/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/210728.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, July 28, 2021, Vol. 25, No. 208 Headlines 12 UNIVERSITY LLC: Taps Righteous Realty as Real Estate Broker 122 STATE STREET: Case Summary & 6 Unsecured Creditors 15005 NW: Updates Disputed Trust Claim Details; Files Amended Plan 340 BISCAYNE OWNER: Case Summary & 9 Unsecured Creditors 7FOUR ON STONE: Voluntary Chapter 11 Case Summary 893 4TH AVENUE: Membership Interests Up for Sale on August 11 ABRI HEALTH CARE: Unsecureds' Recovery in Subchapter V Plan "TBD" ACRISURE LLC: S&P Assigns 'CCC+' Rating on $500MM Senior Notes AHP HEALTH: S&P Assigns 'B' Rating on New $900MM Term Loan B AIR CANADA: S&P Rates New US$2.75BB Senior Secured Notes 'BB-' AKUMIN INC: S&P Affirms 'B-' ICR on Acquisition of Alliance ALGOZINE MASONRY: Sept. 1 Disclosure Statement Hearing Set ALLENTOWN NEIGHBORHOOD: Moody's Affirms Ba3 on 2017/2018 Bond ALLIANCE HEALTHCARE: S&P Places 'CCC+' ICR on CreditWatch Positive ALPHA HOUSE: May Use Cash Collateral Thru Sept. 28 Hearing AMATA LLC: Seeks to Extend Access to Cash Collateral ANDINA GOLD: Prepares For Initial Product Launch APP REALTY: Seeks to Use First Midwest Bank's Cash Collateral APPLIED ENERGETICS: Sells $676K Worth of Common Shares AT HOME GROUP: Hellman & Friedman Completes Acquisition ATI HOLDINGS: Moody's Cuts CFR to B2, Under Review for Downgrade BEACH RESORTS: Case Summary & 20 Largest Unsecured Creditors BOUCHARD TRANSPORTATION: Lacks Barge Fleet Sale Info, Says Ex-CEO BRACHIUM INC: Taps Oinks Analytics as Patent Valuation Expert BUENA PARK: Unsecured Creditors Will Get 100% of Claims in Plan CBAK ENERGY: Unit Signs Deal to Acquire Majority Stake in Hitrans CCMW LLC: Seeks Authority to Use Cash Collateral COMMUNITY ECO: May Use Cash Collateral Thru September 2 CP TOURS: Has Permission to Use Cash Collateral Thru Sept. 15 CRAFT LOGISTICS: May Continue Interim Use of Cash Collateral CRAZ INVESTMENTS: Case Summary & Unsecured Creditor CREATD INC: Completes Acquisition of Controlling Stake in WHE DAKOTA TERRITORY: Case Summary & 17 Unsecured Creditors DEP LASHES: Seeks to Use SBA's Cash Collateral DORAL ACADEMY: Moody's Gives Ba1 Rating on $21.9MM Education Bonds EYEMART EXPRESS: Moody's Alters Outlook on 'B2' CFR to Stable FIVE STAR SENIOR LIVING: Registers Securities Offering GENERATION BRIDGE: Moody's Rates New $540MM Credit Facilities Ba2 GREATER HOUSTON TRANS: WHC Bids to Buy Biz. Out of Chapter 11 GRUPO AEROMEXICO: Reports Unaudited Financial Results for 2Q21 HELIUS MEDICAL: Joyce LaViscount is No Longer COO HENRY A. RODRIGUEZ-MARTIN: Taps Hammer Navarro as Accountant HOVNANIAN ENTERPRISES: S&P Alters Outlook to Pos, Affirms CCC+ ICR IGLESIA NUEVA VISION: Gets OK to Hire David W. Steen as Counsel INTEGRATED AG: Insider to Provide $1.15M Financing for Plan JEFFERIES FINANCE: S&P Rates $1.65BB Senior Secured Revolver 'BB-' JOHNSON & JOHNSON: Ovarian Cancer Victims Denounce Bankruptcy Plan LATHAM POOL: Moody's Raises CFR to B1 Amid Recent IPO LIT'L PATCH OF HEAVEN: Gets OK to Hire Wadsworth Garber as Counsel LUMEN TECHNOLOGIES: Stonepeak Deal No Impact on Moody's Ba3 CFR LW RETAIL ASSOCIATES: Taps Lawrence J. Berger as Special Counsel MAGELLAN HOME-GOODS: Case Summary & 15 Unsecured Creditors MALLINCKRODT: Limits Its Reach of Acthar-Related Bankruptcy Claims MARINETEK NORTH: Case Summary & 20 Largest Unsecured Creditors MIDCOAST EAST TEXAS LLC: Moody's Assigns First Time B2 CFR NASSAU BREWING: Brooklyn Brewery Redevelopment in Chapter 11 NITRIDE SOLUTIONS: Seeks to Hire Gerald Thimmesch as Accountant NITRIDE SOLUTIONS: Seeks to Hire Kansas Center as Bookkeeper NORWICH DIOCESE: Can Prevent Abuse Cases Restitution, Say Experts NORWICH DIOCESE: Gets Preliminary OK to Hire Epiq as Claims Agent NOVELIS CORP: S&P Rates New US$1.5BB Senior Unsecured Notes 'BB' OCULAR THERAPEUTIX: Reports Q2 Prelim Net Product Revenue of $11.7M PAR 5 PROPERTY: Taps Macdonald Fernandez as Legal Counsel PENN VIRGINIA: S&P Rates New $400MM Senior Unsecured Notes 'B' PEPCOM INC: Seeks to Hire KapilaMukamal as Financial Advisor PHILADELPHIA SCHOOL: To File Amended Plan & Disclosures August 11 PLATINUM GROUP: Liberty Metals Has 7.4% Stake as of July 21 POPULAR INC: S&P Withdraws 'B' Short-Term Issuer Credit Rating PURDUE PHARMA: Opioid Deal Depends on Divisive Legal Maneuver RABUN MANOR: May Use Cash Collateral on Final Basis REDWOOD EMPIRE: May Use Cash Collateral Thru September 17 REDWOOD EMPIRE: May Use Cash for Telephone System Repair RING CONTAINER: S&P Upgrades ICR to 'B' on End Market Recovery RIVOLI & RIVOLI: May Use Cash Collateral Thru November 30 RIVOLI & RIVOLI: Rivolis May Use Cash Collateral Thru Nov. 30 RONNY'S A-LA-CARTE: Seeks to Hire Jones & Walden as Legal Counsel SEADRILL LIMITED: Enters Into Plan Deal With Senior Lenders SHILO INN IDAHO FALLS: Has Interim Access to Cash Collateral SHILO INN: May Use Secured Creditor's Cash Collateral SINTX TECHNOLOGIES: Closes $2.75M Asset Purchase Deal With B4C SPINEGUARD INC: Aug. 24 Plan Confirmation Hearing Set STANDARD INDUSTRIES: S&P Downgrades ICR to 'BB+', Off CreditWatch STEREOTAXIS INC: Appoints Dr. Myriam Curet as Director TAURIGA SCIENCES: Teams Up With No Excuses Enterprises TWO RIVERS AND FARMING: Investors Seek Court Okay for $1.5M Deal URGENT CARE: May Use Cash Collateral Until Sept. 7 Final Hearing VENTURE GLOBAL: S&P Assigns Prelim 'BB' Rating on Senior Notes VISTAGEN THERAPEUTICS: Appoints Maggie FitzPatrick to Board WASHINGTON STATE CONVENTION: S&P Rates $33.2MM 2021A Bonds 'BB+' WEINSTEIN CO.: Spyglass Says It Didn't Owe Co-Chair Bob Money WHITE RIVER: Has Until July 30 to File Amended Plan & Disclosures WHO DAT? INC: Seeks to Hire Intellectual Property Consulting ZUCA PROPERTIES: Prepackaged Liquidating Plan Confirmed by Judge [*] Walsh Joins Winston & Strawn as Restructuring Practice Chair [*] Wolters Kluwer Legal Launches Bankruptcy Essentials ********* 12 UNIVERSITY LLC: Taps Righteous Realty as Real Estate Broker -------------------------------------------------------------- 12 University, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Tucson, Ariz.-based real estate broker Righteous Realty, LLC. The Debtor needs a real estate broker to market for sale its commercial property located at 12 E. University Boulevard, Tucson, Ariz. The firm will be paid a commission of 6 percent of the total sales price. Gabriel Silguero, a broker at Righteous Realty, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gabriel Silguero Righteous Realty, LLC 537 N 6th Ave., Suite 2 Tucson, AZ 85705 Tel: (520) 310-3110 Email: gabriel@righteousrealty.org About 12 University LLC 12 University, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-11567) on Oct. 19, 2020, listing under $1 million in both assets and liabilities. Judge Brenda Moody Whinery oversees the case. Allan D. NewDelman, PC and Nathanson Law Firm serve as the Debtor's bankruptcy counsel and special counsel, respectively. The Debtor also tapped FORSarchitecture, LLC, a Tucson, Ariz.-based full-service architecture and interior design firm. 122 STATE STREET: Case Summary & 6 Unsecured Creditors ------------------------------------------------------ Debtor: 122 State Street Group, LLC 122 State Street Madison, WI 53703 Business Description: 122 State Street Group is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: July 26, 2021 Court: United States Bankruptcy Court Western District of Wisconsin Case No.: 21-11567 Debtor's Counsel: Kristin J. Sederholm, Esq. KREKELER STROTHER, S.C. 2901 West Beltline Highway Suite 301 Madison, WI 53713 Tel: 608-258-8555 Fax: 608-258-8299 E-mail: ksederho@ks-lawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Harold Langhammer, member. A full-text copy of the petition containing, among other items, a list of the Debtor's six unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/IFJYJHQ/122_State_Street_Group_LLC__wiwbke-21-11567__0001.0.pdf?mcid=tGE4TAMA 15005 NW: Updates Disputed Trust Claim Details; Files Amended Plan ------------------------------------------------------------------ 15005 NW Cornell LLC ("NW Cornell") and Vahan M. Dinihanian, Jr. ("Dinihanian") submitted a Second Amended Disclosure Statement and their Second Amended Joint Plan of Reorganization dated July 22, 2021. Debtors have invested extensive efforts to arrange financing to finance the payments of Claims and facilitate the incremental development of some or all of the Cornell Property. Such financing has been arranged through lender SORFI, LLC, an affiliate of Sortis Capital (the "Plan Lender") and the Plan Loan. Under the term sheet, Debtors will be obligated to grant Sortis Real Estate, LLC, an affiliate of the Plan Lender, a right of first refusal to serve as the listing broker to market and sell NW Cornell's rights, title and interest in the Cornell Property should the listing and marketing of NW Cornell's tenant-in-common interests become necessary and appropriate following Plan confirmation. For the avoidance of doubt, the listing agreement would pertain only to NW Cornell's interest in the Cornell Property, and not to the interests of parties other than NW Cornell. Other than the terms set forth in the term sheet, no agreement to specific terms have been reached between Debtors and SORFI, LLC or Sortis Capital with respect to the Plan Loan or right of first refusal. In April of 2021, the SORFI loan was refinanced to payoff an existing $1,000,000 loan owed to Juniper by 2275 W Burnside, which was secured by the property located at 2001 N. Main Street, Forest Grove. The Juniper loan had matured and was in default. Additionally, at the time of the refinance, 933 LLC and 2275 W Burnside had defaulted on obligations to Columbia Bank and iQ Credit Union, due to decreased rental revenue caused by the COVID 19 pandemic. The new SORFI loan also cured those defaults, according to a footnote in the Second Amended Disclosure Statement. Pursuant to the Divorce Judgment, Dinihanian owes Tasha Teherani Ami $2,250,000, plus accrued interest at 4.5% per annum from the date of the Divorce Judgment, until paid, as well as actual and reasonable costs and attorney fees. As of June 1, 2021, Debtors believe the total amount owing to Teherani-Ami was approximately $2,855,000. Since June 1, 2021, Debtors have made monthly adequate protection payments of interest to Teherani-Ami. Such payments will continue through September 2021, at which time Teherani-Ami will be entitled to relief from stay to continue her foreclosure actions. NW Cornell has retained the following professionals: (a) Perkins Coie LLP as its general counsel in this case and (b) Delap LLP as its accountants. Currently, the total amount of Administrative Expense Claims is $460,000 and could be as high as $600,000 by the Effective Date depending on the extent of litigation with various parties in interest. Dinihanian has retained the following professionals: (a) Motschenbacher & Blattner LLP as his general bankruptcy counsel in this case and (b) Delap LLP as his accountants. Currently, the total amount of Administrative Expense Claims is approximately $220,000 and could be as high as $300,000 depending on the extent of litigation with various parties in interest. Class 3 consists of the Disputed Trust Claim to ownership in the Cornell Property as a result of the Divorce Judgment. The Class 3 Claim will (a) retain its prepetition membership interest in Cornell LLC as the Reorganized Debtor or (b) receive such alternative relief as ordered by the Court, including in Adv. Pro. No. 20-03077, Adv. Pro. No. 20-03079 and the claim objection, in full satisfaction of the Trust Claim. The Class 3 Claim is impaired under the Plan. Like in the prior iteration of the Plan, Class 11 General Unsecured Claims against Dinihanian shall be paid in full together with interest at the federal judgment rate from and after the Petition Date, until paid in full. The Debtors will obtain the funds to pay Claims as provided in this Plan through borrowing under the Plan Loan. Repayment of the Plan Loan will be secured by an encumbrance on the Skyline Property. It will also be secured by an encumbrance on NW Cornell's tenant-in-common interest in the Cornell Property, not the interests of other owners of tenant-in-common interests in the Cornell Property. A full-text copy of the Second Amended Joint Disclosure Statement dated July 22, 2021, is available at https://bit.ly/3BKRFXU from PacerMonitor.com at no charge. Attorneys for Vahan M. Dinihanian, Jr.: Nicholas J. Henderson MOTSCHENBACHER & BLATTNER, LLP 117 SW Taylor St., Suite 300 Portland, OR 97204 Telephone: (503) 417-0508 Facsimile: (503) 417-0528 E-mail: nhenderson@portlaw.com Attorneys for 15005 NW: Douglas R. Pahl PERKINS COIE LLP 1120 N.W. Couch Street, 10th Floor Portland, OR 97209-4128 Telephone: 503.727.2000 Facsimile: 503.727.2222 E-mail: DPahl@perkinscoie.com About 15005 NW Cornell 15005 NW Cornell LLC and its owner Vahan Megar Dinihanian, Jr., sought Chapter 11 protection (Bankr. D. Ore. Case Nos. 19-31883 and 19-31886) on May 21, 2019. Vahan Megar Dinihanian Jr. is an individual who owns and operates multiple business entities, including several entities that own and lease commercial real estate, a floral products business, and entities that provide engineering and consulting services. Dinihanian's principal business is operating Eagle Holdings, LLC, which owns other real estate-centered entities. NW Cornell's primary asset is its 50 percent tenant-in-common ownership interest is 37 acres of undeveloped real property located at 15005 NW Cornell Road, Beaverton, Oregon. 15005 NW Cornell LLC, based in Beaverton, OR, was estimated to have $10 million to $50 million in assets and $1 million to $10 million in liabilities as of the bankruptcy filing. The Hon. Trish M. Brown oversees the cases. 15005 NW Cornell tapped Douglas Pahl, a partner of Perkins Coie LLP, as bankruptcy counsel. Motschenbacher & Blattner LLP is Dinihanian's general bankruptcy counsel. 340 BISCAYNE OWNER: Case Summary & 9 Unsecured Creditors -------------------------------------------------------- Debtor: 340 Biscayne Owner LLC 340 Biscayne Boulevard Miami, FL 33132 Business Description: 340 Biscayne Owner LLC is part of the hotels & motels industry. Chapter 11 Petition Date: July 26, 2021 Court: United States Bankruptcy Court Southern District of Florida Case No.: 21-17203 Debtor's Counsel: Linda Jackson, Esq. PARDO JACKSON GAINSBURG, PL 200 SE 1st Street Suite 700 Miami, FL 33131 Tel: 305-358-1001 E-mail: ljackson@pardojackson.com Estimated Assets: $100 million to $500 million Estimated Liabilities: $10 million to $50 million The petition was signed by Cristiane Bomeny, manager. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/G3QTQIQ/340_Biscayne_Owner_LLC__flsbke-21-17203__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Nine Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. First Bank Puerto Rico Paycheck $989,219 D/B/A First Bank Florida Protection 9795 South Dixie Highway Program Miami, FL, 33156 2. Bilzin Sumberg $0 1450 Brickell Avenue, 23rd Floor Miami, FL, 33131 3. Holiday Hospitality Unknown Franchising, LLC Three Ravinia Drive Suite 100 Atlanta, GA, 30346 4. Internal Revenue Service $0 P.O. Box 7346 Philadelphia, PA, 19101 5. Florida Department of Revenue $0 Mail Stop 3-2000 5050 W. Tennessee Street Tallahassee, FL, 32399-0112 6. Miami Dade Tax Collector Unknown 200 NW 2nd Avenu Miami, FL, 33128 7. Florida Power & Light Company Utility Service Unknown 700 Universe Boulevard North Palm Beach, FL, 33408 8. Aimbridge Hospitality Hotel Operator Unknown Holdings LLC 5851 Legacy Circle Suite 400 Planto, TX, 75024 9. KAWA 340 Biscayne LLC Lease $0 21500 Biscayne Blvd Financing Suite 700 Operation Miami, FL, 3318 (Monthly) 7FOUR ON STONE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: 7Four on Stone Apartments, LLC 9375 E. Shea Blvd., Ste 100 Scottsdale, AZ 85260 Business Description: 7Four on Stone Apartments, LLC is engaged in activities related to real estate. Chapter 11 Petition Date: July 26, 2021 Court: United States Bankruptcy Court District of Arizona Case No.: 21-05717 Debtor's Counsel: Grant L. Cartwright, Esq. MAY, POTENZA, BARAN & GILLESPIE, PC 201 N. Central Avenue, 22nd Floor Phoenix, AZ 85004-0608 Tel: 602-252-1900 Email: gcartwright@maypotenza.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Albert (Roy) Brown, the managing member. The Debtor did not file together with 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/EPSUVUY/7Four_on_Stone_Apartments_LLC__azbke-21-05717__0001.0.pdf?mcid=tGE4TAMA 893 4TH AVENUE: Membership Interests Up for Sale on August 11 ------------------------------------------------------------- 5AIF Sycamore 2 LLC ("secured party") will offer for sale, at public auction, all member and other equity interests in and to 893 4th Avenue Lofts LLC ("debtor") on Aug. 11, 2021, at 2:00 p.m. (EST), by remote auction via Cisco WebEx Remote Meeting: Meeting link: https://bit.ly/TKUCC893 Access Code: 126-973-2811 Password: TKUCC893 (85822893 from phones and video systems) Call-in number: (415) 655-0001 The sale will be conducted by Matthew D. Mannion of Mannion Auctions LLC. Interested parties who do not contact the secured party's counsel prior to the sale will not be permitted to enter a bid. Vivian M. Arias, Esq. Thompson & Knight LLP 900 Third Avenue 20th Floor New York, NY 10022 Tel: (212) 751-3325 Email: vivia.arias@tklaw.com 893 4th Avenue Lofts LLC owns an apartment building in Brooklyn, New York. On May 24, 2021, the Debtor filed a voluntary Chapter 11 bankruptcy petition with the U.S. Bankruptcy Court for the Eastern District of New York (Case No. 21-41467). ABRI HEALTH CARE: Unsecureds' Recovery in Subchapter V Plan "TBD" ----------------------------------------------------------------- Abri Health Services, LLC and Senior Care Centers, LLC ("SCC") filed with the U.S. Bankruptcy Court for the Northern District of Texas a Subchapter V Plan of Reorganization dated July 22, 2021. Following SCC's emergence from bankruptcy, Abri Health Services, LLC ("Abri") became SCC's sole member and the company rebranded under the Abri name. Immediately following SCC's exit from bankruptcy, TXMS engaged in near constant litigation with the Debtors. During the same time, the COVID-19 pandemic devasted the country, and in particular, the senior living space. Abri was able to obtain lease concessions from some of the Debtors' landlords, but nothing from TXMS, despite the fact that they had publicly stated they would be extending such concessions to all of their other tenants. As set forth in the First Day Declaration, the Debtors and TXMS began negotiations as to a potential transfer of the TXMS Facilities to a new operator. The Debtors would only agree to such a transaction upon the execution of a landlord settlement agreement and OTAs on certain terms and in exchange for fair consideration. While these negotiations were ongoing, TXMS sent the Debtors a Notice of Termination and demanded that the Debtors execute entirely new OTAs that provided for, among other things, no consideration to the Debtors and required that the Debtors indemnify the new operator and make various guaranties. The Debtors requested that TXMS withdraw the Notice of Termination so that negotiations could continue. When TXMS did not, the Debtors filed the Subchapter V Cases. The Plan is premised upon the substantive consolidation of the Debtors solely for the purposes of voting, determining which Classes have accepted the Plan, confirming the Plan, and the resultant treatment of Claims and Interests and Distributions under the Plan. Class 1 consists of all Secured Claims. Each Holder of an Allowed Secured Claim shall receive, in full and complete satisfaction, settlement, discharge, and release of, and in exchange for, its Allowed Secured Claim: (i) payment in full, in Cash, of the unpaid portion of its Allowed Secured Claim on the later of the Effective Date and the date on which such Secured Claim becomes Allowed; (ii) delivery of the Collateral securing such Allowed Secured Claim; (iii) Reinstatement of the Secured Claim; or (iv) such other treatment as the Debtors or Reorganized Debtors, as applicable and the Holder of such Allowed Secured Claim may agree. This Class has 100% estimated recovery. Class 1 is Unimpaired. Class 2 consists of all Priority Unsecured Claims. Each Holder of an Allowed Priority Unsecured Claim shall receive, in full and complete satisfaction, settlement, discharge, and release of, and in exchange for, its Allowed Priority Unsecured Claim: (i) payment in full, in Cash, on the later of the Effective Date and the date on which such Priority Unsecured Claim becomes Allowed; (ii) payment in the ordinary course of business between the Debtors or the Reorganized Debtors, as applicable, and the Holder of such Allowed Priority Unsecured Claim; or (iii) such other treatment as the Debtors or Reorganized Debtors, as applicable and the Holder of such Allowed Priority Unsecured may agree. This Class has 100% estimated recovery. Class 2 is Unimpaired. Class 3 consists of all TXMS Unsecured Claims. Each Holder of an Allowed TXMS Unsecured Claim shall receive, in full and complete satisfaction, settlement, discharge, and release of, and in exchange for, its Allowed TXMS Unsecured Claim, the TXMS Recovery. This Class has 100% estimated recovery. Class 3 is Impaired. Class 4 consists of all General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive, in full and complete satisfaction, settlement, discharge, and release of, and in exchange for, its Allowed General Unsecured Claim, its Pro Rata share of the Unsecured Creditor Recovery. The Disclosure Statement still has blanks as to the estimated percentage recovery for holders of Class 4 Unsecured Claims. Class 4 is Impaired. Class 5 consists of all Interests in Abri. Holders of Interests in Abri shall retain such Interests. Class 5 is Unimpaired. Except for the TXMS Unsecured Claims, the Debtors anticipate that all distributions made under the Plan will be funded from the Reorganized Debtors' Cash on hand and/or earnings. With respect to the TXMS Unsecured Claims, prior to the Effective Date, the Debtors will create TXMS NewCo. Equity of the TXMS Operators will be transferred to TXMS NewCo. On the latest of (i) the Effective Date; (ii) the date the TXMS Unsecured Claims are Allowed; (iii) March 31, 2022; or (iv) at such time and upon such terms as the Debtors or Reorganized Debtors and TXMS may agree, the Debtors shall transfer the equity of TXMS NewCo to TXMS or its designee. Until the transfer of the equity of TXMS NewCo, the Debtors and/or Reorganized Debtors will continue to manage, and the TXMS Operators will continue to operate, the TXMS Facilities pursuant to an IMA or TSA on terms acceptable to the Debtors in their sole discretion. A full-text copy of the Plan dated July 22, 2021, is available at https://bit.ly/3BMlxn5 from PacerMonitor.com at no charge. Counsel to the Debtors: Liz Boydston Savanna Barlow Trinitee G. Green Polsinelli PC 2950 N. Harwood, Suite 2100 Dallas, Texas 75201 Telephone: (214) 397-0030 Facsimile: (214) 397-0033 E-mail: lboydston@polsinelli.com sbarlow@polsinelli.com tggreen@polsinelli.com Jeremy R. Johnson Stephen J. Astringer Polsinelli PC 600 3rd Avenue, 42nd Floor New York, New York 10016 Telephone: (212) 684-0199 Facsimile: (212) 684-0197 E-mail: jeremy.johnson@polsinelli.com sastringer@polsinelli.com About Abri Health Care Services Founded in 2009, Abri Health Care Services, LLC -- https://abrihealthcare.com/ -- offers skilled nursing services, short-term rehabilitation, long-term care, and assisted living in over 22 locations across Texas. Abri Health Care Services and subsidiary Senior Care Centers, LLC, sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 21-30700) on April 16, 2021. In the petition signed by CEO Kevin O'Halloran, Abri Health Care Services disclosed total assets of up to $50 million and total liabilities of up to $10 million. The cases are handled by Judge Stacey G. Jernigan. The Debtor tapped Polsinelli, PC as legal counsel and CliftonLarsonAllen, LLP as accountant and tax consultant. ACRISURE LLC: S&P Assigns 'CCC+' Rating on $500MM Senior Notes -------------------------------------------------------------- S&P Global Ratings assigned its 'CCC+' debt rating to Acrisure LLC's $500 million senior notes maturing in 2029. The recovery rating is '6', indicating its expectation for negligible (0%) recovery of principal in the event of a default. S&P said, "We expect Acrisure to use the proceeds to fund future acquisitions. The ratings on Acrisure Holdings Inc. and its core subsidiaries--including our 'B' long-term issuer credit rating, 'B' first-lien credit facility debt rating, and 'CCC+' unsecured debt rating--are unaffected by the new senior notes issuance. "We believe Acrisure performed favorably in the 12 months ended March 31, 2021, achieving revenue growth of 15.5% to $2.12 billion with modestly improving adjusted EBITDA near 34%. Our forecast incorporates sustained top-line growth, supported by organic growth in the mid-single digits with a more robust contribution from acquisitions relative to the historical trend. We expect a continued focus on expense management and growing scale to sustain EBITDA margin at 33%-35%, per our calculations. "Our assessment of the company's financial risk continues to assume a debt-intensive capital structure, consisting of a combination of debt and debtlike instruments. Including this transaction, we expect S&P Global Ratings-adjusted financial leverage and EBITDA coverage to be near 7.0x (excluding payment-in-kind preferred treated as debt) and 2.3x, respectively, for the 12 months ended March 31, 2021. This reflects modest cushion relative to our run-rate expectations for financial leverage (excluding preferred treated as debt) of 7.0x–8.0x and EBITDA cash interest coverage above 2.0x." AHP HEALTH: S&P Assigns 'B' Rating on New $900MM Term Loan B ------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level and '3' recovery ratings to AHP Health Partners Inc.'s (AHP's) proposed $900 million term loan B due 2028. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. S&P expects the company to use the proceeds from the offering to refinance its existing $797 million term loan B due 2025. S&P views this offering, along with the company's recently completed senior unsecured notes offering, as leverage neutral and as a slight credit positive because they lower interest expense and extend the maturity profile. S&P said, "Our 'B' issuer credit rating on Ardent Health Partners LLC is unchanged. The stable outlook on Ardent reflects our expectation that the company will continue to make modest but steady strides after two sizable acquisitions in 2017 and 2018 that required significant turnaround efforts. We also expect it will generate significant free operating cash flow. We anticipate admission volume will steadily improve as the COVID-19 pandemic subsides. We view the pandemic as a business disruption and not as changing our long-term expectations of Ardent." AIR CANADA: S&P Rates New US$2.75BB Senior Secured Notes 'BB-' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '2' recovery rating to Air Canada's proposed approximately US$2.75 billion of senior secured notes. The '2' recovery rating indicates S&P's expectation that lenders would receive substantial (70%-90%; rounded estimate: 75%) recovery of their principal in the event of a payment default. The notes consist of a U.S. dollar series due 2026 and a Canadian dollar series maturing 2029. The issuance is part of a previously announced approximately US$5.35 billion refinancing transaction that includes a US$600 million revolving credit facility due 2025 and a US$2 billion term loan due 2028. Net proceeds of the notes and loans will be used to refinance existing first- and second-lien obligations, to support working capital, and for general corporate purposes. The planned debt issuance (loans and notes) is secured on a first-lien basis by Air Canada's international routes, airport slots, and gate leaseholds (SGR), with a combined appraised value of about US$12 billion. S&P bases its ratings on the credit quality of Air Canada and its analysis of recovery prospects for lenders in a hypothetical bankruptcy scenario. S&P's 'B+' issuer credit rating and negative outlook on the company are unchanged. The negative outlook reflects uncertainty regarding the timing and magnitude of Air Canada's recovery given ongoing travel restrictions amid the spread of new coronavirus variants, and the ensuing negative impact this is having on the company's balance sheet and credit metrics. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's updated recovery analysis reflects planned secured debt totaling approximately US$5.35 billion (including the proposed notes) and related repayments as well as updated values for the collateral supporting the various claims. -- The proposed notes (and loans) will be collateralized by Air Canada's international SGR. Specifically, the collateral comprises Air Canada's authority to operate scheduled service between any international airport in Canada and any international airport in any country other than Canada (except Cuba); substantially all of Air Canada's landing and take-off rights at all airports including London Heathrow, LaGuardia Airport, and Ronald Reagan Washington National Airport; and Air Canada's rights to use or occupy space at airport terminals for these routes. The SGR collateral has a third-party appraised value of about US$12 billion, which S&P understands is assessed using an income-based discounted cash flow (DCF) approach. -- The C$1.5 billion revolver issued by the Government of Canada is secured on a first-lien basis by assets and equity of Air Canada's frequent-flyer loyalty program (Aeroplan) as well as certain intellectual property of Aeroplan. In addition, Air Canada can access up to C$3.88 billion of unsecured debt issued by the Canadian government. -- S&P said, "We view the Aeroplan-backed debt as a priority claim against all creditor groups because it has claims on valuable earnings power that is connected to flight operations. We expect that Air Canada would continue to honor its obligation under the customer loyalty program through a bankruptcy restructuring. By treating the new debt as a priority claim in the payment waterfall, we essentially reduce the enterprise value available to cover other obligations (including the proposed debt) based on each obligation's proportional share of the distressed assets. This approach is consistent with our assessment for large U.S. airlines, which have recently secured frequent flyer program financing." -- S&P rates the company's enhanced equipment trust certificates under different criteria, and therefore, it does not include those ratings in this analysis. Simulated default assumptions -- S&P assumes a default scenario in 2025, potentially brought on by a combination of higher costs and a prolonged downturn in the Canadian and global airline industry. This could stem from pandemic-related travel restrictions lasting through next year followed by a deep recession that leaves Air Canada unable to meet its fixed obligations and leads the company to file for bankruptcy protection. -- S&P said, "We value the company on a discrete-asset basis as a going concern, using current book values as reported and fair market values of appraised assets including routes, slots, and aircraft. We believe it is highly likely that Air Canada would reorganize if it were to enter bankruptcy, but believe that the discrete-asset analysis provides the best way to estimate enterprise value available to creditors at emergence from bankruptcy." -- S&P said, "Our valuations reflect our estimated value of the various assets at default based on market appraisals, adjusted for expected (lower) values in a distressed scenario. Specifically, our assessment of the SGR collateral reflects a higher discount rate and a lower terminal growth rate than those used in the appraisals for the income-based valuation. In addition, we apply stressed realization rates for the various SGR assets securing the proposed secured debt to assess their value at default. US$1.00 is valued at C$1.21 at default." -- The company's secured revolving credit facilities, which include a US$600 million facility, a C$200 million facility, and the C$1.5 billion Government of Canada-secured revolver, are all 100% drawn at default. -- A portion of Air Canada's commitments under various capacity purchase agreements and leases will have an unsecured claim at default. Simplified waterfall -- Gross enterprise value: C$11.5 billion -- Value available to SGR secured debt claims (collateral, net of 5% administrative expense): C$5.1 billion -- SGR Secured debt claims: C$6.6 billion --Recovery expectations: 70%-90% (rounded estimate: 75%) Note: All debt amounts include six months of prepetition interest. Refinancing assumptions: S&P generally assumes debt maturing before its simulated default is refinanced before maturity and that highly amortizing debt is refinanced before the cumulative amortization exceeds 40% of the original principal. AKUMIN INC: S&P Affirms 'B-' ICR on Acquisition of Alliance ----------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on Akumin Inc. At the same time, S&P assigned its 'B-' issue-level rating on the company's new $500 million senior secured notes. The recovery rating is '3' indicating its expectations for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. S&P said, "We believe the combination may strengthen Akumin's business due to likely increased scale and geographic diversity. The acquisition will create one of the largest providers of radiology services in the U.S. Once