtor is represented by the Law Office of Alex Arreaza P.A. AAC HOLDINGS: Investors Want to File Class Status Suit Vs. Leaders ------------------------------------------------------------------ Jennifer Bennett of Bloomberg Law reports that AAC Holdings investors want class status in suit against leaders. AAC Holdings Inc. investors want permission to pursue their marketing scheme allegations against three of the bankrupt company’s executives as a class, they told a federal judge in Tennessee. Investors accuse the addiction treatment services provider's executives of misleading them about sales and marketing practices and financial results. The proposed class "readily" meets the requirements for certification, investors said in a memo filed in support of their motion in the U.S. District Court for the Middle District of Tennessee. The investors fought off AAC's bid to dismiss their suit in April 2021, then dropped their claims against the bankrupt company. About AAC Holdings AAC Holdings, Inc., owns American Addiction Centers, substance abuse treatment facilities for individuals with drug and alcohol addiction in the United States. AAC provides inpatient and outpatient substance use treatment services for individuals with drug addiction, alcohol addiction, and co-occurring mental or behavioral health issues. AAC Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-11648) on June 20, 2020. The Debtors disclosed that they had $449.35 million in assets and $517.40 million in liabilities as of Feb. 29, 2020. Judge John T. Dorsey oversees the cases. The Debtors tapped Greenberg Traurig, LLP as their bankruptcy counsel, Chipman Brown Cicero & Cole, LLP as conflicts counsel, and Cantor Fitzgerald as an investment banker. Donlin, Recano & Company, Inc. is the Debtors' notice, claims, and balloting agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed a committee of unsecured creditors. The committee is represented by Cole Schotz P.C. ADMIRAL PROPERTY: Robinson Brog Says Plan Disclosures Inadequate ---------------------------------------------------------------- Robinson Brog Leinwand Greene Genovese & Gluck P.C. ("Robinson Brog"), acting pro se and in its capacity as an administrative creditor, submitted an objection to Admiral Property Group LLC's ("Debtor") request to approve the Debtor's First Amended Disclosure Statement. Robinson Brog points out that the Disclosure Statement does not contain adequate information, the entire plan and its feasibility hinge on selling the Debtor's Property to a stalking horse John Pizzirusso. The Disclosure Statement contains virtually no disclosure about Pizzirusso. The Disclosure Statement includes an incorrect statement that "Robinson Brog failed to accurately and adequately disclose its relationship with GCRA and Goldwasser such that its failure amounts to an actual conflict." While this may be the Debtor's position, it should be identified as such. The Disclosure Statement should state in the section on page 10 regarding the Debtor's plans to object to Robinson Brog's fee application that "Robinson Brog's retention was reviewed by the United States Trustee, which had no objection to Robinson Brog's retention by the Debtor, including after reviewing Mr. Ringel's declaration and Robinson Brog's relationship with GCRA." Robinson Brog further points out that the Disclosure Statement also includes the following incorrect statements: * It states that Robinson Brog received a "prepetition retainer of $20,000 as well as payment of the filing fee of $1,717.00." See Disclosure Statement at p. 7. This case was commenced on an involuntary basis, so no filing fee was paid by Robinson Brog, and it did not receive $1,717.00 for that disbursement. * It lacks any information about the current holder of the Class 1 FAC Secured Claim, which is believed to be Carmine Evangelista, an insider. * It does not discuss the payment of U.S. Trustee fees that would be due upon closing of the sale to the stalking horse, which would be a minimum of $23,500 or the source of funding of such fees. * The Plan includes an incorrect administrative bar date even though one has not yet been set by the Court. See Plan at Art. 1.4. Robinson Brog asserts that the Plan being proposed by the Debtor is significantly different from the plan it initially proposed in this case. The objector says the Debtor's original plan had a significant chance of being confirmed by the Court. Among other things: * It had the consent of the senior secured creditor FAC as an accepting impaired class. The Debtor has discarded that advantage by turning the secured creditor claim into an insider class that does not qualify as an accepting impaired class under 1129(a)(10). * It had an agreement from FAC for an additional carve-out over and above its original agreed carve-out amount of $50,000. It had agreed to increase the carve-out at confirmation to a total of $200,000 to provide for the payment of Robinson Brog's administrative claim of approximately $140,000, a distribution to the unsecured class of $20,000, and payment of U.S. Trustee fees of approximately $21,500. Under that plan, no transfer taxes would have been due, nor would there be a potential administrative claim by the original stalking horse bidder for $64,500 for breach of contract. According to Robinson Brog, as of the Petition Date, the FAC Secured Claim was fixed in the amount of $2,302,703.97 and should the Debtor be authorized to conduct an auction with the Stalking Horse at $2,350,000, then the Class 1 Secured Claim will likely accrue additional interest in addition to fees and be secured up to the amount of the sales proceeds if they exceed $2,302,703.97. Any amount over the ultimate sale price of the Property will be a deficiency claim belonging to FAC and characterized as a general unsecured claim. Robinson Brog can be reached at: Fred B. Ringel Clement Yee ROBINSON BROG LEINWAND GREENE GENOVESE & GLUCK P.C. 875 Third Avenue New York, New York 10022 About Admiral Property Group Admiral Property Group, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). On July 31, 2020, an involuntary petition was filed against Admiral Property Group by Metro Mechanical LLC, N&K Plumbing and Heating Corp, and Borowide Electrical Contractors (Bankr. E.D.N.Y. Case No. 20-42826). The petitioning creditors are represented by Joel Shafferman, Esq., at Shafferman & Feldman, LLP. Judge Nancy Hershey Lord oversees the Debtor's Chapter 11 case. The Kantrow Law Group, PLLC serves as the Debtor's legal counsel in its bankruptcy case. ADMIRAL PROPERTY: Unsecureds to Receive $20,000 Under Plan ---------------------------------------------------------- Admiral Property Group LLC submitted a Second Amended Disclosure Statement. Robinson Brog disputes the Debtor's claim that there was an actual conflict for any reason, including the failure to disclose its relationship with GCRA and Goldwasser adequately. Robinson Brog maintains that it fully disclosed its relationship to GCRA and Goldwasser in a declaration supporting its retention application that reflected their previous relationship and lack of any conflict. Fred B. Ringel, Esq., of Robinson Brog stated in Support of the Debtor's Application for Authorization to Retain Counsel, which appears on the Court's electronic docket at ECF No. 22, the following: David Goldwasser is the managing member of GC Realty Advisors LLC ("GCRE"), the manager of the Debtor. Robinson Brog was previously retained by orders of this Court to represent 1661 St. Johns, LLC, 1677 St. Johns, LLC, NY Affordable Housing Albany Associates, First Bronx LLC, Ollie Allen Holding Company, LLC, West 41 Property LLC, Romad Realty, Inc., BCR Oakridge LLC, AC I Tom River LLC, Cypress Way LLC, E. 9th St. Holdings LLC, E. 10th St. Holdings LLC, Hamilton Center LLC, Nassau John Holdings and 444 East 12 LLC. GCRE was either the manager, managing member, or president of these entities. These entities' bankruptcy cases were either successfully confirmed by this Court or dismissed, and Robinson Brog no longer represents these entities. Robinson Brog is currently retained by orders of this Court to represent AC I Inv Manahwakin LLC, Case No. 14-22791-rdd (jointly administered), East Village Props. LLC, Case No. 17-22453 (jointly administered), and 53 Stanhope LLC, Case No. 19-23013 (jointly administered), entities in which GCRE is the manager or managing member or David Goldwasser is directly a member or officer. Additionally, Robinson Brog also represents GCRE and its affiliates in non-bankruptcy and bankruptcy matters unrelated to the Debtor's chapter 11 case. However, Robinson Brog submits that its retention by the Debtor in this chapter 11 case does not present any conflict because there are no claims between any of these entities. Except as set forth above and herein, neither I nor any other shareholders or associate of Robinson Brog has represented or now represents any entity in connection with the case. Robinson Brog also states that its retention was reviewed by the United States Trustee, which had no objection to Robinson Brog's retention by the Debtor, including after having reviewed the additional disclosures made by Fred B. Ringel, Esq. Robinson Brog, in its objection to the Adequacy of the Debtor's Disclosure Statement, as well as in its objection to the Debtor's application seeking approval of a stalking horse contract, indicated that Jerry Harary ("Harary") who previously sought to enter into a stalking horse contract with the Debtor, however, the Debtor determined not to proceed with the Harary stalking horse contract, shall be entitled to assert an administrative expense claim against the Debtor's estate in the amount of $64,500. No claim has yet been asserted by Harary against the Debtor's estate. Moreover, the Debtor does not believe that Harary would be successful in asserting such a claim against the estate. The Plan proposes to treat claims and interests as follows: * Class 1 – Secured Claim of Rock Beach Properties LLC as Successor in Interest to the Secured Claim of Fort Amsterdam Capital, LLC totaling $2,302,793.97. Rock Beach, as the successor in interest to FAC, shall receive, Cash at Closing from the Sale Proceeds in the amount of the Allowed Secured Claim, reduced by (a) the Cash necessary to fund the Carve Out and the Plan Fund; (b) payment of customary and necessary costs of closing (other than the Buyer's Premium) and adjustments related to the sale of the Real Property. In the event that the Sale, after payment of the Carve Out and Plan Fund exceeds the sums which satisfy the Allowed Secured Claim in its entirety, then Rock Beach shall have the right to be reimbursed up to $20,000 for the Unsecured Creditors which it funded, prior to any other party's right to receive any further distribution. Class 1 is impaired. * Class 2 – Other Secured Claims. The Debtor scheduled the following claims as Other Secured Claims: Borowide Electric $45,000.00 as a result of a "mechanic's lien" Metro Mechanical $835,277.72 as a result of a "mechanic's lien" NK Plumbing $54,750.09 as a result of a "mechanic's lien" The Allowed Other Secured Claims of the Debtor shall be entitled to receive a distribution from the remaining Sale Proceeds, if any, after the payment (i) in full of all senior Claims including the payment of the Allowed Administrative Claims (including Professional Fees), Allowed Administrative Tax Claims, Allowed Priority Non-Tax Claims, and Allowed Claims in Class 1. In the event that Class 2 creditors are not satisfied, these Class 2 creditors may be treated as allowed general unsecured creditors thus reducing the distributions to Class 3 creditors. Class 2 is impaired. * Class 3 – Allowed General Unsecured Claims. The allowed general unsecured creditors total $313,592. The Plan proposes to distribute the amount of $20,000 to the allowed general unsecured creditors upon the Effective Date. This distribution will come from the Plan Fund provided by Rock Beach as successor in interest to FAC. These creditors shall receive their pro rata share. Class 3 is impaired. * Class 4 – Ownership Interest in the Debtor. Class 4 consists of the Ownership Interest of the Debtor's principal. Class 4 is impaired. Upon the entry of the Confirmation Order, the Debtor shall have completed the proposed sale of the Real Property, or the Debtor may complete the sale, if necessary, after the entry of the Confirmation Order (the "Effective Date"). The occurrence of the Effective Date shall not occur and the Plan shall not be consummated unless and until each of the following conditions have been satisfied or otherwise waived: (i) the Bankruptcy Court shall have entered the Confirmation Order; (ii) the Confirmation Order shall not be subject to any stay; (iii) the Administrative Expenses have been paid in full. Attorneys for Admiral Property Group LLC: Fred S. Kantrow, Esq. The Kantrow Law Group, PLLC 6901 Jericho Turnpike, Suite 230 Syosset, New York 11791 516 703 3672 fkantrow@thekantrowlawgroup.com A copy of the Disclosure Statement is available at https://bit.ly/3hF41I9 from PacerMonitor.com. About Admiral Property Group Admiral Property Group, LLC, is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). On July 31, 2020, an involuntary petition was filed against Admiral Property Group by Metro Mechanical LLC, N&K Plumbing and Heating Corp, and Borowide Electrical Contractors (Bankr. E.D.N.Y. Case No. 20-42826). The petitioning creditors are represented by Joel Shafferman, Esq., at Shafferman & Feldman, LLP. Judge Nancy Hershey Lord oversees the Debtor's Chapter 11 case. The Kantrow Law Group, PLLC serves as the Debtor's legal counsel in its bankruptcy case. ALIGHT SOLUTIONS: S&P Upgrades ICR to 'B+', Outlook Stable ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Lincolnshire, Ill.-based human capital management solutions provider Alight Solutions LLC by one notch to 'B+' from 'B' and its senior secured credit facility issue-level rating by two notches to 'BB-' from 'B'. S&P revised the recovery rating on the senior secured debt to '2' from '3', reflecting the reduction in secured debt in Alight's capital structure following the debt repayment. The stable outlook reflects S&P's expectation for a solid operating performance consisting of low-to-mid-single-digit percent organic revenue growth, high-teens percent area S&P Global Ratings-adjusted EBITDA margins, adjusted leverage declining beneath 5x, with at least about $200 million in annual free operating cash flow over the next 12 to 18 months. Alight Solutions LLC's merger with special purpose acquisition company (SPAC) Foley Trasimene Acquisition Corp. has closed following shareholder approval secured on June 30, 2021. Alight will use the transaction net proceeds of about $2.68 billion to repay about $1.786 billion of debt including $556 million of senior secured debt and all $1.23 billion of it senior unsecured notes, which will improve its pro forma leverage (S&P Global Ratings-adjusted) to the mid-5x from over 9x previously. The merger results in significant deleveraging and improved cash flow metrics. Following transaction close, Alight's S&P Global Ratings-adjusted leverage will decline to the mid-5x area (from over 9x) as of March 31, 2021. S&P said, "We forecast leverage will continue to improve to about 5x by year-end 2021 due to a decline in certain nonrecurring costs and regained operating leverage given a rebound in organic revenue growth on the company's scalable cost base. We expect about $100 million in annual interest expense reduction pro forma for the transaction will allow Alight to generate about $200 million in free operating cash flow in 2021 and over $250 million in 2022 which supports the upgrade. The repayment of $556 million of outstanding first-lien term loan debt results in better recovery prospects for secured lenders, supporting the two-notch improvement in our first-lien facility issue-level ratings to 'BB-' from 'B'." S&P said, "The stable outlook reflects our expectation for a solid operating performance consisting of low-to-mid-single-digit percent organic revenue growth, high-teens percent area S&P Global Ratings-adjusted EBITDA margins, adjusted leverage declining beneath 5x, with at least about $200 million in annual free operating cash flow over the next 12 to 18 months. "We could lower our rating on Alight over the next 12 months if we expect adjusted leverage will rise and remain over 6x or adjusted free operating cash flow (FOCF) to debt weakens to the low-single-digit percent area." This could occur with: -- A weaker-than-expected recovery in global GDP and steeper-than-expected erosion of legacy offerings that limits organic revenue growth; -- Nonrecurring restructuring and IT investment cost overruns; -- The adoption of a more aggressive financial policy including a large debt-financed acquisition, dividend, or share repurchase. S&P could raise its rating over the next 12 months if the company is able to reduce and sustain leverage beneath 4.5x, which could occur if: -- Alight's operating performance exceeds S&P's expectation with organic revenue growth in the mid-single-digit percent area and EBITDA margins approaching 20%; and -- The company exhibits a track record of operating with a less aggressive financial policy with respect to leveraging shareholder returns or acquisitions. S&P believes this would likely include continued reduction in ownership by Alight's private equity owners. ALKHAIRY PROPERTIES: Court Approves Disclosure Statement -------------------------------------------------------- Judge Robert E. Grant approved the Disclosure Statement of Alkhairy Properties LLC on July 2, 2021. As reported in the TCR, under the plan, Garret State Bank will retain its prepetition liens and will be paid $1,000 per month starting on Jan. 1, 2020, and a lump sump of $50,000 on or before July 1, 2020. Tax entities will be paid when due. Unsecured creditors, if any, will be paid in semi-annual installments for a three-year period. Fauzia Alkhairy will contribute $300,000 to repurchase her equitable position in the company. A copy of the Disclosure Statement is available at https://tinyurl.com/ujl6eum from PacerMonitor.com free of charge. A copy of the order is available for free at https://bit.ly/3wlYFGP from PacerMonitor.com. About Alkhairy Properties Alkhairy Properties LLC sought Chapter 11 protection (Bankr. N.D. Ind. Case No. 19-10942) on May 24, 2019, estimating less than $1 million in assets and up to $50,000 in liabilities. R. David Boyer II, Esq., at Boyer & Boyer, is the Debtor's counsel. ALPHA METALLURGICAL: To Recoup Payments, Benefits From CEO ---------------------------------------------------------- Alpha Metallurgical Resources, Inc. and its chief executive officer, David J. Stetson, entered into an amendment to the Amended and Restated Employment Agreement dated as of Jan. 26, 2021. The amendment causes all payments and benefits otherwise due under the Employment Agreement or under any plans, policies, programs, agreements or arrangements of or with the Company to be subject to recoupment in accordance with the Executive Officer Incentive Compensation Recoupment (Clawback) Policy adopted by the Compensation Committee of the board of directors on April 28, 2021. The Policy provides for the recoupment of certain executive officer compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws. About Alpha Metallurgical Alpha Metallurgical Resources (NYSE: AMR) (formerly known as Contura Energy) -- www.AlphaMetResources.com -- is a Tennessee-based mining company with operations across Virginia and West Virginia. Alpha Metallurgical reported a net loss of $446.90 million for the year ended Dec. 31, 2020, compared to a net loss of $316.32 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $1.67 billion in total assets, $1.50 billion in total liabilities, and $170.16 million in total stockholders' equity. * * * As reported by the TCR on Dec. 22, 2020, S&P Global Ratings affirmed its 'CCC+' issuer credit rating on U.S.-based coal producer Contura Energy Inc. and revised the liquidity assessment to less than adequate. S&P said, "We view Contura's business as vulnerable due to declining thermal demand and prices, which is driving the company to exit these operations and begin reclamation work at some of its mines." In April 2020, Moody's Investors Service downgraded all long-term ratings for Contura Energy, Inc., including the Corporate Family Rating to Caa1 from B3. "Contura has idled the majority of its mines due to weak market conditions. Moody's expects that demand for metallurgical coal will weaken further in the near-term as blast furnace steel producers adjust to reduced demand due to the Coronavirus," said Ben Nelson, Moody's vice president -- senior credit officer and lead analyst for Contura Energy, Inc. "The rating action is entirely driven by macro-level concerns resulting from the global outbreak of coronavirus." ANDINA GOLD: Completes $4.9 Million Private Placement ----------------------------------------------------- Andina Gold Corp. has completed a non-brokered private placement of units to accredited investors at a price of $1,000 per Unit. Each Unit consists of (i) a $1,000 principal amount term note providing for an optional conversion into shares of Company common stock at a price of $0.20 per share and (ii) a common share warrant for the purchase of 5,000 shares of Company common stock at an exercise price of $0.40 per share. The Private Placement was accomplished in two tranches, an initial tranche of 3,000 Units and a second tranche (added in response to strong investor interest) of 1,900 Units. The aggregate gross proceeds to the company were $4.9 million. The offer and sale of Units in the Private Placement were made in the United States solely to accredited investors pursuant to the exemption from registration in Rule 506(c) of Regulation D promulgated by the United States Securities and Exchange Commission under the United States Securities Act of 1933, as amended, and in Canada pursuant to and in compliance with exemptions from the prospectus requirements of applicable Canadian securities laws. Company Chief Executive Officer Christian Noel noted, "The Company has applied the proceeds of the Private Placement to pay for and close its acquisition of the assets of CryoCann USA Corp and to increase the Company's working capital. We take the success of the Private Placement as an indication of investor enthusiasm for CryoCann technologies and their promise for efficiently collecting and conserving pure, high-value plant materials." "In light of the commercial potential presented by the CryoCann technologies, the Company will be evaluating adjustments to its branding and development strategies. We expect to provide specifics in the coming weeks." The Company's common stock trades on the OTCQB Venture Market with the ticker symbol AGOL. About Andina Gold Headquartered in Englewood, Colorado, Andina Gold Corp -- www.redwoodgreencorp.com -- provides marketing, IP and management services to two cannabis dispensaries and to a cannabis grow facility, for which cannabis licenses are held by Andina Gold Corp's principal business partner, Critical Mass Industries, LLC DBA Good Meds ("CMI"). Andina Gold reported a net loss of $11.82 million for the year ended Dec. 31, 2020, compared to a net loss of $3.06 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $8.21 million in total assets, $4.79 million in total liabilities, and $3.42 million in total shareholders' equity. Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 30, 2021, citing that the Company has suffered recurring losses from operations that raises substantial doubt about its ability to continue as a going concern. ARCHDIOCESE OF SANTA FE: Seeks Approval to Hire Land Surveyor ------------------------------------------------------------- The Roman Catholic Church of the Archdiocese of Santa Fe seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to hire Richard Chatroop, a licensed professional land surveyor, to survey its real property, utilities and improvements in Santa Fe, N.M. Mr. Chatroop will charge the Debtor a fee of $7,000, plus applicable gross receipts tax. In the event that the City of Santa Fe alters its normal plat requirements and allows a survey without all of the features within the walled compound on the property, Mr. Chatroop's fee will be $3,500, plus applicable gross receipts tax. In a court filing, Mr. Chatroop disclosed that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Chatroop can be reached at: Richard A. Chatroop, N.M.P.L.S. 110 Wagon Trail Rd Cerrillos, NM 87010-8702 Phone: (505) 470-0037 About the Archdiocese of Santa Fe The Roman Catholic Church of the Archdiocese of Santa Fe -- https://www.archdiosf.org/ -- is an ecclesiastical territory or diocese of the southwestern region of the United States in the state of New Mexico. At present, the Archdiocese of Santa Fe covers an area of 61,142 square miles. There are 93 parish seats and 226 active missions throughout this area. The Archdiocese of Santa Fe sought Chapter 11 protection (Bankr. D.N.M. Case No. 18-13027) on Dec. 3, 2018, to deal with child abuse claims. It reported total assets of $49,184,579 and total liabilities of $3,700,000 as of the bankruptcy filing. Judge David T. Thuma oversees the case. The archdiocese tapped Elsaesser Anderson, Chtd. and Walker & Associates, P.C., as bankruptcy counsel, Stelzner, Winter, Warburton, Flores, Sanchez & Dawes, P.A as special counsel, and REDW LLC as accountant. ARS REI USA: Unsecureds to Fully Recoup $1.95M of Claims in Plan ---------------------------------------------------------------- ARS REI USA Corp. filed a Third Amended Disclosure Statement in connection with its Chapter 11 Plan. The Plan provides for a reorganization of the Debtor's financial affairs. Under the Plan, all Statutory Fees, Administrative Claims, Secured Claims, Priority Tax Claims and General Unsecured Claims will be fully paid. ARS REI S.L. shall retain its Interests (i.e., equity) in the Debtor/Post-Confirmation Debtor. The Plan will be implemented through distributions to be funded by revenue from Debtor's operations. Classes of Claims and their treatment under the Plan: a. Class 1 consists of the secured claims of Comal County, Texas $770; Taylor County, Texas for $32,915; and Miami Dade County Tax Collector for $1,466. The Plan provides that any Allowed Secured Claims existing as of the Effective Date will be fully paid in cash on the Effective Date. b. Class 2 consists of claims for tax-related obligations that are entitled to priority under Section 507(a)(8) of the Bankruptcy Code. A total of $10,523 shall be paid in cash to Class 2 Claims on or before the Effective Date of the Plan for full payment of the unclassified Priority Tax Claims in full as follows: (a) the State of New Jersey for $468, plus statutory interest; (b) County of Santa Clara Department of Tax & Collections for $5,137, plus statutory interest; and (c) State of Nevada Department of Taxation for $4,918, plus statutory interest. c. Class 3 - General Unsecured Allowed Claims shall be paid in full. The total amount of Class 3 allowed claims is $1,954,533. Payments to Class 3 shall be made in quarterly installments for $656,000, commencing on the start of the next full fiscal quarter immediately following confirmation of the Plan and continuing for one year thereafter or until all Class 3 allowed claims are paid in full. Class 3 allowed claims shall bear interest at the rate of 3% per annum until they are paid in full. It is anticipated that payments to Class 3 creditors will commence in the year 2021 and continue through the year 2022. The Debtor expressly reserves the right to accelerate payments to Class 3 claim holders. d. Class 4 creditor ARS REI S.L. will be entitled to full payment of its Claim on mutually agreed upon terms by and between itself, as the only holder of a Class 4 creditor Claim, and the Debtor after all Class 3 creditors are paid in full. A copy of the Third Amended Disclosure Statement is available for free at https://bit.ly/3yJi3zt from PacerMonitor.com. Counsel for the Debtor: Jeffrey A. Reich, Esq. Reich, Reich & Reich, P.C. 235 Main Street, Suite 450 White Plains, New York 10601 Telephone: (914) 949-2126 Email: jreich@reichpc.com About ARS REI USA Corp. ARS REI USA Corp. is in the business of selling handcrafted jewelry manufactured in Madrid, Spain by ARS REI S.L., exclusively in the United States. ARS REI USA Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-11937) on Aug. 19, 2020, In the petition signed by Jason McNary, CEO, the Debtor disclosed $4,248,640 in assets and $3,904,607 in liabilities. Judge Martin Glenn presides over the case. Jeffrey A. Reich, Esq. at Reich Reich & Reich, P.C., is the Debtor's counsel, and Raich Ende Malter & Co. LLP is its accountant. ASAIG LLC: Disclosure Statement Hearing Reset to July 29 -------------------------------------------------------- The Court has reset to July 29, 2021 at 9 a.m., via telephone and video conference, the hearing to consider conditional approval of the Disclosure Statement of ASAIG, LLC. The confirmation hearing on the Debtor's Plan is scheduled for August 31, 2021 at 10:30 a.m., also via telephone and video conference. Voting deadline is August 27 at 12 p.m. About ASAIG LLC ASAIG, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 20- 5600) on Nov. 17, 2020. The petition was signed by A. Kelly Williams, manager. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Judge Marvin Isgur oversees the case. Matthew Okin, Esq., at Okin Adams LLP, represents the Debtor as counsel. ATHABASCA OIL: S&P Affirms 'CCC' Issuer Credit Rating, Outlook Neg. ------------------------------------------------------------------- S&P Global Ratings affirmed all ratings, including the 'CCC' issuer credit rating, on Athabasca Oil Corp. (AOC). S&P said, "The negative outlook reflects the likelihood we could lower the rating to 'CCC-', if the time to the February 2022 debt maturity falls below six months without refinancing. Furthermore, if AOC does not refinance the upcoming maturity, S&P Global Ratings believes there is a heightened risk that the company could consider a distressed exchange transaction as a viable option to address its debt. "AOC's improving cash flow generation is not sufficient to offset the liquidity risks inherent in our projected funding deficit. Under our updated cash flow forecast for 2021 and 2022, we are projecting AOC will generate free operating cash flow (FOCF) of more than C$150 million. The strengthened cash flow forecast is also contributing to a material improvement in our projected cash flow metrics, with our projected annual FFO-to-debt ratio strengthening above 25% during our 2021-2022 forecast period. These improved fundamentals contribute to an overall improved financial risk profile. Nevertheless, as our estimate of AOC's financial resources is well below the company's upcoming operating and financial funding needs, the resulting weakened liquidity profile is the most significant factor constraining the rating. "The negative outlook reflects the likelihood we could lower the rating to 'CCC-', if the time to the February 2022 debt maturity falls below six months without refinancing. Furthermore, if AOC does not refinance the upcoming maturity, S&P Global Ratings believes there is a heightened risk that the company could consider a distressed exchange transaction as a viable option to address its upcoming debt maturity. Following the upward revision to our hydrocarbon price assumptions, we now forecast AOC's two-year (2021-2022) FFO-to-debt ratio in the 25%-30% range. Despite the increased estimated cash flow, our forecasts indicate AOC will not generate sufficient cash flow to meet its operating spending requirements and fully repay the upcoming US$450 million debt maturity. "We could lower the ratings if AOC does not refinance its February 2022 debt more than six months before its maturity, or executes a refinancing transaction we would characterize as a distressed exchange. "Despite the material improvement in our projected FFO-to-debt ratio over the 2021-2022 forecast period, rating upside remains contingent on the company's ability to successfully refinance its upcoming 2022 debt maturity, and achieve an adequate liquidity profile. Furthermore, we would expect the company to refinance its debt on terms we do not characterize as distressed. At a minimum, we would also expect AOC to maintain its two-year average FFO-to-debt ratio at the upper end of the 0%-12% range." ATI PHYSICAL: S&P Rates New $570MM Senior Secured Term Loan 'B' --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Bolingbrook, Ill.-based ATI Physical Therapy Inc.'s proposed $570 million senior secured term loan. The debt will be issued by ATI Physical Therapy Inc.'s subsidiary ATI Holdings Acquisition Inc. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. S&P expects the transaction to be leverage-neutral because the company will use the proceeds to refinance its remaining term loan balance following its recent special-purpose acquisition company (SPAC) merger transaction and corresponding debt reduction. S&P's 'B' issuer credit rating and stable outlook on ATI, an outpatient physical therapy provider, are unaffected. AUTHENTIC BRANDS: S&P Places 'B' ICR on CreditWatch Positive ------------------------------------------------------------ S&P Global Ratings placed all of its ratings on U.S.-based Authentic Brands Group Inc., including its 'B' issuer credit rating, on CreditWatch with positive implications, meaning S&P could affirm or raise the ratings following its review. Authentic Brands Group Inc., the parent company of Authentic Brands Group LLC, filed an S-1 for an initial public offering (IPO) of primary shares on the New York Stock Exchange (NYSE). S&P said, "The positive CreditWatch listing reflects the probability that we could affirm or raise the ratings following the IPO. While net proceeds are to be determined, we believe the company will use a substantial portion to repay borrowings under its first-lien credit facilities. The total amount outstanding as of March 31, 2021, was $1.8 billion. Significant debt repayment could reduce leverage below S&P Global Rating's-adjusted debt to EBITDA of 4.8x for the 12 months ended March 31, 2021. "We expect Authentic Brands' consortium of financial sponsors will retain majority control and that it will operate as a "controlled company" upon completion of the IPO. While the majority control by financial sponsors will constrain the potential upgrade up to one notch, we expect some of the sponsors to sell down their shares over time. We expect Authentic Brands to continue to execute its aggressive acquisition strategy, as it has done historically. The lower debt leverage will give them a bit more financial flexibility to execute larger transactions over time, coupled with continued scale and EBITDA expansion. A clearer understanding of financial policy as a publicly traded company will be a key factor in our CreditWatch resolution. "We will seek to resolve the CreditWatch placement upon the pricing of the IPO, when we can quantify the proceeds used for debt repayment and assess the company's future financial policy. We could affirm our ratings or raise them (including the issuer credit rating, likely up to one notch). "We will also reassess our recovery ratings on the company's first- and second-lien debt once debt reduction is confirmed. We could raise our ratings if Authentic Brands repays a material amount of debt, continues strong operating performance, and we believe management's financial policies will allow it to sustain leverage of less than 5x over the long term." BABCOCK & WILCOX: Signs $76M Sales Agreement With B. Riley ---------------------------------------------------------- Babcock & Wilcox Enterprises, Inc. has entered into a sales agreement with B. Riley Securities, Inc., in connection with the offer and sale from time to time by the Company of shares of the Company's 7.75% Series A Cumulative Perpetual Preferred Stock, having an aggregate offering price of up to $76,000,000 to or through the Agent. The Company expects to use net proceeds from the offerings to support the Company's clean energy growth initiatives and to fund strategic transactions including acquisitions. Any Shares to be offered and sold under the Sales Agreement will be issued and sold pursuant to the Company's previously filed and currently effective registration statement on Form S-3 (File No. 333-255428) initially filed with the Securities and Exchange Commission on April 22, 2021 and declared effective by the Commission on April 30, 2021. A prospectus supplement relating to the offering of the Shares was filed with the Commission on July 7, 2021. The Shares may be offered and sold through the Agent over a period of time and from time to time by any method that is deemed to be an "at the market offering" as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The Agent is not required to sell any specific aggregate principal amount of the Shares, but will act as the Company's sales agent using commercially reasonable efforts consistent with its normal trading and sales practices, on mutually agreed terms between the Agent and the Company. Under the Sales Agreement, the Agent will be entitled to compensation of up to 3.0% of the gross proceeds from each sale of the Shares sold through it as the Agent. The amount of net proceeds the Company will receive from this offering, if any, will depend upon the actual aggregate principal amount of the Shares sold, after deduction of the Agent's commission and any transaction fees. Because there is no minimum offering amount required as a condition to close this offering, the actual total public offering amount, commissions and net proceeds to us, if any, are not determinable at this time. The Sales Agreement contains customary representations, warranties and covenants of the Company, indemnification obligations of the Company and the Agent, including for liabilities under the Securities Act, other obligations of the parties and termination provisions. The provisions of the Sales Agreement, including the representations and warranties contained therein, are not for the benefit of any party other than the parties to such agreement and are not intended as documents for investors and the public to obtain factual information about the current state of affairs of the parties to those documents and agreements. Rather, investors and the public should look to other disclosures contained in the Company’s filings with the Commission. On July 7, 2021, the Company filed a Certificate of Increase with the Secretary of State of the State of Delaware to increase the number of shares of duly authorized Preferred Stock from 7,516,880 shares to 10,401,580 shares. About Babcock & Wilcox Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a growing, globally-focused renewable, environmental and thermal technologies provider with decades of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and other customers. B&W's innovative products and services are organized into three market-facing segments which changed in the third quarter of 2020 as part of the Company's strategic, market-focused organizational and re-branding initiative to accelerate growth and provide stakeholders improved visibility into its renewable and environmental growth platforms. Babcock & Wilcox reported net losses of $10.30 million in 2020, $129.04 million in 2019, $724.86 million in 2018, $379.01 million in 2017, and $115.08 million in 2016. As of March 31, 2021, the Company had $582.36 million in total assets, $777.80 million in total liabilities, and a total stockholders' deficit of $195.44 million. BEAR COMMUNICATIONS: Seeks to Remove Verizon From Committee ----------------------------------------------------------- Bear Communications, LLC asked the U.S. Bankruptcy Court for the District of Kansas to remove Verizon Sourcing, LLC from the official committee of unsecured creditors appointed in its Chapter 11 case. In a motion, Bear Communications' attorney, Nicholas Grillot, Esq., at Hinkle Law Firm, LLC, said Verizon is not qualified to serve as committee member due to a "conflict of interest." According to the attorney, the company holds a claim in the amount of $12.25 million against Verizon for work performed related to the cable-fiber infrastructure project in Birmingham, Ala. and Madison, Wisc. Verizon's refusal to pay the amount left Bear Communications unable to pay subcontractors and suppliers, which resulted in multiple lawsuits being filed against the company and prompted the company to file for bankruptcy, according to the attorney. "Because of [Bear Communications'] significant claims against Verizon, a conflict of interest exists that prevents Verizon from being a member of the committee and Verizon should be removed from the committee," Mr. Grillot said in court papers. About Bear Communications Lawrence, Kan.-based Bear Communications, LLC -- http://www.bearcommunications.net-- is a communications contractor offering aerial construction, underground construction, splicing, subscriber drop placement, residential and commercial installations, residential/commercial wiring, consulting, and testing services. Bear Communications filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 21-10495) on May 28, 2021. At the time of the filing, the Debtor disclosed total assets of up to $50 million and total liabilities of up to $100 million. Judge Dale L. Somers presides over the case. W. Thomas Gilman, Esq., at Hinkle Law Firm LLC, represents the Debtor as legal counsel. BETHUNE-COOKMAN UNIVERSITY: Fitch Withdraws B Issuer Default Rating ------------------------------------------------------------------- Fitch Ratings has withdrawn the following Issuer Default Rating (IDR): -- Bethune-Cookman University (FL) IDR. Previous Rating: 'B '/Outlook Stable. Following the withdrawal of Bethune-Cookman University's ratings, Fitch will no longer be providing the associated ESG Relevance Scores for the issuer. The rating was withdrawn because it is no longer considered by Fitch to be relevant to the agency's coverage. BK4 LLC: Unsecureds to Recoup 100% of Allowed Claims under Plan --------------------------------------------------------------- BK4 LLC filed with the Bankruptcy Court a Modified Disclosure Statement. The hearing on the Disclosure Statement, as among the revisions made to the document, will be held on August 4, 2021 at 10:30 a.m., prevailing Eastern Time, via video conference. The deadline for filing objections to the Disclosure Statement is July 28. * The Plan The Debtor is a real estate developer and the owner of certain residential real properties located at 2, 4 and 6 McGuinness Boulevard, in Brooklyn, New York. The Debtor has filed the Plan to implement the sales through a confirmation process. The Plan fundamentally serves as the vehicle for distribution of the net sale proceeds to creditors. At the time of the Chapter 11 filing, the Debtor had already entered into three separate new contracts to sell each of the Properties to third party buyers: Address of Purchase Property Purchaser Price ------------ ---------- --------- 2 McGuinness BMH Consulting LLC $2,090,000 4 McGuinness Guang Gao, Nicholas Gao, Tiffany Chu $2,350,000 6 McGuinness Teemu and Leila Puuito $1,850,000 The Properties are subject to a mortgage currently held by a note buyer known as 246 McGuiness Capital LLC. The Current Lender is the assignee of Emerald Creek Capital 3, LLC, which issued a mortgage in 2019 in the principal amount of $4.5 million with a stated maturity in July 2020. Classes of Claims and their Treatment Under the Plan: * Class 1 – The Secured Claim of Lender. Class 1 consists of the allowed secured claim of the Lender. The undisputed portion of the Lender's secured claim shall be paid on a rolling basis at the respective Closings until such time as all undisputed amounts are paid in full but no later than the Full Consummation Date. The Class 1 claim of the Lender is potentially impaired, since partial releases are required for each of the Closings. The Lender is potentially eligible to vote on the Plan. * Class 2 – General Unsecured Claims Class 2 is comprised of Allowed General Unsecured Claims against the Debtor arising prior to the Petition Date. The Debtor currently projects that the Class 2 claims will total approximately $821,500, subject to the June 21, 2021 Bar Date and final reconciliation of claims. Each holder of a Class 2 Allowed General Unsecured Claim shall be paid in an amount up to 100% of the holder's allowed General Unsecured Claim, and potentially with interest at the federal judgment rate promptly after the Full Consummation Date except for Disputed Claims, whereupon distributions shall be made to such creditor in accordance with the provisions of Article VI of the Plan. The amount of the final distribution will depend on final allowance of the Lender's claim. Class 2 is impaired and General Unsecured Creditors are entitled to vote on the Plan. * Class 3 – Equity Interests Class 3 is comprised of the Equity Interest in the Debtor. Tal August, as the Debtor's sole (100%) equity holder of the Debtor, shall retain his 100% membership interest in the Debtor and Reorganized Debtor. Mr. August shall also be entitled to receive any surplus proceeds remaining on deposit in the Confirmation Fund, after all allowed Claims and Administrative Expenses are paid in full. Class 3 is impaired, but ineligible to vote on the Plan as an insider. A copy of the blackline of the Modified Disclosure Statement is available at https://bit.ly/2UxvDqQ from PacerMonitor.com at no charge. Counsel for the Debtor: Kevin J. Nash, Esq. Goldberg Weprin Finkel Goldstein LLP 1501 Broadway, 21st Floor New York, NY 10036 Telephone: (212) 301-6944 E-mail: knash@gwfglaw.com About BK4 LLC Albertson, N.Y.