the transaction is complete, the company's operations would expand from seven states with a significant concentration in Florida and Texas, to 46 states, and it would add contractual relationships with about 1,000 hospitals and health systems. We believe these contractual relationships could accelerate Akumin's strategy of developing joint venture (JV) partnerships with existing radiology and/or oncology outpatient facilities. Alliance's oncology business segment provides complementary services that radiology patients may utilize. We also believe the increased scale should improve the company's purchasing power, which could reduce operating costs. "We expect Akumin to remain highly leveraged over the next several years. We forecast adjusted debt-to-EBITDA leverage of 11.0x in 2021 (partial year EBITDA contribution from Alliance) declining to 7.1x in 2022. The proposed privately placed senior unsecured debt gives Akumin the option for either payment in kind (PIK) interest at 13%, or 11% cash interest. We expect Akumin to choose the PIK option to conserve cash to help finance future growth that will likely include debt-financed acquisitions and new JV partnerships. "Akumin has not consistently generated discretionary cash flow. We expect continued discretionary cash flow deficits in 2021 and modest discretionary cash flow generation in 2022. We believe sizeable capital expenditure requirements along with ongoing acquisition and integration costs will remain a burden on the company's cash flow for the next several years. Our calculation of cash flow also includes the repayment of CARES Act-related Centers for Medicare & Medicaid Services (CMS) advanced payments and deferred payroll taxes. "We expect the company will continue to experience slow organic growth. Diagnostic imaging is a slow-growing, mature industry that struggles with chronic pricing pressures, partly attributable to some industry overcapacity. However, we anticipate reimbursement rates to continue to stabilize over the next several years while demand continues to increase due to the needs of an aging population. We also believe Akumin could benefit from patients increasingly shifting their care to outpatient-based services due to third-party pressure, patient preference, and technological advances. We expect the oncology segment, which is significantly smaller than its radiology segment, to experience better organic growth over the next several years. "Our stable outlook reflects our view that the acquisition will keep the company highly leveraged, but will give it more scale and geographic diversity to better contend with a difficult industry environment that includes chronic reimbursement constraints and competition along with our expectation of slow organic growth. "We could lower our rating if Akumin's margins fall 300 basis points short of our base case such that leverage rises to more than 8x, and resulting in sustained discretionary cash flow deficits. Should this occur, we may question the sustainability of the company's capital structure. In our view, this could happen if there is a sizable cut in reimbursement rates, weaker-than-expected patient volume, along with greater-than-expected integration challenges as it pursues its acquisition strategy. We could also downgrade Akumin if it pursues a more aggressive debt-financed acquisition than we anticipate. "We believe an upgrade is unlikely over the next 12 months. However, we would consider raising the rating if the company reduces adjusted debt-to-EBITDA leverage to below 5x on a sustained basis and achieves sustained discretionary cash flow to debt over 3%." ALGOZINE MASONRY: Sept. 1 Disclosure Statement Hearing Set ---------------------------------------------------------- Debtor Algozine Masonry Restoration, Inc. filed a Second Amended Plan and Amended Disclosure Statement. On July 22, 2021, Judge James R. Ahler ordered that: * Sept. 1, 2021, at 1:30 P.M. is the telephonic hearing to consider approval of the Disclosure Statement. * Aug. 25, 2021, is fixed as the last day for filing and serving written objections to the Disclosure Statement. A copy of the order dated July 22, 2021, is available at https://bit.ly/3y8IbUo from PacerMonitor.com at no charge. About Algozine Masonry Restoration Algozine Masonry Restoration, Inc., filed a Chapter 11 petition (Bankr. N.D. Ind. Case No. 16-23208) on Nov. 10, 2016. In the petition signed by David A. Algozine, vice president, the Debtor disclosed total assets at $217,951 and total liabilities at $3.11 million. The Debtor is represented by Allan O. Fridman, Esq., at the Law Office of O. Allan Fridman. The Debtor filed an Amended Plan and Disclosure Statement in January 2021. ALLENTOWN NEIGHBORHOOD: Moody's Affirms Ba3 on 2017/2018 Bond ------------------------------------------------------------- Moody's Investors Service has assigned a Baa3 rating to the Allentown Neighborhood Improvement Zone Development Authority, PA's (ANIZDA) $14.94 million Tax Revenue Refunding Bonds, Series 2021 (Federally Taxable) and $159.595 million Tax Revenue Refunding Bonds, Series 2022 (Forward Delivery). Concurrently, Moody's have affirmed the Ba3 ratings for the Tax Revenue Bonds Series 2018 and 2017 and the Baa3 rating on the Tax Revenue Bonds, Series 2012 A&B. The outlook remains negative for all outstanding series. RATINGS RATIONALE The Baa3 rating for the Series 2012 A&B bonds and for the Series 2021/2022 bonds, which will fully refund Series 2012 A&B bonds, reflects continued satisfactory debt service coverage despite the impact of the coronavirus pandemic on NIZ tax revenues. Though revenues declined roughly 9% year over year, coverage of debt service remains in excess of 2.0x. Legal provisions are relatively strong; the Baa3 rating reflects the support of a debt service reserve as well as a surplus fund, both held in cash and funded at maximum annual debt service. While elevated leverage in the transaction as a whole negatively weighs on the credit profile of the 2021/2022 bonds, the stability of coverage over the past five fiscal years, and Moody's expectation of continued satisfactory coverage in the near term is an offsetting factor. The Ba3 rating on the Series 2017 and Series 2018 bonds reflects the material leveraging of developer dedicated revenues, due to not only the rated senior bonds, but also unrated subordinated debt and a junior lien construction loan facility all supported by this specific, limited tax revenue stream. Significant taxpayer concentration continues to be a concern; the Ba3 rating reflects substantial concentration risk to a narrow group of taxpayers and to an economically sensitive revenue stream. The Ba3 rating also incorporates the availability of a debt service reserve for each series, funded in cash at maximum annual debt service. The bonds are supported by tax revenues collected from businesses in the Neighborhood Improvement Zone (the NIZ) by the Commonwealth and City of Allentown and distributed in April of each fiscal year to an escrow agent. Monies distributed in April of 2022 will reflect a full year of impact of the coronavirus pandemic. Certain NIZ tax revenues declined in 2021, reducing coverage. Further revenue declines are possible, and Moody's does not have perfect insight as to the impact of the pandemic on NIZ tax revenues. Current projections, provided by City Center Investment Corporation, the developer associated with the 2017 and 2018 bonds, indicate a likelihood of at least sum sufficient coverage of debt service for all three series of bonds in fiscal 2022. RATING OUTLOOK The outlook is negative due to very limited information available regarding current tax revenue receipts in the NIZ at this time. The coronavirus pandemic continues to impact tax revenues, and, since NIZ taxes are only reported annually, it is not possible to gather a real-time understanding of revenue trends. While the extraordinary leverage in this transaction as a whole, as well as the substantial concentration risk to a limited number of taxpayers and certain economically sensitive revenue streams are risks already factored into the credit profile, these risks are exacerbated by the impact of the pandemic, and could pressure ratings in the future. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS Material diversification of top taxpayers Sustained improvement in annual debt service coverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS Material decline in debt service coverage Increased leverage beyond current expectations Any draw on either the debt service reserve or surplus funds Loss of a significant anchor tenant / taxpayer Further concentration of key taxpayers Blight or destruction of NIZ projects that materially impacts the zone Lack of sufficient information necessary to maintain the ratings LEGAL SECURITY The bonds are secured by a mix of state and local taxes, including but not limited to, corporate and personal income taxes, sales and use tax, malt beverage and liquor tax, cigarette tax, local earned income tax, Allentown business privilege tax, and a local services tax, paid by businesses located in the Allentown Neighborhood Improvement Zone. USE OF PROCEEDS Proceeds from the Series 2021/2022 bonds will be used to refund the Series 2012 A&B bonds for interest savings with no extension of maturity. PROFILE The Allentown Neighborhood Improvement Zone uses certain tax revenues to rebuild its downtown core and waterfront areas with the specific purpose of generating investment in new job-creating projects. The 128-acre NIZ stretches from the city's center to its Lehigh River waterfront. METHODOLOGY The principal methodology used in these ratings was US Public Finance Special Tax Methodology published in January 2021. ALLIANCE HEALTHCARE: S&P Places 'CCC+' ICR on CreditWatch Positive ------------------------------------------------------------------ S&P Global Ratings placed all of its ratings on Alliance HealthCare Services, including its 'CCC+' issuer credit rating, on CreditWatch with positive implications. The positive CreditWatch reflects that, pro forma for the acquisition, S&P would likely consider Alliance to be a core holding of Akumin under our group rating methodology. Therefore, it expects to raise its rating on the company to equalize it with our rating on its group parent. S&P said, "The CreditWatch placement reflects that we will likely raise our rating on Alliance following the transaction to equalize it with our rating on Akumin. This is because we would consider the company to be a core entity of Akumin under our group rating methodology criteria. We view a core entity as being integral to its group's current identity and future strategy. In addition, we believe the rest of its group would likely support the entity under any foreseeable circumstances." ALPHA HOUSE: May Use Cash Collateral Thru Sept. 28 Hearing ---------------------------------------------------------- Judge Robert A. Mark authorized The Alpha House, Inc. to pay ordinary course business expenses, pursuant to the budget, through and including the final hearing on the Debtor's request to access cash collateral. As security for all indebtedness owed by the Debtors to Marianna Holdings LLC and First Home Bank (FHB), to the extent that Marianna's and/or FHB's cash collateral is used by the Debtors, the Debtors grants Marianna and FHB a perfected post-petition security interest in and lien on the Debtors' cash collateral, to the same priority, validity and extent that Marianna and FHB held a properly perfected pre-petition security interest in such assets which are acquired, generated or received by the Debtors after the Petition Date. The Post-Petition Collateral excludes all transfers avoided by or on behalf of the Debtors, their estates or any subsequently appointed trustee, pursuant to Sections 544 through 550 of the Bankruptcy Code. A copy of the order is available for free at https://bit.ly/379bZo9 from PacerMonitor.com. The final hearing is scheduled for September 28, 2021 at 2 p.m. by Zoom video conference. About The Alpha House Inc. The Alpha House, Inc., owner of the M Boutique Hotel in Miami, Fla., filed for Chapter 11 bankruptcy (Bankr. S.D. Fla. Case No. 21-12338) on March 11, 2021. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. Judge Robert A. Mark oversees the case. Affiliate M Group Hotels, Inc., filed for protection under Chapter 11 (Bankr. S.D. Fla. Case No. 21-13977) on April 26, 2021, listing $10,820 in total assets and $2,643,737 in total liabilities on the Petition Date. Judge Laurel M. Isicoff is assigned to the case. Both petitions were signed by Matthieu Mamoudi, president. The Debtors' cases are jointly administered, with The Alpha House's case (Bankr. S.D. Fla. Case No. 21-12338) as the lead case. The Debtors tapped Robert C. Meyer, PA to serve as legal counsel and Alvin Hagerich, an accountant practicing in Hudson, Florida. AMATA LLC: Seeks to Extend Access to Cash Collateral ---------------------------------------------------- Amata, LLC asked the Bankruptcy Court to extend the Debtor's authority to use the cash collateral, which currently extends through the week of July 26, 2021. The Debtor is seeking an extension to use the use of cash collateral pursuant to the terms of the Cash Collateral Order for the duration of a proposed extended budget. The Debtor filed its Plan of Reorganization on July 12, 2021 and disclosed that it anticipates filing an amended plan in the near future. A copy of the motion is available for free at https://bit.ly/374jo8a from PacerMonitor.com. The Court will consider the request at a hearing on July 29, 2021 at 10 a.m. (prevailing Central Time), via Zoom video or by telephone. About Amata LLC Amata LLC -- http://www.amatacorp.com/-- with principal place of business at 77 W. Wacker Drive, Suite 4500, in Chicago, Illinois, is an office space provider catering specifically to legal practitioners. Amata filed a petition under Subchapter V of Chapter 11 of the Bankruptcy Code on April 12, 2021 (Bankr. N.D. Ill. Case No. 21-04801) with the U.S. Bankruptcy Court for the Northern District of Chicago. In the petition signed by Ronald C. Bockstahler, founder and chief executive officer, the Debtor is estimated with assets between $1,000,001 to $10 million and liabilities within the same range. Neema T. Varghese was appointed as the Subchapter V Trustee. Judge Jack B. Schmetterer is assigned to the case. McDonald Hopkins LLC is the Debtor's general bankruptcy counsel. ANDINA GOLD: Prepares For Initial Product Launch ------------------------------------------------ Andina Gold Corp. has taken steps to align its branding with its development and production of cryogenic precision capture systems. Andina Gold's wholly owned subsidiary, formerly named General Extract, LLC, has adopted the name CryoMass LLC. The name change follows the subsidiary's recent acquisition of the intellectual property and other assets of CryoCann USA Corp. and has been registered with the Colorado Secretary of State. Separately, on July 9th the Company's Board of Directors approved a proposal to change the Company's name from Andina Gold Corp. to CryoMass Technologies Inc., subject to FINRA's processing of the related corporate action notice. Concurrently with affecting the proposed name change, the Company would apply to replace its OTCQB Venture Market stock trading symbol, which currently is AGOL. The Company's Chief Executive Officer, Christian Noel, explained, "The new names were chosen to signalize the Company's focus on exploiting the patents and processes acquired from CryoCann USA. Our team of consultants and engineers are approaching completion of the design of the CryoCann 500 CF system, which is being optimized for the rapid capture (within minutes after plant harvesting) of fully intact cannabis and hemp trichomes. The CryoCann 500 CF will enable cannabis and hemp producers to reduce costs, increase end-product yields and enhance product purity. We expect to begin field-testing the first unit in the fourth quarter of this year and to start commercialization early in 2022. "We believe that efficiencies delivered by the CryoCann 500 CF will trigger sweeping changes in the handling and processing of cannabis and hemp plant material. In addition, as we bring the CryoCann 500 CF to market, we will be exploring application of the underlying technology to a broad range of industries that handle high-value materials and that could benefit from our precision capture methods. We anticipate that cannabis and hemp will be just the first in a series of such industries." 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. APP REALTY: Seeks to Use First Midwest Bank's Cash Collateral ------------------------------------------------------------- APP Realty, LLC and APP Car Wash, LLC move the Bankruptcy Court for an order authorizing the use of cash collateral to fund their operations pending the sale of all of their assets and confirmation of their plans of liquidation. The Debtors disclosed that as of each of their petition dates, APP Realty had $0 cash collateral, and APP Car Wash had $805. First Midwest Bank, successor-in-interest to Bridgeview Bank Group, asserts a senior security interest in substantially all of the Debtors' assets on account of a note and mortgage the Debtors executed in favor Bridgeview Bank Group in October 2014 and on account of which Bridgeview Bank Group has filed a UCC-1 financing statement. Prepetition, First Midwest Bank filed an action in the Circuit Court of Cook County, Illinois, seeking to foreclose its mortgage and enforce its security interest in the Debtors' assets. As of the petition date, First Midwest Bank's claim is approximately $1,017,942. APP Car Wash estimates that, as of the petition date, the value of its personal property held as collateral aggregates $502,670. This value is exclusive of any good will or going concern value that might be realized if APP Car Wash's business were sold as a going concern. In addition, APP Realty owns the Real Property on which APP Car Wash operates its car wash business at 4650 W. Fullerton Avenue, in Chicago, Illinois. As adequate protection for First Midwest Bank's interest in the cash collateral, the Debtors proposed to grant First Midwest Bank a replacement lien on the Debtors' post-petition accounts for the cash collateral used, as well as a replacement lien upon the Debtors' personal property acquired post-petition. The Debtors also proposed to make adequate protection payments to the Bank. A copy of the motion is available for free at https://bit.ly/3zzDzXJ from PacerMonitor.com. APP Car Wash's budget provided for $6,259 in monthly expenses from July through November 2021. The budget also provided for the following adequate protection payments to First Midwest Bank: $429 in August 2021; $896 in September 2021; $981 in October 2021; and $516 in November 2021. A copy of the budget is available for free at https://bit.ly/3rCLsJ9 from PacerMonitor.com. A hearing on the motion is scheduled for July 29, 2021 at 11 a.m., via Zoom or by telephone. About APP Realty and APP Car Wash APP Realty, LLC, a Chicago-based company, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-03839) on March 24, 2021. The case is jointly administered with the Chapter 11 case filed by an affiliate, APP Car Wash, LLC, on May 20, 2021 (Bankr. N.D. Ill. Case No. 21-06550). Judge Lashonda A. Hunt oversees the cases. At the time of the filing, APP Realty had total assets of $1,226,027 and total liabilities of $1,028,763. Meanwhile, APP Car Wash disclosed total assets of up to $1 million and total liabilities of up to $10 million. Joyce W. Lindauer Attorney, PLLC and Bauch & Michaels, LLC serve as the Debtors' bankruptcy counsel and local counsel, respectively. APPLIED ENERGETICS: Sells $676K Worth of Common Shares ------------------------------------------------------ Effective July 22, 2021, Applied Energetics, Inc. closed on the issuance of 901,333 shares of its common stock, par value, $0.001 per share, in a private sale to individual purchasers at a price of $0.75 per share, or $676,000 in the aggregate. Coupled with the July 9, 2021, issuance of 3,153,333 shares, also at $0.75 per share, the company has raised a total of $3,041,000 during July 2021. All of the purchasers are accredited, sophisticated investors, and the issuance of the shares was not in connection with any public offering in accordance with Section 4(a)(2) of the Securities Act of 1933. About Applied Energetics Headquartered in Tucson, Arizona, Applied Energetics, Inc. -- www.aergs.com -- specializes in the development and manufacture of advanced high-performance lasers, high voltage electronics, advanced optical systems, and integrated guided energy systems for prospective defense, aerospace, industrial, and scientific customers worldwide. Applied Energetics reported a net loss of $3.23 million for the year ended Dec. 31, 2020, compared to a net loss of $5.56 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $5.75 million in total assets, $2.61 million in total liabilities, and $3.14 million in total stockholders' equity. Henderson, Nevada-based RBSM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 12, 2021, citing that the company has suffered recurring losses from operations, will require additional capital to fund its current operating plan, and has stated that substantial doubt exists about the company's ability to continue as a going concern. AT HOME GROUP: Hellman & Friedman Completes Acquisition ------------------------------------------------------- Funds affiliated with Hellman & Friedman, a global private equity firm, and At Home Group Inc. have completed a transaction in which H&F has acquired At Home in an all-cash transaction that valued the company at $2.8 billion, including the assumption of debt. With the completion of the acquisition, At Home's common stock ceased trading and the company is no longer listed on the New York Stock Exchange. "Hellman & Friedman takes great pride in partnering with outstanding management teams to invest in highly differentiated businesses with substantial room for growth. At Home fits that bill perfectly," said Erik Ragatz, partner at H&F. "We believe the unique shopping experience and compelling value At Home offers consumers will position the Company to continue to grow and take market share in the coming years, and we have great confidence in the team at At Home to deliver on this potential. Lee Bird, chairman and chief executive officer of At Home, said, "This transaction will allow us to partner with H&F to help continue our store expansion, grow our offering and strengthen our position as the leading retailer of home decor. I'm thankful to all our team members whose hard work has contributed to At Home's success and made this transaction possible. I am confident H&F will help strengthen our business." Advisors Goldman Sachs & Co. LLC served as exclusive financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP was legal counsel to the Special Committee. Guggenheim Securities, LLC served as financial advisor and Simpson Thacher & Bartlett LLP was legal counsel to Hellman & Friedman. About At Home Group Inc. At Home Group Inc. (NYSE: HOME) is a home decor retailer offering more than 50,000 on-trend home products to fit any budget or style, from furniture, mirrors, rugs, art and housewares to tabletop, patio and seasonal decor. At Home is headquartered in Plano, Texas, and currently operates 219 stores in 40 states. At Home Group reported a net loss of $149.73 for the fiscal year ended Jan. 30, 2021, compared to a net loss of $214.43 for the fiscal year ended Jan. 25, 2020. As of May 1, 2021, the Company had $2.59 billion in total assets, $2.04 billion in total liabilities, and $546.20 million in total stockholders' equity. ATI HOLDINGS: Moody's Cuts CFR to B2, Under Review for Downgrade ---------------------------------------------------------------- Moody's Investors Service downgraded the ratings of ATI Holdings Acquisition, Inc. and placed the ratings under review for further downgrade. Moody's downgraded the Corporate Family Rating to B2 from B1, the Probability of Default Rating to B2-PD from B1-PD, and the first lien senior secured bank credit facility to B2 from B1. At the same time, the Speculative Grade Liquidity rating was downgraded to SGL-2 from SGL-1. The downgrade of the CFR to B2 was prompted by the company's announcement of its second quarter 2021 earnings and its material downward revision of earnings guidance for year-end 2021. The revision was due to the acceleration of attrition among ATI's physical therapists in the second quarter and third quarters of 2021, combined with the intensifying competition for clinicians in the labor market. Management expects these combined forces to materially increase expectations for labor costs in 2021, which Moody's believes will drive higher leverage. Moody's believes that governance was a factor in the downgrade given the material change in earnings forecast only weeks after closing the company's acquisition by a Special Purpose Acquisition Company (SPAC). This calls into question management's credibility and their ability to reasonably forecast future results. The ratings review will focus on the negative impact from employee attrition and ATI's ability to retain remaining therapists. It will also focus on management's ability to appropriately forecast future results of the business. Further, Moody's will consider any potential litigation costs related to defending against shareholder lawsuits that have now been brought against the company. Finally, the review will also focus on ATI's ability to achieve its target leverage profile and manage its liquidity while trying to remedy challenges within its business. The Speculative Grade Liquidity rating was downgraded from SGL-1 to SGL-2, given the material change in labor costs that will increase expenses for the year. Additionally, the previously anticipated refinancing transaction did not occur, which will require ATI to operate with higher interest expense and a smaller revolver size of $70 million compared to the contemplated $150 million revolver. As a result, Moody's expects that ATI will consume cash in 2021. That said, liquidity is supported by approximately $90 million of cash on hand as of June 30, 2021. Additionally, Moody's anticipates that ATI will have full access to the $70 million revolving credit facility, which will likely remain undrawn. Ratings Downgraded and Placed on Review for Downgrade Issuer: ATI Holdings Acquisition, Inc. Corporate Family Rating, downgraded to B2 from B1, placed on Review for Downgrade Probability of Default Rating, downgraded to B2-PD from B1-PD, placed on Review for Downgrade Senior Secured Bank Credit Facility, downgraded to B2 (LGD3) from B1 (LGD3), placed on Review for Downgrade Downgrades: Issuer: ATI Holdings Acquisition, Inc. Speculative Grade Liquidity Rating, Downgraded to SGL-2 from SGL-1 Outlook Actions: Issuer: ATI Holdings Acquisition, Inc. Outlook, changed to Rating Under Review from Stable RATINGS RATIONALE Excluding the review, ATI's B2 Corporate Family Rating reflects Moody's expectations that debt/EBITDA will improve to below six times over the next 12 to 18 months. The rating also reflects the company's overall moderate scale and geographic concentration in the mid-western and East-Coast regions of the US. ATI has exposure to the workers compensation business, which can make the company vulnerable to economic cycles and workers' compensation reimbursement changes. The rating also reflects the relatively low barriers to entry in the industry, which could increase competitive challenges in the longer-term. The rating is supported by ATI's strong market presence as the second largest owner/operator of physical therapy clinics in the US as well its solid market share within the regions where it operates. ESG considerations are a factor in ATI's ratings. Like most healthcare service providers ATI faces social risks around the rising concerns around access and affordability of healthcare services. Moody's does not consider physical therapy service providers to have the same level of social risk because it is typically a lower-cost treatment than more invasive procedures and a safer option to treatments that rely on opioids. From a governance perspective Moody's expects ATI to operate with moderate leverage as a public company, with a target leverage of 4.0x. However, the majority of shares remain owned by affiliates of PE firm Advent International, who was the previous owner of ATI, and as a result Moody's anticipates that ATI's financial policies will remain aggressive given its growth strategy. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors will be updated following the conclusion of the review. ATI Holdings Acquisition, Inc., a wholly-owned subsidiary of ATI Physical Therapy, Inc. headquartered in Bolingbrook, IL, is an outpatient physical therapy and rehabilitation provider. The company operates about 900 clinics in 25 states concentrated around the U.S. Midwest and East coast. ATI Holdings' LTM June 30, 2021 revenue was $615 million. ATI Physical Therapy is publicly traded with funds affiliated with Advent International having a majority stake. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. BEACH RESORTS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Beach Resorts LLC d/b/a Hotel Santa Fe Guam PO Box 9683 Tamuning, GU 96931 Chapter 11 Petition Date: July 27, 2021 Court: United States Bankruptcy Court District of Guam Case No.: 21-00034 Debtor's Counsel: Mark Williams, Esq. LAW OFFICES OF MARK WILLIAMS, P.C. c/o Dededo Law Office 166 W. Marine Corps. Dr. Bank Pacific Bldg. Ste. 102 Dededo, GU 96929 Tel: 671-637-9620 Email: markwilliams247@gmail.com - and - CHUNG & PRESS, P.C. Debtor's Accountant: BURGER & COMER, P.C. Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Bartley Jackson, its authorized representative. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/J2YOZ3I/Beach_Resorts_LLC__gubke-21-00034__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Guam Power Authority $183,645 P.O. Box 21868 Barrigada, GU, 96921-1868 2. Guam WaterWorks Authority $107,380 P.O. Box 3010 Hagatna, GU, 96910 3. David J. John $75,000 120 Father Duenas Avenue Capitol Plaza Suite 110 Hagatna, GU, 96910 4. Utilities Service Specialists Inc. $53,350 201 Ilipog St. Barrigada, GU, 96913 5. Dongbu Insurance Co. Ltd -Moylan's $30,449 Insurance Underwriters, Julale Shopping Center, Ste. 102 424 W. O'Brien Dr Hagatna, GU, 96910 6. Chih-Cheng Tsiao $30,000 PO box 12035 Tamuning, GU, 96931 7. B&G Pacific $29,140 1296 Pale San Vitores Road Tamuning, GU, 96913-4207 8. Bic Sobti $25,000 456 South Marine Corps Dr. Ste. 103 Barrigada, GU, 96913 9. Royal Bics $25,000 456 South Marine Corps Dr. Ste. 103 Barrigada, GU, 96913 10. Marianas Cablevision $24,235 467 Harmon Loop Yigo, GU, 96929 11. Island Elevator $16,790 1322 Chalan Kanton Tasi Merizo, GU, 96916 12. WISP Guam, Inc. $16,400 GCIC Building 414 W. Soledad Ave Hagatna, GU, 96910 Tel: (671) 477-8938 13. Arriola, Cowan & Arriola $13,347 259 Martyr Street Suite 201 Hagatna, GU, 96910 14. Tai's Bros. Corp. $10,800 dba Taico Lease 482 Pale San Vitores Tamuning, GU, 96913-4003 15. Pacific Grocers $8,109 196 Juan C Fejeran St, Barrigada, GU, 96913 16. Xerox Corporation $7,729 135 Murray Blvd Suite 100 Hagatna, GU, 96910 17. Quality Distributors $7,154 P.O. Box 8780, Tamuning, GU, 96931 18. Brooks Concepcion Law PC $6,736 247 Martyr St Hagatna, GU, 96910-7100 19. AON Insurance $6,190 718 North Marine Corps Drive, Suite 306 Barrigada, GU, 96913 20. Sora Tech $5,950 9011 N. University, Suite F Peoria, IL, 61615 BOUCHARD TRANSPORTATION: Lacks Barge Fleet Sale Info, Says Ex-CEO ----------------------------------------------------------------- Law360 reports that the former CEO of oil barge fleet owner Bouchard Transportation Co. has filed an objection to the company's asset sale, saying there has been too little information on the outcome of the past week's auction and that a possible better offer has been made. In a motion filed Thursday, July 22, 2021, ex-CEO and sole shareholder Morton Bouchard III and other Bouchard family parties reserved their rights to object to the sale of the company's assets, saying there has been no official word on the terms of the sale to the winning bidder. The Bouchards said in the court filing, "However, there has been very little transparency related to the Sale process and the potential, and now, successful bidders. By way of example only, the Bouchard Parties are aware of certain topline numbers published at the end the auction by the purported successful bidders but have seen no allocation of those purchase price amounts to the specified vessels, each of which may be subject to independent maritime claims and liens. The Bouchard Parties were not permitted to attend the auction and received only limited, informal information from the Debtors' agent regarding the results of the auction, and even then, only after a specific requests from counsel for the Bouchard Parties. And since the auction, the Debtors have not provided any notice or other information related to the specific terms of the proposed Sale to the successful bidders. Putting aside the due process concerns for a moment, such dearth of information about the proposed Sale makes it very difficult, if not impossible, to review and evaluate the adequacy of the Sale and the resultant impact of such Sale. This limited access to information makes it difficult for the Bouchard Parties to verify for themselves that the applicable standards to approve such sales have been satisfied or, much less, met. orton Bouchard is the fourth generation owner, sole shareholder and former CEO of the Debtors as well as a current creditor of the Debtors. About Bouchard Transportation Founded in 1918, Bouchard Transportation Co., Inc.'s first cargo was a shipment of coal. By 1931, Bouchard acquired its first oil barge. Over the past 100 years and five generations later, Bouchard has expanded its fleet, which now consists of 25 barges and 26 tugs of various sizes, capacities and capabilities, with services operating in the United States, Canada and the Caribbean. Bouchard and certain of its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-34682) on Sept. 28, 2020. At the time of the filing, the Debtors estimated assets of between $500 million and $1 billion and liabilities of between $100 million and $500 million. Judge David R. Jones oversees the cases. The Debtors tapped Kirkland & Ellis LLP, Kirkland & Ellis International LLP and Jackson Walker LLP as their legal counsel; Portage Point Partners, LLC as restructuring advisor; Jefferies LLC as investment banker; Berkeley Research Group, LLC as financial advisor; and Grant Thornton, LLP as tax consultant. Stretto is the claims agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' cases. The committee tapped Ropes & Gray LLP as bankruptcy counsel, Clyde & Co US LLP as maritime counsel, and Berkeley Research Group LLC as financial advisor. BRACHIUM INC: Taps Oinks Analytics as Patent Valuation Expert ------------------------------------------------------------- Brachium, Inc. received approval from the U.S. Bankruptcy Court for the Northern District of California to employ Charlotte, N.C.-based patent valuation expert, Oink Analytics, LLC. The firm will assist with the proper value application of three patent families for purposes of the Debtor's Chapter 11 plan of reorganization. The firm will be paid a flat fee of $5,000. Mark O'Donnell, a partner at Oink Analytics, 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: Mark O'Donnell Oink Analytics, LLC Charlotte, NC Tel: (704) 612-0021 Email: Search@oinkanalytics.com About Brachium Inc. San Francisco, Calif.-based Brachium, Inc. -- http://brachium.com -- is a healthcare technology startup redefining the dental experience using robotics, machine learning and digital augmentation. Brachium filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 21-30047) on Jan. 25, 2021. Yaz Shehab, chief executive officer, 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. Judge Hannah L. Blumenstiel oversees the case. The Debtor tapped Macdonald Fernandez LLP as bankruptcy counsel, Shumaker Loop & Kendrick, LLP as intellectual property counsel, and Accounting Offices of Michael P. Senadenos, CPA as accountant. BUENA PARK: Unsecured Creditors Will Get 100% of Claims in Plan --------------------------------------------------------------- Buena Park Drive, LLC, filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Chapter 11 Plan dated July 22, 2021. The Debtor's Plan is a Liquidating Plan accomplished through the continuation of Debtor's primary business, the ownership, management, leasing and or refinance or sale of commercial real estate. In other words, the Plan Proponent seeks to accomplish payment under the Plan primarily from the net proceeds and revenues generated through the sale of the Buena Park Drive, LLC Real Property to make the plan payments. The Plan provides for the Debtor to reorganize by selling assets of the estate. Through this Liquidating Plan, the Proponent seeks to accomplish payments under the Plan by restructuring a note held by National Loan Acquisition Company ("NLAC") And secured by real property of the estate. The secured creditors of the estate shall be paid the present value of their claim at a market interest rate over a twenty four -month period. Payments under the Plan shall be made through net income generated from sale of the Buena Park Drive, LLC Real Property. The Effective Date of the proposed Plan is projected to be December 30, 2022. The first payment due under the plan is December 30, 2021, consisting of a principal reduction payment to NLAC from the Super Priority Loan Proceeds. Michael Yates has updated the appraisal as of July 7, 2021. Both properties increased in value by $200,000 apiece with the appraised value of 3668 Buena Park Drive being updated to $3,000,000 and the appraised value of 3670 Buena Park Drive being updated to $3,200,000. Based upon the appraised values, after commissions, closing costs and payment to all creditors of the estate, the Debtor estimates it shall net approximately $1,055,000 upon sale of the properties on December 30, 2022, and a greater amount should sale take place before that. The Plan will be implemented through the following means: * The Manager of the Debtor, Justin Williams, will provide oversight and assistance in the operation of the Debtor's business and day-to-day management decisions. The Debtor will work complete the construction of and sell the Buena Park Drive, LLC Real Property providing funds for the payment of creditors. * The proceeds from net income resultant from the sale of the Buena Park Drive, LLC Real Property will be used to fund the payments to both Secured and Unsecured Creditors provided for under the Plan. It is anticipated that there will be sufficient funds from the referenced sources to pay all Allowed Secured and Allowed Unsecured Claims as follows: -- The secured claim of the NLAC will be paid in full on or before December 30, 2022, principal reduction payment to NLAC from the Super Priority Loan Proceeds and through the sale of the Buena Park Properties. -- The secured claim of California Engineering and Shotcrete will be paid in full on or before December 30, 2022. -- Allowed Class 3 General Unsecured Claims will receive 100% of their allowed claims on or before December 30, 2022. Class 4 consists of interest holder Justin Williams. Class 4 is unimpaired under the Plan and will receive the pro-rata share of monies available after payment under the plan to classes 1 through 3. The Reorganized Debtor shall make all payments due under the Plan out of the funds on hand in the Debtor's Estate as of the Effective Date, and through the lease Income generated by the Buena Park Drive, LLC Real Property as well as through the eventual sale or refinance of the Buena Park Drive, LLC Real Property. A full-text copy of the Disclosure Statement dated July 22, 2021, is available at https://bit.ly/2UHgP9x from PacerMonitor.com at no charge. Attorney for Debtor: Thomas Corcovelos, Esq. CORCOVELOS LAW GROUP 1001 Sixth Street, Suite 150 Manhattan Beach, CA 90266-6750 Telephone: (310) 374-0116 Facsimile: (310) 318-3832 E-mail: corforlaw@corforlaw.com About Buena Park Drive Buena Park Drive LLC, based in Studio City, CA, manages real estate. It owns the real property located at 3668 Buena Park Drive Studio City, CA and 3670 Buena Park Drive Studio City, CA. Buena Park Drive filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 20-12046) on Nov. 14, 2020. In the petition signed by Justin Williams, managing member, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. The Hon. Victoria S. Kaufman oversees the case. Corcovelos Law Group, serves as the Debtor's bankruptcy counsel. CBAK ENERGY: Unit Signs Deal to Acquire Majority Stake in Hitrans ----------------------------------------------------------------- CBAK Energy Technology, Inc.'s wholly-owned subsidiary Dalian CBAK Power Battery Co., Ltd. has entered into a framework agreement to acquire a majority stake in Zhejiang Meidu Hitrans Lithium Battery Technology Co., a leading lithium-ion battery material supplier in China. CBAK Power will acquire 81.56% of the equity interests of Hitrans currently held by Zhejiang Meidu Graphene Technology Co. and Hitrans's management shareholders for an aggregate consideration of approximately RMB158.74 million (approximately $24.50 million). The transaction is subject to certain closing conditions, and CBAK Power aims to complete the acquisition in the third quarter of 2021. Hitrans was established in December 2015 to engage in the research and development, production, as well as sales of ternary precursors and anode materials. Additionally, Hitrans was one of the key suppliers of the Company in fiscal 2020. Through the acquisition, the Company expects to further strengthen its supply chain and competitiveness in the high-power lithium battery market. About CBAK Energy Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium batteries that are mainly used in light electric vehicles, electric vehicles, electric tools, energy storage including but not limited to uninterruptible power supply (UPS) application, and other high-power applications. Its primary product offering consists of new energy high power lithium batteries, but it is also seeking to expand into the production and sale of light electric vehicles. CBAK Energy reported a net loss of $7.85 million for the year ended Dec. 31, 2020, compared to a net loss of $10.85 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $203.96 million in total assets, $106.08 million in total liabilities, and $97.88 million in total equity. Hong Kong, China-based Centurion ZD CPA & Co., the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 13, 2021, citing that the Company has a working capital deficiency, accumulated deficit from recurring net losses and significant short-term debt obligations maturing in less than one year as of Dec. 31, 2020. All these factors raise substantial doubt about its ability to continue as a going concern. CCMW LLC: Seeks Authority to Use Cash Collateral ------------------------------------------------ CCMW LLC asked the Bankruptcy Court to authorize the use of cash collateral, pursuant to the budget, in order to preserve the going concern value of its business. The budget provided for total expenses amounting to $11,488 in August and $11,703 in September 2021. The Debtor owns real property consisting of 24 condo units at 1822-1832 North Elm Street, Greensboro, valued at $2,650,000 as of the Petition Date. Of the 24 units, 21 units are currently leased. The Debtor discloses that: a. First Bank of Pennsylvania asserts a first priority lien on the Real Property on account of a promissory note and Deed of Trust containing a rents assignment clause. FNB asserted that it is owed $700,000; b. Davenport Living Trust (DLT) asserts a second priority lien encumbering the Real Property by way of a promissory note and Deed of Trust, which contains a rents assignment clause. DLT asserted it is owed $300,000; and c. Paula Davenport asserts a third priority lien encumbering the Real Property also on account of a promissory note and Deed of Trust, which does not include a rents assignment clause. Ms. Davenport asserted that she is owed $1,200,000. The Debtor said FNB and DLT hold valid secured claims. Accordingly, the Debtor proposed to grant FNB and DLT with replacement liens in postpetition assets to the same extent and priority as existed prepetition, for all cash collateral actually expended during the interim period. The Debtor also proposed to deposit into the trust account monthly adequate protection payments to FNB for $3,063 monthly, and to DLT for $1,313 monthly, beginning on August 15, 202 and for each month thereafter pending future Court orders. A copy of the motion is available for free at https://bit.ly/3x7HE3w from PacerMonitor.com. About CCMW LLC Greensboro, N.C.-based CCMW, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. N.C. Case No. 21-10395) on July 20, 2021. At the time of the filing, the Debtor had $1 million to $10 million in both assets and liabilities. Judge Benjamin A. Kahn oversees the case. Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP serves as the Debtor's legal counsel. COMMUNITY ECO: May Use Cash Collateral Thru September 2 ------------------------------------------------------- Judge Elizabeth D. Katz authorized Community Eco Power, LLC and affiliates to use cash collateral on an interim basis through September 2, 2021. Judge Katz will convene an evidentiary hearing on the Debtor's further use of cash collateral on September 2 at 10 a.m. via Zoom video conference. Parties are directed to provide copies of any exhibits anticipated to be used at the hearing to opposing counsel and the Court by August 26. The Debtor also must file by August 26 a reconciled budget showing actual to projected income and expenses for the period ending August 21, 2021, and an amended projected budget for September, October, and November, 2021. A copy of the proceeding memorandum and order is available for free at https://bit.ly/2WnQayV from PacerMonitor.com. About Community Eco Power Community Eco Power, LLC and affiliates, Community Eco Pittsfield, LLC and Community Eco Springfield, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Lead Case No. 21-30234) on June 25, 2021. Their cases are jointly administered under Community Eco Power, LLC. On the Petition Date, Community Eco Power disclosed up to $50,000 in assets and up to $10 million in liabilities. Affiliates, Community Eco Pittsfield and Community Eco Springfield each disclosed $1 million to $10 million in both assets and liabilities. The petitions were signed by Richard Fish, president and chief executive officer. D. Sam Anderson, Esq., Adam R. Prescott, Esq., and Kyle D. Smith, Esq. at Bernstein, Shur, Sawyer and Nelson, PA, serve as the Debtor's counsel. CP TOURS: Has Permission to Use Cash Collateral Thru Sept. 15 ------------------------------------------------------------- Judge Scott M. Grossman granted the requests of CP Tours LLC; Cycle-Party Fort Lauderdale LLC; and Cycle-Party Miami LLC to use cash collateral on an interim basis through September 15, 2021, pursuant to the budget. The budget provided for revenue, expenses and net income as follows: Other Income Month Revenue and Expense Net Income ----- ------- ------------ ---------- July 2021 $48,000 $24,841 $23,159 August 2021 $40,000 $24,591 $15,409 September 2021 $30,000 $23,091 $6,909 Judge Grossman ruled that: 1. As adequate protection, each of the Debtors must pay Regions Bank $100 monthly and remit the payment to: Regions Bank, 201 Milan Parkway, Birmingham, AL 36211; 2. CP Tours LLC must pay the United States Small Business Administration $500 monthly electronically through www.pay.gov or by U.S. Mail to: U.S. Small Business Administration, P.O. Box 3918, Portland, OR 97208-3918; and 3. The Debtors will have a five-day grace period in the event of any delinquent payments. The Court will conduct a hearing in person at the U.S. Bankruptcy Court, 299 East Broward Boulevard, Courtroom 308, Ft. Lauderdale, Florida. Any interested party may choose to attend the hearing remotely, via Zoom Video or by telephone. A copy of the second interim order is available for free at https://bit.ly/3wY8WJG from PacerMonitor.com. About CP Tours, LLC CP Tours, LLC filed for bankruptcy under Subchapter V of Chapter 11 (Bankr. S.D. Fla. Case No. 21-15900) on June 17, 2021. Affiliates Cycle-Party Fort Lauderdale, LLC, a provider of bicycle tours for sightseeing and special occasions, and Cycle-Party Miami, LLC, also filed separate Subchapter V petitions (Bankr. S.D. Fla. Case Nos. 21-15901 and 15903, respectively) on June 17. The three cases are jointly administered. As of the Petition Date, CP Tours estimated between $100,001 and $500,000 in both assets and liabilities; Cycle-Party Fort Lauderdale estimated up to $50,000 in both assets and liabilities; and Cycle-Party Miami estimated between $100,001 and $500,000 in assets and between $50,001 and $100,000 in liabilities. J. Michael Haerting, the Debtors' CFO and vice president, signed the petitions. Judge Scott M. Grossman is assigned to the cases. Van Horn Law Group, P.A. represents the Debtors as counsel. Tarek Kirk Kiem has been appointed as Subchapter V Trustee for the Debtors. CRAFT LOGISTICS: May Continue Interim Use of Cash Collateral ------------------------------------------------------------ Judge Michelle V. Larson authorized Craft Logistics, Inc. to use the cash collateral for any budgeted item that is due and payable before the final hearing. The budget for 14 days provided for total expenses of $164,500, and $326,200 for a period of 30 days. The Debtor is authorized to pay $13,143 in prepetition wages. As adequate protection for the use of cash collateral, Judge Larson directed the Debtor to: * grant England Carrier Services post-petition liens against the same type of property of the Debtor, but only to the same extent and priority of any interest in cash collateral held by England Carrier Services, and limited to the amount of England Carrier Services' cash collateral actually consumed by Debtor post-petition, to the same validity, extent, and priority, as existed as of the Petition Date; and * make interim adequate protection payments to Bridge Funding Cap LLC for $2,000 monthly beginning on August 1, 2021 and continuing until a final cash collateral order is entered. Judge Larson will conduct a hybrid hearing on August 10, 2021 at 9:30 a.m., via Webex, or in person at 1100 Commerce Street, Room 1421, (Courtroom #2) on the 14th Floor, Dallas, Texas, to determine if the current interim order should be continued, modified, or terminated. A copy of the interim order is available for free at https://bit.ly/3i60rbf from PacerMonitor.com. About Craft Logistics, Inc. Craft Logistics, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-31304) on July 16, 2021. In the petition signed by Jeremy Rees Louder, president, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Michelle V. Larson presides over the case. Robert Chamless Lane at The Lane Law Firm is the Debtor's counsel. CRAZ INVESTMENTS: Case Summary & Unsecured Creditor --------------------------------------------------- Debtor: CRAZ Investments, LLC 10380 Fountain Farm Drive Cadet, MO 63630 Business Description: CRAZ Investments, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: July 26, 2021 Court: United States Bankruptcy Court Eastern District of Missouri Case No.: 21-42750 Judge: Hon. Bonnie L. Clair Debtor's Counsel: Spencer P. Desai, Esq. CARMODY MACDONALD P.C. 120 S. Central Ave., Suite 1800 Saint Louis, MO 63105 Tel: 314-854-8600 E-mail: spd@carmodymacdonald.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Christerphor A. Harbison, member. The Debtor listed Washington County Collector as its sole unsecured creditor holding a claim of $3,738. A full-text copy of the petition is available for free at PacerMonitor.com: https://www.pacermonitor.com/view/WDI6WCY/CRAZ_Investments_LLC__moebke-21-42750__0001.0.pdf?mcid=tGE4TAMA CREATD INC: Completes Acquisition of Controlling Stake in WHE ------------------------------------------------------------- Creatd, Inc. has completed its acquisition of a controlling stake of WHE Agency, following the Company's initial announcement of the proposed transaction in mid-June. WHE is a talent management and public relations agency dedicated to the representation and management of family- and lifestyle-focused influencers and digital creators. Bringing the WHE talent roster into the Creatd family is expected to benefit both Vocal and WHE's creator networks. The Company anticipates that WHE will close approximately $6.5 million in gross sales over the next 12 months, resulting in net revenues of $1.2 to 1.5 million during that period. The transaction is expected to be immediately accretive to Creatd's earnings. The Company is on track to accelerate its revenue growth with similar opportunities in the near future. Commented Creatd CEO Jeremy Frommer, "The creator economy wouldn't be growing like it is without the rise of platforms such as Vocal, which gave creators a voice and a new way to connect with audiences. What followed was the ability for these connected creators to leverage their influence to communicate on brands' behalf. This year alone, brands are expected to spend a total of $8 billion on creator-led influencer campaigns, and $15 billion by 2022." WHE's founder, Tracy Willis, added, "WHE was established on the premise that the success of influencer marketing would be best defined by long-term gain for our incredible creator talent and the brands they collaborate with, including Proctor and Gamble, Mattel, Audible, and HelloFresh. Creatd has cultivated an ideal environment for WHE to thrive: a creator-first mentality and the safe and moderated communities that are paramount for our family-oriented creators. Joining the Creatd family positions WHE to further amplify our footprint, by expanding our creator network through the Vocal platform, introducing new verticals, and deepening brand ties." WHE currently represents 55+ family- and lifestyle-focused creators, including notable talent such as: Jessica Skube, creator of the YouTube channel JesssFam; actor and Disney star David Henrie; Kyra Sivertson, creator of the OKbaby YouTube channel; Tiffani Rose Beaston, co-creator of the Beauty & The Beastons Youtube channel, and; YouTube co-creators Rachelle and Justin. Together, WHE's influencer talent reaches a combined audience of over 50 million followers and growing. About Creatd Inc. Headquartered in Fort Lee, NJ, Creatd, Inc. -- https://creatd.com --is the parent company behind Vocal Ventures, Creatd Partners, and Recreatd, empowers creators, brands, and entrepreneurs through technology and partnership. Creatd, Inc reported a net loss of $24.21 million for the year ended Dec. 31, 2020, compared to a net loss of $8.04 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $6.44 million in total assets, $4.47 million in total liabilities, and $1.97 million in stockholders' equity. Somerset, New Jersey-based Rosenberg Rich Baker Berman, P.A., the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 30, 2021, citing that the Company had a significant accumulated deficit, and has incurred significant net losses and negative operating cash flows. These factors raise substantial doubt about the Company's ability to continue as a going concern for a period of one year from the issuance of the financial statements. DAKOTA TERRITORY: Case Summary & 17 Unsecured Creditors ------------------------------------------------------- Debtor: Dakota Territory Tours A.C.C. DBA Sedona Air Tours DBA Red Rock Biplane Tours DBA Sky Safari DBA Red Rock Helicopters DBA Arrow West Aviation 770 Sunshine Lane Sedona, AZ 86336 Business Description: Dakota Territory Tours A.C.C. is a company that offers helicopter tours in northern Arizona. Chapter 11 Petition Date: July 26, 2021 Court: United States Bankruptcy Court District of Arizona Case No.: 3:21-bk-05729 Judge: Hon. Eddward P. Ballinger Jr. Debtor's Counsel: Kelly G. Black, Esq. KELLY G. BLACK, PLC 2929 N. Power Rd, Ste 101 Mesa, AZ 85215-1746 Tel: 480-639-6719 Fax: 480-639-6819 E-mail: kgb@kellygblacklaw.com Total Assets as of July 23, 2021: $1,702,410 Total Liabilities as of July 23, 2021: $955,763 The petition was signed by Eric Brunner as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 17 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/FPWB2PQ/DAKOTA_TERRITORY_TOURS_ACC__azbke-21-05729__0001.0.pdf?mcid=tGE4TAMA DEP LASHES: Seeks to Use SBA's Cash Collateral ---------------------------------------------- Dep Lashes, LLC asked the Bankruptcy Court to authorize the use of cash collateral to be able to pay its operating expenses. The Small Business Administration asserts a secured claim against the Debtor, and has filed a UCC financing statement with the Texas Secretary of State. As adequate protection, the Debtor proposed to grant the SBA replacement lien(s) and security interest(s) in the Debtor's cash and receipts to the same extent, validity and priority that the lien(s) and security interests existed prior to the bankruptcy filing. A copy of the motion is available for free at https://bit.ly/3iNxFeF from PacerMonitor.com. Proposed Counsel for Dep Lashes, LLC: Areya Holder Aurzada, Esq. Holder Law 901 Main Street, Suite 5320 Dallas, TX 75202 Telephone: (972) 438-8800 Email: areya@holderlawpc.com About Dep Lashes, LLC Dep Lashes, LLC, f/k/a/ Dep Boutique, owns and operates two eyelash extension salons in Frisco and Dallas, Texas. The Debtor filed a voluntary petition under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-31323) on July 22, 2021. In the petition signed by Thao Duong, managing director, the Debtor reported $100,000 to $500,000 in assets and $500,000 to $1,000,000 in liabilities. Judge Michelle V. Larson is assigned to the case. Holder Law represents the Debtor as counsel. DORAL ACADEMY: Moody's Gives Ba1 Rating on $21.9MM Education Bonds ------------------------------------------------------------------ Moody's Investors Service has assigned an initial Ba1 to Doral Academy of Northern Nevada's $21.9 million Arizona Industrial Development Authority Education Revenue Refunding Bonds (Doral Academy of Northern Nevada Project) Series 2021A and $700,000 Education Revenue Refunding Bonds (Doral Academy of Northern Nevada Project) Series 2021B (Federally Taxable). The outlook is stable. RATINGS RATIONALE The Ba1 rating reflects the charter school's satisfactory financial performance and liquidity, and relatively competitive profile with solid academic performance relative to competitors in the area though the school has a limited operation history. Governance is a key driver of the initial rating and incorporates the school's conservative budgeting practices and solid contracted management team. The rating also considers adequate coverage ratios/liquidity levels outlined in the debt covenants and the elevated debt leverage and fixed costs, which are expected to remain manageable given limited additional debt plans, and a generally level debt service schedule. The pension liability associated with participation in the statewide pension plan is expected to remain manageable. RATING OUTLOOK The stable outlook reflects Moody's expectation that the school will continue to exhibit satisfactory coverage ratios as well as modestly improve reserves and liquidity levels given ongoing growth, a relatively competitive profile that has resulted in a solid waitlist, and projected stable operations going forward. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS Material and sustained growth in debt service coverage and liquidity Continued growth in enrollment that meets projected targets with a strong waitlist FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS Declines in enrollment from current and/or projected levels Weakening of liquidity and/or debt service coverage Poor academic performance that jeopardizes the school's ability to renew charter and competitiveness relative to competitors in the area LEGAL SECURITY Proceeds of the Series 2021 bonds will be loaned to Doral Academy of Northern Nevada Foundation from the Arizona Industrial Development Authority. The foundation will serve as the borrower (or obligated group representative) under the loan agreement and the lessor under the lease agreement. Doral Academy of Northern Nevada (DANN), per the lease agreement, will lease the school from the foundation with base rents equal to debt service payments. State aid payments are the school's primary source of revenue and are the principal and expected source of repayment of the bonds. However, the revenues under the pledge include all revenues, rentals, fees, third party payments, receipts, and contributions or other income derived from the facilities. The bonds are additionally secured under the master indenture by a deed of trust that grants the master trustee, Zions Bancorporation, National Association a first priority lien on, and security interest in the facility. Bond covenants include a 40 days' cash on hand requirement and a minimum of 1.1x annual debt service coverage. Bondholders additionally benefit from a fully funded debt service reserve fund at maximum annual debt service (MADs) on the bonds. DANN has no plans to issue additional debt at this time though the current bonds have an Additional Bonds Test based both on projected coverage and historical coverage. To issue additional bonds, the net revenue available for debt service in the most recently completed fiscal year immediately preceding the issuance of the additional debt must equal at least 1.1x MADS on all debt then outstanding and an independent consultant report stating that the estimated MADs on all indebtedness (existing and proposed) is less than 20% of estimated pledged revenues for the most recent fiscal year for which a budget has been adopted. In lieu of the additional bond test requirements listed previously, the school's representative may deliver to the master trustee an officer's certificate stating that, based on the audited results of the operations for the most recently completed fiscal year, the net income available for debt service equals at least 1.10 times MADs on the aggregate of all parity long term indebtedness then outstanding plus the proposed additional indebtedness. USE OF PROCEEDS Proceeds of the Series 2021 Bonds will be used to refund the school's outstanding Series 2017 (A-1, A-2, B-1, B-2) Education Revenue Bonds and outstanding Sunflower Bank Note, which were originally issued to purchase and furnish the current facilities. PROFILE Located in the City of Reno (A1/STA) within Washoe County (Aa2/STA), DANN is located within the Washoe County School District (Aa3/STA) and authorized by the Nevada State Public Charter School Authority, a local educational agency with the ability to authorize charter schools throughout the state. The school is currently operating under its initial charter contract effective July 1, 2017 for a six year period (through June 30, 2023) that can be renewed for a term of not less than three years or more than ten years. The school opened in August 2017 in a temporary facility and transitioned after construction to their current facility in August 2018. For the 2020- 2021 school year, DANN's enrollment totaled 897 students in grades K-8. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in September 2016. EYEMART EXPRESS: Moody's Alters Outlook on 'B2' CFR to Stable ------------------------------------------------------------- Moody's Investors Service changed Eyemart Express, LLC's ratings outlook to stable from negative and affirmed the company's B2 corporate family rating and B2-PD probability of default rating. Concurrently, Moody's assigned B1 ratings to the proposed $50 million first lien revolver due 2025 and $455 million first lien senior secured term loan due 2026. The B1 ratings on the existing first lien facilities will be withdrawn upon close of the transaction. Proceeds from the proposed term loan and balance sheet cash will be used to refinance Eyemart's existing first lien bank credit facilities, repay in full the existing $113 million second lien term loan and pay for fees and expenses. The transaction is leverage neutral and is expected to reduce interest expense by $5 million. The change in outlook to stable from negative reflects the liquidity improvement due to the proposed refinancing, which addresses the August 2022 maturity of Eyemart's existing revolving credit facility. Moody's took the following rating actions for Eyemart Express, LLC: Corporate Family Rating, affirmed B2 Probability of Default Rating, affirmed B2-PD $50 million senior secured first lien revolving credit facility due 2025, assigned B1 (LGD3) $455 million senior secured first lien term loan B due 2026, assigned B1 (LGD3) Outlook, changed to stable from negative RATINGS RATIONALE Eyemart's B2 CFR is constrained by the company's high leverage, with Moody's-adjusted debt/EBITDA of 5.8x based on preliminary July 3, 2021 results and governance considerations, specifically Eyemart's aggressive financial strategies as a private equity-controlled company, including the risk of additional debt-financed dividend distributions. Nevertheless, Moody's expects deleveraging to below 5x in 2021, based on projections for continued earnings recovery reflecting the largely non-discretionary nature of eyeglass purchases, Eyemart's value-oriented product offering, and new store openings and acquisitions. The credit profile is also constrained by Eyemart's small scale and limited geographic footprint. As a retailer, Eyemart also needs to make ongoing investments in social and environmental factors, including responsible sourcing, product and supply sustainability, privacy and data protection. Nevertheless, the credit profile is supported by Eyemart's operations in the recession-resilient and growing optical retail segment. Excluding the period of pandemic disruption in 2020, the company has demonstrated consistent comparable sales and EBITDA growth. The credit profile also benefits from Eyemart's high operating margins and differentiated offering relative to other optical and big-box retailers, in particular its same-day service. The stable look reflects Moody's expectations for good liquidity and continued earnings growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if operating performance deteriorates or if financial policies become more aggressive, including additional debt financed dividends or an overly aggressive growth strategy. Quantitatively, the ratings could be downgraded if debt/EBITDA is sustained above 6.25 times or EBIT/interest expense is sustained below 1.25 times. A deterioration in the company's liquidity profile, including negative free cash flow, could also result in a downgrade. The ratings could be upgraded if strong operating performance, including stable revenue and EBITDA growth, result in debt/EBITDA sustained below 5 times and EBIT/interest expense sustained above 2.25 times. An upgrade would also require an expectation that financial policies will support credit metrics maintained at these levels and that the company maintains a good liquidity profile. Headquartered in Farmers Branch, Texas, Eyemart Express, LLC is an optical retailer with a focus on value eyeglasses. The company operates over 200 stores in the US, and generated revenue of approximately $294 million for the twelve months ended April 3, 2021. The company was acquired in December 2014 by affiliates of Friedman Fleischer & Lowe for a total consideration of roughly $800 million. The principal methodology used in these ratings was Retail Industry published in May 2018. FIVE STAR SENIOR LIVING: Registers Securities Offering ------------------------------------------------------ Five Star Senior Living Inc. filed a Form S-3 registration statement with the Securities and Exchange Commission, disclosing that it may offer, issue and sell, from time to time, in one or more offerings, shares of common stock, shares of preferred stock, debt securities, and warrants. The securities may be offered and sold separately or in any combination, and may include convertible or exchangeable securities. The total offering price of these securities, in the aggregate, will not exceed $500,000,000. The Company may offer and sell these securities, as applicable, to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous or delayed basis. The prospectus supplement for each offering will describe the terms of the plan of distribution and set forth the names of any underwriters, dealers or agents involved in the sale of the securities. The Company's common shares are listed on The Nasdaq Stock Market LLC under the symbol "FVE." If any other securities offered by this prospectus will be listed on a securities exchange, such listing will be described in the applicable prospectus supplement. A full-text copy of the prospectus is available for free at: https://www.sec.gov/Archives/edgar/data/1159281/000110465921095462/tm2122757-1_s3.htm About Five Star Senior Headquartered in Newton, Massachusetts, Five Star Senior Living Inc. -- http://www.fivestarseniorliving.com-- is a senior living and rehabilitation and wellness services company. As of March 31, 2021, FVE operated 252 senior living communities (29,265 living units) located in 31 states, including 228 communities (26,963 living units) that it managed and 24 communities (2,302 living units) that it owned or leased. FVE operates independent living, assisted living, and memory care communities, continuing care retirement communities and skilled nursing facilities. Additionally, FVE's rehabilitation and wellness services segment includes Ageility Physical Therapy SolutionsTM, or Ageility, a division of FVE, which provides rehabilitation and wellness services within FVE communities as well as to external customers. As of March 31, 2021, Ageility operated 215 outpatient rehabilitation clinics and 37 inpatient rehabilitation clinics in 28 states. FVE is headquartered in Newton, Massachusetts. Five Star reported net loss of $7.59 million for the year ended Dec. 31, 2020, compared to a net loss of $20 for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $471.13 million in total assets, $179.07 million in total current liabilities, $78.44 million in total long-term liabilities, and $213.63 million in total shareholders' equity. GENERATION BRIDGE: Moody's Rates New $540MM Credit Facilities Ba2 ----------------------------------------------------------------- Moody's Investors Service has assigned a Ba2 rating to Generation Bridge, LLC's (GenBridge, Borrower or Project) proposed $540 million senior secured credit facilities, made up of a $480 million term loan B due in 2028, a $10 million term loan C for cash collateralized letters of credit due in 2028, and a $50 million revolving credit facility due in 2026. The rating outlook is stable. Proceeds from the financing, along with approximately $220 million in cash equity being contributed by an affiliate ArcLight Capital Partners (ArcLight or Sponsor), will be utilized to fund the acquisition of six power generation assets from NRG Energy, Inc. (NRG; Ba1 stable), fund reserves, cash collateral letter of credits, and pay transaction costs. RATINGS RATIONALE The Ba2 rating primarily reflects the anticipated degree of diversified contracted cash flow anchored by the tolling agreement with NRG for Arthur Kill's entire capacity and energy through April 2025 which contributes to a high degree of certainty around GenBridge's near-term cash flows. Under the terms and conditions of the agreement, Arthur Kill receives fixed monthly capacity payments that is equivalent to approximately 35% of GenBridge's consolidated gross margins, and it can also benefit from revenue sharing provision in certain cases based on market pricing. Overall, Moody's estimate GenBridge's contracted capacity revenues represent approximately 64% and 54% of gross margin in 2022 and 2023, respectively, and around 47% in 2024 through Q1 2025, considering its assets in California, which also have entered into forward capacity sales for approximately 700 MWs in 2022 and 400 MWs in 2023, and GenBridge's assets in Connecticut, Devon and CT Jets, which have cleared their capacity into ISO-NE forward capacity auctions through May 2025. The Ba2 rating recognizes the geographic and cash flow diversity of GenBridge's portfolio of assets, some of which are located in premium capacity markets with growing intermittent renewable power generation penetration that will require load serving entities to procure additional power capacity from reliable and stable power generators like the ones owned by GenBridge. For example, GenBridge's natural gas-fired assets in California, Sunrise and Long Beach, have both benefitted from strong demand and higher resource adequacy pricing given market capacity supply tightness. Over the last several years, a large number of fossil fuel generation has been retired in response to more stringent plant operations regulations and aggressive renewable penetration in the region. Plants with quick ramp capabilities, stable and fully compliant with environmental regulations, like the ones owned by GenBridge have a premium value position in the California market, as they are able to support grid reliability, while the state transitions to increase its renewable footprint. While capacity prices in California have risen over the recent past, the rating acknowledges Sunrise and Long Beach's exposure to ongoing recontracting risk in a volatile resource adequacy capacity market. On the other hand, Moody's also expect that Sunrise will continue to benefit from robust energy margins in the near term as energy prices during afternoon-to-evening hours increase when solar generation ramps down. Despite the abovementioned strengths, the rating recognizes GenBridge's meaningful dependence on more volatile cash flows that are expected to come from the sale of merchant capacity and energy, especially after the termination of Arthur Kill's tolling agreement in 2025. GenBridge's projected financial performance under Moody's base case assumes more conservative capacity price assumptions and relies heavily on recent historical financial performance. As a result, and as outlined in greater detail, Moody's estimate that under Moody's base case, financial metrics will fall within the 'Ba' rating category for its key financial metrics. Further supporting the credit profile are typical project finance structural features including a trustee administered cash flow waterfall of accounts, a 1.1x debt service coverage ratio (DSCR) financial covenant and distribution test, and a cash-funded six month debt service reserve requirement, which can also be funded with a letter of credit issued by the sponsors, a credit strength on the transaction. Debt will be repaid quarterly via a 1% scheduled amortization schedule. There will be a mandatory cash sweep equal to the greater of (i) 75% excess cash flow and (ii) an amount to achieve a predetermined target debt balance. The proposed transaction includes asset sales limitation, with net sales proceeds subject to 100% sweep, along with rating agency affirmation of the then current ratings. In addition, the proposed structure limits additional pari-passu debt issuance up to $25 million subject to the consolidated total net leverage ratio being lower than the reported ratio at the closing date, rating agency's affirmation, with a further limitation that the incremental debt proceeds cannot be used for a restricted payment. Also, the collateral package includes a first lien pledge on all of GenBridge's assets and stock, provided that in the case of Arthur Kill and Oswego, the mortgage amount will not exceed $75 million and $25 million, respectively. As such, claims above these values relative to these assets are considered unsecured claims, which is a structural weakness. There will be a negative covenant that limits the liens that can be placed on GenBridge's assets. The structure includes a $12.5 million cap of permitted tax distributions to the sponsors before the excess cash flow sweep payment. The rating acknowledges the anticipated indirect ownership of GenBridge by ArcLight Energy Partners Fund VII, an ArcLight fund, the contractual arrangements for operating and maintaining the acquired assets, along with the terms of the financing arrangements which provide limitations on certain of GenBridge's activities, including the sale of Arthur Kill. Moody's considers these collective considerations as constructive governance factors under its ESG framework. Expected Financial Performance As mentioned, the Moody's base case incorporates more conservative capacity price, energy prices, and expense assumptions than the Sponsor's base case and relies more heavily on GenBridge's historical average financial performance as a proxy for prospective results owing to the volatile performance of capacity prices. Based on these assumptions, Moody's project GenBridge's three-year average FFO/debt ratio ranging between 15% to 20%, DSCR to be between 2.5x to 3.5x, and its Debt/EBITDA between 3.0x to 4.0x. Based on Moody's forecast, Moody's anticipate that a portion of the initial loan balance will remain outstanding by its 2028 maturity. Liquidity Considerations GenBridge's liquidity will be anchored by a senior secured $50 million revolving credit facility that expires in 2026, a $10 million term loan C that matures in 2028 to be used to issue letters of credit for collateral related posting, and a cash funded six month debt service that will be cash funded at financial close. The debt service reserve can be replaced by a debt service letter of credit with the reimbursement obligation being recourse to the sponsor. Rating Outlook The stable outlook reflects the GenBridge's assets competitive advantages in their respective power markets, with a capital structure that positions the borrower reasonably well to withstand the volatility associated with merchant capacity and energy margins. The stable outlook reflects Moody's expectation that the borrower will generate stable consolidated financial metrics with FFO to Debt between 15% to 20% and consolidated DSCR between 2.5x to 3.5x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of the rating The rating could be upgraded should the borrower repay debt substantially greater than expected or if it generates financial metrics with consolidated FFO to Debt above 25% and consolidated DSCR above 4.5x, on a sustained basis. Factors that could lead to a downgrade of the rating Negative rating pressure could develop if the GenBridge plants were to experience prolonged operational issues or significantly increased expenses or if market conditions were to weaken such that the Project's cash flow generating ability became materially impacted leading to deteriorating credit metrics. The rating could be downgraded if the borrower's consolidated DSCR drops below 2.0x or consolidated FFO to Debt drops below 15% for an extended period. The transaction is expected to close in the fourth quarter 2021 and subject to various closing conditions, including regulatory approvals from the Federal Energy Regulatory Commission, the New York State Public Service Commission, and HSR anti-trust review. The ratings are predicated upon receipt of final documentation in accordance with Moody's current understanding of the transaction and final debt sizing and projected cash flow and credit metrics that are consistent with Moody's current expectations. Assignments: Issuer: Generation Bridge, LLC $480 million senior secured term loan B due 2028, Assigned Ba2 $10 million senior secured term loan C due 2028, Assigned Ba2 $50 million senior secured revolving credit facility due 2026, Assigned Ba2 Outlook Actions: Issuer: Generation Bridge, LLC Outlook, Assigned Stable PROFILE Generation Bridge, LLC is a holding company created to hold 100% interests of six power generation facilities located in New York, Connecticut and California. The portfolio consists of approximately 3,616 MW of operating peaking generators in NY-ISO power market, including the 873 MW gas-fired Arthur Kill plant, 1,635 MW oil fired Oswego Harbor Power station, 335 MW of peaking generation assets in ISO-NE power market, Connecticut Jet Power and Devon Power, and two gas-fired plants in CAISO power market, Sunrise and Long Beach, that jointly have an estimated 773 MW. Upon completion of the proposed transaction, GenBridge will be wholly owned by an ArcLight affiliate. The principal methodology used in these ratings was Power Generation Projects Methodology published in June 2021. GREATER HOUSTON TRANS: WHC Bids to Buy Biz. Out of Chapter 11 ------------------------------------------------------------- Brian Kaberline of Kansas City Business Journal reports that a Kansas City-based transportation company is on track to pick up taxi businesses in Houston, Austin and San Antonio. WHC Worldwide LLC, which operates zTrip and other services in the Kansas City area, is the stalking horse bidder — and possibly the only bidder to buy the assets of Greater Houston Transportation Co. out of bankruptcy. WHC CEO Bill George said that, based on a July 20, 2021 hearing, his company could be declared the winning bidder on Aug. 5, 2021. The purchase would bring zTrip into its 24th, 25th and 26th markets. It continues an acquisition spree by WHC that has included 21 purchases since January 2018 and made zTrip the nation's largest cab operator. "We bill it as the perfect hybrid of a traditional taxicab and a TNC," George said. TNC, or transportation network company, is the designation that includes rideshare companies like Uber and Lyft. George explained that zTrip has the newer vehicles and technology of a TNC, but it also has features that people appreciate in taxis. For example, he said someone wanting to get a ride to the airport the next day wouldn't know when a ride would arrive, what kind of vehicle and the cost until shortly before the trip. With zTrip, customers can book trips in advance and know the price. George said his company has grown to 400 employees and another 4,000 contract drivers. WHC claims $100 million in annual revenue in a packet of company information. In addition to zTrip, WHC operates Kansas City Transportation Group, the Execucar black car service and SuperShuttle Express shuttles in 56 airports. The company also provides the RideKC Freedom service, which provides wheelchair service in the Kansas City area. George has been in the cab business for about 35 years. He said zTrip was formed in 2018 after seeing that the Yellow Cab brand had become tarnished. Company officials went to the drivers and told them zTrip wasn't just about new cars; it also would require a whole new attitude. "Sometimes you need to be told that your baby is ugly," George said. Houston would be zTrip's largest market to date. It is in markets on the Gulf Coast, in the Midwest and generally east of the Mississippi, George said. "I've never been smart enough to know how to make money in California, so we stay out of there," he said. Greater Houston Transportation filed July 19 for Chapter 11 bankruptcy reorganization in the U.S. Bankruptcy Court for the Southern District of Texas. It listed assets of roughly $4.7 million and liabilities of $9.2 million. In its bankruptcy filing, the company said it has contracts with approximately 700 cab drivers. About Greater Houston Transportation Greater Houston Transportation Company is part of the taxi and limousine service industry. Greater Houston Transportation Company sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 21-60066) on July 19, 2021. In the petition signed by John Bouloubasis, president, Texas Taxi, Inc., an affiliate of the Debtor, Greater Houston Transportation estimated assets of $4,746,488 and estimated liabilities of $9,157,994. The cases are handled by Honorable Christopher M. Lopez. Richard Lee Fuqua II, Esq., of FUQUA & ASSOCIATES, P.C. is the Debtors' counsel. GRUPO AEROMEXICO: Reports Unaudited Financial Results for 2Q21 -------------------------------------------------------------- Grupo Aeromexico S.A.B. de C.V. on July 20 reported its unaudited consolidated results for the second quarter 2021. KEY FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER 2021 * On June 30, 2020, Aeromexico announced that it and certain of its affiliates had filed voluntary Chapter 11 petitions in the United States ("Chapter 11") to implement a financial restructuring, while continuing to serve customers. The Company intends to use the Chapter 11 process to strengthen its financial position and liquidity, protect and preserve its operations and assets, and implement necessary operational changes to address the impact of the ongoing COVID-19 pandemic. * Grupo Aeromexico's second quarter capacity, measured in available seat kilometers (ASKs), increased by 9.0% compared to first quarter 2021, primarily driven by a sequential recovery in domestic and international markets. Total ASKs for the second quarter decreased by 39.2% compared to the same period of 2019 due to the impact of the COVID-19 pandemic. * Grupo Aeromexico's second quarter 2021 revenue reached $10.0 billion pesos, a 46.2% increase compared to the first quarter of 2021 and a 40.5% decrease versus 2019. During the quarter, revenue per ASK (RASK) in pesos increased by 34.0% compared to first quarter 2021 and decreased by 2.2% compared to the same period of 2019. * EBITDAR for the period amounted to positive $1.9 billion pesos, an improvement of $2.3 billion pesos versus first quarter of 2021 and a decrease of $1.2 billion pesos compared to the second quarter of 2019. Second quarter 2021 operating loss amounted to $1.2 billion pesos. Operating loss excluding restructuring costs reached $609 million pesos, an improvement of $2.2 billion pesos compared to first quarter 2021 and a decrease of $728 million pesos compared to the same period of 2019, despite a 39.2% reduction in capacity. * CASK excluding fuel in pesos was $1.113 pesos, a 2.6% decrease compared to first quarter 2021 and a 19.4% increase versus the second quarter 2019. * CASK excluding fuel in dollars reached $0.055, a 2.4% decrease compared to the previous quarter and a 12.2% increase versus 2019, despite a 39.2% reduction in capacity. CASK in pesos was $1.467. CASK in dollars reached $0.073. * Aeromexico's cash position as of June 30th, 2021, amounted to $19.1 billion pesos, equivalent to approximately $963 million dollars. Excluding restricted cash, Aeromexico's cash balance amounted to $17.6 billion pesos, equivalent to $888 million dollars, $84 million dollars above the total cash registered at the end of the first quarter. During the quarter, operating cash flow was positive $2.5 billion pesos. * As at June 30th, 2021, Grupo Aeromexico's operating fleet comprised 118 aircraft, a 11.3% increase compared to the first quarter of 2019. Grupo Aeromexico confirms that its voluntary process of financial restructuring under Chapter 11 of the legislation of the United States of America, will be carried out in an orderly manner while it continues operating and offering services to its customers with the same quality that characterizes it, contracting from its suppliers the goods and services required for its operation. About Grupo Aeromexico Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) -- https://www.aeromexico.com/ -- is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeromexico, Mexico's global airline, has its main hub at Terminal 2 at the Mexico City International Airport. Its destinations network features the United States, Canada, Central America, South America, Asia and Europe. Grupo Aeromexico and three of its subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30, 2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker, the Debtors reported consolidated assets and liabilities of $1 billion to $10 billion. Timothy Graulich, Esq., of Davis Polk and Wardell LLP, serves as counsel to the Debtors. HELIUS MEDICAL: Joyce LaViscount is No Longer COO ------------------------------------------------- The employment of Joyce LaViscount, chief operating officer of Helius Medical Technologies, Inc., ended on July 20, 2021. About Helius Medical Helius Medical Technologies -- http://www.heliusmedical.com/-- is a neurotech company focused on neurological wellness. Its purpose is to develop, license or acquire non-invasive technologies targeted at reducing symptoms of neurological disease or trauma. Helius Medical reported a net loss of $14.13 million for the year ended Dec. 31, 2020, compared to a net loss of $9.78 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $14.66 million in total assets, $2.77 million in total liabilities, and $11.90 million in total stockholders' equity. Philadelphia, Pennsylvania-based BDO USA, LLP issued a "going concern" qualification in its report dated March 10, 2021, citing that the Company has incurred substantial net losses since its inception, has an accumulated deficit of $118.9 million as of Dec. 31, 2020 and the Company expects to incur further net losses in the development of its business. These conditions raise substantial doubt about its ability to continue as a going concern. HENRY A. RODRIGUEZ-MARTIN: Taps Hammer Navarro as Accountant ------------------------------------------------------------ Henry A. Rodriguez-Martin, DMD, P.A. received approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Hammer Navarro and Associates, P.A. as accountant. The firm's services include the preparation of monthly operating reports, financial statements, tax returns and any other financial filings required under the Bankruptcy Code. The firm's hourly rates are as follows: Zoila Navarro-Pachon $250 per hour Mercedez Rodriguez $175 per hour Julieth Lazo $100 per hour Hammer Navarro and Associates will also be reimbursed for out-of-pocket expenses incurred. Zoila Navarro-Pachon, a partner at Hammer Navarro and Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Zoila Navarro-Pachon Hammer Navarro and Associates, P.A. 400 N.W. 74th Avenue Plantation, FL 33317 Tel: (954) 370-6100 Fax: (305) 445-4243 About Henry A. Rodriguez-Martin, DMD, P.A. Henry A. Rodriguez-Martin DMD PA offers general, restorative and cosmetic dental services in Fort Lauderdale, Fla. It conducts business under the name The Dental Group. Henry A. Rodriguez-Martin DMD PA filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 21-15849) on June 16, 2021. In its petition, the Debtor disclosed $295,508 in total assets and $1,463,528 in total liabilities. Henry Rodriguez-Martin, president, signed the petition. Judge Peter D. Russin oversees the case. Van Horn Law Group, P.A. and Hammer Navarro and Associates, P.A. serve as the Debtor's legal counsel and accountant, respectively. HOVNANIAN ENTERPRISES: S&P Alters Outlook to Pos, Affirms CCC+ ICR ------------------------------------------------------------------ S&P Global Ratings affirmed its ratings on U.S.-based homebuilder Hovnanian Enterprises Inc., including its 'CCC+' issuer credit rating, and S&P revised its outlook to positive. The positive outlook indicates that S&P could raise the rating to 'B-' if the company reduces debt and EBITDA to interest coverage is sustained above 2x over the next 12 months, amid further profit improvements. Robust profit growth is driving Hovnanian's improved credit profile. S&P said, "We think EBITDA will increase by another 35% and more than 10% in fiscals 2021 and 2022, respectively. With our forecast that debt will edge down, we think leverage could fall to less than 5x debt to EBITDA over this timespan." The company is using profits and cash to trim its short-term debt levels. S&P said, "We expect the company will fully repay its $111 million in 10% notes due this year, after its recent tender offer. In addition, Hovnanian may pre-pay its other tranche of secured notes, $70 million of borrowings due in 2024. Still, even after these outlays, we expect cash to stay above $100 million with only minimal draws on its $125 million revolver." An aggressive community opening plan introduces operational and financial challenges. The company intends to significantly ramp-up community openings over the next 12 to 18 months, following strong sales over the past year and a COVID-related pause in land acquisition. S&P said, "At the end of its fiscal 2021 second quarter, the company's backlog is up by two-thirds in just a year, so we think profit growth relies on delivering these homes at attractive margins and only modest customer cancellations. Meanwhile, we expect about a $50 million operating cash flow deficit (FOCF) this year, mainly to reflect an increase in land and other inventories." S&P said, "The positive outlook reflects our view that EBITDA will cover interest expenses by nearly 2.5x this year even as it invests for future growth and trims debt. We also expect debt to EBITDA will edge below 5x in the current fiscal 2021 (Oct.), with 35% implied profit increase driven by a combination of 20%- plus revenue growth and about 200 basis point EBITDA margin improvement. "We could raise the rating if the company sustains EBITDA to interest coverage comfortably above 2x while maintaining adequate liquidity. We estimate that such a scenario could occur over the next 12 months if it were to pay off its 2024 notes and extend its bank agreement beyond the late-2022 current maturity, while generating profits at close to our forecasts. "We would lower the rating within the next 12 months if EBITDA were to cover interest by less than 2x. Absent material change in borrowings, this could occur if EBITDA declined below $300 million. This would cause liquidity to become strained such that we believe the company would have trouble meeting its upcoming obligations." IGLESIA NUEVA VISION: Gets OK to Hire David W. Steen as Counsel --------------------------------------------------------------- Iglesia Nueva Vision, Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ David W. Steen, P.A. as legal counsel in its Chapter 11 case. The firm's hourly rates are as follows: David Steen, Esq. $500 per hour Associate/Contract Attorney $325 per hour Paralegals $200 per hour Legal Assistants $175 per hour The Debtor paid the firm a retainer of $8,000, including the $1,738 filing fee, and will reimburse the firm for out-of-pocket expenses incurred. David Steen, Esq., 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 at: David W. Steen, Esq. David W. Steen, P.A. P.O. Box 270394 Tampa, FL 33688-0394 Tel: (813) 251-3000 Email: dwsteengdsteenpa.com About Iglesia Nueva Vision Iglesia Nueva Vision, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-03366) on June 28, 2021. Abner Alicea, president of Iglesia Nueva Vision, signed the petition. At the time of the filing, the Debtor had total assets of between $1 million and $10 million and total liabilities of between $100,000 and $500,000. David W. Steen, P.A. is the Debtor's legal counsel. INTEGRATED AG: Insider to Provide $1.15M Financing for Plan ----------------------------------------------------------- Integrated Ag XI, LLC, submitted a First Amended Disclosure Statement in support of First Amended Chapter 11 Plan of Reorganization dated July 22, 2021. The Plan provides for Financing from the Plan Sponsor in the aggregate amount of $1,150,000 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 Financing shall be used by Debtor (i) to satisfy to 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 © fund the Debtor's obligations under the Plan including the obligations owed to GWB. In addition, the Plan Sponsor shall make a new value contribution in the amount of $350,000.00 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. The Plan provides that General Claims shall be classified in Class 4.01. The Debtor estimates that creditors in this Convenience Class hold Claims in the aggregate amount of approximately $6,000.00 as of the date of the filing of the Plan. The Reorganized Debtor shall place $6,000.00 (the "Class 4.01 Fund") 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. The Debtor estimates that Mechanics' Lien Claims aggregate approximately $3,406,061.71. Debtor disputes these Claims. The Reorganized Debtor shall pay $68,121.23 to a separate interest-bearing account (the "4.02 Fund") 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 order. Each holder of an Allowed Claim in Class 4.02 shall be paid a pro rata share of the funds held in the Class 4.02 on the date that is 30 days after the 4.02 Allowance Date. Class 4.03 consists of the claims of the ICBD Plaintiffs in the ICBD Litigation. The aggregate amount of the Claims in this Class is $3,700,000.00. Debtor disputes these Claims. The Reorganized Debtor shall pay $74,000.00 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 Class 4.03 shall be paid a pro rata share of the funds held in the Class 4.03 Fund on the date that is 30 days after the 4.03 Allowance Date. Class 5 consists of the Interests in Debtor held by Integrated Ag Partners and any other person will be canceled and terminated. The Plan Sponsor shall make a new value Contribution in the amount of $350,000.00 on the effective date and in exchange will receive 100% of the interests in the Reorganized Debtor. On the effective date, the Debtor is expected to have cash on hand approximately $150,000. In addition, the Plan Sponsor shall make the Financing available via an Agreement for Line of Credit, secured by a deed of trust on all the assets of the Reorganized Debtor junior only to the lien of GWB, and, if applicable, the lien of the Mechanic Lien Holders solely with respect to the Shop Yard Parcel, from which the Reorganized Debtor may draw on a quarterly basis in accordance with a budget approved by the Plan Sponsor and as long as the Reorganized Debtor is not in default on any of the terms of the Agreement for Line of Credit or any of the terms of the Plan. The Financing along with cash on hand, income from operations and the proceeds from any sales of the Property will be used to fund the Debtor's obligations under the Plan, its business operations and capital improvement expenditures for infrastructure to prepare parts of the farm for sale/lease. A full-text copy of the First Amended Disclosure Statement dated July 22, 2021, is available at https://bit.ly/3x7Mtdt from PacerMonitor.com at no charge. 