-based BK4 LLC is the fee simple owner of three properties in Brooklyn with a total current value of $6.29 million. BK4 filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-70681) on April 12, 2021. Tal August, manager, signed the petition. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge Alan S. Trust oversees the case. Goldberg Weprin Finkel Goldstein, LLP represents the Debtor as legal counsel. BOWLERO CORP: S&P Alters Outlook to Stable, Affirms 'B-' ICR ------------------------------------------------------------ S&P Global Ratings revised the outlook on Bowlero Corp. to stable from negative and affirmed its 'B-' issuer credit rating and 'B-' issue-level ratings on the company's $50 million revolver and $825 million term loan. S&P said, "Our stable outlook reflects our expectation for significant improvement in demand, and our updated forecast for adequate EBITDA coverage of interest expense and adjusted debt to EBITDA to be in the high-7x area at the end of fiscal 2022. "The outlook revision reflects our favorably revised base case that Bowlero will likely have adequate EBITDA coverage of interest expense and reduce adjusted debt to EBITDA to the high-7x area in fiscal 2022. The loosening of social restrictions and surge in demand for out-of-home entertainment in recent months indicate a robust recovery in center revenue is underway at Bowlero. We believe that Bowlero achieved break-even cash flow in the fourth quarter of fiscal 2021 (ended June) due to a recovery in revenue, which we assume will continue through the rest of calendar 2021. The recovery in 2022 could moderate if recent strong center visitation fades over time. However, longer-term revenue drivers, such as incremental revenue from opportunistic acquisitions and center builds and renovations, could result in revenue that is higher than pre-pandemic levels in fiscal 2022 (ending June). Bowlero's experienced management team has a proven track record of turning around underperforming centers by converting and renovating centers to its premium Bowlmor and Bowlero branded centers. Management has invested in new higher-margin games and amusements at over half of its centers, closed underperforming locations, and built new centers in markets it believes are underserved. Although these initiatives are capital-intensive, we expect center conversions, renovations, and new constructions in fiscal 2022 to drive continued increases in revenue and EBITDA. "Furthermore, we believe that following reduction in labor-related expenses, such as costs at the center and corporate levels in fiscal 2021, the company may achieve EBITDA margin higher than that of fiscal 2019. In our updated base case, we assume fiscal 2022 revenue will double compared to fiscal 2021, driven by a recovery in center revenue as restrictions and capacity limits ease, as well as expansion of center footprint. We expect (unadjusted) reported EBITDA margin in fiscal 2022 of approximately 25% and for moderate EBITDA margin expansion in fiscal 2023 following positive operating leverage as a result of strong demand, center acquisitions, and the company's variable cost structure. Incorporating these assumptions, we expect S&P Global Ratings' adjusted debt to EBITDA to be in the high-7x area in fiscal 2022, and EBITDA coverage of interest expense in the 2x area in fiscal 2022." The outlook revision also reflects the SPAC transaction, which will provide Bowlero with greater access to capital and reduce the probability of a default or distressed debt exchange. Pro forma for the SPAC merger, the capital structure would consist of $887 million in funded debt, $200 million of proposed convertible preferred stock, $1.753 billion of equity, and $225 million of cash on the balance sheet based on results as of February 2021. The SPAC merger, if successful, would provide Bowlero with publicly traded equity to potentially raise funds for corporate purposes, including for liquidity uses or debt repayment. The transaction would also add $94 million of cash to the balance sheet compared to the amount available at the end of February 2021. Bowlero maintained adequate liquidity during the COVID-19 pandemic by cutting costs and putting into place a revolver-backed by financial sponsor Atairos. The proceeds from the SPAC transaction further bolsters liquidity. As a result, S&P believes rating downside over the near term has been mitigated enough to stabilize the outlook. The public listing also helps liquidity by raising funds that will support the company's acquisition activity. Bowlero held substantial cash balances as a liquidity cushion during the pandemic, which the company recently began to deploy by acquiring Bowl America. The public listing provides an alternative source of equity capital to make acquisitions, which will lessen the pressure on available liquidity for operating needs in the core business. The SPAC merger with ISOS will likely help to grow Bowlero's footprint and could increase its revenue potential related to media sponsorships, consumer engagement, and content monetization over time. S&P said, "We view the proposed convertible preferred stock as a debt-like obligation and include it in our adjusted debt measure. We view the instrument as debt-like mostly because it has a contingent call feature starting in two years that can be settled in cash if triggered." Bowlero faces competition from alternative out-of-home entertainment options while the bowling center industry also faces secular challenges. As an owner and operator of bowling centers, Bowlero provides entertainment options as well as food and beverage (F&B) services to the general public, corporate customers, and bowling leagues. Bowlero faces significant competition from alternative out-of-home entertainment options, among other substitutes for consumers' discretionary leisure and entertainment spending. Although Bowlero gives customers an environment to socially interact while providing a bowling experience, arcade entertainment, and F&B services, customers may choose lower-priced or other alternatives to socialize with peers. An economic downturn or further capacity restrictions following an unforeseen rise in COVID-19 cases could amplify this risk as customers limit spending on discretionary leisure activities. Furthermore, S&P expects league revenue will continue to face headwinds over the next few years due to declining league participation. The decrease in league play places greater reliance on impulse-driven open bowling as well as F&B spending, which are more volatile and expose Bowlero to increased competition from other forms of entertainment. However, management has indicated that open bowling participation delivers a higher profit margin on average than league play. The geographic diversity of the portfolio also tempers these risks. S&P said, "Our stable outlook reflects our expectation for a meaningful improvement in demand, and our updated forecast for adequate EBITDA coverage of interest expense and adjusted debt to EBITDA to be in the high-7x area at the end of fiscal 2022. "We could lower our rating on Bowlero by one notch or more if we no longer assess its liquidity as adequate, no longer expect its free cash flow to turn positive, or no longer believe it can improve its EBITDA coverage of cash interest to the high-1x area in fiscal 2022. An underperformance on these measures could increase the likelihood of a distressed exchange or conventional default. "We could raise our rating on the company if we believe it will likely sustain S&P Global Ratings' adjusted leverage of less than 7.5x." BOY SCOUTS OF AMERICA: Councils' Release Build on Trust Infusions ----------------------------------------------------------------- The Boy Scouts of America and affiliate Delaware BSA, LLC filed a Fourth Amended Plan and accompanying Disclosure Statement. The Debtors and Supporting Parties, to both maximize distributions to holders of Direct Abuse Claims and continue the BSA's long tradition of Scouting, seek approval of a plan of reorganization under Chapter 11 of the Bankruptcy Code that provides a framework for global resolution, which, if confirmed and consummated, will allow the Debtors, as Reorganized BSA, to emerge from bankruptcy, having fulfilled their dual restructuring goals of (a) providing an equitable, streamlined, and certain process by which Abuse Survivors may obtain compensation for Abuse and (b) ensuring that the Reorganized BSA has the ability to continue its vital charitable mission. The Plan incorporates the JPMorgan Chase Bank, National Association (JPM)/Creditors' Committee Settlement, which resolves all issues and objections that could be asserted by the Creditors' Committee with respect to confirmation of the Plan and prospective lien challenges, claims or causes of action that might be brought by the Creditors' Committee by or on behalf of the Debtors' Estates. The JPM/Creditors' Committee Settlement contemplates distributions to holders of Allowed Convenience Claims, Allowed General Unsecured Claims, and Allowed Non-Abuse Litigation Claims. The JPM/Creditors' Committee Settlement also contemplates the Allowance of JPM's Claims by amending and restating the Prepetition Debt and Security Documents in the manner described in the Plan. The Plan also incorporates the provisions of the Restructuring Support Agreement. Because of this settlement, substantial contributions to the Settlement Trust by the Debtors, Local Councils, Contributing Chartered Organizations, and Settling Insurance Companies, if any, will be made in exchange for the treatment of the foregoing Entities as Protected Parties under the Channeling Injunction. The assets contributed to the Settlement Trust will be administered by the Settlement Trustee and used to resolve Abuse Claims according to the Settlement Trust Documents, including the Settlement Trust Agreement and the Trust Distribution Procedures. -- The BSA Settlement Trust Contribution under the Plan BSA Settlement Trust Contribution Estimated Amount Net Unrestricted Cash $59.9 million to and Investments $92.3 million Warehouse and Distribution Center (real property) $11.6 million Scouting University (real property) $2.0 million Artwork (asset) $59.0 million Oil and Gas Interests (asset) $7.6 million BSA Settlement Trust Note Payable $80.0 million Total Estimated BSA Settlement Trust Non-Insurance Contribution $220.0 to $252.4 million -- Classes and treatment of Claims and Interests * Class 1 Other Priority Claims Each holder of an Allowed Other Priority Claim shall receive: (a) payment in Cash equal to such Allowed Other Priority Claim; or (b) satisfaction of such Allowed Other Priority Claim in any other manner that renders the Allowed Other Priority Claim Unimpaired, including Reinstatement. Estimated Allowed Amount: Less than $0.1 million Estimated Percentage Recovery: 100% * Class 2 Other Secured Claims Each holder of an Allowed Other Secured Claim shall receive: (a) payment in Cash equal to the Allowed amount of such Claim; (b) satisfaction of such Other Secured Claim in another manner that renders the Allowed Other Secured Claim Unimpaired, including Reinstatement; or (c) return of the applicable collateral in satisfaction of the Allowed amount of such Other Secured Claim. Estimated Allowed Amount: $0 Estimated Percentage Recovery: 100% * Class 3A 2010 Credit Facility Claims Each holder of an Allowed 2010 Credit Facility Claim shall receive a Claim under the Restated Credit Facility Documents in an amount equal to the amount of such holder's Allowed 2010 Credit Facility Claim Estimated Amount: $80,762,060 Estimated Percentage Recovery: 100% * Class 3B 2019 RCF Claims Each holder of an Allowed 2019 RCF Claim shall receive a Claim under the Restated Credit Facility Documents in an amount equal to the amount of such holder's Allowed 2019 RCF Claim. Estimated Amount: $61,542,720 Estimated Percentage Recovery: 100% * Class 4A 2010 Bond Claims Each holder of an Allowed 2010 Bond Claim shall receive a Claim under the Restated 2010 Bond Documents in an amount equal to the amount of such holder's Allowed 2010 Bond Claim. Estimated Amount: $40,137,274 Estimated Percentage Recovery: 100% * Class 4B 2012 Bond Claims Each holder of an Allowed 2012 Bond Claim shall receive a Claim under the Restated 2012 Bond Documents in an amount equal to the amount of such holder's Allowed 2012 Bond Claim. Estimated Amount: $145,662,101 Estimated Percentage Recovery: 100% * Class 5 Convenience Claims Each holder of an Allowed Convenience Claim shall receive Cash in an amount equal to 100% of such holder's Allowed Convenience Claim Estimated Amount: $2.3 million – $2.9 million Estimated Percentage Recovery: 100% * Class 6 General Unsecured Claims Each holder of an Allowed General Unsecured Claim shall receive, subject to the holder's ability to elect Convenience Claim treatment on account of the Allowed General Unsecured Claim, its Pro Rata Share of the Core Value Cash Pool up to the full amount of such Allowed General Unsecured Claim in the manner specified in the Plan. Estimated Amount: $26.5 million – $33.5 million Estimated Percentage Recovery: 75 – 95% * Class 7 Non-Abuse Litigation Claims Each holder of an Allowed Non-Abuse Litigation Claim shall, subject to (i) the holder's ability to elect Convenience Claim treatment as provided in the following sentence and (ii) the terms and conditions under the Plan (as applicable), retain the right to recover up to the amount of such holder's Allowed Non-Abuse Litigation Claim from (x) available insurance coverage or the proceeds of any Insurance Policy, including any Abuse Insurance Policy or Non-Abuse Insurance Policy, (y) applicable proceeds of any Insurance Settlement Agreements, and (z) coliable non-debtors (if any) or their insurance coverage. Solely to the extent that the holder of an Allowed Non-Abuse Litigation Claim fails to recover in full from the foregoing sources on account of such Allowed Claim after exhausting its remedies in respect thereof, such holder may elect to have the unsatisfied portion of its Allowed Claim treated as an Allowed Convenience Claim and receive cash in an amount equal to the lesser of (a) the amount of the unsatisfied portion of the Allowed Non-Abuse Litigation Claim and (b) $50,000. Estimated Amount: Undetermined Estimated Percentage Recovery: 100% * Class 8 Direct Abuse Claims Pursuant to the Channeling Injunction set forth in Article X.F of the Plan, each holder of a Direct Abuse Claim shall have such holder's Direct Abuse Claim against the Protected Parties (or any of them) permanently channeled to the Settlement Trust, and such Direct Abuse Claim shall thereafter be asserted exclusively against the Settlement Trust and processed, liquidated, and paid in accordance with the terms, provisions, and procedures of the Settlement Trust Documents. Estimated Amount: $2.4 billion - $7.1 billion Estimated Percentage Recovery: 10% to 32% plus insurance rights, expected to yield up to 100% recovery Under the Expedited Distribution: Estimated Amount: $3,500 * Class 9 Indirect Abuse Claims Pursuant to the Channeling Injunction set forth in Article X.F of the Plan, each holder of an Indirect Abuse Claim shall have such holder's Indirect Abuse Claim against the Protected Parties (or any of them) permanently channeled to the Settlement Trust, and such Indirect Abuse Claim shall thereafter be asserted exclusively against the Settlement Trust and processed, liquidated, and paid in accordance with the terms, provisions, and procedures of the Settlement Trust Documents. Estimated Amount: Unknown Estimated Percentage Recovery: Unknown plus insurance rights, expected to have limited recovery * Class 10 Interests in Delaware BSA Estimated Amount: N/A Estimated Percentage Recovery: 0% -- Timeline for Voting and Confirmation of the Plan Disclosure Statement July 13, 2021 at 4 p.m. Objection Deadline (Eastern Time) Disclosure Statement Hearing July 20, 2021 Voting Record Date July 20, 2021 Deadline to Mail Solicitation Packages and Related Notices July 28, 2021 Rule 3018(a) Motion Deadline August 13, 2021 Deadline to File Plan Supplement August 20, 2021 Voting Resolution Event Deadline September 3, 2021 or as otherwise ordered by the Bankruptcy Court Voting Deadline September 3, 2021 Preliminary Voting Report Deadline September 8, 2021 Plan Objection Deadline September 14, 2021 Final Voting Report Deadline September 17, 2021 Confirmation Brief/Reply Deadline September 22, 2021 Confirmation Hearing September 27, 20215 A copy of the Fourth Amended Disclosure Statement is available for free at https://bit.ly/3ADSFwz from Omni Agent Solutions, claims agent. A copy of the redline of the Fourth Amended Plan is available for free at https://bit.ly/3hHvp8l from Omni Agent Solutions, claims agent. Counsel for the Debtors: Jessica C. Lauria, Esq. White & Case LLP 1221 Avenue of the Americas New York, NY 10020 Telephone: (212) 819-8200 Email: jessica.lauria@whitecase.com – and – Michael C. Andolina, Esq. Matthew E. Linder, Esq. Laura E. Baccash, Esq. Blair M. Warner, Esq. White & Case LLP 111 South Wacker Drive Chicago, IL 60606 Telephone: (312) 881-5400 Email: mandolina@whitecase.com mlinder@whitecase.com laura.baccash@whitecase.com blair.warner@whitecase.com - and - Derek C. Abbott, Esq. Andrew R. Remming, Esq. Paige N. Topper, Esq. Morris, Nichols, Arsht & Tunnell LLP 1201 North Market Street, 16th Floor P.O. Box 1347 Wilmington, DE 19899-1347 Telephone: (302) 658-9200 Email: dabbott@morrisnichols.com aremming@morrisnichols.com ptopper@morrisnichols.com About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. BOY SCOUTS OF AMERICA: Still No Consensus on Ch.11 Abuse Claims --------------------------------------------------------------- Law360 reports that a Delaware bankruptcy judge Wednesday, July 7, 2021, delayed the hearing on the Boy Scouts of America's Chapter 11 plan disclosure until August after hearing insurers and Scout troop sponsors say they lacked a consensus on how to handle abuse claims. At a virtual hearing U.S. Bankruptcy Judge Laurie Selber Silverstein lauded the $850 million restructuring support agreement the Boy Scouts reached last week with tort claimant representatives as a "significant achievement," but said she would hold off on a hearing on approval of the deal until the end of the July 2021. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. CAPITAL TRUCK: $1.38M Sale to Nextran to Fund Plan Payments ----------------------------------------------------------- Capital Truck, Inc. n/k/a CTI Holdings, Inc. f/d/b/a Mack Sales of Tallahassee filed with the U.S. Bankruptcy Court for the Northern District of Florida a Disclosure Statement with respect to the Chapter 11 Plan of Liquidation dated July 6, 2021. The Debtor filed this bankruptcy case on July 14, 2020. Less than a month into the case, on August 7, 2020, the Debtor filed its Expedited Motion for Order Establishing Bidding Procedures. The Bidding Procedures Motion sought to sell substantially all of the Debtor's physical and intangible assets. Nextran Corporation submitted the highest and best bid at the Auction, and the Debtor deemed Nextran to be the Prevailing Bidder at the Auction. The sale to Nextran closed on November 9, 2020. Nextran paid a total of $1,376,242.18 to the estate for the purchase. After the consummation of the sale to Nextran, the Debtor wound down its operations. The entirety of the estate's funds were subject to the claims of the Debtor's largest secured creditors. The mediation attended by the Parties on February 16, 2021 was successful and resulted in a global settlement, which was outlined in the Agreed Motion for Approval of Compromise and Settlement filed on February 24, 2021 (the "Settlement Motion"). The settlement that was reached amongst the Debtor and the Settling Creditors resolved each of the Settling Creditors' secured claims against the estate and included a carve-out for administrative expenses and the Internal Revenue Service's priority claim. After the Order granting the Settlement Motion became final and non-appealable, the Debtor disbursed funds to Jefferson County, The First, Hitachi, and VFS. In addition, the Debtor paid its attorneys' fees as authorized and approved by the Court. After paying the secured claims of the Settling Creditors and administrative expenses, $144,385.51 remains in the trust account of Bruner Wright, P.A. to distribute in accordance with the Plan. The secured claim of The First, N.A. in Class 2 is secured by old parts inventory that Nextran determined not to purchase because they did not have significant value. Any proceeds from the sale of these parts will be paid to The First. The remaining parts are part of The First's security and will be surrendered to The First. The Class 3 general unsecured claims will be paid pro-rata from funds on hand within 90 days of the Effective Date. If any funds are received from avoidance actions or any other causes of action the Debtor may have, then these creditors will receive additional pro-rata distributions from funds recovered, less administrative expenses approved by the Court. Class 4 consists of Equity Interest Holders. Mark Thomas and Michael Pitts will receive no distributions via the Plan. Payments and distributions under the Plan will be funded by funds on hand. Additional funds will be distributed on a pro-rata basis in the event monies are recovered from avoidance actions or any other cause(s) of action. The Plan Proponent believes that the Debtor will have enough cash on hand on the effective date of the Plan to pay the priority tax claims, administrative expenses, United States Trustee Fees, and the first mortgage holder Centennial Bank. The Debtor believes a at least a small dividend will be available to pay unsecured creditors after the auction of its real property. A full-text copy of the Disclosure Statement dated July 6, 2021, is available at https://bit.ly/3AEuQEX from PacerMonitor.com at no charge. Counsel for the Debtor: Robert C. Bruner, Esq. Byron Wright III, Esq. Bruner Wright, P.A. 2810 Remington Green Circle Tallahassee, FL 32308 Office: (850) 385-0342 Fax: (850) 270-2441 Email: rbruner@brunerwright.com twright@brunerwright.com About Capital Truck Capital Truck, Inc., based in Tallahassee, FL, filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 20-40287) on July 14, 2020. In the petition signed by Mark Thomas, president, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. BRUNER WRIGHT, P.A., serves as bankruptcy counsel to the Debtor. CARBONLITE HOLDINGS: Unsecureds' Recovery Unknown Under Plan ------------------------------------------------------------ CarbonLite Holdings and its debtor-affiliates filed a Chapter 11 Plan of Liquidation and Disclosure Statement on July 2, 2021. The Plan is a plan of liquidation which, among other things, provides for a Liquidation Trustee to liquidate or otherwise dispose of the remaining assets of the Estates, to the extent such assets were not previously monetized to Cash or otherwise transferred by the Debtors prior to the Effective Date. The Liquidation Trustee would also distribute all net proceeds to creditors, including payment in full of all Allowed Administrative Expense Claims, Priority Tax Claims, Other Priority Claims (Class 1) and Other Secured Claims (Class 2), generally in accordance with the priority scheme under the Bankruptcy Code, subject to the terms of the Plan and the UCC Settlement. The source of all distributions and payments under the Plan will be the Distributable Assets and the proceeds thereof, including the Debtors' Cash on hand and proceeds from the sale or other disposition of the Debtors' assets and the Liquidation Trust Assets, including the prosecution of Causes of Action. Distributions to the Holders of General Unsecured Claims will be funded entirely from Liquidation Trust Assets consisting of Net Distributable Assets. In these Chapter 11 Cases, the Debtors have already liquidated substantially all of their respective assets, excluding Causes of Action that have not been waived or settled in accordance with or pursuant to the Plan. The net proceeds remaining from such prior liquidations, together with the net proceeds from the sale or other disposition of the remaining assets of the Estates after the Effective Date, will be used to fund recoveries under the Plan to creditors of each Debtor Group. Under the Plan, general unsecured creditors in Class 7 will receive pro rata distributions of the Net Distributable Assets of the applicable Debtor Group, which are the Distributable Assets of such Debtor Group from and after the Effective Date, including the proceeds to the Estates of the UCC Settlement remaining after the Effective Date, once all such assets have been reduced to Cash. Only Holders of Prepetition Term Secured Claims (Class 6) and General Unsecured Claims (Class 7) are entitled to vote on the Plan and are being solicited under this Disclosure Statement. The Plan does not provide for the substantive consolidation of the Debtors or their liabilities. The Debtor Groups, individually or collectively as applicable, consist of the Pennsylvania Debtors, the Texas Debtors, the Industries Debtor, the Pinnpack Debtors, and the HoldCo Debtors (each as defined in the Plan). Summary of Classes of Claims and their Treatment under the Plan: * Class 1 Other Priority Claims Estimated Claim Amount: $50,000-$100,000 Estimated Recovery: 100% * Class 2 Other Secured Claims Estimated Claim Amount: $0-$25,000 Estimated Recovery: 100 % * Class 3 Pennsylvania Secured Bonds Claims Estimated Claim Amount: Already paid in full Estimated Recovery: 100% * Class 4 Texas Secured Bonds Claims Estimated Claim Amount: Already paid in full Estimated Recovery: 100% * Class 5 Prepetition ABL Secured Claims Estimated Claim Amount: Already paid in full Estimated Recovery: 100% * Class 6 Prepetition Term Secured Claims Est. Claim Amount: $40 million, plus accrued prepetition interest and fees Estimated Recovery: 0% * Class 7 General Unsecured Claims Estimated Claim Amount: (filed and projected claims) Pennsylvania Debtors: $31.5 million Texas Debtors: $39.1 million Industries Debtor: $53.4 million Pinnpack Debtors: $12.1 million HoldCo Debtors: $9.1 million Estimated Recovery: to be determined * Class 8 Intercompany Claims Estimated Claim Amount: subject to ongoing reconciliation Estimated Recovery: 0% * Class 9 Equity Interests in Debtors Estimated Claim Amount: n/a Estimated Recovery: none A copy of the Disclosure Statement is available for free at https://bit.ly/3hkznVt from PacerMonitor.com. Counsel for Debtors: Richard M. Pachulski, Esq. Gabriel I. Glazer, Esq. James E. O'Neill, Esq. Maxim B. Litvak, Esq. Pachulski Stang Ziehl & Jones LLP 919 N. Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 (Courier 19801) Telephone: (302) 652-4100 Facsimile: (302) 652-4400 E-mail: rpachulski@pszjlaw.com gglazer@pszjlaw.com joneill@pszjlaw.com mlitvak@pszjlaw.com About CarbonLite Holdings Los Angeles-based CarbonLite Holdings, LLC processes post-consumer recycled polyethylene terephthalate (rPET) plastic products and produces rPET and polyethylene terephthalate (PET) beverage and food packaging products through its two business segments, the Recycling Business and PinnPack. CarbonLite Holdings and 10 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10527) on March 8, 2021. CarbonLite P, LLC, an affiliate, disclosed assets of $100 million to $500 million and debt of $50 million to $100 million. Judge John T. Dorsey oversees the cases. The Debtors tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Reed Smith LLP as corporate counsel, and Jefferies LLC as investment banker. Stretto is the claims agent. On March 23, 2021, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases. Hogan Lovells US, LLP and Blank Rome, LLP serve as the committee's legal counsel. Province, LLC is the financial advisor. Elise S. Frejka is the fee examiner appointed in the Debtors' cases. She is represented by Frejka, PLLC. CHAR PHAR: Unsecureds to Recover 100% in 2 Semi-Annual Payments --------------------------------------------------------------- Char Phar Investments, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of California a Disclosure Statement and Plan of Reorganization. The Plan is a reorganization plan. The Proponent seeks to accomplish payments under the Plan by restructuring debts and paying such restructured debts as provided over time through continued farming and business operations. The Debtor will seek to recover on the claims against the Tut Brothers and Blue River Farms. From water sales, rents for buildings, and from 2021 and 2022 crop proceeds, the Debtor will pay its creditors. The Debtor will pay all of its administrative expenses including professional fees, bring current the real property taxes, pay or object to the priority tax claim of $6,369.82 claimed by the Franchise Tax Board, and pay 100% of the allowed unsecured claims held by non-Insiders in two installments semi-annually of 50% each. The Debtor's Plan calls for two semi-annual payments to be made over one year period in pro rata distributions to Class 4 claimants with Allowed Claims until paid in full. From operational revenues in excess of operating expenses, all Chapter 11 reorganization expenses and restructured payments will be made to administrative claimants, secured creditors, priority creditors and unsecured creditors. The Plan calls for 100% payment to all of Debtor's creditors having Allowed Claims, except as proposed for FTC. The Plan will treat claims as follows: * On the Effective Date, the Class 3.1 Claim of the County of Kern estimated at $51,000 and is secured by a first priority statutory lien on the Debtor's real property shall be paid in full on or before December 1, 2021. * Class 3.2 consists of the Claim of the State of India (California). The claim will be amortized over 30 years at 5% interest and be all due in 2 years from confirmation. Quarterly payments of $45,000.00 will commence December 31, 2021 or 120 days after confirmation. * Class 3.3 is held by Fresno Truck Center ("FTC") and it is a contingent claim arising from a guarantee given by Debtor on account of loans made to affiliates. FTC has Deeds of Trust recorded on other Tut family properties. FTC shall receive no payment from the Debtor on account of the guarantee until SBI is paid in full. * Class 4 consists of General Unsecured Creditors. Holders of an Allowed Unsecured Claim shall receive two semi-annual pro rata payments over a one year period commencing January 15, 2022. * Class 5 Allowed general insider claims held by Insiders including Blue River Farms, LLC will not be paid until all Class 4 claims have been paid. * There will be no payment to Class 6 on account of ownership until all Class 4 claims are paid. The Debtor will continue to Farm its 196 acres of vineyard property and sell its crops, rent the 14 structures and other building and sell water to other farms in the area. A full-text copy of the Disclosure Statement dated July 6, 2021, is available at https://bit.ly/3dXvwvh from PacerMonitor.com at no charge. Attorneys for Debtor: Law Offices of William L. Cowin William L. Cowin 2344 Tulare Street, Suite 300 Fresno, CA 93721 Telephone (559)455-1234 Email: cowin_law@yahoo.com About Char Phar Char Phar Investments, LLC is a California limited liability company and Ravinderpaul S. Tut is the sole member/manager and owns 100% of the Debtor. The Debtor is a family farmer that owns 352 acres consisting of 196 acres of Rubired wine grapes and 54 acres of buildings, plus 100 acres of open ground. Char Phar Investments LLC filed a Chapter 12 bankruptcy case (Bankr. E.D. Cal. Case No. 20-11992) on June 12, 2020. The case was converted to a Chapter 11 case on Aug. 11, 2020. The Law Offices of William L. Cowin is the Debtor's counsel. CHINOS INTERMEDIATE: S&P Alters Outlook to Pos., Affirms 'B-' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook on specialty apparel retailer Chinos Intermediate 2 LLC to positive from negative and affirmed all ratings, including its 'B-' issuer credit rating. The positive outlook reflects the potential for an upgrade over the next 12 months if Chinos demonstrates consistent performance at both its brands while maintaining S&P Global Ratings-adjusted leverage below 4x and funds from operations (FFO) to debt of 20% or more. S&P said, "Amid signs of economic recovery, we believe operating conditions for the apparel retail segment are improving faster than we previously expected, which supports our outlook revision. "We recently revised upward our forecast of U.S. GDP growth to nearly 7% in 2021 and 4% in 2022. An improving vaccination outlook and faster reopening schedule have bolstered consumers' confidence. In addition, the U.S. Census Bureau reported advanced clothing and accessories sales greater than pre-pandemic levels in May 2021. "We believe short-term pent-up demand following a year of suppressed social events and traveling will be a near-term tailwind for apparel spending. These trends have benefited the company, as Chinos' fiscal first-quarter sales increased in excess of 25%, exceeding our previous expectations. Moreover, S&P adjusted EBITDA improved to more than $80 million from a $55 million EBITDA loss last year. Chinos benefited from higher full-price selling along with sales leveraging and recent cost actions executed during the company's recent bankruptcy. We expect further vaccination progress, greater mobility, and improving consumer confidence to fuel near-term increased spending at Chinos. This leads us to project S&P Global Ratings-adjusted leverage in the low-to-mid 3x range, FFO to debt of about 20%, and a revision in our financial risk profile to aggressive from highly leveraged. We hold this view despite still seeing long-term businesses risks along with potentially volatile performance because of competition. "We believe the ongoing secular changes in the specialty apparel industry will persist and competition will remain intense as customers continually shift purchases online and increase spending on experiences. Our view of Chinos reflects its participation in the highly fragmented and competitive specialty apparel retail sector. Industry competition has intensified in recent years, with escalating threats from fast fashion, online retailers, and other apparel vendors. We see these trends exaggerated by a long-term decline in consumer traffic in malls, where a significant number of Chinos' stores are located. We think these trends heighten the operational and execution risks for mid-priced apparel retail players such as Chinos. We also believe these risks may increase if consumers return to pre-pandemic habits including increased spending on experiences and other non-apparel products." "Madewell continues to perform well while the company is executing a turnaround initiative at J.Crew. Madewell sales (which account for more than 20% of total revenue) have increased significantly over the past few years, posting comparable sales growth at a double-digit pace in 2018 and 2019. We attribute this growth to merchandising and customer engagement strategies that resonate with its millennial segmentation. We expect these trends to continue for Madewell following the pandemic. We expect Chinos to use strategies employed at Madewell to help its turnaround of J.Crew. However, we have yet to see if these learnings will evolve to sustainability benefit J.Crew over the long term. While we think J.Crew remains a recognized name with consumers, this brand previously suffered as Chinos has been slow to adapt to changing consumer habits, inventory and merchandising missteps occurred, and consumers' perception of product quality declined." Chinos' post-bankruptcy ownership structure increases long-term risk for higher leverage. S&P thinks the company's ownership structure increases the risk of higher leverage over the long term. Several asset managers now own Chinos since its emergence from bankruptcy in late 2020, and it believes this increases the risk of greater debt over the long term. Companies that emerge from bankruptcy and successfully turn around operations exhibit a risk of greater leverage because post-bankruptcy owners may try to recoup the previous investment losses that occurred when the company restructured its balance sheet. S&P said, "This and the heightened competitive environment we envision lead us to see elevated risks for greater leverage volatility not otherwise projected in our base-case forecast. Our opinion also considers Chinos' operating performance, which historically has been volatile. Moreover, we holistically view the company's credit profile as weaker than those of higher-rated peers, given the company's vulnerability to discretionary consumer spending, participation in the intensely competitive and highly volatile apparel retail segment, exposure to fashion risk, and the company's short track record since emerging from bankruptcy. These risks lead us to apply a negative comparable rating analysis modifier." The positive rating outlook reflects the potential for an upgrade over the next 12 months if Chinos sustains consistent performance gains, resulting in our expectations for adjusted leverage remaining below 4x and FFO to debt of 20% or more. S&P could raise the rating on Chinos if: -- The company sustains good operating performance and profitability as operations and apparel demand trends normalize over the next 12 months. Under this scenario, S&P would expect Chinos to sustain S&P Global Ratings-adjusted leverage below 4x and FFO to debt of 20% or more, supported by the company's financial policy; and -- The company generates consistent free operating cash flow (FOCF) of about $50 million annually. S&P could revise the outlook to stable if: -- Chinos underperforms our base case, potentially because of increased competition, inventory challenges, increased promotional activity, or a significant normalization in apparel demand over the next 12 months; or -- The company shifts to a more aggressive financial policy, resulting in adjusted leverage that is sustained above the mid-4x area, along with FFO to debt in the low teens area. COLDWATER DEVELOPMENT: Hires Hilton & Hyland as Real Estate Broker ------------------------------------------------------------------ Coldwater Development, LLC and Lydda Lud, LLC seek approval from the U.S. Bankruptcy Court for the Central District of California to employ Beverly Hills, Calif.-based real estate broker, Hilton & Hyland Real Estate, Inc. The Debtors need a real estate broker to market for sale six vacant residential lots totaling 65.61 acres located in the Santa Monica Mountains. Two of these properties are owned by Coldwater Development while the four other properties are owned by the other company. Hilton & Hyland will receive a $50,000 commission from the sale of the two residential lots owned by Coldwater Development or a 6 percent commission from the sale of the six residential lots. As disclosed in court filings, Hilton & Hyland is a "disinterested person" as that phrase is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Rodrigo Iglesias Hilton & Hyland Real Estate, Inc. 257 North Canon Drive #200 Beverly Hills, CA 90210 Phone: +1 310-278-3311 Email: rodrigo@hiltonhyland.com About Coldwater Development Los Angeles-based Coldwater Development, LLC and its affiliate Lydda Lud, LLC filed Chapter 11 petitions (Bankr. C.D. Calif. Lead Case No. 21-10335) on Jan. 15, 2021. In its petition, Coldwater Development disclosed $50 million to $100 million in assets and $10 million to $50 million in liabilities. Mohamed Hadid, member, signed the petition. Judge Sheri Bluebond presides over the case. Arent Fox, LLP serves as the Debtor's bankruptcy counsel. COMMUNITY THERAPIES: Taps Faucher Law as Bankruptcy Counsel ----------------------------------------------------------- Community Therapies seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Faucher Law, P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: a. advising the Debtor regarding compliance with the U.S. trustee's requirements; b. advising the Debtor on matters of bankruptcy law, including the Debtor's rights and remedies with respect to assets and creditor claims; c. negotiating refinancing of loans secured by the Debtor's assets; d. preparing legal papers, which may be required for the orderly administration of the case; e. representing the Debtor in court proceedings or hearings; f. advising the Debtor concerning the requirements of the Bankruptcy Code and applicable rules; g. assisting in the negotiation, formulation, confirmation and implementation of a Chapter 11 plan; and h. other necessary legal services. John Faucher, Esq., a principal at Faucher Law, will charge $500 per hour for his services. As disclosed in court filings, Faucher Law is a disinterested party within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: John D. Faucher, Esq. Faucher Law 2945 Townsgate Rd Ste 200 Westlake Village, CA 91361-5866 Phone: (818) 889-8080 Fax: (805) 367-4154 Email: jdfaucherlaw@gmail.com About Community Therapies Lancaster, Calif.-based Community Therapies works with children and adults with various disabilities in need of therapy services. Community Therapies sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-11111) on June 24, 2021. On June 25, 2021, the case was transferred to the Los Angeles Division from the San Fernando Valley Division and was assigned a new case number (Case No. 21-15214). Judge Victoria S. Kaufman oversees the case. At the time of the filing, the Debtor disclosed total assets of up to $50,000 and total liabilities of up to $10 million. John D. Faucher, Esq., at Faucher Law is the Debtor's legal counsel. COTO INVESTMENTS: Disclosure Statement Hearing Set for October 26 ----------------------------------------------------------------- Judge Deborah J. Saltzman will continue October 26, 2021 (from September 14, 2021) at 11:30 a.m. the hearing to consider approval of the Disclosure Statement of Coto Investments, Inc., d/b/a O'Cairns Inn and Suites, pursuant to the stipulation reached between the Debtor and National Loan Acquisitions Company, its secured creditor. Counsel for the Debtor: Robert P. Goe, Esq. Charity J. Manee, Esq. Goe Forsythe & Hodges LLP 18101 Von Karman Ave., Ste. 510 Irvine, CA 92612 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 E-mail: rgoe@goeforlaw.com cmanee@goeforlaw.com About Coto Investments Coto Investments, Inc., d/b/a O'Cairns Inn and Suites, is a privately held company in the traveler accommodation industry. It owns and operates O'Cairns Inn & Suites, a family-style boutique hotel with hospitality and resort-like amenities. Coto Investments, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20- 11239) on Oct. 13, 2020. The petition was signed by Tory O'Cairns, chief executive officer. At the time of the filing, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Deborah J. Saltzman oversees the case. The Debtor tapped Goe Forsythe & Hodges LLP as its counsel and Armory Consulting Co., as financial advisor. CROSS COUNTRY HOLDINGS: Unsecureds Will Get 50% Dividend in Plan ---------------------------------------------------------------- Cross Country Holdings Partnership, AGP, filed with the U.S. Bankruptcy Court for the Central District of California an Original Disclosure Statement describing Chapter 11 Plan dated July 6, 2021. This is a combined reorganizing and liquidating plan. In other words, CCHP proposes to restructure its debts through the Plan and accomplish payments under the Plan by completing the construction of the luxury single family residence at the Poinsettia Property, and then selling the property. CCHP proposes to fund the construction with a loan to be provided by Chicago Equities, LLC. Once the exterior of the residence has been completed, CCHO proposes to obtain a refinance loan in an amount sufficient to satisfy the claims of the Los Angeles County Treasurer and Tax Collector ("LACTTC") and Lima One Capital, the current trust deed holder, and to complete the remaining construction, consisting primarily of the interior flooring, tile, cabinets, etc. Once the construction is completed, CCHP will market and sell the Poinsettia Property. Chicago Equities is prepared to cover any shortfall in the event any additional sums are needed to complete the exterior construction or to satisfy the claims of the LACTTC or Lima One Capital. The exterior construction is anticipated to be completed by September 30, 2021.The refinance and remaining construction is expected to be completed by March 31, 2022. The sale of the Poinsettia Property is expected to close by July 31, 2022. Class 1 consists of the secured claim of the LACTTC. The allowed secured claim of the LACTTC estimated at $42,549.00 as of the Petition Date, will be paid in full, which payment will include accrued interest at the rate of 18% per annum, in one lump sum. The source of the payment will be from a refinance loan or the sale of the Poinsettia Property. Class 2 consists of the secured claim of Lima One. The allowed secured claim of Lima One estimated at $2,228,158.00 as of the Petition Date, will be paid in full, which payment will include accrued interest at the rate of 6.25% per annum, in one lump sum. The source of the payment will be from a refinance loan or the sale of the Poinsettia Property. Class 3 consists of General unsecured claims estimated at $1,791,854.00. General unsecured creditors will receive a dividend of 50% of their claims paid in a lump sum. The source of the payment will be from a sale of the Poinsettia Property. Blue Diamond Investments, LLC shall retain its 99% ownership interest and Zermat Equities, LLC shall retain its 1% ownership interest in CCHP. The Plan will be funded by a refinance loan; and the sale of the Poinsettia Property. Chicago Equities, LLC will cover any shortfall in the event any additional sums are needed to complete the exterior construction of the Poinsettia Property or to satisfy the claims of the LATTC or Lima One. A full-text copy of the Disclosure Statement dated July 6, 2021, is available at https://bit.ly/3dSB0Ye from PacerMonitor.com at no charge. General Insolvency Counsel for the Debtor: Raymond H. Aver, Esq. Law Offices of Raymond H. Aver, APC 10801 National Boulevard, Suite 100 Los Angeles, CA 90064 Tel: (310) 571-3511 Email: ray@everlaw.com About Cross Country Holdings Partnership Cross Country Holdings Partnership, AGP, filed a voluntary petition for reorganization under chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11365) on August 3, 2020, disclosing $1,000,001 to $10 million in both assets and liabilities. The Debtor is represented by Raymond H. Aver, Esq. at Law Offices Of Raymond H. Aver. CUSTOM TRUCK: To Present at CJS Annual New Ideas Conference July 13 ------------------------------------------------------------------- Custom Truck One Source, Inc.'s Chief Executive Officer Fred Ross, President and Chief Operating Officer Ryan McMonagle, and Chief Financial Officer Brad Meader will present at the CJS Annual New Ideas Conference on Tuesday, July 13, 2021. The presentation is scheduled to begin at 1:35 p.m., Eastern Time. A live webcast and replay will be available through Custom Truck One Source's Investor Relations website: https://investors.customtruck.com/ir-home/default.aspx. About Custom One Truck Custom Truck One Source, Inc. (formerly known as Nesco Holdings, Inc.) is a provider of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America. CTOS offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets, including electric lines, telecommunications networks and rail systems. The Company's coast-to-coast rental fleet of more than 8,800 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories. For more information, please visit investors.customtruck.com. The Company reported net losses of $21.28 million in 2020, $27.05 million in 2019, and $15.53 million in 2018. As of March 31, 2021, the Company had $750.24 million in total assets, $65.07 million in total current liabilities, $753.84 million in total long-term liabilities, and $68.67 million in total stockholders' deficit. CYPRUS MINES: FCR Taps Burr & Forman as Co-Counsel -------------------------------------------------- Roger Frankel, the future claimants' representative in Cyprus Mines Corp.'s bankruptcy, seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Burr & Forman, LLP to serve as co-counsel with Togut, Segal & Segal, LLP. The firm's services include: a. providing legal advice with respect to the future claimants' representative's powers and duties; b. taking all necessary actions authorized by the future claimants' representative to protect and maximize the value of the Debtor's estate for the benefit of future claimants, and representing the future claimants' representative in connection with the negotiation, formulation, confirmation, and implementation of a plan of reorganization; c. preparing legal papers and appearing in court; d. consulting with the Debtor and other parties in interest concerning the administration of the estate; and e. performing other legal services. The firm's hourly rates are as follows: J. Cory Falgowski, Partner $665 per hour Richard A. Robinson, Partner $825 per hour Russell C. Heller, Associate $435 per hour Laura Ahtes, Paralegal $335 per hour J. Cory Falgowski, Esq., a partner at Burr & Forman, disclosed in a court filing that his firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Falgowski disclosed that his firm has not agreed to a variation of its standard or customary billing arrangements in connection with its employment with the Debtor, and that no professional in his firm has varied his rate based on the geographic location of the Debtor's bankruptcy case. Mr. Falgowski also disclosed that his firm did not represent the future claimants' representative prior to the Debtor's Chapter 11 filing. "As these Chapter 11 cases continue to develop, Burr & Forman expects to develop a budget and staffing plan for the future claimants' representative for the period from April 8, 2021 through the remainder of 2021," Mr. Falgowski said in a court filing. The firm can be reached through: J. Cory Falgowski, Esq. Richard A. Robinson, Esq. Burr & Forman, LLP 1201 N. Market Street, Suite 1407 Wilmington, Delaware 19801 Tel: (302) 830-2300/(302) 830-2312 Fax: (302) 830-2301 Email: jfalgowski@burr.com About Cyprus Mines Corporation Cyprus Mines Corporation is a Delaware corporation and a wholly-owned subsidiary of Cyprus Amax Minerals Co., which is an indirect subsidiary of Freeport-McMoRan Inc. It currently has relatively limited business operations, which include the ownership of various parcels of real property, certain royalty interests that generate de minimis revenue (e.g., less than $1,500 in each of the past two calendar years), and the ownership of an operating subsidiary that conducts marketing activities. Cyprus Mines is a predecessor in the interest of Imerys Talc America, Inc. In June 1992, Cyprus Mines sold its talc-related assets to RTZ America Inc. (later known as Rio Tinto America, Inc.) through a two-step process. First, Cyprus Mines transferred its talc-related assets and liabilities (subject to minor exceptions) to Cyprus Talc Corporation, a newly formed subsidiary of Cyprus Mines, according to an Agreement of Transfer and Assumption, dated June 5, 1992. Second, Cyprus Mines sold the stock of Cyprus Talc Corporation to RTZ according to a Stock Purchase Agreement, also dated June 5, 1992 (as amended, the "1992 SPA"). The purchase price was approximately $79.5 million. Cyprus Talc Corporation was later renamed Imerys Talc America, Inc. Under the 1992 ATA, the entity now named Imerys expressly and broadly assumed the talc liabilities of Cyprus Mines and its former subsidiaries that were in the talc business. Cyprus Mines filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 21-10398) on Feb. 11, 2021, listing between $10 million and $50 million in assets, and between $1 million and $10 million in liabilities. The Honorable Laurie Selber Silverstein is the case judge. The Debtor tapped Reed Smith LLP as bankruptcy counsel, Kasowitz Benson Torres LLP as special conflicts counsel, and Prime Clerk LLC as claims agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee of tort claimants on March 4, 2021. The tort committee is represented by Caplin & Drysdale, Chartered, and Campbell & Levine, LLC. Province, LLC, and Axlor Consulting, LLC serve as the tort committee's financial advisor and consultant, respectively. Roger Frankel serves as the legal representative for future personal injury claimants. The FCR tapped Togut, Segal & Segal, LLP, Burr & Forman, LLP and Frankel Wyron, LLP as bankruptcy counsel; Anderson Kill, PC as special insurance counsel; and Province, LLC as financial advisor. The FCR also tapped the services of economic expert, Berkeley Research Group, LLC. CYPRUS MINES: FCR Taps Togut, Segal & Segal as Lead Counsel ----------------------------------------------------------- Roger Frankel, the future claimants' representative in Cyprus Mines Corp.'s bankruptcy, seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Togut, Segal & Segal, LLP as his legal counsel. The firm's services include: a. providing legal advice with respect to the future claimants' representative's powers and duties in the Debtor's Chapter 11 case; b. taking necessary actions to protect and maximize the value of Debtor's estate for the purpose of making distributions to future claimants; c. advising the future claimants' representative in connection with the negotiation, preparation and implementation of a plan of reorganization and the preparation of documents necessary to establish and implement a personal injury compensation trust; d. appearing at hearings, court proceedings and meetings; e. preparing legal papers; f. representing the future claimants' representative in any contested matter, adversary proceeding, lawsuit or other proceedings in which he may become a party; and g. performing other legal services. The firm's hourly rates are as follows: Associates $435 to $830 per hour Counsel $795 to $975 per hour Paralegals $195 to $400 per hour Albert Togut, Esq., a senior member of Togut, Segal & Segal, disclosed in a court filing that his firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Togut disclosed that the firm has not agreed to a variation of its standard or customary billing arrangements in connection with its employment with the Debtor, and that no professional in his firm has varied his rate based on the geographic location of the Debtors' bankruptcy cases. Mr. Togut also disclosed that his firm did not represent the future claimants' representative prior to the Debtor's Chapter 11 filing. "As these Chapter 11 cases continue to develop, the Togut firm expects to develop a budget and staffing plan for the future claimants' representative for the period from April 8, 2021 through the remainder of 2021," Mr. Togut said in a court filing. The firm can be reached through: Albert Togut, Esq. Togut, Segal & Segal LLP One Penn Plaza New York, NY 10119 Phone: 212-594-5000 Fax: 212-967-4258 Email: altogut@TeamTogut.com About Cyprus Mines Corporation Cyprus Mines Corporation is a Delaware corporation and a wholly-owned subsidiary of Cyprus Amax Minerals Co., which is an indirect subsidiary of Freeport-McMoRan Inc. It currently has relatively limited business operations, which include the ownership of various parcels of real property, certain royalty interests that generate de minimis revenue (e.g., less than $1,500 in each of the past two calendar years), and the ownership of an operating subsidiary that conducts marketing activities. Cyprus Mines is a predecessor in the interest of Imerys Talc America, Inc. In June 1992, Cyprus Mines sold its talc-related assets to RTZ America Inc. (later known as Rio Tinto America, Inc.) through a two-step process. First, Cyprus Mines transferred its talc-related assets and liabilities (subject to minor exceptions) to Cyprus Talc Corporation, a newly formed subsidiary of Cyprus Mines, according to an Agreement of Transfer and Assumption, dated June 5, 1992. Second, Cyprus Mines sold the stock of Cyprus Talc Corporation to RTZ according to a Stock Purchase Agreement, also dated June 5, 1992 (as amended, the "1992 SPA"). The purchase price was approximately $79.5 million. Cyprus Talc Corporation was later renamed Imerys Talc America, Inc. Under the 1992 ATA, the entity now named Imerys expressly and broadly assumed the talc liabilities of Cyprus Mines and its former subsidiaries that were in the talc business. Cyprus Mines filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 21-10398) on Feb. 11, 2021, listing between $10 million and $50 million in assets, and between $1 million and $10 million in liabilities. The Honorable Laurie Selber Silverstein is the case judge. The Debtor tapped Reed Smith LLP as bankruptcy counsel, Kasowitz Benson Torres LLP as special conflicts counsel, and Prime Clerk LLC as claims agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee of tort claimants on March 4, 2021. The tort committee is represented by Caplin & Drysdale, Chartered, and Campbell & Levine, LLC. Province, LLC, and Axlor Consulting, LLC serve as the tort committee's financial advisor and consultant, respectively. Roger Frankel serves as the legal representative for future personal injury claimants. The FCR tapped Togut, Segal & Segal, LLP, Burr & Forman, LLP and Frankel Wyron, LLP as bankruptcy counsel; Anderson Kill, PC as special insurance counsel; and Province, LLC as financial advisor. The FCR also tapped the services of economic expert, Berkeley Research Group, LLC. DIOCESE OF ROCKVILLE: Ordered to Share Parish Financial Info ------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that the Long Island Diocese told to share parish financial information. A bankruptcy judge urged the Roman Catholic Diocese of Rockville Centre and its 136 parishes to negotiate a way to turn over more financial information to the church's sexual abuse victims, hoping to accelerate their claims settlement and end the diocese's Chapter 11 case. The disclosure is a necessary part of a process to "turn the page" on decades of concealed child sexual abuse, Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York said during a telephonic hearing Wednesday, July 7, 2021. About The Roman Catholic Diocese of Rockville Centre, New York The Roman Catholic Diocese of Rockville Centre, New York, is the seat of the Roman Catholic Church on Long Island. The Diocese has been under the leadership of Bishop John O. Barres since February 2017. The State of New York established the Diocese as a religious corporation in 1958. The Diocese is one of eight Catholic dioceses in New York, including the Archdiocese of New York. The Diocese's total Catholic population is approximately 1.4 million, roughly half of Long Island's total population of 3.0 million. The Diocese is the eighth largest diocese in the United States when measured by the number of baptized Catholics. The Roman Catholic Diocese of Rockville Centre, New York, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept. 30, 2020. The Diocese was estimated to have $100 million to $500 million in assets and liabilities as of the filing. The Hon. Shelley C. Chapman is the case judge. The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal North America, LLC, as restructuring advisor, and Sitrick and Company, Inc., as communications consultant. Epiq Corporate Restructuring, LLC, is the claims agent. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in the Chapter 11 case. The Committee retained Pachulski Stang Ziehl & Jones LLP as its legal counsel. DIRECTV ENTERTAINMENT: S&P Assigned 'BB- ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings assigned a 'BB- issuer credit rating to DirecTV Entertainment Holdings LLC (DTV). S&P said, "We also assigned a 'BB' issue-level rating and '2' recovery rating to wholly owned subsidiary DirecTV Financing LLC's proposed senior secured credit facilities, which will consist of a $500 million revolving credit facility due in 2026 and $3.1 billion first-lien term loan due in 2027. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of payment default. "The stable outlook reflects our expectation that despite sharp revenue and EBITDA declines because of video subscriber losses, DTV should maintain S&P Global Ratings-adjusted leverage below 3x over the next year given its solid free operating cash flow (FOCF), some of which will be allocated to debt reduction." U.S.-based AT&T Inc. agreed to contribute its pay-TV distribution business, consisting of DirecTV, AT&T TV, and U-Verse, into a joint venture with private equity sponsor TPG Capital in a transaction valued at about $16.25 billion. AT&T will have a 70% economic stake and TPG 30% of the new DirecTV. However, the board composition will be evenly split. The rating primarily reflects secular industry pressures, aggressive competition, and shifts to streaming services, which will likely continue to contribute to sharp revenue declines. DTV's core business faces intense competition from over-the-top (OTT) video services, including Netflix and Disney+, as well as incumbent cable providers, which can bundle high-speed data services with video to offer more competitive discounts. Barriers to entry declined substantially over the last several years due to technology shifts, which resulted in a proliferation of video streaming services delivered over the internet. Further, DTV lacks a broadband hedge to combat cord-cutting trends and rising programming expense, which hurt profitability the last couple of years. The company's average revenue per user (ARPU) of about $134 per month is the highest in the industry due to its sports-centric focus, including NFL Sunday Ticket. However, the high price tag for its service contributed to an acceleration of customer losses over the past couple of years, especially given the increasing options for online content and the pullback of DTV's deep discounting strategy. DTV lost about 620,000 customers during the first quarter of 2021 and its premium video subscribers declined 15% from the prior-year period, contributing to a sharp 9% decline in revenue and 23% decline in EBITDA year over year. Leverage is modest and supports to the rating. Notwithstanding DTV's business challenges, leverage and cash flow metrics are strong and offsetting factors to the company's challenging business conditions. S&P said, "We expect S&P Global Ratings-adjusted debt to EBITDA to be in the mid- to high-2x area, over the next couple of years. Our leverage calculation includes the debt-like treatment of both the $1.8 billion 10% senior perpetual preferred instrument owned by TPG and $4.25 billion of 6.5% payment-in-kind perpetual preferred instrument owned by AT&T. Our treatment of the preferred is based on the concentrated ownership of each tranche given the strong influence of the investors, which precludes any kind of equity treatment. We also include reported operating and finance lease liabilities of about $267 million. While we expect adjusted leverage will remain below 3x over the next couple of years as FOCF offsets lower EBITDA, longer-term leverage improvement could be challenging given the company's declining earnings trajectory." DTV's large size and scale have not helped margins. DTV is the third-largest provider of video service in the U.S. with 16 million subscribers. While its size and scale give it an advantage in negotiating with content providers, margins are lower than those of its closest peer. During the first quarter, DTV's EBITDA margin was 16% compared with Dish's pay-TV EBITDA margin of 26% as Dish began eliminating promotions several years ago to focus on retaining its most profitable, higher-credit-quality subscribers. Dish has also been willing to drop costly regional sports programming. That said, under new management following its spin-off from AT&T, S&P believes the company has some opportunities to improve its cost structure, including the removal of cost allocations previously charged by AT&T and reimbursements for losses incurred for NFL Sunday Ticket, which should enable some margin improvement over the next couple of years. Improving top-line trends will depend on the success of AT&T TV. As part of its strategy as a stand-alone entity, the company will try to expand AT&T TV, its virtual multichannel video programming distributor (vMVPD) business that will offer the same channel lineup as DTV but at substantially lower subscriber acquisition costs since it will not require truck rolls or customer premises equipment installation (e.g., satellite TV dish). S&P said, "Success of this strategy is critical to offset satellite subscriber declines and support margin improvement. However, we believe growth prospects for this service are highly uncertain as consumers are shifting away from paid TV bundles in favor of lower-priced subscription video on demand services such as Netflix, Disney+, and HBO Max. Furthermore, we believe it will be difficult to compete against Comcast and Charter (these operators cover about 80% of the U.S. homes), which bundle a similar video lineup with the required broadband connection." S&P said, "Our rating does not impute uplift from AT&T. We do not think DTV's business is integral to AT&T's overall group strategy, as DTV's satellite business does not appear to have many synergies with AT&T's core wireless business and AT&T will be deconsolidating DTV's financial statements. Given the lack of contractual and operational incentives to induce support from the parent, we do not believe DTV is likely to receive extraordinary support from AT&T in times of stress.. While AT&T is subsidizing roughly $2.5 billion in NFL Sunday Ticket losses during the 2021 and 2022 NFL seasons, we do not believe this is an indication of a long-term commitment to provide financial support. "The stable outlook reflects our expectation that despite sharp revenue and EBITDA declines because of video subscriber losses, DTV should maintain adjusted leverage below 3x over the next year given its solid FOCF generation, some of which will be allocated to debt reduction. "We could lower the rating if DTV cannot execute on its strategy to reduce the rate of video subscriber losses in the legacy pay-TV distribution video business while expanding AT&T TV and improving its cost structure. These factors could result in insufficient FOCF after cash distributions to offset lower EBITDA such that leverage rises above 3x on a sustained basis. "While unlikely given our current view of the business, we could raise the rating if DTV reduces costs and profitably expand AT&T TV, improving the pace of revenue and EBITDA declines, such that leverage declines below 2x on a sustained basis. AT&T maintaining a controlling stake in the company and DTV not deviating from its stated financial policy could lead to an upgrade." DOUBLE D GROUP: General Unsecuredsto Split $25K in Plan ------------------------------------------------------- The Double D Group, LLC, submitted an Amended Disclosure Statement. The Plan envisions the New Equity Contribution will be contributed by the Debtor on or before the Effective Date. The New Equity Contribution will be used to effectuate the payments set forth in the Plan and such other uses as determined appropriate by the Plan Proponent and Reorganized Debtor for the effectuation of the Plan including payment of Administrative Claims. The Debtor's primary asset consists of real property located at 627 South 10th Street, Las Vegas, Nevada 89101. The Debtor is currently constructing a multi-family complex on the Property. Construction is approximately 70% complete on the project. Debtor estimates the current value of the Property to be $2,500,000. The Plan proposes to treat claims and interests as follows: * Class 2 - Allowed New Providence Secured Claim totaling $2,287,766.60. On the Effective Date, the Reorganized Debtor shall cause the New Providence Payment to be made to New Providence. Additionally, on the Effective Date the Reorganized Debtor shall issue and deliver the New Providence Note together with the prepayment interest required thereunder. Class 2 is impaired. * Class 3 - Allowed Mechanic's Liens Claims and Contractor Claims. The amount of these claims is asserted to be in excess of $2,500,000. However, Debtor has disputed these claims and intends to object to many of the subcontractor claims as such claims are filed. All Claimants holding Allowed Class 3 Claims shall be deemed unsecured creditors and receive a pro rata share of the Mechanic's Lien Payment Pool. The Mechanic's Lien Payment Pool shall be $75,000.00. On the first anniversary of the Effective Date, the Reorganized Debtor shall distribute the Mechanic's Lien Payment Pool to holders of Allowed Mechanic's Liens in each Holder's Pro Rata share. Class 3 is impaired. * Class 4 - Allowed General Unsecured Creditors that are not deemed Allowed Mechanic's Liens Contractor Claims totaling $16,000. All Claimants holding Allowed Class 4 Claims shall receive their pro rata share of the General Unsecured Payment Pool. The General Unsecured Payment Pool shall be funded from the Reorganized Debtor's net operating income generated by the operations of the Property and such other funds as the Reorganized Debtor or Plan Proponent may designate or contribute. The General Unsecured Payment Pool shall be $25,000. On the first anniversary of the Effective Date, the Reorganized Debtor shall distribute the General Unsecured Payment Pool to holders of Allowed General Unsecured Claims in each Holder's pro rata share. Class 4 is impaired. * Class 5 - All Equity Interests in the Debtor. Holders of Equity Interests will receive nothing on account of those interests. Equity Interests equal to 100% in the Reorganized Debtor will be issued to the Plan Proponent upon the Effective Date of the Plan. The Plan will be implemented upon the occurrence of the Effective Date of the Plan. On the Effective Date, the following events shall occur in the following sequence: 1. The Plan Proponent shall fund the New Value Contribution by depositing cash sufficient to complete construction of the Project in a designated bank account. 2. The Equity Interests in the Debtor shall be deemed cancelled and new Equity Interests in the Reorganized Debtor shall be issued to the Plan Proponent. 3. The Reorganized Debtor shall make the New Providence Payment. 4. The Reorganized Debtor shall issue and deliver the New Providence Note and shall cause to be delivered any required prepaid interest. 5. New Providence shall release its security interests in the Property and any other collateral it holds. Attorneys for the Debtor: Thomas H. Fell Anthony W. Austin Fennemore Craig, P.C. 300 South Fourth Street, Suite 1400 Las Vegas, Nevada 89101 Telephone: (702) 692-8000 E-mail: tfell@fennemorelaw.com E-mail: aaustin@fennemorelaw.com A copy of the Disclosure Statement is available at https://bit.ly/3w6yVhP from PacerMonitor.com. About The Double D Group The Double D Group, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 21-10343) on Jan. 26, 2021. Jose Pihardo, the managing member, signed the petition. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Natalie M. Cox oversees the case. Fennemore Craig, P.C., is the Debtor's legal counsel. EAGLE HOSPITALITY: Gets Court Okay to Reject Queen Mary Lease ------------------------------------------------------------- Law360 reports that a Delaware bankruptcy judge Wednesday, July 7, 2021, agreed to allow the Eagle Hospitality hotel chain to retroactively reject its lease of the Queen Mary cruise liner from the city of Long Beach, California, saying 48 hours was enough notice the company was handing the ship back. At a virtual hearing U.S. Bankruptcy Judge Christopher S. Sontchi said Long Beach had weeks of signals that EHT was going to reject the lease, and that the two days notice the city had that EHT was going to hand over the keys to the ocean liner were sufficient for any commercial landlord, whether private or public. 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. ED'S BEANS: Unsecured to Get 2% to 4% Recovery under Plan --------------------------------------------------------- Ed's Beans, Inc., filed a Subchapter V Small Business Debtor's Amended Chapter 11 Plan of Reorganization dated July 2, 2021. The Amended Plan will be funded, in part by: (i) the $650,000 in Sale Proceeds from the sale of the Crazy Mocha Business; (ii) approximately $191,000 of funds obtained from the Employee Retention Credit (ERC); (iii) $75,000 of exit financing obtained by the Debtor from Marie W. Garesche; (iv) the $75,000 forfeited deposit on the failed Ablak sale; and (v) the operating income from the Debtor's continued operation of the Kiva Han Business. The Sale Proceeds were used to fund: (i) the $200,000 distribution to First Commonwealth Bank on account of its Allowed Class 3 Secured Claim; (ii) $191,73 in cure costs associated with the assumption and assignment of Executory Contracts pursuant to the Order Approving Assumption and Assignment; and (iii) the North Suburban Rent Payment, leaving a balance held by the Debtor's Counsel in its IOLTA Trust account amounting to $237,237 (the Net Sale Proceeds). The Net Sale Proceeds, the ERC, the forfeited deposit and the Exit Financing will be used to fund certain of the remaining Administrative Claims. The income generated from the Debtor's operation of the Kiva Han Business will serve as the funding source for distribution to: (i) holders of Allowed Secured Claims in Class 1 and 3; (ii) certain other Administrative Claims; (iii) holders of Allowed Priority Tax Claims; (iv) holders of Allowed Priority Claims in Class 8; and (v) holders of Allowed General Unsecured Claims in Class 9. Classes of Claims and their treatment under the Plan * Class 1 -- Ally Financial Allowed Secured Claim for $5,323 The Debtor will assume the Retail Installment Sale Contract and continue to make payments of $587 on the Claim until paid in full. The Lien on collateral is retained until payment is made in full on the Retail Installment Sale Contract at which time the lien will be released and extinguished. Class 1 is unimpaired and Class 1 holder is deemed to have accepted the Amended Plan. * Class 2 -- The Bank of New York Mellon Allowed Secured Claim for $3,600 In full satisfaction of The Bank of New York's secured claim, The Bank will retain the $3,600 security deposit and its lien will be released and extinguished. Class 2 is Unimpaired. * Class 3 -- First Commonwealth Bank Allowed Secured Claim (disputed) Class 3 consists of the Secured Claim on account of the SBA Commercial Term Loan aggregating $2,376,433 and the Secured Claim on account of the SBA Commercial Line of Credit for $251,275. Both loans are secured by substantially all of the Debtor's assets. Pursuant to Order dated March 30, 2021, the value of First Commonwealth's secured claim on these loans is $1,700,000. On account of its first priority liens and pursuant to the Sale Order, First Commonwealth Bank received payment of $200,000 at the Closing on the sale of the Crazy Mocha Business assets and on the Effective Date will receive an additional payment of $100,000. Upon Closing on the sale of the Crazy Mocha Business assets, the liens and claims of First Commonwealth Bank were released and extinguished as to those assets and transferred to the proceeds of sale. First Commonwealth Bank will retain its liens and claims on the Crazy Mocha Business assets located, or formerly located, within the locations that were closed and the leases rejected. Pursuant to Order of Court dated June 7, 2021, First Commonwealth Bank was granted relief from stay to pursue its rights and remedies in and to those assets located within the closed locations. On account of its first priority lien in the remaining assets of the Debtor, including the Kiva Han Business assets, First Commonwealth Bank will be granted a first priority lien on the remaining assets of the Debtor up to $218,000, which amount will be paid by the Debtor in equal monthly installments using a 15-year loan amortization at the Prime Rate plus 1.5%, with a 5-year balloon. Monthly payment will be $1,696. Upon payment of the $218,000, First Commonwealth Bank's claims will be satisfied in full and its liens and claims against the Debtor's assets will be released and extinguished. The remainder of First Commonwealth Bank's secured claim is bifurcated and will be treated as an unsecured claim in Class 9, totaling approximately $2,209,708. * Class 4 American Express National Bank (Merchant Loan) Class 4 Claim Amount is $52,847, secured by a second lien on substantially all of the Debtor's assets. Pursuant to Order Dated March 30, 2021, the claim of American Express National Bank is completely unsecured. On March 26, 2021, American Express National Bank filed an Amended Proof of Claim listing their claim as unsecured. Class 4 Claim will be treated completely as unsecured deficiency claim in Class 9. * Class 5 Swift Financial, LLC, as serving agent for WebBank (PayPal Loan) Class 5 consists of Swift Financial's claim for $104,515, secured by a third lien on substantially all of the Debtor's assets. Pursuant to Order Dated March 30, 2021, the claim of Swift Financial, LLC, is completely unsecured and will be treated completely as unsecured deficiency claim in Class 9. * Class 6 Small Business Administration (EIDL Loan) Class 6 consists of the SBA's claim for $152,312, secured by a fourth lien on substantially all of the Debtor's assets. Pursuant to Order Dated March 30, 2021, the claim of Small Business Administration is completely unsecured. Class 6 will be treated completely as unsecured deficiency claim in Class 9. * Class 7 Nissan Motor Acceptance Corp. Class 7 consists of the secured claim of Nissan Motor Acceptance Corp. for $14,291 based on the Debtor's obligation secured by a first lien on the Debtor's vehicle. In full and final satisfaction of Nissan Motor Acceptance Corporation's claim, the collateral securing the claim will be forfeited and turned over to Nissan Motor Acceptance Corporation on or after the Effective Date of the Amended Plan. The deficiency amount of $341 shall be treated as an unsecured claim in Class 9. * Class 8 Priority Unsecured Claims Class 8 consists of claims filed by The National Labor Relations Board aggregating $27,580 on behalf of Melissa Ciccocioppo, Emily Raden-Shore, Sharyn Sefton, and Abigail Rideout. The Debtor intends to file a Rule 9019 Motion whereby the claim of the NLRB will be compromised. * Class 9 General Unsecured Creditors The total Estimated Amount of Allowed General Unsecured Claims, inclusive of deficiency unsecured claims of Classes 3, 4, 5, 6 and 7, aggregate $4,757,788. This amount, however, does not include potential Allowed rejection damage claims from rejected leases. The amount of unsecured claims could increase depending on the amount of rejection damages asserted and allowed. In full satisfaction of the Allowed General Unsecured Claims, holders of Allowed General Unsecured Claims will be paid their pro-rata share of the following annual distributions: December 31, 2021 $10,000 December 31, 2022 $50,000 December 31, 2023 $80,000 August 31, 2024 $50,000 Total Distribution $190,000 Estimated Recovery: 2% to 4% (Depending on amount of rejection damage claims) * Class 10 Equity Interests Upon the Effective Date of the Amended Plan, Ed Wethli, Marcie Wethli, Nicholas Redondo, Timothy Albinese and Timothy Burgan will retain their respective ownership interests in the Debtor in the same amounts and in the same voting class as existed on the Effective Date of the Amended Plan. A redlined copy of the Amended Plan is available for free at https://bit.ly/36oxbWM from PacerMonitor.com. A clean copy of the Amended Plan is available for at https://bit.ly/3hqCYkP from PacerMonitor.com at no charge. The confirmation hearing is scheduled for August 12, 2021 at 2:30 p.m., via Zoom. Responses and objections must be filed no later than August 5. Counsel for the Debtor: John M. Steiner, Esq. Crystal H. Thornton-Illar, Esq. Leech Tishman Fuscaldo & Lampl, LLC 525 William Penn Place, 28th Floor Pittsburgh, PA 15219 Phone: 412.261.1600 Fax: 412.227.5551 Email: jsteiner@leechtishman.com cthornton-illar@leechtishman.com About Ed's Beans Inc. Ed's Beans, Inc., owner of Kiva Han Coffee and Crazy Mocha restaurants, sought Chapter 11 protection (Bankr. W.D. Pa. Case No. 20-22974) on Oct. 19, 2020. The Debtor was estimated to have $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Crystal H. Thornton-Illar of Leech Tishman Fuscaldo & Lampl, LLC, is the Debtor's legal counsel. William Krieger was appointed as the Subchapter V Trustee. EMPLOYBRIDGE HOLDING: S&P Affirms 'B-' ICR, Outlook Stable ---------------------------------------------------------- S&P Global Ratings affirmed the 'B-' issuer credit rating on Atlanta-based temporary staffing provider EmployBridge Holding Co. and assigned a 'B-' issue-level rating and '3' recovery rating to the company's proposed term loan. S&P said, "The stable outlook reflects our expectation that revenue will increase by the low-double-digit percent area and EBITDA margins will modestly expand in 2021 on an economic recovery from the pandemic induced recession. We expect the company to maintain adequate liquidity despite its increased debt burden. "EmployBridge's revenue and EBITDA will rebound in 2021, but the leveraged buyout increases the company's funded debt load and we expect S&P Global Ratings' adjusted leverage to remain above 6x.The proposed transaction will increase Employbridge's S&P Global Ratings-adjusted leverage to about 7.4x, from 6.2x as of March 28, 2021. While adjusted EBITDA will grow substantially from 2020 depressed levels, the additional debt issued as part of the transaction will slow the pace of deleveraging such that we currently expect leverage to remain above our 6x threshold for the balance of 2021. The company's concentration in the light industrial and manufacturing sectors led to revenue decline in 2020, due to the economic recession and closure of many job sites, stemming from the COVID-19 pandemic and corresponding preventive measures. However, we expect record revenue growth in the low-teens percentage in 2021, as the company's end markets continue to recover. We expect prior-year cost-saving initiatives and revenue growth to underpin significant adjusted EBITDA margin recovery to the low-4% area in 2021 from the mid-3% level in 2020. "Over the longer term, the company faces challenges in maintaining its margins amid a more-challenging labor market environment. We believe that EmployBridge remains exposed to changes in the labor market over the next several years, which could pressure its margins because bill-rate increases could become harder to achieve as higher pay-rates could provide employers with less leverage in wage negotiations. Previously, lower availability in labor markets was a notable tailwind for staffing companies because increases in pay-rates were passed through the bill-rates across most verticals. If the company experiences a prolonged decline in its margins because the conditions in the labor market erode its pricing, it could pressure EBITDA growth longer term. "We believe the company is well positioned for growth given its large presence, focus on growing its recurring contract-based revenue, and our favorable economic forecast. We believe EmployBridge is well positioned for growth because of its good competitive position and expected growth in most of the company's end-markets. The company has a large presence across the U.S. in the highly fragmented, competitive, low margin, and cyclical light industry temporary staffing sector. Significant competition exists in the industry from peers of different sizes and specializations, which can result in pricing pressure, however the company's scale, great resources, and focus on increasing its recurring contract based revenue through its Value in Partnering (VIP) initiatives helps to offset these factors. VIP programs offer customized onsite engagement with Employbridge's clients that results in better customer service and increased productivity. The company has been able to expand its client base over the past few years and VIP now accounts for a significant portion of total revenues. The company also benefits from limited customer concentration, long tenured relationships, and a secular trend toward employers shifting to a more flexible temporary staffing structure as it offers greater efficiencies and over a 15% cost advantage compared to permanent labor. "The stable outlook reflects our expectation that EmployBridge's business will continue to improve through the second half of 2021 following the ongoing COVID-19-related disruption. We also expect the company to generate positive cash flow, maintain adequate liquidity, and remain in compliance with its covenants during this period." S&P could raise our rating on EmployBridge if it believes that the company: -- Will increase and maintain gross margin near its pre-pandemic levels, which would illustrate a stable pricing environment; and -- Will outperform our EBITDA forecast or elects to use free operating cash flow (FOCF) to pay down its debt, resulting in leverage declining and sustaining below 6x. S&P could lower its rating on EmployBridge if the company's; -- Leverage exceeds 7x and its adjusted FOCF-to-debt ratio falls below 5%. -- Pricing power deteriorates because of increased competition amid an unfavorable labor market or if it loses key clients due to weak economic conditions. FIRST RIVER: Unsecureds Will Recover 3% of Their Claims ------------------------------------------------------- First River Energy, LLC, submitted a Second Amended Disclosure Statement. The Plan provides a mechanism for the expeditious and orderly collection and liquidation of assets, the resolution of disputed claims, and the distribution of funds to creditors, including distributions in the form of interim installments to the extent such distributions are determined to be advisable by a Plan Administrator. Allowed Priority, Administrative Expense, Fee Claims and Oklahoma Owner Secured Claims will be paid in full. Class 7, Lenders' Claim, was paid in full pursuant to the Pay Order. In addition, the Plan establishes a Disputed Claims Reserve for the benefit of Holders of Disputed Claims. The Plan Administrator may (but is not obligated) to make interim distribution of Cash on account of Allowed Claims of a given Class from time to time, provided the Plan Administrator leaves sufficient Cash in reserve to cover the Disputed Claims of that Class. No Distribution or payment shall be made on account of a Disputed Claim until such Disputed Claim becomes an Allowed Claim. Current assets of the estate are Cash, Causes of Action, and Debtor's books and records. As of June 1, 2021, the Debtor was in possession of cash of approximately $7,735,000.00. The Plan proposes to treat claims and interests as follows: Each Holder of an Allowed 503(b)(9) Claim in Class 3 will receive a pro rata share of the remaining Cash after all other claims and expenses of administration are paid pursuant to the terms of the Plan. Class 3 creditors will recover 65.57% to 70.57% of their claims. Class 3 is impaired. Class 4 Oil General Unsecured Claims will each receive in cash a pro rata share of Class 4 Distribution paid on or before the later of October 1, 2021 or as soon as practicable after the date such Claim becomes an Allowed Claim. Class 4 creditors will recover 3% of their claims. Class 4 is impaired. Class 5 Non- Oil General Unsecured Claims will each receive in cash a pro rata share of the Class 5 Distribution on or before the later of Oct. 1, 2021 or as soon as practicable after the date on which the Claim becomes an allowed claim. Class 5 creditors will recover 3% of their claims. Class 5 is impaired. Class 6 - Non-Voting De Minimis Claims. Class 6 consists of all De Minimis Claims (for avoidance of doubt means any creditor that Allowed claims in total are $25.00 or less). Class 6 is impaired. Class 8 - Equity Interests. The Holders of Equity Interests in the Debtor will be canceled without further action or order of the Bankruptcy Court and all holders of Equity Interests shall not receive or retain any property under this Plan. Class 8 is impaired. Attorneys for the Debtor: David W. Parham Esther McKean AKERMAN LLP 2001 Ross Avenue, Suite 3600 Dallas, Texas 75201 Telephone: (214) 720-4300 Facsimile: (214) 981-9339 E-mail: david.parham@akerman.com esther.mckean@akerman.com A copy of the Disclosure Statement is available at https://bit.ly/3qGEDph from Donlin Recano, the claims agent. About First River Energy Based in San Antonio, Texas, First River Energy, LLC -- http://www.firstriverenergy.com/-- is engaged in the oil and gas extraction business. First River Energy filed a Chapter 11 petition (Bankr. D. Del. Case No. 18-10080) on Jan. 12, 2018. In its petition signed by CEO Deborah Kryak, the Debtor estimated total assets and debt between $10 million and $50 million. On Jan. 17, 2018, the case was transferred to the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, and was assigned a new bankruptcy case number (Case No. 18-50085). Judge Craig A. Gargotta oversees the case. The Debtor hired Akerman LLP as its legal counsel; Chipman Brown Cicero & Cole, LLP as co-counsel; Armory Strategic Partners, LLC, as financial advisor; Scott Avila of Armory Strategic as chief restructuring officer; and Donlin, Recano & Company, Inc., as claims and noticing agent. No official committee of unsecured creditors was appointed in the case. FLUOROTEK USA: Seeks to Hire Nardella & Nardella as Legal Counsel ----------------------------------------------------------------- Fluorotek USA, Inc. seeks approval from the U.S. Bankruptcy Code for the Southern District of Florida to hire Nardella & Nardella, PLLC to serve as legal counsel in its Chapter 11 case. The firm's services include: a. advising the Debtor concerning the operation of its business in compliance with Chapter 11 and orders of the court; b. defending any causes of action on behalf of the Debtor; c. preparing legal papers; d. assisting in the formulation of a plan of reorganization and preparation of a disclosure statement; e. preparing and prosecuting any appropriate adversary proceedings and contested matters; and f. other services of a legal nature in the field of bankruptcy law. The firm's attorneys and paralegals will be paid at hourly rates as follows: Michael Nardella, Esq. $325 per hour Jonathan Syke, Esq. $325 per hour Associates $275 per hour Paraprofessionals $175 per hour Nardella & Nardella received a retainer in the amount of $62,500. As disclosed in court filings, Nardella & Nardella is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jonathan M. Sykes, Esq. Nardella & Nardella, PLLC 135 W. Central Blvd., Ste. 300 Orlando, FL 32801 Tel: 407-966-2680 Email: jsykes@nardellalaw.com About Fluorotek USA Fluorotek USA, Inc., a Riveria Beach, Fla.