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 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 â€œThe Ranchâ€ in Hyder, Arizona. The Ranch is secured by a lien in favor of creditor Great Western Bank (â€œGWBâ€), 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. JEFFERIES FINANCE: S&P Rates $1.65BB Senior Secured Revolver 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' ratings to Jefferies Finance LLC's (JFIN) $1.650 billion senior secured revolver maturing in 2026 and proposed issuance of $1.0 billion of senior unsecured notes due in 2028. JFIN expects to use proceeds from the senior unsecured debt issuance, together with proceeds from a new $250 million subordinated loan and balance sheet cash, to repay $1.082 billion of senior secured term loans and $400 of senior secured notes. JFIN's leverage declined to 3.1x debt to adjusted total equity (ATE) as of May 2021, from a high of 5.0x a year earlier. At the same time, operating results have continued to improve since the onset of the pandemic, with JFIN posting record net income of $145 million in the first half of 2021 on strong net fee generation arising from strong leveraged finance business volumes. Provisions for loan losses were modest because asset quality risks have receded. S&P includes the newly formed JFIN Parent LLC in its analysis of JFIN, and will include collateralized loan obligation equity and related debt transferred to the holding company in its debt to ATE leverage metric. S&P said, "We base our rating on JFIN's unsecured debt on our view that the company is likely to operate with priority debt of less than 30% of our calculation of adjusted assets, while maintaining unencumbered assets above its outstanding unsecured debt. If the company were to operate with priority debt greater than 30%, we could lower our unsecured debt rating to 'B+'. "Our outlook remains stable as we expect JFIN will maintain leverage under 4.5x debt to ATE over the next 12 months and successfully manage its underwriting and undrawn commitments. We also expect parents MassMutual Life Insurance Co. and Jefferies Group to continue to support JFIN and that the company will remain at least moderately strategically important to parent Jefferies." S&P could lower the ratings in the next 12 months if: -- Liquidity becomes strained, perhaps due to underwriting commitments or draws on revolvers by portfolio companies; -- Debt to ATE rises above 4.5x; or -- Jefferies reduces its commitment to JFIN. S&P could raise its ratings if JFIN significantly increases available liquidity relative to its underwriting and undrawn commitments, or if it reduces and sustains leverage below 2.75x debt to ATE. JOHNSON & JOHNSON: Ovarian Cancer Victims Denounce Bankruptcy Plan ------------------------------------------------------------------ Attorneys representing several thousand women diagnosed with ovarian cancer after exposure to Johnson & Johnson (NYSE: JNJ) Baby Powder and other talc-based products are denouncing the company over reports it is considering bankruptcy to avoid financial responsibility. "This is about as contemptible as it gets," says attorney Leigh O'Dell of Beasley Allen, co-lead counsel of the plaintiff's steering committee in federal multidistrict litigation (MDL) in New Jersey. "These women have suffered enough. If this report is true, we believe it's time for Congress and the Securities and Exchange Commission to investigate and outlaw cash-rich companies from playing corporate shell games and using federal bankruptcy law to avoid paying the victims they've hurt and misled." According to a July 28 report by the Reuters news agency, "Exclusive: J&J exploring putting talc liabilities into bankruptcy - sources," the company, which enjoys a $443 billion market capitalization, is considering bankruptcy to limit financial exposure to thousands of lawsuits related to its talc-based products, including Johnson's Baby Powder and Shower to Shower brands. Dozens of studies published in peer-reviewed journals during the past 25 years have shown a statistically significant association between talc use and ovarian cancer. Documents produced at trial show that the company was aware of the possible dangers as far back as the 1960s. Since 2013, juries in numerous trials have found J&J liable for compensatory and punitive damages to ovarian cancer victims, although many verdicts were later overturned in appellate courts on jurisdictional grounds, but not on the merits of the case. Last year, a Missouri appellate court entered a $2.1 billion judgment against the company. Justices found "significant reprehensibility" in J&J's handling of the issue of asbestos in its baby powder and concluded that J&J avoided "adopting more accurate measures for detecting asbestos," while discussing the asbestos risk of the powder in internal memos and refusing until recently to replace talc in its baby powder with corn starch, which doesn't pose a cancer risk. Both the Missouri Supreme Court and the United States Supreme Court declined to overturn the award. A bankruptcy filing could significantly reduce the compensation available to remaining claimants and would prevent them from having their day in court. "Solvent corporations should not be able to abuse the bankruptcy process to shield themselves from their responsibilities," says trial lawyer Michelle Parfitt, co-lead counsel in the federal talc MDL and a senior partner in the law firm, Ashcraft & Gerel. "This would be corporate welfare of the worst kind. And who would suffer the most? The women who have already lost so much due to J&J's behavior. I believe they are attempting to intimidate them by threatening bankruptcy. It won't work." About the Beasley Allen Law Firm Headquartered in Montgomery, Ala., Beasley Allen -- http://www.beasleyallen.com/-- is comprised of more than 70 attorneys and 200 support staff. One of the largest Plaintiffs law firms in the country, Beasley Allen is a national leader in civil litigation, with verdicts and settlements in excess of $26 billion. LATHAM POOL: Moody's Raises CFR to B1 Amid Recent IPO ----------------------------------------------------- Moody's Investors Service upgraded Latham Pool Products, Inc.'s Corporate Family Rating to B1 from B2, its Probability of Default Rating to B1-PD from B2-PD, and the rating on the company's senior secured first lien credit facilities to B1 from B2. At the same time, Moody's assigned a SGL-2 Speculative Grade Liquidity rating. The outlook is stable. This concludes the review for upgrade commenced on April 21, 2021. The ratings upgrade reflects Latham's meaningful reduction of financial leverage following the the initial public offering (IPO) by Latham Group, Inc., which is Latham's parent company, and continued strong operating results for the first quarter of 2021. The company used a portion of the net IPO proceeds to partially repay $152.7 million of its first lien term loan, and $16 million to fully repay borrowings outstanding on its revolving credit facility. The company remains majority owned and controlled by its existing private equity investors with a combined shared ownership of about 66%. The debt repaid from the IPO proceed returns debt to a similar level that existed prior to the $175 million debt-funded dividend earlier in 2021. However, Moody's expects that as a publicly traded company, Latham will maintain a more moderate financial policy that targets leverage sustained at a lower level than prior to the IPO. Latham reported very strong operating results for the first quarter period ending April 3, 2021, with revenue growth of 191%, and management's adjusted EBITDA of $33.5 million versus -$1.9 million for the same period last year. The strong first quarter results were driven by continued strong consumer demand for the company's products, price increases, benefits from strategic partnerships and recent acquisitions. The very strong results create tough comps over the next 12 months; however, the healthy backlog of pool construction should support continued good consumer demand for the company's products over that time frame. The company's current financial leverage and financial policy provides cushion within the B1 rating to absorb a likely eventual demand pull back for new pools or a cyclical downturn while maintaining debt-to-EBITDA below 3.5x. Moody's anticipates consumer discretionary spending will eventually shift back to categories such as travel and entertainment, but given Latham's meaningful backlog, a reduction in new pool demand is unlikely to weaken earnings meaningfully until late 2022 or 2023. Latham is likely to use the elevated operating cash flow generated in the interim to fund growth investments including acquisitions that strengthen the asset and earnings base, or to reduce debt. Such actions provided greater financial flexibility to manage through the volatility in new pool construction. The following ratings/assessments are affected by the action: Ratings Upgraded: Issuer: Latham Pool Products, Inc. Corporate Family Rating, Upgraded to B1 from B2 Probability of Default Rating, Upgraded to B1-PD from B2-PD Senior Secured 1st Lien Term Loan B, Upgraded to B1 (LGD3) from B2 (LGD3) Senior Secured 1st Lien Revolving Credit Facility, Upgraded to B1 (LGD3) from B2 (LGD3) New Assignments: Issuer: Latham Pool Products, Inc. Speculative Grade Liquidity Rating, Assigned SGL-2 Outlook Actions: Issuer: Latham Pool Products, Inc. Outlook, Changed To Stable From Rating Under Review RATINGS RATIONALE Latham's B1 CFR broadly reflects its solid market position in its core pool product segments, particularly in the company's biggest and high margin fiberglass segment, which continues to grow its share of the US market. Demand for pools has been very strong this past year as consumers are spending more time at home, and discretionary expenditures in summer activities such as travel have been limited. Latham's has relatively good credit metrics with debt/EBITDA leverage at 2.4x as of the LTM ending April 3, 2021, and pro forma for the IPO. Moody's expects that the healthy backlog of pool construction, a solid US housing market will support continued good consumer demand for the company's products over the next 12-18 months, resulting in debt/EBITDA leverage improving to the low 2.0x. Latham's SGL-2 speculative-grade liquidity rating reflects the company's good liquidity reflects Moody's expectation for positive free cash flow in the $60-65 million range over the next 12-18 months, and access to an undrawn $30 million revolver. The cash sources provide good coverage of the $23.2 million of required annual term loan amortization. There is no term loan financial maintenance covenant and Moody's projects Latham will maintain good cushion within the revolver's springing maximum 6.0x first lien net leverage ratio covenant. Latham's credit profile also reflects its relatively small scale with revenue of around $500 million and its high customer concentration. The company has narrow product focus in the highly discretionary swimming pool and pool equipment categories, and it is exposed to the inherent cyclicality and high seasonality of the residential pool industry due to reliance on discretionary consumer spending and weather. Moody's expects Latham's leverage to increase once the elevated demand for new pools related to the coronavirus moderates, but that the company will maintain debt-to-EBITDA at or below 3.5x. Governance factors consider the company's remains majority owned and controlled by private equity financial sponsors and its aggressive financial policies including debt financed acquisitions and shareholder distributions. Event risk exists related to Pamplona's continued exit of its ownership position that could include debt-funded share repurchases. The coronavirus outbreak and the government measures put in place to contain it continue to disrupt economies and credit markets across sectors and regions. Although an economic recovery is underway, it is tenuous, and its continuation will be closely tied to containment of the virus. As a result, there is uncertainty around Moody's forecasts. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Latham like other pool related companies have performed better than many other consumer durables sector because of the boost to demand for at-home spending, but some pullback in pool is likely as consumer spending returns to more away-from-home leisure activities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that the healthy backlog of pool construction and a solid US housing market will support continued good consumer demand for pool products, resulting in Latham maintaining good credit metrics and at least good liquidity over the next 12-18 months. The stable outlook also reflects that there is sufficient cushion within the credit metrics at the B1 rating to absorb a potential demand pull back or a material growth investment. The ratings could be upgraded if the company meaningfully increases its revenue scale while further increasing its somewhat less cyclical aftermarket business, demonstrates consistent organic revenue and EBITDA growth, and maintains debt/EBITDA below 2.5x. A ratings upgrade would also require Moody's expectations of financial policies that support the above credit metrics, and maintenance of at least good liquidity. The ratings could be downgraded if the company's operating performance materially deteriorates with consistent organic revenue or profit margin deterioration, if debt/EBITDA is sustained above 3.5x, or if free cash flow/debt is below 7.5%. The rating could also be downgraded if liquidity deteriorates, highlighted by modest free cash flow generation on an annual basis, or increased reliance of the revolver facility. The principal methodology used in these ratings was Consumer Durables Industry published in April 2017. Headquartered in Latham, New York, Latham Pool Products, Inc. is a manufacturer of in-ground residential swimming pools and components in North America, Australia, and New Zealand. Latham reported revenue of around $500 million for the last twelve months ending April 3, 2021. Following the April 2021 initial public offering, financial sponsors Pamplona Capital Management and Wynnchurch Capital LLC own approximately 66% of Latham's shares. LIT'L PATCH OF HEAVEN: Gets OK to Hire Wadsworth Garber as Counsel ------------------------------------------------------------------ Lit'l Patch of Heaven Inc. received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Wadsworth Garber Warner Conrardy, P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: a. providing the Debtor with legal advice with respect to its powers and duties; b. assisting the Debtor in the preparation of a plan of reorganization under Chapter 11; c. filing necessary pleadings, reports and actions; d. taking necessary actions to enjoin and stay until final decree continuation of pending proceedings and to enjoin and stay until final decree commencement of lien foreclosure proceedings; and e. performing all other necessary legal services for the Debtor. Wadsworth received a retainer in the amount of $10,998.96. The firm will also be reimbursed for out-of-pocket expenses incurred. Aaron Garber, Esq., a partner at Wadsworth, 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: Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Tel: (303) 296-1999 Fax: (303) 296-7600 Email: agarber@wgwc-law.com About Lit'l Patch of Heaven Thornton, Colo.-based Lit'l Patch of Heaven Inc. filed a Chapter 11 petition (Bankr. Colo. Case No. 19-16119) on July 17, 2019. In the petition signed by Jeff Kraft, chief executive officer, the Debtor disclosed total assets of up to $10 million and total liabilities of up to $1 million. Judge Michael E. Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., serves as the Debtor's bankruptcy counsel. LUMEN TECHNOLOGIES: Stonepeak Deal No Impact on Moody's Ba3 CFR --------------------------------------------------------------- Moody's Investors Service said Lumen Technologies, Inc.'s definitive agreement to sell its Latin American operations and all associated assets for $2.7 billion does not immediately impact its Ba3 corporate family rating or stable outlook. The sale price represents a company-adjusted EBITDA valuation multiple of over 9x for the sold operations. While the use of proceeds is currently uncertain, Moody's believes this asset sale will benefit the company's ability to better focus its execution efforts on revenue growth and continued deleveraging over the longer term. However, if Lumen were to utilize the bulk of any asset proceeds for anything other than capital investing or debt reduction, rating pressure could ensue. The closing of the sale to Stonepeak, an alternative investment firm, is expected in first half 2022 and is subject to regulatory approvals and other closing conditions. Lumen Technologies, Inc., headquartered in Monroe, Louisiana, is an integrated communications company that provides an array of communications services to residential, business, governmental and wholesale customers. In October of 2017, Lumen acquired Level 3, an international communications company with one of the world's largest long haul communications and optical internet backbones. The company generated approximately $20.5 billion in revenue over the last 12 months ended March 31, 2021. LW RETAIL ASSOCIATES: Taps Lawrence J. Berger as Special Counsel ---------------------------------------------------------------- LW Retail Associates, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Lawrence J. Berger P.C. as special counsel. The firm will represent the Debtor with respect to challenging the New York City's tax assessments. The firm will be paid on a contingency fee basis of 20% of any reduction in actual assessed value, multiplied by the tax rate in effect at the time the reduction is issued, plus reimbursement of actual and necessary expenses incurred by the firm. Any hourly billing will be based on the following billing rates: Steven Resnick, Esq. $525 per hour Associates $425 per hour Paraprofessionals $195 to $225 per hour. Steven Resnick, Esq., a partner at Lawrence J. Berger, 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: Steven E. Resnick, Esq. Lawrence J. Berger P.C. 200 Madisonk Avenue, Suite 1902 New York, NY 10016 Tel: (212) 532-0222 Fax: (212) 532-0224 Email: sresnick@ljbpc.com About LW Retail Associates Brooklyn, N.Y.-based LW Retail Associates, LLC owns in fee simple interest four condominium units in New York, valued by the company at $12.20 million in the aggregate. LW Retail Associates filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 17-45189) on Oct. 5, 2017. In the petition signed by Louis Greco, manager, the Debtor disclosed $12.64 million in assets and $6.25 million in liabilities. Judge Elizabeth S. Stong oversees the case. The Debtor tapped DelBello Donnellan Weingarten Wise & Wiederkehr, LLP as bankruptcy counsel, and Goldberg Weprin Finkel Goldstein LLP and Sills Cummis & Gross P.C. as special counsel. MAGELLAN HOME-GOODS: Case Summary & 15 Unsecured Creditors ---------------------------------------------------------- Debtor: Magellan Home-Goods LTD d/b/a Magellan Home Goods f/d/b/a Magellan Group, Inc. f/d/b/a ADC Marketing Inc. f/d/b/a Inrredible Edibles, Inc. 225 Marine Drive Suite 300 Blaine, WA 98230 Chapter 11 Petition Date: July 24, 2021 Court: United States Bankruptcy Court Western District of Washington Case No.: 21-11413 Judge: Hon. Marc Barreca Debtor's Counsel: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 Email: courtmail@expresslaw.com Total Assets: $2,324,758 Total Liabilities: $2,063,752 The petition was signed by Debra Sasken-Duff, vice president. A full-text copy of the petition containing, among other items, a list of the Debtor's 15 unsecured creditors is avaiable for free at PacerMonitor.com at: https://www.pacermonitor.com/view/25VQ4YQ/Magellan_Home-Goods_LTD__wawbke-21-11413__0001.0.pdf?mcid=tGE4TAMA MALLINCKRODT: Limits Its Reach of Acthar-Related Bankruptcy Claims ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that Mallinckrodt Plc can shed thousands of creditor claims brought in "bad faith" against dozens of the drugmaker's subsidiaries over alleged price-gouging related to the sale of its Acthar Gel, a bankruptcy judge ruled. Parties accusing Mallinckrodt of illegally jacking up the price of Acthar Gel filed claims against several bankrupt subsidiaries "with a complete disregard for whether actual claims existed against those debtor entities," Judge John T. Dorsey of the U.S. Bankruptcy Court for the District of Delaware said at a virtual hearing Friday, July 23, 2021. About Mallinckrodt PLC Mallinckrodt -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. As of March 27, 2020, the Company had $10.17 billion in total assets, $8.27 billion in total liabilities, and $1.89 billion in total shareholders' equity. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware in the U.S. (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against the Company. Mallinckrodt plc disclosed $9,584,626,122 in assets and $8,647,811,427 in liabilities as of Sept. 25, 2020. Latham & Watkins LLP, Ropes & Gray LLP and Wachtell, Lipton, Rosen & Katz are serving as counsel to the Company, Guggenheim Securities, LLC is serving as investment banker and AlixPartners LLP is serving as restructuring advisor to Mallinckrodt. Hogan Lovells is serving as counsel with respect to the Acthar Gel matter. Prime Clerk LLC is the claims agent. MARINETEK NORTH: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Marinetek North America, Inc. 111 2nd Avenue NE #360 Saint Petersburg, FL 33701 Chapter 11 Petition Date: July 26, 2021 Court: United States Bankruptcy Court Middle District of Florida Case No.: 21-03881 Debtor's Counsel: Daniel Etlinger, DAVID JENNIS, PA D/B/A JENNIS MORSE ETLINGER 606 East Madison Street Tampa, FL 33602 Tel: (813) 229-2800 E-mail: ecf@JennisLaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by John Dunham, senior vice president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/UFDRWYY/Marinetek_North_America_Inc__flmbke-21-03881__0001.0.pdf?mcid=tGE4TAMA MIDCOAST EAST TEXAS LLC: Moody's Assigns First Time B2 CFR ---------------------------------------------------------- Moody's Investors Service assigned first time ratings to Midcoast (East Texas) LLC (Midcoast ETX), including a B2 Corporate Family Rating, a B2-PD Probability of Default Rating, a B2 senior secured term loan rating, and a Ba2 super-senior secured revolver rating. The outlook is stable. The proceeds from the initial $400 million term loan issuance will be used to repay existing $100 million term loan, fund cash to the balance sheet, pay transaction expenses, and to make distribution to its ultimate parent's sponsor, ArcLight Capital Partners LLC (ArcLight), an energy-focused private equity firm. ArcLight purchased Midcoast Energy, LLC (Midcoast) in August 2018 from Enbridge Inc. (Baa1 stable). Midcoast ETX's holding company is Midcoast Holdings (East Texas) LLC, a subsidiary of Midcoast and a guarantor of the rated debt. "We expect Midcoast ETX to gradually grow its earnings with minimal capex needs as throughput volumes grow in the Haynesville Shale and the Cotton Valley formation areas, where it primarily operates," stated Arvinder Saluja, Moody's Vice President. "However, the ratings are constrained by its modest scale and relative asset concentration." Assignments: Issuer: Midcoast (East Texas) LLC Probability of Default Rating, Assigned B2-PD Corporate Family Rating, Assigned B2 Backed Senior Secured Term Loan, Assigned B2 (LGD3) Backed Senior Secured Revolving Credit Facility, Assigned Ba2 (LGD1) Outlook Actions: Issuer: Midcoast (East Texas) LLC Outlook, Assigned Stable RATINGS RATIONALE Midcoast ETX's B2 CFR reflects the company's modest existing scale, limited geographic diversification, and volumetric and commodity price risks, and some customer concentration. The ratings are supported by generally long-term, fee-based contracts and acreage dedications that can lead to relatively stable volumetric throughput and earnings, low capital expenditure needs given already operational assets, and an excess cash flow sweep that will require repayment of debt. The normalized EBITDA for Midcoast ETX is expected to be about $100 million with the company's leverage remaining at or below 4x over the next two years. Leverage is likely to further improve over time given the excess cash flow sweep. The company derives its revenues from its fully owned natural gas and NGL gathering, processing, and transportation system located in East Texas, and has enjoyed long relationship tenors with most of its customers that include supermajor, independent and private equity-backed producers, as well as several utilities and industrial companies. In addition to owning Midcoast ETX, Midcoast, has 1) a midstream gathering and processing system in Western Oklahoma and Texas Panhandle (the Anadarko Basin), 2) a 35% non-operated equity stake in the Texas Express NGL pipeline, and 3) a logistics and marketing business whose debt is non-recourse to Midcoast ETX. Midcoast ETX is expected to have adequate liquidity with moderate free cash flow and a $25 million revolver. There is an excess cash flow sweep mechanism under the credit facility that requires repayment of debt with 100% of any surplus cash flow if Midcoast ETX's total net leverage remains above 5x, although this percentage is reduced to 75% if net leverage ratio remains between 3x and 5x, and to 50% if net leverage ratio remains below 3x. Moody's expects Midcoast ETX to readily comply with its credit facility financial covenant, a minimum debt service coverage ratio of 1.10x. The company is expected to have no near-term debt maturities. The term loan maturing 2028 is rated B2. Because of the small size of the revolver compared to the term loan, the term loan is rated the same as the CFR. The $25 million revolver maturing 2025 is rated Ba2 given that it has a super-senior priority to the company's assets over the term loan. As proposed, the new term loan credit facility is expected to provide covenant flexibility that if utilized could adversely affect creditors. At this time there are no express "blocker" provisions which prohibit the transfer of specified assets to unrestricted subsidiaries; such transfers could be permitted subject to carve-out capacity and other conditions in the final deal terms. Non-wholly-owned subsidiaries are not required to provide guarantees; dividends or transfers resulting in partial ownership of subsidiary guarantors could jeopardize guarantees. There are no express protective provisions prohibiting an up-tiering transaction. The above are proposed terms and the final terms of the credit agreement may be materially different. The stable outlook reflects Moody's expectations that Midcoast ETX will maintain leverage at or below 4x throughout 2021-22 and adequate liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if Midcoast ETX's EBITDA approaches $200 million while the company maintains leverage below 4x and adequate liquidity. The rating could be downgraded if leverage increases above 5x or if volumes on the Midcoast ETX system decline materially. An aggressively financed acquisition or a step-out acquisition that increases the business risk profile could also lead to a downgrade. Midcoast (East Texas) LLC, wholly-owned and controlled by Midcoast Energy, LLC, is a midstream company headquartered in Houston, Texas with gathering, processing, and transportation operations in Haynesville/Cotton Valley in East Texas. The principal methodology used in these ratings was Midstream Energy published in December 2018. NASSAU BREWING: Brooklyn Brewery Redevelopment in Chapter 11 ------------------------------------------------------------ Nicholas Rizzi of Commercial Observer reports that the entity behind Brooklyn's Nassau Brewery redevelopment, Nassau Brewing Co. Landlord LLC, filed for bankruptcy. The LLC claimed former manager Fabian Friedland misappropriated funds and left the project in a state of partial completion' The entity tied to the redevelopment of the shuttered Nassau Brewing Company's former home in Crown Heights, Brooklyn, has filed for bankruptcy and accused the project's former manager of misappropriating funds, leaving the project unfinished. Nassau Brewing Company Landlord LLC filed for bankruptcy on Friday, July 23, 2021, with between $10 to $50 million in liabilities, as the entity's current managing partner, Churchill Real Estate Holdings, seeks to sell the property, according to court records. Churchill also claims that it had to toss out the former manager of the project, Fabian Friedland of Crow Hill Development, "to end several years of fraud and mismanagement which has badly impacted the … development plans," according to court records. Crow Hill bought the former brewery at 945-949 Bergen Street — which is on the National Register of Historic Places — for $7.5 million in 2008 from CPC Resources, as Commercial Observer previously reported. Friedland unveiled plans in 2015 to turn the 1860s building into a mixed-use complex with retail on the ground floor and apartments above it, Brownstoner reported. Crow Hill landed an $18 million loan that year for the project. Churchill joined the project as a preferred member in 2016 when it put $5 million into the redevelopment, according to the bankruptcy filing. Crow Hill announced it leased space to Japanese-French fusion restaurant Doma and speakeasy-style Embassy Bar in 2018, and in 2017 told Brownstoner it was near completion. However, Churchill claims Friedland's Crow Hill "mishandled construction funds," leaving the redevelopment in a "state of partial completion" that "presents a myriad of health and welfare issues to the community," according to court records. In its bankruptcy filing, Churchill said the development stalled "due to a myriad of issues and disputes with Friedland" and that he "grossly mismanaged the project, apparently diverting millions of dollars that should have been put into the rehabilitation." The project's mortgages are currently in default; it owes more than $200,000 in real estate taxes; and the entity is facing a lawsuit from one of its former restaurant tenants over a missing security deposit and first-month rent, which Friedland allegedly “diverted,” according to court documents. Adam Stein-Sapir, a bankruptcy expert with Pioneer Funding Group, who's not involved in the case, said that aside from Churchill prepping for a sale of the building, the bankruptcy proceedings give it a chance to find out exactly what went wrong with the project. "[Churchill is] trying to use bankruptcy and the discovery tools available in bankruptcy to really figure out what happened to the money and where it went," Stein-Sapir said. "I'm sure no one in the asset anticipated that the project would need more capital." About Nassau Brewing Co. Nassau Brewing Company Landlord is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor is a New York limited liability company organized in 2015 to acquire a property at 945 Bergen Avenue, Brooklyn, NY. Nassau Brewing Co. Landlord LLC sought Chapter 11 protection (Bankr. E.D. .Y. Case No. 21-41852) on July 16, 2021. In the petition signed by Sean Rucker, successor manager, Nassau Brewing estimated assets of between $10 million to $50 million and estimated liabilities of between $10 million to $50 million. The case is handled by Honorable Judge Jil Mazer-Marino. Kevin J. Nash, Esq. of GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP is the Debtor's counsel. NITRIDE SOLUTIONS: Seeks to Hire Gerald Thimmesch as Accountant --------------------------------------------------------------- Nitride Solutions, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Gerald Thimmesch CPA, PA as accountant to prepare income tax returns for tax years 2018 to 2021. The firm will be paid at the rate of $1,500 for each tax return. As disclosed in court filings, Gerald Thimmesch is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gerald Thimmesch Gerald Thimmesch, CPA, PA 3720 N. Ridgewood St. Wichita, KS 67220 Tel: (316) 866-6363 Fax: (316) 260-6776 Email: gthimmesch@gt-cpas.com About Nitride Solutions Inc. Nitride Solutions, Inc., a company that owns and runs a manufacturing operation in Wichita, Kansas, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 21-10533) on June 9, 2021. In the petition signed by Jeremy Jones, president and chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Dale L. Somers oversees the case. Mark J. Lazzo, Esq., and Gerald Thimmesch CPA, PA serve as the Debtor's legal counsel and accountant, respectively. NITRIDE SOLUTIONS: Seeks to Hire Kansas Center as Bookkeeper ------------------------------------------------------------ Nitride Solutions, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Trish Brasted of Kansas Center for Entrepreneurship to prepare financial reports, monthly reports and general recordkeeping during the course of its Chapter 11 case. The firm will be paid at the rate of $75 per hour and reimbursed for out-of-pocket expenses incurred. Trish Brasted, a partner at Kansas Center for Entrepreneurship, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Trish Brasted Kansas Center for Entrepreneurship P.O. Box 877 Andover, KS 67002 About Nitride Solutions Inc. Nitride Solutions, Inc., a company that owns and runs a manufacturing operation in Wichita, Kansas, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 21-10533) on June 9, 2021. In the petition signed by Jeremy Jones, president and chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Dale L. Somers oversees the case. Mark J. Lazzo, Esq., and Gerald Thimmesch CPA, PA serve as the Debtor's legal counsel and accountant, respectively. NORWICH DIOCESE: Can Prevent Abuse Cases Restitution, Say Experts ----------------------------------------------------------------- Josh LaBella of CT Insider reports that experts say that the door may be closing for sexual abuse survivors to seek restitution after the Norwich diocese announced in the third week of July 2021 it was declaring bankruptcy. Bishop Michael Cote, of the Roman Catholic Diocese of Norwich, said a bankruptcy petition was filed because the diocese is facing nearly 60 lawsuits in connection with abuse accusations that occurred at the Mount Saint John School in Deep River. The Mount Saint John School, which closed in 2013, was a boarding school where juvenile courts and the state Department of Children and Families referred children. The property is now vacant and for sale. "By filing for bankruptcy relief, the diocese is seeking to ensure a fair and equitable outcome for everyone involved," he wrote in the statement. "That is because the bankruptcy court will centralize all litigation and oversee a settlement that ensures that all survivors are included and treated fairly. Individual private litigation could deplete the diocese's funds with the first case, leaving other survivors without any possibility of compensation." In the filing, the diocese said it had between 50 and 99 creditors, between $10 million and $50 million in assets and between $50 million and $100 million in liabilities. But a lawyer for some of the plaintiffs and a leader of an advocacy group for victims of abuse by clergy said once the bankruptcy is official it will prevent other victims who have not made claims from receiving restitution. Kelly Reardon, a lawyer based in New London, said she represents six victims, four of whom have filed lawsuits against the diocese. "Those cases will become claimants, they'll become creditors, in the bankruptcy," she said. "They would be able to make claims and then it would be determined what amount of compensation they would receive." Reardon said she did not know the exact number of lawsuits filed, but there were 65 claimants as of last week. She said her clients attended Mount Saint John School during the 1990s when sexual abuse by clergy at Catholic institutions was a "significant and widespread problem." Reardon and Gail Howard, the co-leader of the Connecticut Chapter of the Survivors Network of those Abused by Priests, said the bankruptcy filing would eliminate an avenue for many victims. "It's important for any survivor of childhood sexual abuse to come forward and ask for help in healing," Howard said. "Setting the issue of financial compensation and all that aside, whatever happens in that arena, it is still possible to get help and support so that you can heal." Lawsuits after abuse allegations Allegations of abuse at the hands of clergy and staff of the Norwich diocese first came to light in 2018, when 24 former Mount Saint John School male students said they were sexually assaulted during the 1980s and 1990s when they were teens, court documents show. "The vast majority of the claimants experienced abuse at the hands of Brother Paul McGlade, who was running the school,' Reardon said of the now approximately 60 lawsuits. "However, there are other (claimants), including some of mine, who experienced abuse by teachers, by other clerical figures who were working at the school and so it all involves sexual abuse." In 2019, diocese officials released a statement that included a list of priests who they said had credible allegations of sexual abuse against them. However, McGlade, who died in 2013, was not on the list. The officials also noted the diocese spent nearly $8 million to settle nine claims as of Jan. 31, 2019. Norwich is not the only Connecticut Catholic diocese facing lawsuits stemming from abuse accusations. In a report provided by the Archdiocese of Hartford, it said it paid $50.6 million for 142 allegations of clergy sexual abuse of a minor involving 29 archdiocesan clergy and three priests from other dioceses. How bankruptcy could impact victims Reardon said Norwich is the 31st diocese in the country to declare bankruptcy after facing lawsuits alleging abuse by clergy. According to the United States Conference of Catholic Bishops, there are 194 archdioceses and dioceses in the United States. "Abuse is everywhere," said Howard, whose organization is a support and advocacy group for people who have survived abuse by clergy from any religious sect. "It has nothing to do with celibacy rules or anything like that. It has to do with trust and access and corruption." Howard said last week she was reviewing a bankruptcy filing for the diocese of Buffalo in New York. After filing for bankruptcy in February 2020, she said court records show the diocese has spent $3.8 million on lawyers and other bankruptcy-related costs. "My take on that is, they were going to spend more on lawyers than they would have spent on settlements, if people were able to bring suits against them," she said. Richard Croce, a Middletown bankruptcy attorney, said bankruptcy allows claimants to get an even distribution of available funds. "Basically, if there are 10 people that want to sue you, and two of them lawyer up and sue you, and get judgments and try to collect it, they are able to collect it out of your assets," he said. "The eight that had claims that didn't file their claims yet, may end up being out of luck. A bankruptcy filing brings all the creditors into one forum, so that they can all share in whatever distribution is made." Croce said it is "generally" true that no one can file after a bankruptcy is made official, but the diocese will have a duty to notify as many people as possible and there will be a brief window to file a claim. "If I'm advising a creditor, I'm going to tell them to make their claim timely," he said. "Don't blow the deadline because you may get boxed out. The law says you're boxed out, but if there's some ... legitimate reason why you did not file a claim on time, and the money hasn't been paid out, then maybe the judge will let you file that claim. It's not a risk I would take as a creditor." About Norwich Diocese The Diocese of Norwich is a Latin Church ecclesiastical territory or diocese of the Catholic Church in Connecticut and a small part of New York. The Norwich Roman Catholic Diocesan Corporation sought Chapter 11 protection (Bankr. D. Conn. 2:21-bk-20687) on July 15, 2021. The Debtor estimated $10 million to $50 million in assets against liabilities of more than $50 million. The Hon. James J Tancredi is the case judge. Robinson & Cole LLP, led by Patrick M. Birney, is the Debtor's counsel. NORWICH DIOCESE: Gets Preliminary OK to Hire Epiq as Claims Agent ----------------------------------------------------------------- The Norwich Roman Catholic Diocesan Corporation received preliminary approval from the U.S. Bankruptcy Court for the District of Connecticut to hire Epiq Corporate Restructuring, LLC as its claims and noticing agent. The firm will oversee the distribution of notices and the maintenance, processing and docketing of proofs of claim filed in the Debtor's Chapter 11 case. Epiq will charge these hourly fees: Clerical/Administrative Support $25 - $45 per hour IT/Programming $65 - $85 per hour Case Managers $70 - $165 per hour Consultants/Directors/VPs $160 - $165 per hour Solicitation Consultant $190 per hour Executive VP, Solicitation $190 per hour Executives No Charge Before the petition date, the Debtor provided Epiq a retainer in the amount of $25,000. Kathryn Tran, a senior director at Epiq, disclosed in court filings that her firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. Epiq can be reached through: Kathryn Tran Epiq Bankruptcy Solutions, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Phone: (646) 282-2523 About The Norwich Roman Catholic Diocesan Corporation The Norwich Roman Catholic Diocesan Corporation is a nonprofit corporation that gives endowments to parishes, schools, and other organizations in the Diocese of Norwich, a Latin Church ecclesiastical territory or diocese of the Catholic Church in Connecticut and a small part of New York. The Norwich Roman Catholic Diocesan Corporation sought Chapter 11 protection (Bankr. D. Conn. 2:21-bk-20687) on July 15, 2021. The Debtor estimated $10 million to $50 million in assets against liabilities of more than $50 million. Judge James J. Tancredi oversees the case. The Debtor tapped Robinson & Cole, LLP, led by Patrick M. Birney, Esq., as its legal counsel. Epiq Corporate Restructuring, LLC is the claims and noticing agent. NOVELIS CORP: S&P Rates New US$1.5BB Senior Unsecured Notes 'BB' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '4' recovery rating to Novelis Inc.'s proposed US$1.5 billion of senior unsecured notes issued by wholly owned subsidiary Novelis Corp. The '4' recovery rating indicates its expectation for average (30%-50%, rounded estimate: 30%) recovery in its simulated default analysis, with no notching from the issuer credit rating. Novelis is planning to issue US$750 million of notes due 2026 and US$750 million of notes due 2031. The notes will be guaranteed, jointly and severally, on a senior unsecured basis, by Novelis Inc. and the majority of its operating subsidiaries, and rank pari passu with the company's existing senior unsecured debt. Proceeds from the issuance are expected to be used to repay the company's US$1.5 billion senior unsecured notes due 2026 (which will require a make-whole payment), with no material impact on our prospective leverage estimates. OCULAR THERAPEUTIX: Reports Q2 Prelim Net Product Revenue of $11.7M ------------------------------------------------------------------- Ocular Therapeutix, Inc. reported preliminary net product revenue for the quarter ended June 30, 2021, and in-market unit sales for June 2021. The Company is reporting preliminary second quarter 2021 total net product revenue of approximately $11.7 million, representing a greater than 600% year-over-year increase versus the second quarter 2020 and an approximately 60% sequential increase over the first quarter of 2021. Net product revenue of DEXTENZA (dexamethasone ophthalmic insert) 0.4mg for the quarter ended June 30, 2021 is estimated to be $11.1 million, and net product revenue of ReSure Sealant for the quarter ended June 30, 2021 is estimated to be $0.6 million. DEXTENZA second quarter, in-market unit sales are projected to set a record of 24,990 billable inserts, an approximately 50% sequential increase over the first quarter of 2021. The Company believes this growth reflects the strong end-user demand for DEXTENZA driven by an increase in cataract procedure volumes and market share gains. June 2021 in-market unit sales are projected to set a monthly record of 9,779 billable inserts as cataract volumes continued to increase through the second quarter of 2021 after the slowing of procedures earlier in the year as a result of regional COVID surges. As previously reported, April and May in-market unit sales were 8,025 and 7,186 billable inserts, respectively. Notably, each month of the second quarter of 2021 exceeded the last month of the first quarter of 2021, which included increased end-of-the-quarter in-market unit sales to ambulatory surgical centers under the Company's rebate program. "We are pleased by DEXTENZA's performance in the quarter and believe that continued physician interest and more normalized cataract procedure volumes bode well for strong growth through the remainder of the year," said Antony Mattessich, president and CEO. "What gives us the greatest satisfaction however is knowing that more and more patients are enjoying a better experience following their ophthalmic surgeries." The Company expects to report quarterly financial results for the second quarter 2021 on August 9th following the close of market and provide a comprehensive business update on a conference call the same day. About Ocular Therapeutix Headquartered in Bedford, MA, Ocular Therapeutix, Inc. -- http://www.ocutx.com-- is a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary bioresorbable hydrogel-based formulation technology. Ocular Therapeutix's first commercial drug product, DEXTENZA, is FDA-approved for the treatment of ocular inflammation and pain following ophthalmic surgery. Ocular Therapeutix reported a net loss and comprehensive loss of $155.64 million for the year ended Dec. 31, 2020, compared to a net loss and comprehensive loss of $86.37 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $243.04 million in total assets, $159.63 million in total liabilities, and $83.41 million in total stockholders' equity. PAR 5 PROPERTY: Taps Macdonald Fernandez as Legal Counsel --------------------------------------------------------- Par 5 Property Investments, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Macdonald Fernandez, LLP to serve as legal counsel in its Chapter 11 case. The firm's services include assisting the Debtor with the formulation of a Chapter 11 plan, preparing bankruptcy schedules and the statement of financial affairs, reviewing monthly operating reports, responding to creditor inquiries, and evaluating claims and all services usually performed by a bankruptcy counsel. The firm's hourly rates are as follows: Partners $690 per hour Associate Attorneys $335 to $435 per hour Paralegals $175 per hour Macdonald Fernandez received the sum of $35,000 from the Debtor's principal, Joseph Francis Prach, as an advance against fees incurred by the firm. Iain Macdonald, Esq., a partner at Macdonald Fernandez, 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: Iain A. Macdonald, Esq. Daniel E. Vaknin, Esq. Macdonald Fernandez, LLP 914 Thirteenth Street Modesto, CA 95354 Telephone: (209) 521-8100 Facsimile: (415) 394-5544 Email: iain@macfern.com daniel@macfern.com About Par 5 Property Investments Auburn, Calif.-based Par 5 Property Investments, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 21-22404) on June 29, 2021. Joseph Francis Prach, president and managing member, signed the petition. At the time of the filing, the Debtor disclosed assets of $3,847,515 and liabilities of $5,096,824. Judge Fredrick E. Clement oversees the case. Macdonald Fernandez, LLP is the Debtor's legal counsel. PENN VIRGINIA: S&P Rates New $400MM Senior Unsecured Notes 'B' -------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '2' recovery rating to U.S.-based crude oil and natural gas exploration and production company Penn Virginia Escrow LLC's proposed $400 million senior unsecured notes due 2026. The gross proceeds of the offering and other funds will be deposited in an escrow account pending the satisfaction of certain conditions, including the consummation of Penn Virginia's merger with Lonestar Resources US Inc. Upon the satisfaction of the escrow release, Penn Virginia Holdings, LLC will assume the obligations under the notes. The notes will be guaranteed by the subsidiaries of Penn Virginia Holdings, LLC that guarantee its reserve-based revolving credit facility. The '2' recovery rating indicates S&P's expectation for substantial (70%-90%; rounded estimate: 85%) recovery of principal to creditors in the event of a payment default. S&P said, "We expect Penn Virginia Corp. will use the proceeds from the senior unsecured notes to refinance about $255 million of debt it is assuming as part of its acquisition of Lonestar Resources and repay the remaining portion of its second-lien term loan ($145 million outstanding as of June 30, 2021). "Our 'B-' issuer credit rating and stable outlook on Penn Virginia are unchanged. Although the acquisition of Lonestar will increase its production by about 13,000 barrels of oil equivalent (boe) per day and provide it with 82 million barrels of proved reserves, we continue to view the pro forma scale of the company's operations as small relative to those of its higher-rated peers." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P simulated default scenario for Penn Virginia assumes a sustained period of low commodity prices consistent with the conditions of past defaults in the sector. -- S&P assumes the acquisition of Lonestar Resources and the related financing are completed as expected. -- S&P bases its valuation for Penn Virginia's pro forma reserves on a company-provided PV-10 as of July 1, 2021, and for Lonestar as of Dec. 31, 2020. -- S&P assumes the pro forma estimated borrowing base of up to $475 million is fully drawn at default -- S&P adjusts its gross enterprise value (EV) to account for restructuring and administrative costs (estimated at 5% of gross value). Simulated default assumptions -- Simulated year of default: 2023 -- Jurisdiction (Rank A): The company is headquartered in the U.S. and most of its assets are located domestically. Simplified waterfall -- Net enterprise value (after 5% in administrative costs): $1.44 billion -- Secured claims: Up to about $500 million --Recovery expectations: Not applicable -- Remaining value available to unsecured claims: $940 million -- Senior unsecured claims: $417 million --Recovery expectations: Capped at 70%-90% (rounded estimate: 85%) Note: All debt claims include six months of prepetition interest. PEPCOM INC: Seeks to Hire KapilaMukamal as Financial Advisor ------------------------------------------------------------ Pepcom, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ KapilaMukamal, LLP as its financial advisor. The firm will provide these services: a. give advice to the Debtor with respect to its powers and duties and the continued management of its business operations; b. advise the Debtor with respect to its finances and guide the Debtor in making sound financial decisions for its operations; c. review and analyze all financial information prepared by the Debtor or its accountants, including, but not limited to, financial reports, assets and liabilities, and secured and unsecured creditors; d. assist the Debtor in analyzing its assets and liabilities, income, cash flows and projections in connection with filing a plan of reorganization; e. review and analyze pre-bankruptcy and post-petition transfers to and from the Debtor to third parties; f. attend meetings with principals of the Debtor, creditors, the attorneys of such parties, and with federal, state, and local authorities, if requested; g. review the Debtor's financial information for potential preference payments, fraudulent transfers or any other matters that the Debtor may request; and h. render such other assistance in the nature of accounting services, financial consulting, valuation issues, or other financial projects as the Debtor may deem necessary. KapilaMukamal received a retainer in the amount of $25,000. Soneet R. Kapila a partner at KapilaMukamal, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Soneet R. Kapila KapilaMukamal, LLP 1000 South Federal Highway, Suite 200 Fort Lauderdale, FL 33316 Telephone: (954) 761-1011 Facsimile: (954) 761-1033 Email: bmukamal@kapilamukamal.com About Pepcom Inc. Pepcom, Inc., a media showcase events company based in Delray Beach, Fla., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-15475) on June 2, 2021. Christopher O'Malley, president of Pepcom, signed the petition. In the petition, the Debtor disclosed total assets of $729,018 and total liabilities of $2,443,473. Judge Mindy A. Mora oversees the case. The Debtor tapped Furr and Cohen, P.A. as its legal counsel. KapilaMukamal, LLP and Morning Star Financial Services, P.A. serve as the Debtor's financial advisor and accountant, respectively. PHILADELPHIA SCHOOL: To File Amended Plan & Disclosures August 11 ----------------------------------------------------------------- Judge Eric L. Frank has entered an order within which debtor Philadelphia School of Massage and Bodywork, Inc., shall file an amended chapter 11 plan and an amended disclosure statement on or before August 11, 2021. In addition, the deadline for confirmation of a chapter 11 plan is extended to October 14, 2021. A copy of the order dated July 22, 2021, is available at https://bit.ly/373vr5G from PacerMonitor.com at no charge. Debtor's counsel: Mark S. Danek, Esq. Danek Law Firm, LLC 350 Sentry Parkway East Building 630, Suite 110-A Blue Bell, PA 19422 Telephone: (484) 344-5429 Facsimile: (484) 766-8970 E-mail: hello@daneklawfirm.info About Philadelphia School of Massage and Bodywork Philadelphia School of Massage and Bodywork, Inc., opened its doors in May of 2015. Its mission is to provide experience-based, quality education and training in massage therapy and bodywork. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case no. 20-13642) on Sept. 10, 2020. Judge Eric L. Frank oversees the case. Danek Law Firm, LLC serves as the Debtor's legal counsel. PLATINUM GROUP: Liberty Metals Has 7.4% Stake as of July 21 ----------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Liberty Metals & Mining Holdings, LLC reported that as of July 21, 2021, it beneficially owns 5,498,051 shares of common stock of Platinum Group Metals Ltd., which represents 7.38 percent of the shares outstanding. On July 21, 2021, LMMH sold 58,013 Common Shares of the Issuer at a price of US$3.08 per Common Share in the public market for gross proceeds of US$178,860. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1095052/000119312521221728/d83529dsc13da.htm About Platinum Group Metals Headquartered in British Columbia, Canada, Platinum Group Metals Ltd. -- http://www.platinumgroupmetals.net-- is a platinum and palladium focused exploration, development and operating company conducting work primarily on mineral properties it has staked or acquired by way of option agreements or applications in the Republic of South Africa and in Canada. The Company's sole material mineral property is the Waterberg Project. The Company continues to evaluate exploration opportunities both on currently owned properties and on new prospects. Platinum Group reported a net loss of US$7.13 million for the year ended Aug. 31, 2020, compared to a net loss of US$16.77 million for the year ended Aug. 31, 2019. As of May 31, 2021, the Company had $54.50 million in total assets, $33.27 million in total liabilities, and $21.23 million in total shareholders' equity. PricewaterhouseCoopers LLP, in Vancouver, Canada, the Company's auditor since 2007, issued a "going concern" qualification in its report dated Nov. 25, 2020, citing that the Company has suffered recurring losses from operations and has a net capital deficiency, negative working capital and has significant amounts of debt payable without any current source of operating income which raise substantial doubt about its ability to continue as a going concern. POPULAR INC: S&P Withdraws 'B' Short-Term Issuer Credit Rating -------------------------------------------------------------- S&P Global Ratings withdrew its 'B' short-term issuer credit ratings on Popular Inc. and Popular North America Inc. at the company's request. The 'BB-' long-term issuer credit ratings on Popular Inc. and Popular North America Inc. are unchanged. The outlooks on the long-term ratings remain positive. PURDUE PHARMA: Opioid Deal Depends on Divisive Legal Maneuver ------------------------------------------------------------- Jeremy Hill of Bloomberg News reports that Purdue Pharma LP and its owners, members of the billionaire Sackler family, are betting big on a controversial area of bankruptcy law. The OxyContin maker has for nearly two years been working toward federal court approval of its landmark opioid settlement, which would hand all of its assets -- along with more than $4 billion from its owners -- to cities, states and counties fighting the U.S. opioid crisis. But the plan, which will finally be floated to its bankruptcy judge in the coming weeks, hinges on permanently insulating its owners from opioid lawsuits by way of a divisive legal maneuver. So-called third-party releases embedded in Purdue's bankruptcy plan would shield a lengthy list of Sackler family members, commercial entities and trusts from opioid-related lawsuits forever, even though they have not themselves filed for bankruptcy. The Plan would also force creditors who are opposed to it -- notably, attorneys general from almost 10 states -- to relinquish their legal claims against Purdue's owners. 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. RABUN MANOR: May Use Cash Collateral on Final Basis --------------------------------------------------- Rabun Manor Resort, LLC sought and obtained, on a final basis, authority from the Bankruptcy Court to use cash collateral. Rabun Manor Resort filed a second amended motion for authority to use cash collateral. The Debtor amended its cash collateral motion to include a budget covering the period through December 2021. The budget provided for these monthly expenses: $45,899 for July 2021; $72,055 for August 2021; $78,293 for September 2021; $89,831 for October 2021; $78,032 for November 2021; and $66,082 for December 2021. The Debtor owed First Citizens Bank and Trust Company $675,000 in original principal amount as evidenced by a Promissory Note Agreement dated February 15, 2019. The debt is secured by the pledge of the Debtor's facility, pursuant to a Security Deed dated February 15, 2019. A copy of the budget is available for free at https://bit.ly/3eYtLyA from PacerMonitor.com. About Rabun Manor Resort, LLC Rabun Manor Resort, LLC owns and operates a bed & breakfast and 150-seat restaurant facility located at 205 Carolina Street, Dillard, Georgia. Rabun Manor Resort's manager is David Okun, who owns a 50% equity interest in the Debtor. Mr. Okun has over 22 years of experience in the hospitality business. Rabun Manor Resort sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 21-20596) on May 31, 2021. In the petition signed by Mr. Okun, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Theodore N. Stapleton serves as the Debtor's counsel. REDWOOD EMPIRE: May Use Cash Collateral Thru September 17 --------------------------------------------------------- Judge Eddward P. Ballinger Jr. authorized Redwood Empire Lodging, LP to use the cash collateral to pay postpetition expenses, pursuant to the budget during the second interim period from July 22 through and including September 17, 2021. The Court ruled that: * The Debtor shall not pay during the First or Second Interim Period any wages or other amounts to any insider, including Debra Heckert. The Debtor, however, may pay for ordinary course accounting fees to Wyatt Whitchurch & Anderson as set forth in the operating budgets; * The Debtor will not make any payment to any professional employed under Section 327 of the Bankruptcy Code, before interim or final (as applicable) approval of such professional's application for payment of such fees and costs. Nevertheless, the Debtor may pay any fees owed to the Office of the United States Trustee; * In addition to the replacement liens granted to the Debtor's Lenders under the First Interim Order, the Lenders are granted as adequate protection, valid and perfected security interests in the Debtor's postpetition assets of the same type and to the same extent and priority (if any) as existed prior to the Petition Date; * During the pendency of the second interim order, the Debtor will maintain insurance on the Lenders' physical collateral and will provide proof of insurance to its secured creditors in addition to what the Debtor provided on June 25, 2021 promptly following a written request; and * No claim or lien having a priority superior to or pari passu with those granted to the Lenders by the current order will be granted or allowed absent further order of the Court or the express written consent of the Lenders. The Court has not yet determined if or to what extent the Lenders hold valid security interests in the Cash Collateral or any other collateral. The Debtor fully reserves all of its rights to challenge any of the security interests that may be asserted by the Lenders. The next hearing on the motion is scheduled for September 21, 2021 at 11 a.m. (AZ Time). Any additional objections must be filed by September 14, and a reply may be filed on or before the day of the next hearing. About Redwood Empire Lodging, LP Redwood Empire Lodging, LP owns and operates two hotels -- the Best Western Plus located at 208 N Lake Powell Boulevard, Page, Arizona 86040, and the Best Western Sonoma Winegrower's Inn, located at 6500 Redwood Drive, Rohnert Park, California 94928. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 21-04678) on June 16, 2021. In the petition signed by Debra Heckert, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Eddward P. Ballinger Jr. is assigned to the case. Isaac M. Gabriel, Esq., at Quarles & Brady LLP is the Debtor's counsel. REDWOOD EMPIRE: May Use Cash for Telephone System Repair -------------------------------------------------------- Judge Eddward P. Ballinger Jr. approved the stipulation reached between Redwood Empire Lodging, LP and Pacific Premier Bank for the use of cash collateral to repair the telephone system at the Debtor's Page Hotel. Judge Ballinger authorized the Debtor to use $1,165 per month (so long as CSI is providing maintenance services to Debtor under the CSI Contract), plus a non-recurring payment of $22,995, plus applicable sales taxes of the cash collateral, to pay CSI for installation, maintenance, repair, and other servicing of Page Hotel's telephone system. Pacific Premier is granted as adequate protection, valid and perfected security interests in the Debtor's postpetition assets of the same type and to the same extent and priority as existed prior to the Petition Date. The Court ruled that no claim or lien having a priority superior to or pari passu with those granted to Pacific Premier by the current order will be granted or allowed absent further order of the Court or the express written consent of Pacific Premier. A copy of the order is available for free at https://bit.ly/371tOoT from PacerMonitor.com. About Redwood Empire Lodging, LP Redwood Empire Lodging, LP owns and operates two hotels -- the Best Western Plus located at 208 N Lake Powell Boulevard, Page, Arizona 86040, and the Best Western Sonoma Winegrower's Inn, located at 6500 Redwood Drive, Rohnert Park, California 94928. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 21-04678) on June 16, 2021. In the petition signed by Debra Heckert, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Eddward P. Ballinger Jr. is assigned to the case. Isaac M. Gabriel, Esq., at Quarles & Brady LLP is the Debtor's counsel. RING CONTAINER: S&P Upgrades ICR to 'B' on End Market Recovery -------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S. plastic container manufacturer Ring Container Technologies Group LLC to 'B' from 'B-'. S&P said, "At the same time, we are assigning our 'B' issue-level rating and '3' recovery rating to the company's proposed $770 million first-lien term loan and $50 million revolving credit facility. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 50%). "The stable outlook reflects our expectation that continued revenue growth from the company's high-density polyethylene (HDPE) and PET segments, coupled with above-average margins, will enable the company to keep its leverage below 6.5x over the next 12-18 months. "The upgrade reflects our expectation of improving operating trends over the next few years. We project Ring's adjusted EBITDA margins will remain at 26%-28% over the next few years following an improvement to 28.1% in fiscal 2020 (ending Dec. 31, 2020), and average annual free operating cash flow (FOCF) of $60 million for fiscal 2021 and 2022. We expect continued strong demand for the company's core products (particularly its 35 lb edible oil containers, which account for approximately 50% of consolidated sales) and a rebound in foodservice and restaurant sectors will support these positive trends. "The proposed dividend recapitalization increases debt leverage but is still be well below our downside trigger of 6.5x. We expect the new $770 million first-lien term loan and $50 million revolving credit facility will refinance existing senior secured credit facilities and fund a $303 million dividend. This will result in higher debt leverage, with debt to EBITDA increasing to about 6x (from approximately 4x at June 30, 2021) following the transaction close. But the higher leverage is consistent with our expectations for the current ratings given the company's better-than-expected operating performance. "We expect Ring will generate positive free cash flow and maintain adequate liquidity throughout the forecast period. As of June 30, 2021, the company had $59 million of cash on its balance sheet and full availability under its $65 million cash revolving credit facility. In our view, the company has managed its costs well, particularly during the pandemic in 2020, and we anticipate it will continue to generate positive FOCF of about $60 million annually over the next few years. "The stable outlook on Ring reflects our expectation that continued revenue growth from the company's HDPE and PET applications, coupled with above-average margins, will enable the company to reduce its leverage below 6x over the next 12-18 months. "We could lower our ratings on Ring if we expect adjusted debt to EBTIDA to increase above 6.5x on a sustained basis with no clear prospects for recovery. This could occur if the company's operating performance deteriorates materially, possibly because of increasingly competitive market conditions, volatile raw material costs, the loss of a key customer, large debt-financed capital expenditures (capex)/acquisitions, or debt-funded shareholder returns. "Although unlikely over the next 12-18 months given our forecast, we would consider raising our ratings if Ring reduces its debt leverage below 5x on a sustained basis, and its financial policies are supportive of the lower debt leverage." RIVOLI & RIVOLI: May Use Cash Collateral Thru November 30 --------------------------------------------------------- Judge Paul R. Warren authorized Rivoli & Rivoli Orthodontics, P.C. to use cash collateral in the ordinary course of its business, pursuant to the cash budget, through the earlier to occur of November 30, 2021, or until confirmation of the Debtor's proposed Small Business Chapter 11 Plan. The budget provided for these expenses and Plan payments: Month Expenses Plan Payments ------ --------- ------------- August 2021 $94,954 $13,944 September 2021 $94,504 $13,944 October 2021 $110,659 $15,894 November 22021 $95,284 $22,461 Judge Warren ruled that as additional adequate protection to the Debtor's secured creditors -- the Internal Revenue Service; Lyons National Bank; Spring Pines Dental Care, LLP; and the New York State Department of Taxation and Finance (NYS Tax) -- each secured creditor is granted rollover replacement liens in the Debtor's postpetition assets of the same relative priority and on the same types of collateral as they possessed prepetition, to the extent of cash collateral actually used. Moreover, the Court directed the Debtor to continue making adequate protection payments, on or about the 20th of the month, to the (i) IRS for $7,560; (ii) Lyons National Bank for $1,665; and (iii) Spring Pines Dental Care for $4,719. No additional adequate protection payments shall be made to the NYS Tax, as the NYS Tax is in the process of confirming the Debtor's assertion that the adequate protection payments made by the Debtor have more than fully paid NYS Tax's secured claims. Unless the Debtor's proposed Chapter 11 Plan is confirmed before the hearing date, the Court will convene a hearing on November 18, 2021 at 9 a.m. to consider the Debtor's use of the cash collateral after November 30. A copy of 13th interim order is available for free at https://bit.ly/3i4XBDu from PacerMonitor.com. About Rivoli & Rivoli Orthodontics Rivoli & Rivoli Orthodontics, P.C. -- http://www.rivoliortho.com/ -- offers orthodontic services with locations in Spencerport, Rochester, Webster, and Brockport, N.Y. Rivoli & Rivoli Orthodontics filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. N.Y. Case No. 19-20627) on June 21, 2019. In the petition signed by Peter S. Rivoli, president, the Debtor disclosed $233,492 in assets and $1,778,831 in liabilities. Daniel F. Brown, Esq., at Andreozzi Bluestein LLP, is the Debtor's counsel. Dr. Peter S. Rivoli and Lynne M. Rivoli, as individuals, filed a single petition under Chapter 11 on June 21, 2019 (Bankr. W.D. N.Y. Case No. 19-20628). The case is jointly administered with that of the Debtor. RIVOLI & RIVOLI: Rivolis May Use Cash Collateral Thru Nov. 30 ------------------------------------------------------------- Judge Paul R. Warren authorized Peter S. Rivoli and Lynne M. Rivoli to use cash collateral in the ordinary course, pursuant to the budget, through the earlier of November 30, 2021, or until confirmation of the Debtors' Chapter 11 Plan. The Debtors' budget provided for total expenses, as follows: $10,238 for the month of August 2021; $10,238 for the month of September 2021; $11,336 for the month of October 2021; and $10,338 for the month of November 2021. As additional adequate protection, the Debtors shall make monthly adequate protection payments to (i) the Internal Revenue Service for $1,125 monthly, and (ii) the New York State Department of Taxation and Finance (NYS Tax) for $375 per month, on or about the 20th of each month. A copy of the order is available for free at https://bit.ly/3BJhCHx from PacerMonitor.com. A further hearing on the motion is set for November 18, 2021 at 9 a.m. unless the Debtors' proposed Chapter 11 Plan is confirmed prior to that time. About Rivoli & Rivoli Orthodontics Rivoli & Rivoli Orthodontics, P.C. -- http://www.rivoliortho.com/ -- offers orthodontic services with locations in Spencerport, Rochester, Webster, and Brockport, N.Y. Rivoli & Rivoli Orthodontics filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 19-20627) on June 21, 2019. In the petition signed by Peter S. Rivoli, president, the Debtor disclosed $233,492 in assets and $1,778,831 in liabilities. Daniel F. Brown, Esq., at Andreozzi Bluestein LLP, is the Debtor's counsel. Dr. Peter S. Rivoli and Lynne M. Rivoli, as individuals, filed a joint Chapter 11 petition on June 21, 2019 (Bankr. W.D.N.Y. Case No. 19-20628). The case is jointly administered with that of Rivoli Orthodontics. RONNY'S A-LA-CARTE: Seeks to Hire Jones & Walden as Legal Counsel ----------------------------------------------------------------- Ronny's A-La-Carte, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden, LLC to serve as legal counsel in its Chapter 11 case. The firm's services will include: (a) preparing pleadings and applications; (b) conducting examination; (c) advising the Debtor of its rights, duties and obligations; (d) consulting with and representing the Debtor with respect to a Chapter 11 plan; (e) legal services incidental and necessary to the day-to-day operations of the Debtor's business, including but not limited to, the institution and prosecution of necessary legal proceedings and general business legal advice; and (f) taking other actions incident to the proper preservation and administration of the Debtor's estate and business. The firm's hourly rates are as follows: Attorneys $225 to $400 per hour Paralegals $100 to $125 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. As of the petition date, the firm holds a $19,977 retainer. Leon Jones, Esq., a partner at Jones & Walden, 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. Jones & Walden can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: ljones@joneswalden.com About Ronny's A-La-Carte Inc. Ronnys A-La-Carte, Inc., an Atlanta, Ga.