-based manufacturer of rubber products, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-16236) on June 25, 2021. David J. Helbi, chief operating officer, signed the petition. In the petition, the Debtor disclosed $4,171,101 in assets and $7,061,033 in liabilities. Judge Mindy A. Mora presides over the case. Nardella & Nardella, PLLC represents the Debtor as legal counsel. FORMETAL COMPANY: May Use Cash Collateral Thru August 5 Hearing --------------------------------------------------------------- Judge Paul W. Bonapfel authorized The Formetal Company, LLC to use cash collateral until 11:59 p.m. ET on August 5, 2021. The Debtor has submitted to the Court a budget that provides for cost of goods sold and expenses for July and August 2021 on a weekly basis, as follows: Total Cost Total Week of of Goods Sold Expenses ------------ -------------- -------- July 4, 2021 $27,915 $7,509 July 11, 2021 $27,903 $6,449 July 18, 2021 $27,903 $6,449 July 25, 2021 $27,903 $6,624 August 1, 2021 $27,903 $7,509 August 8, 2021 $27,903 $6,449 August 15, 2021 $27,903 $6,449 August 22, 2021 $27,903 $6,449 Respondents, United Community Bank (UCB); Commercial Finance of Atlanta, LLC (CFA); Two Many Lawyers, LLC and the U.S. Small Business Administration each assert interests in the cash collateral. UCB asserts a first priority properly perfected security interest and lien in the Debtor's Cash Collateral as evidenced by certain UCC Financing Statements. The Debtor and CFA are parties to a prepetition Factoring and Security Agreement dated March 2, 2020, pursuant to which the Debtor sold and assigned certain of its current and future accounts receivable to CFA. CFA filed a UCC Financing Statement perfecting its security interest in the Accounts purchased and in the Debtor's other assets. CFA disclosed that it has entered into two separate subordination agreements: (i) with UCB on March 5, 2020, pursuant to which UCB subordinated its security interest in current and future Accounts purchased by CFA; and (ii) with GOF Finance, LLC on March 6, 2020, pursuant to which GOF Finance, LLC subordinated its security interest in current and future Accounts purchased by CFA. CFA asserted that certain Accounts, which have been sold and assigned by the Debtor to CFA and remain unpaid as of the Petition Date, constitute the property of CFA and should be excluded from the Cash Collateral that the Debtor is requesting to use. CFA intended to collect those Accounts pursuant to the terms of the CFA Factoring Agreement. CFA subsequently granted its consent. Judge Bonapfel ruled that: 1. The Debtor shall not make any payments to or for the benefit of any insider or affiliate. The Debtor, however, may make payment on regular payroll dates to insiders and affiliates who are part of the Debtor's workforce, including Gary Brumleve ($650 net compensation per pay period) and Harris Boyd ($650 net compensation per pay period). 2. The Debtor may continue to make payment to Tian Metals, Inc. for reasonable and necessary post-petition business in the ordinary course related to current purchases within the budget. The Debtor, however, shall not make any payments on account of any pre-petition debt, unless approved by order of the Court, including any payment to Tian Metals, Inc. on account of any related or inter-company debt or notes payable. 3. In consideration for using the cash collateral, the Debtor will make adequate protection payments to UCB for $1,142 monthly for a 30-day month, and $1,180 monthly for a 31-day month, commencing on July 15, 2021 and continuing by the 15th day of each month thereafter during the interim order. All payments made to UCB under the interim Order shall be applied to UCB's debt in such order of application and for such purposes as UCB may determine in its sole discretion. 4. The Respondents are each granted a security interest in, and lien on all of Debtor's postpetition that are of the same nature in which said Respondent held a pre-petition security interest, to the same validity and priority existing prepetition, to secure against any diminution in value of the prepetition collateral. Judge Bonapfel directed the Debtor to maintain an account consisting of the proceeds of all funds and accounts receivable received pre and post-petition from the operation of the Business, other than the proceeds of the CFA Accounts. The CFA Accounts shall be maintained at a bank on the United States Trustee's Authorized Depositories List, and will be subject to a first priority security interest and lien in favor of UCB to the extent such security interest and liens were valid, properly perfected, non-avoidable and senior in priority as of Petition Date. The Court also directed the Debtor to segregate the funds in the General Account from any other funds. A copy of the order is available for free at https://bit.ly/2TPC5JE from PacerMonitor.com. The continued hearing on the motion is scheduled for August 5 at 11 a.m., via AT&T teleconference services. Counsel for United Community Bank: Valerie K. Richmond, Esq. Burr & Forman LLP 171 17th Street NW, Suite 1100 Atlanta, GA 30363 Telephone:(404) 685-4297 Email: vrichmond@burr.com About The Formetal Company, LLC The Formetal Company, LLC manufactures and distributes cold formed light gauge steel framing used in the commercial construction of all types of buildings as well as manufacturing companies. The company filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 21-55029) on July 3, 2021. On the Petition Date, the Debtor estimated $1 million to $10 million in both assets and liabilities. Robert H. Boyd, manager, signed the petition. Jones & Walden, LLC represents the Debtor as counsel. FORMETAL COMPANY: Resurgence Financial's Gary Murphey Named Trustee ------------------------------------------------------------------- Mary Ida Townson, United States Trustee for Region 21, appointed Gary Murphey as Subchapter V Trustee for The Formetal Company, LLC. Mr. Murphey is a member of Resurgence Financial Services, LLC. Mr. Murphey's contact details: Gary Murphey Resurgence Financial Services, LLC 3330 Cumberland Blvd., Suite 500 Atlanta, GA 30330 Telephone: 770-933-6855 Email: Murphey@RFSLimited.com About The Formetal Company, LLC The Formetal Company, LLC manufactures and distributes cold formed light gauge steel framing used in the commercial construction of all types of buildings as well as manufacturing companies. The company filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 21-55029) on July 3, 2021. On the Petition Date, the Debtor estimated $1 million to $10 million in both assets and liabilities. Robert H. Boyd, manager, signed the petition. Jones & Walden, LLC represents the Debtor as counsel. GB SCIENCES: Incurs $3.7 Million Net Loss in Fiscal 2021 -------------------------------------------------------- GB Sciences, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $3.73 million on zero sales revenue for the year ended March 31, 2021, compared to a net loss of $13.11 million on zero sales revenue for the year ended March 31, 2020. As of March 31, 2021, the Company had $10.81 million in total assets, $12.28 million in total liabilities, and a total stockholders' deficit of $1.47 million. Margate, Florida-based Assurance Dimensions, the Company's auditor since 2019, issued a "going concern" qualification in its report dated July 6, 2021, citing that the Company has suffered recurring losses for the year ended March 31, 2021. The Company had a net loss of $3,725,027, accumulated deficit of $103,886,232, net cash used in operating activities of $2,185,220 and had negative working capital of $5,054,593. These factors raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1165320/000143774921016461/gblx20210331_10k.htm About GB Sciences Headquartered in Las Vegas, Nevada, GB Sciences, Inc. is a phytomedical research and biopharmaceutical drug development company whose goal is to create patented formulations of plant-inspired, complex therapeutic mixtures for the prescription drug market that target a variety of medical conditions. The Company is engaged in the research and development of plant-based medicines and plans to produce plant-inspired, complex therapeutic mixtures based on its portfolio of intellectual property. GIRARDI & KEESE: Erika Switches Lawyers in Ongoing Ch. 11 Case -------------------------------------------------------------- Tyler McCarthy of Fox News reports that "Real Housewives of Beverly Hills" star Erika Jayne is switching up lawyers for the remainder of her ongoing bankruptcy case. According to court documents viewed by Fox News, the reality star, 49, filed paperwork on Monday, July 5, 2021 notifying the court that she has replaced her previous attorney, Peter Mastan, with Evan C. Borges, who will handle her proceedings going forward. The reality star's estranged husband, Tom Girardi, and his law firm, Girardi Keese, were accused in a federal lawsuit of embezzling millions of dollars intended for airplane crash victims' families to fund their rich and famous lifestyle. Girardi was sued by his business partners, resulting in the chapter 7 bankruptcy petition. While Jayne has not been accused of a crime, questions of how much she knew about him allegedly stealing money from his clients have come up since the allegations went public. Last month, Mastan filed a motion to be taken off the case after Hulu released a damning documentary titled "The Housewife and the Hustler" that detailed the allegations against Girardi and questioned how much culpability Jayne may or may not have going into her court battle. As Page Six notes, the documentary points to the fact that Jayne was listed as a secretary on one of his LLCs and that money was transferred to her company, EJ Global. "The relationship of trust and confidence that is essential to a properly functioning attorney-client relationship has broken down and, in the good faith assessment of counsel, the relationship is irreparable," read the June 14 petition (via Us Weekly). Borges' first order of business will likely be dealing with a judge's order for the reality star to turn over her financial records that came down last week. The order came just days after the reality star was accused in separate court filings of refusing to turn over her bank records so that a court could properly determine if the allegations made in the documentary do indeed hold any legal standing. Meanwhile, Jayne filed for divorce in November 2020 after 21 years of marriage to the once-renowned California trial lawyer, before his alleged crimes became public knowledge. Tom, 82, was placed under a temporary conservatorship with his brother, Robert Girardi, following a late-onset Alzheimer's and dementia diagnosis. In June 2021, Robert permanently became conservator of Tom's estate and person, per Entertainment Tonight. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It was known for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys: Andrew Goodman Goodman Law Offices, Apc Tel: 818-802-5044 E-mail: agoodman@andyglaw.com Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee. The Chapter 7 trustee can be reached at: Elissa D. Miller 333 South Grand Ave., Suite 3400 Los Angeles, California 90071-1406 Telephone: (213) 626-2311 Facsimile: (213) 629-4520 E-mail: emiller@sulmeyerlaw.com GLOBAL DISCOVERY: Trustee Taps Margulies Faith as Legal Counsel --------------------------------------------------------------- Mark Sharf, the Subchapter V trustee for Global Discovery Biosciences Corporation's bankruptcy estate, seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Margulies Faith, LLP as his legal counsel. The firm's services include: a. advising the trustee on matters relating to the administration of the estate and on the trustee's rights and remedies with regard to the estate's assets; b. preparing legal papers; c. assisting the trustee with the review and recovery of estate assets, including seeking bankruptcy court approval for such actions; d. appearing for, prosecuting, defending, and representing the trustee's interest in any adversary proceeding or contested matter arising in or related to the bankruptcy case unless the trustee is represented in such matters by other law firms; e. reviewing pleadings and motions and preparing responses when necessary; and f. other necessary legal services. The firm's hourly rates are as follows: Craig G. Margulies Partner $620 per hour Jeremy W. Faith Partner $620 per hour Monsi Morales Partner $515 per hour Meghann A. Triplett Partner $460 per hour Oris S. Blumenfeld Senior Associate $435 per hour Anna Landa Asssociate $435 per hour Helen Cardoza Paralegal $240 per hour Angela Saba Paralegal $225 per hour Jeremy Faith, Esq., a partner at Margulies Faith, 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: Jeremy W. Faith, Esq. Monsi Morales, Esq. MARGULIES FAITH, LLP 16030 Ventura Blvd., Suite 470 Encino, CA 91436 Tel: (818) 705-2777 Fax: (818) 705-3777 Email: Jeremy@MarguliesFaithLaw.com Monsi@MarguliesFaithLaw.com About Global Discovery Biosciences Irvine, Calif.-based Global Discovery Biosciences Corporation -- https://www.gdbiosciences.com -- is a fully licensed diagnostic laboratory running specialized, highly specific and accurate testing for its clients, domestic and global. Global Discovery Biosciences filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-10619) on March 11, 2021. Dan Angress, chief executive officer and secretary, signed the petition. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge Mark S. Wallace oversees the case. Weiland Golden Goodrich, LLP and Robertson & Culver, LLP serve as the Debtor's bankruptcy counsel and special counsel, respectively. Mark M. Sharf is the Subchapter V trustee appointed in the Debtor's Chapter 11 case. The trustee is represented by Margulies Faith, LLP. GMJ MACHINE: Unsecureds Will be Paid in Full Over 84 Months ----------------------------------------------------------- GMJ Machine Company, Inc., submitted a Plan and a Disclosure Statement. The Debtor's business has been in operation since 1981 and is currently servicing both private and public sector clients over both long—term and short-term contracts. For the years immediately preceding the bankruptcy the Debtor had gross income as follows: 2018 Fiscal Year Gross Revenues: $3,546,122.63 2019 Fiscal Year Gross Revenues: $4,522,556.65 The Plan will treat claims as follows: CLASS 6 - UNSECURED CREDITORS. The Holders of Allowed Unsecured Claims will receive their allowed unsecured claim amount paid in full in equal, consecutive monthly payments over 84 months beginning on the date that is thirty days after the Effective Date and on a monthly basis for 83 additional months thereafter. The Debtor will pay and discharge all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any properties belonging to it prior to the date upon which penalties attach thereof, and all lawful claims which, if unpaid, might become a lien or charge upon any said properties, provided that it shall not be required to pay any such tax, assessment, charge, levy or claim that is being contested in good faith by proper proceedings or that was assessed prior to the Petition Date and is not otherwise provided for herein. Attorney for Debtor: J. WILLIS GARREEIT, III GALLOWAY, WETTERMARK, & RUTENS, LLP POST OFFICE BOX 16629 MOBILE, ALABAMA 36616 (251) 476-4493 A copy of the Disclosure Statement is available at https://bit.ly/3y5Zq8n from PacerMonitor.com. About GMJ Machine Company GMJ Machine Company, Inc. manufactures specialized components for the aerospace, defense, general aviation and energy industries. GMJ Machine Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 20-10632) on Feb. 27, 2020. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Jerry C. Oldshue oversees the case. Robert M. Galloway, Esq., at Galloway, Wettermark & Rutens, LLP, is the Debtor's legal counsel. GONGCOOK LLC: Case Summary & Unsecured Creditor ----------------------------------------------- Debtor: GongCook, LLC 1 Jay Court Valley Stream, NY 11581 Chapter 11 Petition Date: July 8, 2021 Court: United States Bankruptcy Court Eastern District of New York Case No.: 21-71260 Judge: Hon. Alan S. Trust Debtor's Counsel: Richard S Feinsilver, Esq. RICHARD S FEINSILVER, ESQ. One Old Country Road Suite 125 Carle Place, NY 11514 Tel: 516-873-6330 Fax: 516-873-6183 Email: feinlawny@yahoo.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Chiu Ng, managing member. The Debtor listed 305 Clearview LP as its sole unsecured creditor holding a claim of $575,000. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/JODFUDI/GongCook_LLC__nyebke-21-71260__0001.0.pdf?mcid=tGE4TAMA GRIDDY ENERGY: Court Okays Chapter 11 Customer Release in Texas --------------------------------------------------------------- Law360 reports that the Chapter 11 plan of electricity provider Griddy Energy LLC received bankruptcy court approval in Texas on Wednesday, July 7, 202, allowing the company to release its customers from having to pay exorbitant power bills incurred during the February winter storm that wreaked havoc across the state. During a virtual hearing, U.S. Bankruptcy Judge Marvin Isgur approved the plan, saying it was it an "ideal outcome in a difficult world" and lauding the debtor and other participants in the case for their hard work in resolving a situation that impacted millions in Texas. About Griddy Energy California startup Griddy Energy, LLC is a power retailer that formerly sold energy to people in the state of Texas at wholesale prices for a $9.99 monthly membership fee and had approximately 29,000 members. Griddy was a feature of Texas' unusual, deregulated system for electric power. The vast majority of Texans -- and Americans -- pay a fixed rate for electric power and get predictable monthly bills. However, Griddy works by connecting customers to the wholesale market for electricity, which can change by the minute and is more volatile, for a monthly fee of $9.99. During the winter storm in February 2021 in Texas, power generators failed and demand for heating shot up. In response, ERCOT raised the price of electricity to the legal limit of $9 per kilowatt-hour and kept it there for several days. Griddy customers who didn't lose power were hit with massive electric bills that were auto-debited from their bank accounts. State grid operator ERCOT at the end of February 2020 cut off Griddy's access to customers for unpaid bills following the Texas freeze. The Texas attorney general also said it is suing Griddy, saying it engaged in deceptive trade practices by issuing excessive bills. Griddy Energy filed a Chapter 11 bankruptcy petition (Bankr. S.D. Texas Case No. 21-30923) on Mar. 15, 2021. Roop Bhullar, chief financial officer, signed the petition. At the time of the filing, the Debtor disclosed $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Marvin Isgur oversees the case. The Debtor tapped Baker Botts LLP as legal counsel and Crestline Solutions, LLC and Scott PLLC as public affairs advisors. Stretto is the claims agent. On March 31, 2021, the U.S. Trustee for Region 7 appointed an official committee of unsecured creditors. The committee tapped McDermott Will & Emery, LLP as legal counsel and Province, LLC as financial advisor. GROWCO INC: Agrees to Ditch Chapter 11 Case After Marijuana Fight ----------------------------------------------------------------- Daniel Gill of Bloomberg Law reports that Greenhouse owner GrowCo Inc. agreed to dismiss its Chapter 11 case, avoiding an upcoming trial over the federal government's bid to toss the bankruptcy because of the company's connection to marijuana growers. GrowCo and the U.S. Trustee, the Justice Department's bankruptcy watchdog, filed a joint stipulation to dismiss the case without providing a reason. Judge Joseph G. Rosania Jr. of the U.S. Bankruptcy Court for the District of Colorado, who was set to preside over the July 13 trial, ordered the dismissal Tuesday, July 6, 2021. About GrowCo Inc. GrowCo, Inc., was incorporated on May 4, 2014 by John R. McKowen as the funding vehicle for two large scale commercial greenhouse operations in Pueblo, Colorado. It was originally intended that the greenhouses would be leased to commercial marijuana growers. It was also intended that after the greenhouses were operational, GrowCo would provide financial management services for tenants who would lease the greenhouses. GrowCo was originally organized as a wholly-owned subsidiary of Two Rivers Water and Farming Company. Three related entities were also created between 2014 and the bankruptcy filing: GCP 1 was formed to own the first greenhouse; GCP 2 was formed to own the second greenhouse; and GCP SU was formed to provide additional capital for the greenhouse buildouts. GrowCo, Inc., sought Chapter 11 protection (Bankr. D.D.C. Case No. 19-10512) on Jan. 24, 2019. At the time of filing, the Debtor was estimated to have assets and debt are $1 million to $10 million. The case is assigned to Hon. Joseph G. Rosania Jr. The Debtor is represented by: WADSWORTH GARBER WARNER CONRARDY, P.C. David V. Wadsworth David J. Warner 2580 W. Main St., Suite 200 Littleton, CO 80120 Tel: (303) 296-1999 Fax: (303) 296-7600 H-BAY MINISTRIES: S&P Lowers 2018A-B Sr. Living Bond Rating to 'D' ------------------------------------------------------------------ S&P Global Ratings lowered its rating on Capital Trust Agency, Fla.'s series 2018A and second-tier series 2018B senior living bonds to 'D' from 'CC'. The bonds were issued on behalf of the borrower, H-Bay Ministries Inc., Texas, for the Superior Residences project in Florida. The 'D' rating reflects payment default on the bonds. According to a notice posted on EMMA on July 2, 2021, the trustee did not receive the required amounts from the borrower in June. Specifically, the notice states the bond funds for the series A, B, and C bonds do not hold sufficient money to make the payments of principal and interest due to bondholders on July 1, 2021. S&P said, "On July 6, 2021, we confirmed with the trustee that no debt service payment was made to bondholders of any class in conjunction with the July 1 payment date. "As stated in our report when we lowered the rating to 'CC', published June 30, 2021, on RatingsDirect, failure to make full payment on the rated bonds on any due date will result in the rating on the bonds being lowered to 'D'. Following this rating action, the rating on the bonds will be withdrawn in 30 days." INTEGRATED AG: Insider to Provide $750,000 Financing for Plan ------------------------------------------------------------- Integrated Ag XI, LLC, submitted an Amended Chapter 11 Plan of Reorganization and an amended First Amended Disclosure Statement on June 30, 2021. The Plan provides for Financing from the Plan Sponsor in the aggregate amount of $750,000 in the form of an Agreement for Line of Credit secured by a lien junior in priority to the GWB lien that will be set up as a delay draw term loan with quarterly draws subject to an approved quarterly budget, which will be available beginning on the Effective Date. The Plan Sponsor is Azart LLC, a Delaware Limited Liability Company, which is owned by an investment trust managed by Summer Road LLC, which investment trust currently indirectly holds the majority of equity interests in the Debtor The Financing shall be used by Debtor (i) to satisfy all Allowed Administrative Expenses and Priority Claims which will be paid in full on the Effective Date; (ii) to pay for all costs and expenses of maintaining and operating the Ranch; and (c) fund the Debtor's obligations under the Plan. In addition, the Plan Sponsor shall make a new value contribution in the amount of $200,000.00 on the Effective Date. Following the Effective Date and for a period of five years thereafter, the Plan provides for sales of parcels of the Property from time to time. Such sales shall occur with the consent of GWB, which consent shall not be unreasonably withheld; provided, however, that if GWB fails to provide its consent, the Bankruptcy Court shall retain jurisdiction to determine whether such failure was unreasonable. GWB shall be paid over a period of five years. Holders of General Unsecured Claims, Holders of ICBD Claims and Holders of Mechanics Lien Claims shall be paid in accordance with the treatment below: Class 4.01 - General Claims. The Debtor estimates that there are several creditors holding Claims in this Class and the aggregate amount of Allowed Claims in the Convenience Class is less than $6,000.00 as the date of the filing of the Plan. The Reorganized Debtor shall place $10,000.00 into a separate account for creditors in this Class. Each creditor holding an Allowed Claim in this Class shall be paid its pro rata share of the Class 4.01 Fund up to the amount of its Allowed Claim. Class 4.01 is impaired. Class 4.02 - Disputed Mechanics' Lien Claims totaling $3,406,061.71. Debtor disputes these Claims. The Reorganized Debtor shall pay $75,000.00 into a separate interest-bearing account on the Effective Date which shall be held until such time as all the Claims in this Class have been Allowed or Disallowed by final non-appealable orders. Each holder of an Allowed Claim in this Class 4.02 shall be paid a pro rata share of funds held in the Class 4.02 Fund on the date that is 30 days after the 4.02 Allowance Date. Class 4.02 is impaired. Class 4.03 - ICBD Investor Claims. The Debtor has been informed by Counsel for the ICBD Plaintiffs that the aggregate amount of Claims in this Class is not less than $3,700,000.00. Debtor disputes these Claims. The Reorganized Debtor shall pay $37,000.00 into a separate interest-bearing account on the Effective Date which shall be held until such time as all the Claims in this Class have been Allowed or Disallowed by final non-appealable orders. Each holder of an Allowed Claim in this Class 4.03 shall be paid a pro rata share of funds held in the Class 4.03 Fund on the date that is 30 days after the 4.03 Allowance Date. Class 4.03 is impaired. The Financing shall be repaid in accordance with the terms of the Agreement for Line of Credit. However, several material terms are as follows: (a) All funds advanced under the Financing shall bear interest at the rate of 9% per annum; (b) All interest shall accrue and not be due and payable until the Reorganized Debtor is cash flow positive and can handle all debt service payments on the first lien; (c) Any portion of the Financing may be convertible into equity in the Reorganized Debtor in the sole and exclusive option of the Plan Sponsor. Following payment in full of all Secured and Unsecured Claims (and the amount of the Financing), any remaining unsold Property or the proceeds thereof shall remain in the Reorganized Debtor. Attorneys for Integrated Ag XI, LLC: Alan A. Meda BURCH & CRACCHIOLO, P.A. 1850 N. Central Ave., Suite 1700 Phoenix, AZ 85004 Tel: 602.274.7611 E-mail: ameda@bcattorneys.com A copy of the Disclosure Statement is available at https://bit.ly/3qEoHEh from PacerMonitor.com. About Integrated AG XI Scottsdale, Ariz.-based Integrated AG XI, LLC, is a single asset real estate debtor that owns about 4,500 acres of agricultural land known as “The Ranch” in Hyder, Arizona. The Ranch is secured by a lien in favor of creditor Great Western Bank (“GWB”), which is owed about $18,000,000 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. INVESTVIEW INC: Reports $2.2M Bitcoin Mining Gross Revenue in June ------------------------------------------------------------------ Investview, Inc., announced its production and operational updates, including its unaudited Bitcoin production for June 2021. June 2021 Production and Operations Updates * Gross Revenue of $2.2 million, up 263% Year-Over-Year June * Gross Profit of $1.5 million, up 389% Year-Over-Year June * Gross Profit Margin of 68.2% * Bitcoin Mined over 14 months period ending June 2021, 922.47 Bitcoin * As of June 30, 2021, Investview holds over 115.06 BTC * As of June 30, 2021, Investview holds over 153,197 NDAU Note: The numbers included in this release are initial estimated results and are un-audited and may differ from numbers reported in the Company's SEC filings due to compliance with US GAAP, and subject to final review by the Company's independent auditors. Operation: Hash Rate Growth Plan In July 2021, SAFETek purchased and will ship over 1,200 Bitmain T17+ Antminers. Installation of these 1,200 Bitcoin miners is expected to be completed by mid-August 2021 (early fiscal Q2 2022). This will expand SAFETek's existing fleet of Bitcoin miners to nearly 9,900 machines. As a result, SafeTek's hashrate capacity is estimated to grow by 22% or 70 petahash per second (PH/s) to a total hashrate of nearly 400 PH/s. By the end of this calendar year (fiscal Q3 2022), SAFETek anticipates reaching over 11,000 deployed Bitcoin miners and a total hashrate capacity of 500 PH/s through additional planned miner acquisitions, deployments, and optimizations. When fully deployed, the Company's total fleet of Bitcoin miners is expected to consume approximately 22 MW's of energy with nearly 80% of this powered by renewable energy sources with a goal to have 90% or higher of all miners running on renewable energy by the end of the fiscal year. This demonstrates Investview's commitment to being a market leader in the industry while maintaining a highly efficient and environmentally responsible Bitcoin mining operation. About Investview Headquartered in Salt Lake City, Utah, Investview, Inc., is a diversified financial technology organization that operates through its subsidiaries, to provide financial products and services to individuals, accredited investors and select financial institutions. As of March 31, 2021, the Company had $19.55 million in total assets, $23.25 million in total liabilities, and a total stockholders' deficit of $3.70 million. Haynie & Company, in Salt Lake City, Utah, the Company's auditor since 2017, issued a "going concern" qualification in its report dated June 29, 2020, citing that the Company has suffered losses from operations and its current cash flow is not enough to meet current needs. This raises substantial doubt about the Company's ability to continue as a going concern. IOTA COMMUNICATIONS: Appoints New Independent Directors ------------------------------------------------------- Iota Communications, Inc. announced the appointments of Kathy Hanrahan, Paul Baldwin, Mark Romano, and Jim Ratigan to its Board of Directors. IotaComm is building the next generation of wireless connectivity for the Internet of Things, leveraging a nationwide portfolio of FCC-licensed 800 MHz radio spectrum. The Company's solutions enable real-time data aggregation to advance health, safety, and sustainability for commercial and industrial customers. "I am delighted to welcome our new independent directors to the IotaComm team," said Terrence DeFranco, president and CEO of IotaComm. "We are at a critical point in the Company's growth, and it is very exciting to add their combined knowledge, experience and expertise. Their insights and perspectives will bring significant value to our shareholders as we confront the strategic alternatives that we will face in the future." The Company also announced the resignation of J. Barclay Knapp from the Board of Directors. "I am very thankful for Barclay's leadership that helped to get us to this point in our growth," DeFranco continued. "I look forward to continue to work with him on fulfilling our shared vision of becoming the leading wireless communication platform for the Internet of Things." The Company also announced the appointment of Marcum, LLP as the new auditor, replacing Friedman, LLP. Biographies: Kathy Hanrahan Kathy Hanrahan currently serves as the chief financial officer for Red Mountain Weight Loss. Prior to joining Red Mountain, Ms. Hanrahan ran her own management consulting firm where she focused her time on providing financial, operational, and strategic support to growing organizations within the State of Arizona, as well as serving as a director for both public and private companies located in the States of Arizona and Texas. Before establishing New Horizons Management Consulting in 2010, Ms. Hanrahan was employed by TASER International Inc. (now AXON). During her tenure with TASER, she served in several key executive positions. These positions included, in order from her hire: controller (1996 – 2000), chief financial officer (2000 – 2004), taking the Company public on the NASDAQ stock exchange in 2001, chief operations officer (2003 – 2006) and president and chief operating officer (2006 – 2008). Her last position with the organization was as the chief executive officer and co-chairperson for the TASER Foundation for Fallen Officers (2008 – 2010). Paul Baldwin Paul Baldwin has more than 30 years of executive leadership experience in the insurance risk management/reinsurance industry, with a deep understanding of balance sheet improvement, risk mitigation, financial planning, mergers and acquisitions and business development. He has consulted to Fortune 500, middle-market and international companies in multiple industry sectors to identify and improve operational efficiency, sales growth, business strategy and execution. Mr. Baldwin is a vice president for NFP Insurance, a $1.3bn global insurance broker. He has held executive roles at Huntington Insurance as part of Huntington Bank where he was the President and CEO and several leadership roles for Wells Fargo, including Regional Director for the Southwest and executive vice pPresident and COO for American E&S providing direction and overall strategy that achieved tremendous growth in business development, transformation, and integration nationally. Prior to Wells Fargo, Mr. Baldwin served in leadership, business development, sales and consulting roles for Aon PLC, Federated Insurance and Zurich North America. Mark Romano Mark Romano brings over 37 years of technical, program, and general business management experience. He has broad experience with government and commercial contracting, owned and successfully operated commercial businesses, and is well versed in all aspects of business performance. From 2018 – 2021 Mr. Romano has served as Sr. Director at L3Harris Technologies Inc. where he is responsible for P&L of large government programs in the Wireless Products Group business unit, and has Senior Leadership accountability for business strategy and execution across the $2+ billion Business Segment. From 2013 – 2018 he served as Sr. Product manager for L3Harris's commercial geospatial division. From 1994-2013, Mr. Romano owned and divested 2 international commercial geospatial companies serving in Vice President and CTO capacities. Mr. Romano is educated in Electrical Engineering from Keene State College (1984) and is a subject matter expert with extensive worldwide published peer reviewed papers, textbooks, and journals including extensive participation in his industry as a keynote speaker. Jim Ratigan James (Jim) Ratigan is a senior investment banker, specializing in providing strategic and capital markets advice, and mergers and acquisitions (M&A) execution for nearly thirty years. He spent the first two decades of his career in the M&A group at Merrill Lynch in New York. Subsequently, Mr. Ratigan spent seven years as a Senior Managing Director and member of the Global M&A Leadership team at Deutsche Bank, most recently as the Head of Americas M&A. Mr. Ratigan joined Leerink Partners (now SVB Leerink) in late 2016, as a senior managing director and Head of M&A with a focus on building the firms' advisory presence. Throughout his career, he has worked on hundreds of public and private deals across a broad range of industries, regions, and types of strategic advisory assignments. Mr. Ratigan graduated with honors in 1991 from Brown University. About Iota Newark, New Jersey-based Iota Communications, Inc., formerly known as Solbright Group, Inc. -- https://www.iotacommunications.com -- is a wireless network carrier and an energy-as-a-service (EaaS) company dedicated to IoT. The Company intends to expand the application of Software-as-a-Service model into the energy management sector. Iota reported a net loss of $56.78 million for the year ended May 31, 2019, compared to a net loss of $16.48 million for the year ended May 31, 2018. As of Feb. 29, 2020, the Company had $31.89 million in total assets, $111.09 million in total liabilities, and a total deficit of $79.20 million. Marlton, NJ-based Friedman LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Sept. 13, 2019, citing that the Company has an accumulated deficit and a working capital deficiency as of May 31, 2019, generated recurring net losses, and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. JADE PROPERTY: Unsecureds to Get No Recovery in Plan ---------------------------------------------------- Jade Property Holdings, LLC, filed with the Bankruptcy Court a Chapter 11 Plan and Disclosure Statement. The Debtor's Plan proposes to pay creditors using cash flow from operations and/or future income of the Debtor's business. The Debtor's Financial Pro Forma shows that the Debtor will have an aggregate annual average net cash flow, over the life of the Plan, after paying operating expenses and post-confirmation taxes, of $70,406. The Plan provides for one class of priority and administrative claims, one class of secured claims; one class of unsecured claims; one class of equity security holders, and one class of equitably subordinated claims. Classes of Claims and Equity Interests in the Plan * Class 1 Administrative Expenses Claim Class 1 consists of (i) estimated professional fees of less than $15,000; (ii) fees payable to the Office of the U.S. Trustee for $650; and (iii) past due taxes for $26,759 payable to White County Tax Collector. These claims are unimpaired by the Plan, and each holder of an Administrative Claim will be paid in full, in cash, upon the later of 90 days of the Effective Date of the Plan, the date on which such claim is allowed by a final non-appealable order, or as further agreed by the holder of such administrative claim and the Debtor. * Class 2 Secured Claim of First Service Bank for $1,650,000 This claim is secured by the property located at 13410- 1104 E. Race Street, in Searcy, Arkansas. The claim shall be treated as a long-term, continuing secured debt. Beginning 30 days after the Effective Date of the Plan, Debtor will make monthly payments of $9,111 representing the balance of 1,650,000 at 5.25% for 30 years. First Service Bank shall retain its liens or security interests on the Property until its claim is paid in full. First Service Bank shall not be entitled to its cash collateral (or the Rents) unless Debtor defaults on the terms of the Plan. * Class 3 General Unsecured Non-Priority Creditors This Class consists of the Debtor's unsecured, non-priority debts for approximately $83,668. General Unsecured Claims will not receive a distribution under the Plan * Class 4 Equity Security Holders of the Debtor This class consists of the equity interests of Jonathan Dunkley and Jacquelyn Dunkley. Equity security holders shall retain their full interest in the Debtor. All interests in the Debtor shall be undisturbed by confirmation of the Plan. * Class 5 Equitably subordinated claim of First Service Bank Class 5 claim consists of the bifurcated unsecured portion of First Service Bank's claim estimated at $353,960. Equitably subordinated claims will not receive a distribution under the Plan and will be subordinated in priority to all other classes in the Plan. The final Plan payment is expected to be paid approximately 30 years from the Effective Date of the Plan. The Post-Confirmation Managers of the Debtor shall be Jonathan Dunkley and Jacquelyn Dunkley. When cash flow allows, Jonathan Dunkley and Jacquelyn Dunkley will draw a salary not exceeding $6,650 total. The Debtor expects that Jonathan Dunkley and Jacquelyn Dunkley will begin to take salaries in 2025. Until that time, Jonathan Dunkley and Jacquelyn Dunkley will not take a salary and will contribute their time and labor as new value. A copy of the Disclosure Statement is available for free at https://bit.ly/3AHsPro from PacerMonitor.com. Counsel for Debtor: Lyndsey D. Dilks, Esq. Frank H. Falkner, Esq. Dilks Law Firm P.O. Box 34157 Little Rock, AR 72203 Telephone: (501)-244-9770 Facsimile: (888) 689-7626 E-mail: ldilks@dilkslawfirm.com frank@dilkslawfirm.com About JADE Property Holdings Little Rock, Ark.