-based merchant wholesaler of grocery and related products, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 21-55239) on July 13, 2021. Ronny Shiflet, chief executive officer, signed the petition. At the time of the filing, the Debtor disclosed assets of between $100,000 and $500,000 and liabilities of between $1 million and $10 million. Judge Paul Baisier oversees the case. Jones & Walden, LLC is the Debtor's legal counsel. SEADRILL LIMITED: Enters Into Plan Deal With Senior Lenders ----------------------------------------------------------- Seadrill Limited on July 24, 2021, disclosed that the Company has entered into a plan support agreement (the "PSA") with certain of the Company's senior secured lenders holding approximately 57.8% of the Company's senior secured loans (the "Consenting Lenders") as well as a backstop commitment letter entered into with certain of the Consenting Lenders. The agreements contemplate a plan of reorganization (the "Plan") that will raise $350 million in new financing and reduce the Company's liabilities by over $4.9 billion. The Plan provides a clear pathway for Seadrill to restructure its balance sheet with the support of the majority of its senior secured lenders. Certain of the Consenting Lenders have also agreed to backstop a first lien exit facility totaling $300 million. The lenders participating in (and backstopping) the new-money facility will collectively receive 16.75% of new equity in the newly constituted Seadrill, subject to dilution. Under the Plan, the senior secured lenders will also exchange $5.6 billion of existing debt for $750 million of second-lien, takeback debt and 83% of the new equity, subject to dilution. Hemen Holding Ltd., currently the Company's largest shareholder, has also committed to fund a $50 million new-money unsecured bond to be issued under the Plan, which is convertible into 5% of the new equity under specified circumstances. Specified trade claims will be paid in full in cash and other general unsecured claims will receive their pro rata share of $250,000 in cash. Existing shareholders will receive 0.25% of the new equity, subject to dilution, if all voting classes of creditors accept the Plan, and otherwise will not receive any recovery. Consummation of the Plan is subject to a number of customary terms and conditions, including court approval. Stuart Jackson, CEO, commented: "We are pleased to announce that we have reached a consensual deal with a large element of Seadrill's secured lenders that will pave the way for a significant balance sheet deleveraging. It has taken time to reach the right outcome but throughout the process we have maintained strong support from our creditors and we look forward to maintaining that as they become our shareholders as well as our lenders. I would also like to thank our employees, our customers and our suppliers for maintaining their focus on safe, efficient operations throughout this time. We should not lose sight of the fact that we collectively provide vital services in difficult circumstances on a daily basis. This dedication, coupled with our restructured balance sheet, will allow Seadrill to emerge from Chapter 11 as a stronger company and play its part in the necessary industry consolidation." The Company filed the Plan, an accompanying disclosure statement, and related documents in the United States Bankruptcy Court for the Southern District of Texas today and will proceed expeditiously to obtain Bankruptcy Court approval of the same. The PSA includes a milestone for Bankruptcy Court approval of the Plan by November 5, 2021. Copies of the Plan, the PSA, and the backstop commitment letter, as well as other information regarding the Company's chapter 11 cases, are available at the following website: https://cases.primeclerk.com/SeadrillLimted/. About Seadrill Ltd. Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) -- http://www.seapdrill.com/-- is a deepwater drilling contractor providing drilling services to the oil and gas industry. As of March 31, 2018, it had a fleet of over 35 offshore drilling units that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up rigs. On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection after reaching terms of a reorganization plan that would restructure $8 billion of funded debt. It emerged from bankruptcy in July 2018. Demand for exploration and drilling has fallen further during the COVID-19 pandemic as oil firms seek to preserve cash, idling more rigs and leading to additional overcapacity among companies serving the industry. In June 2020, Seadrill wrote down the value of its rigs by $1.2 billion and said it planned to scrap 10 rigs. Seadrill said it is in talks with lenders on a restructuring of its $5.7 billion bank debt. Seadrill Partners LLC, a limited liability company formed by deep-water drilling contractor Seadrill Ltd. to own, operate and acquire offshore drilling rigs, along with its affiliates, sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on Dec. 1, 2020, after its parent company swept one of its bank accounts to pay disputed management fees. Mohsin Y. Meghji, authorized signatory, signed the petitions. On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2 Limited, and Asia Offshore Rig 3 Limited sought Chapter 11 protection. Seadrill GCC estimated $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the Court. The lead case is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427). Seadrill Limited disclosed $7.291 billion in assets against $7.193 billion in liabilities as of the bankruptcy filing. In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis LLP as counsel; Houlihan Lokey, Inc. as financial advisor; Alvarez & Marsal North America, LLC as restructuring advisor; Jackson Walker LLP as co-bankruptcy counsel; Slaughter and May as co-corporate counsel; Advokatfirmaet Thommessen AS as Norwegian counsel; and Conyers Dill & Pearman as Bermuda counsel. Prime Clerk LLC is the claims agent. On April 9, 2021, the board of directors of Debtor Seadrill North Atlantic Holdings Limited unanimously adopted resolutions appointing Steven G. Panagos and Jeffrey S. Stein as independent directors to the board. Seadrill North Atlantic Holdings Limited tapped Katten Muchin Rosenman LLP as counsel and AMA Capital Partners, LLC as financial advisor at the sole direction of independent directors. SHILO INN IDAHO FALLS: Has Interim Access to Cash Collateral ------------------------------------------------------------ Judge Brian D. Lynch authorized Shilo Inn, Idaho Falls, LLC to use, on an interim basis, the cash collateral of secured creditor, RSS CGCMT 2017P7-ID SIIF, LLC to pay for the operating expenses and costs of administration incurred by the Debtor according to the budget. The Debtor may use the cash collateral from the date of entry of the current order until the earliest to occur of (a) the date that the current Order ceases to be in effect, or (b) the occurrence of a Termination Event. A Termination Event constitutes any of the following: * September 30, 2021 (the Outside Date); * The Debtor shall fail to deposit on a daily basis all cash receipts and collections from whatever source in its post-petition DIP account(s); * Any order shall be entered, other than with the consent of the Secured Creditor, reversing, amending, supplementing, staying, vacating, or otherwise modifying the agreed sixth interim Order in any material respect or terminating the use of Cash Collateral by the Debtor pursuant to the current Order; * An application shall be filed by the Debtor for the approval of any Superpriority Claim or any lien in the Chapter 11 Case which is pari passu with or senior to the Adequate Protection Obligations or Adequate Protection Liens, or there shall be granted any such pari passu or senior Superpriority Claim or lien in each case, except any such Superpriority Claim or lien arising hereunder; * Any order shall be entered granting relief from the automatic stay to any holder of any security interest, lien or right of setoff other those of the Secured Creditor, to permit foreclosure (or the granting of a deed in lieu of foreclosure or the like), possession, set-off or any similar remedy with respect to any Collateral or any assets of the Debtor necessary to the conduct of its businesses; * (i) The Debtor's Chapter 11 case shall be dismissed or converted to a case under chapter 7 of the Bankruptcy Code; or (ii) a trustee under Chapter 11 of the Bankruptcy Code, a responsible officer, or an examiner with enlarged powers relating to the operation of the business under Section 1106(b) of the Bankruptcy Code shall be appointed or elected in a Chapter 11 Case; * Except as would not reasonably be expected to have a material adverse effect, the Debtor fails to keep and maintain all property in good working order and condition, ordinary wear and tear excepted; * The Debtor (i) fails to maintain (x) insurance in such amounts and against such risks as are customarily maintained by companies of established repute engaged in the same or similar businesses operating in the same or similar locations and (y) all insurance required to be maintained pursuant to the Loan Documents, or (ii) fails to furnish to the Secured Creditor, upon reasonable request, information in reasonable detail as to the insurance so maintained; or * The Debtor fails to comply with all laws, rules, regulations, and orders of any Governmental Authority applicable to it, its operations or its property, except where the failure to do so would not reasonably be expected to result in a material adverse effect, provided, that the Debtor shall be entitled to contest in good faith any laws, rules, regulations and order of any Governmental Authority so long as the Debtor notifies and obtains written consent of the Secured Creditor prior to contesting such matters. The Debtor's budget provided for these costs and expenses: Cost of Goods/ Gen. & Admin. Expenses Month Services Sold & Other Cash Outflows ----- -------------- ---------------------- August 2021 $28,210 $104,340 September 2021 $30,180 $104,420 The Debtor shall make monthly payments to Secured Creditor in an amount equal to monthly interest only payments at the contract (non-default) rate commencing on or about April 21, 2021, and continuing monthly thereafter on the 15th of each month through September 15, 2021. The Secured Creditor shall apply the Monthly Payments to its secured claim. The Debtor grants in favor of the Secured Creditor, to the extent of the Adequate Protection Obligations, a first priority post-petition security interest in and lien on all of the Debtor's assets, to the same priority, validity and extent that the Secured Creditor held a properly perfected pre-petition security interest in such assets (x) which are acquired, generated or received by the Debtor after the Petition Date, as well as (y) in all presently owned and hereafter acquired property which is not subject to a prior perfected and enforceable pre-petition lien or security interest. The Secured Creditor is a successor in interest, by assignment, with respect to certain pre-petition credit facilities extended to the Debtor, evidenced in part, by (a) a note dated November 2, 2015 for $5,300,575 in original principal amount executed by the Debtor in favor of Original Lender, Natixis Real Estate Capital LLC, and (b) a certain Deed of Trust, Assignment of Leases and Rents, Security Agreement executed by the Debtor in favor of Chicago Title Company, as trustee for Original Lender, as beneficiary. A copy of the fifth interim order is available for free at https://bit.ly/3kK8dcy from PacerMonitor.com. A sixth interim hearing on the Debtors' continued use of Cash Collateral is set for September 29, 2021, at 10 a.m. Objections must be filed and served by September 22, with the Debtor's reply to any such objection due no later than September 24. 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. Levene, Neale, Bender, Yoo & Brill L.L.P. and Stoel Rives LLP serve as counsel to Idaho Falls. Idaho Falls' case is not jointly administered with those of Shilo Inn, Ocean Shores, LLC, and Shilo Inn, Nampa Suites, LLC, both of which sought Chapter 11 protection (Bankr. W.D. Wash. Lead Case No. 20-42348) on October 15, 2020. Ocean Shores and Nampa Suites' cases are jointly administered. SHILO INN: May Use Secured Creditor's Cash Collateral ----------------------------------------------------- Judge Brian D. Lynch authorized (i) Shilo Inn, Ocean Shores, LLC and (ii) Shilo Inn, Nampa Suites, LLC to use the cash collateral of secured creditor, RSS WFCM2016NXSSWA SIOSN, LLC, pursuant to the terms and conditions of the agreed sixth interim order. The Debtors are authorized to pay for the operating expenses and costs of administration incurred in accordance with the budget, until the earliest to occur of (a) the date that the current order ceases to be in effect, or (b) the occurrence of a Termination Event. A Termination Event constitutes any of the following: * September 30, 2021 (the Outside Date); * The Debtors shall fail to deposit on a daily basis all cash receipts and collections from whatever source in its post-petition DIP account(s); * Any order shall be entered, other than with the consent of the Secured Creditor, reversing, amending, supplementing, staying, vacating, or otherwise modifying the agreed sixth interim Order in any material respect or terminating the use of Cash Collateral by the Debtors pursuant to the current Order; * An application shall be filed by the Debtors for the approval of any Superpriority Claim or any lien in the Chapter 11 Case which is pari passu with or senior to the Adequate Protection Obligations or Adequate Protection Liens, or there shall be granted any such pari passu or senior Superpriority Claim or lien in each case, except any such Superpriority Claim or lien arising hereunder; * Any order shall be entered granting relief from the automatic stay to any holder of any security interest, lien or right of setoff other those of the Secured Creditor, to permit foreclosure (or the granting of a deed in lieu of foreclosure or the like), possession, set-off or any similar remedy with respect to any Collateral or any assets of the Debtor necessary to the conduct of its businesses; * (i) Ocean Shores' or Nampa Suites' Chapter 11 cases shall be dismissed or converted to a case under chapter 7 of the Bankruptcy Code; or (ii) a trustee under Chapter 11 of the Bankruptcy Code, a responsible officer, or an examiner with enlarged powers relating to the operation of the business under Section 1106(b) of the Bankruptcy Code shall be appointed or elected in a Chapter 11 case; * Except as would not reasonably be expected to have a material adverse effect, the Debtor fails to keep and maintain all property in good working order and condition, ordinary wear and tear excepted; * The Debtors (i) fail to maintain (x) insurance in such amounts and against such risks as are customarily maintained by companies of established repute engaged in the same or similar businesses operating in the same or similar locations and (y) all insurance required to be maintained pursuant to the Loan Documents, or (ii) fail to furnish to the Secured Creditor, upon reasonable request, information in reasonable detail as to the insurance so maintained; or * The Debtors fail to comply with all laws, rules, regulations, and orders of any Governmental Authority applicable to it, its operations or its property, except where the failure to do so would not reasonably be expected to result in a material adverse effect, provided, that the Debtors shall be entitled to contest in good faith any laws, rules, regulations and order of any Governmental Authority so long as the Debtors notify and obtain written consent of the Secured Creditor prior to contesting such matters. Ocean Shores' budget provided for these costs and expenses: Cost of Goods/ Gen. & Admin. Expenses Month Services Sold & Other Cash Outflows ----- -------------- ---------------------- August 2021 $94,910 $237,775 September 2021 $68,250 $235,793 Nampa Suites' budget provided for these costs and expenses: Cost of Goods/ Gen. & Admin. Expenses Month Services Sold & Other Cash Outflows ----- -------------- ---------------------- August 2021 $32,484 $74,934 September 2021 $30,624 $73,374 As adequate protection, the Debtors will each make monthly payments to Secured Creditor amounting to $29,900 per month for Ocean Shores and $16,100 for Nampa Suites, commencing on or about June 15, 2021, and continuing monthly thereafter on the 15th of each month through September 15, 2021. The Secured Creditor will apply the Monthly Payments to its secured claim in accordance with the applicable Loan Documents. The Secured Creditor reserves all rights with respect to default interest. In addition, the Debtor grants in favor of the Secured Creditor and to the extent of the Adequate Protection Obligations, a first priority post-petition security interest and lien in all of the Debtors' assets, to the same priority, validity and extent that the Secured Creditor held a properly perfected pre-petition security interest in such assets, (x) which are acquired, generated or received by the Debtor after the Petition Date, as well as (y) in all presently owned and hereafter acquired property which is not subject to a prior perfected and enforceable pre-petition lien or security interest. The Adequate Protection Liens shall not be (a) subject or junior to any lien that is avoided and preserved for the benefit of the Debtor's estate under Section 551 of the Bankruptcy Code, or (b) subordinated to or made pari passu with any other lien, whether under Section 364(d) of the Bankruptcy Code or otherwise. The Secured Creditor is a successor in interest (by assignment) with respect to certain pre-petition credit facilities extended to Ocean Shores and Nampa Suites, evidenced, among others, by a certain note for $9,886,941 in original principal amount executed in favor of the Original Lender, Natixis Real Estate Capital LLC. The Loan Documents also included certain Deeds of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing. The Debtors are in the process of reviewing and analyzing their respective obligations under the Loan Documents and the validity, extent and priority of Secured Creditor's interests in the Debtors' assets. A copy of the agreed sixth interim order is available for free at https://bit.ly/3x0ePWX from PacerMonitor.com. A further interim hearing on the Debtors' continued use of Cash Collateral is set for September 29, 2021, at 10 a.m. Objections must be filed and served by September 22, with the Debtor's reply to any such objection due no later than September 24. Counsel for RSS WFCM2016NXS5-WA SIOSN, LLC, secured creditor: David W. Criswell, Esq. James B. Zack, Esq. Lane Powell PC 1420 Fifth Avenue, Suite 4200 Seattle, WA 98101-2375 Telephone: (206) 223-7000 Facsimile: (206) 223-7107 Email: criswelld@lanepowell.com zackj@lanepowell.com About Shilo Inn Hospitality companies Shilo Inn, Ocean Shores, LLC, and Shilo Inn, Nampa Suites, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Lead Case No. 20-42348) on October 15, 2020. The two cases are jointly administered. At the time of filing, Shilo Inn, Ocean Shores disclosed up to $50 million in both assets and liabilities of the same range. Shilo Inn, Nampa Suites disclosed $1 million to $10 million in both assets and liabilities. Judge Brian D. Lynch oversees the cases. The Debtors tapped Levene, Neale, Bender, Yoo & Brill L.L.P. as their bankruptcy counsel and Stoel Rives LLP as their local counsel. RSS WFCM2016NXS5-WA SIOSN, LLC, secured creditor, is represented by Lane Powell PC. SINTX TECHNOLOGIES: Closes $2.75M Asset Purchase Deal With B4C -------------------------------------------------------------- SINTX Technologies, Inc. entered into and closed an Asset Purchase Agreement with B4C, LLC, with respect to the Company's purchase of certain assets useful in the design, manufacture and commercialization of ceramic plates and tiles for use as ballistic armor in military and civilian applications. The total purchase price for the Assets was $2.75 million, $2.5 million of which was paid at closing and the remaining $250,000 is to be paid upon completion of tech transfer. The Purchase Agreement contains representations, warranties, covenants, and indemnification obligations with respect to breaches of the representations and warranties of the parties customary for a transaction of this type. B4C also agreed to certain restrictive covenants including: * For a period of four years after the closing, B4C agrees not to engage in or assist others in engaging in design, manufacture or sale of ceramic armored plates in the United States; or cause, induce, or encourage any material actual or prospective client, customer, supplier, or licensor of the Business (including any existing or former client or customer and anyone that becomes a client or customer of the Business after the closing), or any other person who has a material business relationship with the Business, to terminate or modify any such actual or prospective relationship. * B4C may not divulge to others for use for its own benefit or for the benefit of others any confidential information or trade secrets with respect to the Business. About SINTX Technologies Headquartered in Salt Lake City, Utah, SINTX Technologies -- https://ir.sintx.com -- is an OEM ceramics company that develops and commercializes silicon nitride for medical and non-medical applications. The core strength of SINTX Technologies is the manufacturing, research, and development of silicon nitride ceramics for external partners. The Company manufactures silicon nitride material and components in its FDA registered and ISO 13485 certified facility. SINTX Technologies reported a net loss of $7.03 million for year ended Dec. 31, 2020, compared to a net loss of $4.79 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $28.69 million in total assets, $5.09 million in total liabilities, and $23.60 million in total stockholders' equity. SPINEGUARD INC: Aug. 24 Plan Confirmation Hearing Set ----------------------------------------------------- Spineguard, Inc., filed with the U.S. Bankruptcy Court for the District of Delaware a motion for entry of an order approving the Disclosure Statement for First Amended Chapter 11 Plan of Reorganization. On July 22, 2021, Judge John T. Dorsey granted the motion and ordered that: * The Disclosure Statement is approved pursuant to 11 U.S.C. Sec. 1125(b) and Fed. R. Bankr. P. 3017(b). * Aug. 24, 2021, at 3:00 p.m. is the hearing to consider confirmation of the Plan. * Not less than 21 days prior to the Confirmation Hearing, the Debtor shall file a notice identifying the executory contracts and unexpired leases to be assumed under the Plan and any amounts due to cure prepetition defaults under such executory contracts and unexpired leases. * Objections to the Debtor's assumption of an executor contract or unexpired lease or the Debtor's proposed cure amount shall be filed at least 7 days prior to the Confirmation Hearing. * Aug. 17, 2021, at 5:00 p.m. is fixed as the last day to submit Ballots accepting or rejecting the Plan. * Aug. 17, 2021, at 5:00 p.m. is fixed as the last day to file all objections to confirmation of the Plan. * Aug. 19, 2021, is fixed as the last day for the Debtor to file a brief supporting confirmation of the Plan and replying to any objections or responses. A copy of the order dated July 22, 2021, is available at https://bit.ly/3x7NHW7 from PacerMonitor.com at no charge. Counsel to the Debtor: Mary F. Caloway, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor Wilmington, DE 19801 Tel: (302) 652-4100 Fax: (302) 652-4400 -and - Anthony J. Dutra Neal L. Wolf, Esq. Hanson Bridgett LLP 425 Market Street, 26th Floor San Francisco, CA 94105 Tel: (415) 777-3200 Fax: (415) 541-9366 About Spineguard Inc. Based in San Francisco, California, SpineGuard, Inc. -- https://www.spineguard.com/ -- is an importer and distributor of single-use, disposable, Dynamic Surgical Guidance (DSG) instruments that measure the density of the tissue and enable surgeons to drill holes, safely and without damaging nerves, into the pedicles of a vertebral body in the spine during spinal fusion surgery. A wholly-owned subsidiary of SpineGuard, S.A., SpineGuard, Inc., filed a Chapter 11 petition (Bankr. D. Del. Case No. 20-10332) on Feb. 13, 2020. In the petition signed by Steve McAdoo, general manager, USA, the Debtor estimated between $1 million and $10 million in both assets and liabilities. Judge John T. Dorsey is assigned to the case. Hanson Bridgett LLP is the Debtor's counsel. STANDARD INDUSTRIES: S&P Downgrades ICR to 'BB+', Off CreditWatch ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Standard Industries Inc. to 'BB+' from 'BBB-'. At the same time, S&P removed all the ratings from CreditWatch, where it placed them with negative implications on April 27, 2021, following the acquisition announcement. S&P said, "Concurrently, we lowered our issue-level ratings on the existing senior unsecured notes to 'BB-' from 'BBB-', due to an increase in secured obligations, resulting in reduced recovery prospects. We also assigned our 'BBB-' issue-level ratings to the proposed $2.5 billion senior secured term loan due 2028." The negative outlook indicates the minimal cushion in credit measures if profits weaken. The material increase in debt burden will weaken credit measures despite strong business performance and continued robust market conditions. The $3.2 billion dividend distribution to the parent is a demonstration of Standard's aggressive financial policies. S&P said, "We had assumed the company to upstream regular dividends of about $200 million-$300 million annually, given its strong cash generation. Pro forma for the debt-financed dividend, we expect adjusted leverage to be about 5x, improving toward 4x over the next 12-18 months. The company's performance has been strong through the first half of 2021 and we expect it to be sustained backed by favorable demand conditions." However, the significant increase in debt more than offsets any potential deleveraging and improvement in credit quality from recent earnings improvements. Acquisitions in Europe in 2016-2017, resulting in ongoing restructuring expenses, have diluted the company's return on capital, lowering its relative outperformance compared to the industry and peers. Restructuring expenses associated with the integration of the Icopal and Braas Monier acquisitions in 2016-2017 continue to be a drag to the company's profitability and returns. The company has been incurring restructuring expenses of about $100 million-$200 million each year, resulting in average return on capital for the past four years (2017-2020) of about 15% compared to a 10-year average (2011-2020) of about 25%. While lower-than-expected earnings' contribution from these acquisitions due to soft demand in Europe as well as higher costs initially depleted margins, this is now improving. S&P said, "Nonetheless, we expect the company to continue recognizing restructuring expenses for at least the next few years before they eventually taper off. Considering these higher operating expenses, over the next few years, we expect Standard's adjusted EBITDA margins to be 20%-21% and return on capital to be around 15%-18%." While these remain above average for the overall building materials' industry, the relative outperformance is lower compared to historical periods. S&P said, "We expect the company to continue generating strong free cashflows supported by nondiscretionary demand drivers. The company continues to experience solid demand, particularly from the U.S. residential markets since third-quarter 2020 and we expect business conditions will remain robust over the next few quarters. Even if the strong demand conditions moderate, we believe nondiscretionary roof replacement needs (accounting for about three-fourths of the revenues) will be a fundamental demand driver for Standard's products. Therefore, we believe the company's revenues, earnings, and cashflows are less prone to the swings from the housing market and economic cycles, compared to the demand for other building materials and products. We expect Standard's revenues to grow 8%-10% over 2021, before slowing down to low- to mid-single digit growth in 2022. Furthermore, we expect strong free cashflows to help reduce net debt levels and drive improvement in credit measures over the next 12-18 months. "The negative outlook on Standard Industries indicates our view that credit measures have a minimal cushion in case of a slowdown of earnings from decreased demand or cost pressures. As such, we expect the company to improve adjusted leverage toward 4x and generate adjusted free cashflow of at least $600 million." S&P may lower the ratings over the next 12 months if: -- Adjusted leverage fails to improve toward 4x as expected under S&P's base case scenario. This could occur if demand conditions weaken faster than expected or higher costs resulted in margins sustained below 20% and free cash flow declines; or -- The company increased debt to fund acquisitions or dividends to the owners resulting in sustained leverage levels S&P could revise the outlook to stable over the next 12 months if: -- Adjusted leverage improves to 4x with steady or improving earnings and cashflows. STEREOTAXIS INC: Appoints Dr. Myriam Curet as Director ------------------------------------------------------ Stereotaxis Inc. has appointed Myriam J. Curet, M.D. to its Board of Directors. Dr. Curet currently serves as executive vice president and chief medical officer for Intuitive Surgical, the global leader and pioneer of robotic surgery. Dr. Curet joined Intuitive Surgical in 2005 and has since led the development of clinical evidence, physician education, and reimbursement and regulatory activities that have been instrumental to Intuitive Surgical's growth across multiple clinical specialties. For more than 20 years, Dr. Curet has also served as a Clinical Professor of Surgery at Stanford University School of Medicine, with a part-time clinical appointment at the Palo Alto Veteran's Administration Medical Center. Dr. Curet received her M.D. from Harvard Medical School and completed her general surgery residency at the University of Chicago. "Stereotaxis reminds me in many ways of Intuitive Surgical in our early years," said Dr. Curet. "I'm