-based JADE Property Holdings, LLC filed a petition under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ark. Case No. 21-11249) on May 10, 2021. Jonathan Dunkley, member, signed the petition. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge Richard Taylor oversees the case. Dilks Law Firm is the Debtor's legal counsel. KNOTEL INC: Files Plan After Sale to Digiatech ---------------------------------------------- Knotel, Inc., et al., submitted a Joint Combined Second Amended Chapter 11 Plan of Liquidation and Disclosure Statement. The Offiical Committee of Unsecured Creditors is a co-proponent of the Plan. The Combined Plan and Disclosure Statement is a liquidating chapter 11 plan for the remaining Liquidating Debtors. Most of the Debtors' assets have even transferred to Digiatech LLC (secured lender and purchaser) as part of the sale closing. The Combined Plan and Disclosure Statement provides that, upon the Effective Date, the Liquidating Trust Assets will be transferred to the Liquidating Trust and the Liquidating Debtors will be dissolved. The Liquidating Trust Assets will be administered and distributed as soon as practicable pursuant to the terms of the Combined Plan and Disclosure Statement and Liquidating Trust Agreement. Holders of First Lien Claims (classified in Class 1) and Second Lien Claims (classified in Class 2) are not Impaired as said claims were included as part of the Credit Bid and satisfied through the Sale in full and final satisfaction, settlement, and release of each claim. As such, Holders of First Lien Claims and Second Lien Claims are not entitled to receive and will not receive any Distribution under the Combined Plan and Disclosure Statement. Holders of Claims in Class 5, which consist of Holders of General Unsecured Claims against the Liquidating Debtors, are Impaired and will be paid Pro Rata from the remaining Liquidating Trust Assets. As to other Estate Causes of Action, given the uncertainty of recovery and the fact that the liquidating Debtors are not aware of any such actions, no value has been assigned. Holders of Interests in Class 6 are Impaired and are not entitled to receive any distribution on account of their equity interests. The Liquidating Trust expenses, including the fees of the Liquidating Trustee and fees for the Liquidating Trustee's professionals, will be paid out of the Liquidating Trust Assets prior to any Distribution being made to creditors. Counsel for Debtors: Robert J. Dehney Matthew O. Talmo MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor P.O Box 1347 Wilmington, Delaware 19899-1347 Telephone: 302-658-9200 Email: rdehney@morrisnichols.com mharvey@morrisnichols.com mtalmo@morrisnichols.com Mark Shinderman, Esq. Daniel B. Denny, Esq. MILBANK LLP 2029 Century Park East, 33rd Floor Los Angeles, California 90067 Telephone: 424-386-4000 Email: mshinderman@milbank.com Counsel for the Official Committee of Unsecured Creditors: Christopher M. Samis (No. 4909) L. Katherine Good (No. 5101) D. Ryan Slaugh (No. 6325) POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, Delaware 19801 Telephone: 302-984-6050 Email: csamis@potteranderson.com kgood@potteranderson.com rslaugh@potteranderson.com Michael S. Etkin, Esq. Wojciech F. Jung, Esq. Jennifer B. Kimble, Esq. Colleen M. Maker, Esq. Erica G. Mannix, Esq. LOWENSTEIN SANDLER LLP One Lowenstein Drive Roseland, New Jersey 07068 Telephone: (973) 597-2500 Email: metkin@lowenstein.com wjung@lowenstein.com jkimble@lowenstein.com cmaker@lowenstein.com emannix@lowenstein.com A copy of the Disclosure Statement is available at https://bit.ly/3h7Qvhc from Omniagentsolutions, the claims agent. About Knotel Inc. Knotel -- http://www.Knotel.com/-- is a flexible workspace platform that matches, tailors, and manages space for customers. New York-based Knotel offers workspace properties such as desks, open, and private spaces on rent for companies in 20 global markets. In the U.S., Knotel primarily serves in the New York City and San Francisco areas. Knotel Inc., founded in 2015, raised hundreds of millions of dollars from investors. It expanded rapidly for years and was one of the more aggressive competitors in the co-working and flexible office space sector, becoming one of WeWork's fiercest rivals. As the COVID-19 pandemic upended the co-working industry, Knotel, Inc., and its U.S. subsidiaries sought Chapter 11 protection (Bankr. D. Del. Case No. 21-10146) on January 30, 2021, to pursue a sale of the assets to Newmark Group. Knotel estimated $1 billion to $10 billion in assets and liabilities as of the bankruptcy filing. Morris, Nichols, Arsht & Tunnell LLP is serving as the Company's counsel. Moelis & Company is an investment banker. Omni Agent Solutions is the claims agent. LA DHILLON: Unsecureds Will Recover 100% of Their Claims -------------------------------------------------------- La Dhillon Investments, LLC submitted a Immaterially Modified Second Amended Plan of Reorganization. This Plan provides for multiple classes of creditors. Unsecured creditors holding allowed claims against the Debtor will receive distributions which the proponent of this Plan has valued at approximately 100 cents on the dollar. The Plan will treat claims as follows: * Class 1. Secured claim of Bank of New York Mellon Trust Company, N.A., f/k/a The Bank of New York Trust Company, N.A., totaling $2,210,082.47. This amount will be treated as principal and will bear interest at a rate of 4.37% per annum. After execution of the New Note, Debtor will make monthly payments in the amount of $11,028.10 per month for five years beginning 45 days from confirmation of this Plan. Class 1 is impaired. * Class 3. General unsecured claims totaling $195,346.89. General unsecured claims will be satisfied pro-rata from the proceeds remaining in Debtor after all administrative expense and priority tax claims are paid. Such claims will be paid in full, without interest, with payments commencing sixty (60) days from the Effective Date, and which shall be made in equal quarterly installments of approximately $9,767.34 over five years. The estimated Class 3 recovery is 100%. Class 3 is impaired. * Class 4. Unsecured non-debtor affiliate claim of Devinder Singh totaling $1,666,492.57. There will be no recovery for the claims held by Devinder Singh or members of his family, classified as unsecured non-debtor affiliate claims. Class 4 is impaired. The Debtor will use income from operation of its business to make monthly payments under the Plan for the secured claim and priority tax claims. Attorneys for the Debtor: Bradley L. Drell Heather M. Mathews GOLD, WEEMS, BRUSER, SUES & RUNDELL P.O. Box 6118 Alexandria, LA 71307-6118 T: (318) 445-6471 F: (318) 445-6476 Email: bdrell@goldweems.com A copy of the Disclosure Statement is available at https://bit.ly/3hxPbDk from PacerMonitor.com. About La Dhillon Investments La Dhillon Investments, LLC, based in Ruston, LA, filed a Chapter 11 petition (Bankr. W.D. La. Case No. 20-30840) on Sept. 14, 2020. In the petition signed by Devinder Singh, owner, the Debtor was estimated to have $0 to $50,000 in assets and $1 million to $10 million in liabilities. The Hon. John S. Hodge presides over the case. Gold Weems Bruser Sues & Rundell, serves as bankruptcy counsel to the Debtor. LATAM AIRLINES: Aircastle Out as Committee Member ------------------------------------------------- The U.S. Trustee for Region 2 disclosed in a court filing that as of July 7, these creditors are the remaining members of the official committee of unsecured creditors in the Chapter 11 cases of LATAM Airlines Group S.A. and its affiliates: 1. Bank of New York Mellon Indenture Trustee for the 7.00% Senior Notes Due 2026 240 Greenwich Street New York, New York 10286 Attention: Gary S. Bush, Vice President Telephone: (212) 815-2747 2. Sindicato De Empresa de Pilotos De Latam Airlines Group S.A. Cruz del Sur 133 Office 302 Las Condes, Santiago, Chile Attention: Daniel Javier Bontempi Fernandez, President Telephone: +562 2723 5095 3. Lufthansa Technik Aktiengesellschaft Weg beim Jager 193 22335Hamburg, Fed.Rep.ofGermany Attention: Jens Fischer, Senior Manager Telephone: +49-40-5070-2709 4. Repsol, S.A. Av. Victor Andres Belaunde 147 Torre 5 Piso 3 San Isidro, Lima, Peru Attention: Eliana Flores Rios Head of Aviation America Telephone: +51 996413784 Aircastle Limited was previously identified as member of the creditors' committee. Its name no longer appears in the new notice. About LATAM Airlines Group LATAM Airlines Group S.A. -- http://www.latam.com/-- is a pan-Latin American airline holding company involved in the transportation of passengers and cargo and operates as one unified business enterprise. It is the largest passenger airline in South America. Before the onset of the COVID-19 pandemic, LATAM offered passenger transport services to 145 different destinations in 26 countries, including domestic flights in Argentina, Brazil, Chile, Colombia, Ecuador and Peru, and international services within Latin America as well as to Europe, the United States, the Caribbean, Oceania, Asia and Africa. LATAM and its 28 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United States are part of the Chapter 11 filing. The Debtors disclosed $21,087,806,000 in total assets and $17,958,629,000 in total liabilities as of Dec. 31, 2019. The Hon. James L. Garrity, Jr., is the case judge. The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as bankruptcy counsel, FTI Consulting as restructuring advisor, Lee Brock Camargo Advogados as local Brazilian litigation counsel, and Togut, Segal & Segal LLP and Claro & Cia in Chile as special counsel. The Boston Consulting Group, Inc. and The Boston Consulting Group UK LLP serve as the Debtors' strategic advisors. Prime Clerk LLC is the claims agent. The official committee of unsecured creditors formed in the case tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters Jureller Southard & Stevens, LLP as conflicts counsel, UBS Securities LLC as investment banker, and Conway MacKenzie, LLC as financial advisor. Ferro Castro Neves Daltro & Gomide Advogados, is the committee's Brazilian counsel. The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as counsel. Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew Glenn and partner Shai Schmidt, has been retained as counsel to the Ad Hoc Committee of Shareholders. LONG ISLAND CITY DEVELOPERS: Taps Morrison Tenenbaum as Counsel --------------------------------------------------------------- Long Island City Developers Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Morrison Tenenbaum, 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 in the management of its bankruptcy estate; b. assisting in any amendments of the Debtor's bankruptcy schedules and other financial disclosures and in the preparation, review or amendment of the Debtor's disclosure statement and plan of reorganization; c. negotiating with creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; d. preparing legal papers and appearing before the bankruptcy court; and e. other legal services that may be necessary and proper for an effective reorganization. The firm's hourly rates are as follows: Lawrence F. Morrison $595 per hour Attorneys $450 to $595 per hour Associates $380 per hour Paraprofessionals $225 per hour Morrison Tenenbaum will be reimbursed for out-of-pocket expenses incurred. The retainer fee is $15,000. Lawrence Morrison, Esq., a partner at Morrison Tenenbaum, 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: Lawrence F. Morrison, Esq. Brian J. Hufnagel, Esq. Morrison Tenenbaum PLLC 87 Walker Street, Floor 2 New York, NY 10013 Tel: (212) 620-0938 Email: lmorrison@m-t-law.com bjhufnagel@m-t-law.com About Long Island City Developers Group Long Island City Developers Group is a New York-based company primarily engaged in renting and leasing real estate properties. The Debtor owns a 10,000-square-foot commercial building located at 38-24 32nd St., Long Island City, N.Y. Long Island City Developers Group filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-4172) on May 10, 2021. Joseph Torres, manager, signed the petition. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge Hon. Jil Mazer-Marino presides over the case. Morrison Tenenbaum, PLLC serves as the Debtor's legal counsel. LUCKIN COFFEE: Funds Cannot Intervene Proposed Settlement --------------------------------------------------------- Law360 reports that a New York federal judge has tossed a bid by a group of investment funds to intervene in a proposed settlement they intend to opt out of between now-bankrupt Luckin Coffee Inc. and a class of investors over claims the company artificially inflated sales numbers. U.S. District Judge John P. Cronan on Tuesday, July 6, 2021, approved Luckin and lead plaintiffs Sjunde AP-Fonden and Louisiana Sheriffs' Pension & Relief Fund's proposal to notify class members about provisional settlement of class certification in the securities litigation that involves several other parallel lawsuits. Also on Tuesday, Judge Cronan denied bids by Winslow Funds and several others. About Luckin Coffee Luckin Coffee (OTC: LKNCY) -- http://www.luckincoffee.com/-- has pioneered a technology-driven retail network to provide coffee and other products of high quality, high affordability, and high convenience to customers. Empowered by big data analytics, AI, and proprietary technologies, Luckin Coffee pursues its mission to be part of everyone's everyday life, starting with coffee. Luckin Coffee was founded in 2017 and is based in China. In July 2020, Luckin Coffee called in liquidators in the Cayman Islands to oversee a corporate restructuring and negotiate with creditors to salvage its business, less than four months after shocking the market with a US$300 million accounting fraud. The Company hired Houlihan Lokey as financial advisers to implement a workout with creditors. The start-up company also named Alexander Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze of Alvarez & Marsal Asia to act as "light-touch" joint provisional liquidators (JPLs) under a Cayman Islands court order. The Joint Provisional Liquidators of Luckin Coffee, Alexander Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5, 2021, filed a verified petition under chapter 15 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-10228). The Chapter 15 Petition seeks, among other things, recognition in the United States of the Company's provisional liquidation pending before the Grand Court of the Cayman Islands. DLA Piper LLP (US), led by Thomas R. Califano and Robert Craig Martin, is the U.S. counsel. MAH 710 PARK: Taps Andy Comins of Keller Williams as Broker ----------------------------------------------------------- MAH 710 Park Avenue 19C, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Andy Comins, a real estate broker at Keller Williams Santa Monica. The Debtor needs a real estate broker to list and sell its property in Marina del Rey, Calif. Mr. Comins will receive a 5 percent commission on the sales price. Mr. Commins disclosed in the court filing that his firm is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. The broker can be reached at: Andy Comins Keller Williams Santa Monica 2701 Ocean Park Blvd., Suite 140 Santa Monica, CA 90405 Tel: 310-387-1883 Fax: 310-482-2201 Email: andycomins@kw.com About MAH 710 Park Avenue 19C New York-based MAH 710 Park Avenue 19C, Inc. is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). MAH 710 filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-14726) on June 8, 2021. Diane Hertz, secretary, signed the petition. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge Vincent P. Zurzolo presides over the case. Havkin & Shrago, Attorneys At Law represents the Debtor as legal counsel. MAJESTIC HILLS: Certain Claimants to Contribute to Plan Funding --------------------------------------------------------------- Majestic Hills, LLC filed with the Bankruptcy Court a Second Amended Chapter 11 Plan and an accompanying Amended Disclosure Statement. The Debtor is a single purpose, limited liability company that was formed to develop one-hundred 179 single family lots in North Strabane Township, Washington County, Pennsylvania. Once the property was developed, the Debtor sold the lots to NVR, Inc. d/b/a Ryan Homes, who then undertook the building and selling of the homes. In June 2018, a landslide occurred on the slope below lots 37-39 on Majestic Drive which led to the damage and condemnation of several homes. This event led to the filing of ten different or related lawsuits. During the pendency of its case, through extensive arms-length negotiations, the Debtor has obtained commitment of certain subcontractors who worked on the development or have been named as a Defendant in one or more of the lawsuits, and who form the Claimants in Class 3(B) Subgroup, to contribute towards Plan Funding in consideration for the Claimants' release under the Plan. After the Debtor shall have paid the Administrative Claims and the Class 1 Claims, the Debtor will dedicate the remaining Plan Funding to the compliance with the final orders issued by the Pennsylvania Department of Environmental Protection. Under the Plan, the Debtor will carry out the remediation efforts required under the final orders. The Debtor estimates that the remediation costs ranges between $150,000 and $650,000. Once the remediation is completed, the Debtor will dissolve and have no further operation. Classes of Claims and Interest under the Plan * Class 1 -- Homeowner Claims Class 1 is composed of the general unsecured claims -- aggregating $3,900,125 -- of six homeowners of the Majestic Hills Development for property losses and/or damages in connection with the 2018 landslide. The Debtor largely disputed liability and the validity of the amounts claimed by the participants in this Class. Through the mediation and post-mediation process, the Debtor and the Class 1 participants have come to an agreement on the treatment of the Claims. Upon the Effective Date of the Plan, the total aggregate amount claimed in Class1 will be voluntarily reduced to $1,700,000 in exchange for a complete and total resolution and release of all claims against the Debtor and the Released Parties. Class 1 is Impaired and entitled to vote to accept or reject the Plan. Class 1 participants will be paid from the Plan Funding on the Effective Date. The initial payment to this Class shall come from 50% of the payments of the Settled Insurance Policies and the settlement and contribution of Parkridge Development, LLC. The remaining payment shall come from the substantial contributions of the remaining Released Parties. The Homeowners will be permitted to issue a quitclaim deed to the Debtor for the damaged properties. Further, the Homeowners will assign any claims they have against NVR to the Debtor in consideration for this treatment. * Class 2 -- North Strabane Township Class 2 is composed of the general unsecured claims and interests held by North Strabane Township. North Strabane Township asserted various legal theories in support of its claim, including breach of contract, negligence, fraudulent and negligent misrepresentation, and indemnification/contribution. This Class is Impaired and entitled to vote to accept or reject the Plan. To the extent that North Strabane Township has an Allowed Claim, it will receive a distribution from the remaining Plan Funding after the remediationand compliance work efforts are completed and after payment of Administrative Claims and payments to Class 1. * Class 3 -- Other Claimants Class 3 consists of the general unsecured claims of all other Claimants who have asserted Claims that have arisen from and or relate to the Majestic Hills residential development and the Litigation. This Class includes all of the subcontractors that worked on the development or have been named as a Defendant in one or more of the lawsuits. This Class also includes NVR, Inc. who built the homes in the development. Class 3 is Impaired and is entitled to vote to accept or reject the Plan. Class 3 will be broken into subgroups (A) and (B). The Class 3 (A) subgroup will include all Claimants who will be providing a substantial contribution towards the Plan Funding. The Class 3 (B) subgroup will include the claims of all Claimants who have chosen to not contribute towards the Plan Funding. a. Class 3 Subgroup (A) consists of the following Contributing Parties who have agreed to make substantial contributions towards Plan Funding: Pennsylvania Soil & Rock, Inc. & Mark Brashear, P.E. $700,000 Alton Industries, Inc. $434,000 Parkridge Development, Inc. $400,000 Morris Knowles & Associates, Inc. $230,000 The Gateway Engineers, Inc. $180,000 Strnisha Excavation, Inc. $120,000 The Majestic Hills Homeowners Association $10,000 John & Diana McCombs $10,000 The payment of the agreed contribution is a prerequisite to the effectiveness of any Release or Injunction contemplated in the Plan. Upon the payment of the agreed contribution amount and all other prerequisites contemplated in this Plan, the contributing party shall be deemed a Released Party. The sole recourse of any Creditor against a member of this Subgroup that is deemed a Released Party shall be the Plan Funding. b. Class 3 Subgroup (B) consists of NVR. To the extent that NVR has an Allowed Claim, it will receive a distribution from the remaining Plan Funding after the remediation efforts are completed and after payment of Class 1 and the monetary portion of Class 2. Further, as part of receiving payment under the Plan, the Class 1 Claimants agreed to assigning all of their claims to the Debtor. As a non-monetary payment under the Plan, the Debtor may agree to discontinue such actions as to NVR. * Class 4 -- JND Properties, LLC Class 4 will be comprised of the general unsecured Claims of JND, which is the managing member of the Debtor. JND asserted an unknown and unliquidated claim for costs incurred for remediation work. For purposes of Section 502(c) and Federal Rule of Bankruptcy Procedure 3018(a), the Debtor proposes to estimate and allow this claim for $1. This Class contains insider claims. JND also will not receive a distribution under the Plan. Class 4 is Impaired. A copy of the Amended Disclosure Statement is available for free at https://bit.ly/3dU78La from PacerMonitor.com. Counsel for the Debtor: Donald R. Calaiaro, Esq. Calaiaro Valencik 938 Penn Avenue, Suite 501 Pittsburgh, PA 15222-3708 Telephone: (412) 232-0930 Facsimile: (412) 232-3858 Email: dcalaiaro@c-vlaw.com About Majestic Hills Majestic Hills, LLC, a privately held company that owns certain property in Pennsylvania, filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 20-21595) on May 21, 2020. At the time of filing, the Debtor was estimated to have $1 million to $10 million in assets and liabilities. The Hon. Gregory L. Taddonio oversees the case. The Debtor's counsel is Donald R. Calaiaro of Calairo Valencik. MARLEY STATION MALL: Heads to Foreclosure Auction for the 2nd Time ------------------------------------------------------------------ Melody Simmons of Baltimore Business Journal reports that Marley Station Mall heading to foreclosure auction for the second time. Marley Station Mall, long struggling with vacancies and decreased foot traffic and revenue, will hit the auction block on the steps of the Anne Arundel County courthouse on July 21, 2021. The foreclosure sale will be the second auction for the beleaguered 34-year-old retail complex. A prior foreclosure auction was held in September 2020 for a second mortgage held on the property at 7900 Ritchie Highway in Glen Burnie. That second mortgage had more than $17 million in outstanding liens. The latest foreclosure auction will cover the first mortgage held by Marley Station Mall LLC, a subsidiary of G.L. Harris, a real estate investment group based in the Dallas suburb of Addison, Texas. It includes all property and contents of the two-story, 130-store mall. A $500,000 deposit is required to bid, according to Alex Cooper Auctioneers, which is handling the sale. The auction is scheduled for 10 a.m. at the Circuit Court For Anne Arundel County at 8 Church Circle in Annapolis. The 72-acre mall is being sold "as is" and settlement will take place within 10 days of approval by the Circuit Court. The mall has dozens of current tenants including a nearly 54,000-square-foot Horizon Cinema, First Class Boxing and Fitness and Rue 21, a clothing retailer. The flat-surface parking lot holds 5,100 vehicles. Marley Station Mall's sale is the latest example of an ongoing collapse of brick-and-mortar retail hubs due to a rise in e-commerce and the Covid-19 pandemic. Hundreds of retail workers were laid off or furloughed when all malls in Maryland were ordered closed in March 2020. Late last 2020, a report by Trepp LLC showed that White Marsh Mall's $110 million mortgage balance was close to default due to fallout from the pandemic. Marley Station Mall has struggled with loss of revenue and some vacancies. A 2020 bankruptcy filing in Texas showed the mall had a drastic drop in gross revenue from Jan. 1 through Sept. 14, 2020 that posted at $946,987, compared to $5.76 million in 2019. By comparison, the mall's gross revenue in 2018 was $6.55 million. Marley Station's anchors have been particularly hard hit. The 212,000-square-foot Sears store closed as part of a national shuttering of locations, and hundreds of Macy's workers were laid off during the pandemic. JCPenney is also undergoing a national downsizing with some stores set to close, possibly the 133,000-square-foot store at Marley Station. State records show G.L. Harris acquired the mall in 2017 for $22.7 million. The seller was national retail giant Simon Property Group, owner of Arundel Mills Mall nearby in Hanover. The September 2020 auction of the second mortgage on the mall fetched $1.65 million by an undisclosed buyer, according to Paul Cooper of Alex Cooper Auctioneers, which also handled that sale. Hours after the auction, Marley Station Mall LLC filed a Chapter 7 bankruptcy case in the United States Bankruptcy Court for the Northern District of Texas. The move placed a stay on the foreclosure sale of the second mortgage, Cooper said Wednesday, which likely was listed as a part of the upcoming foreclosure sale documents. The suburban Marley Station Mall opened amid great fanfare in 1987 and has expanded twice — in 1994 and 1996. About Marley Station Mall Marley Station Mall LLC owns an enclosed shopping mall in Glen Burnie, Maryland. Opened in 1987, it was expanded in 1994 and 1996. It is owned and managed by Dallas-based developer G.L. "Buck" Harris. Marley Station Mall sought Chapter 7 bankruptcy protection (Bankr. N.D. Tex. Case No. 20-42885) on Sept. 14, 2020, estimating less than $50,000 in assets and liabilities. The Debtor's counsel: Behrooz P. Vida The Vida Law Firm, PLLC Tel: 817-358-9988 E-mail: filings@vidalawfirm.com MATLINPATTERSON GLOBAL: Files Chapter 11 With Plan to Wind Up Funds ------------------------------------------------------------------- Law360 reports that distressed debt investment fund MatlinPatterson Global Opportunities Partners II LP filed for Chapter 11 late Tuesday, July 6, 2021, with plans to distribute its $142 million in cash assets to members and wind up its operations, but it needs to deal with overseas litigation judgments it says have hampered its desire to shutter the fund. In its initial court filings, the fund said it reached the end of its investment life back in 2014 but has been dealing with three litigation matters in Brazil that have saddled it with $420 million in potential liability. Chief Restructuring Officer Matthew Doheny said in a first-day declaration. About MatlinPatterson Global Headquartered in Clinton, Mississippi, WorldCom, Inc., now known as MCI-- http://www.worldcom.com-- is a pre-eminent global communications provider, operating in more than 65 countries and maintaining one of the most expansive IP networks in the world. The Company filed for chapter 11 protection on July 21, 2002 (Bankr. S.D.N.Y. Case No. 02-13532). On March 31, 2002, the Debtors listed $103,803,000,000 in assets and $45,897,000,000 in debts. On April 20, 2004, the company formally emerged from U.S. Chapter 11 protection as MCI, Inc. This emergence signifies that MCI's plan of reorganization, confirmed on October 31, 2003, by the U.S. Bankruptcy Court for the Southern District of New York is now effective and the company has begun to distribute securities and cash to its creditors. (Worldcom Bankruptcy News, Issue No. 58; Bankruptcy Creditors' Service, Inc., 215/945-7000) MatlinPatterson Global Opportunities sought Chapter 11 protection (Bankr. S.D.N.Y. Case No 21- 11256) on July 6, 2021. The case is handled by Honorable Judge David S Jones. Elisha D. Graff, of Simpson Thacher & Bartlett, LLP, is the Debtors' counsel. MERCURITY FINTECH: Longming Wu Quits as Director ------------------------------------------------ Longming Wu has resigned from Mercurity Fintech Holding Inc.'s Board of Directors due to personal reasons, effective July 7, 2021. Miss. Alva Zhou, the chairperson and co-chief executive officer, commented: "On behalf of the Board of Directors and our management team, I would like to express our sincere gratitude to Mr. Wu for all his contributions to the Company." Mr. Liu Hao, the co-chief executive officer and the Director of the Board, commented: "On behalf of the Board and management team, I would like to thank Mr. Wu for his valuable services and contributions to the Company and we wish him every success in the future." About Mercurity Formerly known as JMU Limited, Mercurity Fintech Holding Inc.'s current principal business is to design and develop digital asset transaction platforms based on blockchain technologies for customers to facilitate asset trading, asset digitalization and cross-border payments and provide supplemental services for such platforms, such as customized software development services, maintenance services and compliance support services. The Company started this new business since its acquisition of Mercurity Limited (previously known as Unicorn Investment Limited) in May 2019. Mercurity reported a net loss of $1.65 million for the year ended Dec. 31, 2020, a net loss of $1.22 million for the year ended Dec. 31, 2019, a net loss of $123.24 million for the year ended Dec. 31, 2018, and a net loss of $161.90 million for the year ended Dec. 31, 2017. MERIDIAN ADHESIVES: S&P Assigns 'B' ICR, Outlook Stable ------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to U.S.-based chemical company Meridian Adhesives Group Inc. S&P said, "At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the company's senior secured credit facilities, which comprises a revolver and a term loan. "The stable outlook on Meridian reflects our expectation that its operating performance will enable it to maintain credit measures we view as appropriate for the current rating, included debt to EBITDA in the 4.5x-5.5x range. "The ratings on Meridian reflects our view of its narrow product focus, exposure to highly cyclical end markets, limited scale, and modest market share in the broader global adhesives market. The company solely manufactures adhesives, over half of which it sells into the highly cyclical industrial and electronics end markets. Meridian has a presence in niche market segments, though its lack of material scale renders its earnings vulnerable to demand and pricing shocks. The company's overall market share is small, and in certain markets, competes against larger, financially stronger companies that could create pressure on pricing and/or margins. The company's above-average profitability (with EBITDA margins of over 20%), low customer concentration, and strong customer retention (supported by its research and development [R&D] and innovation) partially offset these risks. "Our view of the company's financial risk reflects our expectation that it will maintain credit metrics that we consider appropriate for the rating, with weighted average debt to EBITDA of between 4.5x and 5.5x. We expect Meridian to significantly increase its revenue in 2021 through acquisitions, strong demand in all three of its segments, and pricing initiatives. Specifically, we expect the company's EBITDA margins to remain relatively flat due to the mix shift in the industrial segment offsetting the gains from price increases. Given Meridian's low capital expenditure requirements and our expectation for improving earnings, we estimate it will continue to generate solid free cash flow. "In 2018, financial sponsor Arsenal Capital Group purchased Meridian. Since then, the company has completed more than a dozen acquisitions and we believe it will continue to supplement organic growth with acquisitions (primarily funded with debt). We believe Meridian's financial policies will remain aggressive given its significant growth initiatives and private-equity ownership. "The stable outlook on Meridian reflects our expectation that it will maintain its operational performance such that its pro forma weighted-average debt to EBITDA remains between 4.5x and 5.5x. We expect the company to expand its topline on a combination of macroeconomic tailwinds, pricing initiatives, and acquisitions. In addition, we forecast its EBITDA margins will remain relatively flat compared with 2020 due to the rebound in the industrial sector, which will affect its overall product mix, because it is a lower margin segment. We assume Meridian will not materially increase its debt to fund acquisitions in our base-case scenario. Additionally, we expect the company will generate positive free cash flow, which will support its ability to maintain adequate liquidity. "We could lower our ratings on Meridian within the next 12 months if we expect its weighted average debt to EBITDA to rise above 6.5x absent any prospects for an improvement. This could occur if the company's macro environment is weaker than we anticipate, the demand for its products declines, the integration costs related to its acquisitions are greater than expected, or its raw material prices increase and it is unable to pass through the additional cost to its customers. Under such a scenario, we assume Meridian's EBITDA margins would decline by 600 basis points (bps) relative to our base case expectation. We could also lower our rating if we believe the company's financial policy will no longer support its current credit quality. This could occur if Meridian undertakes a large debt-funded acquisition or dividend recapitalization that stretches its credit metrics. Additionally, we could take a negative rating action if the company's liquidity materially weakens such that we anticipate its ratio of sources to uses will be less than 1.2x. "We could take a positive rating action on Meridian in the next 12 months if its operating performance is stronger than we expect. Specifically, we could take a positive action if it improves its EBITDA margins by 600 bps relative to our base-case expectation such that its pro forma debt leverage approaches 4.0x on a sustained basis. This could occur if Meridian improves its business through a mix of higher-margin acquisitions and a greater-than-expected expansion into the more profitable electronic and infrastructure end markets. We would also need to be certain the company's financial policies would support maintaining its credit measures at these levels, after factoring in management's growth initiatives, before raising our rating." MGM RESORTS: Fitch Affirms 'BB-' IDRs, Outlook Negative ------------------------------------------------------- Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of MGM Resorts International and MGM China Holdings (MGM China, collectively MGM) at 'BB-'. Fitch also affirmed all of the unsecured debt at MGM and MGM China at 'BB-/RR4'. The Rating Outlook remains Negative. The affirmation reflects Fitch's expectation that gross consolidated leverage will decline to 6x (the negative rating sensitivity) by 2023 (i.e. within the rating horizon) pro forma for the announced transactions as well as Fitch's more positive view on Las Vegas' recovery to pre-pandemic levels. Fitch expects net consolidated adjusted leverage will be about 2.0x lower than gross given MGM's significant excess cash balances. The Negative Rating Outlook reflects the risks and uncertainty the global gaming industry is facing from the coronavirus pandemic, particularly jurisdictions that rely on international visitation. Fitch could revise the Rating Outlook to Stable when the gaming industry's recovery trajectory has a greater degree of confidence and MGM's ability and willingness to de-lever back to 6.0x adjusted gross leverage (on a consolidated basis). Fitch recognizes the accelerating recovery in U.S. regional markets and Las Vegas and a continuation of current positive trends through fourth-quarter 2021 would give Fitch greater confidence in a sustainable recovery. On July 1, MGM announced it will acquire Infinity World's 50% stake in CityCenter Holdings, LLC for $2.125 billion and subsequently sell the real estate to Blackstone for $3.89 billion. MGM will lease CityCenter back for $215 million in initial rent, or 1.9x coverage based on 2019 EBITDAR levels. CityCenter has about $1.5 billion in net secured debt, which Fitch assumes is paid off with sale-leaseback proceeds. Overall, Fitch views the transaction as credit neutral. MGM will have full ownership and consolidation of CityCenter as a result of the transaction, which is a high-quality property with a good location on the Las Vegas Strip, although it already managed the property and was integrated to M Life rewards program. CityCenter generated $415 million in 2019 EBITDAR (32% margin) and its RevPAR is some of the highest on the Strip. Incremental fixed costs for the domestic MGM Resorts entity and the $1.7 billion in new lease-equivalent debt (rent capitalized at 8x) offset this. KEY RATING DRIVERS U.S. Recovery Firming Up: U.S. domestic gaming has nearly fully recovered to 2019 levels in regional markets and Las Vegas continues to improve with increased vaccinations and reduced pandemic restrictions. The strong gaming demand in Las Vegas, particularly slots, is offsetting persistent weakness from the international and convention segments, although the latter will come back more in earnest in 2022. Fitch's assumptions include a full recovery to 2019 levels for U.S. regionals, Las Vegas and Macau by 2022, 2023 and 2024, respectively, which may prove conservative given current trends. However, this considers the potential for renewed pandemic restrictions amid slowing domestic vaccination penetration and uncertainty regarding viral variants. For example, health officials elsewhere are beginning to recommended reinstating certain restrictions to counter the Delta variant (e.g. World Health Organization, Israel, Los Angeles). Reduced concerns around the aforementioned risks and a longer track record of healthy U.S. gaming demand would support stabilizing Outlooks. Reduced Financial Flexibility: After the sale-and-leaseback transactions of Bellagio and MGM Grand in 2019-2020, MGM has monetized all of its meaningful wholly owned assets and the increase in lease-equivalent debt mostly offset the subsequent decline in traditional debt. The additional fixed costs created by the transactions weakened MGM's domestic FCF generation, inclusive of distributions from its subsidiaries. MGM guarantees the two mortgages for the Bellagio and MGM Grand/Mandalay Bay joint ventures (JVs), respectively, which is another negative liquidity consideration, albeit a manageable one, given that both are collection guarantees. Fitch does not consolidate the JV debt. MGM's run-rate triple-net leases annualize to roughly $1.6 billion, although a portion of that goes back to MGM vis-a-vis distributions from its 42%-owned MGP Growth Properties LLC (BB+/Negative). MGP Ownership Uncertainty: Consolidated rent-adjusted leverage will remain elevated should MGM achieve its target of 1.0x domestic net financial leverage. MGM paid down $4.1 billion of traditional debt between 2018 and early 2020 with asset-sale proceeds, prior to pandemic-related debt issuance, but created $4.3 billion of lease-equivalent debt in the process. The CityCenter transaction also creates another $1.7 billion in lease-equivalent debt. Uncertainties around MGP ownership reduction make leverage trajectory opaque, as deconsolidation will result in roughly $6.5 billion of incremental lease-equivalent debt from capitalizing the MGP master lease at 8.0x. Favorable Asset Mix: MGM has good geographic diversification, which includes international properties in Macau. MGM's portfolio has many high-quality assets in the Strip, and its regional assets are typically market leaders. The regional portfolio's diversification partially offsets the more cyclical nature of Las Vegas Strip properties. MGM's two properties in Macau provide global diversification benefits and exposure to a market with favorable long-term growth trends. MGM Growth Properties: MGP is roughly 42% owned and effectively controlled by MGM. Therefore, Fitch analyzes MGM on a consolidated basis and subtracts distributions to minority holders from EBITDAR. MGM has actively been reducing its ownership stake in MGP through OP unit redemptions, down from nearly 70% at YE19. MGM's ownership of the sole MGP Class B share and controlling voting power, intact until ownership falls below 30%, will continue to support a consolidated analysis with adjustments for the minority stake in MGP. Should MGM reduce its stake in MGP below 30% and deconsolidate, Fitch would likely analyze the MGM domestic credit on a standalone basis. The financial flexibility of this credit is weaker given the high amount of fixed costs associated with the MGP and non-MGP master leases (about $1.6 billion pro forma for CityCenter transaction). ESG Considerations - Complex Group Structure: MGM has an Environmental, Social and Governance (ESG) Relevance Score (RS) of '4' for Group Structure due to the complexity of MGM's ownership structure for its primary operating subsidiaries and JVs and increasing group transparency risk. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a Score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. DERIVATION SUMMARY MGM's 'BB-' IDR reflects the issuer's strong liquidity, diversified operating footprint and de-levering path back to moderate consolidated gross-adjusted leverage metrics. This is offset by weaker financial flexibility as a result of sale-leaseback transactions over the past few years and higher rent costs. The IDR takes into consideration MGM's multiple liquidity sources to withstand lingering coronavirus disruptions (i.e. travel restrictions, particularly in Macau) and potential de-levering path back to 6.0x consolidated gross-adjusted leverage amid a moderate recovery in global gaming. Peer Las Vegas Sands Corp. (BBB-/Negative) has a track record of adherence to a more conservative financial policy and stronger international diversification in attractive regulatory regimes. Fitch links MGM China's IDR to MGM's. MGM China is strategically and operationally important to MGM, and MGM China does not have material ring-fencing mechanisms in its financing documentation that would limit MGM's access to MGM China's cashflows. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Total revenues relative to 2019 levels are -26%, -7% and flat from 2021 through 2023, respectively, which excludes the impact of CityCenter becoming fully consolidated. The regional segment is fully recovered by 2022, Las Vegas by 2023 and Macau by 2024. Regional markets and Las Vegas recent performance suggest a full recovery could come sooner; however, Fitch's forecast considers the potential for renewed travel and pandemic-related restrictions as vaccinations decelerate in the U.S. and variants are managed. Macau's longer recovery trajectory considers slower vaccination trends and lingering travel restrictions internationally. -- Flow though to EBITDAR is 40% to 50% in the near term as a result of meaningful cost cuts. As operations normalize through the recovery, Fitch assumes MGM's long-term margins will slightly exceed those of the prior cycle, with some initiatives taken during the pandemic resulting in a lower overall cost base; -- Capex returns to more normalized maintenance levels of roughly $600 million beginning 2021 ($100 million and $50 million attributable to MGM China and CityCenter, respectively). Some additional capex is assumed in Macau for MGM Cotai's south hotel tower (roughly $100 million); -- Macau revolver is paid down with 1Q21 notes' proceeds, while MGM's $1 billion in 2022 unsecured notes are redeemed for cash. Fitch assumes some amount of MGM's unsecured notes maturing 2023-2025 are redeemed for cash. Fitch also assumes CityCenter sale-leaseback proceeds are partially used to pay off its secured term loan (~$1.5 billion in net debt); -- No shareholder returns at the MGM parent level are assumed until at least 2023. The majority of cashflow after capex is distributed at the MGM China and MGP. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Evidence of stabilization in demand and signs of a significant rebound in global gaming demand could lead to a revision of the Rating Outlook to Stable; -- Greater certainty of gross-adjusted debt/EBITDAR trending toward 6.0x by YE22 could likewise lead to a revision of the Rating Outlook to Stable. This could be on a net basis should the company's plans for debt paydown become more explicit. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Net-adjusted debt/EBITDAR exceeding 6.0x beyond 2023, either through a more prolonged disruption to global gaming demand or adoption of a more aggressive financial policy. As the operating environment normalizes and balance sheet liquidity returns to levels consistent with historical practices, Fitch will reemphasize gross-adjusted leverage metrics of below 6.0x for the 'BB-' IDR level; -- A reduction in overall liquidity (low cash and revolver availability, heightened covenant risk or increased FCF burn) as a result of prolonged coronavirus pressures. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE MGM's has significant excess liquidity, which helped it weather the $2 billion FCF burn in 2020, although FCF is now at an inflection point and should be neutral in 2021. MGM's domestic operations had $4.7 billion in excess cash, net of estimated cage cash, and full availability on its $1.5 billion revolver as of March 31, 2021. MGM China had $950 million of excess cash and $747 million in revolver availability, thanks to a $750 million unsecured issuance during 1Q21. Voluntary debt paydowns during 2020 from the Bellagio and MGM Grand transactions have eliminated meaningful maturities until 2022, when the $1 billion in 7.75% notes will mature. Fitch assumes MGM balances capital allocation between targeted debt paydown, investments in digital segments (BetMGM JV), the resumption of shareholder returns and future growth investments in Macau and/or Japan. ISSUER PROFILE MGM operates eight casinos on the Las Vegas Strip and eight in regional markets, which include Detroit, Mississippi, Maryland, New Jersey, New York, Massachusetts and Ohio. MGM has a 56% stake in MGM China, which operates two casinos in Macau SAR and owns CityCenter in Las Vegas through a 50/50 JV (owns the Aria casino in Las Vegas, in the process of being acquired). SUMMARY OF FINANCIAL ADJUSTMENTS Leverage: Fitch subtracts distributions to minority holders of non-wholly-owned consolidated subsidiaries from EBITDA to calculate leverage. Fitch also adds recurring distributions from unconsolidated JVs. ESG CONSIDERATIONS MGM Resorts International has an ESG Relevance Score of '4' for Group Structure due to {DESCRIPTION OF ISSUE/RATIONALE}, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. MIDTOWN CAMPUS: Aug. 16 Hearing on Disclosure Statement ------------------------------------------------------- Judge Robert A. Mark has set a hearing to consider approval of the disclosure statement of Midtown Campus Properties, LLC on August 16, 2021 at 10:00 a.m. in United States Bankruptcy Court, 301 N. Miami Ave. Courtroom #4, Miami, FL 33128. The deadline for objections to the Disclosure Statement is Aug. 9, 2021 (seven days before Disclosure Hearing). About Midtown Campus Properties Midtown Campus Properties, LLC, is a single asset real estate that owns the Midtown Apartments. The Midtown Apartments is a 310-unit student housing apartment complex currently under construction at 104 NW 17th St in Gainesville, Florida, just across from the University of Florida. It consists of a six-story main building, a parking garage for resident and public use, and a commercial retail space. Each unit includes a full-size kitchen, carpet, tile, and hardwood floors and be fully furnished. It is located near several Midtown bars and restaurants frequented by students, and just a couple of minutes' walk from Ben Hill Griffin Stadium. Midtown Campus Properties sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 20-15173) on May 8, 2020. The Debtor was estimated to have $50 million to $100 million in assets and liabilities as of the bankruptcy filing. The Honorable Robert A. Mark is the presiding judge. The Debtor tapped Genovese Joblove & Battista, P.A., as bankruptcy counsel; and The Bosch Group, Inc., as construction consultants. No creditors' committee has been appointed in this case. In addition, no trustee or examiner has been appointed. MIDWAY MARKET SQUARE: Unsecureds Will Recover 50% of Claims ----------------------------------------------------------- Midway Market Square Elyria LLC submitted a Modified First Amended Disclosure Statement. The Plan incorporates a settlement reached between the Debtor and Fort the holder of the Mortgage secured by the Property. The settlement compromises the amount of Fort's Secured Claim and provides for a guaranteed 25% recovery to holders of all other Allowed Claims whether filed as Secured Claims or Unsecured Claims and provides for up to a total recovery of 50% if the Reorganized Debtor sells the Property for a price of $19,000,000 or more. The Debtor believes the settlement with respect to the treatment of Fort's Secured Claim incorporated in the Plan is in the best interest of all Creditors and will avoid the substantial cost and uncertainty of a contested plan confirmation hearing. The Plan will treat claims as follows: * Class 1 - Fort CRE 2018-1 Issuer, LLC – Secured Claim totaling $19,000,000. Notwithstanding Fort's Allowed Secured Claim, Fort has agreed to accept $17,500,000 plus post- petition and post confirmation interest at the contract rate which is currently 6.75% plus an agreed amount of legal fees and appraisal fees in full satisfaction of its Allowed Secured Claim on condition Fort receives such amount no later than April 29, 2022. Class 1 is impaired. * Class 3 - General Unsecured Claims. Up to 50% of Allowed Claims without interest, with 25% payable on the Effective Date and the remaining 25% paid no later than June 1, 2022 on condition the Reorganized Debtor sells the Property for $19,000,000 or more. In the event the Property is sold prior to June 1, 2022 for price in excess of $19 million dollars, the Reorganized Debtor shall pay from the Sale Proceeds within 10 business days of the Sale closing the second 25% Distributions to holders of Allowed Class 3 Claims. Class 3 is impaired. The Debtor anticipates funding the Plan from the rental income generated at the Property, as well as the Plan Contribution. The Bankruptcy Court has scheduled a hearing to consider confirmation of the Plan for July 30, 2021, at 10:00 a.m. All ballots must be received prior to 5:00 p.m. on July 23, 2021. Attorneys for the Debtor: Scott S. Markowitz, Esq. Alex Spizz, Esq. Jill Makower, Esq. TARTER KRINSKY & DROGIN LLP 1350 Broadway, 11th Floor New York, New York 10018 Tel: (212) 216-8000 E-mail: smarkowitz@tarterkrinsky.com aspizz@tarterkrinsky.com jmakower@tarterkrinsky.com A copy of the Disclosure Statement is available at https://bit.ly/36308XW from PacerMonitor.com. About Midway Market Square Midway Market Square Elyria LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Company is the owner of fee simple title to a property located at 1180 West River Road Elyria, OH, having a current value of $25 million. Midway Market Square Elyria LLC filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-23142) on Oct. 27, 2020. The petition was signed by Chaim Lobl, vice president/managing member. At the time of filing, the Debtor disclosed $27,502,148 in assets and $20,251,166 in liabilities. Scott S. Markowitz, Esq. at TARTER KRINSKY & DROGIN LLP, represents the Debtor. MKS REAL ESTATE: Court Approves Disclosure Statement ---------------------------------------------------- The court has entered an order approving the Disclosure Statement of MKS Real Estate, LLC. Aug. 17, 2021, at 9:30 a.m. is fixed for the hearing to consider confirmation of the Plan before the Honorable Edward Morris, 501 Tenth Street, Second Floor, Fort Worth, Texas. Aug. 10, 2021, is fixed as the last day for filing and serving written objections to confirmation of the Plan. Aug. 10, 2021, is fixed as the last day for filing and serving written acceptances or rejections of the Plan in the form of a ballot. About MKS Real Estate MKS Real Estate, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-40424) on March 1, 2021. Luis Leal, managing member, signed the petition. In the petition, the Debtor disclosed less than $50,000 in assets and $1 million to $10 million in liabilities. Judge Edward L. Morris oversees the case. Eric A. Liepins, Esq., at Eric A. Liepins, PC, serves as the Debtor's counsel. MKS REAL ESTATE: Unsecureds to Recoup 100% of Allowed Claims ------------------------------------------------------------ MKS Real Estate, LLC, filed with the Bankruptcy Court an Amended Chapter 11 Plan dated July 2, 2021. The Debtor's obligations under the Plan will be paid from the ongoing operations of the Reorganized Debtor. All creditors will be paid in full at the closing of any sale of the Debtor's Property, consisting of two parcels of real property located in Tarrant County, Texas. Pursuant to the terms of the Plan, the Debtor is specifically authorized to sell the Property for an amount sufficient to repay all Allowed Claims in full post confirmation. Classes of Claims and Interest under the Plan * Class 1 Claimants (Allowed Administrative Claims of Professionals and US Trustee) are unimpaired. Class 1 Claims will be paid in cash and in full on the Effective Date of the Plan. Class 1 Creditor Allowed Claims are estimated not exceed $15,000. The Debtor is required to continue to make quarterly payments to the U.S. Trustee and may be required to file post-confirmation operating reports until its case is closed. * Class 2 Claimants (Allowed Tax Creditor Claims) are impaired. The Allowed Amount of all Tax Creditor Claims shall be paid out of the rental income. Tarrant County Tax Assessor has filed a Proof of Claim for $368,027 and Eagle Mountain Saginaw ISD has field a Proof of Claim for $420,742. The ad valorem taxing authorities will be entitled to receive post-petition pre-Effective Date interest on their claims at the statutory rate of 1% per month, and post Effective Date interest at the rate of 12% per annum. The Debtor shall pay Class 2 claims based on an amortization period of 60 months commencing on the Effective Date. The monthly payment will be approximately $17,500. The Ad Valorem Taxing Authorities shall retain their liens, if any, to secure their Tax Claims until paid in full. * Class 3 Claimant (BankcorpSouth Bank) is impaired. In March 2019, Debtor executed that certain Promissory Note for $6,930,000 (Note 1) in favor of BankcorpSouth Bank. In July 2019, the Debtor executed a Promissory Note for $800,000 (Note 2) in favor of BankcorpSouth. Note 1 and Note 2 were secured by a Deed of Trust recorded on the Property. BanksouthCorp has filed a Proof of Claim asserting a secured claim for $6,688,095. The Debtor shall pay the BankcorpSouth Secured Claim based on a 25-year amortization with interest at 5% per annum. The Debtor shall make 59 equal monthly payments of $39,098 commencing on the Effective Date and one payment on the 60th month following the Effective Date of all outstanding principal and accrued interest. The Debtor will continue to market the Property for sale. The Debtor shall be required to sell the Property upon receipt of any offer sufficient to pay all liens against the Property in full. BankcorpSouth shall retain all its liens pursuant to its security documents on Debtor's property in its current lien priority. * Class 4 Claimant (Frost Bank) is impaired. Frost Bank obtained an Amended Agreed Judgment against Debtor in July 2019 and has filed a secured Proof of Claim for $313,005. The Debtor shall pay the Frost Secured Claim based on a 25-year amortization with interest at 5% per annum, and shall make 59 equal monthly payments of $1,829 commencing on the Effective Date, and then one payment on the 60th month following the Effective Date of all outstanding principal and accrued interest. Frost shall retain all its liens pursuant to its Abstract of Judgment on Debtor's property in its current lien priority to secure payment of Frost Secured Claim. * Class 5 Claimants (Allowed Unsecured Creditors' Claims) are impaired. All creditors holding allowed unsecured claims will be paid from the rental income, until such time as the Property sells. Upon any sale, all amounts outstanding to any Allowed Unsecured Creditor will be paid at closing. The Class 5 Creditors shall receive their pro rata share of 60 monthly payments of $1,000 commencing 90 days after the Effective Date. Debtor shall pay $1,000 per month commencing on the Effective Date until all Class 5 Claimants are paid in full. The unsecured creditors shall receive 100% of their allowed claims under the Plan. * Class 6 Claimants (Current Ownership) is not impaired under the Plan and shall be satisfied by retaining his interest in the Debtor. Ownership shall remain 100% in Luis Leal. A copy of the Amended Plan is available for free at https://bit.ly/3jWQuOF from PacerMonitor.com. Counsel for the Debtor: Eric Liepins, Esq. Eric Liepins, P.C. 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 991-5788 About MKS Real Estate MKS Real Estate, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-40424) on March 1, 2021. Luis Leal, managing member, signed the petition. In the petition, the Debtor disclosed less than $50,000 in assets and $1 million to $10 million in liabilities. Judge Edward L. Morris oversees the case. Eric A. Liepins, Esq., at Eric A. Liepins, PC, serves as the Debtor's counsel. MONEYGRAM INTERNATIONAL: S&P Rates New $815MM Debt Due 2026 'B' --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue rating and '3' recovery rating to MoneyGram International's proposed $400 million first-lien term loan B and $415 million secured debt due 2026. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a hypothetical default. The issuances will be pari passu with the revolving credit facility. The company intends to use the net proceeds from this transaction to refinance its existing $634 million of first-lien term loan due 2023 and $155 million of second-lien credit facility due 2024. S&P views this transaction favorably because it helps reduce interest expense and alleviate the upcoming refinancing risk. The revolving credit facility will be subject to financial covenants of maximum total net leverage of 4.75x, minimum cash interest coverage of 2.15x, and an asset coverage covenant, consistent with the existing credit agreement. The term loan B will have a financial covenant of maximum total net leverage of 5.0x, and other secured debt is expected to be covenant-lite. As of March 31, 2021, MoneyGram's leverage (measured as gross debt to adjusted EBITDA), adjusted for the DPA settlement, is 5.6x, and EBITDA to interest expense is 1.9x, versus 7.4x and 1.6x, respectively, in March 2020. S&P views the transaction as leverage neutral and pro forma expect the company to operate with leverage above 5.0x and EBITDA interest coverage of 2.0x-3.0x. Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default scenario contemplates a payment default in 2024, significantly lower money transfer volume, and increased competition. -- S&P assumes a reorganization following the default, using an emergence EBITDA multiple of 4.5x to value the company. Simulated default assumptions -- Simulated year of default: 2024 -- EBITDA at emergence: $102 million -- EBITDA multiple: 4.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $436 million -- Collateral value available to debtholders: $436 million -- Senior secured debt: $857 million --Recovery expectations: 50% Note: All debt amounts include six months of prepetition interest. MUSEUM OF AMERICAN JEWISH: Unsecureds Get 1% - 33% Recovery in Plan ------------------------------------------------------------------- Museum of American Jewish History, d/b/a National Museum of American Jewish History, filed a Fifth Amended Plan and a Disclosure Statement. The Debtor intends to fund the Plan through (1) Funds currently held by the Debtor; (2) Funds obtained from ongoing operations; (3) Funding raised from donors through seasonal campaigns conducted in the ordinary course; and (4) if necessary, borrowing from a financial institution. The Debtor's projected fundraising revenues and the current level of donor pledge commitments received by the Debtor are as follows: Current Pledge Total Projected Commitments Fundraising --------------- ---------------- FY 2022 $465,000 $3,150,000 FY 2023 $167,000 $4,187,000 FY 2024 $47,000 $4,360,360 FY 2025 $0 $4,487,421 The payments required to be made on the Effective Date of the Plan vary depending on (1) whether the value of the collateral securing the Class 3A and Class 3B claims has been determined through a Final Personal Property Valuation Order and a Final Real Property Valuation Order as of the Effective Date, and (2) if such Orders have been obtained, the outcome of such valuations. Payments on the Effective Date shall include all administrative and priority claims except the SBA Claim, and may include (1) payment of the sum of $100,000 with respect to the Class 3B Claims of the Bonds; and (2) payment of the sum of $100,000 with respect to Class 5, if all Class 5 Claims have been allowed. If the Plan is confirmed but the Debtor does not raise sufficient amount to fund the Plan, the Debtor may borrow funds from a financial institution or may withdraw the Plan. The classes of claims are: * Class 1 Priority Claims * Class 2: Member Claims * Classes 3A and 3B: Claims of the Bonds * Class 4B: Other Secured Claims * Class 6: Interests * Class 5 General Unsecured Claims Class 5 consists of General Unsecured Claims which include all Claims, including Rejection Claims, that are not Administrative Claims; Priority Tax Claims; Priority Claims; Member Claims; the secured portion of the Class 3 Claims; Class 4A Water Revenue Bureau claim, or Class 4B Other Secured Claims; or Interests. Class 5 includes any deficiency claim with respect to the Class 3A Claim but not any deficiency claim with respect to the Class 3B Claim. Holders in Class 5 shall receive, in full satisfaction of such Claim, Cash equal to such claimant's pro rata share of the Class 5 Payment Fund, less cure amounts paid to Class 5 Claims with respect to those executory contracts and unexpired leases which are assumed under the Plan. Estimated Percentage Recovery: approx. 1% to 33%, depending on the amount of any Class 3A deficiency claim. Such payment of Cash shall be made after the latest of: * the Effective Date; * the date on which all cure amounts with respect to those executory contracts and unexpired leases which are assumed under the Plan have been determined; * the date on which the Allowed amount of all Class 5 Claims have been determined by Final Order; and * such later date as may be agreed upon by the Debtor and the Holder of such Class 5 Claim. A copy of the Fifth Amended Disclosure Statement is available for free at https://bit.ly/3qYPtY8 from Donlin Recano, claims agent. Counsel for the Debtor: Lawrence G. McMichael, Esq. Peter C. Hughes, Esq. Yonit A. Caplow, Esq. Dilworth Paxson LLP 1500 Market St., Suite 3500E Philadelphia, PA 19102 Telephone: (215) 575-7000 Facsimile: (215) 575-7200 Email: lmcmichael@dilworthlaw.com phughes@dilworthlaw.com ycaplow@dilworthlaw.com About Museum of American Jewish History The Museum of American Jewish History -- https://www.nmajh.org/ -- is a Pennsylvania non-profit organization which operates the National Museum of American Jewish History, the only museum in the nation dedicated exclusively to exploring and interpreting the American Jewish experience. The museum presents educational and public programs that preserve, explore and celebrate the history of Jews in America. The museum was established in 1976 and is housed in the Philadelphia's Independence Mall. On March 1, 2020, Museum of American Jewish History sought Chapter 11 protection (Bankr. E.D. Pa. Case No. 20-11285). The Debtor was estimated to have $10 million to $50 million in assets and liabilities. Judge Magdeline D. Coleman oversees the case. The Debtor tapped Dilworth Paxson, LLP as its legal counsel and Donlin, Recano & Company, Inc. as its claims agent. NEELKANTH HOTELS: Disclosures OK'd, Sept. 22 Hearing on Plan Set ---------------------------------------------------------------- Judge Jeffery W. Cavender approved the Second Amended Disclosure Statement for the Second Amended Plan of Reorganization of Neelkanth Hotels, LLC. Judge Cavender fixed the following dates: * Aug. 20, 2021, as the Voting Deadline; * Aug. 20, 2021, as the Plan Objections Deadline; * Sept. 15, 2021, as the last day for the Debtor to file and serve a Report of Balloting. The confirmation hearing will be held on Sept. 22, 2021, at 10 a.m., Eastern Time. All parties in interest may attend in person or virtually, via Zoom. A copy of the order is available for free at https://bit.ly/2SUbzOR from PacerMonitor.com. About Neelkanth Hotels Neelkanth Hotels, LLC, is a privately held company in the traveler accommodation industry. It is a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). Neelkanth Hotels filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-69501) on Aug. 31, 2020. In the petition signed by Hemant Thaker, member and manager, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Jeffery W. Cavender oversees the case. Schreeder, Wheeler & Flint, LLP, is the Debtor's legal counsel. NEW HAPPY FOOD: Seeks to Tap Rountree Leitman & Klein as Counsel ---------------------------------------------------------------- New Happy Food Company and NHC Food Company Inc. seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Rountree Leitman & Klein, LLC to serve as legal counsel in their Chapter 11 cases. The firm's services will include: 1. advising the Debtors regarding their powers and duties in the management of their property; 2. preparing legal papers; 3. assisting in the examination of claims of creditors; 4. assisting in the formulation and preparation of a plan of reorganization and in seeking confirmation of the plan; 5. other legal services necessary to administer the Debtors' bankruptcy cases. The firm's hourly rates are as follows: William A. Rountree, Attorney $495 per hour Hal Leitman, Attorney $425 per hour David S. Klein, Attorney $425 per hour Alexandra Dishun, Attorney $425 per hour Benjamin R. Keck, Attorney $425 per hour Alice Blanco, Attorney $350 per hour Elizabeth A. Childers, Attorney $350 per hour Taner Thurman, Attorney $275 per hour Zach Beck, Law clerk $195 per hour Sharon M. Wenger, Paralegal $195 per hour Megan Winokur, Paralegal $150 per hour Catherine Smith, Paralegal $150 per hour Yasmi Alamin, Paralegal $150 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. The retainer fee is $5,000. William Rountree, Esq., a partner at Rountree Leitman & Klein, 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: William A. Rountree, Esq. Benjamin R. Keck, Esq. Taner N. Thurman, Esq. Rountree Leitman & Klein, LLC 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wrountree@rlklawfirm.com bkeck@rlklawfirm.com tthurman@rlklawfirm.com About New Happy Food Company New Happy Food Company operates a grocery store in Atlanta, Ga. Its affiliate, NHC Food Company Inc. operates a warehouse business. New Happy Food Company and NHC Food Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-54898) on June 29, 2021. William A. Rountree, Esq., at Rountree, Leitman & Klein, LLC is the Debtors' legal counsel. In the petition signed by You Nay Khao, owner, NHC Food Company disclosed total assets of up to $1 million and total liabilities of up to $10 million. Meanwhile, New Happy Food Company had between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities at the time of the filing. NEWASURION CORP: S&P Rates New $2.8BB 2nd-Lien Term Loan B-4 'B' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' debt rating to NEWAsurion Corp. and subsidiaries' proposed $2.8 billion second-lien term loan B-4 due 2029, with a '5' recovery rating, indicating its expectation of modest recovery (10%) in the event of payment default. The company is also issuing a fungible $500 million add-on to its existing $1.5 billion first lien term loan B-9 due 2027. S&P said, "Ratings on the first lien term loan B-9 remain unchanged at 'B+' with a recovery rating of '3(65%)', indicating our expectation of meaningful recovery in the event of payment default. We also rate the revolver and existing first-lien term loans B-6, B-7, and B-8 'B+' with a recovery rating of '3' (65%), and rate the company's existing second-lien term loan B-3 'B' with a recovery rating of '5' (10%)." S&P said, "Our 'B+' issuer credit rating on NEWAsurion and subsidiaries is unaffected by the new issuances and reflects the company's strong market position and leadership in the U.S. handset protection market with growing presence in international markets. "We expect new financing terms to be identical to those of the company's existing first- and second-lien term loans and for NEWAsurion to use the proceeds to fund an equity tender offer worth $3.25 billion, as well as pay related fees and expenses of $50 million. Prior to this transaction, the company completed a $900 million shareholder distribution bringing the total return to shareholders to $4.157 billion year-to-date. The company has been slowly but steadily changing its ownership composition from more-traditional private equity to longer-term capital, such as sovereign wealth funds and pension investors. In conjunction with this recapitalization, we expect pro forma leverage (per our calculations) to increase to 5.4x from 4.2x for the 12 months ended March 31, 2021, with EBITDA interest coverage remaining above 3.0x." In June 2021, the company was informed of the loss of the request for proposal (RFP) on the T-Mobile-Sprint contract. The contract is now expected to end on Oct. 31, 2021, with corresponding Sprint-related revenues and earnings currently expected to erode on a roll-off basis, with most of the base gone in two years. While Sprint represents a material client loss to NewAsurion, S&P thinks the company still maintains its strong market position in the industry and significant scale with revenues continuing to exceed $10 billion. Offsetting factors to the Sprint contract loss are the resumption of domestic subscriber growth as consumer behavior returns to more-normalized levels, increased Soluto penetration in domestic and international markets, a growing number of U Break I Fix (UBIF) stores, as well as an increase in demand for NEWAsurion's Connected Home product offering. High client concentration and contract renewal dependence remain key risk factors for this business, but NewAsurion has mitigated this by securing contracts even without RFPs to ensure greater contract stability. S&P also thinks the Sprint contract loss will not be an emerging trend for NewAsurion since it was rather unique and idiosyncratic. S&P said, "Incorporating the roll-off of the Sprint contract and debt issuance and add-on into our forward-looking analysis, we expect revenues to increase in the low-single-digits with margins remaining at 22%-23% in 2021. Expectations are in line with year-end 2020 results when revenues grew 1.8% and S&PGR-adjusted margins were 23%. We believe that, despite this new debt issuance, NEWAsurion can carry this increased debt load, with expectations for year-end 2021 debt to EBITDA in the lower 5.5x-6.0x range followed by slight deleveraging in 2022. The company has consistently shown a track record of deleveraging and has been operating more conservatively over the past two years in anticipation of the now-determined T-Mobile-Sprint contract outcome. Our leverage expectations are within our tolerance level of 6.0x, on an S&PGR-adjusted basis, and remain supported by our expectation of a continued increase in earnings despite the contract loss due to positive top-line growth, as well as a voluntary $300 million prepayment on its first-lien term loan B-6 completed in second-quarter 2021." NUZEE INC: Appoints Patrick Shearer as New Chief Financial Officer ------------------------------------------------------------------ Patrick Shearer has joined NuZee, Inc. as its new chief financial officer, effective immediately. Mr. Shearer brings to NuZee over 25 years of experience in accounting, finance, transactions and management. Mr. Shearer has held numerous senior leadership positions during his career and has experience in a variety of industries including food and beverage. Mr. Shearer served as a partner in the Risk and Financial Advisory Services practice of Deloitte where his primary focus areas included accounting advisory, finance, mergers, acquisitions, divestitures, and capital markets. Mr. Shearer has significant international experience having lived and worked in Japan in a professional capacity and having completed numerous cross-border projects primarily involving companies based in North America, Asia, and Europe. Mr. Shearer holds a Bachelor of Arts in Economics from the University of California, Los Angeles and is a Certified Public Accountant in the State of California. Patrick Shearer said "I'm honored and excited to join NuZee and be a part of the team that is positioning the company for its next stage of projected growth and development. I look forward to joining Masa and the other recently appointed members of management in NuZee's efforts to enhance its financial position." Mr. Shearer succeeds Shanoop Kothari as NuZee's chief financial officer. Mr. Kothari's previously disclosed resignation from the Company will become effective no later than Aug. 16, 2021. Until his departure, Mr. Kothari is expected primarily to assist with the transition to Mr. Shearer as NuZee's new chief financial officer. Masa Higashida, president and CEO of NuZee, said, "Patrick is a great addition to our newly reconstituted executive leadership team, bringing years of experience in the finance industry. His expertise in finance, M&A and capital markets will be beneficial to NuZee, as we position our company for expected growth ahead. I also want to thank Shanoop Kothari for his significant contributions to NuZee during his time at the Company. We wish him well in his next endeavor." On the Commencement Date, the Company entered into an employment agreement with Mr. Shearer in connection with his appointment as chief financial officer. Pursuant to the Employment Agreement, Mr. Shearer is entitled to an annual base salary of $250,000 and an annual cash bonus opportunity, with an annual target bonus opportunity equal to 50% of his base salary and an annual maximum bonus opportunity equal to 65% of his base salary, in each case based on the achievement of Company and/or individual performance goals that will be established by the Compensation Committee of the Board of Directors; provided that, depending on results, Mr. Shearer's actual bonus may be higher or lower than the Target Bonus at the discretion of the Compensation Committee. Mr. Shearer is also eligible to participate in any equity compensation plan of the Company, including the NuZee, Inc. 2019 Stock Incentive Plan, and to receive future equity awards at the Board's discretion. About Nuzee NuZee, Inc. (d/b/a Coffee Blenders) is a specialty coffee company and a single-serve pour-over coffee producer and co-packer. The Company owns sophisticated packing equipment developed in Asia for pour over coffee production and it believes its long-standing experience with this equipment and associated pour over filters, and its relationships with their manufacturers provide the Company with an advantage over its North American competitors. Nuzee reported a net loss of $9.52 million for the year ended Sept. 30, 2020, compared to a net loss of $12.21 million for the year ended Sept. 30, 2019. As of March 31, 2021, the Company had $17.33 million in total assets, $1.84 million in total liabilities, and $15.49 million in total stockholders' equity. OCEANVIEW MOTEL: August 12 Disclosure Statement Hearing Set ----------------------------------------------------------- Judge Andrew B. Altenburg, Jr. will consider approval of the Disclosure Statement of Ocean View Motel, LLC on August 12, 2021 at 10 a.m. at Courtroom 4B, Mitchell H. Cohen US Courthouse, 400 Cooper Street, 4th Floor, in Camden, New Jersey. Objections to the Disclosure Statement must be filed no later than 14 days before the hearing. About Ocean View Motel Ocean View Motel, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 20-21165) on Sept. 30, 2020, disclosing under $1 million in both assets and liabilities. Judge Andrew B. Altenburg Jr., is assigned to the case. The Debtor is represented by McDowell Law, PC. PACIFICO NATIONAL: Second Amended Subchapter V Plan Confirmed ------------------------------------------------------------- Judge Lori V. Vaughan confirmed the Second Amended Subchapter V Plan of Pacifico National, Inc. on July 2, 2021. The Court granted the Debtor's request to enter into a lease with Elizabeth Street Business Center, LLC (ESB). The Debtor has executed the lease with ESB. A status conference is scheduled for August 3, 2021 at 2:45 p.m., if the case is still pending. A copy of the confirmation order is available for free at https://bit.ly/3ht8C0U from PacerMonitor.com. About Pacifico National Inc. d/b/a AmEx Pharmacy Pacifico National, Inc. -- https://amexpharmacy.com -- which conducts business under the name AmEx Pharmacy, is a nationwide compounding pharmacy specializing in dermatology and the development of topical therapies. It services patients in 38 states throughout the United States. Pacifico National filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-05009) on Sept. 3, 2020. Pacifico National President Mark L. Sangree signed the petition. At the time of the filing, the Debtor disclosed $363,794 in assets and $6,583,984 in liabilities. Bankruptcy Judge Lori V. Vaughan presides over the case. The Debtor is represented by Thomas H. Yardley Law Offices. PALMCO HOMES: Asks to Extend Plan Deadline by 45 Days ----------------------------------------------------- Palmco Homes II, LLC, filed its motion to extend its deadline to file a Disclosure Statement and Plan of Reorganization for 45 days. The Debtor has greatly reduced the amount owed to secured creditor, Lvreis, Inc. ("Lvreis") by the sale of one of the two properties in this case, as approved by this Court (DE 48). The Debtor and Lvreis are in continued negotiations with regard to the remaining balance in the hopes of reaching an agreement and achieving a consensual Plan. The secured creditor, Lvreis, does not object to the relief sought by the Debtor provided the Debtor continues its adequate protection payments, which it will do. The Debtor asserts the requested extension will not prejudice any creditor, in fact, Debtor believes that it will only benefit creditors should it be given this additional time to continue to work towards a consensual Plan. As a result, the Debtor requests the deadline to file the Plan of Reorganization and Disclosure Statement be extended for forty-five days to on or before August 13, 2021. About Palmco Homes II Palmco Homes II, LLC sought protection from the U.S. Bankruptcy Code for the Southern District of Florida (Bankr. S.D. Fla. Case No. 21-12044) on March 1, 2021, listing under $1 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. Van Horn Law Group, PA serves as the Debtor's legal counsel. PARKS DIVERSIFIED: Seeks to Tap Goe Forsythe & Hodges as Counsel ---------------------------------------------------------------- Parks Diversified, LP seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Goe Forsythe & Hodges, LLP to serve as legal counsel in its Chapter 11 case. The firm's services include: a. advising and assisting the Debtor with respect to compliance with the requirements of the U.S. trustee; b. advising the Debtor regarding matters of bankruptcy law, including the rights and remedies of the Debtor with respect to its assets and claims of creditors; c. representing the Debtor in any proceedings or hearings pending in the bankruptcy court or in other courts where the Debtor's rights under California Law or the Bankruptcy Code may be litigated and affected; d. conducting examinations of witnesses, claimants or adverse parties and assisting in the preparation of reports, accounts and pleadings related to the case; e. advising the Debtor concerning the requirements of the bankruptcy court and applicable rules; f. assisting the Debtor in the negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; g. making bankruptcy court appearances; and h. perform other legal services required by the Debtor in connection with its bankruptcy case. The firm received an initial pre-bankruptcy retainer of $21,738, which includes the $1,738 filing fee. The retainer was paid by David Klein, Debtor's general partner. Marc Forsyte, Esq., a partner at Goe Forsythe & Hodges, disclosed in court filings that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Marc C. Forsyte, Esq. Goe Forsythe & Hodges, LLP 18101 Von Karman Avenue, Suite 1200 Irvine, CA 92612-7127 Tel: (949) 798-2460 Fax: (949) 955-9437 Email: mforsythe@goeforlaw.com About Parks Diversified Parks Diversified, LP, a San Juan Capistrano, Calif.-based company engaged in activities related to real estate, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-11558) on June 22, 2021. David Klein, general partner, signed the petition. At the time of the filing, the Debtor disclosed $30,020,500 in assets and $200,000 in liabilities. Judge Erithe A. Smith presides over the case. Marc C. Forsyte, Esq., at Goe Forsythe & Hodges, LLP, represents the Debtor as legal counsel. PARMELEE INVESTMENTS: Deutsche Bank Says Disclosures Incomplete --------------------------------------------------------------- Deutsche Bank National Trust Company -- as trustee on behalf of the holders of the Impac Secured Assets Corp., Mortgage Pass-Through Certificates Series 2006-4, its assignees and/or successors, by and through its servicing agent Select Portfolio Servicing, Inc. (SPS) -- objected to the Disclosure Statement of Parmelee Investments, LLC. Deutsche Bank contended that the Disclosure Statement should not be approved for its lack of adequate information citing that: 1. The Disclosure Statement fails to disclose the Debtors' proposed payments to secured creditors who may make an election pursuant to Section 1111(b). The Disclosure Statement and Chapter 11 Plan do not propose treatment in the event a secured class would make an election pursuant to Section 1111(b). Disclosure of such treatment is necessary so a secured creditor may make an informed decision on whether it would make such an election under the Chapter 11 Plan, as well as whether the secured creditor would object to the proposed treatment as being not in keeping with prevailing law on the subject, Deutsche Bank said. 2. Valuations have not yet been determined. The Court has not yet determined the value of the subject property. Since the Debtor did not file a Motion to Value, the value of the property has not been adjudicated. The Debtor proposed to retain the Property (commonly known as 6504 Parmelee Avenue, Los Angeles, CA 90001) by bifurcating SPS's claim into a secured claim of $225,000 and an unsecured claim of approximately $312,307. Debtor further proposes to recapitalize the secured claim $225,000.00 at a fixed interest rate of 3.50% over 360 months. SPS asserted that it is entitled to receive payments pursuant to a Promissory Note which is secured by a Deed of Trust on the subject property. As of January 3, 2021, the amount in default was $60,424 and the total claim was $537,307. SPS said it has not been afforded the opportunity to obtain its own valuation on the subject property so SPS cannot and does not accept Debtor's valuation of $225,000. Without determining the value of the property, SPS cannot make a determination to what extent their claim can be bifurcated or if they should explore other options, such as making a 1111(b) election. 3. The Debtor is unable to discharge the debt of a non-debtor and therefore the unsecured portion of the claim is not subject to discharge. The Debtor is not the original borrower or obligor on the Note secured by the Property. Debtor is prohibited from discharging the debts of sole obligor and non-debtor, Mortgagor Maria G. Castillo, and case law supports the creditor may look to either the property or obligor to satisfy the secured debt. Thus, bifurcating the lien is futile and serves no purpose to Debtor's reorganization. A copy of the objection is available for free at https://bit.ly/36fF0h9 from PacerMonitor.com. Counsel for Deutsche Bank National Trust Company, as trustee, on behalf of the holders of the Impac Secured Assets Corp., Mortgage Pass-Through Certificates Series 2006-4, its assignees and/or successors, by and through its servicing agent Select Portfolio Servicing, Inc.: JaVonne M. Phillips, Esq. Jennifer C. Wong, Esq. McCarthy & Holthus, LLP 2763 Camino Del Rio South, Suite 100 San Diego, CA 92108 Telephone: (877) 369-6122 Facsimile:(619) 685-4811 Parmelee Investments Parmelee Investments, LLC, sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-10002) on Jan. 3, 2021, listing under $1 million in both assets and liabilities. Matthew Abbasi, Esq., at Abbasi Law Corporation, is the Debtor's legal counsel. PRO VIDEO: Unsecureds Will be Satisfied in Full Under Plan ---------------------------------------------------------- Pro Video Instruments, LLC, submitted an Amended Plan of Reorganization. Holders of Class 2 – Allowed General Unsecured Claims will receive monthly pro rata distributions until each claim is satisfied in full. Based upon the Debtor's estimate of the total amount of all Allowed Unsecured Claims in Class 2 to be $538,317.49, the monthly distributions will continue for 60 months from the Effective Date. The Debtor will commit all its disposable income to satisfy the debts of the Class 2 Claims, with a minimum total monthly payments equaling $10,000. Class 2 is impaired. The Plan contemplates that the Debtor will continue to manage and operate its business in the ordinary course, but with restructured debt obligations. It is anticipated that the revenue from its operations and proceeds from causes of action shall be sufficient to make the Plan Payments and ordinary course business expenses. Counsel for the Debtor: JUSTIN M. LUNA, ESQ. BENJAMIN R. TAYLOR, ESQ. LATHAM, LUNA, EDEN & BEAUDINE, LLP 201 S. ORANGE AVE., SUITE 1400 ORLANDO, FLORIDA 32801 A copy of the Disclosure Statement is available at https://bit.ly/3xeKggS from PacerMonitor.com. About Pro Video Instruments Pro Video Instruments, LLC is a hi-tech manufacturer of digital video distribution products, providing solutions for the homes, hospitality, entertainment, advertising, sport, broadcast, Internet, security, surveillance, industrial, educational, scientific, and consumer markets. Pro Video Instruments filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-02491) on May 28, 2021. Silvia Fioravanti, manager, signed the petition. At the time of the filing, the Debtor had between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP, represents the Debtor as legal counsel. PURDUE PHARMA:$4.5 Bil. Bankruptcy Deal Gets Support of Many States ------------------------------------------------------------------- Erik Larson of Bloomberg News reports that Purdue Pharma LP’s bankruptcy plan won the support of more than a dozen states that had been opposing the accord because the OxyContin maker and its billionaire owners weren't contributing enough to deal with the addiction crisis, a mediator told a judge. An agreement in principle was reached with most of the states that had been objecting to Purdue's Chapter 11 reorganization, including New York, whose attorney general said that while the deal was "not perfect" it would quickly deliver aid to states if approved. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation facing the Company. The Company's consolidated balance sheet at Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain, in White Plains, New York, has been assigned to oversee Purdue's Chapter 11 case. Davis Polk & Wardwell LLP and Dechert LLP are serving as legal counsel to Purdue. PJT Partners is serving as investment banker, and AlixPartners is serving as financial advisor. Prime Clerk LLC is the claims agent. RANDOLPH HOSPITAL: Disclosures OK'd, Aug. 25 Hearing on Plan Set ---------------------------------------------------------------- Judge Lena Mansori James approved the Disclosure Statement of Randolph Hospital, Inc., d/b/a Randolph Health. Judge James set the following deadlines related to the timeline for Voting on and Confirmation of the Plan: * Aug. 6, 2021, at 4 p.m., Eastern Daylight Time, is the deadline by which the Debtors shall file and serve the Plan Supplement. * Aug. 13, 2021, at 4 p.m., Eastern Daylight Time, is the Voting Deadline. * Aug. 20, 2021, at 4 p.m., Eastern Daylight Time, is the deadline for the Administrative Agent to file a tabulation report for Plan voting. * Aug. 13, 2021, at 4 p.m., Eastern Daylight Time, is the Plan Objections Deadline. * Aug. 20, 2021, at 4 p.m., Eastern Daylight Time, is the deadline to file responses to Plan objections. The Confirmation Hearing will be held at 9:30 a.m., Eastern Daylight Time, on August 25, 2021. A copy of the order is available for free at https://bit.ly/3jQoMTR from Epiq, claims agent. The Amended Disclosure Statement The Disclosure Statement reported these salient provisions in the Plan, which is a Liquidating Plan. The Plan will be funded from proceeds generated from (i) the proceeds from the Sale Transaction; (ii) the net proceeds from the sale, liquidation, or other disposition of the Trust Assets; and (iii) cash on hand at the Effective Date. On the Effective Date, the Trust Assets shall vest in the Liquidation Trust and shall thereafter be administered, liquidated (by sale, collection, recovery, settlement or other disposition) by the Liquidation Trustee in accordance with the Liquidation Trust Agreement and the Plan. For the avoidance of doubt, none of the Acquired Assets under the APA shall vest in or otherwise be subject to the Liquidation Trust. * Sale Transaction The Debtors held an auction on October 5 and 6, 2020 regarding the sale of substantially all of their assets. The successful bidder was American Healthcare Systems, Inc. which bid an $18.5 million purchase price, plus assumption of cure costs for assumed contracts and paid time off for hired employees. The Debtors and American Healthcare entered into an Asset Purchase Agreement (APA) on October 8, 2020. On November 3, the Court entered the Sale Order with respect to the proposed APA. The Debtors and American Healthcare thereafter entered into a first and second amendments of the APA, with the approval of the Court. The APA is conditioned upon the Debtors and Randolph County obtaining $20 million in funding through the North Carolina Rural Health Care Stabilization Program. After the North Carolina's Local Government Commission (LGC) declined Randolph County's request, the Debtors and American Healthcare negotiated a purported Third Amendment to the APA which removes the Stabilization Act Funding contingency and lowers the purchase price to $8.75 million. Shortly thereafter, however, the LGC approved an amended application for Stabilization Act funding which provides for $12 million in forgivable loans payable over four years. After the $12 million funding was approved, the Debtors, the Committee, and American Healthcare entered into further negotiations to amend the APA to take into account the improved capital position post-closing. As a result, the Debtors and American Healthcare have agreed, in consultation with the Committee, to a $10.2 million purchase price under the Fourth Amendment to the APA. The $10.2 million purchase price will be paid as follows: (a) $9.0 million in cash at closing; and (b) $300,000 in four quarterly installments on each annual payment date, for four annual payment dates. * Classes of Claims under the Plan a. Class 1: Secured Tax Claims No filed proofs of claims Estimated Recovery: 100% b. Class 2: Priority Non-Tax Claims - Est. Total Amount of Claims: $44,508 Estimated Recovery: 100% c. Class 3: Secured Term Loan Claim Est. Total Amount of Claims: $24,053,695 Estimated Recovery: 70% to 90% d. Class 4: Other Secured Claims Est. Total Amount of Claims: $29,703 Estimated Recovery: 100% of the holder's interest in the collateral securing such Claim, or Debtors will surrender collateral e. Class 5: General Unsecured Claims Est. Total Amount of Claims: $20,534,912 Estimated Recovery: 33% to 45% f. Class 6: Medical Malpractice Claims Est. Total Amount of Claims: to be determined Estimated Recovery: not applicable Classes 3, 4, 5 and 6 are entitled to vote on the Plan. Unless otherwise agreed by the holder of a Class 5 Allowed Claim to accept different and less favorable treatment, each holder of an Allowed General Unsecured Claim shall be entitled to receive in full and final satisfaction of such Claim a Pro Rata share of the Net Trust Assets on the later of: (a) the date or dates determined by the Liquidation Trustee, to the extent there is Cash available for distribution in the judgment of the Liquidation Trustee, having due regard for the anticipated and actual expenses, the likelihood and timing of the process of liquidating; and (b) 30 days after the date on which such Claim has become Allowed by a Final Order. A copy of the Amended Disclosure Statement is available for free at https://bit.ly/2SRb6Ng from Epiq, claims agent. Counsel for the Debtors: Jody A. Bedenbaugh, Esq. Graham S. Mitchell, Esq. Nelson Mullins Riley & Scarborough LLP 1320 Main St., 17th Floor Post Office Box 11070 (29211) Columbia, SC 29201 Telephone: (803) 799-2000 Facsimile: (803) 256-7500 Email: Jody.Bedenbaugh@nelsonmullins.com graham.mitchell@nelsonmullins.com - and - Jason L. Hendren, Esq. Rebecca F. Redwine, Esq. Benjamin E.F.B. Waller, Esq. Hendren, Redwine & Malone, PLLC 4600 Marriott Drive, Suite 150 Raleigh, NC 27612 Telephone: (919) 420-7867 Facsimile: (919) 420-0475 E-mail: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com About Randolph Hospital Randolph Hospital -- https://www.randolphhealth.org/ -- operates as a hospital that provides inpatient and outpatient services in North Carolina. The Company offers, among other services, cancer care, imaging, maternity services, cardiac services, surgical services, outpatient specialty clinics, rehabilitation services, and emergency services. Randolph Hospital, Inc. and its affiliates, MRI of Asheboro, LLC and Randolph Specialty Group Practice, each filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Lead Case No. 20-10247) on March 6, 2020. In the petition signed by CRO Louis E. Robichaux IV, Randolph Hospital was estimated to have $100 million to $500 million in both assets and liabilities. Judge Lena Mansori James oversees the case. The Debtor is represented by Nelson Mullins Riley & Scarborough LLP as counsel, and Hendren, Redwine & Malone, PLLC as co-counsel. Epiq Corporate Restructuring, LLC is the claims agent. The Official Committee of Unsecured Creditors is represented by Andrew H. Sherman, Esq., Boris I. Mankovetskiy, Esq., and Sills, Cummis & Gross, P.C. The Bank of America, as the Lender, is represented by Scott Vaughn, Esq. RESOURCES LIMITED: Seeks Court Approval to Hire Equipment Appraiser ------------------------------------------------------------------- Resources Limited, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Southeast Equipment Appraisal Services, Inc. to conduct an appraisal of the equipment owned by Huffman Trucking, Inc. The appraiser will be paid $5,000 for its services by Huffman Trucking. Ronald Dover, an officer and authorized representative of Southeast Equipment Appraisal Services, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ronald J. Dover Southeast Equipment Appraisal Services, Inc. 1274 Blue Ridge Drive Sautee, GA 30571 Telephone: (706) 878-5523 Email: doverjs@mindspring.com About Resources Limited Resources Limited, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 21-20089) on April 19, 2021. David Huffman, manager, signed the petition. At the time of the filing, the Debtor disclosed total assets of up to $50,000 and total liabilities of $1 million to $10 million. Judge B. McKay Mignault oversees the case. The Law Office of John Leaberry serves as the Debtor's legal counsel. SBW PROPERTIES: To Continue Operations to Fund Plan --------------------------------------------------- Tri-State Sports, LLC submitted a Plan and a Disclosure Statement. The Debtor proposes to restructure its current indebtedness and continue its operations to provide a dividend to the creditors of Debtor. Since the filing of the bankruptcy, the Debtor has worked on the renovations and has rented out the Property. Currently, the Debtor generates $4,600 per month for rents. The rental income will increase in the future. The Debtor will continue in business. These claimants will receive cash payments over a period of time beginning on the Effective Date. The Plan identifies three classes: Class 1 Administrative Claims, Class 2 Priority Claims, Class Secured Claims, and Class 4 Shareholders. The Plan does not identify any unsecured claims. The Class 3 Claimant (Allowed Secured Claim of Hunter-Kelsey II, LLC) is impaired. On or about September 7, 2018 Debtor executed that certain Property Tax Lien Contract ("Note") with Hunter-Kelsey II, LLC ("Hunter") in the original amount of $140,955.33. Hunter shall have a secured claim in the amount of $199,480.59 ("Hunter Secured Claim"). The Hunter Secured Claim shall be paid in 120 equal monthly installments with interest at the rate of 15.25% per annum commencing on the Effective Date. Current shareholders are unimpaired and will retain their existing interests. A copy of the Disclosure Statement is available at https://bit.ly/3AfsQmg from PacerMonitor.com. About SBW Properties SBW Properties, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-30035) on Jan. 8, 2021. At the time of the filing, the Debtor disclosed assets of between $100,001 and $500,000 and liabilities of the same range. Eric A. Liepins, Esq., serves as the Debtor's legal counsel. SEAWIND LLC: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Seawind, LLC 933 Pike Springs Road Kimberton, PA 19442 Business Description: Seawind, LLC manufactures aerospace product and parts. Chapter 11 Petition Date: July 8, 2021 Court: United States Bankruptcy Court District of Delaware Case No.: 21-10998 Judge: Hon. Craig T. Goldblatt Debtor's Counsel: Daniel K. Astin, Esq. CIARDI CIARDI & ASTIN PO Box 2088 Wilmington, DE 19899-2088 Tel: 302-658-1100 Email: dastin@ciardilaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Terry Silva, managing member. The Debtor failed to include 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/PLKYVYI/Seawind_LLC__debke-21-10998__0001.0.pdf?mcid=tGE4TAMA SEMILEDS CORP: Reports Q3 Fiscal Year 2021 Financial Results ------------------------------------------------------------ SemiLEDs Corporation announced its financial results for the third quarter of fiscal year 2021, ended May 31, 2021. Revenue for the third quarter of fiscal 2021 increased to $1.4 million, compared to $1.2 million in the second quarter of fiscal 2021. GAAP net loss attributable to SemiLEDs stockholders for the third quarter of fiscal 2021 decreased to $64,000, or $(0.02) per diluted share, compared to a net loss of $255,000, or $(0.06) per diluted share, in the second quarter of fiscal 2021. GAAP gross margin for the third quarter of fiscal 2021 increased to 46%, compared with gross margin for the second quarter of fiscal 2021 of 20%. Operating margin for the third quarter of fiscal 2021 decreased to negative 41%, compared with negative 42% for the second quarter of fiscal 2021. The Company's cash and cash equivalents were $1.7 million at May 31, 2021, compared to $2.1 million at the end of the second quarter of fiscal 2021. The Company is unable to forecast revenue for the fourth quarter ending Aug. 31, 2021 at this time given the continuing uncertain impact of COVID-19 on the economy and the Company. About SemiLEDs Headquartered in Miao-Li County, Taiwan, R.O.C., SemiLEDs -- http://www.semileds.com-- develops and manufactures LED chips and LED components for general lighting applications, including street lights and commercial, industrial, system and residential lighting, along with specialty industrial applications such as ultraviolet (UV) curing, medical/cosmetic, counterfeit detection, horticulture, architectural lighting and entertainment lighting. SemiLEDs reported a net loss of $547,000 for the year ended Aug. 31, 2020, compared to a net loss of $3.56 million for the year ended Aug. 31, 2019. As of Feb, 28, 2021, the Company had $15.13 million in total assets, $13.51 million in total liabilities, and $1.62 million in total equity. KCCW Accountancy Corp., in Diamond Bar, California, the Company's auditor since 2019, issued a "going concern" qualification in its report dated Nov. 17, 2020, citing that the Company incurred recurring losses from operations and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. SHILO INN IDAHO: Wins August 29 Plan Exclusivity Extension ---------------------------------------------------------- Judge Brian D. Lynch of the U.S. Bankruptcy Court for the Western District of Washington, Tacoma Division extended the periods within which Shilo Inn, Idaho Falls, LLC has the exclusive right to file a plan of reorganization through and including August 29, 2021, and to solicit acceptances to a Plan through and including October 28, 2021. The granted extensions will afford the Debtor a meaningful opportunity to exercise that exclusive right after the conclusion of the evidentiary hearing. The evidentiary hearing is being rescheduled on or after August 16, 2021, pending the availability of the Court and the Court's scheduling. A copy of the Court's Extension Order is available at https://bit.ly/3jVpkb0 from PacerMonitor.com. About Shilo Inn, Idaho Falls, LLC Shilo Inn, Idaho Falls, LLC filed a Chapter 11 petition (Bankr. W.D. Wash. Case No. 20-42489) on November 2, 2020. At the time of filing, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Brian D. Lynch oversees the case. The Debtor tapped Levene, Neale, Bender, Yoo & Brill LLP as bankruptcy counsel, Stoel Rives LLP serves as local counsel, and Business Debt Solutions, Inc. as financial advisor. RSS CGCMT 2017P7-ID SIIF, LLC, as the lender, is represented by Lane Powell PC. SILVERLIGHT BUSINESS: Unsecureds to Recover 25% in Plan ------------------------------------------------------- Silverlight Business and Risk Management, Inc., submitted an Amended Plan of Reorganization. This Reorganization Plan under chapter 11 of the Bankruptcy Code proposes to pay the creditors of Silverlight Business and Risk Management, Inc., from cash flow from operations and future income. Nonpriority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 0.25 on the dollar. This Plan also provides for the payment of administrative and priority claims. The Plan proposes to treat claims and interests as follows: Class 2A. Crestmark Bank totaling $186,388.17. Crestmark Bank shall receive on account of its secured claim deferred cash payments equal to the allowed amount of its secured claim, with 5.25% interest. The allowed secured claim will be paid with 60 equal monthly principal and interest payments which will be amortized over one hundred and eighty (180) months. The monthly payments will be $1,498.33. Class 2B. SAN of Florida. SAN of Florida shall receive on account of its secured claim deferred cash payments equal to the allowed amount of its secured claim, with 5.25) interest. The allowed secured claim will be paid with 60 equal monthly principal and interest payments which will be amortized over one hundred and eighty (180) months. Class 2C. Southeast Toyota Finance. The Debtor will surrender the collateral in full satisfaction of the allowed secured claim. CLASS 3: Non-Priority Unsecured Claims. The Allowed Unsecured Claims of Class 3 shall receive a pro-rata share of a fund totaling $90,000, created by the Debtor's payment of a monthly payment for 36 months, with the first monthly payment commencing on the Distribution Date. CLASS 4. Equity Interests. All Class 4 interests, upon the effective date, shall be modified so as to deprive the holders thereof of any rights in respect of the Debtor to any distribution upon liquidation of the corporation, or upon sale of all or substantially all the Debtor's assets, and shall be further modified to provide that no dividends shall be paid by reason of such equity interests. Attorney for the Debtor: Benjamin G. Martin, Esq. 1620 Main Street, ste.1 Sarasota, Florida 34236 Tel: (941) 951-6166 E-mail: skipmartin@verizon.net A copy of the Disclosure Statement is available at https://bit.ly/3wb4iHU from PacerMonitor.com. About Silverlight Business and Risk Management Silverlight Business and Risk Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:21-bk-00770) on Feb. 18, 2021. In the petition signed by Dennis G. Fuller, Sr., president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Benjamin G. Martin is the Debtor's counsel. Judge Michael G. Williamson is assigned to the case. SKILL CAPITAL: Case Summary & 18 Unsecured Creditors ---------------------------------------------------- Debtor: Skill Capital LLC 712 Fifth Avenue 22nd Floor New York, NY 10019 Case No.: 1:21-bk-11275 Business Description: Founded in 1998, Skill Capital specializes in finding and assessing board-level management teams for portfolio companies, facilitating due diligence on upcoming deals, and working with executives and founders to raise private capital. Chapter 11 Petition Date: July 8, 2021 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. David S. Jones Debtor's Counsel: Jamila Justine Willis, Esq. DLA PIPER LLP (US) 1251 Avenue of the Americas New York, NY 10020-1104 Tel: (212) 335-4500 Email: jamila.willis@us.dlapiper.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Adrian Lamb, authorized signatory. A full-text copy of the petition containing, among other items, a list of the Debtor's 18 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/ZYIDZ5I/Skill_Capital_LLC__nysbke-21-11275__0001.0.pdf?mcid=tGE4TAMA SONOMA PHARMACEUTICALS: Inks New Employment Contracts With 3 Execs ------------------------------------------------------------------ Effective on July 1, 2021, Sonoma Pharmaceuticals, Inc. entered into a new employment agreement with its chief executive officer, Amy Trombly, after her prior agreement expired pursuant to its terms. The Company agreed to pay Ms. Trombly a base salary of $325,000 per annum, and to provide its standard medical, dental and vacation benefits. Ms. Trombly will be eligible for a target bonus of up to 50% of her base salary per year upon the completion of certain agreed-upon goals based on the sole discretion of the Compensation Committee, and may earn 120% of the target bonus per year for exceeding goals, in the discretion of the Compensation Committee. She is also eligible for annual equity grants in the sole discretion of the Compensation Committee. As was the case with her old agreement, certain legal services not provided by Ms. Trombly will continue to be billed by Trombly Business Law, PC. The Board also agreed that during her time as chief executive officer, Ms. Trombly may continue to represent other clients in her role as attorney. The employment agreement provides Ms. Trombly with certain separation benefits in the event of termination without cause, for good reason or change of control, as such terms are defined in the employment agreement. In the event Ms. Trombly is terminated without cause, or for good reason or upon change of control, she is entitled to: * a lump sum severance payment equal to six months of her base salary upon termination without cause or for good reason, and twelve months her base salary upon termination for change of control; * upon termination without cause or for good reason a pro-rata bonus, upon determination by the Corporation's Board of Directors or Compensation Committee, as appropriate, to be made in its sole discretion, and a target annual bonus amount of $162,500 upon termination upon change of control. The amount, form and payment schedule of such bonus shall be determined by the Compensation Committee. * automatic vesting of all unvested time-based options and equity awards; * vesting of performance-based equity compensation awards in accordance with the terms of the awards, if the performance goals are satisfied, such determination to be in the sole discretion of the Compensation Committee or the Board, as the case may be; and * reimbursement for health care premiums under COBRA until the earliest of: (i) six or twelve months following the date of termination depending on the reason for termination; (ii) the date she is no longer eligible to receive COBRA continuation coverage; or (iii) until she becomes eligible for medical insurance coverage provided by another employer. Either party may terminate the employment agreement for any reason upon at least 60 days prior written notice. Upon termination for any reason, all vested equity awards will remain exercisable for 18 months following the termination. Receipt of the termination benefits is contingent on executing a general release of claims against the Company, resignation from any and all directorships and every other position held by the executive with the Company or any of its subsidiaries, and return of all Company property. In addition, Ms. Trombly will be required to comply with the confidentiality, non-compete, anti-solicitation and non-disparagement provisions of the employment agreement during the term of employment and for two years following termination. Employment Agreement With CEO Effective on July 1, 2021, the Company entered into an employment agreement with its chief financial officer, Jerry Dvonch. The Company agreed to pay Mr. Dvonch a base salary of $200,000 per year, and to provide its standard medical, dental and vacation benefits. Mr. Dvonch will be eligible for a target bonus of up to 50% of his base salary per year upon the completion of certain agreed-upon goals based on the sole discretion of the Compensation Committee, and may earn 120% of the target bonus per year for exceeding goals, in the discretion of the Compensation Committee. He is also eligible for annual equity grants in the sole discretion of the Compensation Committee. The employment agreement provides Mr. Dvonch with certain separation benefits in the event of termination without cause, for good reason or upon change of control, as such terms are defined in the employment agreement. In the event Mr. Dvonch is terminated without cause, for good reason or upon change of control, he is entitled to: * a lump sum severance payment equal to six months of his base salary upon termination without cause or for good reason, and twelve months his base salary upon termination for change of control; * upon termination without cause or for good reason a pro-rata bonus, upon determination by the Corporation's Board of Directors or Compensation Committee, as appropriate, to be made in its sole discretion, and a target annual bonus amount of $100,000 upon termination upon change of control. The amount, form and payment schedule of such bonus shall be determined by the Compensation Committee; * automatic vesting of all unvested time-based options and equity awards; * vesting of performance-based equity compensation awards in accordance with the terms of the awards, if the performance goals are satisfied, such determination to be in the sole discretion of the Compensation Committee or the Board, as the case may be; and * reimbursement for health care premiums under COBRA until the earliest of: (i) six or twelve months following the date of termination depending on the reason for termination; (ii) the date he is no longer eligible to receive COBRA continuation coverage; or (iii) until he becomes eligible for medical insurance coverage provided by another employer. Either party may terminate the employment agreement for any reason upon at least 60 days prior written notice. Upon termination for any reason, all vested equity awards will remain exercisable for 18 months following the termination. Receipt of the termination benefits is contingent on executing a general release of claims against the Company, resignation from any and all directorships and every other position held by the executive with the Company or any of our subsidiaries, and return of all Company property. In addition, Mr. Dvonch will be required to comply with the confidentiality, non-compete, anti-solicitation and non-disparagement provisions of the employment agreement during the term of employment and for two years following termination. Employment Agreement With COO Effective on July 1, 2021, the Company entered into a new employment agreement with Bruce Thornton, its chief operating officer. The terms of the employment agreement provide for an annual salary of $250,000 for Mr. Thornton. Mr. Thornton also receives certain benefits, such as participation in our health and welfare plans, vacation and reimbursement of expenses and a car allowance. Mr. Thornton will be eligible for a target bonus of up to 50% of his base salary per year upon the completion of certain agreed-upon goals based on the sole discretion of the Compensation Committee, and may earn 120% of the target bonus per year for exceeding goals, in the discretion of the Compensation Committee. He is also eligible for annual equity grants in the sole discretion of the Compensation Committee. As was the case with his prior agreement, the employment agreement provides Mr. Thornton with certain separation benefits in the event of termination without cause, for good reason or upon change of control, as such terms are defined in the employment agreement. In the event Mr. Thornton is terminated without cause, for good reason or upon a change of control, he is entitled to: * a lump sum severance payment equal to one time his base salary; * a pro-rata bonus, upon determination by the Corporation's Board of Directors or Compensation Committee, as appropriate, to be made in its sole discretion as to whether to grant a bonus, and if such bonus is granted, the amount, form and payment schedule. For the avoidance of doubt, Mr. Thornton shall not be entitled to any bonus solely for reason of termination, unless the Board of Directors or the Compensation Committee, as appropriate, in its sole discretion awards such bonus; * automatic vesting of all unvested time-based options and equity awards and exercisability of awards for the remainder of their respective terms; * vesting of performance-based equity compensation awards in accordance with the terms of the awards, if the performance goals are satisfied, such determination to be in the sole discretion of the Compensation Committee or the Board, as the case may be; and * reimbursement for health care premiums under COBRA until the earliest of: (i) one year following the date of termination; (ii) the date he is no longer eligible to receive COBRA continuation coverage; or (iii) until he becomes eligible for medical insurance coverage provided by another employer. Mr. Thornton may terminate his employment for any reason upon at least 30 days prior written notice. Receipt of the termination benefits described above is contingent on executing a general release of claims against the Company, resignation from any and all directorships and every other position held by him with the Company or any of its subsidiaries, and return of all Company property. In addition, Mr. Thornton is not entitled to such benefits if he does not comply with the non-competition and invention assignment provisions of his employment agreement during the term of his employment or the confidentiality, non-solicitation and non-disparagement provisions of the employment agreement, during and for two years after his termination. About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. -- http://www.sonomapharma.com-- is a global healthcare company that develops and produces stabilized hypochlorous acid, or HOCl, products for a wide range of applications, including wound care, animal health care, eye care, oral care and dermatological conditions. The Company's products reduce infections, itch, pain, scarring and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to have impressive antipruritic, antimicrobial, antiviral and anti-inflammatory properties. Its stabilized HOCl immediately relieves itch and pain, kills pathogens and breaks down biofilm, does not sting or irritate skin and oxygenates the cells in the area treated assisting the body in its natural healing process. The Company sells its products either directly or via partners in 53 countries worldwide. Sonoma reported a net loss of $2.95 million for the year ended March 31, 2020, compared to a net loss of $11.80 million for the ear ended March 31, 2019. As of Dec. 31, 2020, the Company had $18.23 million in total assets, $5.91 million in total liabilities, and $12.32 million in total stockholders' equity. Marcum LLP, in New York, the Company's auditor since at least 2006, issued a "going concern" qualification in its report dated July 10, 2020, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. STEWART STREET: Unsecureds to Get Full Payment in 5 Years --------------------------------------------------------- Stewart Street Academy and Childcare, LLC, submitted an Amended Plan of Reorganization. This Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay creditors of Ideal Development Corporation from future income of the business. This Plan also provides for the payment of administrative claims in full as of the effective date of this Plan. Unsecured creditors holding allowed claims will receive distributions. This Plan also provides for the payment of administrative claims in full as of the effective date of this Plan. Class 2 General unsecured claims totaling $15,947 are impaired. Creditors will receive 10 bi-annual payments of $1,595 for 60 months. The claims will not receive interest. A copy of the Disclosure Statement is available at https://bit.ly/3Ap6izx from PacerMonitor.com. About Stewart Street Academy and Childcare Stewart Street Academy and Child Care, LLC is a Georgia limited liability company that owns non-residential real property located at 204 Stewart St., Carrollton, Ga. The entire property is leased to Stewart Street Childcare Services, Inc., which operates a child care center on the property. The center is owned and operated by the sister of Randall Kimball, the Debtor's owner. Stewart Street Academy and Child Care sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-11216) on Sept. 1, 2020. In the petition signed by Randall Kimball, managing member, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Paul Baisier oversees the case. The Debtor tapped the Law Office of Scott B. Riddle, LLC and Wiggam & Geer, LLC, as legal counsel. STITCH ACQUISITION: S&P Assigns 'B' ICR, Outlook Stable ------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to Stitch Acquisition Corp., which will be the financial reporting entity of SVP Worldwide going forward. S&P said, "At the same time, we assigned our 'B' issue-level rating to the company's proposed $350 million senior secured term loan due 2028. The recovery rating is '3', reflecting our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of default. "The stable outlook reflects our expectation that the company's revenue and EBITDA will reset in a normalized environment post the pandemic, resulting in adjusted leverage deterioration to the mid-5x area in 2022, followed by low-single-digit topline and EBITDA growth that results in a modest improvement in adjusted leverage to around 5x by 2023." Platinum Equity Partners entered into a definitive agreement to acquire SVP Worldwide from Ares Management for $484 million. S&P estimates pro forma adjusted debt to EBITDA around 4x upon the completion of the transaction. The ratings reflect the company's small scale and scope, narrow business and product focus, and raw material cost volatility, notwithstanding its leading market position and high brand recognition in the niche household sewing machine industry. With around $550 million in revenue for the last 12 months ended March 31, the company lacks meaningful scale and is narrowly focused in a mature industry that could revert to sub-par growth once global economies reopen. Other key market participants in the industry include Brother and Janome. The industry is fairly consolidated with these top three players accounting for 70% of the market share and we believe barriers to entry are modest. There is risk that these competitors could increase their focus and investment in the space to support their brands and gain market share. S&P also believes the discretionary nature of company's products make it susceptible to general economic conditions and consumer spending levels, and profits could deteriorate during a downturn. In addition, SVP Worldwide is exposed to raw material costs and distribution cost volatility. Fluctuations in raw material prices can hurt the company's margins if it cannot successfully pass it through to customers. Nevertheless, SVP Worldwide has a leading market position and strong brand recognition in the low growth and mature sewing machine industry. The company holds about 37% market share in global sewing machine industry. Customer concentration is modest, with its top customer accounting for less than 10% of its total revenue and top 10 accounting for around 30% of its total revenue. In addition, the company has a diversified geographic footprint in North America, EMEA, Latam and APAC. The company also has a capex-light manufacturing model. It designs and manufactures 100% of its high-end machines in house and has preferred partnership with third-party manufacturers for the mass-produced machines. The stable outlook reflects S&P's expectation that the company's revenue and EBITDA will reset in a normalized environment post pandemic, resulting in deterioration of adjusted leverage to the mid-5x area in 2022, followed by a flat to modestly positive topline and EBITDA growth such that adjusted leverage modestly improves to around 5x by 2023. S&P could lower its ratings if the company's operating performance falls short of our expectation, resulting in adjusted leverage sustained above 6.5x. This could happen if: -- Industry demand declines after the pandemic; -- The relatively favorable demographic trends seen from 2016-2019 reverse, resulting in flat to lower sales; -- Competition intensifies or loss of major customers; or -- The company's financial policy becomes more aggressive, with significant debt-financed shareholder distributions or acquisitions. Although unlikely over the next 12 months, S&P could raise its ratings if: -- The company's operating performance substantially improves and S&P believes that the company will adopt less-aggressive financial policies, including sustaining leverage below 5x. This would include S&P's strong belief that the financial sponsor will not direct SVP to pursue debt-financed dividends or acquisitions that would lead to a meaningful deterioration of credit ratios. SVP Worldwide is a leading global sewing machine and accessories company based in La Vergne, Tenn. SVP offers its products across three brands including Singer, Husqvarna Viking, and Pfaff. Singer brand accounts for 70% of the company's total sales. Husqvarna Viking is the number 1 premium brand in North America and Pfaff is the number 1 premium brand in Europe. The company sells through multiple channels including mass merchant, dealers, third-party distributors, retail, and DTC. North America accounts for 45% of its revenue, EMEA (36%), Latam (11%), APAC (6%) and royalty (2%). TERRA-GEN FINANCE: S&P Hikes ICR to 'B-' on Geothermal Asset Sale ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Terra-Gen Finance Co. LLC to 'B-'from 'CCC+' and its issue-level rating on its term loan to 'B+' from 'B-'. The stable outlook reflects S&P's expectation of its 2021 term loan refinance and steady operational performance as the company continues to develop and deploy renewable and battery storage assets over our forecast period. Ormat Technologies Inc. has entered into an agreement to acquire two of Terra-Gen, LLC's contracted geothermal assets Dixie Valley, Beowawe and geothermal developmental assets, for $171 million. Some of the proceeds will be used to repay a portion of Terra-Gen Finance's 2021 term loan. Terra-Gen recently announced the sale of 100% of the equity interest in its Dixie Valley and Beowawe geothermal plants in Nevada, the Dixie Valley transmission line, and some associated greenfield developmental assets to Ormat. The two operational assets have a total net generating capacity of 67.5 megawatts (MW). Ormat will pay $171 million and assume all debt and associated lease obligations. S&P expects the acquisition to close in the second half of 2021, subject to regulatory and other customary closing conditions. Including working capital and net of transaction costs, Terra-Gen plans to use a significant portion of the net proceeds associated with the Dixie Valley asset to pay down the company's senior secured 2021 term loan. The term loan balance is approximately $180 million. S&P said, "With the paydowns, projected cash sweeps, and mandatory amortization, we now project the outstanding balance on the term loan to be between $40 million and $45 million at maturity. In our opinion, Terra-Gen also has sufficient liquidity to repay the projected outstanding amount on its term loan and any borrowings on the revolving credit facility, which matures in October. We believe the near-term refinancing risk has significantly reduced." Terra-Gen's term loan is trading close to par, reflecting a likely refinance in the coming months. Terra-Gen's creditworthiness and the financial risk profile of the consolidated enterprise continue to be a key consideration in our analysis. S&P said, "The stable outlook reflects our view that Terra-Gen will operate with minimal operational and construction issues, with cash flows continuing to improve as new projects come into service. We also expect the company to refinance its term loan in the coming months. Under our base case, we project debt to EBITDA in the 6x-7x range for 2021." S&P could lower ratings if: -- Terra-Gen cannot refinance its December 2021 term loan; or -- Leverage increases such that the capital structure is unsustainable. S&P is unlikely to raise ratings in the near term until the company: -- Refinances its term loan and revolver; and -- Materially improves its scale and asset diversity. THUNDER RAIN: Unsecured Creditors to Be Paid in Full Over 5 Years ----------------------------------------------------------------- Thunder Rain Holdings, LLC, submitted an Amended Disclosure Statement describing Chapter 11 Plan dated July 6, 2021. In light of recent success, the Debtor filed for protection under Chapter 11 bankruptcy reorganization, desiring to quickly complete a refinancing of its secured debt which would then make it possible to allow for the full payment over time of all creditors, with satisfaction of the secured creditors immediately upon confirmation. The Debtor is to refinance its secured indebtedness allowing for the full and complete payment of its secured debt at confirmation, with sufficient funds and continued operation to pay, over time, the refinanced indebtedness and all of the unsecured allowed claimants. Additionally, the reorganized Debtor will continue to be involved in providing oil and natural gas technology at a substantial profit to enable it to pay all future expenses of the reorganized Debtor. Finally, the Debtor will retain all rights, title and actions against the individual and promotor of the Arkansas mining project, who may have colluded with other creditors of the Debtor. The Debtor has agreed with each secured creditor regarding the value of all assets belonging to the company and with respect to the Pelzel Road property, established that value by previous order of this Court. Upon refinancing the secured indebtedness of the Debtor, good and sufficient funds will be transferred to the secured creditors within 10 day of confirmation and as directed by (i) Order of the Bankruptcy Court and (ii) the terms and conditions of the Plan of Reorganization upon confirmation. The Plan will treat claims as follows: * Class 1 consists of the Allowed Secured Claims of Denton County Appraisal District for tax year 2020 and 2021. The Class 1 Claims will be paid in full under this plan on the Effective Date by the refinancing of the notes, mortgages and security interests of the secured claims on the assets of the Debtor. There are no remaining unsatisfied Class 1 claims. * Class 2 shall consist of the Allowed Secured Claim of TLD McCutchin, LLC, in the estimated amount of $1,600,000.00. The Class 2 Claim will be satisfied by the purchase of the note, mortgage and secured interest presently held by TLD McCutchin, LTD with said payment made in full within 10 days of the execution of the Confirmation Order under this plan. There are no remaining unsatisfied Class 2 claims. * Class 3 shall consist of the Allowed Secured Claim of Andrew Gachkar in the estimated amount of $415,000.00. The Class 3 Claim shall will be satisfied by the purchase of the note, mortgage and secured interest held by Andrew Gachkar, once Allowed, with the said payment made in full within 10 days of the execution of the Confirmation Order under this plan. There are no remaining unsatisfied Class 3 claims. * Class 4 shall consist of the Allowed Secured Claim of Craig Stensgard in the estimated amount of $192,000. The Class 4 Claim shall be paid by the Debtor, once Allowed, in full within 10 days of the execution of the Confirmation Order under this Plan. There are no remaining unsatisfied Class 4 claims. * Class 5 consists of Allowed General Unsecured Claims. The total of claims in this class is estimated at $460,000.00. The Claims in this class will be paid by the Debtor, once Allowed, over 