impressed by Stereotaxis' technology, clinical value and strategy to positively transform endovascular medicine with robotics. I look forward to providing strategic guidance and contributing to the effort to build a highly successful and impactful company." "We are delighted to have Myriam join the Stereotaxis Board of Directors," said David Fischel, chairman and CEO. "We look forward to benefiting from her highly relevant experience and significant expertise as we advance robotics across endovascular interventions." About Stereotaxis Based in St. Louis, Missouri, Stereotaxis, Inc. -- http://www.stereotaxis.com-- designs, manufactures and markets an advanced robotic magnetic navigation system for use in a hospital's interventional surgical suite, or "interventional lab", that the Company believes revolutionizes the treatment of arrhythmias by enabling enhanced safety, efficiency, and efficacy for catheter-based, or interventional, procedures. The Company's primary products include the Genesis RMN System, the Odyssey Solution, and related devices. The Company also offers to its customers the Stereotaxis Imaging Model S x-ray System. Stereotaxis reported a net loss of $6.65 million for the year ended Dec. 31, 2020, compared to a net loss of $4.59 million for the year ended Dec. 31, 2019. As of March 31, 2021, the Company had $58.82 million in total assets, $18.47 million in total liabilities, $5.58 million in convertible preferred stock, and $34.77 million in total stockholders' equity. TAURIGA SCIENCES: Teams Up With No Excuses Enterprises ------------------------------------------------------ Tauriga Sciences, Inc. has teamed up with No Excuses Enterprises, LLC and its founder, NFL Hall of Famer Ray Lewis, to create and leverage additional market opportunities (with an initial focus aimed at the world of professional sports). The Company will be working closely with the No Excuses team and its Extended Platform to build Tauri-Gum brand awareness, develop innovative product formulations, and focus on the world of professional sports. The Company is also focused on establishing partnerships that facilitate rapid growth opportunities and synergies with existing relationships. Within days, the Company will have completed the long-awaited commercial launches of its innovative new products and product lines. Most Notably: Its enhanced Tauri-Gum product line (which is now comprised of 9 distinct SKUs). NFL Hall of Famer Ray Lewis commented, "My team and I at No Excuses Enterprises are excited to partner with Tauriga Sciences, Inc. We believe that Tauriga has an amazing line of products that will really be a game-changer in the wellness space. Seth and his team around him, have really built out a compelling product line of the highest quality. We look forward to our future growth between the brands." Tauriga's CEO Seth M. Shaw expressed, "Our Company is both excited and honored to be working in partnership with Ray Lewis and his outstanding and talented executive team. This partnership brings many potential business opportunities to Tauriga, and the Company has both the capabilities and expertise to capitalize on them. The Company is focused on building Tauri-Gum into a world class brand and the consummation of this partnership, is a huge boost to these efforts." About Tauriga Tauriga Sciences, Inc. -- www.taurigum.com -- is a diversified life sciences company, engaged in several major business activities and initiatives. The company manufactures and distributes several proprietary retail products and product lines, mainly focused on the Cannabidiol and Cannabigerol Edibles market segment. Tauriga reported a net loss of $3.63 million for the year ended March 31, 2021, a net loss of $ $3.03 million for the year ended March 31, 2020, and a net loss of $1.10 million for the year ended March 31, 2019. Lakewood, Co-based BF Borgers CPA PC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated June 29, 2021, citing that the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. TWO RIVERS AND FARMING: Investors Seek Court Okay for $1.5M Deal ---------------------------------------------------------------- Law360 reports that the shareholders of a bankrupt marijuana greenhouse leasing business have renewed their request for a federal court to approve a $1.5 million settlement and settlement class, after a judge booted the business's parent company from the case for blocking progress on the deal. In his motion for preliminary approval of settlement Wednesday, July 21, 2021, investor and proposed class representative John Paulson once again urged a Colorado federal court to approve the settlement negotiated among a class of investors in GrowCo Inc., the founder of its parent company Two Rivers Water and Farming Co., and other executives. About Two Rivers and Farming Two Rivers -- http://www.2riverswater.com/-- is a Colorado-based company with a diverse asset base of land and water that plans to monetize assets through recently acquired hemp companies to form an integrated seed-to-consumer enterprise. The Company is positioned to grow various strains of hemp with proprietary genetics, to sell bulk biomass, process and extract Phytocannabinoids, and to develop and distribute consumer products. The Company has developed a line of proprietary whole-plant hemp-products, based on an innovative first-to-market Nature's Whole Spectrum approach. As of Sept. 30, 2019, the Company had $45.50 million in total assets, $22.45 million in total liabilities, and $23.05 million in total stockholders' equity. 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. t was originally intended that the greenhouses would be leased to commercial marijuana growers. 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 estimated 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 URGENT CARE: May Use Cash Collateral Until Sept. 7 Final Hearing ---------------------------------------------------------------- Judge Beth E. Hanan authorized Urgent Care Physicians, Ltd. to use, on an interim basis, the cash collateral of Bank of America, N.A. and the Small Business Administration, which secures the balance due the creditors. The Debtor may use the cash collateral consistent with the budget, pending a final hearing set for September 7, 2021 at 2:30 pm in Room 150 of the United States Courthouse, 517 E. Wisconsin Ave., Milwaukee, Wisconsin. The Debtor's access to the cash collateral is conditioned, among other things, upon continued payment of the amounts due under the respective contracts with the creditors. The Debtor shall pay BofA $4,500 per month. Monthly payments due to the SBA, however, shall not commence until May 2022. A copy of the interim order is available for free at https://bit.ly/3zEwrJD from PacerMonitor.com. About Urgent Care Physicians Appleton, Wis.-based Urgent Care Physicians, Ltd. filed a Chapter 11 petition (Bankr. E.D. Wis. Case No. 21-24000) on July 15, 2021. At the time of the filing, the Debtor had $268,370 in total assets and $1,341,830 in total liabilities. Bobby B. Yun, president, signed the petition. Judge Beth E. Hanan oversees the case. Steinhilber Swanson LLP serves as the Debtor's bankruptcy counsel. VENTURE GLOBAL: S&P Assigns Prelim 'BB' Rating on Senior Notes -------------------------------------------------------------- S&P Global Ratings assigned a preliminary 'BB' issue-level rating to Venture Global Calcasieu Pass LLC's (VGCP) proposed senior notes. S&P has also assigned a preliminary '2' recovery rating to the project's senior secured notes. The '2' recovery rating indicates its expectation for a substantial (70%-90%; rounded estimate: 85%) recovery for noteholders in the event of a payment default. S&P said, "The stable outlook reflects our view that construction will progress as planned without material delays or cost overruns. We expect construction counterparties to coordinate effectively and Kiewit to manage construction and deliver a complete plant as required under the engineering, procurement, and construction (EPC) agreement. We expect substantial completion in the second half of 2022 with the commercial operations date (COD) under VGCP's foundation SPAs expected in early 2023. We also expect a minimum debt service coverage ratio (DSCR) during operations of 1.55x." Construction on the project is advanced and on track to deliver within its stated goals. Construction of the facility is 81% complete and S&P expects completion to be materially within budget and on schedule for COD in early 2023. All contractors except Kiewit are contracted on a fixed price basis; in contrast, Kiewit is contracted under a reimbursable cost basis for the successful integration and delivery of a complete plant. Kiewit also has an uncapped make-good obligation under the EPC agreement. While the project has structured the transaction to provide Kiewit numerous incentives for successful completion of milestones, the risk of cost escalation is still present. Cash flow stability is backed by a strong contractual profile S&P said, "Our view of the project's credit quality primarily reflects its 20-year long-term liquefaction contracts with highly rated offtakers. VGCP currently has 8 MTPA contracted with Shell, BP, Repsol, PGNIG, Edison, and Galp. As we deem the revenue counterparties to be replaceable, we have taken a weighted average of the counterparty issuer credit ratings (ICRs) or credit estimates based on the proportion of revenue to assess the counterparty dependency assessment (CDA). Based on such an average, the CDA for the revenue counterparties is 'bbb+'. We note VGCP intends to contract the remaining 2 MTPA prior to COD, resulting in a high expected utilization rate and mitigating exposure to declines in commodity prices. We assume these additional 2 MTPA will be contracted with creditworthy counterparties in line with the existing SPA pricing structure and tenor. As such, we expect the project's cash flows to remain fixed over the life of its contracts. "We expect VGCP to fully deleverage over its 20-year contract tenor with an average DSCR of 1.62x. Our analysis conservatively assumes a haircut to the contracted price of the remaining 2 MTPA of capacity yet to be contracted, though we expect VGCP would be able to contract at higher prices in current market conditions. We expect the project to have about $5 billion of adjusted debt on its balance sheet as of year-end 2021. Given that VGCP's projected CFADS generation remains largely fixed due to its long-term sales and purchase agreements, we expect the project to pay down its debt through scheduled amortization such that we forecast it will maintain strong DSCRs greater than 1.5x throughout the life of the project." A presale report with the rationale behind the assigned rating will be published after this research update. S&P said, "The stable outlook reflects our view that construction will progress as planned without material delays or cost overruns. We expect construction counterparties to coordinate effectively and Kiewit to manage construction and deliver a complete plant as required under the EPC agreement. We expect substantial completion in the second half of 2022 and a minimum DSCR during operations of 1.55x." Factors that could lead to a downgrade would be a material increase in construction costs, insolvency of a construction counterparty and failure to replace it, or unforeseen delay events that are not reimbursable through liquidated damages. S&P considers these remote possibilities right now. During the next year of construction, an upgrade would require an improvement in the construction phase analysis, which is unlikely prior to completion of the project given the nature of the construction management EPC, degrees of risk transfer, and static nature of other construction components and our expectations. An upgrade as the company enters operations would require a demonstration that the project is past any teething issues and can operate according to the expected technical specifications. S&P would also expect additional volumes to be contracted such that DSCRs exceed 1.4x in all years based on contracted cash flow. Venture Global Calcasieu Pass (VGCP) is a 10 mtpa liquefaction facility located in Cameron Parish, Louisiana on the U.S. Gulf Coast. The project is under construction and is 81% complete with contractors materially on schedule and within budget. VGCP is unique insofar as its construction is modular with liquefaction modules built offsite in overseas factories and fabrication yards. VGCP procures natural gas for the conversion and subsequent sale of liquefied natural gas (LNG) to offtakers under long-term 20-year sales and purchase agreements. VISTAGEN THERAPEUTICS: Appoints Maggie FitzPatrick to Board ----------------------------------------------------------- VistaGen Therapeutics, Inc. has appointed Maggie FitzPatrick to its Board of Directors, replacing Dr. Brian J. Underdown who recently retired from the Board. "Maggie is a highly-regarded public affairs strategist with extensive experience developing and executing multiple high impact customer-focused marketing communications initiatives for some of the world's largest and most successful companies, including Johnson & Johnson and Cigna," said Shawn Singh, chief executive officer of VistaGen. "Her expertise in positioning companies and products through public relations, marketing and digital media campaigns will be valuable both before and after commercial launch of our product candidates. We are excited to have Maggie on our Board as we continue to progress through key stages of our corporate growth with a steadfast commitment to improving mental health and well-being for individuals all around the world." Ms. FitzPatrick is a globally recognized corporate affairs executive who has been honored with several prestigious awards, including the Washington Business Journal's C-Suite Executive of the Year Class (2019), PR Week's Top 50 Most Powerful People in PR (2015) and PR Week’s Hall of Femme (2019). Recently, she served as a member of the Exelon Corporation executive committee. At Exelon, she led communications, customer engagement, digital and crisis reputation management and philanthropy for the Fortune 100 Company. Prior to Exelon, Maggie served as global chief communications officer and led public affairs at Johnson & Johnson, the world's largest and most broadly-based healthcare company. She directed a global team of more than 425 professionals and oversaw the modernization and transformation of Johnson & Johnson's global public affairs, reputation management and digital content programs. She and her team implemented a customer-focused strategy to strengthen engagement initiatives across the company's 265 operating companies, across sixty countries. Prior to Johnson & Johnson, Maggie served as global chief communication officer and president of the Foundation at Cigna, where she led a corporate re-branding effort and directed marketing communications for the company's global expansion. Previous to that, Maggie was executive vice president at APCO Worldwide, a global public affairs and strategic communications consultancy. In this role she counseled executives on major global reputation efforts for notable industry leaders such as eBay and United Airlines, among others. Maggie also serves on the board of the Southeast Tennis and Learning Center in Washington, D.C. In 2020, she was appointed by DC Mayor Muriel Bowser to serve as a Commissioner on the DC Commission on the Arts and Humanities. Ms. FitzPatrick holds a B.A. in English and Policy Studies from Syracuse University, and an M.A. in Public Policy from The George Washington University. In 2018, she completed the Harvard Business School program for corporate directors. Jon S. Saxe, Chairman of the Board, added, "On behalf of the Company and its stockholders, I would like to extend a heartfelt thank you to Dr. Underdown for his long service to our Board and for his contributions in helping grow the company. We wish him the very best in his retirement and all of his future endeavors. I would also like to welcome Maggie to the VistaGen Board." About VistaGen Headquartered in San Francisco, California, VistaGen Therapeutics -- http://www.vistagen.com-- is a biopharmaceutical company committed to developing and commercializing innovative medicines with the potential to go beyond the current standard of care for anxiety, depression, and other CNS disorders. VistaGen reported a net loss and comprehensive loss of $17.93 million for the fiscal year ended March 31, 2021, compared to a net loss and comprehensive loss of $20.77 million for the year ended March 31, 2020. As of March 31, 2021, the Company had $108.28 million in total assets, $16.30 million in total liabilities, and $91.98 million in total stockholders' equity. WASHINGTON STATE CONVENTION: S&P Rates $33.2MM 2021A Bonds 'BB+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BBB-' long-term rating to Washington State Convention Center (WSCC) Public Facilities District's expected $66.8 million series 2021A (for purchase) and expected $156.0 million series 2021B (for exchange) lodging tax refunding bonds, and assigned its 'BB+' long-term rating to WSCC's expected $33.2 million series 2021A (for purchase) and expected $77.5 million series 2021B (for exchange) subordinate lodging tax refunding bonds. At the same time, S&P Global Ratings affirmed its 'BBB-' long-term rating and underlying rating (SPUR) on the district's previously issued senior-lien lodging tax bonds and its 'BB+' long-term rating and SPUR on the district's subordinate lodging tax bonds. The outlook is stable. The proceeds of the current issuance will refund previously issued revenue bonds to reduce interest expenses and the first eight years' debt service requirements. "The ratings reflect our view of such factors as the district's very strong taxing area and substantial operating reserves that are helping the district manage the recent plunge in operating revenue," said S&P Global Ratings credit analyst Chris Morgan. S&P said, "We believe the COVID-19 pandemic and the health and safety social risks arising from it will have a negative effect on leisure and business travel nationwide through 2022, with the Delta variant spurring authorities in some parts of the U.S. to restore some public health controls. We view the health and safety social factor as an ESG-related risk and as the primary reason for the plummeting demand for hotels and conventions, which has resulted in widespread cancellation of district events and a substantial weakening in the district's pledged revenue coverage. We also view environmental risk as above average for the district, with the likelihood of a major seismic event during the life of the obligations potentially negatively affecting regional economic performance that influences demand for lodging activity or lowering revenue in the event of facility damage that causes a portion of the hotels within its taxing area to close. We view governance risks as mostly in line with those of the sector." WEINSTEIN CO.: Spyglass Says It Didn't Owe Co-Chair Bob Money ------------------------------------------------------------- Law360 reports that Spyglass Entertainment told a Delaware bankruptcy judge on Friday, July 23, 2021, that it didn't owe former Weinstein Co. co-chair Robert Weinstein any film profit-sharing payments after it bought the company's assets out of Chapter 11, saying it bought the assets to strip them of any association with the company or its founders. In an objection to Robert Weinstein's motion for the payment of $2.3 million of the profits from the film "Scream 4," Spyglass said its purchase agreement specifically did not include an assumption of any liabilities related to Robert or his brother, disgraced film executive Harvey Weinstein. About The Weinstein Company The Weinstein Company (TWC) -- http://www.WeinsteinCo.com/-- is a multimedia production and distribution company launched in 2005 in New York by Bob and Harvey Weinstein, the brothers who founded Miramax Films in 1979. TWC also encompasses Dimension Films, the genre label founded in 1993 by Bob Weinstein. During Harvey and Bob's tenure at Miramax and TWC, they have received 341 Oscar nominations and won 81 Academy Awards. TWC dismissed Harvey Weinstein in October 2017, after dozens of women came forward to accuse him of sexual harassment, assault or rape. The Weinstein Company Holdings LLC and 54 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 18-10601) on March 19, 2018, after reaching a deal to sell all assets to Lantern Asset Management for $310 million. The Weinstein Company Holdings estimated $500 million to $1 billion in assets and $500 million to $1 billion in liabilities. The Hon. Mary F. Walrath is the case judge. Cravath, Swaine & Moore LLP is the Debtors' bankruptcy counsel, with the engagement led by Paul H. Zumbro, George E. Zobitz, and Karin A. DeMasi, in New York. Richards, Layton & Finger, P.A., is the local counsel, with the engagement headed by Mark D. Collins, Paul N. Heath, Zachary I. Shapiro, Brett M. Haywood, and David T. Queroli, in Wilmington, Delaware. The Debtors also tapped FTI Consulting, Inc., as restructuring advisor; Moelis & Company LLC as investment banker; and Epiq Bankruptcy Solutions, LLC as claims and noticing agent. The official committee of unsecured creditors retained Pachulski Stang Ziehl & Jones, LLP as its legal counsel, and Berkeley Research Group, LLC, as its financial advisor. WHITE RIVER: Has Until July 30 to File Amended Plan & Disclosures ----------------------------------------------------------------- On July 14, 2021, debtor White River Contracting LLC filed a motion to Extend Time to File Amended Disclosure Statement and Amended Chapter 11 Plan. Additional time is necessary because the Internal Revenue Service ("IRS") recently filed an objection to a previously filed disclosure statement. Absent additional time to make further changes to the most current, but unfiled version of the amended plan and disclosure statement, additional revisions will remain necessary to address the IRS' objection. On July 22, 2021, Judge Benjamin P. Hursh granted the motion and ordered that: * The Debtor will have until July 30, 2021, to file an amended disclosure statement and further amended Chapter 11 Plan. * Aug. 12, 2021, is fixed as the last day to file any objections to Debtor's amended disclosure statement. * Sept. 9, 2021, at 09:00 a.m. in the Bankruptcy Courtroom, Russell Smith Courthouse, 201 East Broadway, Missoula, Montana is the hearing on approval of Debtor's amended disclosure statement. A copy of the order dated July 22, 2021, is available at https://bit.ly/3rONmXn from PacerMonitor.com at no charge. About White River Contracting White River Contracting LLC is a privately held company in the residential building construction industry that specializes in custom-tailored homes. White River Contracting, based in Hamilton, MT, filed a Chapter 11 petition (Bankr. D. Mont. Case No. 20-90251) on Nov. 3, 2020. In the petition signed by Craig Rostad, managing member, the Debtor was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Hon. Benjamin P. Hursh presides over the case. Shimanek Law PLLC serves as bankruptcy counsel to the Debtor. WHO DAT? INC: Seeks to Hire Intellectual Property Consulting ------------------------------------------------------------ Who Dat?, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Intellectual Property Consulting as special counsel. The firm will provide these services: (i) maintain the Debtor's federal trademark registration portfolio by drafting and filing applications for new trademarks with the United States Patent and Trademark Office, monitoring upcoming deadlines for existing registrations, and timely making all necessary trademark filings; (ii) police and enforce the Debtor's trademark rights by assisting the Debtor in trademark policing and enforcement activity, including but not limited to: (a) drafting cease and desist letters, (b) negotiating resolution of infringement matters, (c) and making filings with the United States Patent and Trademark Office in connection with applications for infringing marks; (iii) draft new licensing agreements and manage compliance with the Debtor's existing licensing agreements by assisting the Debtor in managing compliance with its licensing agreements. The firm's hourly rates are as follows: Attorneys $220 to $275 per hour Paraprofessionals $55 to 60 per hour Intellectual Property Consulting will also be reimbursed for out-of-pocket expenses incurred. Adriano Pacifici, a partner at Intellectual Property Consulting, 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: Adriano Pacifici Intellectual Property Consulting 400 Poydras St. Suite 1400 New Orleans, LA 70130 Tel: (504) 322-7166 Email: apacifici@iplawconsulting.com About Who Dat?, Inc. Who Dat?, Inc. filed a Chapter 11 bankruptcy petition (Bankr. E.D. La. Case No. 21-10292) on March 8, 2021, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Lugenbuhl Wheaton Peck Rankin & Hubbard. ZUCA PROPERTIES: Prepackaged Liquidating Plan Confirmed by Judge ---------------------------------------------------------------- Judge Martin Glenn has entered findings of fact, conclusions of law and order confirming the Modified Amended Prepackaged Plan of Liquidation of Zuca Properties LLC. The Plan provides for the sale of all or substantially all of the Debtor's assets to one or more Purchasers and the distribution of the proceeds of any such sale. Thus, the Plan complies with section 1123(b)(4) of the Bankruptcy Code. The Plan, the Plan Supplement, and other agreements and documents contemplated are based upon extensive, arms'-length negotiations by and among representatives of the Debtor and holders of Claims and Equity Interests. Thus, the Plan satisfies section 1129(a)(3) of the Bankruptcy Code. The Plan satisfies section 1129(a)(7) of the Bankruptcy Code. The Disclosure Statement, the Zingiloglu Declaration, the Solicitation Declaration, the Voting Declaration, and the other evidence proffered or adduced at the Combined Hearing (a) is persuasive and credible, (b) has not been controverted by other evidence, and (c) establishes that each holder of an Impaired Claim or Equity Interest either has accepted the Plan or will receive or retain under the Plan, on account of such Claim or Equity Interest, property of a value, as of the Effective Date, that is not less than the amount such holder would receive or retain if the Debtor were liquidated under chapter 7 of the Bankruptcy Code on such date. The Debtor, in its discretion, is authorized to seek expedited approval from the Bankruptcy Court of the sale of any of the Sale Assets, including pursuant to the TECFREF Backstop Transaction. Pursuant to Article 8.1 of the Plan, unless otherwise provided in the Purchase Agreement, this Confirmation Order, or any other applicable order authorizing the sale of the Sale Assets, on the closing of the sale of the PHN Unit or the PHS Unit, the applicable Sale Assets shall be purchased, acquired, assumed, and accepted by and vested in the Purchaser free and clear of all pledges, liens, security interests, encumbrances, Claims, charges, options or interests, including any possessory rights in the Sale Assets, whether pursuant to section 365(h) of the Bankruptcy Code or otherwise. A copy of the Plan Confirmation Order dated July 22, 2021, is available at https://bit.ly/3y8r2dv from PacerMonitor.com at no charge. Proposed Counsel for the Debtor: Kyle J. Ortiz Brian F. Moore Katharine E. Scott TOGUT, SEGAL & SEGAL LLP One Penn Plaza, Suite 3335 New York, NY 10119 Telephone: (212) 594-5000 About Zuca Properties Zuca Properties is a member-managed limited liability company organized under the laws of the State of Delaware, having its corporate headquarters at c/o JTC (Suisse) S.A., 80-84 Rue du Rhone, 1204 Geneva, Switzerland. The Debtor was established by Rahula Withanage on May 22, 2009 as a limited liability company under Delaware law, and on September 29, 2009, Rahula transferred all of his membership interest in the Debtor to The Woofy Trust. The Trust was established on September 17, 2009 under English law, and Rahula Withanage is the Settlor of the Trust. The Trust is currently the sole member of the Debtor with 100% ownership interest in the Debtor. The Trustee of the Trust is JTC (Suisse) S.A. The beneficiaries of the Trust are Rayo Withanage, Withanage's estranged wife Mayra Tozzi Gottsfritz, and Withanage's children and remoter issue. Zuca Properties LLC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 21-11082) on June 7, 2021. The Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. Kyle J. Ortiz, Brian F. Moore, and Katharine E. Scott, of TOGUT, SEGAL & SEGAL LLP, serve as the Debtor's counsel. [*] Walsh Joins Winston & Strawn as Restructuring Practice Chair ---------------------------------------------------------------- Winston & Strawn LLP on July 20, 2021, announced the addition of Tim Walsh as Global Chair of the Restructuring and Insolvency Practice resident in the firm's New York office. Mr. Walsh brings over 30 years of experience advising U.S. and international clients on all aspects of restructuring transactions. He regularly represents debtors in possession, creditors' committees, trustees, secured and unsecured creditors, bondholders, boards of directors, insurance companies, domestic and foreign lenders, and corporate clients in a broad range of bankruptcy matters. He is an experienced bankruptcy litigator, having conducted complex bankruptcy trials and investigations of corporate transactions. He also represents parties in out-of-court workouts and purchases of distressed debt and distressed assets. "The COVID-19 pandemic has generated an unprecedented and sustained level of complexity in terms of corporate restructuring transactions," said Tim. "Winston has exceptional depth in this area, and I look forward to providing clarity and direction to clients as courts continue to reopen and options for creditors and debtors become more available." Mr. Walsh has considerable experience in Chapter 11, Chapter 15, 363 sales, insolvency restructurings, and cross-border insolvency representations. "While many restructuring transactions have been placed on hold due to court backlogs and continued government assistance, there is a critical demand for strategic legal counsel among companies that are distressed," said Jonathan Birenbaum, Managing Partner of Winston's New York office. "Tim is a welcome addition to our restructuring team as we continue to meet this demand." Winston & Strawn has added 13 corporate partners in six U.S. offices in 2021 to date, bolstering teams in key U.S. markets to meet client demand for a wide range of corporate transactions, including bankruptcy and out of court restructurings, M&A, strategic combinations, SPACs, and deals supporting cross-border trade. "The pandemic has fundamentally changed how corporate restructurings are managed from a legal perspective," said Winston Chairman Tom Fitzgerald. "Tim's insight will be essential as we help our clients navigate pathways to stability and growth during this critical period of recovery." Winston & Strawn LLP -- http://www.winston.com/-- is an international law firm with 15 offices located throughout North America, Asia, and Europe. [*] Wolters Kluwer Legal Launches Bankruptcy Essentials ------------------------------------------------------- Wolters Kluwer Legal & Regulatory U.S. on July 20, 2021, announced the launch of Bankruptcy Essentials, a digital research and analysis solution that streamlines the process of managing bankruptcy litigation and restructuring transactions. Developed and curated by industry-leading practitioners, the solution integrates expert content with intuitive topical navigation to provide lawyers and law librarians at all levels of experience with a 360-degree view of key bankruptcy issues. "Following a period of low bankruptcy rates due to COVID-19 relief, industry experts anticipate an increase in bankruptcies in 2021 as aid expires – and as a result, there will be an increase in demand for practitioners who understand how new laws impact this practice area," said Ken Crutchfield, Vice President and General Manager of Wolters Kluwer Legal & Regulatory U.S. "In addition to bankruptcies, restructurings and refinancings are also significantly up. Bankruptcy Essentials provides commentary and analysis of bankruptcy topics that are being disputed today, providing practitioners with practical information that they can use to take on a broad range of cases." Bankruptcy Essentials combines Wolters Kluwer's leading content with intuitive topical navigation to provide practitioners and law firm librarians with practical insights and increased efficiency for bankruptcy litigation and restructuring transactions. Developed by Wolters Kluwer's experts in recent months, the content is current, curated, and delivered in a comprehensive, clear layout that makes it easy for practitioners to gain a deep understanding of core bankruptcy issues and apply them in real time. Similar to Wolters Kluwer's Tax Essentials product, Bankruptcy Essentials provides topical based content for bankruptcy and restructuring practice areas, designed for a native digital experience. To learn more, visit: https://know.wolterskluwerlr.com/LP=2615 About Wolters Kluwer Legal & Regulatory U.S. Wolters Kluwer (WKL) -- http://www.WoltersKluwerLR.com-- is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services. Wolters Kluwer reported 2020 annual revenues of EUR4.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,200 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY). ********* 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 ***