5 years in full in the amount of $460,000.00. The payments shall commence on the first day of the month following the Effective Date and shall continue on the first day of each succeeding month thereafter until the end of the payment term. * Class 6 shall consist of the Equity Interests of James O'Connor, as the Sole Managing Member of the Debtor. On the Confirmation Date, all Class 6 Equity Interests shall not receive any distribution under the Plan, but will remain in position as Sole Managing Member. The Plan will be funded from the refinancing of the secured indebtedness of the Debtor and the funds from that refinancing will purchase the note, mortgage and security interest of each secured creditor. A full-text copy of the Amended Disclosure Statement dated July 6, 2021, is available at https://bit.ly/3dY8eWb from PacerMonitor.com at no charge. Counsel for the Debtor: Gary G. Lyon, Esq. Bailey Johnson & Lyon, PLLC 6401 W. Eldorado Parkway, Suite 234 McKinney, TX 75070 Phone: (214) 620-2034 Fax: (469) 521-7219 Email: glyon.attorney@gmail.com About Thunder Rain Holdings Thunder Rain Holdings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 21-40163) on Feb. 1, 2021. At the time of filing, the Debtor disclosed $2,281,753 in assets and $2,543,976 in liabilities. Gary G. Lyon, Esq., at Bailey Johnson & Lyon, PLLC, is the Debtor's legal counsel. TIANJIN JAHO: Taps The Rental Connection as Property Manager ------------------------------------------------------------ Tianjin Jaho Investment, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire The Rental Connection Inc. as its property manager and leasing agent. The Debtor needs assistance of the firm to manage and lease its new 42-unit apartment building located at 10111 9th Ave. W, Everett, Wash. The firm's property management fee is 8 percent of the gross rent for each unit collected per month while the leasing commission is 50 percent of the first month's rent for each new unit leased, limited to one commission per unit per year. As disclosed in court filings, The Rental Connection does not have any connections or conflicts with the Debtor, creditors, U.S. trustee or any other party in interest. The firm can be reached through: John Pat Whitaker The Rental Connection Inc. 1802 Pacific Ave. Everett, WA 98201 Phone: +1 425-339-6200 About Tianjin Jaho Investment Houston-based Tianjin Jaho Investment, Inc. is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Tianjin Jaho Investment filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 21-11047) on May 26, 2021. Charles Xi, president, signed the petition. At the time of filing, the Debtor had between $10 million and $50 million in both assets and liabilities. Judge Christopher M. Alston presides over the case. The Law Office of Marc S. Stern represents the Debtor as legal counsel. TLASJ LLC: Unsecureds to Recover 100% of Allowed Claims ------------------------------------------------------- TLASJ, LLC, filed with the Bankruptcy Court a Chapter 11 Plan and Disclosure Statement. The Plan is a Plan of Reorganization. Under the Plan the Debtor will arrange $20.5 million of new funding as follows (i) $15 million new first mortgage construction financing, plus (ii) $5.5 million from new common equity investors. The Debtor owns approximately four acres of unimproved land located in the City of Austin, Travis County, Texas. The Debtor will use the new funding to make payments under the Plan and construct 55 townhomes, which will be rented out for profit. The funding will be consummated and all creditors will be paid on the Effective Date. No future payments are anticipated to be paid by the Debtor after the Effective Date. Classes of Claims and their treatment under the Plan: * Class 1: Allowed Secured Claims of Travis County Tax Assessor Class 1 shall consist of the Allowed Secured Claims of the Travis County Tax Assessor. It will be paid in full on the Effective Date, with interest accruing from the Petition Date at the rate of 12% per annum. This Class is not Impaired. * Class 2: Allowed Secured Claim of Cambia Capital Partners, LLC The Class 2 Allowed Secured Claim of Cambia Capital Partners, LLC shall be paid $4,500,000 (or such amount as the Court determines is due and owing) plus reasonable interest at 5% interest per annum from the Petition Date until paid. Interest only will be paid on the Allowed Secured Claim in monthly installments on the first day of the month commencing after the Effective Date. The original balance was $4,500,000 less monies remaining in the construction reserve unfunded to the Debtor. This Claim is Impaired. * Class 3: Allowed Secured Claims of U.S. Small Business Association The Class 3 Allowed Secured Claim of the U.S. Small Business Association shall be paid in full at the end of one year from the Effective Date. The Allowed Secured Claim of the U.S. Small Business Association shall be paid interest only monthly on the first day of the month following the Effective Date. The rate of interest on this Allowed Secured Claim shall be 2.5% per annum. This Claim is Impaired. * Class 4: Allowed General Unsecured Claims Class 4 shall consist of Allowed Unsecured Claims, other than the Claims of Class 6 Insiders. Class 4 Claims shall be paid 100% of their face amount of their Allowed Claims. These Claim once Allowed shall be paid one year following the Effective Date. These Claims are Impaired. * Class 5: Allowed Preferred Equity Interests Class 5 shall consist of Allowed Preferred Equity Interests in the Debtor. Class 5 Interests shall be converted to common equity under the Plan equal to up 20% of the Common Equity in the Debtor. These Interests are Impaired. * Class 6: Allowed Insider Claims Class 6 shall consist of the Allowed Claims of Insiders of the Debtor. Class 6 Claims shall not be paid in cash and shall be invalidated. These Interests are Impaired. * Class 7 - Allowed Common Equity Interests Class 7 shall consist of Allowed Common Equity Interests in the Debtor. Class 7 interests shall be cancelled under the plan. These interests are impaired. A copy of the Disclosure Statement is available for free at https://bit.ly/3jMFofe from PacerMonitor.com. Counsel for the Debtor: Joyce W. Lindauer, Esq. Kerry S. Alleyne, Esq. Guy H. Holman, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main St., Suite 500 Dallas, TX 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About TLASJ LLC TLASJ, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 21-10248) on April 5, 2021. At the time of the filing, the Debtor disclosed total assets of up to $50 million and total liabilities of up to $10 million. Judge Christopher H. Mott oversees the case. Joyce W. Lindauer Attorney, PLLC is the Debtor's legal counsel. TOUCH OF HEAVEN: Unsecureds to Get $0 Under Plan ------------------------------------------------ Touch of Heaven Ministries, Inc., Church of Akron, Ohio submitted a Plan and a Disclosure Statement. The Plan provides for payment of administrative expenses, priority claims, and secured creditors in full, either in cash or in deferred cash payments, and provides for payments to unsecured creditors in an amount greater than they would receive in the event of a Chapter 7 liquidation. Funds for implementation of the Plan will be derived from the Debtor’s income. The Plan will treat claims as follows: * Class E-1 Secured Claim – Fromby Constructions on 1104 Johnston St. totaling $86,691.94. The Class E-1 claim is wholly unsecured and shall be treated for all purposes as a Class E claim, and the Mechanics Lien securing the Class E-1 Claim shall be deemed void under 11 U.S.C. Sec. 506(d) upon confirmation. Class E-1 is impaired. * Class E-2 Secured Claim – Certified Professional Restoration totaling $25,025.49. The Class E-2 claim is wholly unsecured and shall be treated for all purposes as a Class E claim, and the Judgment Lien securing the Class E-2 Claim shall be deemed void on 131 S. High St, Akron, OH under 11 U.S.C. § 506(d) upon confirmation. Class E-2 is impaired. * Class E - General Unsecured Claims totaling $45,023.01. Holders of Class E claims shall be paid, pro rata, a total of $0.00. The pro rata share of the claimed amount of any claims which are then subject to objections as to which a Final Order has not been entered shall be deposited in an interest bearing bank account until a Final Order is entered. When Final Orders are entered disallowing or allowing and liquidating all Class E claims, the remaining funds in the bank account shall be distributed to the holders of all Class E claims pro rata. Class E is impaired. The Debtor shall fund this Plan with income from tithes and offerings. Attorney for the Debtor(s): James F. Hausen (0073694) 215 E. Waterloo Rd, Suite 17 Akron, OH 44319 Phone: 234-678-0626 Fax: 234-201-6104 A copy of the Disclosure Statement is available at https://bit.ly/3ADFPhN from PacerMonitor.com. About Touch of Heaven Ministries Touch of Heaven Ministries, Inc., a company based in Akron, Ohio, filed a Chapter 11 petition (Bankr. N.D. Ohio Case No. 19-53062) on Dec. 31, 2019. In the petition signed by Godess Clemons, chairwoman, Board of Directors, the Debtor disclosed $1,517,368 in assets and $1,688,729 in liabilities. The Hon. Alan M. Koschik is the presiding judge. The Debtor hired Bates and Hausen, LLC, as its legal counsel. TRADER INTERACTIVE: S&P Assigns 'B' ICR, Outlook Stable ------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to Virginia-based Trader Interactive LLC, a digital marketplace and solutions provider for recreational and power sports vehicles, commercial trucks, and equipment. S&P also assigned 'B' issue-level and '3' recovery ratings to the company's proposed $410 million term loan. Trader Interactive plans to use the term loan proceeds--with cash on hand--to repay debt, fund a $61 million dividend to its financial sponsors, and pay related fees. The stable outlook reflects S&P's expectation over the next 12 months that Trader Interactive will increase revenue and EBITDA through dealerships' continued digital shift, supporting healthy free operating cash flow (FOCF) to debt in the high-single-digit percent area despite high S&P Global Ratings-adjusted leverage in the low-7x area in fiscal 2021. S&P said, "Our rating on Trader Interactive reflects its participation in a highly fragmented and competitive business providing online customer lead generation for dealers with specialty vehicle end-markets, low take rate, limited pricing power, relatively small scale of operations, limited geographic diversity, exposure to cyclical vehicular sales and vehicular advertising, and high pro forma S&P Global Ratings-adjusted leverage of 7.2x in fiscal 2021. Our aggregate adjustment to debt includes roughly $8 million related to operating leases and potential earn-out payments. Our aggregate adjustment to EBITDA is roughly negative $5 million, which includes the addition of operating lease rent and stock-based compensation and the deduction of capitalized software development costs, which we consider an operating expense." The company's leading market position and good brand recognition, subscription-based business model that partially offsets risks stemming from the volatility in vehicular sales trends, a diversified subscriber base, strong S&P Global Ratings-adjusted EBITDA margins of about 45%, and healthy FOCF to debt of 7.2% in fiscal 2021 somewhat counter these challenges. Trader Interactive has a healthy revenue and margin profile from its subscription model and unpaid traffic to its platforms. The company has a subscription-based model with roughly 90% of its total revenue generated by subscriptions to dealers to list inventory on branded marketplaces. It derives remaining revenue from private party listings, non-dealer brand advertising, and web services. More than 80% of revenue is recurring, reflecting sticky relationships with customers. Despite its subscription offerings, we believe revenue visibility remains somewhat limited due to short-term contracts renewed annually but can be cancelled with 30 days' notice. In addition, Trader Interactive has strong S&P Global Ratings-adjusted EBITDA margins in the mid-40% area, significantly higher than other digital marketplace platforms in the U.S. because of its limited dependence on third-party platforms for traffic. More than 80% of its traffic is unpaid. The company does its own search engine optimization and search engine marketing to drive organic traffic, significantly saving costs. While we expect margin improvement over the next 2-3 years as Trader Interactive benefits from operating leverage with an increase in scale of operations, higher marketing spending to attract and maintain subscribers could limit margin expansion. S&P said, "High adjusted leverage constrains our rating on Trader Interactive. Pro forma for the dividend recapitalization transaction, we estimate the company will have high S&P Global Ratings-adjusted leverage in low-7x area by year-end 2021 compared to 9.1x as of March 31 on a last-12-months basis. While we forecast it will further reduce S&P Global Ratings-adjusted leverage to the low-6x area in 2022, we expect its financial sponsors will continue to direct most cash flows toward shareholder returns and growth investments, including acquisitions, which will likely keep S&P Global Ratings-adjusted leverage above 5x longer term. Our view that the company will generate healthy cash flows because of its strong S&P Global Ratings-adjusted EBITDA margins approaching mid-40% area over the next two years and low capital expenditure (capex) requirements offsets this risk and supports our rating." Trader Interactive has a small revenue base in a fragmented industry exposed to economic cyclicality and volatile consumer discretionary spending. The company has a small scale of operations as a niche specialty marketplace with limited geographic reach outside the U.S. Trader Interactive competes with several players though S&P believes it provides better features and comparison tools. Because of its small size and cyclical nature of the industry, Trader Interactive is vulnerable to economic downturns. Industry volumes declined during previous economic downturns. S&P views recent strong RV demand supported by limited out-of-home recreation or entertainment options available due to COVID-19 restrictions and stimulus payments that added to the discretionary income of customers who did not otherwise lose their jobs. However, the return of customers to other forms of travel and discontinuation of stimulus payments could cool some RV demand. The RV and commercial vehicle industries will benefit from positive secular trends due to customers' preference for online platforms. S&P said, "We believe the power sports, RV, commercial trucks, and equipment industries are less digitally mature than the automotive industry. Trader Interactive's take rate (fee charged by the marketplace for transactions by a service provider) is very low (below 2%) compared to digital marketplaces in other more mature sectors and industries. We believe there is a significant opportunity to increase prices because of its low take rate and expected digital adoption." However, a reduced incentive for dealers to spend on marketing to identify new customers because of low inventory of vehicles and increased competition from larger players in the automotive industry could impede growth. The stable outlook reflects S&P's expectation over the next 12 months that Trader Interactive will increase revenue and EBITDA through dealerships' continued digital shift, supporting healthy FOCF to debt in the high-single-digit percent area despite high S&P Global Ratings-adjusted leverage in the low-7x area in fiscal 2021. S&P could lower the rating on Trader Interactive if FOCF to debt falls below 5% on a sustained basis because of: -- Dealer subscription losses and reduced website traffic stemming from operational missteps or a changing economic environment; -- Lower-than-expected uptake of newer subscription products; or -- Large debt-financed acquisition or dividends. S&P could raise the rating if the company: -- Achieves healthy organic revenue and EBITDA growth from continued strong specialty vehicle demand over the next 12 months; -- Maintains or increases its market share position in an increasingly competitive environment; and -- Demonstrates a financial policy that maintains S&P Global Ratings-adjusted leverage below 5x with FOCF to debt consistently above 10%. TRAXIUM LLC: CENPRAA Says Plan Disclosures Materially Deficient --------------------------------------------------------------- CENPRAA Inc. submitted an objection to the (consolidated) Traxium, LLC's Disclosure and Plan, asserting that: * The Debtor's asserted 'causation' of the Bankruptcy is materially inconsistent with the sworn affidavit of Fifth Third's officer, Lori Mariani . * The Debtor's oaths of membership ownership are either false or are invalidated by the clear anti-transfer covenants in the Schmutz's guarantee agreements; and therefore the Schmutz assertions are simply improper. * The Debtors are asserting a ‘defense' on behalf of non-parties, the Schmutz's and incorrectly asserting that this Court's stay applies to independent state court claims against them. * The PPP loan claim issues depends on a (at least ) thrice removed speculative chain of causation (and the speculation of the actual eligibility of the Debtor to obtain such a loan) that is entirely dependent upon the Debtor's successfully obtaining an adjudication in some forum that the Fifth Third Subordination somehow applies to the Schmutz's. * CENPRAA's success in the Summit case or in an Adversary would remove the present ownership and management and thus the entire Bankruptcy would need restructuring or dismissal. * An election by CENPRAA as the ownership and management of the Debtor would potentially free up over $2.3m in funds for creditors; such could also include a more disinterested investigation into conveyances, preferences, insiders, and subordinations for the benefit of all creditors; and would similarly neutrally evaluate a going business sale as an alternative. In conclusion, CENPRAA submits that the Disclosure and Plan as submitted are materially deficient and should be rejected by the Court as such. And, as a threshold matter forward, the CENPRAA claims against the Schmutz's must be adjudicated either in an Adversary or in the Summit case; as this case cannot proceed with the ownership of Traxium and management's authority to operate at issue. Attorney for CENPRAA LLC: ROBERT W. McINTYRE Dinn, Hochman & Potter, LLC 5910 Landerbrook Drive, Suite 200 Cleveland, Ohio 44124 Tel: (440) 446-1100 Fax: (440) 446-1240 E-mail: rmcintyre@dhplaw.com About Traxium LLC Traxium, LLC is a holding company comprised of commercial printing and marketing businesses. The Debtors provide a complete platform of graphic design, marketing, and printing solutions and services consisting of print, bindery, and finishing services, mailing services, and other products and services to customers throughout the region and across the country. Traxium filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 20-51888) on October 16, 2020. Affiliate, Serendipity Holdings, LLC filed a Chapter 11 petition (Bankr. N.D. Ohio Case No. 20-51889) also on October 16. On Oct. 20, another affiliate, Cadence Holdings, LLC, filed a Chapter 11 petition (Bankr. N.D. Ohio Case No. 20-51908). The cases are jointly administered under Traxium LLC. The petitions were signed by George Schmutz, chief executive officer. On the Petition Date, Debtor Traxium reported $4,420,019 in total assets and $5,665,021 in total liabilities. Debtor Serendipity Holdings disclosed $2,435,809 in total assets and $9,870,438 in total liabilities. Debtor Cadence Holdings estimated between $500,001 and $1,000,000 in total assets and between $1,000,001 and $10,000,000 in total liabilities at the time of filing. The Honorable Alan M. Koschik oversees the cases. Gertz & Rosen, Ltd. and Rysenia Capital Solutions, LLC serve as the Debtors' legal counsel and restructuring advisor, respectively. Dennis Durco of Rysenia Capital is the Debtors' operations consultant and chief restructuring officer. TRIVICITI HEALTH: Gets OK to Hire Barski Law Firm as Legal Counsel ------------------------------------------------------------------ Triviciti Health Corp. received approval from the U.S. Bankruptcy Code for the District of Arizona to hire Barski Law Firm, PLC to serve as legal counsel in its Chapter 11 case. Chris Barski, Esq., the firm's attorney who will be handling the case, will charge $375 per hour for his services. Mr. Barski disclosed in a court filing that his firm is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Chris D. Barski (024321) Barski Law Firm, PLC 9375 E. Shea Blvd., Suite 100 Scottsdale, AZ 85260 Tel: (602) 441-4700 Fax: (602) 680-4305 Email: cbarski@barskilaw.com About Triviciti Health Corp. Triviciti Health Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 21-04565) on June 10, 2021. Judge Eddward P Ballinger Jr. presides over the case. Chris Barski, Esq., at Barski Law Firm, PLC serves as the Debtor's legal counsel. TUFAIL & ASSOCIATES: Seeks to Hire Inman Kaminow as Legal Counsel ----------------------------------------------------------------- Tufail & Associates, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Inman Kaminow P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) legal advice concerning the Debtor's powers and duties under the Bankruptcy Code; (b) preparation of legal documents; (c) filing, prosecution and defense of adversary proceedings as necessary; (d) preparation of disclosure statement or plan of reorganization; and (e) other necessary legal services. Inman Kaminow has agreed to represent the Debtor based on an hourly fee of $350, which is a reduction of the firm's normal billing rate. David Kaminow, Esq., an attorney at Inman Kaminow, disclosed in court filings that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David J. Kaminow, Esq. Inman Kaminow, P.C. 9200 Corporate Boulevard, Suite 480 Rockville, MD 20850 Telephone: (301) 315-9400 Fax: (301) 340-0130 Email: dkaminow@kamlaw.net About Tufail & Associates Tufail & Associates, LLC, a Gaithersburg, Md.-based company, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 21-14153) on June 23, 2021. Nasir Khattak, manager, signed the petition. At the time of the filing, the Debtor disclosed total assets of up to $50,000 and total liabilities of up to $10 million. David J. Kaminow, Esq., at Inman Kaminow, P.C., represents the Debtor as legal counsel. U STOP PUMP: Court Confirms Subchapter V Plan --------------------------------------------- Judge Charles L. Nail, Jr. has entered an order confirming the Modified Subchapter V Plan of U Stop Pump & Wash, LLC with clarifications entered on the record and incorporated in the Plan. Under the Plan, the lone unsecured creditor in Class 4, Cash-WA, owed $5,740, will receive full payment with interest at a rate of 4.5% per annum, over a term of 60 months. The first payment will be on or before Dec. 31, 2021, and continuing monthly until the claim is paid in accordance with the Plan. A copy of the Modified Plan filed April 27, 2021, is available at https://bit.ly/2UwYo6G About U Stop Pump & Wash U Stop Pump & Wash, LLC, which owns the property that previously operated as a Caseys' C-store, filed a Chapter 11 petition (Bankr. D.S.D. Case No. 20-40448) on Dec. 3, 2020. Judge Charles L. Nail, Jr. oversees the case. Gerry & Kulm Ask, Prof. LLC serves as the Debtor's legal counsel. U.S. TOBACCO COOPERATIVE: Hits Chapter 11 Bankruptcy Protection --------------------------------------------------------------- Jeremy Hill of Bloomberg News reports that U.S. Tobacco Cooperative, a grower-owned tobacco distributor, filed for Chapter 11 bankruptcy in North Carolina. Company listed assets and liabilities of as much as $500m each in its bankruptcy petition. Cooperative is owned by more than 500 tobacco grower-members in the Southeastern U.S., per court papers. Company buys leaf tobacco from its members then sells it to domestic and international markets. The case is U.S. Tobacco Cooperative Inc., 21-01511-5, U.S. Bankruptcy Court for the Eastern District of North Carolina (Raleigh). About U.S. Tobacco Cooperative U.S. Tobacco Cooperative produces U.S. flue-cured tobacco grown by 500+ member growers in Florida, Georgia, South Carolina, North Carolina, and Virginia. Member-grown tobacco is processed and sold as raw materials to cigarette manufacturers worldwide. U.S. Tobacco Cooperative and affiliates sought Chapter 11 protection (Bankr. E.D. N.C. Lead Case No. 21-01511) on July 7, 2021. In the petition signed by Keith H. Merrick, chief financial officer, U.S. Tobacco Cooperative estimated assets of between $100 million and $500 million and estimated liabilities of between $100 million and $500 million. The cases are handled by Honorable Judge Joseph N. Callaway. Rebecca F. Redwine, Esq., of HENDREN, REDWINE & MALONE, PLLC, is the Debtors' counsel. VESTAVIA HILLS: Unsecureds to be Paid in Full Over 5 Years in Plan ------------------------------------------------------------------ Vestavia Hills, Ltd., filed a Chapter 11 Plan of Reorganization and related Disclosure Statement on July 2, 2021. The Plan is a liquidating plan. The Plan is a 100-cent-on-the dollar payment plan, with holders of allowed general unsecured claims being paid in full over five years. The Debtor is able to offer general unsecured creditors a payment-in-full plan solely based on the willingness of its Limited Partners to provide essential additional funding. The Debtor will sell all of the Debtor's real and personal property assets consisting of a continuing care retirement community, commonly known as Mount Royal Towers (MRT) on real property currently owned by the Debtor located near Birmingham, Alabama to a cash buyer with the net sales proceeds being paid over to the Debtor's only secured creditor, Wells Fargo Bank, N.A. The sale is expected to close by September 30, 2021 to the current Court-approved purchaser of those assets, MED. MED purchased MRT for a cash price of $12 million. Under the Plan, the net proceeds from the MRT sale will be paid to Wells. Following sale closing, the Debtor will be involved in winding up its financial affairs and finalizing pending litigation involving the Debtor, various alleged creditors and certain of the Debtor's Limited Partners. To recapitalize the Reorganized Debtor, which will allow the Debtor to perform the Plan, two new corporate entities will be formed by the Limited Partners. On confirmation, the newly formed entities will become the New General Partner and the New Limited Partner of the Reorganized Debtor. The entities will be funded with sufficient loans from the Limited Partners for the Reorganized Debtor to: (i) make all payments required to be made on the Effective Date of the Plan which is November 15, 2021; and (ii) thereafter make all future payments on Allowed Claims of creditors as required by the Plan. Acting through the newly created corporate entities, owned equally by the Limited Partners, the Reorganized Debtor will borrow the amounts necessary for the Reorganized Debtor to wind up various litigation matters, perform all Plan obligations and close the Case. The only remaining assets then to be used for Plan distributions will be: (i) cash in the Debtor's account at sale closing; (ii) proceeds of litigation recoveries from Commonwealth Assisted Living, LLC, Series E and its agents; and (iii) additional funding required to make Plan payments to allowed priority claims and also to pay allowed general unsecured creditor claims over time to the extent the foregoing funding sources prove insufficient to pay the allowed general unsecured creditor claims in full. The Plan impairs all classes of claims. Operational feasibility depends on the Limited Partners' willingness to: a. withhold collection of their pre-petition unsecured claims and their post-petition administrative claims; and b. continue to recapitalize the Reorganized Debtor entity with loans in order to fund all future ongoing post-confirmation payments necessary to: * pay the Judgment Claim in full; * pay legal fees to achieve plan confirmation and conclude post-confirmation litigation; and * make a 100% distribution on Allowed Claims of general unsecured creditors over a five-year (60-month) period payable in equal quarterly installments with each such installment made on the 10th day of each month beginning with the first such quarterly distribution on the 10th day of the first month following the Effective Date and continuing each quarter thereafter until all such Allowed Claims are paid in full. Wells Fargo obtained a money judgment in the Northern District of Alabama Federal Court against the Limited Partners. Collection of that Judgment has been stayed by Order of the Bankruptcy Court in Adversary Proceeding Number 20-90083-LA. As a debt obligation of both the Debtor and the Limited Partners, however, the balance of Wells Fargo's claim amount after Wells Fargo's receipt of the net proceeds of sale has been separately classified in the Plan as the Class 2 Judgment Claim. Treatments of Classified Claims and Interests * Class: 1 Allowed Secured Claim of Wells Fargo The then due and owing amount of the secured portion of the Class 1 Secured Claim will be paid in full through paying to Wells Fargo from escrow the net sales proceeds resulting from sale of Debtor Assets to MED, which net sales proceeds shall be paid to Wells Fargo directly out of escrow. * Class: 2 Allowed Class 2 Bifurcated and Under-Secured Judgment Claim of Wells Fargo The Allowed Amount of the Class 2 Judgment Claim will be paid in full by: a. Wells Fargo's receipt of net sale proceeds of Debtor Assets; b. monthly post-confirmation cash payments of $80,000 per month beginning on the 15th day of the first full calendar month after the Effective Date of the Plan through December 31, 2021; c. monthly post-confirmation cash payments to Wells Fargo of $165,000 per month beginning on January 15, 2022 and continuing until the Class 2 Judgment Claim is paid in full at 0.22% interest. * Class: 3 Disputed Commonwealth Claim. The Commonwealth Claim is disputed and unliquidated and was filed as a $0 (Zero) amount claim, and should not be allowed as a Claim against the Debtor. * Class: 4 Allowed Class 4 Claims of the Residents of Mount Royal Towers To the extent a Resident Contract has not already been assumed by the Debtor and assigned to MED as part of the court-approved sale to MED and the Notice of Assumption, Assignment, and Cure, the Debtor will assume any contracts with the residents of MRT on the Effective Date which remain executory on the Effective Date as obligations of the Debtor. The Debtor reserves the right to transfer or assign the Resident Contracts in connection with the proposed sale of Debtor Assets to MED or in connection with any future sale of the Debtor Assets. The Confirmation Order constitutes an order by the Bankruptcy Court approving the assumption of each Resident Contract, as modified, and the subsequent transfer and assignment of such Resident Contracts to MED as buyer and assignee. * Class: 5 Allowed Unsecured Claims of all creditors not included in any other Class The holders of Allowed Class 5 Unsecured Claims will be paid in full over a five-year period payable in equal quarterly installments with each such installment made on the 10th day of each month beginning with the first such quarterly distribution due and payable on the 10th day of the first month following the Effective Date until all such Claims are paid in full. However, holders of Allowed Class 5 Claims may be paid earlier up to the remaining balance due on such claims on the 30th day following the Debtor's receipt, if any, of any post-confirmation net litigation proceeds. * Class: 6 Allowed Claims for Taxes other than Priority Claims under Section 507(a)(8). The holders of Allowed Class 6 Claims will be paid in full in Cash on the Effective Date of the Plan. * Class: 7 Allowed Claims of the Limited Partners for Pre-Petition and Post- Petition loans and advances made to the Debtor The holders of Allowed Pre-Petition Class 7 Claims are divided into two sub-classes: a. Sub-Class 7-A Allowed Pre-Petition Claims of the Limited Partners b. Sub-Class 7-B Allowed Post-Petition Claims of the Limited Partners Sub-Class 7-A Claims will be discharged under the Plan. Sub-Class 7-B members will each receive cash payments to be paid from litigation proceeds after (i) payment in full of the Class 2 Judgment Claim; and (ii) payment in full of the Class 5 Claims. If no litigation proceeds are recovered by the Debtor, then the holders of Class 7-B Claims will receive nothing on account of their claims and the Sub-Class 7-B Claims will be discharged. * Class: 8 The Allowed equity interests of the Debtor existing on the Petition Date The Allowed equity interests of the Debtor existing on the Petition Date shall be cancelled and extinguished as of the Effective Date and the holders of Class 8 interests shall not receive any distributions under the Plan. As of the Petition Date, the Debtor had eight limited partners and a corporate general partner. A copy of the Disclosure Statement is available for free at https://bit.ly/36laLWo from PacerMonitor.com. The hearing to consider approval of the Disclosure Statement is set for August 26, 2021 at 2 p.m. Counsel for Debtor: James P. Hill, Esq. Christopher V. Hawkins, Esq. Kathleen Cashman-Kramer, Esq. Sullivan Hill Rez & Engel A Professional Law Corporation 600 B Street, 17th Floor San Diego, CA 92101 Telephone: (619) 233-4100 Facsimile: (619) 231-4372 About Vestavia Hills Ltd. Vestavia Hills, Ltd., which conducts business under the name Mount Royal Towers, operates a continuing care retirement community and assisted living facility for the elderly in Vestavia Hills, Ala. It offers individualized senior living options for a convenient community lifestyle and provides personalized nursing care. Vestavia Hills sought Chapter 11 protection (Bankr. S.D. Cal. Case No. 20-00018-11) on Jan. 3, 2020. The Debtor disclosed $18,531,957 in assets and $29,742,790 in liabilities as of the bankruptcy filing. Judge Louise Decarl Adler oversees the case. The Debtor tapped Sullivan Hill Rez & Engel as its legal counsel and Harbuck Keith & Holmes, LLC as its special Alabama licensing and regulatory counsel. WASHINGTON PRIME: Wilmington Savings Appointed as Committee Member ------------------------------------------------------------------ The U.S. Trustee for Region 7 on July 6 appointed Wilmington Savings Fund Society, FSB, as trustee, as new member of the official committee of unsecured creditors in the Chapter 11 cases of Washington Prime Group, Inc. and its affiliates. Meanwhile, U.S. Bank, National Association and Parking Lot Services, LLC resigned as committee members. As of July 6, the members of the committee are: 1. Nationwide Janitorial Services, Inc. P.O. Box 8301 St. Louis, MO 63132 Attention: Bob Welsh Phone: 314-373-4159 E-mail: bwelsh@safecleaning.net 2. Wilmington Savings Fund Society, FSB, as Trustee 500 Delaware Avenue Wilmington, DE 19801 Attention: Patrick J. Healy Phone: 302-888-7420 E-mail: phealy@wsfsbank.com 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 and Kirkland & Ellis International, LLP as lead bankruptcy counsel; Jackson Walker, LLP as co-counsel; Alvarez & Marsal North America, LLC as restructuring advisor; Guggenheim Securities, LLC as investment banker; Deloitte Tax, LLP as tax services provider; and Ernst & Young, LLP as auditor. 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. The U.S. Trustee for Region 6 appointed an official committee of unsecured creditors in the Debtors' cases on June 25, 2021. The committee is represented by Greenberg Traurig, LLP. WNJ24K LLC: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: WNJ24K, LLC 7141 E. Rancho Vista, #3007 Scottsdale, AZ 85251 Business Description: WNJ24K, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: July 8, 2021 Court: United States Bankruptcy Court District of Arizona Case No.: 21-05257 Debtor's Counsel: Andrew A. Harnish, Esq. MAY POTENZA BARAN & GILLESPIE P.C. 201 North Central Avenue 22nd Floor Phoenix, AZ 85004-0608 Tel: 602-252-1900 Email: aharnisch@maypotenza.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by David Hersh, 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/YKI4GRY/WNJ24K_LLC__azbke-21-05257__0001.0.pdf?mcid=tGE4TAMA ZACHAIR LTD: Debtor to Sell Property to Pay Creditors ----------------------------------------------------- Zachair Ltd. submitted a Plan and a Disclosure Statement. The Debtor's primary asset is an assemblage of real property totaling approximately 423.45 acres located in Prince George's County, Maryland. The Debtor's appraiser, William C. Harvey of William C. Harvey & Associates, Inc., has valued the Property as of June 3, 2020 to have a fair market value of between $19.3 million and $22.1 million. Since the commencement of the case, the Debtor has focused intensively on selling its primary asset, the Property, to satisfy its obligations to creditors and parties in interest. The Debtor has retained a number of experienced professionals in connection with marketing and sale of the Property since the Petition Date to assist it with these sale efforts, including Whiteford Taylor & Preston, LLP, William C. Harvey and Associates, Inc., Fraser Forbes, O'Malley, Miles, Nylen & Gilmore, P.A., and the Development Professionals The Plan proposes to treat claims and interests as follows: * Class 1 – Sandy Spring Bank Pre-Petition Loan. On the Effective Date, the Class 1 Claim shall be deemed Allowed in the amount set forth in proof of claim no. 21-1 (the "Sandy Spring Proof of Claim"), without prejudice to the Allowance of additional legal fees and costs, or post-petition interest. On the Closing Date, the Debtor shall pay, in Cash, all then outstanding principal, accrued and unpaid interest, fees and charges with respect to the Allowed Class 1 Claim. In the event that the Debtor arranges Exit Financing, the Debtor reserves the right to pay the full amount of the Allowed Class 1 Claim from the proceeds of the Exit Financing prior to the Closing Date. Class 1 is impaired. * Class 2 – Sandy Spring DIP Loan. On the Closing Date, the Debtor shall pay, in Cash, the then outstanding principal amount of the Sandy Spring DIP Loan, along with any unpaid interest accrued as of the Effective Date. Interest shall accrue post-petition on the outstanding principal amount of the Class 2 Claim at the rate of 6.25% per annum until such Claim is paid. Class 2 is impaired. * Class 4 – TD Auto Finance Allowed Secured Claim. The Holder of the Class 4 Claim shall retain its lien in the Mercedes SL. Until the Allowed Class 4 Claim has been paid in full, Dr. Asterbadi, at his expense, shall continue making payments to TD Auto Finance pursuant to the separate agreement between TD Auto Finance and Dr. Asterbadi, and shall maintain insurance on the Mercedes SL. Any payments made by Dr. Asterbadi post-petition shall be credited against the Class 4 Claim. Class 4 is impaired. * Class 5 – Mercedes-Benz Finance Allowed Secured Claim. On the Closing Date the Debtor shall pay the Allowed Class 5 Claim in Cash, including any interest that has accrued on the Allowed Class 5 Claim in accordance with the terms of the documents that govern such Claim. Class 5 is impaired. * Class 6 – PD Hyde Field Secured Claim. On the Closing Date, the Debtor shall establish a segregated reserve fund in the amount of $1,200,000 as adequate protection for the alleged Class 6 Claim. The Debtor reserves the right to seek, before or after the Effective Date, an order of the Bankruptcy Court determining that adequate protection is not required, that the amount of the adequate protection may be reduced, and/or that an alternative form of adequate protection may be provided or substituted for the Cash reserve. Nothing in the Plan shall prohibit or estop the Debtor from seeking or obtaining such relief. On the last to occur of (a) the Closing Date; (b) or the first Business Day that is 10 days following the date on which an Order of the Bankruptcy Court allowing a Secured Claim in favor of PD Hyde Field becomes a Final Order, the Debtor shall pay to the Holder of the Allowed Class 6 Claim the lesser of (i) the Allowed amount of Class 6 Claim, or (ii) the Net Closing Funds, plus any liquid funds that the Debtor provided as adequate protection. Class 6 is impaired. * Class 7 – Other Priority Claims. The Holder of an Allowed Class 7 Claim shall be paid the amount of its Allowed Class 7 Claim, plus interest from the Effective Date through the date of payment at the Post-Effective Date Interest Rate. Class 7 is impaired. * Class 8 – General Unsecured Claims. Payments to Holders of Allowed Class 8 Claims shall be made only to the extent that Net Closing Funds and/or Net Note Funds are available. Each Holder of an Allowed Class 8 Claim shall be paid its Pro Rata Share of the Net Closing Funds and Net Note Funds. Class 8 is impaired. * Class 9 consists of the Equity Interests in the Debtor. Unless and until the Debtor has paid or reserved funds for the payment of all Allowed and Disputed Claims and anticipated post-Effective Date operating expenses, the Debtor shall not make any distributions or loans to Holders of any Equity Interests. Class 9 is impaired. Counsel for the Debtor: Bradford F. Englander, Esq. Whiteford, Taylor & Preston, LLP 3190 Fairview Park Drive, Suite 800 Falls Church, Virginia 22042 Telephone: (703) 280-9081 Facsimile: (703) 280-3370 E-mail: benglander@wtplaw.com A copy of the Disclosure Statement is available at https://bit.ly/3y7Q8J8 from PacerMonitor.com. About Zachair Ltd. Clinton, Md.-based Zachair, Ltd. was formed by Dr. Nabil Asterbadi to acquire Hyde Field, an airport for commercial and general aviation. Hyde Field is located near Andrews Air Force Base, National Harbor, Downtown Washington DC, and nearby Northern Virginia. It offers a 3000' lighted runway with a day and night instrument approach. For more information, visit http://www.hydefield.com/ Zachair filed a Chapter 11 petition (Bankr. D. Md. Case No. 20-10691) on Jan. 17, 2020. In the petition signed by Zachair President Nabil J. Asterbadi, the Debtor was estimated to have $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Thomas J. Catliota oversees the case. Whiteford Taylor & Preston, LLP is the Debtor's legal counsel. The Debtor tapped CC Services Corporation and Mendelson & Mendelson, CPAs, P.C. as its tax accountants. [^] BOOK REVIEW: Saga of America's Most Powerful Real Estate Baron ------------------------------------------------------------------ Trump: The Saga of America's Most Powerful Real Estate Baron Author: Jerome Tuccille Publisher: Beard Books Hardcover: 262 pages List Price: US$34.95 This book is the remarkable unfinished saga of an extraordinary American. When this book was first published in 1985, Donald J. Trump was scarcely into his fourth decade. He had made the leap from local New York City boy who had made good to a national and even world-prominent figure. It all started some 10 years earlier when Trump gambled that New York City would rebound from its financial morass. People laughed and scoffed at the time, but he was right, and he has profited mightily from his faith and vision. This is compelling reading about the inside machinations of his glamorous world. Jerome Joseph Tuccille, known as Jerry, was an award-winning, best-selling author of more than 30 books covering a wide range of topics. He has also written books under the pseudonyms Paul Marano and Jack Daniels. He was a vice president of T. Rowe Price Investment Services, and he has worked in the investment area as a broker and supervisory analyst since 1975. From 1971 to 1973, he taught at the New School for Social Research in New York City, and in 1974 he was the Free Libertarian candidate for Governor of New York. He was born on May 30, 1937, in the Bronx. He died on February 16, 2017. ********* 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 ***